Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Q4 2023 Earnings Presentation
17 slides from Aspen Aerogels's earnings presentation, Feb 13, 2024
Slide 1: Q4 and Full Year 2023 Financial Results Call
February 13, 2024 ASPEN AEROGELS Q 4 A N D F U L L Y E A R 2 0 2 3 F I N A N C I A L R E S U LT S C A L L
Slide 2: Disclaimer on Forward Looking Statements
Disclaimer on Forward Looking Statements This presentation and any related discussion contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from
Slide 3: Disclaimer on Forward Looking Statements
Disclaimer on Forward Looking Statements The presentation contains information regarding certain financial targets and outlook with respect to the Company. Such financial targets and outlook constitute forward looking information and is for illustrative purposes only and should not be relied upon as
Slide 4: Q4 2023 Developments and Year-End Highlights
Q4 2023 Developments and Year-End Highlights Record company revenue and continued gross margin expansion driven by focus on accelerating path to profitability Balance Sheet Energy Industrial 2023 Financial Performance Progression • Completed $75M registered • Delivered $3.1M from Revenue & Gross Mar
Slide 5: Q4 and Full Year 2023 Financial Highlights
Q4 and Full Year 2023 Financial Highlights On a scalable and profitable path by optimizing mix, reducing fixed expenses, and right-timing CAPEX spend $ in millions except per share figures Q4 2022 Q4 20231 2022 20231 Commentary • $53M of EV Thermal Barrier revenues in Q4 led to 2x revenue growth REV
Slide 6: 2024 EV Thermal Barrier Revenue Drivers
2024 EV Thermal Barrier Revenue Drivers Customer volume ramps provide visibility into $200M thermal barrier baseline revenue scenario with upside potential ASPN 2024 Baseline revenue assumes 20% discount A potential Ultium production ramp is expected for the to low end of GM’s 2024 Ultium EV product
Slide 7: 2024 Revenue and EBITDA Outlook
2024 Revenue and EBITDA Outlook Positioning ourselves to capture potential outsized upside with the right cost structure is our main 2024 executional priority Thermal Barrier revenues …alongside $150M+ Energy …enable over $30M of EBITDA potential and growing by at least 82% YoY… Industrial business…
Slide 8: Historical Trends and 2024 Baseline Outlook
Historical Trends and 2024 Baseline Outlook Continued EV thermal barrier revenue growth drives 47% baseline revenue growth and positive EBITDA 15 Month Quarterly Trajectory1 2024 Baseline Outlook2 $ in millions, except per share figures Revenues Gross Profit Margin $ in millions % +11% Thermal Barri
Slide 9: Long-term EV Production Trends Remain Strong
Long-term EV Production Trends Remain Strong Looking beyond the recent headlines, global EV production in 2023 has outpaced expectations from October of 2021 Global EV production is ahead of 2021’s …while expectations in North America make up for adoption delays expectations, primarily driven by Chi
Slide 10: 5 Year EV Thermal Barrier Award and Quote Pipeline
5 Year EV Thermal Barrier Award and Quote Pipeline Pipeline with ~$9.3B in potential value over the next 5 years can drive our current and planned asset base utilization EV Thermal Barrier Estimated Awarded and Quoted Pipeline Value1, 2 Potential 5 Year Demand and $ in billions 3.2 Capacity Overview
Slide 11: Operating Plan Gearing and Recent Results
Operating Plan Gearing and Recent Results Making quarterly progress towards being a $650M+ revenue business of 25% EBITDA margins with our current capacity $ in millions, expressed as Annual Run Rate2 Annual Capacity and Target Business Model Q1-23 Q2-23 Q3-23 Q4-23 FY 2022 FY 2023 LTM Change Therma
Slide 12: Summary
Summary Earning our right to win by leveraging the Aerogel Technology Platform®, executing, and investing to grow profitably The Road to Creating Near Term Value ACCELERATING NEAR-TERM PROFITABILITY $84.2 million in Q4 2023 revenue enabled record quarterly gross margins of 35% and adjusted EBITDA of
Slide 13: Appendix
Appendix 12 Aspen Aerogels | Q4 2023 Financial Results Call | February 13, 2024
Slide 14: Demand Overview - GM Ultium IHS Forecast
Demand Overview - GM Ultium IHS Forecast GM Ultium production began to ramp in Q4 2023 and is expected to accelerate in Q2 2024 Ultium platform volumes are 2024: major GM nameplates to The long-term outlook remains expected to ramp in Q2 2024 scale; Honda Prologue to launch strong GM Ultium Producti
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 2022 2023 Outlook ($ in millions) Q4 FY Q1 Q2 Q3 Q4 FY FY 2024 Net Loss (9.6) (82.7) (16.8) (15.4) (13.1) (0.5) (45.8) (23.0) Depreciation and Amortization 2.5 9.2 2.7 3.5 4.6 4.6 15.3 30.0 Stock-based Compensation 2.7 9.4 2.3 2.7 2.8 3.2 11.0 14.0 Other (Income) Expe
Slide 16: PyroThin Thermal Barrier Opportunity Drivers
PyroThin® Thermal Barrier Opportunity Drivers Eight different macro parameters drive our content per vehicle (CPV) opportunity, and long-term revenue potential Commentary Vehicle sales by • China expected to lead global EV penetration 1 North America Europe China Rest of World region • Higher price
Slide 17: - ASPEN|acrogels
- ASPEN|acrogels