Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Q2 2024 Earnings Presentation
18 slides from Aspen Aerogels's earnings presentation, Aug 8, 2024
Slide 1: Aspen Aerogels Q2 2024 Financial Results Call
August 8, 2024 ASPEN AEROGELS Q 2 2 0 2 4 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: Q2 2024 Developments
Q2 2024 Developments Strong performance as both segments scale up to meet rising demand, CAPEX right-timing supports strong balance sheet Energy Industrial Thermal Barriers Performance Highlights1 • Delivered $28.3M from • New PyroThin® award ($ in millions Q2 Q2 YoY external manufacturing facility
Slide 5: Q2 2024 Financial Highlights
Q1 2024 Financial Highlights Q2 Continued operating Significant driving scalability leveragebyasmanaging we utilize fixed a higher costs, percentage right-timing of our CAPEX, current andcapacity supplying and into effectively growingexecute customer ourdemand strategy LTM Q2 LTM Q2 Q2 2023 Q2 20241
Slide 6: Updated 2024 EV Thermal Barrier Revenue Drivers
Updated 2024 EV Thermal Barrier Revenue Drivers Successful launch of Honda Prologue merits adding to GM volumes as a driver of earlier than anticipated demand Aspen outlook increased to ~225K Ultium Vehicles, GM Production growth momentum is expected to brands revised down to ~180K units continue in
Slide 7: Updated 2024 Outlook and Historical Trends
Updated 2024 Outlook and Historical Trends 2024 Baseline reflects a $14.5M CAPEX reduction and a slight uptick in demand, with 50% of revenue turning into EBITDA 2024 Outlook2 Historical Financial Trajectory1 $ in millions, except per share figures Prior Updated Revenues Gross Profit Margin $ in mil
Slide 8: US EV Market Update – New Entrants Gaining Share
US EV Market Update – New Entrants Gaining Share PyroThin® is in 60% of new nameplates and in 100% of vehicles produced by three of the six top winning OEMs of 2024 YTD GM Ultium, Hyundai/Kia, Ford and Honda are starting to win their fair share in a competitive market with new models US EV Sales Top
Slide 9: Today's Auto Market and Where It Has to Go
Today’s Auto Market and Where It Has to Go Emissions and fuel economy standards will require a higher EV share of volumes regardless of other powertrain options US New Vehicle Regulation is Driven by: July 2024’s Car Market is Far from Complying with 2026 Emissions and Fuel Economy Standards EPA (Fe
Slide 10: Summary
Summary Earning our right to win by leveraging the Aerogel Technology Platform®, executing, and investing to grow profitably DEMONSTRATED OPERATING EXECUTION Record profitability and strong demand driving increased financial outlook for the second consecutive quarter INCREASING FLEXIBILITY TO MEET D
Slide 11: Appendix
Appendix 10 Aspen Aerogels | Q2 2024 Financial Results Call | August 8, 2024
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation LTM FY 2024 Outlook ($ in millions) Q2-24 Q2-23 1H-24 2H-23 1H-23 2H-22 1H-22 Q2 2024 Q2 2023 Prior Updated Net Loss 16.8 (15.4) 15.0 (13.6) (32.2) (39.2) (43.5) 1.4 (71.4) 2.0 7.0 Depreciation and Amortization 6.0 3.5 11.8 9.1 6.2 5.1 4.2 20.9 11.3 30.0 30.0 Stock-ba
Slide 13: EV Thermal Barrier to Produced Vehicle Timeline
EV Thermal Barrier to Produced Vehicle Timeline Aspen’s finished PyroThin parts can take anywhere from ~1-3+ months to be installed into a produced vehicle Estimated timeline for average North American PyroThin finished part ~1-4 weeks ~1 Start ~1-2+ months (some scenarios) week Aspen creates In som
Slide 14: Demand Overview - GM Ultium IHS Forecast
Demand Overview - GM Ultium IHS Forecast GM Ultium production is expected to increase in the 2H of 2024; continued growth expected in 2025/2026 Ultium platform volumes are 2024 volumes supported by 13 The long-term outlook remains expected to grow into Q1 2025 unique nameplates strong GM Ultium Prod
Slide 15: DOE LPO ATVM Loan Program Overview
DOE LPO ATVM Loan Program Overview Aspen’s current status for Plant II project in Georgia For further information, please visit the official Department of Energy website Source: Official DOE & LPO website (https://www.energy.gov/lpo/application-process) (https://www.energy.gov/lpo/advanced-technolog
Slide 16: DOE LPO ATVM Loan Program Stage Description
DOE LPO ATVM Loan Program Stage Description We find ourselves progressing through the Advanced DD & Term Sheet Negotiation phase of the process. Advanced Due Diligence & Term Sheet Negotiation Phase Overview • LPO performs financial, credit, legal, environmental, and market due diligence. • LPO typi
Slide 17: 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 18: - ASPEN|acrogels
- ASPEN|acrogels