Aspen Aerogels reported Q3 2024 revenue of $117.3 million, up 93% from $60.8 million in Q3 2023, driven by a 176% increase in thermal barrier revenue to $90.6 million. Energy industrial revenue declined 4% to $26.8 million. Gross profit rose significantly to $49.0 million, representing a 42% margin compared to 23% in the prior year period.Operating expenses increased to $31.6 million from $28.4 million year-over-year, while operating income improved to $17.4 million compared to a $14.6 million loss in Q3 2023. The company recorded a net loss of $13.0 million after a $27.5 million loss on debt extinguishment related to the repurchase of convertible notes.The company secured a $125 million term loan and $100 million revolving credit facility from MidCap Financial, using proceeds to repurchase convertible notes. Additionally, Aspen received a conditional commitment from the U.S. Department of Energy for a $670.6 million loan to finance its planned second manufacturing facility in Georgia, with revised cost estimates between $800-960 million.

Aspen Aerogels reported Q3 2024 revenue of $117.3 million, up 93% from $60.8 million in Q3 2023, driven by a 176% increase in thermal barrier revenue to $90.6 million. Energy industrial revenue declined 4% to $26.8 million. Gross profit rose significantly to $49.0 million, representing a 42% margin compared to 23% in the prior year period.Operating expenses increased to $31.6 million from $28.4 million year-over-year, while operating income improved to $17.4 million compared to a $14.6 million loss in Q3 2023. The company recorded a net loss of $13.0 million after a $27.5 million loss on debt extinguishment related to the repurchase of convertible notes.The company secured a $125 million term loan and $100 million revolving credit facility from MidCap Financial, using proceeds to repurchase convertible notes. Additionally, Aspen received a conditional commitment from the U.S. Department of Energy for a $670.6 million loan to finance its planned second manufacturing facility in Georgia, with revised cost estimates between $800-960 million.