Stock Track | Aspen Aerogels Soars on Strong Q3 Results and Raised Outlook

Stock Track11-07

Shares of Aspen Aerogels (ASPN) surged 5.46% on Monday after the company reported impressive third-quarter 2024 financial results that exceeded expectations and raised its full-year guidance.

For Q3 2024, Aspen Aerogels posted revenue of $117.3 million, up a staggering 93% year-over-year and beating the consensus estimate of $109.4 million. The company's net loss of $13 million, or $0.17 per share, was also better than the $0.08 loss per share expected by analysts.

Fueling the stock's rally was Aspen's increased optimism for 2024. The company now expects full-year revenue of $450 million, up from its previous forecast of greater than $390 million. Aspen also raised its 2024 earnings guidance, projecting net income of $9 million and adjusted EBITDA of $90 million, well above prior estimates.

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