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Aspen Aerogels Announces Thermal Barrier Award from Valmet Automotive for Electric Porsche 718 Series and Reiterates 2024 Financial Outlook

Valmet Automotive design award for the Porsche 718 series is Aspen's sixth OEM award 2024 Financial Outlook remains unchanged NORTHBOROUGH, Mass., June 13, 2024 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE:ASPN) ("Aspen" or the "Company"), a technology leader in sustainability and electrification solutions, today announced a PyroThin® design award from Valmet Automotive to supply the next generation electric-only Porsche 718 series. Aspen is also reiterating its 2024 financial outlook. Valmet Automotive / Porsche EV Thermal Barrier Commercial Award Valmet Automotive is Porsche's manufacturing partner for the next generation electric 718 lineup The Porsche 718 platform covers the Cayman and Boxster models with an expected start of production in 2025 Porsche, through Valmet, joins Audi and Scania as announced PyroThin® awards linked to the Volkswagen Group Commenting on today's announcement, Aspen's President and CEO, Donald R. Young, "We are excited to add Valmet Automotive and Porsche to our growing list of customers as they prepare to manufacture an all-electric 718 lineup." Mr. Young added, "This award, and the depth of our quote and development pipeline with additional OEM customers, further validates PyroThin® as the go-to EV thermal barrier solution. We believe that we will add more awards to our roster during 2024 to drive further diversification in our PyroThin® customer base for 2025 and beyond." 2024 Financial Outlook Unchanged Aspen's 2024 full year outlook remains as follows: ($ in millions, except per share amounts) Metric 2024 Outlook Implied YoY % Improvement Revenue Thermal Barrier Energy Industrial >380 >230 >150 59% 109% 17% Adjusted EBITDA >55 340 % Net Income (Loss) >2 104 % Earnings Per Share >0.03 105 % Ricardo C. Rodriguez, Chief Financial Officer and Treasurer, commented, "We developed a pragmatic performance baseline when planning for 2024 and while preparing the most recently communicated outlook increase as part of our Q1 results." Mr. Rodriguez added, "Thinking more broadly and long-term, our profitable Energy Industrial segment, in combination with a broad set of blue-chip PyroThin® customers, positions us to continue supporting the long-term EV demand ramp with conviction. We look forward to discussing our Q2 results in detail at our next earnings call on August 1st, 2024." The Company's 2024 outlook assumes depreciation and amortization of $30 million, stock-based compensation expense of $14 million, other (income) expense and income tax expense of $9 million, and weighted average shares outstanding of 75.8 million for the full year. A reconciliation of net loss to non-GAAP Adjusted EBITDA for the 2024 financial outlook is provided in the financial schedules that are part of this press release. An explanation of this non-GAAP financial measure is also included below under the heading ...