By Shares of Aspen Aerogels surged in after-hours trading on Monday following the release of their fourth-quarter financial results.
Strong Performance:
During late trading, the stock witnessed a significant increase of 16.1%, reaching a trading price of $14.40 per share. In the regular session, the stock also exhibited positive momentum, closing at $12.40 per share with a 3.3% gain.
Promising Results:
Aspen Aerogels announced a loss of 1 cent per share for the fourth quarter, accompanied by impressive revenue of $84.2 million. Comparatively, in the same period last year, the company experienced a loss of 20 cents per share with revenue amounting to $59.6 million.
Bright Outlook:
Looking ahead to 2024, Aspen anticipates a minimum total revenue of $350 million. While projecting a net loss per share of under 30 cents, Chief Financial Officer and Treasurer Ricardo Rodriguez expressed optimism about the potential for significant growth in the electric vehicle (EV) segment.
Final Thoughts:
Aspen Aerogels demonstrated robust financial performance in the fourth quarter, surpassing expectations. With a positive outlook for the future, driven by the EV industry’s expansion, the company aims to capitalize on this favorable market trend.
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