Company Quick10K Filing
Aspen Aerogels
Price6.20 EPS-1
Shares24 P/E-5
MCap151 P/FCF-26
Net Debt-1 EBIT-28
TEV149 TEV/EBIT-5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-04
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-03-08
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-03-02
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-04
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-23 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
8-K 2020-08-11 Regulation FD, Exhibits
8-K 2020-07-30 Earnings, Regulation FD, Exhibits
8-K 2020-06-18
8-K 2020-04-30
8-K 2020-02-20
8-K 2020-02-13
8-K 2020-01-27
8-K 2019-10-31
8-K 2019-10-30
8-K 2019-09-11
8-K 2019-08-28
8-K 2019-08-01
8-K 2019-06-19
8-K 2019-05-02
8-K 2019-04-24
8-K 2019-03-13
8-K 2019-03-04
8-K 2019-02-21
8-K 2019-01-14
8-K 2018-12-21
8-K 2018-11-30
8-K 2018-11-01
8-K 2018-08-02
8-K 2018-06-20
8-K 2018-05-03
8-K 2018-04-25
8-K 2018-02-16
8-K 2018-02-05
8-K 2018-01-25
8-K 2018-01-23

ASPN 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 aspn-ex311_6.htm
EX-31.2 aspn-ex312_8.htm
EX-32 aspn-ex32_7.htm

Aspen Aerogels Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
15012090603002014201620182020
Assets, Equity
40236-11-28-452014201620182020
Rev, G Profit, Net Income
10.05.00.0-5.0-10.0-15.02014201620182020
Ops, Inv, Fin

aspn-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number: 001-36481

 

ASPEN AEROGELS, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

04-3559972

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

30 Forbes Road, Building B

Northborough, Massachusetts

 

01532

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (508691-1111

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of exchange on which registered

Common Stock, par value $0.00001 per share

ASPN

The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.         Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).        Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 4, 2020, the registrant had 26,845,309 shares of common stock outstanding.

 

 


ASPEN AEROGELS, INC.

INDEX TO FORM 10-Q

 

 

 

 

 

Page

 

 

PART I FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets (unaudited) as of June 30, 2020 and December 31, 2019

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2020 and 2019

 

2

 

 

 

 

 

 

 

Consolidated Statements of Stockholders’ Equity (unaudited) for the three and six months ended June 30, 2020 and 2019

 

3

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2020 and 2019

 

4

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

5

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

17

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

32

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

33

 

 

 

 

 

 

 

PART II OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

35

 

 

 

 

 

Item 1A.

 

Risk Factors

 

36

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

38

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

38

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

38

 

 

 

 

 

Item 5.

 

Other Information

 

38

 

 

 

 

 

Item 6.

 

Exhibits

 

39

 

 

 

 

 

SIGNATURES

 

40

 

Trademarks, Trade Names and Service Marks

We own or have rights to use “Aspen Aerogels,” “Cryogel,” “Pyrogel,” “Spaceloft,” the Aspen Aerogels logo and other trademarks, service marks and trade names of Aspen Aerogels, Inc. appearing in this Quarterly Report on Form 10-Q. Solely for convenience, the trademarks, service marks and trade names referred to in this report are presented without the ® and TM symbols, but such references are not intended to indicate, in any way, that the owner thereof will not assert, to the fullest extent under applicable law, such owner’s rights to these trademarks, service marks and trade names. This report contains additional trademarks, service marks and trade names of other companies, which, to our knowledge, are the property of their respective owners.

 

 

 


 

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements.

ASPEN AEROGELS, INC.

Consolidated Balance Sheets

(Unaudited)

 

 

 

June 30

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(In thousands, except

share and per share data)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

13,359

 

 

$

3,633

 

Accounts receivable, net of allowances of $130 and $144

 

 

19,168

 

 

 

32,254

 

Inventories

 

 

9,452

 

 

 

8,768

 

Prepaid expenses and other current assets

 

 

1,391

 

 

 

1,114

 

Total current assets

 

 

43,370

 

 

 

45,769

 

Property, plant and equipment, net

 

 

50,132

 

 

 

53,617

 

Operating lease right-of-use assets

 

 

3,949

 

 

 

4,032

 

Other long-term assets

 

 

94

 

 

 

84

 

Total assets

 

$

97,545

 

 

$

103,502

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,713

 

 

$

12,596

 

Accrued expenses

 

 

4,092

 

 

 

8,057

 

Revolving line of credit

 

 

 

 

 

3,123

 

Deferred revenue

 

 

3,412

 

 

 

5,620

 

Operating lease liabilities

 

 

1,091

 

 

 

1,038

 

Total current liabilities

 

 

13,308

 

 

 

30,434

 

Prepayment liability

 

 

9,676

 

 

 

9,786

 

Long-term debt

 

 

3,661

 

 

 

 

Operating lease liabilities long-term

 

 

4,091

 

 

 

4,292

 

Other long-term liabilities

 

 

278

 

 

 

 

Total liabilities

 

 

31,014

 

 

 

44,512

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.00001 par value; 5,000,000 shares authorized, no shares issued and

   outstanding at June 30, 2020 and December 31, 2019

 

 

 

 

 

 

Common stock, $0.00001 par value; 125,000,000 shares authorized, 26,845,309 and

   24,302,504 shares issued and outstanding at June 30, 2020 and December 31,

   2019, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

561,548

 

 

 

545,140

 

Accumulated deficit

 

 

(495,017

)

 

 

(486,150

)

Total stockholders’ equity

 

 

66,531

 

 

 

58,990

 

Total liabilities and stockholders’ equity

 

$

97,545

 

 

$

103,502

 

 

See accompanying notes to unaudited consolidated financial statements.

1


 

ASPEN AEROGELS, INC.

Consolidated Statements of Operations

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In thousands, except

share and per share data)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

24,526

 

 

$

28,908

 

 

$

52,833

 

 

$

55,693

 

Research services

 

 

115

 

 

 

625

 

 

 

227

 

 

 

1,752

 

Total revenue

 

 

24,641

 

 

 

29,533

 

 

 

53,060

 

 

 

57,445

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

21,761

 

 

 

25,715

 

 

 

44,160

 

 

 

49,193

 

Research services

 

 

29

 

 

 

304

 

 

 

69

 

 

 

1,020

 

Gross profit

 

 

2,851

 

 

 

3,514

 

 

 

8,831

 

 

 

7,232

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

2,121

 

 

 

1,868

 

 

 

4,348

 

 

 

3,796

 

Sales and marketing

 

 

2,972

 

 

 

3,509

 

 

 

6,296

 

 

 

7,020

 

General and administrative

 

 

3,406

 

 

 

3,352

 

 

 

6,921

 

 

 

7,592

 

Total operating expenses

 

 

8,499

 

 

 

8,729

 

 

 

17,565

 

 

 

18,408

 

Loss from operations

 

 

(5,648

)

 

 

(5,215

)

 

 

(8,734

)

 

 

(11,176

)

Interest expense, net

 

 

(50

)

 

 

(103

)

 

 

(133

)

 

 

(144

)

Total interest expense, net

 

 

(50

)

 

 

(103

)

 

 

(133

)

 

 

(144

)

Net loss

 

$

(5,698

)

 

$

(5,318

)

 

$

(8,867

)

 

$

(11,320

)

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.21

)

 

$

(0.22

)

 

$

(0.34

)

 

$

(0.47

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

26,521,861

 

 

 

24,118,620

 

 

 

25,858,076

 

 

 

24,025,136

 

 

See accompanying notes to unaudited consolidated financial statements.

2


 

ASPEN AEROGELS, INC.

Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except share data)

 

 

 

Preferred Stock

$0.00001 Par

Value

 

 

Common Stock

$0.00001 Par

Value

 

 

Additional

Paid-in

Capital

 

 

Accumulated

Deficit

 

 

Total Stockholders' Equity

 

 

 

Shares

 

 

Value

 

 

Shares

 

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

 

 

$

 

 

 

24,302,504

 

 

$

 

 

$

545,140

 

 

$

(486,150

)

 

$

58,990

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,169

)

 

 

(3,169

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

992

 

 

 

 

 

 

992

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

336,951

 

 

 

 

 

 

(1,195

)

 

 

 

 

 

(1,195

)

Proceeds from underwritten public offering, net of underwriting discounts and commissions of $1,093 and issuance costs of $285

 

 

 

 

 

 

 

 

1,955,000

 

 

 

 

 

 

14,751

 

 

 

 

 

 

14,751

 

Balance at March 31, 2020

 

 

 

 

 

 

 

 

26,594,455

 

 

 

 

 

 

559,688

 

 

 

(489,319

)

 

 

70,369

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,698

)

 

 

(5,698

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,007

 

 

 

 

 

 

1,007

 

Issuance of restricted stock

 

 

 

 

 

 

 

 

45,066

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

5,629

 

 

 

 

 

 

(16

)

 

 

 

 

 

(16

)

Proceeds from employee stock option exercises

 

 

 

 

 

 

 

 

200,159

 

 

 

 

 

 

869

 

 

 

 

 

 

869

 

Balance at June 30, 2020

 

 

 

 

$

 

 

 

26,845,309

 

 

$

 

 

$

561,548

 

 

$

(495,017

)

 

$

66,531

 

 

 

 

Preferred Stock

$0.00001 Par

Value

 

 

Common Stock

$0.00001 Par

Value

 

 

Additional

Paid-in

Capital

 

 

Accumulated

Deficit

 

 

Total Stockholders' Equity

 

 

 

Shares

 

 

Value

 

 

Shares

 

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

 

 

 

$

 

 

 

23,973,517

 

 

$

 

 

$

541,839

 

 

$

(471,585

)

 

$

70,254

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,002

)

 

 

(6,002

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

878

 

 

 

 

 

 

878

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

273,290

 

 

 

 

 

 

(454

)

 

 

 

 

 

(454

)

Balance at March 31, 2019

 

 

 

 

 

 

 

 

24,246,807

 

 

 

 

 

 

542,263

 

 

 

(477,587

)

 

 

64,676

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,318

)

 

 

(5,318

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

996

 

 

 

 

 

 

996

 

Issuance of restricted stock

 

 

 

 

 

 

 

 

50,328

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

3,129

 

 

 

 

 

 

(10

)

 

 

 

 

 

(10

)

Balance at June 30, 2019

 

 

 

 

$

 

 

 

24,300,264

 

 

$

 

 

$

543,249

 

 

$

(482,905

)

 

$

60,344

 

 

See accompanying notes to unaudited consolidated financial statements.

 

3


 

ASPEN AEROGELS, INC.

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(8,867

)

 

$

(11,320

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

5,125

 

 

 

5,097

 

Amortization of debt issuance costs

 

 

2

 

 

 

 

Stock-compensation expense

 

 

1,999

 

 

 

1,874

 

Reduction in the carrying amount of operating lease right-of-use assets

 

 

472

 

 

 

459

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

13,086

 

 

 

3,399

 

Inventories

 

 

(684

)

 

 

(5,781

)

Prepaid expenses and other assets

 

 

(287

)

 

 

(281

)

Accounts payable

 

 

(7,546

)

 

 

(1,823

)

Accrued expenses

 

 

(3,965

)

 

 

332

 

Deferred revenue

 

 

(2,318

)

 

 

6,627

 

Operating lease liabilities

 

 

(537

)

 

 

(470

)

Other liabilities

 

 

278

 

 

 

(56

)

Net cash used in operating activities

 

 

(3,242

)

 

 

(1,943

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(1,977

)

 

 

(1,302

)

Net cash used in investing activities

 

 

(1,977

)

 

 

(1,302

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from underwritten public offering, net of underwriting discounts and commissions of $1,093

 

 

15,036

 

 

 

 

Issuance costs from underwritten public offering

 

 

(285

)

 

 

 

Proceeds from issuance of long-term debt

 

 

3,686

 

 

 

 

Issuance costs from long-term debt

 

 

(27

)

 

 

 

Repayments of borrowings under line of credit, net

 

 

(3,123

)

 

 

(1,296

)

Prepayment proceeds under customer supply agreement