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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 September 30, 2022

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 November 4, 2022, the registrant had 40,909,480 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 September 30, 2022 and December 31, 2021

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2022 and 2021

 

2

 

 

 

 

 

 

 

Consolidated Statements of Stockholders’ Equity (unaudited) for the three and nine months ended September 30, 2022 and 2021

 

3

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2022 and 2021

 

4

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

5

 

 

 

 

 

Item 2.

 

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

 

20

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

37

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

38

 

 

 

 

 

 

 

PART II OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

39

 

 

 

 

 

Item 1A.

 

Risk Factors

 

39

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

40

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

40

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

40

 

 

 

 

 

Item 5.

 

Other Information

 

40

 

 

 

 

 

Item 6.

 

Exhibits

 

41

 

 

 

 

 

SIGNATURES

 

42

 

Trademarks, Trade Names and Service Marks

We own or have rights to use “Aspen Aerogels,” “Cryogel,” “Pyrogel,” “Spaceloft,” “PyroThin,” 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)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(In thousands, except

share and per share data)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

102,398

 

 

$

76,564

 

Accounts receivable, net of allowances of $183 and $150

 

 

27,117

 

 

 

20,426

 

Inventories

 

 

20,600

 

 

 

11,987

 

Prepaid expenses and other current assets

 

 

6,159

 

 

 

3,173

 

Total current assets

 

 

156,274

 

 

 

112,150

 

Property, plant and equipment, net

 

 

210,113

 

 

 

55,778

 

Operating lease right-of-use assets

 

 

16,323

 

 

 

13,531

 

Other long-term assets

 

 

2,704

 

 

 

1,495

 

Total assets

 

$

385,414

 

 

$

182,954

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

58,323

 

 

$

17,440

 

Accrued expenses

 

 

12,737

 

 

 

10,819

 

Current portion of prepayment liability

 

 

5,000

 

 

 

4,728

 

Deferred revenue

 

 

2,356

 

 

 

1,321

 

Operating lease liabilities

 

 

2,541

 

 

 

2,247

 

Total current liabilities

 

 

80,957

 

 

 

36,555

 

Prepayment liability

 

 

 

 

 

5,000

 

Convertible note - related party

 

 

105,218

 

 

 

 

Operating lease liabilities long-term

 

 

16,833

 

 

 

12,991

 

Total liabilities

 

 

203,008

 

 

 

54,546

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

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

   outstanding at September 30, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock, $0.00001 par value; 125,000,000 shares authorized, 40,841,127 and

   33,218,115 shares issued and outstanding at September 30, 2022 and December 31,

   2021, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

800,588

 

 

 

673,461

 

Accumulated deficit

 

 

(618,182

)

 

 

(545,053

)

Total stockholders’ equity

 

 

182,406

 

 

 

128,408

 

Total liabilities and stockholders’ equity

 

$

385,414

 

 

$

182,954

 

 

See accompanying notes to unaudited consolidated financial statements.

1


 

ASPEN AEROGELS, INC.

Consolidated Statements of Operations

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(In thousands, except

share and per share data)

 

 

(In thousands, except

share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

36,706

 

 

$

30,380

 

 

$

120,753

 

 

$

90,147

 

Cost of revenue

 

 

43,065

 

 

 

27,313

 

 

 

130,111

 

 

 

78,544

 

Gross (loss) profit

 

 

(6,359

)

 

 

3,067

 

 

 

(9,358

)

 

 

11,603

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

4,694

 

 

 

3,077

 

 

 

12,733

 

 

 

8,128

 

Sales and marketing

 

 

7,293

 

 

 

4,915

 

 

 

20,944

 

 

 

11,784

 

General and administrative

 

 

9,963

 

 

 

6,573

 

 

 

26,544

 

 

 

15,978

 

Total operating expenses

 

 

21,950

 

 

 

14,565

 

 

 

60,221

 

 

 

35,890

 

Loss from operations

 

 

(28,309

)

 

 

(11,498

)

 

 

(69,579

)

 

 

(24,287

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, convertible note - related party

 

 

(1,734

)

 

 

 

 

 

(4,103

)

 

 

 

Interest income (expense), net

 

 

448

 

 

 

(58

)

 

 

553

 

 

 

(188

)

Gain on extinguishment of debt

 

 

 

 

 

3,734

 

 

 

 

 

 

3,734

 

Total other income (expense), net

 

 

(1,286

)

 

 

3,676

 

 

 

(3,550

)

 

 

3,546

 

Net loss

 

$

(29,595

)

 

$

(7,822

)

 

$

(73,129

)

 

$

(20,741

)

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.75

)

 

$

(0.24

)

 

$

(2.03

)

 

$

(0.70

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

39,533,695

 

 

 

32,523,405

 

 

 

36,047,879

 

 

 

29,685,936

 

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, 2021

 

 

 

 

$

 

 

 

33,218,115

 

 

$

 

 

$

673,461

 

 

$

(545,053

)

 

$

128,408

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,484

)

 

 

(19,484

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,828

 

 

 

 

 

 

1,828

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

166,211

 

 

 

 

 

 

(2,315

)

 

 

 

 

 

(2,315

)

Proceeds from employee stock option exercises

 

 

 

 

 

 

 

 

4,681

 

 

 

 

 

 

38

 

 

 

 

 

 

38

 

Proceeds from at-the-market offering, net of commissions of $729 and issuance costs of $318

 

 

 

 

 

 

 

 

737,288

 

 

 

 

 

 

23,272

 

 

 

 

 

 

23,272

 

Proceeds from private placement of common stock, net of fees and issuance costs of $136

 

 

 

 

 

 

 

 

1,791,986

 

 

 

 

 

 

49,864

 

 

 

 

 

 

49,864

 

Balance at March 31, 2022

 

 

 

 

$

 

 

 

35,918,281

 

 

$

 

 

$

746,148

 

 

$

(564,537

)

 

$

181,611

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24,050

)

 

 

(24,050

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,295

 

 

 

 

 

 

2,295

 

Issuance of restricted stock

 

 

 

 

 

 

 

 

391,324

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

2,569

 

 

 

 

 

 

(24

)

 

 

 

 

 

(24

)

Proceeds from employee stock option exercises

 

 

 

 

 

 

 

 

21,110

 

 

 

 

 

 

136

 

 

 

 

 

 

136

 

Proceeds from at-the-market offering, net of commissions of $149 and issuance costs of $28

 

 

 

 

 

 

 

 

145,000

 

 

 

 

 

 

4,786

 

 

 

 

 

 

4,786

 

Balance at June 30, 2022

 

 

 

 

$

 

 

 

36,478,284

 

 

$

 

 

$

753,341

 

 

$

(588,587

)

 

$

164,754

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29,595

)

 

 

(29,595

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,590

 

 

 

 

 

 

2,590

 

Issuance of restricted stock

 

 

 

 

 

 

 

 

3,495

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

236

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from at-the-market offering, net of commissions of $1,391 and issuance costs of $285

 

 

 

 

 

 

 

 

4,359,112

 

 

 

 

 

 

44,657

 

 

 

 

 

 

44,657

 

Balance at September 30, 2022

 

 

 

 

$

 

 

 

40,841,127

 

 

$

 

 

$

800,588

 

 

$

(618,182

)

 

$

182,406

 

 

 

 

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, 2020

 

 

 

 

$

 

 

 

27,821,685

 

 

$

 

 

$

575,811

 

 

$

(507,959

)

 

$

67,852

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,250

)

 

 

(6,250

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

976

 

 

 

 

 

 

976

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

246,737

 

 

 

 

 

 

(2,613

)

 

 

 

 

 

(2,613

)

Proceeds from employee stock option exercises

 

 

 

 

 

 

 

 

48,056

 

 

 

 

 

 

463

 

 

 

 

 

 

463

 

Proceeds from at-the-market offering, net of commissions and fees of $193 and issuance costs of $17

 

 

 

 

 

 

 

 

305,182

 

 

 

 

 

 

6,215

 

 

 

 

 

 

6,215

 

Forfeiture of performance-based restricted stock

 

 

 

 

 

 

 

 

(78,125

)

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2021

 

 

 

 

$

 

 

 

28,343,535

 

 

$

 

 

$

580,852

 

 

$

(514,209

)

 

$

66,643

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,669

)

 

 

(6,669

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,070

 

 

 

 

 

 

1,070

 

Issuance of restricted stock

 

 

 

 

 

 

 

 

476,550

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

6,207

 

 

 

 

 

 

(64

)

 

 

 

 

 

(64

)

Proceeds from employee stock option exercises

 

 

 

 

 

 

 

 

23,886

 

 

 

 

 

 

230

 

 

 

 

 

 

230

 

Proceeds from at-the-market offering, net of commissions and fees of $383 and issuance costs of $27

 

 

 

 

 

 

 

 

594,799

 

 

 

 

 

 

12,352

 

 

 

 

 

 

12,352

 

Proceeds from private placement common stock offering, net of fees and issuance costs of $1,414

 

 

 

 

 

 

 

 

3,462,124

 

 

 

 

 

 

73,586

 

 

 

 

 

 

73,586

 

Balance at June 30, 2021