Aspen Aerogels, a Northborough-based company specializing in thermal gels for electric vehicles, experienced a significant boost in its stock price following an upward revision of its full-year earnings outlook. Despite the ongoing United Auto Workers strike and other external factors, the company reported no negative impact on its performance.
Financial Outlook
- Aspen Aerogels now expects its revenue to exceed $225 million for the year, surpassing its previous guidance range of $200 million to $250 million.
- The company remains confident in its full-year projections, unaffected by the UAW strike or any changes in the timing of electric vehicle capacity investments.
- Chief Financial Officer Ricardo Rodriguez emphasized the company’s proactive approach in developing operational and investment plans even in a high-cost capital environment.
Stock Performance
- In response to the positive news, Aspen Aerogels’ stock soared by 25% during Tuesday’s trading session, reaching $8.31 per share.
- However, it is worth noting that shares have witnessed a decline of 29% since the beginning of the year.
Revised Net Loss Expectations
- Aspen Aerogels has also adjusted its net loss expectations for the year. The new range now stands between $52.4 million and $62.4 million, a significant improvement compared to the previous guidance of $75 million to $85 million.