$ASPN
ASPEN AEROGELS INC

2014 Q2 Form 10-Q Financial Statement

#000119312514303108 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $26.62M $22.98M
YoY Change 15.83%
Cost Of Revenue $340.0K $571.0K
YoY Change -40.46%
Gross Profit $3.425M $3.531M
YoY Change -3.0%
Gross Profit Margin 12.87% 15.37%
Selling, General & Admin $9.626M $4.991M
YoY Change 92.87%
% of Gross Profit 281.05% 141.35%
Research & Development $1.920M $1.178M
YoY Change 62.99%
% of Gross Profit 56.06% 33.36%
Depreciation & Amortization $2.550M
YoY Change
% of Gross Profit 74.45%
Operating Expenses $11.55M $6.169M
YoY Change 87.16%
Operating Profit -$8.121M -$2.638M
YoY Change 207.85%
Interest Expense $34.03M $7.100M
YoY Change 379.25%
% of Operating Profit
Other Income/Expense, Net -$34.03M -$16.35M
YoY Change 108.17%
Pretax Income -$42.15M -$18.98M
YoY Change 122.08%
Income Tax
% Of Pretax Income
Net Earnings -$42.15M -$18.98M
YoY Change 122.02%
Net Earnings / Revenue -158.36% -82.62%
Basic Earnings Per Share -$13.88 -$6.052K
Diluted Earnings Per Share -$13.88 -$6.052K
COMMON SHARES
Basic Shares Outstanding 3.036M shares 3.137K shares
Diluted Shares Outstanding 3.036M shares 3.137K shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.90M
YoY Change
Cash & Equivalents $56.92M $4.223M
Short-Term Investments
Other Short-Term Assets $1.100M
YoY Change
Inventory $5.490M
Prepaid Expenses
Receivables $18.55M
Other Receivables $0.00
Total Short-Term Assets $82.02M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $59.16M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $303.0K
YoY Change
Total Long-Term Assets $59.47M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $82.02M
Total Long-Term Assets $59.47M
Total Assets $141.5M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.872M
YoY Change
Accrued Expenses $3.918M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $100.0K
YoY Change
Total Short-Term Liabilities $13.83M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $100.0K
YoY Change
Other Long-Term Liabilities $1.100M
YoY Change
Total Long-Term Liabilities $1.200M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $13.83M
Total Long-Term Liabilities $1.200M
Total Liabilities $15.04M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$394.0M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $126.4M
YoY Change
Total Liabilities & Shareholders Equity $141.5M
YoY Change

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$42.15M -$18.98M
YoY Change 122.02%
Depreciation, Depletion And Amortization $2.550M
YoY Change
Cash From Operating Activities -$590.0K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$1.090M
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.090M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 57.44M
YoY Change
NET CHANGE
Cash From Operating Activities -590.0K
Cash From Investing Activities -1.090M
Cash From Financing Activities 57.44M
Net Change In Cash 55.76M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$590.0K
Capital Expenditures -$1.090M
Free Cash Flow $500.0K
YoY Change

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10-Q
dei Entity Registrant Name
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ASPEN AEROGELS INC
dei Entity Filer Category
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, inventory valuation, the carrying amount of property and equipment, fair value of debt and capital stock, stock-based compensation and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including the current economic environment, which it believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets and declines in business investment increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.</p> </div>
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31000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-61196000
us-gaap Net Income Loss
NetIncomeLoss
-61196000
us-gaap Interest Paid
InterestPaid
134000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-213000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
1592000
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
34000
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
5000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6344000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5179000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
364000
us-gaap Operating Expenses
OperatingExpenses
17789000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3203000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5658000
us-gaap Accretion Expense
AccretionExpense
50011000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
55343000
us-gaap Cost Of Services
CostOfServices
816000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
52000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
41391000
us-gaap Depreciation
Depreciation
5100000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
57349000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1623000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2197000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8928000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-83000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
77270000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
4500000
aspn Unpaid Initial Public Offering Costs
UnpaidInitialPublicOfferingCosts
2516000
aspn Other Interest Income Expense
OtherInterestIncomeExpense
-135000
aspn Effect Of Warrants To Purchase Common Stock Per Share
EffectOfWarrantsToPurchaseCommonStockPerShare
0.00
aspn Debt Issuance Costs And Non Cash Interest Expenses
DebtIssuanceCostsAndNonCashInterestExpenses
32000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-6051.64
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3137 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-6051.64
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
118737 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3137 shares
CY2013Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-15620000
CY2013Q2 us-gaap Gross Profit
GrossProfit
3531000
CY2013Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
21801000
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
22978000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2638000
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-16346000
CY2013Q2 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
143000
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18984000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-18984000
CY2013Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
1177000
CY2013Q2 us-gaap Interest Expense
InterestExpense
7100000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
6169000
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1178000
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2439000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
26615000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-8121000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-34027000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2552000
CY2013Q2 aspn Gains Losses On Exchange Of Debt
GainsLossesOnExchangeOfDebt
-485000
CY2013Q2 aspn Other Interest Income Expense
OtherInterestIncomeExpense
-317000
CY2013Q2 aspn Costs Associated With Postponed Public Offering
CostsAssociatedWithPostponedPublicOffering
241000
CY2013Q2 aspn Issuance Of Temporary Equity Warrants In Connection With Senior Convertible Notes
IssuanceOfTemporaryEquityWarrantsInConnectionWithSeniorConvertibleNotes
7111000
CY2013Q2 aspn Interest Expense Related To Notes Exchange
InterestExpenseRelatedToNotesExchange
5400000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-13.88
CY2014Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3035717 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-13.88
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
97130 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3035717 shares
CY2014Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-34027000
CY2014Q2 us-gaap Gross Profit
GrossProfit
3425000
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
25893000
CY2014Q2 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
15000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-42148000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-42148000
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
722000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
11546000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1920000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3420000
CY2014Q2 us-gaap Cost Of Services
CostOfServices
340000
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
22850000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6206000
CY2014Q2 aspn Other Interest Income Expense
OtherInterestIncomeExpense
-71000
CY2014Q2 aspn Effect Of Warrants To Purchase Common Stock Per Share
EffectOfWarrantsToPurchaseCommonStockPerShare
0.00

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