$ASPN
ASPEN AEROGELS INC

2015 Q1 Form 10-K Financial Statement

#000119312515091170 Filed on March 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2013 Q4 2013 Q3
Revenue $23.50M $24.23M $21.88M
YoY Change 5.08%
Cost Of Revenue $141.0K $20.65M $531.0K
YoY Change -70.38%
Gross Profit $4.514M $3.583M $3.580M
YoY Change 34.91%
Gross Profit Margin 19.21% 14.79% 16.36%
Selling, General & Admin $5.955M $5.430M $6.858M
YoY Change 20.06%
% of Gross Profit 131.92% 151.55% 191.56%
Research & Development $1.304M $1.360M $1.387M
YoY Change 1.56%
% of Gross Profit 28.89% 37.96% 38.74%
Depreciation & Amortization $2.184M $2.630M $4.960M
YoY Change -16.99% -72.83%
% of Gross Profit 48.38% 73.4% 138.55%
Operating Expenses $7.259M $6.790M $8.245M
YoY Change 16.26%
Operating Profit -$2.745M -$6.644M -$4.665M
YoY Change -5.28%
Interest Expense $45.00K -$10.70M $0.00
YoY Change -99.72%
% of Operating Profit
Other Income/Expense, Net -$45.00K $390.0K -$8.038M
YoY Change -99.72%
Pretax Income -$2.790M -$16.95M -$12.70M
YoY Change -85.35%
Income Tax
% Of Pretax Income
Net Earnings -$2.790M -$16.95M -$8.038M
YoY Change -85.35%
Net Earnings / Revenue -11.87% -69.95% -36.74%
Basic Earnings Per Share -$0.12 -$5.403K -$4.049K
Diluted Earnings Per Share -$0.12 -$5.403K -$4.049K
COMMON SHARES
Basic Shares Outstanding 22.99M shares 3.137K shares
Diluted Shares Outstanding 3.137K shares

Balance Sheet

Concept 2015 Q1 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.51M $1.600M
YoY Change 2859.25% 23.08%
Cash & Equivalents $33.01M $1.574M $1.910M
Short-Term Investments $2.501M
Other Short-Term Assets $1.200M $800.0K
YoY Change -47.83% 100.0%
Inventory $5.905M $6.892M
Prepaid Expenses
Receivables $19.26M $18.76M
Other Receivables $0.00 $0.00
Total Short-Term Assets $61.87M $28.02M
YoY Change 124.17% 25.65%
LONG-TERM ASSETS
Property, Plant & Equipment $79.52M $62.02M
YoY Change 31.87% -14.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $130.0K $191.0K
YoY Change -56.67% -52.25%
Total Long-Term Assets $79.65M $62.21M
YoY Change 31.44% -14.78%
TOTAL ASSETS
Total Short-Term Assets $61.87M $28.02M
Total Long-Term Assets $79.65M $62.21M
Total Assets $141.5M $90.23M
YoY Change 60.45% -5.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.39M $7.114M
YoY Change 65.31% -21.82%
Accrued Expenses $3.325M $4.814M
YoY Change -5.0% 78.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.000M
YoY Change -100.0% -23.08%
Long-Term Debt Due $100.0K $17.80M
YoY Change -99.46%
Total Short-Term Liabilities $18.20M $31.39M
YoY Change -44.33% 48.76%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $119.7M
YoY Change -99.93% 10.12%
Other Long-Term Liabilities $1.000M $1.071M
YoY Change -9.09%
Total Long-Term Liabilities $1.100M $1.071M
YoY Change -99.19% -99.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.20M $31.39M
Total Long-Term Liabilities $1.100M $1.071M
Total Liabilities $19.30M $152.2M
YoY Change -88.57% 17.26%
SHAREHOLDERS EQUITY
Retained Earnings -$401.9M -$332.8M
YoY Change
Common Stock $524.1M $270.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $122.2M -$61.97M
YoY Change
Total Liabilities & Shareholders Equity $141.5M $90.23M
YoY Change 60.45% -5.32%

Cashflow Statement

Concept 2015 Q1 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income -$2.790M -$16.95M -$8.038M
YoY Change -85.35%
Depreciation, Depletion And Amortization $2.184M $2.630M $4.960M
YoY Change -16.99% -72.83%
Cash From Operating Activities -$3.660M $330.0K -$9.310M
YoY Change -569.23% -101.28%
INVESTING ACTIVITIES
Capital Expenditures $10.53M -$1.650M -$940.0K
YoY Change 850.45% -83.89%
Acquisitions
YoY Change
Other Investing Activities -$2.500M $0.00
YoY Change -100.0%
Cash From Investing Activities -$13.03M -$1.650M -$940.0K
YoY Change 1073.87% -83.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00K 980.0K 6.900M
YoY Change -77.78% -96.2%
NET CHANGE
Cash From Operating Activities -3.660M 330.0K -9.310M
Cash From Investing Activities -13.03M -1.650M -940.0K
Cash From Financing Activities -20.00K 980.0K 6.900M
Net Change In Cash -16.71M -340.0K -3.350M
YoY Change 3878.57% -96.57%
FREE CASH FLOW
Cash From Operating Activities -$3.660M $330.0K -$9.310M
Capital Expenditures $10.53M -$1.650M -$940.0K
Free Cash Flow -$14.19M $1.980M -$8.370M
YoY Change 4226.52% -112.66%

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996000
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CY2013 aspn Effect Of Warrants To Purchase Common Stock Per Share
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CY2013 aspn Costs Associated With Postponed Public Offering
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CY2013 aspn Issuance Of Temporary Equity Warrants In Connection With Senior Convertible Notes
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EarningsPerShareDiluted
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CY2014 us-gaap Line Of Credit Facility Initiation Date1
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2011-03-31
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CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
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CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Delaware
CY2014 dei Entity Registrant Name
EntityRegistrantName
ASPEN AEROGELS INC
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Trading Symbol
TradingSymbol
ASPN
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2014 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2001-05-04
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
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CY2014 us-gaap Stockholders Equity Reverse Stock Split
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Prior to the closing of the offering, the Company completed a 1-for-824.7412544
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The estimated volatility reflects the incorporation of the historical volatility of comparable companies with publicly available share prices. In 2014, 2013 and 2012, the expected volatility is based on the weighted average volatility of up to seven companies within various industries that the Company believes are similar to its own.
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AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Fiscal Year Focus
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2014
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CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
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CY2014 us-gaap Number Of Operating Segments
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CY2014 dei Document Fiscal Period Focus
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FY
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CY2014 dei Entity Central Index Key
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0001145986
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CY2014 us-gaap Subordinated Borrowing Interest Rate
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CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2014 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Concentration of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of accounts receivable. The Company&#x2019;s customers consist primarily of insulation distributors, insulation contractors and select end-users located throughout the world. The Company performs ongoing credit evaluations of its customers&#x2019; financial condition and generally requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. The Company reviews the allowance for doubtful accounts quarterly. The Company has not experienced any meaningful non-payment or write-offs of accounts receivable. Accordingly, the allowance for doubtful accounts was zero at December&#xA0;31, 2014 and 2013. The Company does not have any off-balance-sheet credit exposure related to its customers.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> For the year ended December&#xA0;31, 2014, two customers represented 13% and 12% of total revenue, respectively. For the year ended December&#xA0;31, 2013, two customers represented 15% and 11% of total revenue, respectively. For the year ended December&#xA0;31, 2012, one customer represented 13% of total revenue.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> At December&#xA0;31, 2014, the Company had three customers that accounted for 17%, 17% and 11% of accounts receivable, respectively. At December&#xA0;31, 2013, the Company had three customers that accounted for 20%, 14% and 11% of accounts receivable, respectively.</p> </div>
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CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
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UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
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5000
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