$ASPN
ASPEN AEROGELS INC

2016 Q4 Form 10-Q Financial Statement

#000119312516758866 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $27.64M $29.56M $31.54M
YoY Change -26.07% -6.27% 23.99%
Cost Of Revenue $23.91M $368.0K $350.0K
YoY Change -13.15% 5.14% -20.27%
Gross Profit $3.729M $6.402M $5.172M
YoY Change -62.15% 23.78% 1.97%
Gross Profit Margin 13.49% 21.66% 16.4%
Selling, General & Admin $8.060M $7.478M $6.502M
YoY Change 16.47% 15.01% 5.23%
% of Gross Profit 216.14% 116.81% 125.72%
Research & Development $1.380M $1.328M $1.146M
YoY Change 10.4% 15.88% -8.9%
% of Gross Profit 37.01% 20.74% 22.16%
Depreciation & Amortization $2.550M $2.470M $2.660M
YoY Change 3.24% -7.14% 5.98%
% of Gross Profit 68.38% 38.58% 51.43%
Operating Expenses $9.440M $8.806M $7.648M
YoY Change 15.54% 15.14% 2.84%
Operating Profit -$5.710M -$2.404M -$2.476M
YoY Change -439.07% -2.91% 4.69%
Interest Expense -$30.00K -$37.00K -$46.00K
YoY Change -40.0% -19.57% -54.0%
% of Operating Profit
Other Income/Expense, Net -$693.0K -$46.00K
YoY Change 1406.52% -2.13%
Pretax Income -$5.740M -$3.100M -$2.520M
YoY Change -450.0% 23.02% 4.56%
Income Tax
% Of Pretax Income
Net Earnings -$5.742M -$3.097M -$2.522M
YoY Change -450.55% 22.8% 4.56%
Net Earnings / Revenue -20.77% -10.48% -8.0%
Basic Earnings Per Share -$0.13 -$0.11
Diluted Earnings Per Share -$247.2K -$0.13 -$0.11
COMMON SHARES
Basic Shares Outstanding 23.37M shares 23.31M shares 23.05M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.09M $21.10M $29.96M
YoY Change -44.87% -29.58% -44.2%
Cash & Equivalents $18.09M $21.13M $29.96M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $1.700M $1.800M $1.800M
YoY Change 0.0% 0.0% 80.0%
Inventory $12.87M $12.90M $6.629M
Prepaid Expenses
Receivables $17.54M $19.63M $24.49M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $50.19M $55.49M $62.92M
YoY Change -18.59% -11.81% -22.41%
LONG-TERM ASSETS
Property, Plant & Equipment $84.39M $81.91M $77.42M
YoY Change 7.75% 5.79% 17.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $89.00K $79.00K $100.0K
YoY Change -15.24% -21.0% -55.56%
Total Long-Term Assets $84.48M $81.98M $77.52M
YoY Change 7.72% 5.75% 17.28%
TOTAL ASSETS
Total Short-Term Assets $50.19M $55.49M $62.92M
Total Long-Term Assets $84.48M $81.98M $77.52M
Total Assets $134.7M $137.5M $140.4M
YoY Change -3.86% -2.12% -4.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.07M $11.54M $9.594M
YoY Change 22.29% 20.33% -34.89%
Accrued Expenses $3.987M $4.145M $4.465M
YoY Change -28.39% -7.17% -5.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% 0.0%
Total Short-Term Liabilities $18.13M $16.48M $20.55M
YoY Change 4.14% -19.81% -2.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $100.0K
YoY Change -100.0% 0.0%
Other Long-Term Liabilities $971.0K $703.0K $241.0K
YoY Change 543.05% 191.7% -75.9%
Total Long-Term Liabilities $971.0K $703.0K $241.0K
YoY Change 543.05% 191.7% -78.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.13M $16.48M $20.55M
Total Long-Term Liabilities $971.0K $703.0K $241.0K
Total Liabilities $19.11M $17.20M $20.85M
YoY Change 8.55% -17.51% -5.87%
SHAREHOLDERS EQUITY
Retained Earnings -$417.5M -$411.8M -$407.1M
YoY Change 2.96% 1.14% 2.72%
Common Stock $533.1M $532.1M $526.7M
YoY Change 0.97% 1.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $115.6M $120.3M $119.6M
YoY Change
Total Liabilities & Shareholders Equity $134.7M $137.5M $140.4M
YoY Change -3.86% -2.12% -4.59%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$5.742M -$3.097M -$2.522M
YoY Change -450.55% 22.8% 4.56%
Depreciation, Depletion And Amortization $2.550M $2.470M $2.660M
YoY Change 3.24% -7.14% 5.98%
Cash From Operating Activities $790.0K $3.840M $560.0K
YoY Change -85.48% 585.71% -67.82%
INVESTING ACTIVITIES
Capital Expenditures -$3.230M -$2.260M -$2.420M
YoY Change 25.19% -6.61% 0.41%
Acquisitions
YoY Change
Other Investing Activities $2.500M
YoY Change
Cash From Investing Activities -$3.230M -$2.260M $80.00K
YoY Change 25.19% -2925.0% -103.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -600.0K -190.0K -260.0K
YoY Change 2900.0% -26.92% -89.96%
NET CHANGE
Cash From Operating Activities 790.0K 3.840M 560.0K
Cash From Investing Activities -3.230M -2.260M 80.00K
Cash From Financing Activities -600.0K -190.0K -260.0K
Net Change In Cash -3.040M 1.390M 380.0K
YoY Change -207.04% 265.79% -111.66%
FREE CASH FLOW
Cash From Operating Activities $790.0K $3.840M $560.0K
Capital Expenditures -$3.230M -$2.260M -$2.420M
Free Cash Flow $4.020M $6.100M $2.980M
YoY Change -49.88% 104.7% -28.19%

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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%"> For the three months ended September&#xA0;30, 2016, three customers represented 32%, 13% and 10% of total revenue. For the three months ended September&#xA0;30, 2015, three customers represented 13%, 12% and 11% of total revenue.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> For the nine months ended September&#xA0;30, 2016, two customers represented 20% and 14% of total revenue. For the nine months ended September&#xA0;30, 2015, two customers represented 15% and 15% of total revenue.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> At September&#xA0;30, 2016, the Company had two customers that accounted for 30% and 15% of accounts receivable. At December&#xA0;31, 2015, the Company had three customers that accounted for 17%, 14% and 13% of accounts receivable.</p> </div>
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us-gaap Use Of Estimates
UseOfEstimates
<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, sales returns and allowances, product warranty costs, inventory valuation, the carrying amount of property and equipment, 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 is believed 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>
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
88286000
us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
500000
dei Trading Symbol
TradingSymbol
ASPN
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3924000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
1813000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8939000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23114280 shares
aspn Increase Decrease In Deferred Financing Cost
IncreaseDecreaseInDeferredFinancingCost
-592000
aspn Increase Decrease In Building Lease Incentives
IncreaseDecreaseInBuildingLeaseIncentives
268000
aspn Postponed Financing Costs
PostponedFinancingCosts
656000
aspn Asset Retirement Obligation Reserve Reclassified To Accrued Expenses
AssetRetirementObligationReserveReclassifiedToAccruedExpenses
200000
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1683878 shares
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.11
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1476000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3709000
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.11
CY2015Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
26017000
CY2015Q3 us-gaap Cost Of Services
CostOfServices
350000
CY2015Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-46000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
31539000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-46000
CY2015Q3 us-gaap Gross Profit
GrossProfit
5172000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
7648000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-2522000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1146000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2522000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2476000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
30926000
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
613000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2793000
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23060456 shares
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2875233 shares
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1474000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4422000
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2016Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
22790000
CY2016Q3 us-gaap Cost Of Services
CostOfServices
368000
CY2016Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-37000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
29560000
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-693000
CY2016Q3 us-gaap Gross Profit
GrossProfit
6402000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
8806000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-3097000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3097000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2404000
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
28877000
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1328000
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
683000
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3056000
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23168251 shares
CY2016Q3 aspn Postponed Financing Costs
PostponedFinancingCosts
656000

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