$ASPN
ASPEN AEROGELS INC

2019 Q2 Form 10-Q Financial Statement

#000156459019028093 Filed on August 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4 2018 Q2
Revenue $29.53M $35.68M $21.67M
YoY Change 36.28% -1.88% -13.55%
Cost Of Revenue $26.02M $30.09M $18.93M
YoY Change 37.45% 5.39% 7352.76%
Gross Profit $3.514M $5.586M $2.744M
YoY Change 28.06% -28.46% -25.72%
Gross Profit Margin 11.9% 15.66% 12.66%
Selling, General & Admin $6.861M $10.48M $7.960M
YoY Change -13.81% 31.0% 7.28%
% of Gross Profit 195.25% 187.61% 290.09%
Research & Development $1.868M $1.690M $1.640M
YoY Change 13.9% 18.18% -4.04%
% of Gross Profit 53.16% 30.25% 59.77%
Depreciation & Amortization $2.570M $2.530M $2.520M
YoY Change 1.98% -6.99% -4.18%
% of Gross Profit 73.14% 45.29% 91.84%
Operating Expenses $8.729M $12.17M $9.600M
YoY Change -9.07% 29.06% 461.73%
Operating Profit -$5.215M -$13.94M -$6.855M
YoY Change -23.92% 760.09% 26.17%
Interest Expense -$103.0K -$170.0K -$103.0K
YoY Change 0.0% 183.33% 164.1%
% of Operating Profit
Other Income/Expense, Net -$103.0K -$103.0K
YoY Change 0.0% 164.1%
Pretax Income -$5.320M -$14.11M -$6.960M
YoY Change -23.56% 739.88% 27.24%
Income Tax
% Of Pretax Income
Net Earnings -$5.318M -$14.11M -$6.958M
YoY Change -23.57% 738.27% 27.16%
Net Earnings / Revenue -18.01% -39.54% -32.11%
Basic Earnings Per Share
Diluted Earnings Per Share -$220.6K -$592.1K -$293.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q4 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.300M $3.300M $7.300M
YoY Change -54.79% -69.14% 4.29%
Cash & Equivalents $3.322M $3.327M $7.286M
Short-Term Investments
Other Short-Term Assets $1.300M $1.000M $1.200M
YoY Change 8.33% -23.08% -7.69%
Inventory $13.10M $7.318M $12.80M
Prepaid Expenses
Receivables $22.17M $25.57M $20.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $39.91M $37.25M $41.40M
YoY Change -3.61% -21.84% 8.95%
LONG-TERM ASSETS
Property, Plant & Equipment $57.32M $61.70M $72.00M
YoY Change -20.39% -18.89% -10.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $75.00K $73.00K $100.0K
YoY Change -25.0% -15.12% 0.0%
Total Long-Term Assets $61.86M $61.77M $72.10M
YoY Change -14.21% -18.88% -10.66%
TOTAL ASSETS
Total Short-Term Assets $39.91M $37.25M $41.40M
Total Long-Term Assets $61.86M $61.77M $72.10M
Total Assets $101.8M $99.02M $113.5M
YoY Change -10.34% -20.02% -4.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.03M $12.39M $8.400M
YoY Change 19.38% 16.32% 0.0%
Accrued Expenses $4.045M $3.864M $4.700M
YoY Change -13.94% -34.08% -2.08%
Deferred Revenue $6.915M $2.629M
YoY Change 101.61%
Short-Term Debt $2.900M $4.200M $3.800M
YoY Change -23.68% 10.53%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.93M $23.07M $18.40M
YoY Change 35.49% 6.94% 31.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.50M $5.700M $6.200M
YoY Change 166.13% 338.46% 376.92%
Total Long-Term Liabilities $16.50M $5.700M $6.200M
YoY Change 166.13% 338.46% 376.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.93M $23.07M $18.40M
Total Long-Term Liabilities $16.50M $5.700M $6.200M
Total Liabilities $41.42M $28.77M $24.50M
YoY Change 69.05% 25.78% 60.01%
SHAREHOLDERS EQUITY
Retained Earnings -$482.9M -$471.6M
YoY Change 7.88%
Common Stock $543.2M $541.8M
YoY Change 0.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $60.34M $70.25M $88.93M
YoY Change
Total Liabilities & Shareholders Equity $101.8M $99.02M $113.5M
YoY Change -10.34% -20.02% -4.35%

Cashflow Statement

Concept 2019 Q2 2018 Q4 2018 Q2
OPERATING ACTIVITIES
Net Income -$5.318M -$14.11M -$6.958M
YoY Change -23.57% 738.27% 27.16%
Depreciation, Depletion And Amortization $2.570M $2.530M $2.520M
YoY Change 1.98% -6.99% -4.18%
Cash From Operating Activities $1.070M $90.00K -$3.850M
YoY Change -127.79% -73.53% 143.67%
INVESTING ACTIVITIES
Capital Expenditures -$660.0K -$940.0K -$980.0K
YoY Change -32.65% 34.29% -63.43%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$660.0K -$940.0K -$980.0K
YoY Change -32.65% 34.29% -63.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -450.0K -990.0K 2.500M
YoY Change -118.0% -126.47% -25100.0%
NET CHANGE
Cash From Operating Activities 1.070M 90.00K -3.850M
Cash From Investing Activities -660.0K -940.0K -980.0K
Cash From Financing Activities -450.0K -990.0K 2.500M
Net Change In Cash -40.00K -1.840M -2.330M
YoY Change -98.28% -154.44% -45.43%
FREE CASH FLOW
Cash From Operating Activities $1.070M $90.00K -$3.850M
Capital Expenditures -$660.0K -$940.0K -$980.0K
Free Cash Flow $1.730M $1.030M -$2.870M
YoY Change -160.28% -0.96% -360.91%

Facts In Submission

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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 are believed to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances warrant. Illiquid credit markets, volatile equity markets and declines in business investment can 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>
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PropertyPlantAndEquipmentGross
154402000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
97673000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
92703000
us-gaap Depreciation
Depreciation
5100000
us-gaap Depreciation
Depreciation
5700000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2848000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2750000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1197000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1114000
aspn Operating Lease Expiry Year
OperatingLeaseExpiryYear
2026
CY2018Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
1368000
CY2018Q4 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
150000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
6000000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4600000
CY2019Q1 aspn Deferred Rent Credit Derecognized
DeferredRentCreditDerecognized
1400000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
757000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1396000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1204000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1122000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1093000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1700000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7272000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1453000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
5819000
us-gaap Operating Lease Cost
OperatingLeaseCost
700000
us-gaap Operating Lease Payments
OperatingLeasePayments
700000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y9M18D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.078
aspn Lessee Operating Lease Liability Payments Not Yet Commenced
LesseeOperatingLeaseLiabilityPaymentsNotYetCommenced
100000
CY2019Q2 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P4Y
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4913122
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4093032
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4913122
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4093032

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