$ASPN
ASPEN AEROGELS INC

2020 Q2 Form 10-Q Financial Statement

#000156459020036904 Filed on August 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $24.64M $29.53M $27.91M
YoY Change -16.56% 36.28% 20.97%
Cost Of Revenue $21.79M $26.02M $24.19M
YoY Change -16.26% 37.45% 19.4%
Gross Profit $2.851M $3.514M $3.718M
YoY Change -18.87% 28.06% 32.31%
Gross Profit Margin 11.57% 11.9% 13.32%
Selling, General & Admin $6.378M $6.861M $7.751M
YoY Change -7.04% -13.81% -2.56%
% of Gross Profit 223.71% 195.25% 208.47%
Research & Development $2.121M $1.868M $1.928M
YoY Change 13.54% 13.9% 20.12%
% of Gross Profit 74.39% 53.16% 51.86%
Depreciation & Amortization $2.570M $2.570M $2.532M
YoY Change 0.0% 1.98% -20.88%
% of Gross Profit 90.14% 73.14% 68.1%
Operating Expenses $8.499M $8.729M $9.679M
YoY Change -2.63% -9.07% 1.24%
Operating Profit -$5.648M -$5.215M -$5.961M
YoY Change 8.3% -23.92% -11.69%
Interest Expense -$50.00K -$103.0K -$41.00K
YoY Change -51.46% 0.0% -55.43%
% of Operating Profit
Other Income/Expense, Net -$50.00K -$103.0K -$41.00K
YoY Change -51.46% 0.0% -55.43%
Pretax Income -$5.700M -$5.320M -$6.000M
YoY Change 7.14% -23.56% -12.28%
Income Tax
% Of Pretax Income
Net Earnings -$5.698M -$5.318M -$6.002M
YoY Change 7.15% -23.57% -12.28%
Net Earnings / Revenue -23.12% -18.01% -21.5%
Basic Earnings Per Share
Diluted Earnings Per Share -$214.9K -$220.6K -$250.7K
COMMON SHARES
Basic Shares Outstanding 24.25M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.40M $3.300M $3.400M
YoY Change 306.06% -54.79% -64.58%
Cash & Equivalents $13.40M $3.322M $3.369M
Short-Term Investments
Other Short-Term Assets $1.400M $1.300M $900.0K
YoY Change 7.69% 8.33% -18.18%
Inventory $9.452M $13.10M $9.300M
Prepaid Expenses
Receivables $19.20M $22.17M $22.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.40M $39.91M $35.80M
YoY Change 8.75% -3.61% -12.25%
LONG-TERM ASSETS
Property, Plant & Equipment $50.13M $57.32M $64.20M
YoY Change -12.54% -20.39% -12.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $75.00K $100.0K
YoY Change 33.33% -25.0% 0.0%
Total Long-Term Assets $54.10M $61.86M $64.30M
YoY Change -12.54% -14.21% -12.4%
TOTAL ASSETS
Total Short-Term Assets $43.40M $39.91M $35.80M
Total Long-Term Assets $54.10M $61.86M $64.30M
Total Assets $97.50M $101.8M $100.1M
YoY Change -4.19% -10.34% -12.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.700M $10.03M $8.600M
YoY Change -53.13% 19.38% 22.86%
Accrued Expenses $4.092M $4.045M $5.200M
YoY Change 1.16% -13.94% 33.33%
Deferred Revenue $3.412M $6.915M
YoY Change -50.66%
Short-Term Debt $0.00 $2.900M $3.300M
YoY Change -100.0% -23.68% -13.16%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.30M $24.93M $20.70M
YoY Change -46.65% 35.49% 31.85%
LONG-TERM LIABILITIES
Long-Term Debt $3.700M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $278.0K $16.50M $14.80M
YoY Change -98.32% 166.13% 300.0%
Total Long-Term Liabilities $278.0K $16.50M $14.80M
YoY Change -98.32% 166.13% 300.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.30M $24.93M $20.70M
Total Long-Term Liabilities $278.0K $16.50M $14.80M
Total Liabilities $31.00M $41.42M $35.45M
YoY Change -25.15% 69.05% 81.77%
SHAREHOLDERS EQUITY
Retained Earnings -$482.9M -$477.6M
YoY Change
Common Stock $543.2M $542.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.53M $60.34M $64.68M
YoY Change
Total Liabilities & Shareholders Equity $97.50M $101.8M $100.1M
YoY Change -4.19% -10.34% -12.33%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$5.698M -$5.318M -$6.002M
YoY Change 7.15% -23.57% -12.28%
Depreciation, Depletion And Amortization $2.570M $2.570M $2.532M
YoY Change 0.0% 1.98% -20.88%
Cash From Operating Activities -$1.890M $1.070M -$3.011M
YoY Change -276.64% -127.79% 25.56%
INVESTING ACTIVITIES
Capital Expenditures -$1.050M -$660.0K $637.0K
YoY Change 59.09% -32.65% -5.91%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.050M -$660.0K -$637.0K
YoY Change 59.09% -32.65% -5.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.520M -450.0K 3.690M
YoY Change -1104.44% -118.0% 84.87%
NET CHANGE
Cash From Operating Activities -1.890M 1.070M -3.011M
Cash From Investing Activities -1.050M -660.0K -637.0K
Cash From Financing Activities 4.520M -450.0K 3.690M
Net Change In Cash 1.580M -40.00K 42.00K
YoY Change -4050.0% -98.28% -103.89%
FREE CASH FLOW
Cash From Operating Activities -$1.890M $1.070M -$3.011M
Capital Expenditures -$1.050M -$660.0K $637.0K
Free Cash Flow -$840.0K $1.730M -$3.648M
YoY Change -148.55% -160.28% 18.63%

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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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996000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1999000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1874000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
29533000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
53060000
aspn Standard Product Warranty Period
StandardProductWarrantyPeriod
P1Y
us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
0
us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
0
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
24641000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
29533000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
57445000
CY2019Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
2983000
aspn Contract With Customer Asset Additions
ContractWithCustomerAssetAdditions
5556000
aspn Contract With Customer Asset Deductions
ContractWithCustomerAssetDeductions
-6120000
CY2020Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
2419000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
15406000
aspn Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
3863000
aspn Contract With Customer Liability Deductions
ContractWithCustomerLiabilityDeductions
-6181000
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
13088000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3300000
CY2020Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3941000
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
4334000
CY2020Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
5511000
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
4434000
CY2020Q2 us-gaap Inventory Net
InventoryNet
9452000
CY2019Q4 us-gaap Inventory Net
InventoryNet
8768000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
157899000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
156366000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
107767000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
102749000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
50132000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
53617000
us-gaap Depreciation
Depreciation
5100000
us-gaap Depreciation
Depreciation
5100000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2440000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6472000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1652000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1585000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4092000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8057000
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3686000
CY2020Q2 aspn Debt Issuance Costs Net Of Accumulated Amortization
DebtIssuanceCostsNetOfAccumulatedAmortization
25000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
3661000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1609000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2077000
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3686000
aspn Operating Lease Expiry Year
OperatingLeaseExpiryYear
2026
CY2019Q1 aspn Deferred Rent Credit Derecognized
DeferredRentCreditDerecognized
1400000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
751000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1049000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-5698000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-5318000
us-gaap Net Income Loss
NetIncomeLoss
-8867000
us-gaap Net Income Loss
NetIncomeLoss
-11320000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26521861
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24118620
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25858076
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4792896
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24025136
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.21
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.22
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.34
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.47
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4792896
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4913122
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4913122

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