$ASPN
ASPEN AEROGELS INC

2020 Q3 Form 10-Q Financial Statement

#000156459020050780 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q1 2019 Q3
Revenue $24.20M $28.42M $35.43M
YoY Change -31.7% 1.82% 47.99%
Cost Of Revenue $22.30M $22.44M $27.68M
YoY Change -19.44% -7.23% 23.52%
Gross Profit $1.900M $5.980M $7.742M
YoY Change -75.46% 60.84% 406.34%
Gross Profit Margin 7.85% 21.04% 21.85%
Selling, General & Admin $6.520M $6.840M $7.850M
YoY Change -16.94% -11.75% 20.58%
% of Gross Profit 343.16% 114.38% 101.39%
Research & Development $2.090M $2.227M $2.050M
YoY Change 1.95% 15.51% 48.55%
% of Gross Profit 110.0% 37.24% 26.48%
Depreciation & Amortization $2.540M $2.563M $2.550M
YoY Change -0.39% 1.22% -0.78%
% of Gross Profit 133.68% 42.86% 32.94%
Operating Expenses $8.600M $2.227M $9.900M
YoY Change -13.13% -76.99% 25.32%
Operating Profit -$6.704M -$3.086M -$2.153M
YoY Change 211.38% -48.23% -66.2%
Interest Expense -$50.00K -$80.00K -$140.0K
YoY Change -64.29% 95.12% -12.5%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$6.750M -$3.170M -$2.290M
YoY Change 194.76% -47.17% -64.93%
Income Tax
% Of Pretax Income
Net Earnings -$6.753M -$3.169M -$2.289M
YoY Change 195.02% -47.2% -64.96%
Net Earnings / Revenue -27.91% -11.15% -6.46%
Basic Earnings Per Share
Diluted Earnings Per Share -$252.5K -$125.8K -$94.75K
COMMON SHARES
Basic Shares Outstanding 26.59M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q1 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.30M $11.80M $1.200M
YoY Change 841.67% 247.06% -76.92%
Cash & Equivalents $11.30M $11.79M $1.195M
Short-Term Investments
Other Short-Term Assets $1.600M $900.0K $1.500M
YoY Change 6.67% 0.0% 7.14%
Inventory $9.427M $13.40M $13.50M
Prepaid Expenses
Receivables $20.10M $20.50M $24.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $42.40M $46.60M $40.50M
YoY Change 4.69% 30.17% 6.7%
LONG-TERM ASSETS
Property, Plant & Equipment $48.10M $55.80M $59.40M
YoY Change -19.03% -13.08% -16.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 31.58%
Total Long-Term Assets $51.90M $55.90M $59.60M
YoY Change -12.92% -13.06% -16.15%
TOTAL ASSETS
Total Short-Term Assets $42.40M $46.60M $40.50M
Total Long-Term Assets $51.90M $55.90M $59.60M
Total Assets $94.30M $102.5M $100.1M
YoY Change -5.79% 2.4% -8.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.400M $8.700M $9.100M
YoY Change -7.69% 1.16% 15.42%
Accrued Expenses $4.081M $4.700M $5.600M
YoY Change -27.13% -9.62% 58.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $4.900M
YoY Change -100.0% -100.0% -5.77%
Long-Term Debt Due $367.0K
YoY Change
Total Short-Term Liabilities $16.10M $18.20M $25.70M
YoY Change -37.35% -12.08% 32.61%
LONG-TERM LIABILITIES
Long-Term Debt $3.298M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $600.0K $13.90M $15.30M
YoY Change -96.08% -6.08% 146.77%
Total Long-Term Liabilities $3.898M $13.90M $15.30M
YoY Change -74.52% -6.08% 146.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.10M $18.20M $25.70M
Total Long-Term Liabilities $3.898M $13.90M $15.30M
Total Liabilities $33.40M $32.10M $41.00M
YoY Change -18.54% -9.45% 60.78%
SHAREHOLDERS EQUITY
Retained Earnings -$489.3M
YoY Change 2.46%
Common Stock $559.7M
YoY Change 3.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $60.89M $70.37M $59.07M
YoY Change
Total Liabilities & Shareholders Equity $94.30M $102.5M $100.1M
YoY Change -5.79% 2.34% -8.17%

Cashflow Statement

Concept 2020 Q3 2020 Q1 2019 Q3
OPERATING ACTIVITIES
Net Income -$6.753M -$3.169M -$2.289M
YoY Change 195.02% -47.2% -64.96%
Depreciation, Depletion And Amortization $2.540M $2.563M $2.550M
YoY Change -0.39% 1.22% -0.78%
Cash From Operating Activities -$1.540M -$1.353M -$3.820M
YoY Change -59.69% -55.06% 53.41%
INVESTING ACTIVITIES
Capital Expenditures -$620.0K $927.0K -$290.0K
YoY Change 113.79% 45.53% -70.71%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$620.0K -$927.0K -$290.0K
YoY Change 113.79% 45.53% -70.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $14.80M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 110.0K 10.43M 1.980M
YoY Change -94.44% 182.74% 44.53%
NET CHANGE
Cash From Operating Activities -1.540M -1.353M -3.820M
Cash From Investing Activities -620.0K -927.0K -290.0K
Cash From Financing Activities 110.0K 10.43M 1.980M
Net Change In Cash -2.050M 8.153M -2.130M
YoY Change -3.76% 19311.9% 0.95%
FREE CASH FLOW
Cash From Operating Activities -$1.540M -$1.353M -$3.820M
Capital Expenditures -$620.0K $927.0K -$290.0K
Free Cash Flow -$920.0K -$2.280M -$3.530M
YoY Change -73.94% -37.5% 135.33%

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 current economic conditions, 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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<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;">Concentration of Credit Risk</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;">Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of 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. During the nine months ended September 30, 2020, the Company recorded a charge for estimated customer uncollectible accounts receivable of $0.2 million. The Company did not record a charge for uncollectible accounts receivable during the nine months ended September 30, 2019.</p>
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PropertyPlantAndEquipmentGross
156366000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
110312000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
102749000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
48099000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
53617000
us-gaap Depreciation
Depreciation
7700000
us-gaap Depreciation
Depreciation
7700000
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2401000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6472000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1680000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1585000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4081000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8057000
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3686000
CY2020Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
367000
CY2020Q3 aspn Debt Issuance Costs Net Of Accumulated Amortization
DebtIssuanceCostsNetOfAccumulatedAmortization
21000
CY2020Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3298000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1609000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2077000
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3686000
aspn Operating Lease Expiry Year
OperatingLeaseExpiryYear
2026
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
6000000.0
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4600000
CY2019Q1 aspn Deferred Rent Credit Derecognized
DeferredRentCreditDerecognized
1400000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
376000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1331000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1249000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1193000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
684000
CY2020Q3 aspn Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1049000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5882000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
981000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
4901000
us-gaap Operating Lease Cost
OperatingLeaseCost
1100000
us-gaap Operating Lease Cost
OperatingLeaseCost
1200000
us-gaap Operating Lease Payments
OperatingLeasePayments
1100000
us-gaap Operating Lease Payments
OperatingLeasePayments
1100000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y9M18D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.077
CY2020Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
600000
aspn Employer Payroll Tax Obligation Period
EmployerPayrollTaxObligationPeriod
March 27, 2020 to September 30, 2020
aspn Percentage Of Deferred Tax Balance
PercentageOfDeferredTaxBalance
0.50
aspn Remittance Date Of Deferred Tax Balance
RemittanceDateOfDeferredTaxBalance
2021-12-31
aspn Remaining Percentage Of Deferred Tax Balance
RemainingPercentageOfDeferredTaxBalance
0.50
aspn Remittance Date Of Deferred Tax Balance Remaining Percentage
RemittanceDateOfDeferredTaxBalanceRemainingPercentage
2022-12-31
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-6753000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-2289000
us-gaap Net Income Loss
NetIncomeLoss
-15620000
us-gaap Net Income Loss
NetIncomeLoss
-13609000
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26728205
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24171811
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26150236
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24074565
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4741419
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4741419
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4917726
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4917726

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