$ASPN
ASPEN AEROGELS INC

2021 Q1 Form 10-Q Financial Statement

#000156459021023405 Filed on May 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $28.10M $28.42M
YoY Change -1.13% 1.82%
Cost Of Revenue $24.14M $22.44M
YoY Change 7.58% -7.23%
Gross Profit $3.956M $5.980M
YoY Change -33.85% 60.84%
Gross Profit Margin 14.08% 21.04%
Selling, General & Admin $7.689M $6.840M
YoY Change 12.41% -11.75%
% of Gross Profit 194.36% 114.38%
Research & Development $2.442M $2.227M
YoY Change 9.65% 15.51%
% of Gross Profit 61.73% 37.24%
Depreciation & Amortization $2.600M $2.563M
YoY Change 1.44% 1.22%
% of Gross Profit 65.72% 42.86%
Operating Expenses $10.13M $2.227M
YoY Change 354.92% -76.99%
Operating Profit -$6.175M -$3.086M
YoY Change 100.1% -48.23%
Interest Expense -$80.00K -$80.00K
YoY Change 0.0% 95.12%
% of Operating Profit
Other Income/Expense, Net -$75.00K
YoY Change
Pretax Income -$6.250M -$3.170M
YoY Change 97.16% -47.17%
Income Tax
% Of Pretax Income
Net Earnings -$6.250M -$3.169M
YoY Change 97.22% -47.2%
Net Earnings / Revenue -22.24% -11.15%
Basic Earnings Per Share
Diluted Earnings Per Share -$223.4K -$125.8K
COMMON SHARES
Basic Shares Outstanding 28.30M 26.59M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.20M $11.80M
YoY Change 45.76% 247.06%
Cash & Equivalents $17.20M $11.79M
Short-Term Investments
Other Short-Term Assets $1.200M $900.0K
YoY Change 33.33% 0.0%
Inventory $10.85M $13.40M
Prepaid Expenses
Receivables $20.70M $20.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $49.90M $46.60M
YoY Change 7.08% 30.17%
LONG-TERM ASSETS
Property, Plant & Equipment $45.75M $55.80M
YoY Change -18.02% -13.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $50.00M $55.90M
YoY Change -10.55% -13.06%
TOTAL ASSETS
Total Short-Term Assets $49.90M $46.60M
Total Long-Term Assets $50.00M $55.90M
Total Assets $99.90M $102.5M
YoY Change -2.54% 2.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.000M $8.700M
YoY Change -19.54% 1.16%
Accrued Expenses $5.306M $4.700M
YoY Change 12.89% -9.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $2.854M
YoY Change
Total Short-Term Liabilities $22.90M $18.20M
YoY Change 25.82% -12.08%
LONG-TERM LIABILITIES
Long-Term Debt $817.0K $0.00
YoY Change
Other Long-Term Liabilities $434.0K $13.90M
YoY Change -96.88% -6.08%
Total Long-Term Liabilities $1.251M $13.90M
YoY Change -91.0% -6.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.90M $18.20M
Total Long-Term Liabilities $1.251M $13.90M
Total Liabilities $33.23M $32.10M
YoY Change 3.54% -9.45%
SHAREHOLDERS EQUITY
Retained Earnings -$514.2M -$489.3M
YoY Change 5.09% 2.46%
Common Stock $580.9M $559.7M
YoY Change 3.78% 3.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.64M $70.37M
YoY Change
Total Liabilities & Shareholders Equity $99.87M $102.5M
YoY Change -2.53% 2.34%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$6.250M -$3.169M
YoY Change 97.22% -47.2%
Depreciation, Depletion And Amortization $2.600M $2.563M
YoY Change 1.44% 1.22%
Cash From Operating Activities -$1.872M -$1.353M
YoY Change 38.36% -55.06%
INVESTING ACTIVITIES
Capital Expenditures $1.470M $927.0K
YoY Change 58.58% 45.53%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.470M -$927.0K
YoY Change 58.58% 45.53%
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 4.065M 10.43M
YoY Change -61.04% 182.74%
NET CHANGE
Cash From Operating Activities -1.872M -1.353M
Cash From Investing Activities -1.470M -927.0K
Cash From Financing Activities 4.065M 10.43M
Net Change In Cash 723.0K 8.153M
YoY Change -91.13% 19311.9%
FREE CASH FLOW
Cash From Operating Activities -$1.872M -$1.353M
Capital Expenditures $1.470M $927.0K
Free Cash Flow -$3.342M -$2.280M
YoY Change 46.58% -37.5%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2021Q1 us-gaap Use Of Estimates
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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:12pt;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>
CY2021Q1 us-gaap Concentration Risk Credit Risk
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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:12pt;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 three months ended March 31, 2021, the Company recorded a reduction for estimated customer uncollectible accounts receivable of $0.1 million and had collections of $0.1 million of previously reserved customer accounts receivables. The Company did not record a charge for uncollectible accounts receivable during the three months ended March 31, 2020.</p>
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885000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
723000
CY2021Q1 aspn Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
584000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6142000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
913000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
400000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
300000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
400000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
400000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y7M6D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.073
CY2021Q1 aspn Lessee Operating Lease Liability Payments Not Yet Commenced
LesseeOperatingLeaseLiabilityPaymentsNotYetCommenced
200000
CY2021Q1 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P4Y
CY2021Q1 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
900000
CY2021Q1 aspn Employer Payroll Tax Obligation Period
EmployerPayrollTaxObligationPeriod
March 27, 2020 to December 31, 2020
CY2021Q1 aspn Percentage Of Deferred Tax Balance
PercentageOfDeferredTaxBalance
0.50
CY2021Q1 aspn Remittance Date Of Deferred Tax Balance
RemittanceDateOfDeferredTaxBalance
2021-12-31
CY2021Q1 aspn Remaining Percentage Of Deferred Tax Balance
RemainingPercentageOfDeferredTaxBalance
0.50
CY2021Q1 aspn Remittance Date Of Deferred Tax Balance Remaining Percentage
RemittanceDateOfDeferredTaxBalanceRemainingPercentage
2022-12-31
CY2021Q1 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
870000
CY2020Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
870000
CY2021Q1 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
436000
CY2020Q4 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
436000
CY2021Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
434000
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
434000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-6250000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-3169000
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27983470
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25194292
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.22
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4256632
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4993243

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