- H.C. Wainwright analyst Amit Dayal lowered the price target on Aspen Aerogels Inc (NYSE:ASPN) to $45 (an upside of 57.6%) from $65 and maintained a Buy rating on the shares.
- The analyst cites the company's updated outlook stemming from plans for its thermal runaway expansion for the target drop.
- Though Aspen's mid-term expectation of hitting $720 million in revenues by 2025 exceeded Dayal's projection of roughly $460 million, the longer-term revenue outlook of potentially touching $1.6 billion was lower than his expectations of $1.9 billion.
- Piper Sandler analyst Alexander Potter lowered the price target on Aspen to $68 (an upside of 138%) from $72 and maintained an Overweight rating on the shares.
- Results: the company reported Q4 revenue growth of 36.7% year-over-year to $31.47 million, missing the consensus of $34.46 million.
- The gross loss totaled $(1.67) million for the quarter, compared to a profit of $3.86 million a year ago.
- EPS loss widened to $(0.50) from $(0.23) in 4Q20, missing the consensus of $(0.29).
- Adjusted EBITDA loss widened to $(12.15) million, from $(1.59) million a year ago.
- FY22 Outlook: Aspen expects total revenue of $145.0 million-$155.0 million vs. consensus of $151 million, and net loss per share of $(1.95) - $(2.07), vs. consensus of $(0.98). It expects Adjusted EBITDA loss of $(42.0) million - $(46.0) million.
- Investment: Koch Strategic Platforms, a subsidiary of Koch Investments Group, agreed to make a $150 million investment in Aspen by purchasing convertible notes and common stock to support aerogel thermal barrier growth opportunities.
- Price Action: ASPN shares are trading higher by 10.14% at $28.55 on the last check Friday.
