Northborough insulation product manufacturer Aspen Aerogels stocks has struggled following a first quarter announcement it had nearly doubled losses year-over-year to $6.3 million.
First quarter net loss was $6.3 million compared to a net loss of $3.2 million in the first quarter of 2020, according to a company press release. Net loss per share for the first quarter was $0.22 compared to $0.13 in the first quarter last year.
Following the first quarter announcement on April 29, the company’s stock has fallen as much as 13.3% to $17.47 a share a week ago Monday, although it has since recovered some and sat at $18.69 a share in morning trading on Monday morning on the New York Stock Exchange.
Don Young, the company’s president and CEO, attributed the losses to the ongoing impact of COVID-19 as well as an increased investment in areas including personnel and infrastructure to support the company’s thermal barrier and battery materials businesses.
“We are now working with more than 20 manufacturers of batteries, battery systems and electric vehicles globally,” he said in the release. “We are working hard to keep pace with their demand for evaluation samples of our battery materials for testing in large-scale battery prototypes.”
Total revenue for the first quarter was $28.1 million compared to $28.4 million in the first quarter last year.
