Please do not leave this page until complete. This can take a few moments.
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.
Stay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Sign upWorcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
SubscribeWorcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
See Digital EditionStay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments