Aspen Aerogels lost $34.4M in 2018
Courtesy Aspen Aerogels
One of Aspen Aerogels products is insulation material.
Northborough manufacturer of aerogel material Aspen Aerogels lost $34.4 million in 2018, an increase of 44 percent compared to its loss the year before.
For 2018, the company’s revenues of $104.4 million were also down from $111.6 million in 2017.
The company didn’t finish the year on a strong note either, reporting net loss of $14.1 million compared to just $1.7 million the year before in the most recent quarter.
In a statement, President and CEO Don Young said the company has had a year-over year decrease in project work in the subsea market, which includes projects under the ocean surface. The conclusion of a petrochemical project in South Asia has also hurt revenues, he said.
Further, raw material costs have been increasing, he said.
Despite the tough quarter and year, the company is expecting revenues of at least $126 million and a maximum net loss of $14.7 million thanks to increasing the capacity of existing manufacturing facilities and opportunities in new markets.
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