Why Aspen Aerogels Stock Is Surging Higher Today
Aspen Aerogels (NYSE: ASPN) easily beat quarterly expectations and said revenue more than doubled from a year ago. Investors are buying in, sending shares of the advanced materials company up 38% as of 10:30 a.m. ET.
Aspen makes materials designed to improve the efficiency of lithium batteries, among other uses. The company lost $0.02 per share in the first quarter of 2024, it reported yesterday, on revenue of $94.5 million, significantly better results than the $0.11-per-share loss on revenue of $75 million that Wall Street had expected.
Revenue was up 107% year over year, led by thermal barrier sales up 459% and accounting for about two-thirds of total sales. And Aspen is getting closer to profitability after losing $0.24 per share in the first quarter of 2023.
Source Fool.com
