Aspen Aerogels wins Porsche 718 thermal barrier award; reaffirms 2024 outlook

ASPEN AEROGELS INC

PyroThin design award from Valmet Automotive for all-electric Porsche 718 (Cayman/Boxster); production expected in 2025.
Sixth OEM award and third linked to Volkswagen Group (Audi, Scania, Porsche).
2024 outlook reaffirmed: revenue >$380M (+59% YoY), Adj. EBITDA >$55M (+340% YoY), EPS >$0.03.
Revenue breakdown: Thermal Barrier >$230M, Energy Industrial >$150M.
Management believes more OEM awards will be added in 2024, diversifying customer base.

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