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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________
FORM 8-K
_______________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 07, 2024
_______________________________
ASPEN AEROGELS, INC.
(Exact name of Registrant as Specified in Its Charter)
_______________________________
| Delaware |
001-36481 |
04-3559972 |
(State or Other Jurisdiction
of Incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
| |
|
|
|
|
|
30 Forbes Road
Building B |
|
| Northborough, Massachusetts |
01532 |
| (Address of Principal Executive Offices) |
(Zip Code) |
| Registrant’s Telephone Number, Including Area Code: (508) 691-1111 |
(Former Name or Former Address, if Changed Since Last Report)
_______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
|
Trading
Symbol(s) |
|
Name of each exchange on which registered |
| Common Stock |
|
ASPN |
|
The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule
405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2
of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use
the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)
of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 7, 2024, Aspen Aerogels, Inc. announced its financial results for the second quarter of 2024, which ended June 30, 2024, and
also discussed business developments. A copy of the press release containing such announcement is attached hereto as Exhibit 99.1.
The information set forth in the press release, except for the information set forth under the
heading “2024 Financial Outlook” and under the heading “About Aspen Aerogels, Inc.,” together with the forward-looking
statement disclaimer at the end of the press release, is incorporated by reference into this Item 2.02 of this Current Report on Form
8-K.
Item 7.01 Regulation FD Disclosure.
The information set forth under the heading “2024 Financial Outlook” and under the
heading “About Aspen Aerogels, Inc.,” together with the forward-looking statement disclaimer at the end of the press release,
is incorporated by reference into this Item 7.01 of this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The press release may contain hypertext links to information on our website. The information
on our website is not incorporated by reference into this Current Report on Form 8-K and does not constitute a part of this Form 8-K.
The information contained in this Current Report on Form 8-K and Exhibit 99.1 attached hereto
is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated
by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
|
|
Aspen Aerogels, Inc. |
| |
|
|
|
| Date: |
August 7, 2024 |
By: |
/s/ Ricardo C. Rodriguez |
| |
|
Name: |
Ricardo C. Rodriguez |
| |
|
Title: |
Chief Financial Officer and Treasurer |
Exhibit 99.1
For Immediate Release
Aspen Aerogels, Inc. Reports Second Quarter 2024 Financial
Results and Recent Business Highlights
Record quarterly revenues of $117.8 million, up 25% QoQ and
145% YoY
Delivered $16.8 million of quarterly net income and $28.9 million
of quarterly Adjusted EBITDA
Increased 2024 revenue and profitability outlook for the second
consecutive quarter
NORTHBOROUGH, Mass., August 7, 2024 — Aspen Aerogels, Inc. (NYSE: ASPN)
(“Aspen” or the “Company”), a technology leader in sustainability and electrification solutions, today announced
financial results for the second quarter of 2024, and discussed recent business developments.
Total revenue for the second quarter of 2024 was $117.8 million,
compared to $48.2 million in the second quarter of 2023. Net income was $16.8 million, compared to a net loss of $15.4 million
in the second quarter of 2023. Net income per share (diluted) was $0.21, compared to a net loss per share (diluted) of $0.22
in the second quarter of 2023.
Adjusted EBITDA for the second quarter of 2024 was $28.9 million,
compared to $(10.8) million in the second quarter of 2023. A reconciliation of net income (loss) to Adjusted EBITDA is provided in the
financial schedules that are part of this press release. An explanation of this non-GAAP financial measure is also included below under
the heading "Non-GAAP Financial Measures."
Recent Business Highlights & Quarterly Performance
| · | Company revenue of $117.8 million, up 25% quarter-over-quarter (QoQ) and 145% year-over-year
(YoY) |
| - | Thermal Barriers: $80.8 million of revenue, up 24% QoQ and 540% YoY |
| - | Energy Industrial: $36.9 million of supply constrained revenue, up 27% QoQ and 4%
YoY |
| · | Energy Industrial segment remains on path to deliver over $150 million of revenue
in 2024; shipped $28.3 million of revenue from our external manufacturing facility in Q2, an increase of 94% QoQ. Carbon capture projects
are beginning to present additional market opportunities. |
| · | Delivered gross margins of 44%, a 7-percentage point improvement QoQ and 26-percentage
point improvement YoY |
| · | Net income of $16.8 million, an $18.7 million improvement QoQ and $32.2 million
improvement YoY |
| · | Adjusted EBITDA of $28.9 million (25% margin), a $16.0 million or 124% improvement
QoQ and $39.8 million improvement YoY |
| · | Operating income of $20.0 million, a $17.6 million improvement or 720% QoQ and
$37.0 million improvement YoY |
| · | Cash generated from operations of $6.8 million in the quarter |
| · | Ended second quarter of 2024 with cash and equivalents of $91.4 million |
“This quarter’s results demonstrate the significant
operating leverage of our business model as we continue to utilize a higher percentage of our current capacity and effectively execute
our strategy,” commented Don Young, Aspen’s President and CEO. "We saw strong revenue and profitability growth across
both of our business segments. Our Thermal Barrier segment revenues continue to accelerate as our customers ramp production to capture
demand. The supply for our Energy Industrial business is increasing, as we nearly doubled our revenues from our external manufacturing
facility. We remain confident in our ability to capture the significant excess demand in this segment.”
Updated 2024 Financial Outlook
Aspen updated its 2024 full year outlook as follows:
| ($
in millions, except per share amounts) |
|
| Metric |
Prior 2024 Outlook |
Current 2024 Outlook |
Δ Prior |
|
Revenue
YoY Growth |
>380
59% |
>390
63% |
10 |
| Net Income |
>2 |
>7 |
5 |
| Adjusted EBITDA |
>55 |
>60 |
5 |
| Earnings Per Share (Diluted) |
>0.03 |
>0.09 |
0.06 |
| |
|
|
|
|
The Company's 2024 outlook assumes depreciation and amortization
of $30 million, stock-based compensation expense of $14 million, other (income) expense and income tax expense of $9 million, and diluted
weighted average shares outstanding of 79.3 million for the full year.
Ricardo C. Rodriguez, Chief Financial Officer and Treasurer noted,
“We remain ready to capture additional revenues as our automotive OEM customers win their
fair share of the market and as we increase our Energy Industrial product supply. Providing additional context to our updated outlook,
we continue planning objectively around the production track record of our OEM customers, the tightening global emissions regulatory environment,
and an EV market that favors recently launched models, many of which are equipped with PyroThin®. We believe that delivering results
as demand presents itself, versus attempting to calculate outsized upside expectations, makes the most sense.”
A reconciliation of net income to Adjusted EBITDA for the 2024
financial outlook is provided in the financial schedules that are part of this press release. An explanation of this non-GAAP financial
measure is also included below under the heading “Non-GAAP Financial Measures.”
Aspen may incur, among other items, additional charges, realize
gains or losses, incur financing costs or interest expense, or experience other events in 2024, including those related to the planned
capacity expansion, supply chain disruptions, or further cost inflation, that could cause actual results to vary materially from this
outlook. See “Special Note Regarding Forward-Looking and Cautionary Statements” below.
ATVM Department of Energy Loan Status Update
Late last year, we announced that the U.S. Department of Energy
Loan Programs Office invited Aspen into the formal due diligence and term sheet negotiation stage of the process. The Company continues
to progress with the Department of Energy during this process. In June 2024, after a public notice period, the Department of Energy released
a Final Environmental Assessment and issued a “Finding of No Significant Impact.” While the DOE's determination is not an
assurance that the DOE will issue a loan, the Company remains deeply engaged with the Loan Programs Office and its advisors and continues
to believe that Aspen is a strong candidate to partner with the DOE Loan Programs Office in this program.
Last Twelve-Month Financial Comparison
A comparison of key financial metrics for the trailing twelve-month periods ended June 30, 2023
and 2024:
| ($ in millions) |
| Metric |
LTM Q2 2023 |
LTM Q2 2024 |
Delta |
% Improvement |
| Revenue |
190 |
357 |
167 |
88% |
|
Gross Profit
% Margin |
21
11% |
130
36% |
109 |
506% |
|
Net Income (Loss)
% Margin |
(71)
(38%) |
1
0% |
72 |
102% |
|
Adjusted EBITDA
% Margin |
(52)
(28%) |
44
12% |
96 |
183% |
|
Operating Income
% Margin |
(74)
(39%) |
9
3% |
83 |
112% |
| Total CAPEX |
241 |
111 |
(130) |
54% |
Conference Call and Webcast Notification
A conference call with Aspen management to discuss second quarter
2024 results and recent business developments will be held on Thursday, August 8, 2024 at 8:30 a.m. ET. During the call, management will
respond to questions concerning, but not limited to, Aspen's financial performance, business conditions, and financial outlook. Management's
discussion and responses could contain information that has not been previously disclosed.
Shareholders and other interested parties may call +1 (833) 470-1428
(domestic) or +1 (929) 526-1599 (international) and reference conference ID "517793" to participate in the conference call.
In addition, the conference call and an accompanying slide presentation will be available live as a listen-only webcast hosted at the
Investors section of Aspen's website, www.aerogel.com.
Following the live event, an archived version of the webcast
will be available on Aspen's website for convenient on-demand replay for at least a year. A copy of this press release is posted in the
Investors section on Aspen's website.
Non-GAAP Financial Measures
In addition to providing financial measurements based on generally
accepted accounting principles in the United States of America ("GAAP"), Aspen provides an additional financial metric that
is not prepared in accordance with GAAP ("non-GAAP"). The non-GAAP financial measure included in this press release is Adjusted
EBITDA. Management uses this non-GAAP financial measure, in addition to GAAP financial measures, as a measure of operating performance
because the non-GAAP financial measure does not include the impact of items that management does not consider indicative of Aspen's core
operating performance. In addition, management uses Adjusted EBITDA (i) for planning purposes, including the preparation of Aspen's annual
operating budget, (ii) to allocate resources to enhance the financial performance of its business, and (iii) as a performance measure
under its bonus plan.
Management believes that this non-GAAP financial measure reflects
Aspen's ongoing business in a manner that allows for meaningful comparisons and analysis of trends in its business, as it excludes expenses
and gains not reflective of Aspen's ongoing operating results or that may be infrequent and/or unusual in nature. Management also believes
that this non-GAAP financial measures provides useful information to investors in understanding and evaluating Aspen's operating results
and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer
companies. This non-GAAP measure may not be comparable to similarly titled measures presented by other companies.
The non-GAAP financial measure does not replace the presentation
of Aspen's GAAP financial results and should only be used as a supplement to, not as a substitute for, Aspen's financial results presented
in accordance with GAAP. In this press release, Aspen has provided a reconciliation of Adjusted EBITDA to net income (loss), the most
directly comparable GAAP financial measure. Management strongly encourages investors to review Aspen's financial statements and publicly
filed reports in their entirety and not rely on any single financial measure.
About Aspen Aerogels, Inc.
Aspen is a technology leader in sustainability and electrification
solutions. The Company's aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends
of resource efficiency, e-mobility, and clean energy. Aspen's PyroThin® products enable solutions to thermal runaway challenges within
the electric vehicle ("EV") market. Aspen Battery Materials, the Company's carbon aerogel initiative, seeks to increase the
performance of lithium-ion battery cells to enable EV manufacturers to extend the driving range and reduce the cost of EVs. The Company's
Cryogel® and Pyrogel® products are valued by the world's largest energy infrastructure companies. Aspen's strategy is to partner
with world-class industry leaders to leverage its Aerogel Technology Platform® into additional high-value markets. Aspen is headquartered
in Northborough, Mass. For more information, please visit www.aerogel.com.
Special Note Regarding Forward-Looking and Cautionary Statements
This press release and any related discussion contains “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that
could cause actual results to be materially different from historical results or from any future results expressed or implied by such
forward-looking statements, including statements relating to Aspen’s 2024 financial outlook. These statements are not historical
facts but rather are based on Aspen’s current expectations, estimates and projections regarding Aspen's business, operations and
other factors relating thereto, including with respect to Aspen’s 2024 financial outlook. Words such as "may," "will,"
"could," "would," "should," "anticipate," "predict," "potential," "continue,"
"expects," "intends," "plans," "projects," "believes," "estimates," "outlook,"
“assumes,” “targets,” “opportunity,” and similar expressions are used to identify these forward-looking
statements. Such forward-looking statements include statements regarding, among other things, Aspen’s beliefs and expectations about
capacity, revenue, revenue capacity, backlog, costs, expenses, profitability, cash flow, gross profit, gross margin, operating margin,
net income (loss), Adjusted EBITDA and related increases, decreases, trends or timing, including with respect to Aspen’s beliefs
and expectations about the EV market and how it may enable a path to profitability; Aspen’s target revenue capacity and gross margins;
Aspen’s efforts to manage the construction of the planned second manufacturing plant in Georgia to align with our expectations of
demand from EV customers, and the use of our external manufacturing facility to meet demand from Energy Industrial customers; current
or future trends in the energy, energy infrastructure, chemical and refinery, LNG, sustainable building materials, EV thermal barrier,
EV battery materials or other markets and the impact of these trends on Aspen’s business; the strength, effectiveness, productivity,
costs, profitability or other fundamentals of Aspen’s business; beliefs about the role of Aspen’s technology and opportunities
in the electric vehicle market; beliefs about Aspen’s ability to provide and deliver products and services to electric vehicle customers;
beliefs about content per vehicle, revenue, costs, expenses, profitability, investments or cash flow associated with Aspen’s electric
vehicle opportunities, including the EV thermal barrier business; the performance and market acceptance of Aspens’ products; and
Aspen’s pending application with the DOE seeking a loan pursuant to the DOE LPO's ATVM. All such forward-looking statements are
based on management’s present expectations and are subject to certain factors, risks and uncertainties that may cause actual results,
outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties
include, but are not limited to, the following: inability to execute Aspen’s growth plan, inability to continue construction of
Plant II and to do so at a cost consistent with Aspen’s estimates and aligned with Aspen’s expectations of demand from our
EV customers; the right of EV thermal barrier customers to cancel contracts with Aspen at any time and without penalty; any costs, expenses,
or investments incurred by Aspen in excess of projections used to develop pricing under the contracts with EV thermal barrier customers;
Aspen’s inability to create customer or market opportunities for its products; any disruption or inability to achieve expected capacity
levels in any of its manufacturing or assembly facilities; any failure to enforce any of Aspen’s patents; the general economic conditions
and cyclical demands in the markets that Aspen serves; and the other risk factors discussed under the heading “Risk Factors”
in Aspen’s Annual Report on Form 10-K for the year ended December 31, 2023 and filed with the Securities and Exchange Commission
(“SEC”) on March 7, 2024, as well as any updates to those risk factors filed from time to time in Aspen’s subsequent
periodic and current reports filed with the SEC. All statements contained in this press release are made only as of the date of this press
release. Aspen does not intend to update this information unless required by law.
Investor Relations & Media Contacts:
Neal Baranosky
Phone: (508) 691-1111 x 8
nbaranosky@aerogel.com
Georg Venturatos / Ralf Esper
Gateway Group
ASPN@gateway-grp.com
Phone: (949) 574-3860
ASPEN AEROGELS, INC.
Condensed Consolidated Balance Sheets
(Unaudited and in thousands)
| | |
| |
|
| | |
June 30, | |
December 31, |
| | |
2024 | |
2023 |
| | |
(In thousands) |
| Assets | |
| |
|
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 91,381 | | |
$ | 139,723 | |
| Restricted cash | |
| 394 | | |
| 248 | |
| Accounts receivable, net | |
| 116,928 | | |
| 69,995 | |
| Inventories | |
| 53,030 | | |
| 39,189 | |
| Prepaid expenses and other current assets | |
| 26,804 | | |
| 17,176 | |
| Total current assets | |
| 288,537 | | |
| 266,331 | |
| Property, plant and equipment, net | |
| 437,973 | | |
| 417,227 | |
| Operating lease right-of-use assets | |
| 18,671 | | |
| 17,212 | |
| Other long-term assets | |
| 3,448 | | |
| 2,278 | |
| Total assets | |
$ | 748,629 | | |
$ | 703,048 | |
| Liabilities and Stockholders’ Equity | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 57,246 | | |
$ | 51,094 | |
| Accrued expenses | |
| 19,684 | | |
| 22,811 | |
| Deferred revenue | |
| 3,095 | | |
| 2,316 | |
| Finance obligation for sale and leaseback transactions | |
| 1,254 | | |
| — | |
| Operating lease liabilities | |
| 2,151 | | |
| 1,874 | |
| Total current liabilities | |
| 83,430 | | |
| 78,095 | |
| Convertible note - related party | |
| 121,074 | | |
| 114,992 | |
| Finance obligation for sale and leaseback transactions long-term | |
| 3,224 | | |
| — | |
| Operating lease liabilities long-term | |
| 23,074 | | |
| 21,906 | |
| Total liabilities | |
| 230,802 | | |
| 214,993 | |
| Stockholders’ equity: | |
| | | |
| | |
| Total stockholders’ equity | |
| 517,827 | | |
| 488,055 | |
| Total liabilities and stockholders’ equity | |
$ | 748,629 | | |
$ | 703,048 | |
ASPEN AEROGELS, INC.
Consolidated Statements of Operations
(Unaudited and in thousands, except share and per share data)
| | |
Three Months Ended | |
Six Months Ended |
| | |
June 30, | |
June 30, |
| | |
2024 | |
2023 | |
2024 | |
2023 |
| | |
(In thousands, except
share and per share data) |
| Revenue | |
$ | 117,770 | | |
$ | 48,158 | | |
$ | 212,271 | | |
$ | 93,744 | |
| Cost of revenue | |
| 66,192 | | |
| 39,751 | | |
| 125,550 | | |
| 80,251 | |
| Gross profit | |
| 51,578 | | |
| 8,407 | | |
| 86,721 | | |
| 13,493 | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | |
| Research and development | |
| 4,565 | | |
| 3,964 | | |
| 9,054 | | |
| 8,063 | |
| Sales and marketing | |
| 9,521 | | |
| 8,127 | | |
| 17,824 | | |
| 15,840 | |
| General and administrative | |
| 17,506 | | |
| 13,360 | | |
| 34,719 | | |
| 25,542 | |
| Impairment of equipment under development | |
| — | | |
| — | | |
| 2,702 | | |
| — | |
| Total operating expenses | |
| 31,592 | | |
| 25,451 | | |
| 64,299 | | |
| 49,445 | |
| Income (loss) from operations | |
| 19,986 | | |
| (17,044 | ) | |
| 22,422 | | |
| (35,952 | ) |
| Other income (expense) | |
| | | |
| | | |
| | | |
| | |
| Interest expense, convertible note - related party | |
| (3,043 | ) | |
| (211 | ) | |
| (6,081 | ) | |
| (486 | ) |
| Interest income (expense) | |
| 741 | | |
| 1,832 | | |
| 264 | | |
| 4,219 | |
| Total other income (expense) | |
| (2,302 | ) | |
| 1,621 | | |
| (5,817 | ) | |
| 3,733 | |
| Income (loss) before income tax expense | |
| 17,684 | | |
| (15,423 | ) | |
| 16,605 | | |
| (32,219 | ) |
| Income tax expense | |
| (866 | ) | |
| — | | |
| (1,622 | ) | |
| — | |
| Net income (loss) | |
$ | 16,818 | | |
$ | (15,423 | ) | |
$ | 14,983 | | |
$ | (32,219 | ) |
| Net income (loss) per share: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | 0.22 | | |
$ | (0.22 | ) | |
$ | 0.20 | | |
$ | (0.47 | ) |
| Diluted | |
$ | 0.21 | | |
$ | (0.22 | ) | |
$ | 0.19 | | |
$ | (0.47 | ) |
| Weighted-average common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 76,336,811 | | |
| 69,249,281 | | |
| 76,049,852 | | |
| 69,206,249 | |
| Diluted | |
| 78,981,383 | | |
| 69,249,281 | | |
| 78,749,199 | | |
| 69,206,249 | |
Analysis of Cash Flow
The following table summarizes our cash flows for the periods indicated.
| | |
Three Months Ended |
| | |
March 31, 2024 | |
June 30, 2024 |
| | |
(In thousands) |
| Net cash provided by (used in): | |
| | | |
| | |
| Operating activities | |
$ | (17,749 | ) | |
$ | 6,843 | |
| Investing activities | |
| (25,863 | ) | |
| (24,827 | ) |
| Financing activities | |
| 5,259 | | |
| 8,141 | |
| Net (decrease) increase in cash | |
| (38,353 | ) | |
| (9,843 | ) |
| Cash, cash equivalents and restricted cash at beginning of period | |
| 139,971 | | |
| 101,618 | |
| Cash, cash equivalents and restricted cash at end of period | |
$ | 101,618 | | |
$ | 91,775 | |
Reconciliation of Non-GAAP Financial Measures
The following tables present a reconciliation of the non-GAAP financial measure included in
this press release to the most directly comparable GAAP measure:
Reconciliation of Adjusted EBITDA to Net income (loss)
We define Adjusted EBITDA as net income (loss) before interest expense, taxes, depreciation,
amortization, stock-based compensation expense and other items, which occur from time to time and which we do not believe are indicative
of our core operating performance.
For the three and six months ended June 30, 2024 and 2023:
| | |
Three Months Ended | |
Six Months Ended |
| | |
June 30, | |
June 30, |
| | |
2024 | |
2023 | |
2024 | |
2023 |
| | |
(In thousands) |
| Net income (loss) | |
$ | 16,818 | | |
$ | (15,423 | ) | |
$ | 14,983 | | |
$ | (32,219 | ) |
| Depreciation and amortization | |
| 5,986 | | |
| 3,503 | | |
| 11,772 | | |
| 6,207 | |
| Stock-based compensation | |
| 2,971 | | |
| 2,710 | | |
| 7,677 | | |
| 4,977 | |
| Other expense (income) | |
| 2,302 | | |
| (1,621 | ) | |
| 5,817 | | |
| (3,733 | ) |
| Income tax expense | |
| 866 | | |
| - | | |
| 1,622 | | |
| - | |
| Adjusted EBITDA | |
$ | 28,943 | | |
$ | (10,831 | ) | |
$ | 41,871 | | |
$ | (24,768 | ) |
For the trailing twelve months ended June 30, 2024 and 2023:
| | |
Last Twelve Months |
| | |
June 30, |
| | |
2024 | |
2023 |
| | |
(In thousands) |
| Net income (loss) | |
$ | 1,391 | | |
$ | (71,423 | ) |
| Depreciation and amortization | |
| 20,883 | | |
| 11,268 | |
| Stock-based compensation | |
| 13,654 | | |
| 10,239 | |
| Other expense (income) | |
| 6,158 | | |
| (2,504 | ) |
| Income tax expense | |
| 1,622 | | |
| - | |
| Adjusted EBITDA | |
$ | 43,708 | | |
$ | (52,420 | ) |
For the 2024 full year financial outlook:
| | |
Year Ending |
| | |
December 31, 2024 |
| | |
Current | |
Prior |
| | |
(In thousands) |
| Net income | |
$ | 7,000 | | |
$ | 2,000 | |
| Depreciation and amortization | |
| 30,000 | | |
| 30,000 | |
| Stock-based compensation | |
| 14,000 | | |
| 14,000 | |
| Other expense, net and income tax expense | |
| 9,000 | | |
| 9,000 | |
| Adjusted EBITDA | |
$ | 60,000 | | |
$ | 55,000 | |
v3.24.2.u1
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 2 such as Street or Suite number
| Name: |
dei_EntityAddressAddressLine2 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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