Aspen Aerogels (NYSE: ASPN) reported Q1 EPS of ($0.13), $0.09 better than the analyst estimate of ($0.22). Revenue for the quarter came in at $28.4 million versus the consensus estimate of $27.94 million.

GUIDANCE:

"Despite the ongoing COVID-19 pandemic, Aspen Aerogels remains open for business. We have not yet encountered any significant disruption to our supply chain, manufacturing operations or our ability to deliver to our customers. However, due to the general uncertainty in the markets for our products resulting from the COVID-19 pandemic and the potential impact of significant volatility in the global oil markets, we are withdrawing our prior 2020 financial outlook," stated Mr. Young.

"As evidenced by our first quarter performance, we remain confident that Aspen\'s underlying business fundamentals and operational effectiveness are strong. We also remain committed to fully implementing our strategy. We are sustaining all planned R&D investments, advancing our electric vehicle programs with the support of our partners, and implementing our next generation product and process technologies to improve our profit potential," continued Mr. Young.

"We have also taken a number of actions during 2020 to bolster our financial resources to backstop against any potential COVID-19 related disruptions. During the first quarter, we raised a net $14.8 million from our public stock offering, extended our line of credit through April 2021, and strategically increased our inventory balances by $4.7 million. In addition, our Rhode Island subsidiary was approved during April 2020 for a $3.7 million PPP loan under the CARES Act. As a result of these actions, we believe we have the balance sheet and liquidity necessary to operate in this challenging business environment,\" said Mr. Young.

\"In addition, in mid-March, we instituted wage decreases for executives and managers, eliminated annual pay raises for all employees, minimized discretionary expenses and reduced our planned 2020 capital expenditures. Our board of directors also elected to forgo cash compensation during the current period of business uncertainty. We are also prepared to temporarily curtail operations in our East Providence plant if necessary to ensure the safety of our employees or to align capacity with demand,\" continued Mr. Young.

"We will continue to monitor all aspects of our business and are committed to take the actions necessary to enable Aspen Aerogels to successfully execute its strategy. We believe the actions we\'ve taken to date are prudent and will position Aspen Aerogels to navigate through the current uncertain environment and to thrive when business conditions improve," concluded Mr. Young.

For earnings history and earnings-related data on Aspen Aerogels (ASPN) click here.