Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ASPN | |
Entity Registrant Name | ASPEN AEROGELS, INC. | |
Entity Central Index Key | 0001145986 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 77,082,075 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-36481 | |
Entity Tax Identification Number | 04-3559972 | |
Entity Address, Address Line One | 30 Forbes Road | |
Entity Address, Address Line Two | Building B | |
Entity Address, State or Province | MA | |
Entity Address, City or Town | Northborough | |
Entity Address, Postal Zip Code | 01532 | |
City Area Code | 508 | |
Local Phone Number | 691-1111 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.00001 per share | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 91,381 | $ 139,723 |
Restricted cash | 394 | 248 |
Accounts receivable, net of allowances of $468 and $230 | 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 |
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 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value; 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023 | ||
Common stock, $0.00001 par value; 250,000,000 shares authorized, 77,081,039 and 76,503,151 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 0 | 0 |
Additional paid-in capital | 1,176,446 | 1,161,657 |
Accumulated deficit | (658,619) | (673,602) |
Total stockholders’ equity | 517,827 | 488,055 |
Total liabilities and stockholders’ equity | $ 748,629 | $ 703,048 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable and contract assets | $ 468 | $ 230 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 77,081,039 | 76,503,151 |
Common stock, shares outstanding | 77,081,039 | 76,503,151 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
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) | $ 0.2 | $ (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 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2022 | $ 447,435 | $ 1,075,226 | $ (627,791) | |
Beginning balance, shares at Dec. 31, 2022 | 69,994,963 | |||
Net Income (Loss) | (16,796) | (16,796) | ||
Stock-based compensation expense | 2,267 | 2,267 | ||
Vesting of restricted stock units | (385) | (385) | ||
Vesting of restricted stock units, shares | 71,643 | |||
Proceeds from employee stock option exercises | 21 | 21 | ||
Proceeds from employee stock option exercises, shares | 2,554 | |||
Ending balance at Mar. 31, 2023 | 432,542 | 1,077,129 | (644,587) | |
Ending balance, shares at Mar. 31, 2023 | 70,069,160 | |||
Beginning balance at Dec. 31, 2022 | 447,435 | 1,075,226 | (627,791) | |
Beginning balance, shares at Dec. 31, 2022 | 69,994,963 | |||
Net Income (Loss) | (32,219) | |||
Ending balance at Jun. 30, 2023 | 419,971 | 1,079,981 | (660,010) | |
Ending balance, shares at Jun. 30, 2023 | 70,158,143 | |||
Beginning balance at Mar. 31, 2023 | 432,542 | 1,077,129 | (644,587) | |
Beginning balance, shares at Mar. 31, 2023 | 70,069,160 | |||
Net Income (Loss) | (15,423) | (15,423) | ||
Stock-based compensation expense | 2,710 | 2,710 | ||
Issuance of restricted stock, shares | 44,928 | |||
Vesting of restricted stock units | (8) | (8) | ||
Vesting of restricted stock units, shares | 2,464 | |||
Proceeds from employee stock option exercises | 150 | 150 | ||
Proceeds from employee stock option exercises, shares | 41,591 | |||
Ending balance at Jun. 30, 2023 | 419,971 | 1,079,981 | (660,010) | |
Ending balance, shares at Jun. 30, 2023 | 70,158,143 | |||
Beginning balance at Dec. 31, 2023 | 488,055 | 1,161,657 | (673,602) | |
Beginning balance, shares at Dec. 31, 2023 | 76,503,151 | |||
Net Income (Loss) | (1,835) | (1,835) | ||
Stock-based compensation expense | 2,532 | 2,532 | ||
Issuance costs from private placement of common stock | (28) | (28) | ||
Vesting of restricted stock units | (1,081) | (1,081) | ||
Vesting of restricted stock units, shares | 118,289 | |||
Cancellation of restricted stock | 2,174 | 2,174 | ||
Cancellation of restricted stock, shares | (679,796) | |||
Proceeds from employee stock option exercises | 1,386 | 1,386 | ||
Proceeds from employee stock option exercises, shares | 136,286 | |||
Ending balance at Mar. 31, 2024 | 491,203 | 1,166,640 | (675,437) | |
Ending balance, shares at Mar. 31, 2024 | 76,077,930 | |||
Beginning balance at Dec. 31, 2023 | 488,055 | 1,161,657 | (673,602) | |
Beginning balance, shares at Dec. 31, 2023 | 76,503,151 | |||
Net Income (Loss) | 14,983 | |||
Ending balance at Jun. 30, 2024 | 517,827 | 1,176,446 | (658,619) | |
Ending balance, shares at Jun. 30, 2024 | 77,081,039 | |||
Beginning balance at Mar. 31, 2024 | 491,203 | 1,166,640 | (675,437) | |
Beginning balance, shares at Mar. 31, 2024 | 76,077,930 | |||
Net Income (Loss) | 16,818 | 16,818 | ||
Stock-based compensation expense | 2,971 | 2,971 | ||
Issuance of restricted stock, shares | 11,388 | |||
Employee restricted stock awards withheld for tax | (1,810) | (1,810) | ||
Employee restricted stock awards withheld for tax, shares | (75,885) | |||
Vesting of restricted stock units | (53) | (53) | ||
Vesting of restricted stock units, shares | 3,790 | |||
Proceeds from employee stock option exercises | 8,698 | 8,698 | ||
Proceeds from employee stock option exercises, shares | 1,063,816 | |||
Ending balance at Jun. 30, 2024 | $ 517,827 | $ 1,176,446 | $ (658,619) | |
Ending balance, shares at Jun. 30, 2024 | 77,081,039 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 14,983,000 | $ (32,219,000) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation | 11,772,000 | 6,207,000 |
Accretion of interest on convertible note - related party | 5,620,000 | |
Amortization of debt discount due to modification of convertible note - related party | 443,000 | 469,000 |
Deferred financing costs written off | 1,829,000 | |
Provision for bad debt | 140,000 | (72,000) |
Stock-based compensation expense | 7,677,000 | 4,977,000 |
mpairment of property, plant and equipment | 6,810,000 | 0 |
Reduction in the carrying amount of operating lease right-of-use assets | 1,223,000 | 1,405,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (47,073,000) | 13,255,000 |
Inventories | (13,841,000) | (10,751,000) |
Prepaid expenses and other assets | (12,806,000) | (6,512,000) |
Accounts payable | 17,514,000 | (1,407,000) |
Accrued expenses | (4,957,000) | (5,331,000) |
Deferred revenue | 779,000 | (1,212,000) |
Operating lease liabilities | (1,038,000) | (1,158,000) |
Net cash used in operating activities | (10,906,000) | (32,331,000) |
Cash flows from investing activities: | ||
Capital expenditures | (50,690,000) | (115,390,000) |
Net cash used in investing activities | (50,690,000) | (115,390,000) |
Cash flows from financing activities: | ||
Proceeds from employee stock option exercises | 10,084,000 | 171,000 |
Proceeds from sale and leaseback transactions | 4,982,000 | |
Repayment of finance obligation for sale and leaseback transactions | (504,000) | |
Payments made for employee restricted stock tax withholdings | (1,134,000) | (393,000) |
Fees and issuance costs from private placement of common stock | (28,000) | |
Net cash provided by (used in) financing activities | 13,400,000 | (222,000) |
Net decrease in cash, cash equivalents and restricted cash | (48,196,000) | (147,943,000) |
Cash, cash equivalents and restricted cash at beginning of period | 139,971,000 | 282,561,000 |
Cash, cash equivalents and restricted cash at end of period | 91,775,000 | 134,618,000 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 23,000 | 1,000 |
Supplemental disclosures of non-cash activities: | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | 2,483,000 | 9,879,000 |
Capitalized interest | 5,122,000 | |
Changes in accrued capital expenditures | (11,362,000) | (5,258,000) |
Convertible Note [Member] | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Amortization of convertible note issuance costs | $ 19,000 | $ 18,000 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ 16,818 | $ (1,835) | $ (15,423) | $ (16,796) | $ 14,983 | $ (32,219) |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the fiscal quarter ended June 30, 2024, the following directors and executive officers adopted a “rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K of the Exchange Act). • On May 16, 2024 , Ricardo C. Rodriguez , Chief Financial Officer and Treasurer of the Company, adopted a Rule 10b5-1 Sales Plan. The plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) and provides for the sale of up to an aggregate of 44,215 shares of our common stock until August 31, 2025 . • On June 4, 2024 , Donald R. Young , President and Chief Executive Officer of the Company and a director of the Company, adopted a Rule 10b5-1 Sales Plan. The plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) and provides for the sale of up to an aggregate of 134,629 shares of our common stock until June 5, 2025 . • On June 6, 2024 , Steven R. Mitchell , a director of the Company, adopted a Rule 10b5-1 Sales Plan. The plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) and provides for the sale of up to an aggregate of 57,541 shares of our common stock until June 7, 2025 . Except as disclosed above, none of our directors or executive officers adopted , modified or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as such term is defined in Item 408(a) of Regulation S-K, during the fiscal quarter ended June 30, 2024 . |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arr Modified Flag | false |
Non Rule10B51 Arr Modified Flag | false |
Ricardo C. Rodriguez | |
Trading Arrangements, by Individual | |
Name | Ricardo C. Rodriguez |
Title | Chief Financial Officer and Treasurer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | May 16, 2024 |
Expiration Date | August 31, 2025 |
Aggregate Available | 44,215 |
Donald R. Young | |
Trading Arrangements, by Individual | |
Name | Donald R. Young |
Title | President and Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | June 4, 2024 |
Expiration Date | June 5, 2025 |
Aggregate Available | 134,629 |
Steven R. Mitchell | |
Trading Arrangements, by Individual | |
Name | Steven R. Mitchell |
Title | director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | June 6, 2024 |
Expiration Date | June 7, 2025 |
Aggregate Available | 57,541 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | (1) Description of Business and Basis of Presentation Nature of Business Aspen Aerogels, Inc. (the Company) is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel insulation used primarily in the energy industrial and sustainable insulation materials markets. In addition, the Company has introduced a line of aerogel thermal barriers for use in battery packs in the electric vehicle market. The Company is also developing applications for its aerogel technology in the battery materials and a number of other high-potential markets. The Company maintains its corporate offices in Northborough, Massachusetts. The Company has three wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC, Aspen Aerogels Germany, GmbH and Aspen Aerogels Georgia, LLC. Additionally, we engaged Prodensa Servicios de Consultora to establish OPE Manufacturer Mexico S de RL de CV, a maquiladora located in Mexico, (“OPE”) which manufactures thermal barrier PyroThin products and operates an automated fabrication facility for PyroThin. OPE is currently owned by Prodensa, which charges a management fee. There is an option for OPE to be purchased by the Company after a period of 18 months. During the period between inception and the exercise of the purchase option, OPE operations are consolidated within the Company financial statements. Liquidity During the six months ended June 30, 2024, the Company earned net income of $ 15.0 million, used $ 10.9 million of cash in operations and used $ 50.7 million of cash for capital expenditures. The Company had unrestricted cash and cash equivalents of $ 91.4 million as of June 30, 2024. In January 2024 , the Company entered i nto a sale and leaseback arrangement, pursuant to which the Company sold certain equipment to an equipment leasing company for a one-time cash payment of $ 5.0 million and leased back such equipment from the leasing company. The associated monthly lease rents will be paid over the lease term of three years . The Company is increasing investment in the research and development of next-generation aerogel products and manufacturing process technologies. In addition, the Company has developed a number of promising aerogel products and technologies for the electric vehicle market. The Company believes that the commercial potential for the Company’s products and technology in the electric vehicle market is significant. Accordingly, the Company is hiring additional personnel, incurring additional operating expenses, incurring significant capital expenditures to expand aerogel manufacturing capacity and automated thermal barrier fabrication operations, and enhancing research and development resources, among other items. The Company expects its existing cash balance will be sufficient to support current operating requirements, current research and development activities and the initial capital expenditures required to support the evolving commercial opportunity in the electric vehicle market and other strategic business initiatives. However, the Company plans to supplement its cash balance with equity financings, debt financings, equipment leasing, sale and leaseback transactions, c ustomer prepayments, or government grant and loan programs to provide the additional capital necessary to purchase the capital equipment, construct the new facilities, establish the operations and complete the aerogel capacity expansions required to support these evolving commercial opportunities and strategic business initiatives. Unaudited Interim Financial Information The accompanying unaudited interim consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2023 (the Annual Report), filed with the U.S. Securities and Exchange Commission on March 7, 2024. In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments that are of a normal recurring nature and necessary for the fair statement of the Company’s financial position as of June 30, 2024 and the results of its operations and stockholders’ equity for the three and six months ended June 30, 2024 and 2023 and the cash flows for the six-month periods then ended. The Company has evaluated subsequent events through the date of this filing. The Company’s results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or any other period. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | (2) Significant Accounting Policies Please refer to "Note 2. Summary of Basis of Presentation and Significant Accounting Policies," to the Company's consolidated financial statements from the Annual Report for the discussion of the Company's significant accounting policies. Use of Estimates The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, product warranty costs, inventory valuation, the carrying amount of property and equipment, right-of-use assets, lease liabilities, stock-based compensation, and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including current economic conditions, which are believed to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances warrant. Illiquid credit markets, volatile equity markets and declines in business investment can increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Restricted Cash As of June 30, 2024, the Company had $ 0.4 million of restricted cash to support its outstanding letters of credit. Concentration of Credit Risk Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of accounts receivable. The Company’s customers are primarily insulation distributors, insulation contractors, insulation fabricators and select energy and automotive end-users located throughout the world. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. The Company reviews the allowance for doubtful accounts quarterly. During the six months ended June 30, 2024, the Company recorded an increase for estimated customer uncollectible accounts receivable of $ 0.1 million. During the six months ended June 30, 2023, the Company recorded a reduction for estimated customer uncollectible accounts receivable of less than $ 0.1 million. For the six months ended June 30, 2024 and 2023 , two customers represented 71 % and 42 % of total revenue, respectively. At June 30, 2024 , the Company had one customer which accounted for 74 % of accounts receivable. At December 31, 2023, the Company had two customers which accounted for 60 % and 6 % of accounts receivable, respectively. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606). See note 3 for further details. Sale and Leaseback Accounting The Company has entered into sale and leaseback transactions for certain equipment within its plants. Due to the Company not meeting criteria to account for the transfer of the assets as a sale, sale accounting is precluded. Accordingly, the Company uses the financing method to account for these transactions. Under the financing method of accounting for a sale and leaseback, the Company does not derecognize the assets and does not recognize as revenue any of the sale proceeds received from the lessor that contractually constitutes payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as finance obligations and leaseback payments made by the Company are allocated between interest expense and a reduction to the finance obligation. Interest on the finance obligation is calculated using the Company’s incremental borrowing rate at the inception of the arrangement on the outstanding finance obligation. Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies. Recently issued standards typically do not require adoption until a future effective date. Prior to their effective date, the Company evaluates the pronouncements to determine the potential effects of adoption to its consolidated financial statements. Standards Implemented Since December 31, 2023 The Company has not implemented any accounting standards that had a material impact on its consolidated financial statements during the six months ended June 30, 2024. Standards to be Implemented In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-07 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures to enhance disclosures about significant segment expenses. This ASU is effective for the Company’s fiscal year 2024 and interim periods in fiscal year 2025. Early adoption is permitted. The Company is currently evaluating segment expense disclosures related to its annual report for fiscal year 2024. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures that requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. This ASU is effective for the Company’s fiscal year 2025. Early adoption is permitted. The Company is currently evaluating income tax disclosures related to its annual report for fiscal year 2025. Although there are several other new accounting pronouncements issued by the FASB, the Company does not believe any of these accounting pronouncements had or will have a material impact on its Consolidated Financial Statements. The Company believes that the impact of recently issued accounting standards that are not yet effective will not have a material impact on its consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | (3) Revenue from Contracts with Customers Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (i) identification of the contract with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the separate performance obligations in the contract; and (v) recognition of the revenue associated with performance obligations as they are satisfied. The Company applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone-selling prices of the promised products or services underlying each performance obligation. The Company determines standalone-selling prices based on the price at which the performance obligation is sold separately. If the standalone-selling price is not observable through past transactions, the Company estimates the standalone-selling price considering available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph ASC 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. The Company did not have any contracts outstanding at December 31, 2023 and did not enter into any contracts during the six months ended June 30, 2024 that contained a significant financing component. The Company records deferred revenue for product sales when (i) the Company has delivered products, but other revenue recognition criteria have not been satisfied, or (ii) payments have been received in advance of the completion of required performance obligations. Energy Industrial The Company generally enters into contracts containing one type of performance obligation. For a majority of the contracts, the Company recognizes revenue at a point in time when transfer of control of the products is passed to the customer, which is generally upon delivery according to contractual shipping terms within customer purchase orders. For a limited number of customer arrangements for customized products with no alternative use to the Company and an enforceable right to payment for progress completed to date, the Company recognizes revenue over time using units of production to measure progress toward satisfying the performance obligations. Units of production represent work performed as we do not generate significant work in process and thereby best depicts the transfer of control to the customer. Customer invoicing terms for contracts for which revenue is recognized under the over time methodology are typically based on certain milestones within the production and delivery schedule. The timing of revenue recognition is assessed on a contract-by-contract basis. The Company also enters into rebate agreements with certain customers. These agreements may be considered an additional performance obligation of the Company or variable consideration within a contract. Rebates are recorded as a reduction of revenue in the period the related revenue is recognized. A corresponding liability is recorded as a component of deferred revenue on the consolidated balance sheets. These arrangements are primarily based on the customer attaining contractually specified sales volumes. The Company estimates the amount of its sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related revenue is recognized. The Company currently estimates return liabilities using historical rates of return, current quarter credit sales, and specific items of exposure on a contract-by-contract basis. Sales return reserves were approximately $ 0.3 million and $ 0.2 million as of June 30, 2024 and December 31, 2023, respectively. Thermal Barriers The Company supplies fabricated, multi-part thermal barriers for use in battery packs in the electric vehicle market. These thermal barriers are customized to meet customer specifications. Although thermal barrier products are customized with no alternative use to the Company, the Company does not always have an enforceable right to payment. Under the provisions of ASC 606, the Company recognizes revenue at a point in time when transfer of the control of the products is passed to the customer according to the terms of the contract, including under bill and hold arrangements. The timing of revenue recognition is assessed on a contract-by-contract basis. Shipping and Handling Costs Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in the cost of product revenue. The associated amount of revenue recognized includes the consideration to which the Company expects to be entitled to receive in exchange for incurring these shipping and handling costs. Disaggregation of Revenue In the following tables, revenue is disaggregated by primary geographical region and source of revenue: Three Months Ended June 30, 2024 2023 U.S. International Total U.S. International Total (In thousands) Geographical region Asia $ — $ 6,419 $ 6,419 $ — $ 9,937 $ 9,937 Canada — 3,606 3,606 — 562 562 Europe — 9,110 9,110 — 9,962 9,962 Latin America — 33,171 33,171 — 2,265 2,265 U.S. 65,464 — 65,464 25,432 — 25,432 Total revenue $ 65,464 $ 52,306 $ 117,770 $ 25,432 $ 22,726 $ 48,158 Source of revenue Energy industrial $ 14,141 $ 22,782 $ 36,923 $ 15,241 $ 20,283 $ 35,524 Thermal barrier 51,323 29,524 80,847 10,191 2,443 12,634 Total revenue $ 65,464 $ 52,306 $ 117,770 $ 25,432 $ 22,726 $ 48,158 Six Months Ended June 30, 2024 2023 U.S. International Total U.S. International Total (In thousands) Geographical region Asia $ — $ 13,632 $ 13,632 $ — $ 21,721 $ 21,721 Canada — 5,474 5,474 — 886 886 Europe — 18,471 18,471 — 15,374 15,374 Latin America — 49,602 49,602 — 3,889 3,889 U.S. 125,092 — 125,092 51,874 — 51,874 Total revenue $ 125,092 $ 87,179 $ 212,271 $ 51,874 $ 41,870 $ 93,744 Source of revenue Energy industrial $ 28,174 $ 37,831 $ 66,005 $ 31,745 $ 37,654 $ 69,399 Thermal barrier 96,918 49,348 146,266 20,129 4,216 24,345 Total revenue $ 125,092 $ 87,179 $ 212,271 $ 51,874 $ 41,870 $ 93,744 Contract Balances The following table presents changes in the Company’s contract liabilities during the six months ended June 30, 2024: Balance at Additions Deductions Balance at (In thousands) Contract liabilities Deferred revenue Energy industrial $ 2,316 $ 5,277 $ ( 4,498 ) $ 3,095 Total contract liabilities $ 2,316 $ 5,277 $ ( 4,498 ) $ 3,095 During the six months ended June 30, 2024, the Company recognized $ 1.2 million of revenue that was included in deferred revenue as of December 31, 2023. A contract asset is recorded when the Company satisfies a performance obligation by transferring a promised good or service and has earned the right to consideration from its customer. These assets may represent a conditional right to consideration and are included within accounts receivable and other current assets on the consolidated balance sheets. A contract liability is recorded when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services under the terms of the contract. Contract liabilities are recognized as revenue after control of the products or services is transferred to the customer and all revenue recognition criteria have been met. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | (4) Inventories Inventories consist of the following: June 30, December 31, 2024 2023 (In thousands) Raw materials $ 21,724 $ 24,735 Work in process 11,273 7,936 Finished goods 20,033 6,518 Total $ 53,030 $ 39,189 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | (5) Property, Plant and Equipment, Net Property, plant and equipment consist of the following: June 30, December 31, Useful 2024 2023 life (In thousands) Construction in progress $ 327,778 $ 314,695 — Buildings 26,879 25,473 30 years Machinery and equipment 199,286 185,339 3 - 10 years Computer equipment and software 9,913 9,495 3 years Leasehold improvements 24,475 23,514 Shorter of useful life or lease term Total 588,331 558,516 Accumulated depreciation ( 150,358 ) ( 141,289 ) Property, plant and equipment, net $ 437,973 $ 417,227 Depreciation expense was $ 11.8 million and $ 6.2 million for the six months ended June 30, 2024 and 2023, respectively. The Company recorded impairment charges of approximately $ 0.8 million and $ 6.8 million during the three and six months ended June 30, 2024, respectively, for equipment that will no longer be needed in manufacturing following customer directed engineering changes to a part it manufactures and for other property, plant and equipment that have become obsolete following development of new and more efficient equipment. Refer to Note 9 – Commitments and Contingencies for a discussion of the claim that the Company has submitted with a customer for reimbursement of losses incurred in connection with the customer directed engineering changes. The impairment charges of $ 6.8 million during the six months ended June 30, 2024 consist of $ 4.1 million impairment included in cost of revenue and $ 2.7 million included in impairment of equipment under development on the Company's consolidated statement of operations. There were no impairments of property, plant and equipment during the six months ended June 30, 2023. The construction in progress balance at June 30, 2024 and December 31, 2023 included engineering designs and construction costs, and capitalized interest totaling $ 309.0 million and $ 288.5 million, respectively, for a planned aerogel manufacturing facility in Bulloch County, Georgia. The Company incurred $ 8.8 million in capitalized interest for the construction in progress in Bulloch County, Georgia. The Company capitalized interest of $ 0.0 million and $ 5.1 million for the six months ended June 30, 2024 and 2023 , respectively. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | (6) Accrued Expenses Accrued expenses consist of the following: June 30, December 31, 2024 2023 (In thousands) Employee compensation $ 11,935 $ 16,876 Other accrued expenses 7,749 5,935 Total $ 19,684 $ 22,811 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (7) Related Party Transactions Convertible Note During the year ended December 31, 2022, the Company issued a $ 100.0 million aggregate principal amount convertible note to Wood River Capital, LLC, an entity affiliated with Koch Disruptive Technologies, LLC (the 2022 Convertible Note), for the planned manufacturing facility in Bulloch County, Georgia. Refer to note 8 for more information. During the six months ended June 30, 2024, the Company incurred $ 5.6 million of interest from the 2022 Convertible Note. Other The Company had $ 2.8 million in accounts payable as o f December 31, 2023, due to an entity affiliated with Koch Disruptive Technologies, LLC (Koch) for project management service. On March 27, 2024, we entered into a Settlement and Release Agreement with the affiliate of Koch to settle the accounts payable for $ 1.2 million, which was paid during the three months ended, June 30, 2024 . |
Convertible Note - Related Part
Convertible Note - Related Party | 6 Months Ended |
Jun. 30, 2024 | |
Convertible Notes [Abstract] | |
Convertible Note - Related Party | (8) Convertible Note – Related Party 2022 Convertible Note On February 15, 2022 , the Company entered into a note purchase agreement (the Note Purchase Agreement) with Wood River Capital LLC, an entity affiliated with Koch, relating to the issuance and sale to Koch of the 2022 Convertible Note in the aggregate principal amount of $ 100.0 million. The transactions contemplated by the Note Purchase Agreement closed on February 18, 2022 (the Issue Date). The maturity date of the 2022 Convertible Note is February 18, 2027 , subject to earlier conversion, redemption, or repurchase. The 2022 Convertible Note is a senior unsecured obligation of the Company and ranks equal in right of payment to all senior unsecured indebtedness of the Company and will rank senior in right of payment to any indebtedness that is contractually subordinated to the 2022 Convertible Note. In accordance with ASU 2020-06, the 2022 Convertible Note is accounted for as a single unit of account and consists of the following: June 30, December 31, 2024 2023 (In thousands) Convertible note, principal $ 100,000 $ 100,000 Payment in-kind 23,938 18,318 Discount on convertible note, net of accumulated amortization ( 2,766 ) ( 3,209 ) Debt issuance costs, net of accumulated amortization ( 98 ) ( 117 ) Convertible note $ 121,074 $ 114,992 The Company estimated the fair value of the 2022 Convertible Notes is approximately $ 128.2 million as of June 30, 2024. However, as the Company has not elected to utilize the fair value option, it is carried at amortized cost of $ 121.1 million. The 2022 Convertible Note does not have current observable inputs such as recent trading prices (Level 1) and is measured at fair value using a combination of option pricing and discounted cash flow models and incorporate management’s assumptions for stock price, volatility and risk rate. In general, fair values determined by Level 1 inputs utilize observable inputs such as quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are either directly or indirectly observable, such as quoted prices for similar instruments in active markets, interest rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the Company to develop its own assumptions for the asset or liability. Contractual Interest Rates The 2022 Convertible Note was issued at par and bears interest at the Secured Overnight Financing Rate (SOFR) plus 5.50 % per annum if interest is paid in cash, or, if interest is paid in-kind as an increase in the principal amount of the outstanding note, at the SOFR plus 6.50 % per annum. Under the terms of the 2022 Convertible Note, SOFR has a floor of 1 % and a cap of 3 %. Interest on the 2022 Convertible Note is payable semi-annually in arrears on June 30 and December 30. The Company, at its option, is permitted to settle each semi-annual interest payment in cash, in-kind, or any combination thereof. It is expected that the Notes will mature on February 18, 2027 , subject to earlier conversion, redemption or repurchase. The Company elected to repay the contractual interest due on June 30, 2022, December 30, 2022, June 30, 2023, December 30, 2023, and June 30, 2024 in-kind as an increase to the principal amount of $ 2.9 million, $ 4.9 million, $ 5.1 million, $ 5.4 million, and $ 5.6 million, respectively. The contractual interest attributable to the 2022 Convertible Note was recorded as an addition to the convertible note – related party balance on the condensed consolidated balance sheets. Debt issuance costs, net of accumulated amortization is $ 0.1 million as of June 30, 2024. The effective interest rate approximated the contract interest rate for the six months ended June 30, 2024 . The Company amortized $ 1.3 million of the $ 4.1 million discount on the convertible note as of June 30, 2024 utilizing an effective interest rate of 10.7 %. Conversion Rights On November 28, 2022, the Company entered into an amendment to the 2022 Convertible Note to reduce the initial Conversion Price by $ 5.00 per share from $ 34.936625 per share to $ 29.936625 per share, by increasing the initial Conversion Rate from 28.623257 shares per $ 1,000 of Capitalized Principal Amount to 33.400100 shares per $ 1,000 of Capitalized Principal Amount under the Convertible Note. Accordingly, the 2022 Convertible Note is convertible at the option of the holder at any time prior to the business day immediately preceding the maturity date at an initial conversion rate of 33.400100 shares of the Company’s common stock per $ 1,000 of capitalized principal. The effective conversion price is approximately $ 29.936625 per share (the Conversion Price). The Conversion Price is subject to adjustment upon the occurrence of certain dilutive events such as stock splits and combinations, stock dividends, mergers and spin-off. As of June 30, 2024, 4,139,542 shares of the Company’s common stock were issuable upon conversion of the 2022 Convertible Note. The Company has the right to settle conversions in shares of common stock, cash, or any combination thereof. If the closing price per share of the Company’s common stock on the New York Stock Exchange is at least 130 % of the Conversion Price for 20 consecutive trading days , the Company may elect to convert the principal and accrued interest owing under the Notes, plus a make-whole amount equal to the sum of the present values of the remaining interest payments that would have otherwise been payable from the date of such conversion, redemption or repurchase, as applicable, through maturity (the Make-Whole Amount), into the Company’s common stock at the Conversion Price. Optional Redemption The 2022 Convertible Note is redeemable at the Company’s option at any time and in the event that the volume weighted average price of the Company’s common stock for the 10 trading days immediately preceding the date on which the Company provides the redemption notice has been at least 130 % of the Conversion Price then in effect at a redemption price of 100 % of the principal amount, plus accrued and unpaid interest (excluding the redemption date), plus the Make-Whole Amount. Contingent Redemption Upon the occurrence of certain fundamental changes described in the Indenture (each, a Fundamental Change), the Holder of the Note may require that the Company repurchase all or part of the principal amount of the Note at a purchase price of 100 % of the principal amount of such Note, plus accrued and unpaid interest to, but excluding, the Fundamental Change repurchase date, plus the Make-Whole Amount. The Indenture includes customary “events of default,” which may result in the acceleration of the maturity of the Note. Embedded Derivatives The Company determined that the Make-Whole feature of the 2022 Convertible Note requires bifurcation in accordance with Accounting Standards Codification 815, Derivatives and Hedging (ASC 815). Accordingly, the Company must separately account for the feature at fair value with changes in fair value reported in current period earnings. The fair value of the Make-Whole was determined to be immaterial as of February 18, 2022 and June 30, 2024 . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (9) Commitments and Contingencies Cloud Computing Agreement The Company is party to a cloud computing agreement that is a service contract for enterprise resource planning software. During the quarter ended June 30, 2024 , the amortization period was adjusted to three years . The capitalized implementation costs are classified on the consolidated balance sheets as follows: June 30, December 31, 2024 2023 (In thousands) Cloud computing costs included in other current assets $ 994 $ 420 Cloud computing costs included in other assets 2,159 1,590 Amortization of cloud computing costs ( 1,016 ) ( 662 ) Total capitalized cloud computing costs $ 2,137 $ 1,348 Thermal Barrier Contracts The Company is party to production contracts with General Motors to supply fabricated, multi-part thermal barriers (Barriers) for use in the battery system of its next-generation electric vehicles (Contracts). Pursuant to the Contracts, the Company is obligated to supply Barriers at fixed annual prices and at volumes to be specified by General Motors up to a daily maximum quantity through the respective terms of the agreements, which expire at various times from 2026 through 2034. While General Motors has agreed to purchase its requirement for Barriers from the Company for locations to be designated from time to time by General Motors, it has no obligation to purchase any minimum quantity of Barriers under the Contracts. In addition, General Motors may terminate the Contracts at any time and for any or no reason. All other terms of the Contracts are generally consistent with General Motors' standard purchase terms, including quality and warranty provisions customary in automotive industry. Charges for Engineering Change In January 2024, the Company was notified by a customer of an engineering change to one of the parts the Company manufactures for that customer to enable incremental productivity and support a set of broader system level changes that could drive higher demand for its parts. The Company has submitted a preliminary claim to the customer for reimbursement for estimated inventory and equipment losses incurred by the Company and its vendors due to potential obsolescence. The customer’s ordinary course process is to audit the claim to determine the proposed reimbursable amount. In connection with the same, during the three months ended March 31, 2024, the Company recognized a charge of $ 6.8 million, net of contractual recoverable of $ 1.9 million, in cost of revenues for inventory obsolescence and impairment of equipment. During the three months ended June 30, 2024, the customer approved reimbursement of parts of the claim totaling $ 4.2 million for equipment losses incurred by the Company and its vendors, which is recognized as an offset to the charge the Company recognized in the three months ended, March 31, 2024 in cost of revenues. The Company expects the matter to be concluded in the third quarter of 2024. Federal, State and Local Environmental Regulations The Company is subject to federal, state and local environmental laws and regulations. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation. Penalties may be imposed for noncompliance. Litigation The Company is, from time to time, a party to litigation that arises in the normal course of its business operations. See Part II, Item 1 “Legal Proceedings” of this Quarterly Report on Form 10-Q for a description of certain of the Company’s current legal proceedings. The Company is not presently a party to any litigation for which it believes a loss is probable requiring an amount to be accrued or a possible loss contingency requiring disclosure. Purchase Commitments As of June 30, 2024, the Company had purchase commitments of approximately $ 243.2 million, which included capital commitments of $ 185.7 million. Purchase commitments related to capital expenditures are anticipated to be spent over the next three years , while the Company's remaining purchase commitments are anticipated to be spent throughout 2024. Purchase obligations relate primarily to open purchase orders for capital expenditures, inventories, and goods and services. Purchase obligations are entered into with various vendors in the normal course of business and are consistent with the Company's expected requirements. Warranty The Company offers warranties to its customers depending upon the specific product. The Company’s standard warranty period for energy industrial products extends to one year from the date of shipment. This standard warranty provides that the Company’s products will be free from defects in material and workmanship, and will, under normal use, conform to the specifications for the product. The Company’s thermal barrier products provide quality and warranty provisions customary in the automotive industry. The Company recorded warranty reserves related to its thermal barrier products of $ 0.7 million during the six months ended June 30, 2024 and less than $ 0.1 million during the six months ended June 30, 2023 . |
Leases and sale and leaseback
Leases and sale and leaseback | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases and sale and leaseback | (10) Leases and sale and leaseback The Company leases office, laboratory, warehouse and fabrication space in Massachusetts, Rhode Island and Monterrey, Mexico under operating leases. Under these agreements, the Company is obligated to pay annual rent, real estate taxes, and certain other operating expenses. The Company also leases equipment under operating leases. The Company’s operating leases expire at various dates through 2034 . The Company determines if an arrangement is a lease at inception. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s payment obligations under the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term. To measure its lease liabilities, the Company uses its incremental borrowing rate or the rate implicit in the lease, if available. The Company calculates its incremental borrowing rate using a synthetic credit rating analysis based on Moody’s Building Materials Industry Rating Methodology. ROU assets also include any direct costs and prepaid lease payments but exclude any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elected the short-term lease recognition exemption for all leases that qualify. For leases that qualify for this exemption, the Company does not recognize ROU assets or lease liabilities. For lease agreements with lease and non-lease components, the Company accounts for each component separately. However, in the case of equipment leases, the Company accounts for lease and non-lease components as a single component. Maturities of operating lease liabilities as of June 30, 2024 are as follows: Year Operating (In thousands) 2024 (excluding the six months ended June 30, 2024) $ 2,478 2025 5,045 2026 4,697 2027 4,437 2028 4,599 Thereafter 19,338 Total lease payments 40,594 Less imputed interest ( 15,369 ) Total lease liabilities $ 25,225 The Company incurred operating lease costs of $ 2.7 million and $ 2.6 million during the six months ended June 30, 2024 and 2023, respectively. Cash payments related to operating lease liabilities were $ 2.6 million and $ 2.3 million during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the weighted average remaining lease term for operating leases was 8.4 years. As of June 30, 2024, the weighted average discount rate for operating leases was 12.1 % . As of June 30, 2024, the Company had no additional operating real estate or equipment leases that would commence during 2024. Sale and leaseback transaction In January 2024, the Company entered into a sale and leaseback arrangement, pursuant to which the Company sold certain equipment to an equipment leasing company for a one-time cash payment of $ 5.0 million and leased back such equipment from the leasing company. The transaction was considered as a failed sale and leaseback transaction and accordingly, was accounted as a financing transaction. The Company did not recognize a gain on any of the proceeds received from the lessor that contractually constitute payments to acquire the assets subject to these arrangements. Instead, the sale proceeds received were accounted for as finance obligations. The outstanding finance obligation balance as of June 30, 2024 was $ 4.5 million. The monthly lease rents will be paid over the term of three years and will be allocated between interest expense and principal repayment of the financial liability. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock based compensation | (11) Stock based compensation During the six months ended June 30, 2024, the Company granted 242,279 restricted common stock units (RSUs) with an aggregate grant date fair value of $ 4.0 million and non-qualified stock options (NSOs) to purchase 569,301 shares of common stock with an aggregate grant date fair value of $ 6.4 millio n to employees under its equity incentive plans. The RSUs and NSOs granted to employees will typically vest over a three-year period. During the six months ended June 30, 2024, the Company also granted 11,388 shares of restricted common stock with a grant date fair value of $ 0.3 million and NSOs to purchase 9,942 shares of common stock with a grant date fair value of $ 0.2 million to its non-employee directors under the 2023 Equity Plan. The RSUs and NSOs granted to non-employee directors will typically vest over a one-year period. Stock-based compensation is included in cost of revenue or operating expenses, as applicable, and consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (In thousands) (In thousands) Cost of product revenue $ 198 $ 193 $ 359 $ 327 Research and development expenses 279 225 703 255 Sales and marketing expenses 463 418 785 732 General and administrative expenses 2,031 1,874 5,830 3,663 Total stock-based compensation $ 2,971 $ 2,710 $ 7,677 $ 4,977 The 2023 Equity Plan was approved by stockholders at the Company’s annual meeting of stockholders on June 1, 2023 as the successor to the Company’s 2014 Employee, Director and Consultant Equity Incentive Plan (the 2014 Equity Plan), and no further awards may be made under the 2014 Equity Plan after that date. As of June 30, 2024, 5,533,077 shares of common stock were reserved for issuance upon the exercise or vesting of outstanding stock-based awards granted under the Company’s equity incentive plans. Any cancellations or forfeitures of awards outstanding under the 2023 Equity Plan, the 2014 Equity Plan or the 2001 Equity Incentive Plan, as amended (the 2001 Equity Plan) will result in the shares reserved for issuance pursuant to such awards becoming available for grant under the 2023 Equity Plan. As of June 30, 2024, the Company has either reserved in connection with statutory tax withholdings or issued a total of 5,491,916 shares under the Company’s equity incentive plans. As of June 30, 2024, there were 2,097,001 shares of common stock available for future grant under the 2023 Equity Plan. On March 5, 2024, the Compensation and Leadership Development Committee (the Committee) of the Board of Directors of the Company approved the cancellation of the outstanding, unearned portion of the performance-based restricted shares granted to certain employees pursuant to the 2014 Equity Plan on June 29, 2021 (to Donald R. Young) and June 2, 2022 (to certain other employees). The Committee determined that based on current market conditions, the likelihood of achievement of any of the remaining performance hurdles applicable to the unearned restricted shares is remote, and that the unearned restricted shares therefore had ceased to have incentive value for the grantees. On March 6, 2024, the Company entered into cancellation agreements, pursuant to which the applicable employees agreed to such cancellation. The cancelled unearned restricted shares were added to the number of shares available for awards under the Company’s 2023 Equity Incentive Plan. For financial accounting purposes, the cancellation of the unearned restricted shares resulted in the immediate charge of approximately $ 2.2 million of unamortized stock compensation costs of which $ 2.0 million is included in the general and administrative expenses and $ 0.2 million is included in research and development expenses in the accompanying consolidated statement of operations. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | (12) Net Income (Loss) Per Share The computation of basic and diluted net income (loss) per share consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (In thousands, except Numerator: Net income (loss) $ 16,818 $ ( 15,423 ) $ 14,983 $ ( 32,219 ) Denominator: Weighted average shares outstanding, basic 76,336,811 69,249,281 76,049,852 69,206,249 Weighted average shares outstanding, diluted 78,981,383 69,249,281 78,749,199 69,206,249 Net income (loss) per share, basic $ 0.22 $ ( 0.22 ) $ 0.20 $ ( 0.47 ) Net income (loss) per share, diluted $ 0.21 $ ( 0.22 ) $ 0.19 $ ( 0.47 ) Potentially dilutive common shares that were excluded from the computation of diluted net loss per share because they were anti-dilutive consist of the following: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Common stock options 92,049 4,910,478 156,436 4,910,478 Restricted common stock units 40,064 580,939 2,582 580,939 Restricted common stock awards — 889,366 943 889,366 Convertible note, if converted 4,139,542 3,772,608 4,139,542 3,772,608 Total 4,271,655 10,153,391 4,299,503 10,153,391 As the Company incurred net income for the three and six months ended June 30, 2024 and a loss for the three and six months ended June 30, 2023 , the potential dilutive shares from common stock options, restricted common stock units, restricted common stock awards, and the convertible note were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented. The Company excludes the shares issued in connection with restricted stock awards from the calculation of basic weighted average common shares outstanding until the restrictions lapse. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (13) Income Taxes The Company incurred net operating income for the three and six months ended June 30, 2024. The Company incurred net operating losses and recorded a full valuation allowance against net deferred tax assets for all prior periods. Accordingly, the Company has not recorded a provision for federal or state income taxes for the three and six months ended June 30, 2024. The Company has provided $ 0.9 million of income tax expense related to its Mexican maquiladora operations for the three months ended June 30, 2024.The Company has provided $ 1.6 million of income tax expense related to its Mexican maquiladora operations for the six months ended June 30, 2024. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | (14) Segment Information Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company reports two segments: Energy Industrial and Thermal Barrier. The Company evaluates segment performance based on the segment profit (loss) before corporate expenses. Summarized below are the Revenue and Segment Operating Profit for each reporting segment: Revenue Segment Operating Profit (Loss) Revenue Segment Operating Profit (Loss) Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 2024 2023 2024 2023 (In thousands) (In thousands) Energy industrial $ 36,923 $ 35,524 $ 15,455 $ 9,540 $ 66,005 $ 69,399 $ 27,017 $ 18,421 Thermal barrier 80,847 12,634 36,123 ( 1,133 ) 146,266 24,345 59,704 ( 4,928 ) Total $ 117,770 $ 48,158 $ 51,578 $ 8,407 $ 212,271 $ 93,744 $ 86,721 $ 13,493 Corporate expenses 31,592 25,451 64,299 49,445 Operating profit (loss) 19,986 ( 17,044 ) 22,422 ( 35,952 ) Other (expense) income, net ( 2,302 ) 1,621 ( 5,817 ) 3,733 Income tax expense ( 866 ) - ( 1,622 ) - Net income (loss) $ 16,818 $ ( 15,423 ) $ 14,983 $ ( 32,219 ) Total Assets June 30, December 31, 2024 2023 (In thousands) Energy industrial $ 96,861 $ 93,168 Thermal barrier 183,293 118,565 Total assets of reportable segments 280,154 211,733 Construction in progress 327,778 314,678 All other corporate assets 140,697 176,637 $ 748,629 $ 703,048 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | (15) Subsequent Events The Company has evaluated subsequent events through August 8, 2024, the date of issuance of the consolidated financial statements for the three and six months ended June 30, 2024 . |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Aspen Aerogels, Inc. (the Company) is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel insulation used primarily in the energy industrial and sustainable insulation materials markets. In addition, the Company has introduced a line of aerogel thermal barriers for use in battery packs in the electric vehicle market. The Company is also developing applications for its aerogel technology in the battery materials and a number of other high-potential markets. The Company maintains its corporate offices in Northborough, Massachusetts. The Company has three wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC, Aspen Aerogels Germany, GmbH and Aspen Aerogels Georgia, LLC. Additionally, we engaged Prodensa Servicios de Consultora to establish OPE Manufacturer Mexico S de RL de CV, a maquiladora located in Mexico, (“OPE”) which manufactures thermal barrier PyroThin products and operates an automated fabrication facility for PyroThin. OPE is currently owned by Prodensa, which charges a management fee. There is an option for OPE to be purchased by the Company after a period of 18 months. During the period between inception and the exercise of the purchase option, OPE operations are consolidated within the Company financial statements. |
Liquidity | Liquidity During the six months ended June 30, 2024, the Company earned net income of $ 15.0 million, used $ 10.9 million of cash in operations and used $ 50.7 million of cash for capital expenditures. The Company had unrestricted cash and cash equivalents of $ 91.4 million as of June 30, 2024. In January 2024 , the Company entered i nto a sale and leaseback arrangement, pursuant to which the Company sold certain equipment to an equipment leasing company for a one-time cash payment of $ 5.0 million and leased back such equipment from the leasing company. The associated monthly lease rents will be paid over the lease term of three years . The Company is increasing investment in the research and development of next-generation aerogel products and manufacturing process technologies. In addition, the Company has developed a number of promising aerogel products and technologies for the electric vehicle market. The Company believes that the commercial potential for the Company’s products and technology in the electric vehicle market is significant. Accordingly, the Company is hiring additional personnel, incurring additional operating expenses, incurring significant capital expenditures to expand aerogel manufacturing capacity and automated thermal barrier fabrication operations, and enhancing research and development resources, among other items. The Company expects its existing cash balance will be sufficient to support current operating requirements, current research and development activities and the initial capital expenditures required to support the evolving commercial opportunity in the electric vehicle market and other strategic business initiatives. However, the Company plans to supplement its cash balance with equity financings, debt financings, equipment leasing, sale and leaseback transactions, c ustomer prepayments, or government grant and loan programs to provide the additional capital necessary to purchase the capital equipment, construct the new facilities, establish the operations and complete the aerogel capacity expansions required to support these evolving commercial opportunities and strategic business initiatives. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying unaudited interim consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2023 (the Annual Report), filed with the U.S. Securities and Exchange Commission on March 7, 2024. In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments that are of a normal recurring nature and necessary for the fair statement of the Company’s financial position as of June 30, 2024 and the results of its operations and stockholders’ equity for the three and six months ended June 30, 2024 and 2023 and the cash flows for the six-month periods then ended. The Company has evaluated subsequent events through the date of this filing. The Company’s results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or any other period. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, product warranty costs, inventory valuation, the carrying amount of property and equipment, right-of-use assets, lease liabilities, stock-based compensation, and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including current economic conditions, which are believed to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances warrant. Illiquid credit markets, volatile equity markets and declines in business investment can increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. |
Restricted Cash | Restricted Cash As of June 30, 2024, the Company had $ 0.4 million of restricted cash to support its outstanding letters of credit. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of accounts receivable. The Company’s customers are primarily insulation distributors, insulation contractors, insulation fabricators and select energy and automotive end-users located throughout the world. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. The Company reviews the allowance for doubtful accounts quarterly. During the six months ended June 30, 2024, the Company recorded an increase for estimated customer uncollectible accounts receivable of $ 0.1 million. During the six months ended June 30, 2023, the Company recorded a reduction for estimated customer uncollectible accounts receivable of less than $ 0.1 million. For the six months ended June 30, 2024 and 2023 , two customers represented 71 % and 42 % of total revenue, respectively. At June 30, 2024 , the Company had one customer which accounted for 74 % of accounts receivable. At December 31, 2023, the Company had two customers which accounted for 60 % and 6 % of accounts receivable, respectively. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606). See note 3 for further details. |
Sale and Leaseback Accounting | Sale and Leaseback Accounting The Company has entered into sale and leaseback transactions for certain equipment within its plants. Due to the Company not meeting criteria to account for the transfer of the assets as a sale, sale accounting is precluded. Accordingly, the Company uses the financing method to account for these transactions. Under the financing method of accounting for a sale and leaseback, the Company does not derecognize the assets and does not recognize as revenue any of the sale proceeds received from the lessor that contractually constitutes payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as finance obligations and leaseback payments made by the Company are allocated between interest expense and a reduction to the finance obligation. Interest on the finance obligation is calculated using the Company’s incremental borrowing rate at the inception of the arrangement on the outstanding finance obligation. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies. Recently issued standards typically do not require adoption until a future effective date. Prior to their effective date, the Company evaluates the pronouncements to determine the potential effects of adoption to its consolidated financial statements. Standards Implemented Since December 31, 2023 The Company has not implemented any accounting standards that had a material impact on its consolidated financial statements during the six months ended June 30, 2024. Standards to be Implemented In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-07 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures to enhance disclosures about significant segment expenses. This ASU is effective for the Company’s fiscal year 2024 and interim periods in fiscal year 2025. Early adoption is permitted. The Company is currently evaluating segment expense disclosures related to its annual report for fiscal year 2024. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures that requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. This ASU is effective for the Company’s fiscal year 2025. Early adoption is permitted. The Company is currently evaluating income tax disclosures related to its annual report for fiscal year 2025. Although there are several other new accounting pronouncements issued by the FASB, the Company does not believe any of these accounting pronouncements had or will have a material impact on its Consolidated Financial Statements. The Company believes that the impact of recently issued accounting standards that are not yet effective will not have a material impact on its consolidated financial statements. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue Disaggregated by Geographical Region and Source of Revenue | In the following tables, revenue is disaggregated by primary geographical region and source of revenue: Three Months Ended June 30, 2024 2023 U.S. International Total U.S. International Total (In thousands) Geographical region Asia $ — $ 6,419 $ 6,419 $ — $ 9,937 $ 9,937 Canada — 3,606 3,606 — 562 562 Europe — 9,110 9,110 — 9,962 9,962 Latin America — 33,171 33,171 — 2,265 2,265 U.S. 65,464 — 65,464 25,432 — 25,432 Total revenue $ 65,464 $ 52,306 $ 117,770 $ 25,432 $ 22,726 $ 48,158 Source of revenue Energy industrial $ 14,141 $ 22,782 $ 36,923 $ 15,241 $ 20,283 $ 35,524 Thermal barrier 51,323 29,524 80,847 10,191 2,443 12,634 Total revenue $ 65,464 $ 52,306 $ 117,770 $ 25,432 $ 22,726 $ 48,158 Six Months Ended June 30, 2024 2023 U.S. International Total U.S. International Total (In thousands) Geographical region Asia $ — $ 13,632 $ 13,632 $ — $ 21,721 $ 21,721 Canada — 5,474 5,474 — 886 886 Europe — 18,471 18,471 — 15,374 15,374 Latin America — 49,602 49,602 — 3,889 3,889 U.S. 125,092 — 125,092 51,874 — 51,874 Total revenue $ 125,092 $ 87,179 $ 212,271 $ 51,874 $ 41,870 $ 93,744 Source of revenue Energy industrial $ 28,174 $ 37,831 $ 66,005 $ 31,745 $ 37,654 $ 69,399 Thermal barrier 96,918 49,348 146,266 20,129 4,216 24,345 Total revenue $ 125,092 $ 87,179 $ 212,271 $ 51,874 $ 41,870 $ 93,744 |
Summary of Changes in Contract Assets and Contract Liabilities | The following table presents changes in the Company’s contract liabilities during the six months ended June 30, 2024: Balance at Additions Deductions Balance at (In thousands) Contract liabilities Deferred revenue Energy industrial $ 2,316 $ 5,277 $ ( 4,498 ) $ 3,095 Total contract liabilities $ 2,316 $ 5,277 $ ( 4,498 ) $ 3,095 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following: June 30, December 31, 2024 2023 (In thousands) Raw materials $ 21,724 $ 24,735 Work in process 11,273 7,936 Finished goods 20,033 6,518 Total $ 53,030 $ 39,189 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following: June 30, December 31, Useful 2024 2023 life (In thousands) Construction in progress $ 327,778 $ 314,695 — Buildings 26,879 25,473 30 years Machinery and equipment 199,286 185,339 3 - 10 years Computer equipment and software 9,913 9,495 3 years Leasehold improvements 24,475 23,514 Shorter of useful life or lease term Total 588,331 558,516 Accumulated depreciation ( 150,358 ) ( 141,289 ) Property, plant and equipment, net $ 437,973 $ 417,227 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: June 30, December 31, 2024 2023 (In thousands) Employee compensation $ 11,935 $ 16,876 Other accrued expenses 7,749 5,935 Total $ 19,684 $ 22,811 |
Convertible Note - Related Pa_2
Convertible Note - Related Party (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Convertible Notes [Abstract] | |
Summary of Convertible Notes | In accordance with ASU 2020-06, the 2022 Convertible Note is accounted for as a single unit of account and consists of the following: June 30, December 31, 2024 2023 (In thousands) Convertible note, principal $ 100,000 $ 100,000 Payment in-kind 23,938 18,318 Discount on convertible note, net of accumulated amortization ( 2,766 ) ( 3,209 ) Debt issuance costs, net of accumulated amortization ( 98 ) ( 117 ) Convertible note $ 121,074 $ 114,992 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Capitalized Implementation Costs are Classified on the Consolidated Balance Sheets | The capitalized implementation costs are classified on the consolidated balance sheets as follows: June 30, December 31, 2024 2023 (In thousands) Cloud computing costs included in other current assets $ 994 $ 420 Cloud computing costs included in other assets 2,159 1,590 Amortization of cloud computing costs ( 1,016 ) ( 662 ) Total capitalized cloud computing costs $ 2,137 $ 1,348 |
Leases and sale and leaseback (
Leases and sale and leaseback (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Summary of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of June 30, 2024 are as follows: Year Operating (In thousands) 2024 (excluding the six months ended June 30, 2024) $ 2,478 2025 5,045 2026 4,697 2027 4,437 2028 4,599 Thereafter 19,338 Total lease payments 40,594 Less imputed interest ( 15,369 ) Total lease liabilities $ 25,225 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Based Compensation Included in Cost of Revenue or Operating Expenses | Stock-based compensation is included in cost of revenue or operating expenses, as applicable, and consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (In thousands) (In thousands) Cost of product revenue $ 198 $ 193 $ 359 $ 327 Research and development expenses 279 225 703 255 Sales and marketing expenses 463 418 785 732 General and administrative expenses 2,031 1,874 5,830 3,663 Total stock-based compensation $ 2,971 $ 2,710 $ 7,677 $ 4,977 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) Per Share | The computation of basic and diluted net income (loss) per share consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (In thousands, except Numerator: Net income (loss) $ 16,818 $ ( 15,423 ) $ 14,983 $ ( 32,219 ) Denominator: Weighted average shares outstanding, basic 76,336,811 69,249,281 76,049,852 69,206,249 Weighted average shares outstanding, diluted 78,981,383 69,249,281 78,749,199 69,206,249 Net income (loss) per share, basic $ 0.22 $ ( 0.22 ) $ 0.20 $ ( 0.47 ) Net income (loss) per share, diluted $ 0.21 $ ( 0.22 ) $ 0.19 $ ( 0.47 ) |
Summary of Potentially Dilutive Common Shares Excluded from Computation of Diluted Net Loss Per Share | Potentially dilutive common shares that were excluded from the computation of diluted net loss per share because they were anti-dilutive consist of the following: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Common stock options 92,049 4,910,478 156,436 4,910,478 Restricted common stock units 40,064 580,939 2,582 580,939 Restricted common stock awards — 889,366 943 889,366 Convertible note, if converted 4,139,542 3,772,608 4,139,542 3,772,608 Total 4,271,655 10,153,391 4,299,503 10,153,391 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Summary of Revenue and Segment Operating Profit | Summarized below are the Revenue and Segment Operating Profit for each reporting segment: Revenue Segment Operating Profit (Loss) Revenue Segment Operating Profit (Loss) Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 2024 2023 2024 2023 (In thousands) (In thousands) Energy industrial $ 36,923 $ 35,524 $ 15,455 $ 9,540 $ 66,005 $ 69,399 $ 27,017 $ 18,421 Thermal barrier 80,847 12,634 36,123 ( 1,133 ) 146,266 24,345 59,704 ( 4,928 ) Total $ 117,770 $ 48,158 $ 51,578 $ 8,407 $ 212,271 $ 93,744 $ 86,721 $ 13,493 Corporate expenses 31,592 25,451 64,299 49,445 Operating profit (loss) 19,986 ( 17,044 ) 22,422 ( 35,952 ) Other (expense) income, net ( 2,302 ) 1,621 ( 5,817 ) 3,733 Income tax expense ( 866 ) - ( 1,622 ) - Net income (loss) $ 16,818 $ ( 15,423 ) $ 14,983 $ ( 32,219 ) Total Assets June 30, December 31, 2024 2023 (In thousands) Energy industrial $ 96,861 $ 93,168 Thermal barrier 183,293 118,565 Total assets of reportable segments 280,154 211,733 Construction in progress 327,778 314,678 All other corporate assets 140,697 176,637 $ 748,629 $ 703,048 |
Description of Business and B_3
Description of Business and Basis of Presentation - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jan. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) Subsidiary | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Basis Of Presentation [Line Items] | ||||||||
Number of Subsidiaries | Subsidiary | 3 | |||||||
Period of option to purchase | 18 months | |||||||
Net income earned | $ 16,818 | $ (1,835) | $ (15,423) | $ (16,796) | $ 14,983 | $ (32,219) | ||
Cash used in operations | 10,906 | $ 32,331 | ||||||
Cash for capital expenditures | 50,700 | |||||||
Sale and leaseback arrangement date | January 2024 | |||||||
Sale and leaseback equipment value | $ 5,000 | |||||||
Sale and leaseback rent payment term | 3 years | |||||||
Unrestricted cash and cash equivalents | $ 91,381 | $ 91,381 | $ 139,723 |
Significant Accounting Polici_2
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 USD ($) Customer | Jun. 30, 2023 USD ($) Customer | Dec. 31, 2023 USD ($) Customer | |
Summary Of Significant Accounting Policies [Line Items] | |||
Reduction/Charge for uncollectible accounts receivable | $ | $ 140 | $ (72) | |
Restricted cash to support our outstanding letters of credit | $ | $ 394 | $ 248 | |
Revenue [Member] | Customer Concentration Risk [Memeber] | Two Customers [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of customers | Customer | 2 | 2 | |
Revenue [Member] | Customer Concentration Risk [Memeber] | Customer A [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 71% | 71% | |
Revenue [Member] | Customer Concentration Risk [Memeber] | Customer B [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 42% | 42% | |
Accounts Receivable [Member] | Customer Concentration Risk [Memeber] | Two Customers [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of customers | Customer | 2 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Memeber] | One Customer [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 74% | ||
Number of customers | Customer | 1 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Memeber] | Customer A [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 60% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Memeber] | Customer B [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 6% | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Reduction/Charge for uncollectible accounts receivable | $ | $ 100 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 USD ($) Agreement | Dec. 31, 2023 USD ($) | |
Revenue Recognition [Line Items] | ||
Deferred revenue, revenue recognized | $ 1.2 | |
Maximum [Member] | ||
Revenue Recognition [Line Items] | ||
Sales return reserves | $ 0.3 | $ 0.2 |
Energy Industrial [Member] | ||
Revenue Recognition [Line Items] | ||
Number of performance obligations | Agreement | 1 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of Revenue Disaggregated by Geographical Region and Source of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 117,770 | $ 48,158 | $ 212,271 | $ 93,744 |
Energy Industrial [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 36,923 | 35,524 | 66,005 | 69,399 |
Thermal Barrier [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 80,847 | 12,634 | 146,266 | 24,345 |
Asia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 6,419 | 9,937 | 13,632 | 21,721 |
Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3,606 | 562 | 5,474 | 886 |
Europe [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 9,110 | 9,962 | 18,471 | 15,374 |
Latin America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 33,171 | 2,265 | 49,602 | 3,889 |
U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 65,464 | 25,432 | 125,092 | 51,874 |
U.S. [Member] | Energy Industrial [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 14,141 | 15,241 | 28,174 | 31,745 |
U.S. [Member] | Thermal Barrier [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 51,323 | 10,191 | 96,918 | 20,129 |
International [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 52,306 | 22,726 | 87,179 | 41,870 |
International [Member] | Energy Industrial [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 22,782 | 20,283 | 37,831 | 37,654 |
International [Member] | Thermal Barrier [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 29,524 | $ 2,443 | $ 49,348 | $ 4,216 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Changes in Contract Assets and Contract Liabilities (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Contract liabilities | |
Beginning Balance | $ 2,316 |
Additions | 5,277 |
Deductions | (4,498) |
Ending Balance | 3,095 |
Energy Industrial [Member] | |
Contract liabilities | |
Beginning Balance | 2,316 |
Additions | 5,277 |
Deductions | (4,498) |
Ending Balance | $ 3,095 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 21,724 | $ 24,735 |
Work in process | 11,273 | 7,936 |
Finished goods | 20,033 | 6,518 |
Total | $ 53,030 | $ 39,189 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 588,331 | $ 558,516 |
Accumulated depreciation | (150,358) | (141,289) |
Property, plant and equipment, net | 437,973 | 417,227 |
Construction in Progress [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 327,778 | 314,695 |
Buildings [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 26,879 | 25,473 |
Property, plant and equipment, Useful life | 30 years | |
Machinery and Equipment [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 199,286 | 185,339 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful life | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful life | 10 years | |
Computer Equipment and Software [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 9,913 | 9,495 |
Property, plant and equipment, Useful life | 3 years | |
Leasehold Improvements [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 24,475 | $ 23,514 |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Property Plant and Equipment [Line Items] | ||||
Depreciation | $ 11,772,000 | $ 6,207,000 | ||
Impairment charges of property, plant and equipment | $ 800,000 | 6,810,000 | 0 | |
Impairment of equipment under development | 2,702,000 | |||
Capitalized interest | 5,122,000 | |||
Cost of Revenue [Member] | ||||
Property Plant and Equipment [Line Items] | ||||
Impairment charges of property, plant and equipment | 4,100,000 | |||
Georgia [Member] | ||||
Property Plant and Equipment [Line Items] | ||||
Pre-construction costs | 309,000,000 | $ 288,500,000 | ||
Capitalized interest | 0 | $ 5,100,000 | ||
Georgia [Member] | Construction in Progress [Member] | ||||
Property Plant and Equipment [Line Items] | ||||
Capitalized interest | $ 8,800,000 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accrued Liabilities, Current [Abstract] | ||
Employee compensation | $ 11,935 | $ 16,876 |
Other accrued expenses | 7,749 | 5,935 |
Total | $ 19,684 | $ 22,811 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | ||||
Nov. 28, 2022 $ / shares | Nov. 27, 2022 $ / shares | Jun. 30, 2024 USD ($) $ / shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Related Party Transaction [Line Items] | |||||
Accounts Payable | $ | $ 57,246 | $ 51,094 | |||
Koch Disruptive Technologies LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts Payable | $ | $ 2,800 | ||||
Accounts Paid | $ | 1,200 | ||||
2022 Convertible Notes [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accrued interest | $ | $ 5,600 | ||||
Conversion notes effective conversion price per share | $ / shares | $ 29.936625 | ||||
Common stock per capitalized principal | $ / shares | $ 1,000 | ||||
Initial conversion rate of convertible notes | 33.4001 | ||||
2022 Convertible Notes [Member] | Wood River Capital, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Issuance and sale of convertible notes | $ | $ 100,000 | ||||
Conversion notes effective conversion price per share decrease | $ / shares | $ 5 | ||||
Conversion notes effective conversion price per share | $ / shares | 29.936625 | $ 34.936625 | |||
Common stock per capitalized principal | $ / shares | $ 1,000 | $ 1,000 | |||
Initial conversion rate of convertible notes | 33.4001 | 28.623257 |
Convertible Note - Related Pa_3
Convertible Note - Related Party - Additional Information (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended | ||||||||
Nov. 28, 2022 $ / shares | Nov. 27, 2022 $ / shares | Feb. 15, 2022 USD ($) | Jun. 30, 2024 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) | Dec. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Convertible Notes [Line Items] | |||||||||
Issuance and sale of convertible notes | $ 100,000 | $ 100,000 | |||||||
Payment in-kind | $ 5,600 | $ 5,400 | $ 5,100 | $ 4,900 | $ 2,900 | ||||
Debt instrument, interest rate terms | Interest on the 2022 Convertible Note is payable semi-annually in arrears on June 30 and December 30. The Company, at its option, is permitted to settle each semi-annual interest payment in cash, in-kind, or any combination thereof. | ||||||||
Debt issuance costs, net of accumulated amortization | $ 98 | $ 117 | |||||||
Amortized Debt Discount Premium | $ 1,300 | ||||||||
Purchase price of notes percentage | 100% | ||||||||
SOFR Plus [Member] | |||||||||
Convertible Notes [Line Items] | |||||||||
Debt instrument, interest rate | 5.50% | ||||||||
SOFR Plus [Member] | Floor Rate [Member] | |||||||||
Convertible Notes [Line Items] | |||||||||
Debt instrument, interest rate | 1% | ||||||||
SOFR Plus [Member] | Cap Rate [Member] | |||||||||
Convertible Notes [Line Items] | |||||||||
Debt instrument, interest rate | 3% | ||||||||
SOFR Plus [Member] | PIK Interest [Member] | |||||||||
Convertible Notes [Line Items] | |||||||||
Debt instrument, interest rate | 6.50% | ||||||||
2022 Convertible Notes [Member] | |||||||||
Convertible Notes [Line Items] | |||||||||
Convertible notes, fair value | $ 128,200 | ||||||||
Convertible debt carried at amortized cost | 121,100 | ||||||||
Accrued interest | 5,600 | ||||||||
Debt Instrument Unamortized Discount | $ 4,100 | ||||||||
Debt Instrument Effective Interest Rate | 10.70% | ||||||||
Initial conversion rate of convertible notes | 33.4001 | ||||||||
Common stock per capitalized principal | $ / shares | $ 1,000 | ||||||||
Conversion notes effective conversion price per share | $ / shares | $ 29.936625 | ||||||||
Common stock issuable upon conversion of convertible notes | shares | 4,139,542 | ||||||||
Percentage of common stock closing price per share of conversion price | 130% | ||||||||
Number of trading days on conversion price | 20 consecutive trading days | ||||||||
Convertible notes redemption terms | The 2022 Convertible Note is redeemable at the Company’s option at any time and in the event that the volume weighted average price of the Company’s common stock for the 10 trading days immediately preceding the date on which the Company provides the redemption notice has been at least 130% of the Conversion Price then in effect at a redemption price of 100% of the principal amount, plus accrued and unpaid interest (excluding the redemption date), plus the Make-Whole Amount. | ||||||||
Convertible notes redemption percentage | 130% | ||||||||
Redemption price, percentage of principal amount redeemed | 100% | ||||||||
2022 Convertible Notes [Member] | Wood River Capital, LLC [Member] | |||||||||
Convertible Notes [Line Items] | |||||||||
Initial conversion rate of convertible notes | 33.4001 | 28.623257 | |||||||
Common stock per capitalized principal | $ / shares | $ 1,000 | $ 1,000 | |||||||
Conversion notes effective conversion price per share | $ / shares | 29.936625 | $ 34.936625 | |||||||
Conversion notes effective conversion price per share decrease | $ / shares | $ 5 | ||||||||
2022 Convertible Notes [Member] | Koch Strategic Platforms (KSP) [Member] | |||||||||
Convertible Notes [Line Items] | |||||||||
Issuance and sale of convertible notes | $ 100,000 | ||||||||
Debt instrument, issuance date | Feb. 15, 2022 | ||||||||
Existing maturity date | Feb. 18, 2027 | Feb. 18, 2027 |
Convertible Note - Related Pa_4
Convertible Note - Related Party - Summary of Convertible Notes (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Convertible Notes [Abstract] | ||
Convertible note, principal | $ 100,000 | $ 100,000 |
Payment in-kind | 23,938 | 18,318 |
Discount on convertible note, net of accumulated amortization | (2,766) | (3,209) |
Debt issuance costs, net of accumulated amortization | (98) | (117) |
Convertible note | $ 121,074 | $ 114,992 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Commitments And Contingencies [Line Items] | ||||
Charge recognized in cost of revenues for inventory obsolescence and impairment of equipment | $ 6.8 | |||
Contractual recoverable, net | $ 1.9 | |||
Reimbursement received from cost of revenues for inventory obsolescence and impairment of equipment | $ 4.2 | |||
Purchase commitments | $ 243.2 | |||
Capital commitments | $ 185.7 | |||
Purchase commitments spent over period | 3 years | |||
Thermal Barrier [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Warranty reserves | $ 0.7 | |||
Thermal Barrier [Member] | Maximum [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Warranty reserves | $ 0.1 | |||
Energy Industrial [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Standard product warranty period | 1 year | |||
Cloud Computing Agreement [Member] | Enterprise Resource Planning Software [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Adjusted amortization period | 3 years | 3 years | ||
Thermal Barrier Contracts [Member] | General Motors | ||||
Commitments And Contingencies [Line Items] | ||||
Purchase commitment, description | While General Motors has agreed to purchase its requirement for Barriers from the Company for locations to be designated from time to time by General Motors, it has no obligation to purchase any minimum quantity of Barriers under the Contracts. |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Capitalized Implementation Costs are Classified on the Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Cloud computing costs included in other current assets | $ 994 | $ 420 |
Cloud computing costs included in other assets | 2,159 | 1,590 |
Amortization of cloud computing costs | (1,016) | (662) |
Total capitalized cloud computing costs | $ 2,137 | $ 1,348 |
Leases and sale and leaseback -
Leases and sale and leaseback - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Lessee Lease Description [Line Items] | |||
Operating lease expiry year | 2034 | ||
Operating lease cost | $ 2.7 | $ 2.6 | |
Cash payments related to operating lease liabilities | $ 2.6 | $ 2.3 | |
Operating lease, weighted average remaining lease term | 8 years 4 months 24 days | ||
Operating lease, weighted average discount rate, percent | 12.10% | ||
Sale and leaseback transaction one-time cash payment | $ 5 | ||
Outstanding finance obligation | $ 4.5 | ||
Sale and leaseback rent payment term | 3 years |
Leases and sale and leaseback_2
Leases and sale and leaseback - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2024 USD ($) |
Leases [Abstract] | |
2024 (excluding the six months ended June 30, 2024) | $ 2,478 |
2025 | 5,045 |
2026 | 4,697 |
2027 | 4,437 |
2028 | 4,599 |
Thereafter | 19,338 |
Total lease payments | 40,594 |
Less imputed interest | (15,369) |
Total lease liabilities | $ 25,225 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unamortized stock compensation costs | $ | $ 2.2 |
Equity Incentive Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Shares reserved for issuance | shares | 5,533,077 |
Number of shares either issued or reserved in connection with statutory tax withholdings | shares | 5,491,916 |
Equity Incentive Plan [Member] | Restricted Stock Units [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Stock-based awards granted to purchase common stock | shares | 242,279 |
Stock-based awards granted to purchase common stock, grant date fair value | $ | $ 4 |
Stock-based award vesting period | 3 years |
Equity Incentive Plan [Member] | Non-Qualified Stock Options [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Stock-based awards granted to purchase common stock | shares | 569,301 |
Stock-based awards granted to purchase common stock, grant date fair value | $ | $ 6.4 |
Stock-based award vesting period | 3 years |
2023 Equity Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Increased number of shares available for grant | shares | 2,097,001 |
General and Administrative Expenses [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unamortized stock compensation costs | $ | $ 2 |
Research and Development Expenses [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unamortized stock compensation costs | $ | $ 0.2 |
Non-Employee Directors [Member] | 2023 Equity Plan [Member] | Restricted Stock Units [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Stock-based awards granted to purchase common stock | shares | 11,388 |
Stock-based awards granted to purchase common stock, grant date fair value | $ | $ 0.3 |
Stock-based award vesting period | 1 year |
Non-Employee Directors [Member] | 2023 Equity Plan [Member] | Non-Qualified Stock Options [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Stock-based awards granted to purchase common stock | shares | 9,942 |
Stock-based awards granted to purchase common stock, grant date fair value | $ | $ 0.2 |
Stock-based award vesting period | 1 year |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Based Compensation Included in Cost of Revenue or Operating Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation | $ 2,971 | $ 2,710 | $ 7,677 | $ 4,977 |
Cost of Product Revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation | 198 | 193 | 359 | 327 |
Research and Development Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation | 279 | 225 | 703 | 255 |
Sales and Marketing Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation | 463 | 418 | 785 | 732 |
General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation | $ 2,031 | $ 1,874 | $ 5,830 | $ 3,663 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||||
Net Income (Loss) | $ 16,818 | $ (1,835) | $ (15,423) | $ (16,796) | $ 14,983 | $ (32,219) |
Denominator: | ||||||
Weighted average shares outstanding, basic | 76,336,811 | 69,249,281 | 76,049,852 | 69,206,249 | ||
Weighted average shares outstanding, diluted | 78,981,383 | 69,249,281 | 78,749,199 | 69,206,249 | ||
Net income (loss) per share, basic | $ 0.22 | $ (0.22) | $ 0.2 | $ (0.47) | ||
Net income (loss) per share, diluted | $ 0.21 | $ (0.22) | $ 0.19 | $ (0.47) |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Potentially Dilutive Common Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive Securities | 4,271,655 | 10,153,391 | 4,299,503 | 10,153,391 |
Common Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive Securities | 92,049 | 4,910,478 | 156,436 | 4,910,478 |
Restricted Common Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive Securities | 40,064 | 580,939 | 2,582 | 580,939 |
Restricted Common Stock Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive Securities | 0 | 889,366 | 943 | 889,366 |
Convertible Note If Converted [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive Securities | 4,139,542 | 3,772,608 | 4,139,542 | 3,772,608 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Income Taxes [Line Items] | ||
Income tax expense | $ 866 | $ 1,622 |
Mexican Maquiladora Operations [Member] | ||
Income Taxes [Line Items] | ||
Income tax expense | $ 900 | $ 1,600 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2024 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Summary o
Segment Information - Summary of Revenue and Segment Operating Profit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||||
Revenue | $ 117,770 | $ 48,158 | $ 212,271 | $ 93,744 | |||
Segment Operating Profit (Loss) | 51,578 | 8,407 | 86,721 | 13,493 | |||
Corporate expenses | 31,592 | 25,451 | 64,299 | 49,445 | |||
Operating profit (loss) | 19,986 | (17,044) | 22,422 | (35,952) | |||
Other (expense) income, net | (2,302) | 1,621 | (5,817) | 3,733 | |||
Income tax expense | (866) | (1,622) | |||||
Net Income (Loss) | 16,818 | $ (1,835) | (15,423) | $ (16,796) | 14,983 | (32,219) | |
Total assets | 748,629 | 748,629 | $ 703,048 | ||||
Construction in Progress [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total assets | 327,778 | 327,778 | 314,678 | ||||
All Other Corporate Assets [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total assets | 140,697 | 140,697 | 176,637 | ||||
Operating Segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Total assets | 280,154 | 280,154 | 211,733 | ||||
Operating Segment | Energy Industrial [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 36,923 | 35,524 | 66,005 | 69,399 | |||
Segment Operating Profit (Loss) | 15,455 | 9,540 | 27,017 | 18,421 | |||
Total assets | 96,861 | 96,861 | 93,168 | ||||
Operating Segment | Thermal Barrier [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 80,847 | 12,634 | 146,266 | 24,345 | |||
Segment Operating Profit (Loss) | 36,123 | $ (1,133) | 59,704 | $ (4,928) | |||
Total assets | $ 183,293 | $ 183,293 | $ 118,565 |