Document and Entity Information
| Document and Entity Information - shares | 3 Months Ended | |
| Mar. 31, 2020 | May 04, 2020 | |
| Cover [Abstract] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Mar. 31, 2020 | |
| Document Fiscal Year Focus | 2020 | |
| Document Fiscal Period Focus | Q1 | |
| 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 | true | |
| Entity Emerging Growth Company | false | |
| Entity Common Stock, Shares Outstanding | 26,594,455 | |
| 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 | Mar. 31, 2020 | Dec. 31, 2019 |
| Current assets: | ||
| Cash and cash equivalents | $ 11,786 | $ 3,633 |
| Accounts receivable, net of allowances of $135 and $144 | 20,455 | 32,254 |
| Inventories | 13,432 | 8,768 |
| Prepaid expenses and other current assets | 917 | 1,114 |
| Total current assets | 46,590 | 45,769 |
| Property, plant and equipment, net | 51,834 | 53,617 |
| Operating lease right-of-use assets | 3,941 | 4,032 |
| Other long-term assets | 100 | 84 |
| Total assets | 102,465 | 103,502 |
| Current liabilities: | ||
| Accounts payable | 8,717 | 12,596 |
| Accrued expenses | 3,616 | 8,057 |
| Revolving line of credit | 3,123 | |
| Deferred revenue | 4,840 | 5,620 |
| Operating lease liabilities | 1,069 | 1,038 |
| Total current liabilities | 18,242 | 30,434 |
| Prepayment liability | 9,715 | 9,786 |
| Operating lease liabilities long-term | 4,139 | 4,292 |
| Total liabilities | 32,096 | 44,512 |
| Commitments and contingencies (Note 7) | ||
| Stockholders’ equity: | ||
| Preferred stock, $0.00001 par value; 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2020 and December 31, 2019 | ||
| Common stock, $0.00001 par value; 125,000,000 shares authorized, 26,594,455 and 24,302,504 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively | 0 | |
| Additional paid-in capital | 559,688 | 545,140 |
| Accumulated deficit | (489,319) | (486,150) |
| Total stockholders’ equity | 70,369 | 58,990 |
| Total liabilities and stockholders’ equity | $ 102,465 | $ 103,502 |
Consolidated Balance Sheets (Pa
| Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
| Statement Of Financial Position [Abstract] | ||
| Allowance for accounts receivables | $ 135 | $ 144 |
| 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 | 125,000,000 | 125,000,000 |
| Common stock, shares issued | 26,594,455 | 24,302,504 |
| Common stock, shares outstanding | 26,594,455 | 24,302,504 |
Consolidated Statements of Oper
| Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Revenue: | ||
| Total revenue | $ 28,419 | $ 27,912 |
| Cost of revenue: | ||
| Gross profit | 5,980 | 3,718 |
| Operating expenses: | ||
| Research and development | 2,227 | 1,928 |
| Sales and marketing | 3,324 | 3,511 |
| General and administrative | 3,515 | 4,240 |
| Total operating expenses | 9,066 | 9,679 |
| Loss from operations | (3,086) | (5,961) |
| Interest expense, net | (83) | (41) |
| Total interest expense, net | (83) | (41) |
| Net loss | $ (3,169) | $ (6,002) |
| Net loss per share: | ||
| Basic and diluted | $ (0.13) | $ (0.25) |
| Weighted-average common shares outstanding: | ||
| Basic and diluted | 25,194,292 | 23,930,613 |
| Product [Member] | ||
| Revenue: | ||
| Total revenue | $ 28,307 | $ 26,785 |
| Cost of revenue: | ||
| Cost of revenue | 22,399 | 23,478 |
| Research Services [Member] | ||
| Revenue: | ||
| Total revenue | 112 | 1,127 |
| Cost of revenue: | ||
| Cost of revenue | $ 40 | $ 716 |
Consolidated Statements of Stoc
| Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock 0.00001 Par Value [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
| Beginning balance at Dec. 31, 2018 | $ 70,254 | $ 541,839 | $ (471,585) | |
| Beginning balance, shares at Dec. 31, 2018 | 23,973,517 | |||
| Net loss | (6,002) | (6,002) | ||
| Stock compensation expense | 878 | 878 | ||
| Vesting of restricted stock units | (454) | (454) | ||
| Vesting of restricted stock units, shares | 273,290 | |||
| Ending balance at Mar. 31, 2019 | 64,676 | 542,263 | (477,587) | |
| Ending balance, shares at Mar. 31, 2019 | 24,246,807 | |||
| Beginning balance at Dec. 31, 2019 | 58,990 | 545,140 | (486,150) | |
| Beginning balance, shares at Dec. 31, 2019 | 24,302,504 | |||
| Net loss | (3,169) | (3,169) | ||
| Stock compensation expense | 992 | 992 | ||
| Vesting of restricted stock units | (1,195) | (1,195) | ||
| Vesting of restricted stock units, shares | 336,951 | |||
| Proceeds from underwritten public offering, net of underwriting discounts and commissions of $1,093 and issuance costs of $285 | 14,751 | 14,751 | ||
| Proceeds from underwritten public offering, net of underwriting discounts and commissions, shares | 1,955,000 | |||
| Ending balance at Mar. 31, 2020 | $ 70,369 | $ 559,688 | $ (489,319) | |
| Ending balance, shares at Mar. 31, 2020 | 26,594,455 |
Consolidated Statements of St_2
| Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands | 3 Months Ended |
| Mar. 31, 2020USD ($) | |
| Equity [Abstract] | |
| Underwriting discounts and commissions | $ 1,093 |
| Issuance costs | $ 285 |
Consolidated Statements of Cash
| Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Cash flows from operating activities: | ||
| Net loss | $ (3,169) | $ (6,002) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 2,563 | 2,532 |
| Stock-compensation expense | 992 | 878 |
| Reduction in the carrying amount of operating lease right-of-use assets | 243 | 217 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 11,799 | 3,278 |
| Inventories | (4,664) | (1,950) |
| Prepaid expenses and other assets | 181 | 127 |
| Accounts payable | (3,732) | (3,709) |
| Accrued expenses | (4,441) | 517 |
| Deferred revenue | (851) | 1,403 |
| Operating lease liabilities | (274) | (246) |
| Other liabilities | (56) | |
| Net cash used in operating activities | (1,353) | (3,011) |
| Cash flows from investing activities: | ||
| Capital expenditures | (927) | (637) |
| Net cash used in investing activities | (927) | (637) |
| Cash flows from financing activities: | ||
| Proceeds from underwritten public offering, net of underwriting discounts and commissions of $1,093 | 15,036 | |
| Issuance costs from underwritten public offering | (285) | |
| Repayments of borrowings under line of credit, net | (3,123) | (856) |
| Prepayment proceeds under customer supply agreement | 5,000 | |
| Payments made for employee restricted stock tax withholdings | (1,195) | (454) |
| Net cash provided by financing activities | 10,433 | 3,690 |
| Net increase in cash | 8,153 | 42 |
| Cash and cash equivalents at beginning of period | 3,633 | 3,327 |
| Cash and cash equivalents at end of period | 11,786 | 3,369 |
| Supplemental disclosures of cash flow information: | ||
| Interest paid | 84 | 96 |
| Income taxes paid | 0 | 0 |
| Supplemental disclosures of non-cash activities: | ||
| Initial recognition of operating lease liabilities related to right-of-use assets | 5,995 | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 152 | 153 |
| Changes in accrued capital expenditures | $ (147) | $ (112) |
Consolidated Statements of Ca_2
| Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 3 Months Ended |
| Mar. 31, 2020USD ($) | |
| Statement Of Cash Flows [Abstract] | |
| Underwriting discounts and commissions, net | $ 1,093 |
Description of Business and Bas
| Description of Business and Basis of Presentation | 3 Months Ended |
| Mar. 31, 2020 | |
| 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 infrastructure and building materials markets. The Company also conducts research and development related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research and development contracts. The Company has decided to cease efforts to secure additional funded research contracts and to wind down existing contract research activities during 2020. 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. Liquidity During the three months ended March 31, 2020, the Company incurred a net loss of $3.2 million and used $1.4 million of cash in operations. On February 18, 2020, the Company received net proceeds of $14.8 million upon the completion of an underwritten public offering of the Company’s common stock. The Company had a cash and cash equivalents balance of $11.8 million and no outstanding borrowings under its revolving line of credit as of March 31, 2020 o he amount available to the Company at March 31, 2020 under the revolving line of credit was $8.8 million. The Company is making investments to increase capacity at its existing manufacturing facility in East Providence, Rhode Island and to develop new technologies and strategic business opportunities. The Company expects its existing cash balance and the amount anticipated to be available under the existing revolving line of credit will be sufficient to support current operating requirements, complete the planned capacity expansion and to fund its planned strategic business opportunities. However, in the future, the Company may need to supplement its cash balance and available credit with debt financings, customer prepayments, technology licensing fees or equity financings to provide the capital necessary to complete future capacity expansions or to fund evolving 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, 2019 (the Annual Report), filed with the U.S. Securities and Exchange Commission on March 6, 2020. 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 March 31, 2020 and the results of its operations and stockholders’ equity for the three months ended March 31, 2020 and 2019 and the cash flows for the three month periods then ended. The Company has evaluated subsequent events through the date of this filing. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or any other period. Additionally, based on the duration and severity of the COVID-19 pandemic and the global oil market volatility, the Company is uncertain of the ultimate impact that the COVID-19 pandemic and the global oil market volatility could have on its results of operations for the year ending December 31, 2020 or any other period. |
Significant Accounting Policies
| Significant Accounting Policies | 3 Months Ended |
| Mar. 31, 2020 | |
| Accounting Policies [Abstract] | |
| Significant Accounting Policies | (2) Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements, which have been prepared in accordance with U.S. GAAP, include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. 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, 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 the current economic environment, 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. Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk. 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. Leases On January 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) . See note 8 for further details. Stock-based Compensation Stock-based compensation expense is measured at the grant date based on the fair value of the award. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards, which requires a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and restricted stock unit grants is determined using the closing trading price of the Company’s common stock on the date of grant. The fair value of awards containing market conditions is determined using a Monte Carlo simulation model based upon the nature of the conditions, the expected volatility of the underlying security, and other relevant factors. During the three months ended March 31, 2020, the Company granted 162,853 restricted common stock units (RSUs) with a grant date fair value of $1.3 million and non-qualified stock options (NSOs) to purchase 612,765 shares of common stock with a grant date fair value of $2.4 million to employees under the 2014 Employee, Director, and Consultant Equity Incentive Plan. The RSUs and NSOs granted to employees will vest over a three-year period. Stock-based compensation is included in cost of revenue or operating expenses, as applicable, and consists of the following: Three Months Ended March 31, 2020 2019 (In thousands) Cost of product revenue $ 319 $ 117 Research and development expenses 146 114 Sales and marketing expenses 171 129 General and administrative expenses 356 518 Total stock-based compensation $ 992 $ 878 Pursuant to the “evergreen” provisions of the 2014 Equity Plan, the number of shares of common stock authorized for issuance under the plan automatically increased by 486,050 shares to 7,974,980 shares effective January 1, 2019. As of March 31, 2020, 4,779,346 shares of common stock were reserved for issuance upon the exercise or vesting of outstanding stock-based awards granted under the 2014 Equity Plan. In addition, as of March 31, 2020, 85,444 shares of common stock were reserved for issuance upon the exercise of outstanding stock options granted under the Company’s 2001 Equity Incentive Plan, as amended (the 2001 Equity Plan). Any cancellations or forfeitures of the options outstanding under the 2001 Equity Plan will result in the shares reserved for issuance upon exercise of such options becoming available for grant under the 2014 Equity Plan. As of March 31, 2020, the Company has either reserved in connection with statutory tax withholdings or issued a total of 2,273,521 shares under the 2014 Equity Plan. As of March 31, 2020, there were 836,669 shares of common stock available for future grant under the 2014 Equity Plan. Net Loss per Share The Company calculates net loss per share of common stock based on the weighted-average number of shares of common stock outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of shares of common stock included in the computation of diluted net loss gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and RSUs. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. Segments 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 views its operations and manages its business as one operating segment. Information about the Company’s total revenues, based on shipment destination or services location, is presented in the following table: Three Months Ended March 31, 2020 2019 (In thousands) Revenue: U.S. $ 13,673 $ 11,252 International 14,746 16,660 Total $ 28,419 $ 27,912 Warranty The Company provides warranties for its products and records the estimated cost within cost of revenue in the period that the related revenue is recorded. The Company’s standard warranty period 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 products may be utilized in systems that involve new technical demands and new configurations. Accordingly, the Company regularly reviews and assesses whether warranty reserves should be recorded in the period the related revenue is recorded. For an initial shipment of product for use in a system with new technical demands or new configurations and where the Company is unsure of meeting the customer’s specifications, the Company will defer the recognition of product revenue and related costs until written customer acceptance is obtained. The Company did not record any warranty expense during the three months ended March 31, 2020 and 2019. As of March 31, 2020, the Company had satisfied all warranty claims. Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) 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, 2019 The Company has not implemented any accounting standards that had a material impact on its consolidated financial statements during the three months ended March 31, 2020. Standards to be Implemented 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 | 3 Months Ended |
| Mar. 31, 2020 | |
| 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 taking into account 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, 2019 and did not enter into any contracts during the three months ended March 31, 2020 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. 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 amount of revenue recognized includes the consideration to which the Company expects to be entitled to receive in exchange for these shipping and handling costs. Product Revenue The Company generally enters into contracts containing one type of performance obligation. The Company recognizes product revenue when the 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 product 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 product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product 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 $0.1 million at both March 31, 2020 and December 31, 2019. Subsea Projects The Company manufactures and sells products that are designed for pipe-in-pipe applications in subsea oil production and are typically at a point in time when transfer of control of the products is passed to the customer, or , Research Services The Company performs research services under contracts with various government agencies and other institutions. These contracts generally have one type of performance obligation associated with the provision of research services including functional licenses to any resulting intellectual property. The Company records revenue using the percentage-of-completion method in two ways: (1) for firm-fixed-price contracts, the Company accrues that portion of the total contract price that is allocable on the basis of the Company’s estimates of costs incurred to date to total contract costs; and (2) for cost-plus-fixed-fee contracts, the Company records revenue that is equal to total payroll cost incurred times a stated factor plus reimbursable expenses, to a stated upper limit. The primary cost under the Company’s service contracts is the labor effort expended in completing the research. Typically, the only deliverable, other than the labor hours expended, is reporting research results to the customer or delivery of research grade aerogel products. Because the input measure of labor hours expended is also reflective of the output measure, it is a reliable means to measure the extent of progress toward completion. Revisions in cost estimates and fees during the course of the contract are reflected in the accounting period in which the facts that require the revisions become known. Contract costs and rates used to allocate overhead to contracts are subject to audit by the respective contracting government agency. Adjustments to revenue as a result of audit are recorded within the period they become known. To date, adjustments to revenue as a result of contracting agency audits have been insignificant Disaggregation of Revenue In the following tables, revenue is disaggregated by primary geographical region and source of revenue: Three Months Ended March 31, 2020 2019 U.S. International Total U.S. International Total (In thousands) Geographical region Asia $ — $ 10,104 $ 10,104 $ — $ 6,723 $ 6,723 Canada — 455 455 — 1,897 1,897 Europe — 3,137 3,137 — 7,123 7,123 Latin America — 1,050 1,050 — 917 917 U.S. 13,673 — 13,673 11,252 — 11,252 Total revenue $ 13,673 $ 14,746 $ 28,419 $ 11,252 $ 16,660 $ 27,912 Source of revenue Product revenue $ 12,453 $ 13,633 $ 26,086 $ 10,125 $ 11,965 $ 22,090 Subsea projects 1,108 1,113 2,221 — 4,695 4,695 Research services 112 — 112 1,127 — 1,127 Total revenue $ 13,673 $ 14,746 $ 28,419 $ 11,252 $ 16,660 $ 27,912 Contract Balances The following table presents changes in the Company’s contract assets and contract liabilities during the three months ended March 31, 2020: Balance at December 31, 2019 Additions Deductions Balance at March 31, 2020 (In thousands) Contract assets Subsea projects $ 2,811 $ 1,727 $ (3,622 ) $ 916 Research services 172 67 (142 ) 97 Total contract assets $ 2,983 $ 1,794 $ (3,764 ) $ 1,013 Contract liabilities Deferred revenue Product revenue $ 4,991 $ 437 $ (990 ) $ 4,438 Subsea projects 491 880 (1,062 ) 309 Research services 138 — (45 ) 93 Prepayment liability 9,786 — (71 ) 9,715 Total contract liabilities $ 15,406 $ 1,317 $ (2,168 ) $ 14,555 During the three months ended March 31, 2020, the Company recognized $1.5 million of revenue that was included in deferred revenue at the beginning of the period. 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 or unconditional right to consideration and are included within accounts receivable 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 | 3 Months Ended |
| Mar. 31, 2020 | |
| Inventory Disclosure [Abstract] | |
| Inventories | (4) Inventories Inventories consist of the following: March 31, December 31, 2020 2019 (In thousands) Raw materials $ 5,596 $ 4,334 Finished goods 7,836 4,434 Total $ 13,432 $ 8,768 |
Property, Plant and Equipment,
| Property, Plant and Equipment, Net | 3 Months Ended |
| Mar. 31, 2020 | |
| Property Plant And Equipment [Abstract] | |
| Property, Plant and Equipment, Net | (5) Property, Plant and Equipment, Net Property, plant and equipment consist of the following: March 31, December 31, Useful 2020 2019 life (In thousands) Construction in progress $ 492 $ 1,309 — Buildings 24,016 24,016 30 years Machinery and equipment 124,055 122,485 3-10 years Computer equipment and software 8,584 8,556 3 years Total 157,147 156,366 Accumulated depreciation (105,313 ) (102,749 ) Property, plant and equipment, net $ 51,834 $ 53,617 Depreciation expense was $2.6 million and $2.5 million for the three months ended March 31, 2020 and 2019, respectively. Construction in progress included $0.1 million at both March 31, 2020 and December 31, 2019 related to projects associated with the Company’s plan to expand the capacity of the East Providence, Rhode Island facility. |
Accrued Expenses
| Accrued Expenses | 3 Months Ended |
| Mar. 31, 2020 | |
| Payables And Accruals [Abstract] | |
| Accrued Expenses | (6) Accrued Expenses Accrued expenses consist of the following: March 31, December 31, 2020 2019 (In thousands) Employee compensation $ 2,195 $ 6,472 Other accrued expenses 1,421 1,585 Total $ 3,616 $ 8,057 |
Commitments and Contingencies
| Commitments and Contingencies | 3 Months Ended |
| Mar. 31, 2020 | |
| Commitments And Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | (7) Commitments and Contingencies Customer Supply Agreement The Company is party to a supply agreement, as amended, with BASF Polyurethanes GmbH (BASF) (the Supply Agreement) and a joint development agreement with BASF SE (the JDA). Pursuant to the Supply Agreement, the Company will sell exclusively to BASF certain of the Company’s products at annual volumes to be specified by BASF, subject to certain volume limits. However, BASF has no obligation to purchase products under the Supply Agreement. The Supply Agreement will terminate on December 31, 2027 with respect to the Company’s Spaceloft A2 product and December 31, 2028 with respect to a new product developed under the JDA. Upon the expiration of the Supply Agreement with respect to each product, the Company will be subject to a post-termination supply commitment for an additional two years. The JDA is designed to facilitate collaboration by the parties on the development and commercialization of new products. In addition, BASF, in its sole discretion, may make prepayments to the Company in the aggregate amount of up to $22.0 million during the term of the Supply Agreement. These prepayment obligations are secured by a security interest in real estate, plant and equipment at the Company’s Rhode Island facility and a license to certain intellectual property. BASF made a prepayment in the amount of $5.0 million to the Company in 2018 (the 2018 Prepayment). As of January 1, 2019, 25.3% of any amounts that the Company invoices for Spaceloft A2 sold to BASF will be credited against the outstanding balance of the 2018 prepayment. If any of the 2018 Prepayment remains uncredited as of December 31, 2021, BASF may require that the Company repay the uncredited amount to BASF. Pursuant to the first addendum to the Supply Agreement, on January 30, 2019, BASF made an additional prepayment in the amount of $5.0 million to the Company (the 2019 Prepayment). As of January 1, 2020, 50.0 As of March 31, 2020, the Company had received $10.0 million in prepayments from BASF and applied approximately $0.1 million of credits against amounts invoiced. The prepayments are recorded on the balance sheet as a prepayment liability, net of the current portion of $0.2 million at both March 31, 2020 and December 31, 2019, which is included within deferred revenue. The amounts and terms of additional prepayment installments, if any, are subject to negotiation between the Company and BASF. Revolving Line of Credit The Company is party to an Amended and Restated Loan and Security Agreement with Silicon Valley Bank (Loan Agreement). On March 3, 2020, the Loan Agreement was amended to extend the maturity date of the revolving credit facility to April 28, 2021. Under the revolving credit facility, the Company is permitted to borrow a maximum of $20.0 million, subject to continued covenant compliance and borrowing base requirements. At the Company’s election, the interest rate applicable to borrowings under the revolving credit facility may be based on prime rate or LIBOR. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 2.00% per annum, while LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum. In addition, the Company is required to pay a monthly unused revolving line of credit facility fee of 0.5% per annum of the average unused portion of the revolving credit facility. Under the Loan Agreement, the Company is required to comply with both non-financial and financial covenants, including a minimum Adjusted EBITDA covenant, as defined. At March 31, 2020, the Company was in compliance with all such covenants. Obligations under the Loan Agreement are secured by a security interest in all assets of the Company, including those at the East Providence facility, except for certain exclusions. The Company intends to extend or replace the facility prior to its maturity. At March 31, 2020 and December 31, 2019, the Company had zero and $4.2 million, respectively, drawn on the revolving credit facility. In addition, the Company has been required to provide letters of credit to secure obligations under certain commercial contracts and other obligations. The Company had outstanding letters of credit backed by the revolving credit facility of $1.2 million and $0.9 million at March 31, 2020 and December 31, 2019, respectively, which reduce the funds otherwise available to the Company under the facility. At March 31, 2020, the amount available to the Company under the revolving credit facility was $8.8 million after giving effect to $1.2 million of outstanding letters of credit. 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. |
Leases
| Leases | 3 Months Ended |
| Mar. 31, 2020 | |
| Leases [Abstract] | |
| Leases | (8) Leases The Company leases office and warehouse space in Northborough, Massachusetts and East Providence, Rhode Island 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 2026. On January 1, 2019, the Company adopted ASU 2016-02 which modifies the accounting for leases and requires that all leases be recorded on the consolidated balance sheets as assets and liabilities. The Company adopted this standard using the modified retrospective transition approach with the effective date as the date of initial application. The Company also elected the package of practical expedients under the new standard, which permits the Company to not reassess prior conclusions about lease identification, lease classification, and initial direct costs. In addition, the Company elected the short-term lease recognition exemption under which the Company will not recognize right-of-use (ROU) assets or lease liabilities for all leases that qualify. The Company also elected the practical expedient to not separate non-lease components from the associated lease components for all of its equipment leases. The Company determines if an arrangement is a lease at inception. 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. Upon adoption of ASU 2016-02 on January 1, 2019, the Company recognized operating lease liabilities of approximately $6.0 million with corresponding ROU assets of approximately $4.6 million. Additionally, the Company derecognized deferred rent liabilities of $1.4 million. Maturities of operating lease liabilities at March 31, 2020 are as follows: Year Operating Leases (In thousands) 2020 (excluding the three months ended March 31, 2020) 1,078 2021 1,266 2022 1,183 2023 1,127 2024 651 Thereafter 1,050 Total lease payments 6,355 Less imputed interest (1,147 ) Total lease liabilities $ 5,208 The Company incurred operating lease costs of $0.3 million during both the three months ended March 31, 2020 and 2019. Cash payments related to operating lease liabilities were $0.4 million during both the three months ended March 31, 2020 and 2019. At March 31, 2020, the weighted average remaining lease term for operating leases was 5.2 years. At March 31, 2020, the weighted average discount rate for operating leases was 7.8%. As of March 31, 2020, the Company has additional operating equipment leases with total lease payments of $0.3 million that have not commenced. These operating leases will commence during fiscal year 2020 and have a weighted average lease term of 4.0 years. |
Net Loss Per Share
| Net Loss Per Share | 3 Months Ended |
| Mar. 31, 2020 | |
| Earnings Per Share [Abstract] | |
| Net Loss Per Share | (9) Net Loss Per Share The computation of basic and diluted net loss per share consists of the following: Three Months Ended March 31, 2020 2019 (In thousands, except share and per share data) Numerator: Net loss $ (3,169 ) $ (6,002 ) Denominator: Weighted average shares outstanding, basic and diluted 25,194,292 23,930,613 Net loss per share, basic and diluted $ (0.13 ) $ (0.25 ) 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 March 31, 2020 2019 Common stock options 4,143,821 3,625,011 Restricted common stock units 720,969 1,102,852 Restricted common stock awards 128,453 136,187 Total 4,993,243 4,864,050 In the table above, anti-dilutive shares consist of those common stock equivalents that have (i) an exercise price above the average stock price for the period or (ii) related average unrecognized stock compensation expense sufficient to buy back the entire amount of shares. 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 | 3 Months Ended |
| Mar. 31, 2020 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | (10) Income Taxes The Company incurred net operating losses and recorded a full valuation allowance against net deferred assets for all periods presented. Accordingly, the Company has not recorded a provision for federal or state income taxes. |
Subsequent Events
| Subsequent Events | 3 Months Ended |
| Mar. 31, 2020 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | (11) Subsequent Events The Company has evaluated subsequent events through May 4, 2020, the date of issuance of the consolidated financial statements for the three months ended March 31, 2020. On May 1, 2020, Aspen Aerogels Rhode Island, LLC (Borrower), a wholly-owned subsidiary of the Company, executed a promissory note (the Loan Documents) in favor of Northeast Bank (PPP Lender) to receive an unsecured loan for a principal amount of $3,685,800 (the SBA Loan) pursuant to the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and administered by the U.S. Small Business Administration (SBA). The Borrower conferred with representatives of the SBA prior to finalizing the SBA Loan. The PPP loan matures in two years from the date of the note and has an interest rate of 1% per annum, which interest begins to accrue on the date of the note, with a deferral of payments for the first six months. The principal and interest are payable in equal monthly installments, beginning on the first business day after the end of the six-month deferment period. There is no prepayment penalty. The principal amount of the loan may be forgiven upon application to the PPP Lender after eight weeks. Such forgiveness will be determined by the PPP Lender, subject to guidelines from the SBA and other limitations, based on the use of loan proceeds for payroll costs, any payment of interest on a covered mortgage obligation and rent or utility costs over the eight-week period following receipt of the loan proceeds. The amount of SBA Loan forgiveness shall be calculated in accordance with the requirements of the PPP, including the provisions of Section 1106 of the CARES Act, although no more than 25% of the amount forgiven can be attributable to non-payroll costs. There is no guarantee that Borrower may secure forgiveness of the PPP Loan in whole or in part. The amount of loan forgiveness will be reduced if the borrower fails to maintain the number of employees or reduces salaries below certain levels during the eight-week period. The Borrower intends to use the proceeds for purposes consistent with the PPP and if so used, believes that its use of the loan proceeds will meet the conditions for forgiveness of at least a portion of the loan. The promissory note evidencing the SBA Loan contain customary events of default relating to, among other things, payment defaults, breach of representations and warranties, or provisions of the promissory note, and defaults under any loan or agreement with another debtor, including our credit facility with SVB, if the PPP Lender believes such default may materially affect the Borrower’s ability to repay the SBA Loan. The occurrence of an event of default may result in the repayment of all amounts outstanding, collection of all amounts owing from the Borrower, and/or filing suit and obtaining judgment against the Borrower. The SBA loan helps preserve jobs and supports the ongoing operations of the Borrower as it continues to develop and manufacture innovative, high-performance aerogel insulation used primarily in the energy infrastructure and building materials markets. |
Description of Business and B_2
| Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
| Mar. 31, 2020 | |
| 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 infrastructure and building materials markets. The Company also conducts research and development related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research and development contracts. The Company has decided to cease efforts to secure additional funded research contracts and to wind down existing contract research activities during 2020. 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. |
| Liquidity | Liquidity During the three months ended March 31, 2020, the Company incurred a net loss of $3.2 million and used $1.4 million of cash in operations. On February 18, 2020, the Company received net proceeds of $14.8 million upon the completion of an underwritten public offering of the Company’s common stock. The Company had a cash and cash equivalents balance of $11.8 million and no outstanding borrowings under its revolving line of credit as of March 31, 2020 o he amount available to the Company at March 31, 2020 under the revolving line of credit was $8.8 million. The Company is making investments to increase capacity at its existing manufacturing facility in East Providence, Rhode Island and to develop new technologies and strategic business opportunities. The Company expects its existing cash balance and the amount anticipated to be available under the existing revolving line of credit will be sufficient to support current operating requirements, complete the planned capacity expansion and to fund its planned strategic business opportunities. However, in the future, the Company may need to supplement its cash balance and available credit with debt financings, customer prepayments, technology licensing fees or equity financings to provide the capital necessary to complete future capacity expansions or to fund evolving 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, 2019 (the Annual Report), filed with the U.S. Securities and Exchange Commission on March 6, 2020. 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 March 31, 2020 and the results of its operations and stockholders’ equity for the three months ended March 31, 2020 and 2019 and the cash flows for the three month periods then ended. The Company has evaluated subsequent events through the date of this filing. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or any other period. Additionally, based on the duration and severity of the COVID-19 pandemic and the global oil market volatility, the Company is uncertain of the ultimate impact that the COVID-19 pandemic and the global oil market volatility could have on its results of operations for the year ending December 31, 2020 or any other period. |
| Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements, which have been prepared in accordance with U.S. GAAP, include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
| 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, 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 the current economic environment, 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. |
| Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk. |
| 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. 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 taking into account 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, 2019 and did not enter into any contracts during the three months ended March 31, 2020 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. 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 amount of revenue recognized includes the consideration to which the Company expects to be entitled to receive in exchange for these shipping and handling costs. Product Revenue The Company generally enters into contracts containing one type of performance obligation. The Company recognizes product revenue when the 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 product 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 product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product 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 $0.1 million at both March 31, 2020 and December 31, 2019. Subsea Projects The Company manufactures and sells products that are designed for pipe-in-pipe applications in subsea oil production and are typically at a point in time when transfer of control of the products is passed to the customer, or , Research Services The Company performs research services under contracts with various government agencies and other institutions. These contracts generally have one type of performance obligation associated with the provision of research services including functional licenses to any resulting intellectual property. The Company records revenue using the percentage-of-completion method in two ways: (1) for firm-fixed-price contracts, the Company accrues that portion of the total contract price that is allocable on the basis of the Company’s estimates of costs incurred to date to total contract costs; and (2) for cost-plus-fixed-fee contracts, the Company records revenue that is equal to total payroll cost incurred times a stated factor plus reimbursable expenses, to a stated upper limit. The primary cost under the Company’s service contracts is the labor effort expended in completing the research. Typically, the only deliverable, other than the labor hours expended, is reporting research results to the customer or delivery of research grade aerogel products. Because the input measure of labor hours expended is also reflective of the output measure, it is a reliable means to measure the extent of progress toward completion. Revisions in cost estimates and fees during the course of the contract are reflected in the accounting period in which the facts that require the revisions become known. Contract costs and rates used to allocate overhead to contracts are subject to audit by the respective contracting government agency. Adjustments to revenue as a result of audit are recorded within the period they become known. To date, adjustments to revenue as a result of contracting agency audits have been insignificant |
| Leases | Leases On January 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) . See note 8 for further details. On January 1, 2019, the Company adopted ASU 2016-02 which modifies the accounting for leases and requires that all leases be recorded on the consolidated balance sheets as assets and liabilities. The Company adopted this standard using the modified retrospective transition approach with the effective date as the date of initial application. The Company also elected the package of practical expedients under the new standard, which permits the Company to not reassess prior conclusions about lease identification, lease classification, and initial direct costs. In addition, the Company elected the short-term lease recognition exemption under which the Company will not recognize right-of-use (ROU) assets or lease liabilities for all leases that qualify. The Company also elected the practical expedient to not separate non-lease components from the associated lease components for all of its equipment leases. The Company determines if an arrangement is a lease at inception. 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. |
| Stock-based Compensation | Stock-based Compensation Stock-based compensation expense is measured at the grant date based on the fair value of the award. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards, which requires a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and restricted stock unit grants is determined using the closing trading price of the Company’s common stock on the date of grant. The fair value of awards containing market conditions is determined using a Monte Carlo simulation model based upon the nature of the conditions, the expected volatility of the underlying security, and other relevant factors. During the three months ended March 31, 2020, the Company granted 162,853 restricted common stock units (RSUs) with a grant date fair value of $1.3 million and non-qualified stock options (NSOs) to purchase 612,765 shares of common stock with a grant date fair value of $2.4 million to employees under the 2014 Employee, Director, and Consultant Equity Incentive Plan. The RSUs and NSOs granted to employees will vest over a three-year period. Stock-based compensation is included in cost of revenue or operating expenses, as applicable, and consists of the following: Three Months Ended March 31, 2020 2019 (In thousands) Cost of product revenue $ 319 $ 117 Research and development expenses 146 114 Sales and marketing expenses 171 129 General and administrative expenses 356 518 Total stock-based compensation $ 992 $ 878 Pursuant to the “evergreen” provisions of the 2014 Equity Plan, the number of shares of common stock authorized for issuance under the plan automatically increased by 486,050 shares to 7,974,980 shares effective January 1, 2019. As of March 31, 2020, 4,779,346 shares of common stock were reserved for issuance upon the exercise or vesting of outstanding stock-based awards granted under the 2014 Equity Plan. In addition, as of March 31, 2020, 85,444 shares of common stock were reserved for issuance upon the exercise of outstanding stock options granted under the Company’s 2001 Equity Incentive Plan, as amended (the 2001 Equity Plan). Any cancellations or forfeitures of the options outstanding under the 2001 Equity Plan will result in the shares reserved for issuance upon exercise of such options becoming available for grant under the 2014 Equity Plan. As of March 31, 2020, the Company has either reserved in connection with statutory tax withholdings or issued a total of 2,273,521 shares under the 2014 Equity Plan. As of March 31, 2020, there were 836,669 shares of common stock available for future grant under the 2014 Equity Plan. |
| Net Loss per Share | Net Loss per Share The Company calculates net loss per share of common stock based on the weighted-average number of shares of common stock outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of shares of common stock included in the computation of diluted net loss gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and RSUs. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. |
| Segments | Segments 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 views its operations and manages its business as one operating segment. Information about the Company’s total revenues, based on shipment destination or services location, is presented in the following table: Three Months Ended March 31, 2020 2019 (In thousands) Revenue: U.S. $ 13,673 $ 11,252 International 14,746 16,660 Total $ 28,419 $ 27,912 |
| Warranty | Warranty The Company provides warranties for its products and records the estimated cost within cost of revenue in the period that the related revenue is recorded. The Company’s standard warranty period 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 products may be utilized in systems that involve new technical demands and new configurations. Accordingly, the Company regularly reviews and assesses whether warranty reserves should be recorded in the period the related revenue is recorded. For an initial shipment of product for use in a system with new technical demands or new configurations and where the Company is unsure of meeting the customer’s specifications, the Company will defer the recognition of product revenue and related costs until written customer acceptance is obtained. The Company did not record any warranty expense during the three months ended March 31, 2020 and 2019. As of March 31, 2020, the Company had satisfied all warranty claims. |
| Recently Issued Accounting Standards | Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) 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, 2019 The Company has not implemented any accounting standards that had a material impact on its consolidated financial statements during the three months ended March 31, 2020. Standards to be Implemented 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. |
Significant Accounting Polici_2
| Significant Accounting Policies (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| Accounting Policies [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 March 31, 2020 2019 (In thousands) Cost of product revenue $ 319 $ 117 Research and development expenses 146 114 Sales and marketing expenses 171 129 General and administrative expenses 356 518 Total stock-based compensation $ 992 $ 878 |
| Schedule of Revenues, Based on Shipment Destination or Research Services Location | Information about the Company’s total revenues, based on shipment destination or services location, is presented in the following table: Three Months Ended March 31, 2020 2019 (In thousands) Revenue: U.S. $ 13,673 $ 11,252 International 14,746 16,660 Total $ 28,419 $ 27,912 |
Revenue from Contracts with C_2
| Revenue from Contracts with Customers (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| 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 March 31, 2020 2019 U.S. International Total U.S. International Total (In thousands) Geographical region Asia $ — $ 10,104 $ 10,104 $ — $ 6,723 $ 6,723 Canada — 455 455 — 1,897 1,897 Europe — 3,137 3,137 — 7,123 7,123 Latin America — 1,050 1,050 — 917 917 U.S. 13,673 — 13,673 11,252 — 11,252 Total revenue $ 13,673 $ 14,746 $ 28,419 $ 11,252 $ 16,660 $ 27,912 Source of revenue Product revenue $ 12,453 $ 13,633 $ 26,086 $ 10,125 $ 11,965 $ 22,090 Subsea projects 1,108 1,113 2,221 — 4,695 4,695 Research services 112 — 112 1,127 — 1,127 Total revenue $ 13,673 $ 14,746 $ 28,419 $ 11,252 $ 16,660 $ 27,912 |
| Summary of Changes in Contract Assets and Contract Liabilities | The following table presents changes in the Company’s contract assets and contract liabilities during the three months ended March 31, 2020: Balance at December 31, 2019 Additions Deductions Balance at March 31, 2020 (In thousands) Contract assets Subsea projects $ 2,811 $ 1,727 $ (3,622 ) $ 916 Research services 172 67 (142 ) 97 Total contract assets $ 2,983 $ 1,794 $ (3,764 ) $ 1,013 Contract liabilities Deferred revenue Product revenue $ 4,991 $ 437 $ (990 ) $ 4,438 Subsea projects 491 880 (1,062 ) 309 Research services 138 — (45 ) 93 Prepayment liability 9,786 — (71 ) 9,715 Total contract liabilities $ 15,406 $ 1,317 $ (2,168 ) $ 14,555 |
Inventories (Tables)
| Inventories (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| Inventory Disclosure [Abstract] | |
| Schedule of Inventories | Inventories consist of the following: March 31, December 31, 2020 2019 (In thousands) Raw materials $ 5,596 $ 4,334 Finished goods 7,836 4,434 Total $ 13,432 $ 8,768 |
Property, Plant and Equipment_2
| Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| Property Plant And Equipment [Abstract] | |
| Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following: March 31, December 31, Useful 2020 2019 life (In thousands) Construction in progress $ 492 $ 1,309 — Buildings 24,016 24,016 30 years Machinery and equipment 124,055 122,485 3-10 years Computer equipment and software 8,584 8,556 3 years Total 157,147 156,366 Accumulated depreciation (105,313 ) (102,749 ) Property, plant and equipment, net $ 51,834 $ 53,617 |
Accrued Expenses (Tables)
| Accrued Expenses (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| Payables And Accruals [Abstract] | |
| Schedule of Accrued Expenses | Accrued expenses consist of the following: March 31, December 31, 2020 2019 (In thousands) Employee compensation $ 2,195 $ 6,472 Other accrued expenses 1,421 1,585 Total $ 3,616 $ 8,057 |
Leases (Tables)
| Leases (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| Leases [Abstract] | |
| Summary of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities at March 31, 2020 are as follows: Year Operating Leases (In thousands) 2020 (excluding the three months ended March 31, 2020) 1,078 2021 1,266 2022 1,183 2023 1,127 2024 651 Thereafter 1,050 Total lease payments 6,355 Less imputed interest (1,147 ) Total lease liabilities $ 5,208 |
Net Loss Per Share (Tables)
| Net Loss Per Share (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| Earnings Per Share [Abstract] | |
| Computation of Basic and Diluted Net Loss Per Share | The computation of basic and diluted net loss per share consists of the following: Three Months Ended March 31, 2020 2019 (In thousands, except share and per share data) Numerator: Net loss $ (3,169 ) $ (6,002 ) Denominator: Weighted average shares outstanding, basic and diluted 25,194,292 23,930,613 Net loss per share, basic and diluted $ (0.13 ) $ (0.25 ) |
| 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 March 31, 2020 2019 Common stock options 4,143,821 3,625,011 Restricted common stock units 720,969 1,102,852 Restricted common stock awards 128,453 136,187 Total 4,993,243 4,864,050 |
Description of Business and B_3
| Description of Business and Basis of Presentation - Additional Information (Detail) | Feb. 18, 2020USD ($) | Mar. 31, 2020USD ($)Subsidiary | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) |
| Basis Of Presentation [Line Items] | ||||
| Number of Subsidiaries | Subsidiary | 3 | |||
| Net loss incurred | $ 3,169,000 | $ 6,002,000 | ||
| Cash used in operations | 1,353,000 | $ 3,011,000 | ||
| Net proceeds upon completion of underwritten public offering | $ 14,800,000 | 15,036,000 | ||
| Cash and cash equivalents | 11,786,000 | $ 3,633,000 | ||
| Outstanding borrowings under revolving line of credit | $ 3,123,000 | |||
| Revolving Credit Facility [Member] | ||||
| Basis Of Presentation [Line Items] | ||||
| Outstanding borrowings under revolving line of credit | 0 | |||
| Letters of credit outstanding | 1,200,000 | |||
| Amount available under revolving line of credit | $ 8,800,000 | |||
| Existing maturity date | Apr. 28, 2021 |
Significant Accounting Polici_3
| Significant Accounting Policies - Additional Information (Detail) | Jan. 01, 2019shares | Mar. 31, 2020USD ($)Segmentshares | Mar. 31, 2019USD ($) |
| Summary Of Significant Accounting Policies [Line Items] | |||
| Number of segment | Segment | 1 | ||
| Standard product warranty period | 1 year | ||
| Warranty expense | $ | $ 0 | $ 0 | |
| 2014 Equity Plan [Member] | |||
| Summary Of Significant Accounting Policies [Line Items] | |||
| Authorized for issuance, number of shares increased by | 486,050 | ||
| Increased number of shares authorized for grant | 7,974,980 | ||
| Shares reserved for issuance | 4,779,346 | ||
| Number of shares either issued or reserved in connection with statutory tax withholdings | 2,273,521 | ||
| Increased number of shares available for grant | 836,669 | ||
| 2014 Equity Plan [Member] | Non-Qualified Stock Options [Member] | |||
| Summary Of Significant Accounting Policies [Line Items] | |||
| Stock-based awards granted to purchase common stock | 612,765 | ||
| Stock-based awards granted to purchase common stock, grant date fair value | $ | $ 2,400,000 | ||
| Stock-based award vesting period | 3 years | ||
| 2014 Equity Plan [Member] | Restricted Stock Units [Member] | |||
| Summary Of Significant Accounting Policies [Line Items] | |||
| Stock-based awards granted to purchase common stock | 162,853 | ||
| Stock-based awards granted to purchase common stock, grant date fair value | $ | $ 1,300,000 | ||
| Stock-based award vesting period | 3 years | ||
| 2001 Equity Incentive Plan [Member] | |||
| Summary Of Significant Accounting Policies [Line Items] | |||
| Shares reserved for issuance | 85,444 |
Significant Accounting Polici_4
| Significant Accounting Policies - Summary of Stock Based Compensation Included in Cost of Revenue or Operating Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
| Total stock-based compensation | $ 992 | $ 878 |
| Cost of Product Revenue [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
| Total stock-based compensation | 319 | 117 |
| Research and Development Expenses [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
| Total stock-based compensation | 146 | 114 |
| Sales and Marketing Expenses [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
| Total stock-based compensation | 171 | 129 |
| General and Administrative Expenses [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
| Total stock-based compensation | $ 356 | $ 518 |
Significant Accounting Polici_5
| Significant Accounting Policies - Schedule of Revenues, Based on Shipment Destination or Research Services Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Segment Reporting Information [Line Items] | ||
| Revenue | $ 28,419 | $ 27,912 |
| U.S. [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Revenue | 13,673 | 11,252 |
| International [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Revenue | $ 14,746 | $ 16,660 |
Revenue from Contracts with C_3
| Revenue from Contracts with Customers - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
| Mar. 31, 2020USD ($)Agreement | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
| Revenue Recognition [Line Items] | |||
| Revenue | $ 28,419 | $ 27,912 | |
| Deferred revenue, revenue recognized | 1,500 | ||
| Maximum [Member] | |||
| Revenue Recognition [Line Items] | |||
| Sales return reserves | $ 100 | $ 100 | |
| Product Revenue [Member] | |||
| Revenue Recognition [Line Items] | |||
| Number of performance obligations | Agreement | 1 | ||
| Revenue | $ 26,086 | 22,090 | |
| Subsea Projects [Member] | |||
| Revenue Recognition [Line Items] | |||
| Revenue | $ 2,221 | 4,695 | |
| Research Services [Member] | |||
| Revenue Recognition [Line Items] | |||
| Number of performance obligations | Agreement | 1 | ||
| Revenue | $ 112 | $ 1,127 | |
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 | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | $ 28,419 | $ 27,912 |
| Product Revenue [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | 26,086 | 22,090 |
| Subsea Projects [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | 2,221 | 4,695 |
| Research Services [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | 112 | 1,127 |
| Asia [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | 10,104 | 6,723 |
| Canada [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | 455 | 1,897 |
| Europe [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | 3,137 | 7,123 |
| Latin America [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | 1,050 | 917 |
| U.S. [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | 13,673 | 11,252 |
| U.S. [Member] | Product Revenue [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | 12,453 | 10,125 |
| U.S. [Member] | Subsea Projects [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | 1,108 | |
| U.S. [Member] | Research Services [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | 112 | 1,127 |
| International [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | 14,746 | 16,660 |
| International [Member] | Product Revenue [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | 13,633 | 11,965 |
| International [Member] | Subsea Projects [Member] | ||
| Disaggregation Of Revenue [Line Items] | ||
| Total revenue | $ 1,113 | $ 4,695 |
Revenue from Contracts with C_5
| Revenue from Contracts with Customers - Summary of Changes in Contract Assets and Contract Liabilities (Detail) $ in Thousands | 3 Months Ended |
| Mar. 31, 2020USD ($) | |
| Contract assets | |
| Beginning Balance | $ 2,983 |
| Additions | 1,794 |
| Deductions | (3,764) |
| Ending Balance | 1,013 |
| Contract liabilities | |
| Beginning Balance | 15,406 |
| Additions | 1,317 |
| Deductions | (2,168) |
| Ending Balance | 14,555 |
| Subsea Projects [Member] | |
| Contract assets | |
| Beginning Balance | 2,811 |
| Additions | 1,727 |
| Deductions | (3,622) |
| Ending Balance | 916 |
| Contract liabilities | |
| Beginning Balance | 491 |
| Additions | 880 |
| Deductions | (1,062) |
| Ending Balance | 309 |
| Research Services [Member] | |
| Contract assets | |
| Beginning Balance | 172 |
| Additions | 67 |
| Deductions | (142) |
| Ending Balance | 97 |
| Contract liabilities | |
| Beginning Balance | 138 |
| Deductions | (45) |
| Ending Balance | 93 |
| Product Revenue [Member] | |
| Contract liabilities | |
| Beginning Balance | 4,991 |
| Additions | 437 |
| Deductions | (990) |
| Ending Balance | 4,438 |
| Prepayment Liability [Member] | |
| Contract liabilities | |
| Beginning Balance | 9,786 |
| Deductions | (71) |
| Ending Balance | $ 9,715 |
Inventories - Schedule of Inven
| Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
| Inventory Disclosure [Abstract] | ||
| Raw materials | $ 5,596 | $ 4,334 |
| Finished goods | 7,836 | 4,434 |
| Total | $ 13,432 | $ 8,768 |
Property, Plant and Equipment_3
| Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Dec. 31, 2019 | |
| Property Plant and Equipment [Line Items] | ||
| Property, plant and equipment, gross | $ 157,147 | $ 156,366 |
| Accumulated depreciation | (105,313) | (102,749) |
| Property, plant and equipment, net | 51,834 | 53,617 |
| Construction in Progress [Member] | ||
| Property Plant and Equipment [Line Items] | ||
| Property, plant and equipment, gross | 492 | 1,309 |
| Buildings [Member] | ||
| Property Plant and Equipment [Line Items] | ||
| Property, plant and equipment, gross | $ 24,016 | 24,016 |
| Property, plant and equipment, Useful life | 30 years | |
| Machinery and Equipment [Member] | ||
| Property Plant and Equipment [Line Items] | ||
| Property, plant and equipment, gross | $ 124,055 | 122,485 |
| 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 | $ 8,584 | $ 8,556 |
| Property, plant and equipment, Useful life | 3 years |
Property, Plant and Equipment_4
| Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
| Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
| Property Plant and Equipment [Line Items] | |||
| Depreciation expense | $ 2,600 | $ 2,500 | |
| Property, plant and equipment, gross | 157,147 | $ 156,366 | |
| Construction in Progress [Member] | |||
| Property Plant and Equipment [Line Items] | |||
| Property, plant and equipment, gross | 492 | 1,309 | |
| Rhode Island [Member] | Construction in Progress [Member] | |||
| Property Plant and Equipment [Line Items] | |||
| Property, plant and equipment, gross | $ 100 | $ 100 | |
Accrued Expenses - Schedule of
| Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
| Accrued Liabilities Current [Abstract] | ||
| Employee compensation | $ 2,195 | $ 6,472 |
| Other accrued expenses | 1,421 | 1,585 |
| Total | $ 3,616 | $ 8,057 |
Commitments and Contingencies -
| Commitments and Contingencies - Additional Information (Detail) - USD ($) | Mar. 03, 2020 | Jan. 01, 2020 | Jan. 30, 2019 | Jan. 01, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
| Commitments And Contingencies [Line Items] | ||||||||
| Prepayment proceeds under customer supply agreement, net | $ 5,000,000 | |||||||
| Line of credit facility amount withdrawn | $ 3,123,000 | |||||||
| Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | ||||||||
| Commitments And Contingencies [Line Items] | ||||||||
| Maximum increased borrowing amount | $ 20,000,000 | |||||||
| Interest rate description | the interest rate applicable to borrowings under the revolving credit facility may be based on prime rate or LIBOR. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 2.00% per annum, while LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum. | |||||||
| Percentage of unused portion of credit facility, monthly fee | 0.50% | |||||||
| Revolving Credit Facility [Member] | ||||||||
| Commitments And Contingencies [Line Items] | ||||||||
| Extended maturity date | Apr. 28, 2021 | |||||||
| Line of credit facility amount withdrawn | $ 0 | |||||||
| Letters of credit outstanding | 1,200,000 | |||||||
| Available borrowing capacity | 8,800,000 | |||||||
| Revolving Credit Facility [Member] | Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | ||||||||
| Commitments And Contingencies [Line Items] | ||||||||
| Extended maturity date | Apr. 28, 2021 | |||||||
| Line of credit facility amount withdrawn | 0 | 4,200,000 | ||||||
| Letters of credit outstanding | 1,200,000 | 900,000 | ||||||
| Available borrowing capacity | $ 8,800,000 | |||||||
| Maximum [Member] | Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Prime Rate [Member] | ||||||||
| Commitments And Contingencies [Line Items] | ||||||||
| Additional interest rate per annum | 2.00% | |||||||
| Maximum [Member] | Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | LIBOR Rate [Member] | ||||||||
| Commitments And Contingencies [Line Items] | ||||||||
| Additional interest rate per annum | 4.25% | |||||||
| Minimum [Member] | Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Prime Rate [Member] | ||||||||
| Commitments And Contingencies [Line Items] | ||||||||
| Additional interest rate per annum | 0.75% | |||||||
| Minimum [Member] | Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | LIBOR Rate [Member] | ||||||||
| Commitments And Contingencies [Line Items] | ||||||||
| Additional interest rate per annum | 3.75% | |||||||
| Supply and Joint Development Agreement Amended [Member] | BASF [Member] | ||||||||
| Commitments And Contingencies [Line Items] | ||||||||
| Supply agreement termination date | Dec. 31, 2027 | |||||||
| Prepayment liability | $ 5,000,000 | $ 5,000,000 | ||||||
| Credit limit percentage on prepayment balance | 50.00% | 25.30% | ||||||
| Prepayment proceeds under customer supply agreement, net | $ 10,000,000 | |||||||
| Credits against amounts invoiced | 100,000 | |||||||
| Prepayment liability, net of current portion | 200,000 | $ 200,000 | ||||||
| Supply and Joint Development Agreement Amended [Member] | BASF [Member] | After December 31, 2022 [Member] | ||||||||
| Commitments And Contingencies [Line Items] | ||||||||
| Credit limit percentage on prepayment balance | 24.70% | |||||||
| Supply and Joint Development Agreement Amended [Member] | BASF [Member] | Maximum [Member] | ||||||||
| Commitments And Contingencies [Line Items] | ||||||||
| Non-interest bearing prepayments, aggregate amount | $ 22,000,000 |
Leases - Additional Information
| Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
| Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | |
| Leases [Abstract] | ||||
| Operating lease expiry year | 2026 | |||
| Operating lease liabilities | $ 5,208 | $ 6,000 | ||
| ROU assets | 3,941 | $ 4,032 | 4,600 | |
| Deferred rent credit de-recognized | $ 1,400 | |||
| Operating lease cost | 300 | $ 300 | ||
| Cash payments related to operating lease liabilities | $ 400 | $ 400 | ||
| Operating lease, weighted average remaining lease term | 5 years 2 months 12 days | |||
| Operating lease, weighted average discount rate, percent | 7.80% | |||
| Operating lease liability payments not yet commenced | $ 300 | |||
| Operating lease, weighted average lease not yet commenced, term | 4 years | |||
Leases - Summary of Maturities
| Leases - Summary of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2019 |
| Leases [Abstract] | ||
| 2020 (excluding the three months ended March 31, 2020) | $ 1,078 | |
| 2021 | 1,266 | |
| 2022 | 1,183 | |
| 2023 | 1,127 | |
| 2024 | 651 | |
| Thereafter | 1,050 | |
| Total lease payments | 6,355 | |
| Less imputed interest | (1,147) | |
| Operating lease liabilities | $ 5,208 | $ 6,000 |
Net Loss Per Share - Computatio
| Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Numerator: | ||
| Net loss | $ (3,169) | $ (6,002) |
| Denominator: | ||
| Weighted average shares outstanding, basic and diluted | 25,194,292 | 23,930,613 |
| Net loss per share, basic and diluted | $ (0.13) | $ (0.25) |
Net Loss Per Share - Summary of
| Net Loss Per Share - Summary of Potentially Dilutive Common Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Anti-dilutive Securities | 4,993,243 | 4,864,050 |
| Common Stock Options [Member] | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Anti-dilutive Securities | 4,143,821 | 3,625,011 |
| Restricted Common Stock Units [Member] | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Anti-dilutive Securities | 720,969 | 1,102,852 |
| Restricted Common Stock Awards [Member] | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Anti-dilutive Securities | 128,453 | 136,187 |
Subsequent Events - Additional
| Subsequent Events - Additional Information (Detail) - Aspen Aerogels Rhode Island, LLC [Member] - Paycheck Protection Program Loan [Member] - USD ($) | May 01, 2020 | Mar. 31, 2020 |
| Subsequent Event [Line Items] | ||
| Debt instrument, maturity description | The PPP loan matures in two years from the date of the note and has an interest rate of 1% per annum, which interest begins to accrue on the date of the note, with a deferral of payments for the first six months. The principal and interest are payable in equal monthly installments, beginning on the first business day after the end of the six-month deferment period. There is no prepayment penalty. The principal amount of the loan may be forgiven upon application to the PPP Lender after eight weeks. Such forgiveness will be determined by the PPP Lender, subject to guidelines from the SBA and other limitations, based on the use of loan proceeds for payroll costs, any payment of interest on a covered mortgage obligation and rent or utility costs over the eight-week period following receipt of the loan proceeds. The amount of SBA Loan forgiveness shall be calculated in accordance with the requirements of the PPP, including the provisions of Section 1106 of the CARES Act, although no more than 25% of the amount forgiven can be attributable to non-payroll costs. There is no guarantee that Borrower may secure forgiveness of the PPP Loan in whole or in part. The amount of loan forgiveness will be reduced if the borrower fails to maintain the number of employees or reduces salaries below certain levels during the eight-week period. | |
| Subsequent Event [Member] | ||
| Subsequent Event [Line Items] | ||
| Debt instrument, principal amount | $ 3,685,800 | |
| Debt instrument, interest rate | 1.00% | |
| Debt instrument, maturity term | 2 years | |
| Prepayment penalty | $ 0 | |
| Maximum loan amount forgiveness percentage attributable to non-payroll costs | 25.00% |