ASPN - Earnings call transcript Q3 2019

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to Aspen Aerogels, Inc. Q3 2019 Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today, John Fairbanks. Please go ahead.

John Fairbanks

afternoon. Good joining Aspen for conference for us you Aerogels’ the call. Thank Officer. Fairbanks, Aspen’s John Chief I’m Financial There housekeeping Young, a the CEO. are few call before to over turning address to Don Aspen’s and items President I’d like of press measures well a financial is the as measures available The business to the of section management’s as announcing on results reconciliation Aspen’s and Aspen’s release most developments use compared of website, non-GAAP www.aerogel.com. financial applicable Investors GAAP

operations, release operating Included September balance a quarter is a in of of and summary and statement financial and press statistics summary a the XX, XXXX. ended sheet summary the nine key months for

Aspen’s of addition, Investors approximately for In contain an year. website this section webcast archived version of one the will

forward-looking expectations, and a regarding and statements, including that are note is statement forward-looking Please any statements beliefs, business to plans estimates, subject include outlook, targets, any prospects, other fact. These not that risks our discussion historical will projections, statement uncertainties. today

may those company’s found in in recent could in release Aspen actual Aspen Annual detail be affect can differ that the reports Aerogel’s today Form particularly with and results SEC, issued materially on files the factors the these actual expressed forward-looking Aspen’s the A of XX-K. from more results company’s list statements. in discussed in Report press most

the release press of section Investors Aspen’s in can issued website. found Company’s today be and SEC filings the also with

today, October Forward-looking statements XXXX. of the made XX, as represent views today company’s

any or disclaims Aerogels update forward-looking circumstances. events Aspen to future these to statements obligation reflect

of measures press accordance accordance with as These discussion considered intended measures Generally Accounting a substitute be and measures to we in financial financial not reconciliations measures, in prepared measures financial non-GAAP directly The GAAP. are including U.S. of today’s financial present adjusted to isolation release. During the included are Accepted in These this measures GAAP. are results call, or and non-GAAP will non-GAAP EBITDA. most comparable a non-GAAP financial why these not Principles these prepared or financial GAAP to definitions for refer we in with

the of now to over Young, Don Aerogels. and CEO I’ll turn call President Aspen

Don Young

our performance afternoon. for will our Good you XXXX and about start us earnings I outlook. providing by QX comments joining call. Thank for

will QX update and John our XXXX review guidance. year-to-date and Next, our financials XXXX

We Q&A will with conclude call a the session.

potential outstanding the short-term the quarter effectively as the and to to the in profitability momentum have The revenue The that news into an gross quarter profit look good had is forward a relative to long-term better the gross by Revenue for was versus to year. growth and adjusted important five year, expansion, With margin third half significantly We of delivered perform and necessary that XXXX. two enhance nearly XXXX. margin versus news us. we created we factor XX% by exceptional strong and and the third times in quarter, finish of our we expanded is the the growth this our last year EBITDA and our for year. a we the coming to last increased in accelerated first we both positive more

Two to and focused at the for of XX%, total have XX% an for to percentage of revenue three revenue, on from more than total indicators are derived specifically performance grow year work. XXXX project our increasing by revenue, least

to in XXXX on are exceed objectives. pace these We

revenue industry million of customer-specific our which scope in others our percentage when grown Cryogel With first consistently distinguishable respect since we consistent is day-in revenue defined and and in to introduced we project Pyrogel tends from which work, to day-out This $X smaller, from project total steadier work, project increments our of maintenance to products. in XXXX and size. come has exceeds be a revenue stemming with revenue, work have as a

sales a as We quarter and revenue of increase third revenue, set our the total revenue from year-to-date our for our a in teams, our first for percentage for project in XXXX, project-focused of quarters Project concert working during to range. XXXX XXXX. both the performance performance was three to indicator team, regional XXXX. in a the The has XX% contributed to significant to XX%, with revenue global dedicated, XX% growth target formation

expect We XXXX, investment significant continued realize and to project-related a return beyond. XXXX in on

maintenance are work. levels and activity Overall high in project both

XX% for that confident growing of have a revenue our Again, commitments least by will more are project We grow derived XX%, XXXX. year at percentage exceed revenue, than full revenue and to from work. we to

our focus to drive on profitability. XXXX Our has in been

at that focused reported in as earnings bill two gross I These the reducing of our first last call, our half second our initiatives, of order both led we the improve quarter, completed During the to in in growth, a gross third expansion revenue on to last to the time significant margins. the to of period along initiatives with quarter, margin strong year. major year same compared and materials this

half the margins be XX%. We expect second XXXX for of gross to approximately

the expected all QX a have time end three last we completing and to at of our contributing At initiatives earnings call, the initiative of anticipated QX. third in

especially principal million. With initiative XXXX growth. plan April reduce to of is $X significantly our at This this initiative implemented fully will have complex, by we XXXX. is material technically EBITDA bill We why with the implement a adjusted until substantial we now not approach, guidance disruption our time trimmed to costs. to deliberate reason the third revenue delay do The third manufacturing minimal our it of want but operations,

initiative have XXXX, two other in positive third we gross profit combined The on that a meaningful and margin when with gross will the significantly especially margin and initiatives. driver, impact is are confident a it

more focus making more utilized, manufacturing profitable. on our existing assets In an fully we thus, addition, more efficient, and much have intense

drive to much the assets. as adjusted Our our generate from to EBITDA existing designed as billion profitability enable company $XX is of to manufacturing

two are to cover I remarks. in prepared topics additional There that like would these

for final three on a indicators second initiative; and is our our new comment performance is First business creation XXXX.

leverage element to Platform. strategy is Our Technology creation of our the an Aerogel important new business work

earlier on an proprietary technology the carbon I more to of are focus market. this with on we As discussed positioning patented decade work our battery and aerogels a leverage year, ourselves than materials creating initial

centers on high attributes of strengths, high ion lithium can in next-generation electric a our aerogels, take and improve of core in batteries, exploration three enabler electrical carbon drive conductivity density how full the morphology, vehicles. expanding goal key of Our with unique mechanical energy we range advantage the to in key

and team battery potential market. Our IP aerogels expanding as portfolio in our we our the characterizing value actively our determine is carbon

in who who the Our much battery immediate objective is support validation building expertise have battery battery production and to our endeavor, bring to BASF or area of has more and applications done partners and as materials materials, one can attract battery materials. in

one anticipate and We progress with continue before to year-end. or partner them of these more make discussions formalizing

to is another aerogel-based goal Our business attractive stemming build our Platform. from Technology Aerogel

first, positive formation recap indicators And growth aimed for XXXX leveraging project are; EBITDA; our leading a of at total partnership Platform XX% and revenue with an Technology of our three performance revenue second, third, new market. adjusted a XX% and additional the company comprising finally, to revenue; into Aerogel

revenue, second the solidly fourth discussed expect in the pipeline, of monitoring, targets. the for in half Based comprise to project growth In outlook more active both the performance revenue of total was cases, greater revenue we which we worth be our project for XX% than year, the than exceeding of margin to XXXX. the XX% and our on delivery indicator the revenue and year gross addition, XXs during

is in XX% of Despite third second approximately is It initiative, interesting for that XXXX. margins the half delay the further the attractive financially, a third to XXXX expansion points technically the challenging we results. to implementing in expect of margin but ourselves to a improvement was gross a to position initiative, very and this gross margin margin gross for expected two improvement three post XXXX one. margin gross Again, gross add QX to to note initiative

to a to initiative, we of third As slightly the miss to adjusted be negative our positive approach to and EBITDA to year, the are likely instead, performance deliberate indicator for generate breakeven. result the

opportunities XXXX XXXX. strong be for second into will we of EBITDA-positive However, half carry momentum solidly and and the

for and for profitability quarter the XXXX. the in revenue to to a ourselves one more creation, and The end. drive With the imperative to with growth With year of in strong engaged discussions and agreement related is our partnership for improving into full battery XXXX. business fourth both QX profitability discussions generate significant these year to I our actively in as with we’re are convert anticipated to EBITDA revenue noted positioning potential before materials record or partners plan and respect new earlier, in adjusted additional initiatives we characteristics,

markets and adjacent realizing strong of unlock the the build and our believe to energy in maximizing invest value, key potential markets materials and to to is to as such long-term that the building full invest materials. cash business battery significant can our opportunities and infrastructure new company. shareholder is the returns in core in opportunities to The meaningfully We lead in a business goal breakout valuation that reset of generates markets to to potential

call results. for John of over the turn John? I’ll to review Now financial a our

John Fairbanks

running reported level. at third like a XXXX quarter Thanks, I’d Don. summary of results through to start our by financial the for

from revenue $XX.X to quarter XXXX. the million XX% million quarter Third $XX.X of grew in total third

net operating the are income do loss We negative was loss believe net compared detail $X.X define amortization, adjusted now or share stock-based share other a positive And our third expense on not $X.X per compensation of per as or year $X.XX items our EBITDA indicative performance. million to last results. year. million I’ll depreciation, taxes, that interest, improved additional provide $X.X million quarter before ago. EBITDA Third adjusted of million to we components and $X.XX core or from quarter $X.X

First, I’ll discuss revenue.

to core PTT of of third revenue from $XX Third continued $XX.X research solid million of year’s of and was $XX.X $XX.X and the $XXX,XXX. quarter in last million. energy and in of revenue million Canada They revenue by driven quarter This Nong in Fab strong project. million services represented markets product comprised Terminal shipments our increase total revenue LNG total the growth U.S. was growth

selling XX% feet XX%, in Total square foot, our $X.XX quarter XX.X to right increased aerogel per shipments increased million square with by the of and our line blankets during by expectations. average price

As we $X.XX. price our $X.XX selling square outlook or foot, minus are of plus full maintaining average the result, per a for year

XX% for second time the both revenue At subsea in investor between year, LNG XXXX, August an project due XX% increase of our quarter and call our in we markets. revenue reaffirmed to projected and this in growth of the

growth our our the quarterly internal supporting was with quarter third in of projections Our line in public outlook. annual revenue XX%

between we As at to are $XXX growth $XXX XX% equivalent of XXXX and reaffirming result, year. million, and a raising to of full outlook million our year versus revenue base XX% the the upside last

during was revenue million profit last gross XXXX of of of $X.X discuss in Gross the during versus year. quarter revenue the or price XX% was third or driven profit. profit and third gross increase XX% increase $X.X by quarter in in Improvement during I’ll million quarter expenses third XX% average part versus the last offset Next, year. the X% selling by volume this the largely manufacturing in an increase in year,

this our August increase and XXXX. a for revenue, At in quarter the half profit second year, call time we gross second of projected utilization of investor capacity significant the in

that quarters estimated and two final would gross full also our We margin exceed for year of the for approach year. the XX% the XX%

Our projections. third performance these line clearly was with in quarter

we fourth margin in of forward, during and record gross both quarterly expect Looking the XX% a to revenue achieve quarter. excess

over material However, cost one of now initiatives principal projecting a past two increases quarter delay we raw experienced offset and as to our mentioned, two years. we’ve are the the Don

our result, the margin XXs, an are a but quarter mid-XXs. of our fourth in XX% year. Accordingly, for As significant gross to earlier we our in roughly now contrast our margin internal to target, a XX% XX%, low to full still remain the gross expect of to margin improvement increase year be that will the gross projections projecting we last our short

I’ll operating expenses. discuss Next,

million. we’re revenue and our between increased year-to-date expenses range quarter end outlook million. year of $X our largely from recognition. of a by Third decreasing expenses our million million the for million prior quarter-to-quarter million million our versus revenue at the $XX a increased And On outlook was or, This to last as $XX to between low more full $X.X our high by reasonable $XX.X operating $XX.X of by basis, guidance timing operating revised to XX% a $XX driven guidance, year, through million. X% or increase expense of $X.X expense operating the end of

by balance in EBITDA our working sheet working for million in in our fourth to revenue the discuss operations quarter used revenue part flow third quarter product adjusted positive XX% reflected and goods associated the record Next, investment, finished $X.X increase quarter. I’ll and our support Cash during included $X.X of during million capital a in cash the during in our of The capital million. increase quarter. offset $X.X anticipated inventory with investments accounts third receivable growth the in

the expenditures $XXX,XXX were and principally during in focused on our Capital Providence facility. East quarter third improvements

revolving During $X by with the under borrowings we quarter, investment in current credit support principally net million our third available million we $XX.X million cash, an assets revolving of facility access had of to shareholder’s quarter credit facility million. revolving equity to our Valley increased Bank our end. additional our the Silicon ended – million, our of credit quarter under on And $X.X we $X.X facility $XX.X outstanding million and to at importantly, $X.X

expected EBITDA million principally million, $XXX revised Adjusted outlook positive million $XX.X $XX.X XXXX. and is at $X our prior revenue Again, revised million. $XX.X for of reduction the prior our $X.X guidance million, principal to initiatives range is fine-tuning million. between million. range to full raw and range due recent EBITDA $XX.X adjusted breakeven Net $XXX in cost to this of $XXX breakeven, is million loss between $XXX one between guidance our to from between is expected financial material delay We’re outlook between two-quarter increases. revised and and expected from of and and between million of year offset Total million to prior negative from our outlook

a of the revised loss for EPS between per for of $X.XX shares is share. assumes average loss of weighted and guidance between million a a outstanding the to $X.XX loss $X.XX XX.X range year, EPS $X.XX of and per a expected This share from year.

In $X.XX. The at gross this XX% outlook of of a price and assumes selling $X.XX $XXX,XXX outlook compensation foot, XXXX an amortization plus of million, year square $X.X interest expense expense $XXX,XXX. revised full patent of addition, depreciation assumes minus of of $XX.X enforcement million, and per stock-based margin also average cost or

outstanding Valley and our will we we million within of total with And million Silicon our expected in full million and the the expenditures full expect outlook, EBITDA cash to for between year XXXX on capital cash, adjusted exit XXXX to year. Turning to approximately credit context $X.X hand. repay of the range our Bank the with fully $X line balance net on $X.X

differential $XX.X emphasize XXXX and fourth strong XXXX I’d includes our to we don’t Although range our nine-month normally to indicates for between year provide and between our quarter our updated million. $XX.X full outlook that that actuals guidance, expectations quarterly like outlook a full a total year quarter. million expected record The fourth revenue is

Fourth between quarter loss and million. adjusted $X.X positive And a range Fourth $XXX,XXX $X.XX to between EPS $X.X fourth expected expected of EBITDA quarter is loss expected million positive to is million. net quarter share. is range a between and to $X.XX range per and $X.X

the fourth expect we to XX% As during discussed earlier, our gross quarter. exceed again margin

I’ll to now Q&A. turn the call Josh back for

Operator

go ahead. with comes [Operator Canaccord. Please our Moore from question And Chip first Instructions]

is Your open. line

Chip Moore

Thanks. Hey, good evening. How’s it going, guys?

Don Young

Chip. Good,

Chip Moore

you you’re objectives very some talk on of looks you away. couple surpass growth, XXXX it to in of on give here how good of about maybe can to about quarter like margins. another terms the think – Don, a objectives. can sort progress us early Anything of key So track strong on months

Let’s there. start

Don Young

to able can not XXXX. – ready in we’re focus QX. Well, right guidance strongly quite we in want momentum is that tell finish to for here the Yes. build to XXXX, I creating but you our here now be we’re that to we’re provide And on

positioned record quarter. to We’re a have

record a have year. to positioned We’re

the very next those really is do call. certainly what’s earnings well, promising if us think talk We have which about And XXXX, now. right so in we’ll a driving things that we’ll we

Chip Moore

try. Certainly. I had to Fair just enough.

bit talk the seeing It how you talk optimistic. So you’re could maybe about more subsea, sounds like we about talk you’re about fairly pipeline. project a there Maybe are tracking. things can and what LNG,

Don Young

Yes.

investment dedicated have in substantially, we’re you’ll we’ve folks in a possible. many those a our specifications. in of in who two working many those – are with pretty significant regional only specifications quite built contacts. So projects, all place – And project-focused to sure a cases, that the preferred the in made back identification but well had who dating years, remember, working team local is almost of And a now that team. of not really as hard that we in pipeline be And out projects we

believe as And I so for time, excellent an business we – fill the and in with throughout look like and and we We’ve been what we deliver LNG proposition. PTT continue the additional have will see. see, long a steady what to what think we and value XXXX, orders. that at that But the I XXXX in pipeline we you’re for even we’ll subsea XXXX order XXXX, really we

Our and And value million this value strong U.S. maintenance well in there $XX guarantee really as proposition the $XX is here in and the there while positioned Thailand projects now is, We in will and that LNG attractive the can’t between and really our we’re small projects demonstrated side. world. some project. project every very on for, be large are that out the project million, around in I

Chip Moore

That’s for be million $XX million of certainly that it. great. Plus to we nice. $XX Yes, can would some yields, hope that

On that QX have more we about challenges of you for was of the this to think, little the third where margin I initiative, year? can should next have we approach, a the talk downtime? think gross we some some if, as Or bit side, about situation how it

Don Young

exactly. Yes,

got We’ve focused very was first the effectively be it. – and this something the to schedule, initiatives on this we’ve of people more the working is that So we excellent difficult on three. is going knew on. a been two this We executed

just constraints, will, the in, if we manufacturing that our on We’re pressures or place, facility. to trying that in if get you with mix we it other will will, it very and we’re confident have you

running, testing Growing to team. in new what early been to puts up the in nearly on of gives able confidence for our our it And XX% have facility points initiative said it the gross and in feel year, our to And this my that’s glove year. good as would three anticipate well, third it here be place had had lot tests here we is slot to And initiative or remaining get we hand in think initiative pressure to and I we’ve one performance two comments, two. required that it QX this with and QX, added year. a – confident we that and about in margin working the us what we’ll

it’s So want that’s valuable, trying and we’re do we it what to And do. to perfectly.

Chip Moore

yes, And for maybe sense. last Makes Understood. me. one

front, year. the left the much On we right, partnership time have too in here

guys. So sense that’s not your necessarily something discussions? in end, I are that Thanks, by just year you see critical, we those to gauge but far like just that along how confidence of

Don Young

Yes.

We’re here And good and we a we very we an attractive do that multiple have active. this going, will year. are calendar agreement, fronts confident agreement

or do You’re over us it we’ll but that for to be end. sake five year creates of We an place an are be course in for one before to want doing something the those the we value we’ve right. three – years. years, to that confident don’t And agreement We of one able agreement. – want more get year, of

Chip Moore

Exactly, a that’s I’m waiting what for. lot. Thanks

Don Young

Chip. Thanks,

John Fairbanks

Chip. Thanks,

Operator

Please Stine comes go Your ahead. Craig-Hallum. next from question with Eric

Your open. is line

Eric Stine

John. and Don Hi,

Don Young

Eric. Hi,

John Fairbanks

you? Eric, how are

Eric Stine

working out a mean mean your hopefully then on I well. for next maybe now it EPXX, results. on I to fair on given come Maybe recently PTT. growth? Fab you’re the that Terminal give side, terminal. the mean on for that say in what your thoughts And LNG side, curious, doing that. I on Nong instance, plans position their just I’m you the shot from you’re with just is to differently. right Technip, and see the I expectations, commentary, a like for PTT expect very know it has win just you’re I’m strong little XXXX with Yes, I doing your I’ll subsea ask

Don Young

million. know, we a say to in year. you as want Well, this subsea around year $XX had I good John,

John Fairbanks

$XX million.

Don Young

area And And closest it’s solid it’s but for or the a not see Technip $XX in us a that’s area. XXXX solid in has year, you million. And we been or levels $XX XXXX. million in And cite, partner our subsea. record from for, really, so, performance this since as that us. continued year activity

be LNG, So confident we’re to focused And we to area. deliver year on the successfully, positioned and which will, feel really to do. in successful the look the With PTT towards XXXX we’re respect if subsea well replace to what you is project we XXXX, as will during XXXX. it, continue we

I off projects. is to revenue. project a We drop no in Chip, be our everyone And greater to $XX million. build just million of there’s revenue not continue So said project with as diversity $XX to perhaps to going

to profitability. areas important that a to that initiative third other about, as another those only not course, our for but expand therefore, our and margins drive of continue improve take if we’re focus are believe significant we our the confident get gross team, advantage revenue, in have growing improving year which this have the EBITDA. in us. can is We So of our operations are opportunities us, that to But place, we we, to

I a profitability. And gross really want XXXX drive to million margin as XXXX it’s think to XXXX. build, in $XX really this I our demonstrate get time drive ability company something to the beyond. is year, we of to substantial improvement continue middle for range and our EBITDA from and this the to like into way,

Eric Stine

the the more the is, the that into get get is you just don’t it. as what it basis margin? materials Maybe but got. any can points full I XXXX, bill of you that on got Yes, impact give you that think that impact? when was than maybe fourth you’ve thought if important kind in said XXX on initiative detail the turning would do you And Or to to greater of that third quarter, XXX that gross mentioned, you you you know exactly

Don Young

one quarter the in of the year. would’ve quarter recognized Eric, of think, fourth that – we margin I this improvement improvement

expect to carry next we all obviously, of right. year, through So that

annualized… the get So

Eric Stine

full was a it – you’re But Okay. I anticipating month so. that’s not the that’s mean the full a amount – for or quarter? you’d get

Don Young

right. exactly That’s

Eric Stine

Okay.

Don Young

when I our from through that being our about into complex plant. a a there’s as There’s team, be lot transfer talk delivering that project that needs again, research And task of development – coordinated and down through variety of integration it for of moves third-party to, or to excellent be our group a products. to our testing sure we’re the

of And And pieces so plant costly something for time the it a risky we, there now. of any are again, us to this and is trips lot to is, effort. up right really as financially attractive do as too period that for too

the And X. time year period slotted early project it contributing, and final on next touches a put April really so have of to starting that on we’ve

John Fairbanks

is to us expect Eric, we that seen. of likely in somewhat. through some other time year. would other manufacturing one And to – optimization operations productivity see – then one improvements it to our increasing accrue we’d I that’s This be initiative But potential to simplify to would able that’s there benefit a expenses would next benefit There’s over in the And year. our forward. moving an us to position be think

Eric Stine

Got it.

me. for one last Maybe Okay.

just with been just that. touched discussion contribution around I You you partnership the maybe what Spaceloft by that’s AX then BASF, working the product. But are And product, a towards you’re know some on on of so already thus far, second maybe year-end. targeting kind that

Don Young

Yes.

of the at we couple in I We of of value ago, well. year, as to the lighthouse product of and really a are potential team BASF not but significant. do continue one with Europe spend the hand fairs. hard so-called on had closely we’re few the high-performance, glove noncombustible together, materials, in part AX. creating focusing Also, with working with on projects work second-generation been was work an we These our an working our this BASF. – revenue we’re trade big important is really I this enormous opportunity contributor It And projects. call demonstrate very And what really these, to that guess, Spaceloft to BASF. some time weeks has that

we only is product markets we believe characteristics great such couple areas to materials think as this well. as has real BASF but that on. are transportation a other other areas a that building And that There’s and a it, the focused performance there’s in in of has product promise, to product we the form some attributes not in area, and

BASF is resourceful to And we faster. want course, – company. we’re big a go of So

I impact think we’ve a both And very Yes, the one, of to years. want the products but have course are it’s companies of, the right. company to very faster, pleased two go we want again, to three going it with also think we we on do value made. our over nice and

Eric Stine

lot. Okay, thanks a

Don Young

Thank you, Eric.

Operator

H.C. question Dayal with Wainwright. next ahead. Your Please from comes go Amit

Your line is open.

Amit Dayal

Don. Hi you. Thank Hi John.

Don Young

Hi, how are you?

Amit Dayal

to Just going back the gross margin question.

it’s the an just Just wanted issue raw in improvement production implementing replacement et cetera, is this to finding materials, not so this clarify, with process?

Don Young

Yes.

initiatives or just we that look, to really are implement broadly, are in think, implemented I three categories. planning year have this the

materials. of there that sources to We’re products ensure But to is of lower and of for raw characteristics our secondary, raw the we qualifying, go a tests change – our attributes maintained, and materials, we supply said, cost you like absolutely our battery high-value that no through impact are our when customers.

so out new quickly. get we a a supplier implement just the market it product and And find in new don’t go and off,

to a it’s so approach very change disciplined And sources. supply

lower what’s raw discounts to material cost cost once place is increases reduce higher contributed lot material volatile and we’re years. on vendors. is prices a have gotten that that couple again, clearly, we’d be other that the then over of existing we’ve and very our already focusing last methodical easier, we could optimizing And negotiating in with some And the our our changing approach been formulations. the we’ve formulations materials of in place and to product volume The finally,

to on is performance in we’ll a another going our spread initiatives with three multifaceted to our – have three year. operating And try this had another four guarantee year, the I to slate principal for business. this in initiatives place So better profitability, really We and drive the put drive approach. to margin you, into next

Amit Dayal

Understood, give Could PTT been now you the on how for color much delivered? you thank has any of that. project

John Fairbanks

we’re supposed PTT. the to of – discuss – haven’t We schedule we’re actually not

We’re contractually to. bound not

been able time be have to would in shipments complete XXXX. the of project, the quarter we We expect to shipments at fourth quarter say in would and the And we XXXX. the it of second announced

all really conclusion We are a that. say can you on schedule. of But But draw I to that. logical that’s think can sort I from

Amit Dayal

near PTT similar is size And to there that. are that for you the in anything term that else a on? you is working perspective in Thank guys from project

John Fairbanks

is for project much after the PTT million was done second that Reliance It of large longer time. be a project approximately which delivered project pretty $XX period over would us. India, a the in we’ve largest

several plentiful have that I we say those are have would but more projects smaller, that on, but projects in sights they’re our we So number.

So won we when order, perfectly. think we’re order, think we I might fantastic I it our a that have to focus – deliver and PTT it, it’s said, I love going

$XX then diversity, We’ll more million and like think that take I in way, think out XXXX million you’re like have order, and going to and orders one see or spread big kind I or Sometimes deliver win get way honest we will million that I million and the you XXXX, million of in five time. and the look out $XX one $XX ones, million I orders. $XX I’d I always at $XX $XX we when it see orders million a two in the you. will be with but lot they $X $X rather million, than like to And the or XXXX

Amit Dayal

it. appreciate I good. That’s

Appreciate other much. that’s think have. you it. take my offline. all Thank I so I I’ll questions

John Fairbanks

much. Thanks very

Don Young

Amit. Thanks

Operator

no currently call for are time. further back to Don closing at There turn Young the I’ll remarks. questions this

Don Young

interest look you, to quarter Aspen in your Thank fourth appreciate to a evening. Thank you in you. We Have Josh. reporting XXXX. good We Aerogels. our forward February results

Operator

concludes call. us. joining conference you today’s for This Thank

You may now disconnect.

Aspen Aerogels (ASPN) 1 Nov 192019 Q3 Earnings call transcript