also John. for our XXXX by and our earnings you joining by Good perspective our leveraging platform. results on environment the this promoting afternoon. discuss ongoing start business you, business by I technology particularly to global period resource strategy our will current an Thank will Thank aerogel COVID-XX. uncertain by for sustainability overview during and QX us call. framed address providing opportunities, QX I our of sharing efficiency
the our of core related I two part business, electric but vehicle comments to to will only As not also include our infrastructure energy discussion, initiatives. strategic
have of we Next, taken review the performance ensure financial strength our long-term John will the set of and actions financial describe company. to the QX
We session. John note operating should will with are us bear the the conclude call from that I different and with so X a session. during locations, Q&A Q&A I
and to do each my to staying Aspen to family and our us our at your a good health your with I other, Before friends families communities. business colleagues. supporting begin you, and of I and as want normal XXX team work The comments, close wish are
healthy everyone and the to goal Our is keep and strong. safe to company keep
tasked and end, cross-functional two to as what To our XX this means drive we also formed have the days quickly on to regain teams. us it focused to are positioning to as and profitability. is to strategy the our next on XX team is One our full with next normal We focused possible. momentum and
profitable permanently, harvesting certain positive efficiencies that COVID-XX remarks. will throughout now us things tasked Aerogels from with add X COVID-XX Aspen worth impacts work comments from practices more my from and adopting are on this on focused is additional I team second the structurally. period that and of make The year
Our performance March significant experienced by in presented that growth by COVID-XX. the revenue QX uncertainty upon XXXX. we in margin Product which expansion gross and increased built a tempered X%, first was quarter revenue in
what hard While that have are in have happened in growth is solid confident to would it know without we product exactly experienced would COVID-XX, revenue QX. double-digit we
our Our focus traditional our earlier and XXXX, in $XXX,XXX development R&D our by research wind reflected valuable programs talented revenue $X down services decreased million opportunities. entirely to research our to team which government QX to on commercial decision
of the to this in revenue first with impact improved adjusted QX revenue relatively margin XX-month $X material in XXX adjusted quarter margin growth we growth, the EBITDA trailing earlier positive to our modest million even and in achieved part raw reflecting initiatives and EBITDA basis. expansion, by reduce expanded on gross Importantly, points XX%, our sustained by With basis a costs. we
to note we $X.X COVID-XX One this our backstop restrictions on potential by any balances QX. inventory million made point increased our manufacturing to unfolding decision as is that against plant. strategically We operating was during
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the on path strides year. and XXXX to of in in quarter this our significant first made profitability We
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of We cash also and the took including of early of of actions Directors, for to increases, remuneration Board expenditures. the elimination salaries, lowering capital manufacturing reductions SG&A of merit conserve cash, elimination of and reduction XXXX expenses
their based performance Aspen on versus revenue In portion meaningful of addition, senior plan. and EBITDA compensation a managers at receive adjusted
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of planned of both our our of strategy process in the aerogel bill of to broader technology committed funding participate including support through margins fully and gross are platform reduction opportunities efficiencies our technology leverage and We in market, our to initiatives expanding material diverse R&D trend. into to activities mega and new EV
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gross fully adjusted over the if basis have initiative, $XXX,XXX and margin XXX implemented to over to third points perspective, For quarter, would the our first added during EBITDA.
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key prudently aerogel cash and we our oil have In costs we our leverage certain core exciting to drive technology programs new the into strengthening implement to found continuing among and lower the face platform of and believe profitability business prices, balance gas our sheet, in to COVID-XX right balance businesses. reducing and
maintain continue a the on we to will to ensure situation monitor daily We correct balance. the basis
uncertain issued and are COVID-XX, With driven January financial XXXX by XX. withdrawing the our duration of of was which the guidance, respect to and remainder impact on we
indicators our outside for February series earnings I our that were most financial of outlined guidance. a on set XX, which recent of call During XXXX, stretch targets performance
indicators uncertainty at I Given performance the this environment play financial out. X the at of after point time. time we quarter, current given metrics in a to to comment difficult our current after them gauge next more on have period involving to the plan and single call only earnings are
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the batteries, drive carbon energy a effort centers enabler expanding the key goal of full lithium-ion on the advantage unique in range Our taking of attributes to aerogels our of with vehicles. density improve of ultimate the electric
improve are with engaged companies, partnership safety partners, cost, actively battery a working evaluation industry-leading and closely of and manufacturers our both promising. The is performance, with Evonik, goal other to We batteries. lithium-ion EV and are technical with and SKC and durability the progress
believe other industry continue both will expand our to existing with leaders additional XXXX. relationships with two We agreements and enter partners we that our into in
opportunities report will at strategic aerogel further value these build margin to indicators, towards to platform. based Our profitability. two vehicles of goal diverse three time is trend that fully financial our expansion out performance our mega on technology and on performance leverage call the three which earnings with to indicators we and the demonstrate more Again, and additional of attractive revenue and electric QX relate our businesses these growth, the
fortify correct regain to in momentum to and are to we taking the strategy. Finally commercial unusual this advance our and company our we believe to continue to time the prepare recap, actions to
will financial Now to for John our results. call of the a turn John? over review I
