Aspen Aerogels Rises on $671m DOE Loan, Prelim. Revenue Beat

(Adds stock move, additional details)

Aspen Aerogels shares soar as much as 25% in premarket trading after the maker of thermal insulation used in electric vehicles reported preliminary total revenue for 3Q that beat analyst estimates and the US Energy Department offered to loan the firm nearly $671 million to construct a plant in Georgia.

PRELIMINARY THIRD QUARTER RESULTS

• Prelim total revenue about $117 million, estimate $95.4 million (Bloomberg Consensus)
• Prelim adjusted Ebitda about $25 million, estimate $14.3 million

COMMENTARY AND CONTEXT

• Prelim net loss of approximately $13 million, including a $27.5 million one-time charge from the extinguishment ...