10:34 AM EDT, 10/16/2024 (MT Newswires) -- Aspen Aerogels ( ASPN ) reported Wednesday a preliminary Q3 net loss of $13 million and revenue of approximately $117 million.

The Q3 net loss includes a one-time charge of $27.5 million relating to a convertible note that was extinguished on Aug. 19, the company said, adding that its cash and cash equivalents were about $113 million as of Sept. 30.

Analysts polled by Capital IQ expect Q3 net income of $830,000 and revenue of $95.1 million.

The company also said that the US Department of Energy granted a conditional commitment for a proposed loan of up to $670.6 million to finance the construction of an aerogel manufacturing facility in Register, Georgia. The proposed loan is part of the advanced vehicle manufacturing within the department's Loan Programs Office, according to the company.

The facility will create 550 construction and 255 permanent operations jobs with an estimated $1.2 billion to $1.6 billion in revenue capacity, Aspen added.

Shares of the company were up over 10% in recent trading.

Price: 24.78, Change: +2.34, Percent Change: +10.43