Shares of Aspen Aerogels (NYSE: ASPN) plunged over 5% on Thursday morning after the company reported disappointing third quarter 2024 earnings results. While revenue surged 93% year-over-year to $117.3 million, in line with expectations, the company's net loss of $13.0 million and loss per share of $0.17 missed analysts' projections.

The earnings miss overshadowed Aspen Aerogels' strong top-line growth, which was fueled by increasing demand for its aerogel insulation products. However, higher costs and expenses appeared to weigh on profitability, with the net loss essentially flat compared to the prior year despite the significant revenue increase.

Analysts had expected the company to narrow its loss this quarter, but the larger-than-anticipated deficit raised concerns among investors. The disappointing results also come on the heels of a 6% decline in Aspen Aerogels' stock price over the past week, suggesting market apprehension ahead of the earnings announcement.