Shares of Aspen Aerogels (NYSE: ASPN) rocketed 48.1% this week through Thursday's trading, according to data from S&P Global Market Intelligence.

Aspen's first-quarter earnings report was the catalyst for this week's massive rally, proving that the company's aerogel barrier insulation technology is taking off with a number of major electric vehicle (EV) manufacturers.

In the quarter, Aspen reported revenue of $94.5 million, up 107% year over year and crushing expectations by $19.1 million. Both adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) and operating income flipped from losses a year ago to positive territory this year. Net loss per share, while negative at $0.02, nevertheless beat expectations by $0.09. The company also raised its full-year guidance from $350 million to $380 million in revenue, and from $30 million to $55 million in EBITDA.

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Source Fool.com