Shares of Aspen Aerogels (ASPN 1.82%)a maker of industrial lubricants used to extend the life of lithium-ion batteries and for other purposes such as insulation, saw a sharp rise this week after the company delivered another round of rapid growth in its second-quarter earnings report, handily beating analysts’ estimates.

According to data from S&P Global Market Intelligence, the stock ended the week up 15.7 percent.

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Aspen’s growth catapults again

The main reason for Aspen’s gains this week was rising sales and profits in the second-quarter report.

Revenue increased 145% to $117.8 million in the quarter, well above consensus of $101.4 million. This growth was driven by a rebound in the thermal barriers segment, which saw revenue increase 540% year-over-year to $80.8 million. PyroThin cell-to-cell barriers help improve the safety and performance of lithium-ion and other types of EV batteries and are clearly finding a customer base.

The strength of this segment helped adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increase 124% to $28.9 million. Earnings per share were $0.21, up from a loss per share of $0.22 in the year-ago quarter and better than estimates of just $0.05.

CEO Don Young said, “This quarter’s results demonstrate the significant operating leverage of our business model as we continue to utilize a higher percentage of our current capacity and effectively execute on our strategy.”

Can Aspen Aerogels maintain this momentum?

Aspen forecast strong revenue growth for the full year, albeit at a slower pace than in the second quarter.

The company raised its revenue forecast from at least $380 million to at least $390 million, representing growth of at least 63 percent. The company also forecast earnings per share of $0.09.

That suggests a significant slowdown from the first half of the year, but the guidance is probably conservative. If Aspen can deliver more quarters like this, the stock will surely rise.