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ASPN

Aspen Aerogels, Inc.

ASPN

Aspen Aerogels, Inc. • NYSE
$3.22 ▲ 1.90% (+0.06)
Market Cap $266.08 M
52w High $15.38
52w Low $2.92
Dividend Yield 0%
P/E -0.88
Volume 1.59M
Outstanding Shares 82.63M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $73.017M ▼ $24.147M ▼ $-6.334M ▲ -8.675% ▲ $-0.08 ▲ $2.626M ▲
Q2-2025 $78.024M ▼ $30.471M ▼ $-9.056M ▲ -11.607% ▲ $-0.11 ▲ $641K ▲
Q1-2025 $78.723M ▼ $322.153M ▲ $-301.249M ▼ -382.67% ▼ $-3.67 ▼ $-292.418M ▼
Q4-2024 $123.088M ▲ $32.42M ▲ $11.362M ▲ 9.231% ▲ $0.14 ▲ $20.146M ▲
Q3-2024 $117.34M $31.643M $-12.97M -11.053% $-0.17 $-4.766M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $150.722M ▼ $491.395M ▼ $185.662M ▼ $305.733M ▼
Q2-2025 $167.622M ▼ $525.132M ▼ $216.364M ▼ $308.768M ▼
Q1-2025 $192.039M ▼ $554.976M ▼ $240.142M ▼ $314.834M ▼
Q4-2024 $220.882M ▲ $895.144M ▲ $280.439M ▲ $614.705M ▲
Q3-2024 $113.489M $782.587M $274.937M $507.65M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.334M ▲ $15.035M ▲ $-9.102M ▲ $-21.533M ▼ $-15.6M ▲ $5.933M ▲
Q2-2025 $-9.056M ▲ $-3.93M ▼ $-12.885M ▲ $-7.586M ▲ $-24.401M ▲ $-16.815M ▼
Q1-2025 $-301.249M ▼ $5.632M ▼ $-12.998M ▲ $-21.477M ▼ $-28.843M ▼ $-7.366M ▼
Q4-2024 $11.362M ▲ $35.684M ▲ $-14.751M ▲ $86.46M ▲ $107.393M ▲ $20.933M ▲
Q3-2024 $-12.97M $20.771M $-20.821M $22.158M $22.108M $-50K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Energy Industrial
Energy Industrial
 $90.00M ▲$30.00M ▼$20.00M ▼$20.00M ▲
Thermal Barrier
Thermal Barrier
 $150.00M ▲$50.00M ▼$60.00M ▲$50.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Aspen’s income statement shows a company moving from “development mode” toward a more mature commercial business. Revenue has grown strongly over the past several years, suggesting its aerogel products are gaining real traction, especially in higher‑value applications like electric vehicles and energy infrastructure. At the same time, profitability has improved meaningfully: losses have narrowed and recently tipped into a small profit. That shift is important, because it signals that higher production volumes and better pricing are starting to offset the company’s cost base. The flip side is that the earnings story is still young. Profitability has a short history, and margins likely remain sensitive to swings in demand, factory utilization, and raw material costs. In simple terms: the top line is scaling nicely and the bottom line has turned the corner, but the record of steady, durable profits is still being built.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has been aggressively building out its infrastructure and capacity. Total assets have climbed substantially as Aspen has invested in new facilities and equipment. Shareholders’ equity has also grown, which indicates repeated reinvestment and likely past capital raising to fund expansion. Cash on hand looks reasonably solid relative to the company’s size and helps provide a buffer as it scales. Debt has increased but remains smaller than the equity base, suggesting leverage is present but not extreme. The key question going forward is whether the new asset base can be utilized efficiently enough to support consistent profits and generate returns that justify the level of investment. Overall, the balance sheet looks like that of a growth manufacturer still in the build‑out phase, not yet in a “steady state.”

Cash Flow

Cash Flow The cash flow statement tells the story of a business still in heavy investment mode. Cash generated from day‑to‑day operations has recently turned positive, which is a meaningful improvement from prior years of operating cash burn. This indicates that the underlying business model is starting to fund itself at the operating level. However, free cash flow remains negative because capital spending is still very high. Aspen continues to pour cash into capacity and technology, which weighs on near‑term cash generation but is intended to support future growth. This combination—improving operating cash flow but negative free cash flow—fits a company that is transitioning from “building” to “monetizing” its assets. Sustainability will depend on whether revenue and margins continue to ramp fast enough to cover ongoing investment and any future debt needs.

Competitive Edge

Competitive Edge Aspen appears to hold a strong niche position in advanced insulation, especially with its aerogel blankets for harsh and demanding environments. Its key strengths include proprietary technology, a specialized manufacturing process, and a portfolio of patents that create meaningful barriers to entry. Long‑term relationships with major industrial and automotive customers, including large EV and chemical players, further reinforce its position and provide validation that its products solve high‑value problems like battery safety and energy efficiency. That said, Aspen still competes against large, established insulation and materials companies using more conventional solutions, and against other emerging technologies for battery safety and thermal management. Customer concentration and dependence on a few fast‑growing markets—such as EVs and energy infrastructure—can be a risk if those sectors slow or individual contracts change. In short, Aspen’s moat looks technically strong but is tied closely to execution, manufacturing reliability, and maintaining deep customer integration.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Aspen’s strategy and is a major reason for its competitive edge. The company’s core aerogel platform already offers distinctive benefits: very high thermal performance, thin and lightweight form factors, and flexible blanket formats that are easier to install than fragile traditional aerogels. On top of that, Aspen is pushing into new areas like advanced thermal barriers for EV batteries and carbon aerogels that could improve battery performance from the inside. Partnerships with large industrial and chemical companies provide both validation and a pathway to new applications, including building materials and potentially aerospace and defense. This R&D‑driven approach supports long‑term opportunity but also requires ongoing spending and carries the usual commercialization risk: not every project will scale, and timelines can slip. Overall, Aspen’s innovation engine is a major asset, but it must continually translate technical wins into reliable, profitable products at scale.

Summary

Aspen Aerogels looks like a company in the middle of an important transition: from a niche, R&D‑heavy materials developer to a scaled, commercially focused manufacturer. Revenue has grown quickly and profitability metrics have improved from sizable losses to modest profits, suggesting its technology is finding strong product‑market fit. The balance sheet and cash flows reflect this shift—significant investment in plants and equipment, rising but manageable debt, improving operating cash generation, yet still negative free cash flow due to heavy capital spending. Strategically, Aspen appears well positioned in high‑value, long‑term themes: energy efficiency, industrial decarbonization, and EV safety. Its moat is built on proprietary aerogel technology, protected manufacturing know‑how, and deep partnerships with major customers. At the same time, the company faces meaningful execution risks: scaling manufacturing efficiently, managing customer concentration, navigating cyclical end‑markets, and turning ongoing R&D into stable, high‑margin revenue. In plain terms, Aspen is a growth‑stage advanced materials company with strengthening fundamentals, a strong technology story, and a still‑emerging track record of consistent profits and cash generation. The coming years will likely be defined by how well it converts its large investment program and innovation pipeline into durable, self‑funding growth.

NEWS

November 6, 2025 · 6:30 AM UTC

Aspen Aerogels, Inc. Reports Third Quarter 2025 Financial Results and Recent Business Highlights

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October 16, 2025 · 8:00 AM UTC

Aspen Aerogels, Inc. Schedules Third Quarter 2025 Earnings Release and Conference Call

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September 22, 2025 · 9:22 AM UTC

Aspen Aerogels, Inc. Appoints Glenn Deegan as Chief Administrative Officer

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