ASPN

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Aspen Aerogels, Inc.

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Key Metrics

Previous Close: $5.45
52-Week Range: $2.30 – $9.35
Market Cap: $424.07M
P/E (TTM): —
EPS (TTM): -1.52
Dividend Yield: —

Advanced Metrics

Price/Book: 2.20
PEG Ratio: —
Return on Equity: -50.36%
Return on Assets: -8.45%
Gross Margin: 16.24%
Operating Margin: -29.20%
Profit Margin: -62.45%
Current Ratio: 2.52
Debt/Equity: 0.65
Total Debt: $125.11M
Free Cash Flow: $44.06M
Revenue Growth: -36.10%
Earnings Growth: —
Enterprise Value: $425.69M

ASPN Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$180.36M	$238.72M	$452.70M	$271.10M
Cost of Revenue	$175.39M	$181.80M	$269.80M	$225.10M
Gross Profit	$4.98M	$56.92M	$182.90M	$46.00M
Research & Development	$16.93M	$16.36M	$18.05M	$13.42M
Selling, General & Admin	$67.29M	$89.77M	$106.80M	$83.97M
Operating Expenses	$84.22M	$106.12M	$124.85M	$97.39M
Operating Income	-$79.25M	-$49.20M	$58.05M	-$51.39M
EBITDA	-$68.41M	-$25.16M	$49.57M	-$331.29M
Pretax Income	-$82.74M	-$45.81M	$15.09M	-$387.16M
Income Tax	$0.00	$0.00	$1.71M	$2.39M
Net Income	-$82.74M	-$45.81M	$13.38M	-$389.55M
Diluted EPS	-2.10	-0.66	0.17	-4.73
Diluted Shares	39.36M	69.44M	80.31M	82.33M

ASPN Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$281.33M	$139.72M	$220.88M	$156.86M
Receivables	$57.35M	$70.00M	$109.10M	$35.27M
Inventory	$22.54M	$39.19M	$47.55M	$38.25M
Current Assets	$369.69M	$266.33M	$409.45M	$242.05M
Total Assets	$643.42M	$703.05M	$895.14M	$406.68M
Current Liabilities	$78.94M	$78.09M	$110.11M	$62.02M
Long-Term Debt	$103.58M	$114.99M	$137.09M	$79.80M
Total Debt	$119.40M	$138.77M	$197.38M	$143.71M
Total Liabilities	$195.98M	$214.99M	$280.44M	$171.16M
Retained Earnings	-$627.79M	-$673.60M	-$660.23M	-$1.05B
Shareholders' Equity	$447.44M	$488.06M	$614.71M	$235.52M
Working Capital	$290.74M	$188.24M	$299.34M	$180.03M

ASPN Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$94.40M	-$42.61M	$45.55M	$32.87M
Capital Expenditure	-$177.97M	-$175.46M	-$86.26M	-$37.45M
Free Cash Flow	-$272.37M	-$218.07M	-$40.71M	-$4.58M
Depreciation & Amortisation	$9.22M	$15.32M	$22.53M	$45.16M
Stock-Based Compensation	$9.38M	$10.95M	$12.86M	$8.63M
Investing Cash Flow	-$177.97M	-$175.46M	-$86.26M	-$37.45M
Financing Cash Flow	$478.37M	$75.48M	$122.02M	-$58.13M
Net Change in Cash	$206.00M	-$142.59M	$81.31M	-$62.71M

ASPN Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$78.72M	$78.02M	$73.02M	$41.34M	$37.88M
Cost of Revenue	$55.91M	$52.71M	$52.22M	$64.27M	$33.61M
Gross Profit	$22.81M	$25.32M	$20.80M	-$22.93M	$4.28M
Research & Development	$4.33M	$3.79M	$2.49M	$2.79M	$2.72M
Selling, General & Admin	$21.42M	$20.78M	$20.09M	$21.69M	$21.96M
Operating Expenses	$25.75M	$24.58M	$22.58M	$24.48M	$24.68M
Operating Income	-$2.94M	$738.00K	-$1.78M	-$47.41M	-$20.41M
EBITDA	-$292.42M	$641.00K	$2.63M	-$42.13M	-$15.41M
Pretax Income	-$300.17M	-$8.23M	-$5.74M	-$73.01M	-$23.94M
Income Tax	$1.08M	$821.00K	$594.00K	-$97.00K	-$253.00K
Net Income	-$301.25M	-$9.06M	-$6.33M	-$72.91M	-$23.69M
Diluted EPS	-3.67	-0.11	-0.08	-0.88	-0.29
Diluted Shares	82.07M	82.18M	82.40M	82.66M	82.74M

ASPN Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$192.04M	$167.62M	$150.72M	$156.86M	$173.87M
Receivables	$77.36M	$76.17M	$69.15M	$35.27M	$36.44M
Inventory	$56.74M	$52.12M	$43.04M	$38.25M	$31.05M
Current Assets	$343.89M	$310.47M	$278.92M	$242.05M	$253.97M
Total Assets	$554.98M	$525.13M	$491.39M	$406.68M	$410.48M
Current Liabilities	$81.43M	$78.05M	$70.74M	$62.02M	$87.80M
Long-Term Debt	$124.37M	$106.25M	$84.34M	$79.80M	$68.31M
Total Debt	$180.88M	$173.17M	$150.16M	$143.71M	$128.82M
Total Liabilities	$240.14M	$216.36M	$185.66M	$171.16M	$196.98M
Retained Earnings	-$961.48M	-$970.53M	-$976.87M	-$1.05B	-$1.07B
Shareholders' Equity	$314.83M	$308.77M	$305.73M	$235.52M	$213.50M
Working Capital	$262.45M	$232.42M	$208.18M	$180.03M	$166.17M

ASPN Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$5.63M	-$3.93M	$15.04M	$16.14M	$34.15M
Capital Expenditure	-$13.00M	-$12.88M	-$9.10M	-$2.46M	-$1.37M
Free Cash Flow	-$7.37M	-$16.82M	$5.93M	$13.67M	$32.78M
Depreciation & Amortisation	$5.79M	$5.80M	$5.39M	$28.18M	$5.38M
Stock-Based Compensation	$1.95M	$2.81M	$2.18M	$1.68M	$1.87M
Investing Cash Flow	-$13.00M	-$12.88M	-$9.10M	-$2.46M	-$1.37M
Financing Cash Flow	-$21.48M	-$7.59M	-$21.53M	-$7.53M	-$15.77M
Net Change in Cash	-$28.84M	-$24.40M	-$15.60M	$6.14M	$17.01M

Market Snapshot

About

Aspen Aerogels, Inc. is a technology company that designs, develops, and manufactures aerogel-based insulation and energy solutions for the building products, industrial, and electric vehicle thermal barrier markets. The company's proprietary aerogel technology provides superior thermal insulation, fire protection, and energy efficiency in a thin, flexible format. Aspen's products include PyroThin thermal barriers for electric vehicle battery packs (preventing thermal runaway propagation), Spaceloft building insulation, and Cryogel and Pyrogel industrial insulation for energy infrastructure. The EV thermal barrier market represents the company's largest growth opportunity, with multiple automaker partnerships. Founded in 2001 and headquartered in Northborough, Massachusetts, Aspen Aerogels has commercialized aerogel technology originally developed by NASA. The company benefits from EV battery safety requirements, building energy efficiency mandates, and industrial insulation demand while scaling manufacturing capacity and transitioning toward higher-margin EV applications.