ASPEN AEROGELS INC

Listed Company

ASPNCIK 0001145986NYSEAcceleratedWholesale-Lumber & Other Construction MaterialsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$271.10M

Net Income

$-389.60M

Total Assets

$406.68M

Equity

$235.52M

Shares Out

82.88M

Op. Cash Flow

$32.90M

ASPN$5.13−23.03% · past yearDBEQ Basic

Daily closing prices

Business

Aspen Aerogels designs, develops, and manufactures high-performance aerogel materials for thermal insulation and thermal barriers. Its core products include PyroThin aerogel thermal barriers for electric-vehicle battery packs and Pyrogel and Cryogel aerogel insulation blankets for energy industrial applications including refineries, petrochemical plants, and LNG facilities. The company operates through two reportable segments—Thermal Barrier and Energy Industrial—and sells globally via direct sales forces and distributor networks in over 50 countries.

Summary from 10-K filed 2026-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	271	453	239	180	122
Cost of revenue	225	270	182	175	112
Gross profit	46	183	57	5	10
Research and development	13	18	16	17	11
Sales and marketing	28	36	33	29	17
General and administrative	56	71	57	38	23
Restructuring and demobilization costs	18	—	—	—	—
Loss on disposal of property, plant and equipment	18	—	—	—	—
Impairment of property, plant and equipment	291	4	—	—	—
Total operating expenses	424	128	106	84	51
Income (loss) from operations	−378	55	−49	−79	−41
Interest expense, convertible note - related party	—	−8	−5	−5	—
Interest income (expense), net	−11	−4	7	2	−229,000
Income from Employee Retention Credits	—	—	2	—	—
Loss on extinguishment of debt	—	−27	—	—	4
Other income	2	—	—	—	—
Total other income (expense)	−9	−39	3	−3	4
Income (loss) before income tax expense	−387	15	−46	−83	—
Income tax expense	−2	−2	0	0	—
Net income (loss)	−390	13	−46	−83	−37
Basic (per share)	−4.73	0.17	−0.66	−2.1	−1.22
Diluted (per share)	−4.73	0.17	−0.66	−2.1	−1.22
Basic (shares)	82	78	69	39	30
Diluted (shares)	82	80	69	39	30

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	157	221	140	281	77
Restricted cash	2	394,000	248,000	1	—
Accounts receivable, net of allowances of $4,172 and $1,265	35	109	70	57	20
Inventories	38	48	39	23	12
Prepaid expenses and other current assets	10	32	17	7	3
Total current assets	242	409	266	370	112
Property, plant and equipment, net	98	459	417	259	56
Assets held for sale	33	—	—	—	—
Operating lease right-of-use assets	18	21	17	12	14
Finance lease right-of-use assets	6	—	—	—	—
Other long-term assets	9	6	2	3	1
Total assets	407	895	703	643	183
Accounts payable	13	44	51	55	17
Accrued expenses	13	36	23	16	11
Deferred revenue	1	2	2	6	1
Finance obligation for sale and leaseback transactions	4	4	—	—	—
Operating lease liabilities	3	3	2	2	2
Finance lease liabilities	2	—	—	—	—
Long term debt - current portion	25	20	—	—	—
Total current liabilities	62	110	78	79	37
Revolving line of credit	14	42	—	—	—
Long term debt	65	95	—	—	—
Finance obligation for sale and leaseback transactions long-term	5	10	—	—	—
Operating lease liabilities long-term	21	23	22	13	13
Finance lease liabilities long-term	3	—	—	—	—
Total liabilities	171	280	215	196	55
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock, $0.00001 par value; 5,000,000 shares authorized, no shares issued or outstanding at December 31, 2025 and 2024	—	—	—	—	—
Common stock, $0.00001 par value; 250,000,000 shares authorized, 82,711,351 and 82,040,468 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	0	0	0	0	0
Additional paid-in capital	1,285	1,275	1,162	1,075	673
Accumulated deficit	−1,050	−660	−674	−628	−545
Total stockholders' equity	236	615	488	447	128
Total liabilities and stockholders' equity	407	895	703	643	183

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	−390	13	−46	−83	−37
Depreciation	45	23	15	9	9
Accretion of interest on convertible note - related party	—	7	4	5	—
Amortization of convertible note issuance costs	—	24,000	37,000	32,000	—
Amortization of debt issuance costs	4	1	—	—	18,000
Amortization of debt discount due to modification of convertible note - related party	—	443,000	888,000	—	—
Deferred financing costs written off	—	2	—	—	—
Provision for bad debt	4	200,000	−93,000	100,000	−85,000
Stock-based compensation expense	9	13	11	—	—
Impairment of property, plant and equipment	292	8	0	—	—
Loss on disposal of property, plant and equipment	18	—	—	—	—
Deferred taxes	−416,000	—	—	—	—
Reduction in the carrying amount of operating lease right-of-use assets	4	2	3	3	2
Accounts receivable	70	−39	−13	−37	−5
Inventories	9	−8	−17	−11	1
Prepaid expenses and other assets	18	−20	−7	−3	−2
Accounts payable	−19	7	5	5	7
Accrued expenses	−23	12	7	5	7
Deferred revenue	−940,000	−117,000	−4	5	−543,000
Operating lease and other liabilities	−6	−2	−2	—	—
Net cash provided by (used in) operating activities	33	46	−43	−94	−19
Capital expenditures	−37	−86	−175	−178	−14
Net cash used in investing activities	−37	−86	−175	−178	−14
Proceeds from employee stock option exercises	2	10	2	553,000	2
Payments made for employee restricted stock tax withholdings	−765,000	−1	−420,000	−2	−3
Fees and issuance costs from registered direct offering of common stock	−28,000	−686,000	−623,000	—	—
Proceeds from employee stock purchase plan	176,000	—	—	—	—
Fees and issuance costs from private placement of common stock	—	—	−139,000	−137,000	−1
Repayment of convertible note	—	−150	—	—	—
Repayment of term loan	−26	−7	—	—	—
Proceeds from term loan	—	125	—	—	—
Issuance costs from term loan and revolving line of credit	—	−6	—	—	—
Proceeds from revolving line of credit	—	43	—	—	—
Repayment of revolving line of credit	−28	—	—	—	—
Proceeds from sale and leaseback transactions	—	15	—	—	—
Repayment of lease and other finance obligations	−5	−868,000	—	—	—
Net cash (used in) provided by financing activities	−58	122	75	478	92
Net (decrease) increase in cash, cash equivalents and restricted cash	−63	81	−143	206	60
Interest paid	12	7	1,000	153,000	236,000
Income taxes paid	4	—	0	0	0
Right-of-use assets obtained in exchange for new operating lease liabilities	24,000	5	10	3	12
Capitalized Interest	—	—	6	3	—
Changes in accrued capital expenditures	−12	−14	−8	32	5

Filings

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Frequently asked questions

What is ASPEN AEROGELS INC's CIK number?

ASPEN AEROGELS INC's SEC CIK number is 0001145986 (1145986). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find ASPEN AEROGELS INC's SEC filings?

All of ASPEN AEROGELS INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did ASPEN AEROGELS INC last report earnings?

ASPEN AEROGELS INC (ASPN) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001171843-26-003109). This is ASPEN AEROGELS INC's most recent earnings filing of record — not a forecast of its next earnings date.

What is ASPEN AEROGELS INC's most recent earnings 8-K?

ASPEN AEROGELS INC's latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001171843-26-003109. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

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