ASPEN AEROGELS INC Segments Disclosure
(18) Segment Information
Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the . The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company reports two segments: Thermal Barrier and Energy Industrial. The Company evaluates segment performance based on the segment profit (loss) before corporate expenses.
Summarized below are the Revenue, Cost of Goods Sold, and Segment Operating Profit for each reporting segment:
|
|
Year Ended |
|
|
Year Ended |
|
||||||||||||||||||
|
|
Revenue |
|
|
Cost of Goods Sold |
|
||||||||||||||||||
|
|
December 31 |
|
|
December 31 |
|
||||||||||||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
||||||
|
|
(In thousands) |
|
|||||||||||||||||||||
Energy industrial |
|
$ |
102,198 |
|
|
$ |
145,867 |
|
|
$ |
128,639 |
|
|
$ |
64,992 |
|
|
$ |
87,425 |
|
|
$ |
94,477 |
|
Thermal barrier |
|
|
168,905 |
|
|
|
306,832 |
|
|
|
110,079 |
|
|
|
160,113 |
|
|
|
182,377 |
|
|
|
87,320 |
|
Total |
|
$ |
271,103 |
|
|
$ |
452,699 |
|
|
$ |
238,718 |
|
|
$ |
225,105 |
|
|
$ |
269,802 |
|
|
$ |
181,797 |
|
|
|
Year Ended |
|
|||||||||
|
|
Segment Operating Profit (Loss) |
|
|||||||||
|
|
December 31 |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
(In thousands) |
|
|||||||||
Energy industrial |
|
$ |
37,206 |
|
|
$ |
58,442 |
|
|
$ |
34,162 |
|
Thermal barrier |
|
|
8,792 |
|
|
|
124,455 |
|
|
|
22,759 |
|
Total gross profit |
|
$ |
45,998 |
|
|
$ |
182,897 |
|
|
$ |
56,921 |
|
Corporate expenses |
|
|
97,390 |
|
|
|
128,362 |
|
|
|
106,124 |
|
Restructuring and demobilization costs |
|
|
17,510 |
|
|
|
— |
|
|
|
— |
|
Loss on disposal of property, plant and equipment |
|
|
18,162 |
|
|
|
— |
|
|
|
— |
|
Impairment of property, plant and equipment |
|
|
291,164 |
|
|
|
— |
|
|
|
— |
|
Operating profit (loss) |
|
|
(378,228 |
) |
|
|
54,535 |
|
|
|
(49,203 |
) |
Other (expense) income, net |
|
|
(8,930 |
) |
|
|
(39,446 |
) |
|
|
3,392 |
|
Income tax expense |
|
|
(2,394 |
) |
|
|
(1,714 |
) |
|
|
— |
|
Net income (loss) |
|
$ |
(389,552 |
) |
|
$ |
13,375 |
|
|
$ |
(45,811 |
) |
|
|
Year Ended |
|
|||||||||
|
|
Depreciation Expense |
|
|||||||||
|
|
December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
(In thousands) |
|
|||||||||
Energy industrial |
|
$ |
10,633 |
|
|
$ |
11,685 |
|
|
$ |
10,720 |
|
Thermal barrier |
|
|
34,524 |
|
|
|
10,841 |
|
|
|
4,598 |
|
Consolidated depreciation expense |
|
$ |
45,157 |
|
|
$ |
22,526 |
|
|
$ |
15,318 |
|
|
|
Total Assets |
|
|||||
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
|
|
(In thousands) |
|
|||||
Energy industrial |
|
$ |
93,111 |
|
|
$ |
103,453 |
|
Thermal barrier |
|
|
69,550 |
|
|
|
159,934 |
|
Total assets of reportable segments |
|
|
162,661 |
|
|
|
263,387 |
|
Construction in progress and held for sale |
|
|
41,970 |
|
|
|
352,567 |
|
All other corporate assets |
|
|
202,048 |
|
|
|
279,190 |
|
|
|
$ |
406,679 |
|
|
$ |
895,144 |
|
Information about the Company’s total revenues, based on shipment destination or services location, is presented in the following table:
|
|
Year Ended |
|
|||||||||
|
|
December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
($ in thousands) |
|
|||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|||
U.S. |
|
$ |
172,082 |
|
|
$ |
258,518 |
|
|
$ |
151,037 |
|
International |
|
|
99,021 |
|
|
|
194,181 |
|
|
|
87,681 |
|
Total |
|
$ |
271,103 |
|
|
$ |
452,699 |
|
|
$ |
238,718 |
|
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 13, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Mar 7, 2024 | |
| 2022 | Mar 16, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.