ASPEN AEROGELS INC ASPN
When used in this report, the terms "we," "us," "our" and "the Company" refer to Aspen Aerogels, Inc. and its subsidiaries. Additionally, we do not use the ® or symbol in each instance in which one of our trademarks appears in this report, but this should not be construed as any indication that we will not assert our rights thereto to the fullest extent under applicable law.
Aspen Aerogels, Inc. is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel materials used primarily in the energy industrial, sustainable insulation materials, and electric vehicle (EV) markets. We have provided high-performance aerogel insulation to the energy industrial and sustainable insulation markets for nearly two decades. We have developed and commercialized our proprietary line of PyroThin® aerogel thermal barriers for use in battery packs in EVs. Our core businesses are organized into two reportable segments: Thermal Barrier and Energy Industrial. The following describes our key product offerings and new product innovations by reportable segment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $271.1M | $452.7M | $238.7M | $180.4M | $121.6M | $100.3M | $139.4M | $104.4M | $111.6M | $117.7M |
| Cost of revenue | $225.1M | $269.8M | $181.8M | $175.4M | $111.7M | $85.7M | — | — | $908.0K | $1.3M |
| Gross profit | $46.0M | $182.9M | $56.9M | $5.0M | $9.9M | $14.6M | $26.3M | $12.7M | $18.7M | $23.3M |
| R&D | $13.4M | $18.1M | $16.4M | $16.9M | $11.4M | $8.7M | $8.4M | $6.3M | $6.2M | $5.3M |
| SG&A | $55.8M | $71.1M | $56.8M | $38.5M | $22.5M | $15.7M | $16.5M | $19.1M | $19.0M | $17.4M |
| Total operating expenses | $424.2M | $128.4M | $106.1M | $84.2M | $50.5M | $36.2M | $40.4M | $46.6M | $37.8M | $34.5M |
| Operating income | -$378.2M | $54.5M | -$49.2M | -$79.2M | -$40.6M | -$21.6M | -$14.2M | -$33.9M | -$19.1M | -$11.2M |
| Interest expense | $7.5M | $5.7M | $8.7M | $1.7M | $3.5M | $200.0K | $400.0K | $500.0K | $200.0K | — |
| Pre-tax income | -$387.2M | $15.1M | -$45.8M | -$82.7M | — | — | — | — | — | — |
| Income tax | $2.4M | $1.7M | $0 | $0 | — | — | — | — | — | — |
| Net income | -$389.6M | $13.4M | -$45.8M | -$82.7M | -$37.1M | -$21.8M | -$14.6M | -$34.4M | -$19.3M | -$12.0M |
| EPS, basic | -4.73 | 0.17 | -0.66 | -2.10 | -1.22 | -0.83 | — | — | — | — |
| EPS, diluted | -4.73 | 0.17 | -0.66 | -2.10 | -1.22 | -0.83 | -0.60 | -1.45 | -0.83 | -0.52 |
| Shares, diluted (wtd. avg.) | $82.3M | $80.3M | $69.4M | $39.4M | $30.4M | $26.4M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $156.9M | $220.9M | $139.7M | $281.3M | $76.6M | $16.5M | $3.6M | $3.3M | $10.7M | $18.1M |
| Receivables | $35.3M | $109.1M | $70.0M | $57.4M | $20.4M | $15.7M | $32.3M | $25.6M | $26.8M | $17.5M |
| Inventory | $38.2M | $47.6M | $39.2M | $22.5M | $12.0M | $13.1M | $8.8M | $7.3M | $8.9M | $12.9M |
| Total current assets | $242.1M | $409.4M | $266.3M | $369.7M | $112.2M | $47.1M | $45.8M | $37.3M | $47.7M | $50.2M |
| Property, plant and equipment | $98.4M | $459.3M | $417.2M | $259.2M | $55.8M | $46.7M | $53.6M | $61.7M | $76.1M | $84.4M |
| Total assets | $406.7M | $895.1M | $703.0M | $643.4M | $183.0M | $97.4M | $103.5M | $99.0M | $123.8M | $134.7M |
| Accounts payable | $13.2M | $44.4M | $51.1M | $54.7M | $17.4M | $5.4M | $12.6M | $12.4M | $10.7M | $13.1M |
| Short-term debt | $25.1M | $19.8M | — | — | — | $1.6M | — | — | — | — |
| Total current liabilities | $62.0M | $110.1M | $78.1M | $78.9M | $36.6M | $13.9M | $30.4M | $23.1M | $21.6M | $18.1M |
| Long-term debt | $65.5M | $95.0M | — | — | — | $2.1M | — | — | — | — |
| Total liabilities | $171.2M | $280.4M | $215.0M | $196.0M | $54.5M | $29.6M | $44.5M | $28.8M | $22.9M | $19.1M |
| Retained earnings | -$1.05B | -$660.2M | -$673.6M | -$627.8M | -$545.1M | -$508.0M | -$486.1M | -$471.6M | -$437.1M | -$417.5M |
| Total equity | $235.5M | $614.7M | $488.1M | $447.4M | $128.4M | $67.9M | $59.0M | $70.3M | $100.9M | $115.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $32.9M | $45.5M | -$42.6M | -$94.4M | -$18.6M | -$9.9M | -$1.1M | -$8.7M | -$4.6M | -$578.0K |
| Depreciation and amortisation | $45.2M | $22.5M | $15.3M | $9.2M | $9.4M | $10.2M | $10.2M | $10.8M | $10.8M | $9.9M |
| Stock-based compensation | $8.6M | $12.9M | $11.0M | — | — | — | — | — | — | — |
| Capital expenditure | $37.4M | $86.3M | $175.5M | $178.0M | $13.8M | $3.4M | $2.1M | $3.6M | $6.1M | $13.2M |
| Investing cash flow | -$37.4M | -$86.3M | -$175.5M | -$178.0M | -$13.8M | -$3.4M | -$2.1M | -$3.6M | -$6.1M | -$13.2M |
| Financing cash flow | -$58.1M | $122.0M | $75.5M | $478.4M | $92.5M | $26.2M | $3.5M | $4.9M | $3.3M | -$924.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-119892.
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