ASPEN AEROGELS INC ASPN

Industrials SIC 5030 - Wholesale-Lumber & Other Construction Materials NAICS Wholesale Trade › Merchant Wholesalers, Durable Goods › Lumber and Other Construction Materials Merchant Wholesalers derived NYSE

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.

Last close 5.52 2026-10-23
Market cap $458.1M 2026-06-30 share count
52-week range 2.30 - 8.64

Valuation FY2025 figures against the last close

P/S1.7x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-4.73

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • U.S.
  • International
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 U.S., FY2025: 172.1M (63.5%) 63% U.S. International, FY2025: 99M (36.5%) 37% International FY2024 U.S., FY2024: 258.5M (57.1%) 57% International, FY2024: 194.2M (42.9%) 43% FY2023 U.S., FY2023: 151M (63.3%) 63% International, FY2023: 87.7M (36.7%) 37%
Region FY2025FY2024FY2023
U.S. $172.1M $258.5M $151.0M
International $99.0M $194.2M $87.7M

As the company reported it, from the “Segment Information - Schedule of Revenues, Based on Shipment Destination or Research Services Location (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -4.730.17-0.66-2.10-1.22-0.83————
EPS, diluted -4.730.17-0.66-2.10-1.22-0.83-0.60-1.45-0.83-0.52
Shares, diluted (wtd. avg.) 82.3M80.3M69.4M39.4M30.4M26.4M————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M -250M 0 250M 500M Revenue, FY2016: 117.7M Gross profit, FY2016: 23.3M Net income, FY2016: -12M Revenue, FY2017: 111.6M Gross profit, FY2017: 18.7M Net income, FY2017: -19.3M Revenue, FY2018: 104.4M Gross profit, FY2018: 12.7M Net income, FY2018: -34.4M Revenue, FY2019: 139.4M Gross profit, FY2019: 26.3M Net income, FY2019: -14.6M Revenue, FY2020: 100.3M Gross profit, FY2020: 14.6M Net income, FY2020: -21.8M Revenue, FY2021: 121.6M Gross profit, FY2021: 9.9M Net income, FY2021: -37.1M Revenue, FY2022: 180.4M Gross profit, FY2022: 5M Net income, FY2022: -82.7M Revenue, FY2023: 238.7M Gross profit, FY2023: 56.9M Net income, FY2023: -45.8M Revenue, FY2024: 452.7M Gross profit, FY2024: 182.9M Net income, FY2024: 13.4M Revenue, FY2025: 271.1M Gross profit, FY2025: 46M Net income, FY2025: -389.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $117.7M $111.6M $104.4M $139.4M $100.3M $121.6M $180.4M $238.7M $452.7M $271.1M
Gross profit $23.3M $18.7M $12.7M $26.3M $14.6M $9.9M $5.0M $56.9M $182.9M $46.0M
Net income -$12.0M -$19.3M -$34.4M -$14.6M -$21.8M -$37.1M -$82.7M -$45.8M $13.4M -$389.6M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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