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ASPEN AEROGELS INC
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
17.0%Gross margin3
-139.5%Operating margin3
-143.7%Net margin3
-40.1%Revenue growth, 20253
-165.4%Return on equity3
0.28×Debt to equity3
-$4.6MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Thermal Barrier brought in 62% of the revenue ASPEN AEROGELS INC broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Thermal Barrier | $110.1M | $306.8M | $168.9M |
| Energy Industrial | $128.6M | $145.9M | $102.2M |
Business segments
Thermal Barrier brought in 62% of the revenue ASPEN AEROGELS INC broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Thermal Barrier | $110.1M | $306.8M | $168.9M |
| Energy Industrial | $128.6M | $145.9M | $102.2M |
Regions
United States brought in 63% of the revenue ASPEN AEROGELS INC broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $151.0M | $258.5M | $172.1M |
| Latin America | $7.2M | $100.6M | $47.6M |
| Asia | $35.7M | $29.3M | $31.1M |
| Europe | $42.7M | $45.0M | $17.9M |
| CA [member] | $2.0M | $19.3M | $2.5M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue83¢$225.1M
- Research and development5¢$13.4M
- Other costs11¢$30.2M
- Income tax1¢$2.4M
Out of $271.1M in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending100¢$37.4M
Out of $32.9M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $271.1M | $452.7M | $238.7M |
| Cost of revenue | $225.1M | $269.8M | $181.8M |
| Gross profit | $46.0M | $182.9M | $56.9M |
| Research and development | $13.4M | $18.1M | $16.4M |
| Sales and marketing | $28.2M | $35.7M | $33.0M |
| General and administrative | $55.8M | $71.1M | $56.8M |
| Restructuring and demobilization costs | $17.5M | ||
| Loss on disposal of property, plant and equipment | $18.2M | ||
| Impairment of property, plant and equipment | $291.2M | $3.5M | |
| Total operating expenses | $424.2M | $128.4M | $106.1M |
| Income (loss) from operations | -$378.2M | $54.5M | -$49.2M |
| Interest expense, convertible note - related party | -$7.5M | -$5.3M | |
| Interest income (expense), net | -$10.7M | -$4.4M | $6.5M |
| Income from Employee Retention Credits | $2.2M | ||
| Loss on extinguishment of debt | -$27.5M | ||
| Other income | $1.8M | ||
| Total other income (expense) | -$8.9M | -$39.4M | $3.4M |
| Income (loss) before income tax expense | -$387.2M | $15.1M | -$45.8M |
| Income tax expense | -$2.4M | -$1.7M | $0 |
| Net income (loss) | -$389.6M | $13.4M | -$45.8M |
| Basic | -$4.73 | $0.17 | -$0.66 |
| Diluted | -$4.73 | $0.17 | -$0.66 |
| Basic | 82.3M shares | 77.5M shares | 69.4M shares |
| Diluted | 82.3M shares | 80.3M shares | 69.4M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $156.9M | $220.9M | |
| Restricted cash | $1.7M | $394.0K | |
| Accounts receivable, net of allowances of $4,172 and $1,265 | $35.3M | $109.1M | |
| Inventories | $38.2M | $47.6M | |
| Prepaid expenses and other current assets | $10.0M | $31.5M | |
| Total current assets | $242.1M | $409.4M | |
| Property, plant and equipment, net | $98.4M | $459.3M | |
| Assets held for sale | $32.7M | ||
| Operating lease right-of-use assets | $18.0M | $20.9M | |
| Finance lease right-of-use assets | $6.1M | ||
| Other long-term assets | $9.4M | $5.6M | |
| Total assets | $406.7M | $895.1M | |
| Accounts payable | $13.2M | $44.4M | |
| Accrued expenses | $13.0M | $36.5M | |
| Deferred revenue | $1.3M | $2.2M | |
| Finance obligation for sale and leaseback transactions | $4.4M | $4.0M | |
| Operating lease liabilities | $3.2M | $3.3M | |
| Finance lease liabilities | $1.8M | ||
| Long term debt - current portion | $25.1M | $19.8M | |
| Total current liabilities | $62.0M | $110.1M | |
| Revolving line of credit | $14.3M | $42.1M | |
| Long term debt | $65.5M | $95.0M | |
| Finance obligation for sale and leaseback transactions long-term | $5.0M | $10.1M | |
| Operating lease liabilities long-term | $21.1M | $23.1M | |
| Finance lease liabilities long-term | $3.2M | ||
| Total liabilities | $171.2M | $280.4M | |
| 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 | |
| Additional paid-in capital | $1.3B | $1.3B | |
| Accumulated deficit | -$1.0B | -$660.2M | |
| Total stockholders' equity | $235.5M | $614.7M | $488.1M |
| Total liabilities and stockholders' equity | $406.7M | $895.1M | |
| Allowance for accounts receivable and contract assets | $4.2M | $1.3M | |
| Preferred stock, par value | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 5.0M shares | 5.0M shares | 5.0M shares |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 250.0M shares | 250.0M shares | |
| Common stock, shares issued | 82.7M shares | 82.0M shares | |
| Common stock, shares outstanding | 82.7M shares | 82.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$389.6M | $13.4M | -$45.8M |
| Depreciation | $45.2M | $22.5M | $15.3M |
| Accretion of interest on convertible note - related party | $7.1M | $4.4M | |
| Amortization of convertible note issuance costs | $24.0K | $37.0K | |
| Amortization of debt issuance costs | $3.6M | $1.1M | |
| Amortization of debt discount due to modification of convertible note - related party | $443.0K | $888.0K | |
| Loss on extinguishment of debt | $27.5M | ||
| Deferred financing costs written off | $1.8M | ||
| Provision for bad debt | $3.5M | $247.0K | -$93.0K |
| Stock-based compensation expense | $8.6M | $12.9M | $11.0M |
| Impairment of property, plant and equipment | $291.6M | $7.6M | |
| Loss on disposal of property, plant and equipment | $18.2M | ||
| Deferred taxes | -$416.0K | ||
| Reduction in the carrying amount of operating lease right-of-use assets | $3.5M | $1.9M | $2.9M |
| Accounts receivable | $70.3M | -$39.4M | -$12.6M |
| Inventories | $9.3M | -$8.4M | -$16.7M |
| Prepaid expenses and other assets | $18.2M | -$19.8M | -$7.4M |
| Accounts payable | -$19.5M | $7.3M | $4.6M |
| Accrued expenses | -$23.3M | $11.9M | $6.8M |
| Deferred revenue | -$940.0K | -$117.0K | -$3.5M |
| Operating lease and other liabilities | -$5.5M | -$2.5M | -$2.4M |
| Net cash provided by (used in) operating activities | $32.9M | $45.5M | -$42.6M |
| Capital expenditures | -$37.4M | -$86.3M | -$175.5M |
| Net cash used in investing activities | -$37.4M | -$86.3M | -$175.5M |
| Proceeds from employee stock option exercises | $1.7M | $10.4M | $1.7M |
| Payments made for employee restricted stock tax withholdings | -$765.0K | -$1.3M | -$420.0K |
| Fees and issuance costs from registered direct offering of common stock | -$28.0K | -$686.0K | -$623.0K |
| Proceeds from employee stock purchase plan | $176.0K | ||
| Fees and issuance costs from private placement of common stock | -$139.0K | ||
| Repayment of convertible note | -$150.0M | ||
| Repayment of term loan | -$26.0M | -$6.5M | |
| Proceeds from term loan | $125.0M | ||
| Issuance costs from term loan and revolving line of credit | -$5.8M | ||
| Proceeds from revolving line of credit | $43.0M | ||
| Repayment of revolving line of credit | -$28.0M | ||
| Proceeds from sale and leaseback transactions | $15.0M | ||
| Repayment of lease and other finance obligations | -$5.2M | -$868.0K | |
| Net cash (used in) provided by financing activities | -$58.1M | $122.0M | $75.5M |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -$62.7M | $81.3M | -$142.6M |
| Interest paid | $12.2M | $7.0M | $1.0K |
| Income taxes paid | $4.1M | ||
| Right-of-use assets obtained in exchange for new operating lease liabilities | $24.0K | $5.1M | $10.4M |
| Capitalized Interest | $6.1M | ||
| Changes in accrued capital expenditures | -$11.7M | -$14.1M | -$8.2M |
Recent filings
- Oct 1, 20264
- Sep 24, 20264
- Sep 24, 2026SCHEDULE 13D/A
- Sep 15, 20268-K
- Aug 13, 2026SCHEDULE 13G/A
- Aug 10, 2026144
- Aug 7, 202610-Q
- Aug 6, 20268-K
- Jun 26, 20264 OWNERSHIP DOCUMENT
- May 18, 20268-K
- May 14, 20264
- May 14, 20264
- May 14, 20264
- May 14, 20264
- May 14, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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