Aspen Aerogels, Inc. (ASPN) SEC Filings & Earnings Calls
EquiReason read 16 Aspen Aerogels, Inc. SEC filings in the last 12 months. Latest: SC 13D/A on 2026-09-24 — Schedule 13D/A: Wood River Capital, LLC 0.0%.
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 458.1M
- P/E TTM
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- Dividend yield
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- Next earnings
- 23 Feb, in 122 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
24 Sep 2026SC 13D/AKoch, Inc. and affiliates sold their entire 12,280,426-share stake in Aspen Aerogels, exiting the position completely.open
Risks flagged
Loss of strategic investor support
“Koch, Inc. and affiliates sold all 12,280,426 shares, ceasing to be beneficial owners.”
15 Sep 20268-K · 7.01Aspen Aerogels posts investor presentation on website; no material new information disclosed beyond forward-looking statements and financial outlook for Q3 2026.open
Risks flagged
Forward-looking statements subject to risks; no concrete updates.
“Presentation contains forward-looking statements and risk factors.”
7 Aug 202610-QRevenue declined 44% YoY, gross margin collapsed, and Adjusted EBITDA turned negative due to EV demand slowdown and operational disruptions.earningsopen
Figures in the filing · each found in the filing text
| Revenue · H1-2026 | $88M | -44% y/y |
| Net loss · H1-2026 | $-47M | |
| Adjusted EBITDA · H1-2026 | $-19M | -231% y/y |
| Thermal barrier revenue · Thermal Barrier · Q2-2026 | $29M | -47% y/y |
| Energy industrial revenue · Energy Industrial · Q2-2026 | $20M | -11% y/y |
| Cash and cash equivalents · 2026-06-30 | $152M |
Guidance
Thermal barrier revenue expected to decline for full year 2026; Adjusted EBITDA expected to decline
Management expects thermal barrier revenue to decline further, energy industrial to increase, but overall Adjusted EBITDA to decline due to lower revenue and incident costs.
Risks flagged
Operational disruption from East Providence incidents
“On April 8, 2026, an explosion occurred at our manufacturing facility in East Providence, Rhode Island.” · word for word
Customer concentration in thermal barrier segment
“During the three months ended June 30, 2026 and 2025, thermal barrier revenue included $23.7 million and $53.8 million, respectively, from a major U.S. automotive OEM.” · word for word
EV demand uncertainty
“EV adoption rates in certain markets have been lower than previously anticipated, influenced in part by changes in regulatory frameworks and incentive programs as well as evolving consumer demand.” · word for word
6 Aug 20268-K · 2.02, 7.01Q2 2026 revenue $49.8M vs $78.0M prior year; net loss $23.3M vs $9.1M; Thermal Barrier revenue down 47% due to regulatory changes; Q3 guidance $65-80M revenue, $7-15M adjusted EBITDA; FY capex <$10M; JLR award for two architectures.earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q2-2026 | $50M | -36% y/y |
| Thermal Barrier segment revenue · Thermal Barrier · Q2-2026 | $30M | -47% y/y |
| Energy Industrial segment revenue · Energy Industrial · Q2-2026 | $20M | -11% y/y |
| Net loss · Q2-2026 | $-23M | +156% y/y |
| Net loss per share · Q2-2026 | $-0.28 | +155% y/y |
| Adjusted EBITDA · Q2-2026 | $-7M | -168% y/y |
| Cash, cash equivalents, and restricted cash · Q2-2026 | $153M |
Guidance
Q3 2026 revenue $65-80M; adjusted EBITDA $7-15M; net loss $6-9M; net loss per share $0.07-0.11; FY 2026 capex <$10M excluding restoration
Q3 guidance shows sequential revenue improvement but still below prior year; adjusted EBITDA turns positive; capex remains low.
Risks flagged
East Providence incident disruption and costs
“Net loss includes $8.9M property loss and $5.3M incident-related costs; Q3 guidance includes $5-10M incident costs.”
North American EV regulatory uncertainty
“Thermal Barrier revenue decline attributed to changes in North American EV regulatory frameworks and incentive programs.”
Statesboro asset sale uncertainty
“Non-binding LOI expired; company actively marketing assets but no definitive agreement.”
18 May 20268-K · 5.02, 5.07, 7.01Reported the departure of a director or principal officer (CEO/CFO change); submitted matters to a vote of security holdersopen
Risks flagged
No material financial risk from this filing
“Routine executive role designation and annual meeting results.”
8 May 202610-QRevenue $38M (-52% y/y); Net loss $-24M; Adjusted EBITDA $-13M; Guidance: Thermal barrier revenue expected to decline in 2026; Energy industrial revenue expected to increase; Adjusted EBITDA expected to decline; Net loss expected to improveopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $38M | -52% y/y |
| Net loss · Q1-2026 | $-24M | |
| Adjusted EBITDA · Q1-2026 | $-13M | |
| Thermal Barrier Revenue · Thermal Barrier · FY2025 | $169M | -45% y/y |
Guidance
Thermal barrier revenue expected to decline in 2026; Energy industrial revenue expected to increase; Adjusted EBITDA expected to decline; Net loss expected to improve; Capex expected to decrease
Management expects thermal barrier revenues to continue to decline in 2026, while energy industrial revenue is expected to increase. Adjusted EBITDA is expected to decline due to lower thermal barrier revenue and increased costs from facility disruptions. Net loss is expected to improve as the prior year's impairment i
Risks flagged
Manufacturing Facility Disruption
“On April 8, 2026, an explosion occurred at our manufacturing facility in East Providence, Rhode Island. The incident related to a high temperature oven and resulted in damage to a portion of the facility’s production space and temporary cessation of operations. As of May 8, 2026, the facility remains offline.” · word for word
EV Demand Slowdown
“During 2025, we experienced a significant decline in volume for our thermal barrier products, primarily driven by lower North American EV production levels. As a result, total thermal barrier revenue decreased by 67% compared to the prior year.” · word for word
Customer Concentration
“During 2025, 2024 and 2023, we sold $168.9 million, $306.8 million and $110.1 million, respectively, of our PyroThin thermal barriers, primarily to GM.” · word for word
Pricing Pressure from OEMs
“Our supply agreements generally include pricing step-down provisions over the production life of a program, consistent with industry practice.” · word for word
7 May 20268-K · 2.02, 7.01Total revenue $38M (-52% y/y); Thermal Barrier segment revenue $16M (-67% y/y); Energy Industrial segment revenue $22M (-28% y/y); Guidance: Q2 2026 revenue guidance $40-48M (midpoint $44M) vs prior year Q2 $78M; Adj EBITDA guidance ($4)-($earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q1-2026 | $38M | -52% y/y |
| Thermal Barrier segment revenue · Thermal Barrier · Q1-2026 | $16M | -67% y/y |
| Energy Industrial segment revenue · Energy Industrial · Q1-2026 | $22M | -28% y/y |
| Net loss · Q1-2026 | $-24M | -92% y/y |
| Adjusted EBITDA · Q1-2026 | $-13M | -359% y/y |
| Cash, cash equivalents, and restricted cash · Q1-2026 | $176M | |
| FY 2026 Capital Expenditures guidance · FY2026 | $10M |
Guidance
Q2 2026 revenue guidance $40-48M (midpoint $44M) vs prior year Q2 $78M; Adj EBITDA guidance ($4)-($10)M
Significant year-over-year revenue decline driven by North American EV regulatory changes and East Providence incident; Q2 guidance implies continued weakness; management emphasizes fundamentals solid but near-term headwinds.
Risks flagged
East Providence facility explosion and production halt
“On April 8, 2026, there was an explosion at Aspen’s manufacturing facility in East Providence, Rhode Island. The investigation confirmed that the event occurred in a specific high-temperature oven, resulting in damage to a portion of the facility’s production space, requiring the temporary cessation of operations.” · word for word
North American EV regulatory changes reducing demand
“Thermal barrier segment revenue was $16.3 million, compared to $48.9 million in the prior year period, reflecting a significant reduction in customer demand following changes in regulatory frameworks and incentive programs.” · word for word
Dependence on external manufacturing facility
“To date, the Company has utilized existing inventory and leveraged the capacity of its external manufacturing facility to help support customer demand.” · word for word
21 Apr 20268-K · 7.01, 8.01Issued a Regulation FD disclosure (forward guidance or material update); disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
Facility explosion halts production; no restart timeline; potential revenue and customer impact
“explosion damaged a portion of the facility’s production space and required the temporary cessation of operations. As of April 21, 2026, the facility remains offline.” · word for word
27 Mar 2026DEF 14ACash and cash equivalents $159M; Structural fixed cost reduction $75M; GM commercial settlement expected $38Mopen
Figures in the filing · each found in the filing text
| Cash and cash equivalents · FY2025 | $159M | |
| Structural fixed cost reduction · FY2025 | $75M | |
| GM commercial settlement expected · Q1-2026 | $38M |
Guidance
Management expresses positive outlook for Energy Industrial segment with subsea and LNG project awards, but notes near-term EV demand uncertainty in North America. Cost restructuring and balance sheet strengthening provide a foundation for profitable growth.
Risks flagged
EV demand slowdown in North America
“Within our Thermal Barrier business, EV production decreased in North America during the year as OEMs adjusted volumes in response to evolving regulatory frameworks and market demand.” · word for word
Energy Industrial segment revenue decline
“While 2025 was weighted toward maintenance activity and reflected fewer large subsea projects than in prior years” · word for word
No bonus payout due to missed financial targets
“Because the applicable financial performance threshold levels were not met for fiscal 2025, no payouts were earned by our named executive officers under the 2025 Corporate Bonus Plan.” · word for word
23 Mar 202610-K/ARevenue $271M (-40% y/y); Net income (loss) $-390M; Adjusted EBITDA $3M (-97% y/y)open
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $271M | -40% y/y |
| Net income (loss) · FY2025 | $-390M | |
| Adjusted EBITDA · FY2025 | $3M | -97% y/y |
| Cash and cash equivalents · FY2025 | $157M | -28% y/y |
| Operating cash flow · FY2025 | $33M | -28% y/y |
| Capital expenditures · FY2025 | $37M | -57% y/y |
| Thermal Barrier revenue · Thermal Barrier · FY2025 | $169M | -45% y/y |
| Energy Industrial revenue · Energy Industrial · FY2025 | $102M | -30% y/y |
| Gross profit · FY2025 | $46M | -75% y/y |
| Impairment of property, plant and equipment · FY2025 | $291M |
Risks flagged
Going concern risk due to significant net loss and negative equity trend
“During the year ended December 31, 2025, the Company incurred a net loss of $ 389.6 million...The Company expects that it will need to supplement its cash balance with anticipated cash flow from operations, as well as potential equity financings, debt financings, equipment leasing, sale-leaseback transactions, customer prepayments, or government grant and lo” · word for word
Covenant compliance risk due to removal of EBITDA covenant
“the minimum EBITDA (as defined in the Amended MidCap Loan Facility) financial maintenance covenant has been removed entirely.” · word for word
Liquidity covenant risk
“the applicable minimum liquidity threshold...has changed from...an amount equal to the greater of (x) $ 50 million and (y) 85 % of the then aggregate outstanding principal amount of the Term Loan...to...an amount equal to the greater of (x) $ 50 million and (y) 100 % of the then aggregate outstanding principal amount of the Term Loan”
Customer concentration risk
“For the year ended December 31, 2025 , two customers represented 59 % and 9 % of total revenue, respectively.” · word for word
EV demand risk
“a large Thermal Barrier customer notified the Company of its lower forecasted long-term demand requirements...EV adoption rates are expected to be lower following the termination in the United States of certain consumer tax incentives for EV purchases.” · word for word
25 Feb 20268-K · 2.02, 7.01Year-end cash balance $159M; GM settlement payment $38Mearningsopen
Figures in the filing · each found in the filing text
| Year-end cash balance · FY2025 | $159M | |
| GM settlement payment · Q1-2026 | $38M |
Risks flagged
Strategic review may lead to restructuring or sale; GM settlement is a cash outflow.
“Initiated a strategic review to strengthen long-term competitive positioning” · word for word
18 Dec 20258-K · 1.01, 7.01Entered a material definitive agreement (acquisition, partnership, or major contract); issued a Regulation FD disclosure (forward guidance or material update)open
Risks flagged
Increased liquidity requirement and reduced acquisition basket suggest tighter credit conditions.
“minimum liquidity threshold increased to 100% of term loan; acquisition basket reduced”
6 Nov 202510-QRevenue $230M (-30% y/y); Net income (loss) $-317M; Adjusted EBITDA $21M (-69% y/y); Guidance: Expect decline in net income and Adjusted EBITDA during 2025 as compared to the prior year; expect reduced capital expendituresopen
Figures in the filing · each found in the filing text
| Revenue · 9M 2025 | $230M | -30% y/y |
| Net income (loss) · 9M 2025 | $-317M | |
| Adjusted EBITDA · 9M 2025 | $21M | -69% y/y |
Guidance
Expect decline in net income and Adjusted EBITDA during 2025 as compared to the prior year; expect reduced capital expenditures
Management expects further declines in revenue, net income, Adjusted EBITDA, and capex in 2025 vs 2024.
Risks flagged
EV Demand Slowdown
“EV adoption rates in our customers’ markets have been lower than originally expected and these lower adoption rates are expected to continue.” · word for word
OEM Pricing Pressure
“Cost-cutting initiatives adopted by our customers may result in increased downward pressure on pricing.” · word for word
Revenue Decline Across Segments
“Our revenue for the nine months ended September 30, 2025 was $229.8 million, which represented a decrease of $99.8 million, or 30%.” · word for word
Impairment and Restructuring Charges
“Impairment of property, plant and equipment - $287,567 (thousands) for nine months ended September 30, 2025.”
6 Nov 20258-K · 2.02, 7.01Total revenue $73M (-38% y/y); Net loss $-6M (+52% y/y); Adjusted EBITDA $6M (-75% y/y); Guidance: FY2025 revenue guidance cut from $297-317M to $270-280M; adjusted EBITDA cut from $35-45M to $7-15Mearningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q3-2025 | $73M | -38% y/y |
| Net loss · Q3-2025 | $-6M | +52% y/y |
| Adjusted EBITDA · Q3-2025 | $6M | -75% y/y |
| Cash and equivalents · Q3-2025 | $152M | |
| Operating cash flow · Q3-2025 | $15M | |
| Thermal Barrier revenue · Thermal Barrier · Q3-2025 | $49M | |
| Energy Industrial revenue · Energy Industrial · Q3-2025 | $24M | |
| Gross margin · Q3-2025 | 28.5% | |
| Net loss per share · Q3-2025 | $-0.08 | +53% y/y |
| FY2025 revenue guidance · FY2025 | $275M |
Guidance
FY2025 revenue guidance cut from $297-317M to $270-280M; adjusted EBITDA cut from $35-45M to $7-15M
Significant guidance cut driven by lower EV demand in North America; large impairment and restructuring charges.
Risks flagged
Significant revenue decline and guidance cut due to lower EV demand in North America; large impairment indicates asset overvaluation.
“FY2025 revenue guidance cut from $297-317M to $270-280M; impairment of $287.6M”
Restructuring and demobilization costs of $16.5M indicate ongoing cost reduction actions.
“restructuring and demobilization costs of $16.5 million” · word for word
Aspen Aerogels, Inc. — questions
- What did Aspen Aerogels, Inc. file recently?
- 16 SEC filings in the last 12 months. Latest: SC 13D/A on 2026-09-24 — Schedule 13D/A: Wood River Capital, LLC 0.0%
Every figure on this page comes from Aspen Aerogels, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.