Aspen Aerogels (ASPN) investor relations material

Executive summary

• Q3 revenue was $85.2M, up 71% QoQ and 17% YoY; Adjusted EBITDA was $19.8M, above guidance.

• Energy Industrial deliveries, GM demand and European EV activity supported results; BESS and data center infrastructure reached early commercial milestones.

Financial highlights

• Revenue increased from $49.8M in Q2 to $85.2M in Q3; Adjusted EBITDA improved from a $6.6M loss to $19.8M.

• GAAP net loss was $10.4M, versus $23.3M in Q2 and $6.3M a year earlier; it included $15.1M of East Providence costs and a $4.6M disposal loss.

• GAAP gross profit was $20.6M at 24% margin; excluding $14.7M of East Providence incident costs, adjusted gross profit was $35.3M at 41% margin.

• Adjusted net income was $9.3M, or $0.11 per share, versus an adjusted loss of $4.8M, or $0.06 per share, a year earlier; reported loss per share was $0.13.

• Nine-month revenue fell 25% to $172.9M and Adjusted EBITDA was $0.5M; net loss narrowed to $57.4M from $316.6M, mainly against the prior-year Statesboro impairment.

Outlook and guidance

• Q4 revenue guidance is $60M–$75M, net loss $8M–$11M and Adjusted EBITDA $5M–$13M; Adjusted EBITDA excludes estimated East Providence incident costs of $5M–$10M.

• Implied FY 2026 outlook is revenue of $233M–$248M and Adjusted EBITDA of $5.5M–$13.5M; full-year Adjusted EBITDA is also expected to decline year over year.

• FY 2026 capital expenditures are expected below $10M, excluding East Providence restoration costs.

• Energy Industrial targets ~20% growth in 2026; European Thermal Barrier revenue is expected near $30M in 2026, with awarded 2027 potential of $50M–$60M.

• East Providence restoration is targeted for completion in H1 2027; Q4 outlook reflects LNG deliveries, a first data center order and GM production assumptions below current IHS forecasts.