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Aspen Aerogels (ASPN) investor relations material
Aspen Aerogels Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Leadership changes included new CFO, Chief Administrative Officer, and COO appointments, all with significant operational experience to support growth and restructuring.
The organization streamlined operations, reduced headcount, and implemented cost-cutting measures to improve capital efficiency and prepare for a volatile North American EV market.
Revenue for the nine months ended September 30, 2025, was $229.8 million, down 30% year-over-year, with a net loss of $316.6 million driven by lower demand and a $287 million impairment charge from the Statesboro Plant demobilization.
Diversification into adjacent markets such as battery energy storage systems (BESS), LNG, and electrification projects is underway to broaden revenue streams.
Secured new commercial contracts, including a PyroThin® award from a major European OEM, with production expected in 2027.
Financial highlights
Q3 2025 revenue was $73.0 million, down 6% quarter-over-quarter and 38% year-over-year, mainly due to a 12% decline in thermal barrier revenues, partially offset by a 7% increase in energy industrial revenues.
Gross profit for Q3 2025 was $20.8 million, with a gross margin of 28.5%, down from 32.4% in Q2.
Adjusted EBITDA for Q3 2025 was $6.3 million, a decrease of $3.5 million quarter-over-quarter and down from $25.4 million in Q3 2024.
Net loss for Q3 2025 was $6.3 million, including $1.6 million in restructuring and impairment charges; net loss for the nine months was $316.6 million.
Ended Q3 2025 with $152.4 million in cash and equivalents after paying down $14.8 million on the revolver and $6.5 million on the term loan.
Outlook and guidance
Full-year 2025 revenue guidance is $270–280 million, with adjusted EBITDA of $7–15 million and net loss projected at $(342)–$(334) million, including a $287 million impairment charge.
Q4 2025 revenue is expected between $40–50 million, with adjusted EBITDA projected between -$14 million and -$6 million.
Break-even adjusted EBITDA is targeted at $200 million annual revenue, with cost structure improvements expected to materialize in 2026.
CapEx for 2025 is expected to be $20–25 million (excluding Statesboro), with less than $10 million targeted for 2026.
Over $100 million in cash is projected to be maintained at the end of 2026, assuming break-even adjusted EBITDA.
EU EV ramp-up impact on 2026 revenue
How does the impairment impact future capacity plans?
Quantify 2026 Energy Industrial growth
Quantify EV market reset impact on 2026 outlook
How will $200M EBITDA breakeven be achieved
What 2026 revenue from adjacent markets
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Next Aspen Aerogels earnings date
Q4 202512 Feb, 2026
Next Aspen Aerogels earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Aspen Aerogels Inc designs, develops, and manufactures aerogel insulation materials used in energy infrastructure and sustainable building applications. Its product offerings are used for thermal management in industries such as oil and gas, electric vehicles, and construction. The company provides high-performance insulation solutions based on proprietary aerogel technology. The company is headquartered in Northborough, Massachusetts, and its shares are listed on the NYSE.
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