Aspen Aerogels (ASPN) Oppenheimer 29th Annual Technology, Internet & Communications Conference summary

North American EV and Thermal Barrier business

• EV market share in North America has stabilized around 6%, with expectations for gradual growth and General Motors maintaining a strong position through 2027.

• Production and sales rates have leveled, supporting a more robust second half for the Thermal Barrier business.

• No specific 2027 outlook provided, but the segment is expected to be a growth driver.

European market expansion and design awards

• European Thermal Barrier revenue outlook was raised to $20–$30 million for the year, driven by broad-based wins across seven OEMs.

• Recent Jaguar Land Rover design award is expected to generate near-immediate revenue and signals strong technology positioning.

• Design award contracts represent a $135 million opportunity in 2027, with potential to double 2026 revenue.

• Additional OEMs may be added, further diversifying revenue streams.

Technology trends and product adaptation

• Engaged in high-density LFP battery chemistries and adapting solutions for evolving battery technologies, including solid-state and semi-solid state.

• Applying EV battery thermal management expertise to battery energy storage systems (BESS), with near-term revenue expected.

• BESS market opportunity estimated in the tens of millions annually, with U.S. content providing a competitive edge.