Aspen Aerogels (ASPN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $49.8 million, up 32% quarter-over-quarter, driven by strong thermal barrier sales and deferred revenue recognition from a GM settlement, but down from $78.0 million year-over-year due to regulatory impacts on North American EV incentives.

• PyroThin thermal barrier business saw 81% quarter-over-quarter growth, with expanding European OEM awards, including Jaguar Land Rover, and a raised 2026 revenue outlook for Europe.

• The staged restart of the East Providence plant after an April 2026 incident avoided major supply disruptions, with full capacity expected in H1 2027.

• Net loss for Q2 2026 was $23.3 million, including $8.9 million in property damage from the East Providence incident, offset by insurance receivable.

• Ended Q2 2026 with $153.4 million in cash, cash equivalents, and restricted cash.

Financial highlights

• Q2 2026 revenue: $49.8 million (Energy Industrial: $20.4 million; Thermal Barrier: $29.5 million, including $4.9 million deferred revenue from GM).

• Gross profit for Q2 2026 was $3.3 million (7% margin); adjusted gross profit: $8.6 million (17% margin), excluding $5.3 million in incident-related costs.

• GAAP net loss: $23.3 million in Q2; adjusted net loss: $17.9 million; adjusted EBITDA: negative $6.6 million.

• Q2 cash and equivalents: $153.4 million; term loan balance: $79.5 million; revolver balance: $10.9 million.

• Net cash used in financing activities was $19.9 million for the first half of 2026.

Outlook and guidance

• Q3 2026 revenue expected between $65 million and $80 million; adjusted EBITDA forecasted at $7 million to $15 million, including $5–$10 million in incident-related add-backs.

• Q3 2026 net loss projected between $6 million and $9 million, or $0.07 to $0.11 per share.

• 2026 European thermal barrier revenue outlook raised to $20–$30 million; 2027 target: $40–$60 million.

• Energy industrial segment expected to maintain ~20% growth in 2027, with a path to $200 million annual revenue without major capital investment.

• Capital expenditures for FY 2026, excluding East Providence restoration, are expected to be less than $10 million.