Aspen Aerogels (ASPN) Registration filing summary

Company overview and business model

• Two reportable segments: Thermal Barrier products for EV battery systems and Energy Industrial aerogel insulation for energy, industrial and other applications.

• PyroThin barriers are designed to impede lithium-ion battery thermal runaway while preserving energy density; multi-year OEM contracts include GM, Toyota, Scania, ACC, Volvo and Volvo Trucks.

• Pyrogel and Cryogel insulation serve oil, refinery, petrochemical, LNG and power markets; sales rely on a global direct team and qualified distributor and contractor network in 50+ countries.

Financial performance and metrics

• PyroThin sales were $168.9M in 2025, $306.8M in 2024 and $110.1M in 2023, primarily to GM.

• As of September 30, 2026, 83,128,438 common shares were issued and outstanding; authorized common shares total 250M.

Use of proceeds and capital allocation

• Net proceeds are intended for general corporate purposes, including working capital, capex, debt repayment, investments and acquisitions; management has broad allocation discretion.

• Pending use, proceeds may be invested in short-term investment-grade interest-bearing securities or used to reduce short-term debt.