Aspen Aerogels, Inc.

What they do

Aspen develops and manufactures aerogel-based thermal barriers and insulation products. Its main growth product is PyroThin, an ultra-thin, lightweight, flexible thermal barrier used in lithium-ion EV battery packs to impede thermal runaway. Customers include automotive OEMs such as General Motors, Toyota, and Automotive Cells Company. The company also sells energy-industrial insulation products, and operates manufacturing in East Providence, Rhode Island.

Revenue drivers

• Thermal Barrier (PyroThin) — Thermal barriers for EV battery packs; sold $168.9M in 2025, $306.8M in 2024 and $110.1M in 2023, primarily to GM. Q2 2026 revenue was $29.5M, up 81% quarter-over-quarter.
• Energy Industrial — Aerogel insulation products for energy and industrial end markets; Q2 2026 revenue was $20.4M versus $22.8M in the prior-year period.
• European Thermal Barrier — European OEM thermal barrier revenue momentum; 2026 revenue outlook raised to $20M to $30M.
• EV OEM production contracts — Multi-year production contracts with automotive OEMs including GM, Toyota, Scania, ACC, Volvo and Volvo Truck; production parts currently supplied to GM, Toyota and ACC.

Recent performance

Q2 2026 total revenue was $49.8M, up 32% quarter-over-quarter but down from $78.0M a year earlier. Thermal Barrier revenue was $29.5M versus $55.2M in Q2 2025, while Energy Industrial was $20.4M versus $22.8M. Net loss was $23.3M, or $0.28 per share, compared to net loss of $9.1M, or $0.11 per share, a year earlier. Adjusted EBITDA was $(6.6)M compared to $9.7M in the prior-year period. Results included an $8.9M loss on property damage from the April 2026 East Providence incident, offset by a corresponding estimated insurance recovery.

Strategy

Aspen is executing a staged restart of its East Providence, Rhode Island manufacturing facility after the April 2026 incident, and maintained customer supply through existing inventory, an external manufacturing facility, and limited East Providence production. It secured a PyroThin award from Jaguar Land Rover across two next-generation vehicle architectures, with start of production expected in 2027. The company continues to pursue the sale of its Statesboro, Georgia manufacturing assets after a non-binding letter of intent expired without a definitive agreement. Management cites accelerating Energy Industrial project activity, stabilizing North American Thermal Barrier demand, and a European Thermal Barrier ramp as drivers for 2027 and beyond.

Risks

• Customer concentration in Thermal Barrier — PyroThin sales have been primarily to GM, so a reduction in GM program volumes materially affects segment revenue.
• EV demand and regulatory exposure — Thermal Barrier revenue declines reflect changes to North American EV regulatory frameworks and incentive programs.
• Manufacturing incident and restart risk — The April 2026 East Providence incident caused an $8.9M property damage loss and $5.3M of other incident-related costs, and the facility is only in a staged restart.
• Asset sale and capital allocation — The Statesboro, Georgia manufacturing assets remain unsold after a non-binding letter of intent expired, and are being actively marketed.

Outlook

Management guides Q3 2026 revenue of $65M to $80M and adjusted EBITDA of $7M to $15M. The European Thermal Barrier 2026 revenue outlook was raised to $20M to $30M. The company expects to collect the $8.9M insurance receivable in Q3 2026. Management states these drivers position Aspen for sustained, profitable growth in 2027 and beyond.