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Aspen Aerogels, Inc., an aerogel technology company, designs, develops, manufactures, and sells aerogel materials primarily for use in the energy industrial, sustainable insulation materials, and electric vehicle (EV) markets in the United States, Canada, Asia, Europe, and Latin America. It operates through two segments: Thermal Barrier and Energy Industrial. The company offers PyroThin aerogel thermal barriers for use in battery packs in EVs; Pyrogel XTE for refineries and petrochemical facilities; Pyrogel HPS for high temperatures and in demanding thermal applications in refining and chemical processing systems; Pyrogel XTF for protection against fire; Cryogel Z for sub-ambient and cryogenic applications; Spaceloft Subsea for pipe-in-pipe applications in offshore oil production; and Cryogel X201 for cold system designs. It serves EV manufacturers, automotive suppliers, lithium-ion battery manufacturers, and e-mobility and energy storage companies. The company was founded in 2001 and is headquartered in Northborough, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $271M | $-331M | $-390M | $-5M | -165.4% | -40.1% | -3012.5% |
| 2024 | $453M | $50M | $13M | $-41M | 2.2% | 89.6% | -129.2% |
| 2023 | $239M | $-25M | $-46M | $-218M | -9.4% | 32.4% | -44.6% |
| 2022 | $180M | $-68M | $-83M | $-272M | -18.5% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 180.36 | 238.72 | 452.70 | 271.10 |
| Operating Revenue | - | 180.36 | 238.72 | 452.70 | 271.10 |
| Cost Of Revenue | - | 175.39 | 181.80 | 269.80 | 225.10 |
| Gross Profit | - | 4.98 | 56.92 | 182.90 | 46 |
| Operating Expense | - | 84.22 | 106.12 | 124.85 | 97.39 |
| Research And Development | - | 16.93 | 16.36 | 18.05 | 13.42 |
| Selling General And Administration | - | 67.29 | 89.77 | 106.80 | 83.97 |
| Total Expenses | - | 259.61 | 287.92 | 394.65 | 322.50 |
| Operating Income | - | -79.24 | -49.20 | 58.04 | -51.39 |
| Total Operating Income As Reported | - | -79.24 | -49.20 | 54.54 | -378.23 |
| EBITDA | - | -68.41 | -25.16 | 49.57 | -331.28 |
| Normalized EBITDA | - | -68.41 | -25.16 | 80.57 | -4.45 |
| EBIT | - | -77.63 | -40.48 | 27.05 | -376.44 |
| Interest Income | - | 1.62 | 6.53 | - | - |
| Interest Expense | - | 5.11 | 5.33 | 11.96 | 10.72 |
| Net Interest Income | - | -3.49 | 1.21 | -11.96 | -10.72 |
| Other Non Operating Income Expenses | - | - | 2.19 | - | 1.79 |
| Other Income Expense | 3.73 | - | 2.19 | -31 | -325.05 |
| Interest Income Non Operating | - | 1.62 | 6.53 | - | - |
| Interest Expense Non Operating | - | 5.11 | 5.33 | 11.96 | 10.72 |
| Net Non Operating Interest Income Expense | - | -3.49 | 1.21 | -11.96 | -10.72 |
| Pretax Income | - | -82.74 | -45.81 | 15.09 | -387.16 |
| Tax Provision | - | 0 | 0 | 1.71 | 2.39 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | -3.41 | -68.64 |
| Net Income Continuous Operations | - | -82.74 | -45.81 | 13.38 | -389.55 |
| Net Income From Continuing And Discontinued Operation | - | -82.74 | -45.81 | 13.38 | -389.55 |
| Net Income From Continuing Operation Net Minority Interest | - | -82.74 | -45.81 | 13.38 | -389.55 |
| Net Income | - | -82.74 | -45.81 | 13.38 | -389.55 |
| Net Income Common Stockholders | - | -82.74 | -45.81 | 13.38 | -389.55 |
| Net Income Including Noncontrolling Interests | - | -82.74 | -45.81 | 13.38 | -389.55 |
| Normalized Income | - | -82.74 | -45.81 | 40.96 | -131.35 |
| Diluted NI Availto Com Stockholders | - | -82.74 | -45.81 | 13.38 | -389.55 |
| Basic Average Shares | - | 39.36 | 69.44 | 77.54 | 82.33 |
| Diluted Average Shares | - | 39.36 | 69.44 | 80.31 | 82.33 |
| Reconciled Depreciation | - | 9.22 | 15.32 | 22.53 | 45.16 |
| Reconciled Cost Of Revenue | - | 175.39 | 181.80 | 269.80 | 225.10 |
| Total Unusual Items | - | 0 | 0 | -31 | -326.84 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | -31 | -326.84 |
| Special Income Charges | - | 0 | 0 | -31 | -326.84 |
| Other Special Charges | -3.73 | - | - | 27.49 | - |
| Impairment Of Capital Assets | - | 0 | 0 | 3.51 | 291.16 |
| Restructuring And Mergern Acquisition | - | - | 0 | 0 | 17.51 |
| General And Administrative Expense | - | 38.50 | 56.76 | 71.12 | 55.77 |
| Other Gand A | - | 38.50 | 56.76 | 71.12 | 55.77 |
| Gain On Sale Of Ppe | - | - | 0 | 0 | -18.16 |
| Selling And Marketing Expense | - | 28.79 | 33.01 | 35.68 | 28.20 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Aspen Aerogels, Inc.this co. | ASPN | $516M | -1.33 | 2.19 | -165.4% | -1.52 |
| Enviri Corporation | NVRI | $554M | -2.43 | -0.91 | 37.5% | 62.25 |
| Ennis, Inc. | EBF | $519M | 12.18 | 1.68 | 13.8% | 7.07 |
| Tejon Ranch Co. | TRC | $515M | 6870.53 | 1.08 | 0.0% | -309.29 |
| FTAI Infrastructure Inc. | FIP | $510M | -4.76 |
| - |
| - |
| - |
| - |
| - |
| 23.94 |
| -502.6% |
| 17.72 |
| American Battery Technology Company | ABAT | $506M | -10.82 | 7.17 | -66.2% | -12.18 |
| Titan International, Inc. | TWI | $502M | -7.91 | 0.98 | -12.3% | 10.69 |
| Park-Ohio Holdings Corp. | PKOH | $477M | 20.04 | 1.25 | 6.2% | 10.57 |
| Pangaea Logistics Solutions Ltd. | PANL | $476M | 24.55 | 1.11 | 4.5% | 6.06 |
| Peer Median | - | 4.87 | 1.18 | 2.3% | 8.82 | |