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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% | - |
| 2023 | $239M | $-25M | $-46M | $-218M | -9.4% | 32.4% | - |
| 2022 | $180M | $-68M | $-83M | $-272M | -18.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | -79.25 | -49.20 | 58.05 | -51.39 |
| EBITDA | -68.41 | -25.16 | 49.57 | -331.29 |
| EBIT | -77.63 | -40.48 | 27.05 | -376.44 |
| Pretax Income | -82.74 | -45.81 | 15.09 | -387.16 |
| Tax Provision | 0 | 0 | 1.71 | 2.39 |
| Net Income | -82.74 | -45.81 | 13.38 | -389.55 |
| Net Income Common Stockholders | -82.74 | -45.81 | 13.38 | -389.55 |
| Total Expenses | 259.61 | 287.92 | 394.65 | 322.50 |
| Interest Expense | 5.11 | 5.33 | 11.96 | 10.72 |
| Interest Income | 1.62 | 6.53 | 0 | 0 |
| Research And Development | 16.93 | 16.36 | 18.05 | 13.42 |
| Selling General And Administration | 67.29 | 89.77 | 106.80 | 83.97 |
| Normalized EBITDA | -68.41 | -25.16 | 80.57 | -4.45 |
| Normalized Income | -82.74 | -45.81 | 40.96 | -131.35 |
| Basic EPS | -2.10 | -0.66 | 0.17 | -4.73 |
| Diluted EPS | -2.10 | -0.66 | 0.17 | -4.73 |
| Tax Effect Of Unusual Items | 0 | 0 | -3.41 | -68.64 |
| Tax Rate For Calcs | 0 | 0 | 0.11 | 0.21 |
| Total Unusual Items | 0 | 0 | -31 | -326.84 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | -31 | -326.84 |
| Net Income From Continuing Operation Net Minority Interest | -82.74 | -45.81 | 13.38 | -389.55 |
| Reconciled Depreciation | 9.22 | 15.32 | 22.53 | 45.16 |
| Reconciled Cost Of Revenue | 175.39 | 181.80 | 269.80 | 225.10 |
| Net Interest Income | -3.49 | 1.21 | -11.96 | -10.72 |
| Net Income From Continuing And Discontinued Operation | -82.74 | -45.81 | 13.38 | -389.55 |
| Total Operating Income As Reported | -79.25 | -49.20 | 54.53 | -378.23 |
| Diluted Average Shares | 39.36 | 69.44 | 80.31 | 82.33 |
| Basic Average Shares | 39.36 | 69.44 | 77.54 | 82.33 |
| Diluted NI Availto Com Stockholders | -82.74 | -45.81 | 13.38 | -389.55 |
| Net Income Including Noncontrolling Interests | -82.74 | -45.81 | 13.38 | -389.55 |
| Net Income Continuous Operations | -82.74 | -45.81 | 13.38 | -389.55 |
| Other Income Expense | 0 | 2.19 | -31 | -325.05 |
| Other Non Operating Income Expenses | 0 | 2.19 | 0 | 1.79 |
| Special Income Charges | 0 | 0 | -31 | -326.84 |
| Gain On Sale Of Ppe | 0 | 0 | 0 | -18.16 |
| Other Special Charges | 0 | 0 | 27.49 | 0 |
| Impairment Of Capital Assets | 0 | 0 | 3.51 | 291.16 |
| Restructuring And Mergern Acquisition | 0 | 0 | 0 | 17.51 |
| Net Non Operating Interest Income Expense | -3.49 | 1.21 | -11.96 | -10.72 |
| Interest Expense Non Operating | 5.11 | 5.33 | 11.96 | 10.72 |
| Interest Income Non Operating | 1.62 | 6.53 | 0 | 0 |
| Selling And Marketing Expense | 28.79 | 33.01 | 35.68 | 28.20 |
| General And Administrative Expense | 38.50 | 56.76 | 71.12 | 55.77 |
| Other Gand A | 38.50 | 56.76 | 71.12 | 55.77 |
| Operating Revenue | 180.36 | 238.72 | 452.70 | 271.10 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Aspen Aerogels, Inc.this co. | ASPN | $299M | - | 1.27 | -165.4% | -45.85 |
| Omega Flex, Inc. | OFLX | $339M | 22.82 | 4.02 | 17.6% | 15.85 |
| SBC Medical Group Holdings Incorporated | SBC | $339M | 6.60 | 1.36 | 19.4% | 3.44 |
| Tredegar Corporation | TG | $327M | 13.67 | 1.48 | 15.5% | 6.25 |
| L.B. Foster Company | FSTR | $320M | 44.36 |
| 1.77 |
| 4.3% |
| 10.12 |
| AerSale Corporation | ASLE | $313M | 36.83 | 0.74 | 2.0% | 12.77 |
| Energy Services of America Corporation | ESOA | $303M | 124.92 | 4.45 | 0.6% | 14.70 |
| CompX International Inc. | CIX | $286M | 14.68 | 2.06 | 14.1% | 8.83 |
| EVI Industries, Inc. | EVI | $262M | 39.57 | 1.63 | 5.2% | 13.66 |
| Peer Median | - | 29.82 | 1.70 | 9.6% | 11.45 | |