Aspen Aerogels, Inc. (ASPN)

NYSE: ASPN · Real-Time Price · USD

4.670

-0.490 (-9.50%)

At close: Jul 24, 2026, 4:00 PM EDT

4.620

-0.050 (-1.07%)

After-hours: Jul 24, 2026, 7:42 PM EDT

Aspen Aerogels Financials Overview

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	230.26	271.1	452.7	238.72	180.36	121.62
Revenue Growth	-47.30%	-40.11%	89.64%	32.35%	48.30%	21.29%
Gross Profit	27.46	46	182.9	56.92	4.98	9.94
Operating Income	-81.56	-378.23	54.54	-49.2	-79.25	-40.6
Net Income	-111.99	-389.55	13.38	-45.81	-82.74	-37.09
Earnings Per Share	-1.36	-4.73	0.17	-0.66	-2.10	-1.22
EPS Growth	-	-	-	-	-	-

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Energy Industrial	93.96	102.2	145.87	128.64	124.81	114.96
Thermal Barrier	136.3	168.91	306.83	110.08	55.56	6.66
Total	230.26	271.1	452.7	238.72	180.36	121.62

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	173.87	156.86	220.88	139.72	281.34	76.56
Total Debt	128.82	143.71	197.38	138.77	119.4	15.24
Net Cash (Debt)	45.05	13.15	23.5	0.95	161.93	61.33
Net Cash Growth	303.86%	-44.04%	2370.87%	-99.41%	164.05%	649.25%
Net Cash Per Share	0.55	0.16	0.29	0.01	4.11	2.02

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	61.39	32.87	45.55	-42.61	-94.4	-18.63
Capital Expenditures	-25.82	-37.45	-86.26	-175.46	-177.97	-13.78
Free Cash Flow	35.57	-4.58	-40.71	-218.07	-272.37	-32.41
Free Cash Flow Growth	-	-	-	-	-	-

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	11.93%	16.97%	40.40%	23.84%	2.76%	8.17%
Operating Margin	-35.42%	-139.51%	12.05%	-20.61%	-43.94%	-33.38%
Pretax Margin	-36.41%	-142.81%	3.33%	-19.19%	-45.87%	-30.50%
Profit Margin	-48.64%	-143.69%	2.95%	-19.19%	-45.87%	-30.50%
FCF Margin	15.45%	-1.69%	-8.99%	-91.35%	-151.01%	-26.64%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul '26 Jul 26, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
PE Ratio	-	-	69.88	-	-	-
Forward PE	-	66.51	25.24	144.99	144.99	144.99
PS Ratio	1.68	0.86	2.15	5.06	4.58	13.60