Aspen Aerogels, Inc. (ASPN)

Aspen Aerogels Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-111.99	-389.55	13.38	-45.81	-82.74	-37.09
Depreciation & Amortization	44.75	45.16	22.53	15.32	9.22	9.44
Stock-Based Compensation	8.54	8.63	12.86	10.95	9.39	5.18
Other Adjustments	16.7	320.08	47.75	8.09	7.9	-2.18
Change in Receivables	37.27	70.3	-39.36	-12.55	-37.04	-4.64
Changes in Inventories	25.69	9.3	-8.36	-16.65	-10.55	1.11
Changes in Accounts Payable	-14.14	-19.45	7.34	4.58	5.32	7.38
Changes in Accrued Expenses	1.52	-23.31	11.86	6.81	5.18	6.98
Changes in Unearned Revenue	33.93	-0.94	-0.12	-3.53	4.53	-0.54
Changes in Other Operating Activities	1.38	12.66	-22.32	-9.83	-5.6	-4.26
Operating Cash Flow	61.39	32.87	45.55	-42.61	-94.4	-18.63
Operating Cash Flow Growth	-10.95%	-27.83%	-	-	-	-
Capital Expenditures	-25.82	-37.45	-86.26	-175.46	-177.97	-13.78
Investing Cash Flow	-25.82	-37.45	-86.26	-175.46	-177.97	-13.78
Short-Term Debt Issued	-	-	14.98	-	-	-
Short-Term Debt Repaid	-22.4	-28	-	-	-	-
Net Short-Term Debt Issued (Repaid)	-22.4	-28	14.98	-	-	-
Long-Term Debt Issued	-	-	-5.8	-	100	-
Long-Term Debt Repaid	6.5	-26	-31.53	-	-	-
Net Long-Term Debt Issued (Repaid)	6.5	-26	-37.33	-	100	-
Issuance of Common Stock	1.49	1.89	104.2	76.66	390.78	96.72
Repurchase of Common Stock	-0.41	-0.77	-1.29	-0.42	-2.36	-2.71
Net Common Stock Issued (Repurchased)	1.08	1.13	102.92	76.24	388.42	94.01
Other Financing Activities	-5.51	-5.26	41.45	-0.76	-10.05	-1.53
Financing Cash Flow	-52.42	-58.13	122.02	75.48	478.37	92.47
Net Cash Flow	-16.85	-62.71	81.31	-142.59	206	60.07
Free Cash Flow	35.57	-4.58	-40.71	-218.07	-272.37	-32.41
FCF Margin	15.45%	-1.69%	-8.99%	-91.35%	-151.01%	-26.64%
Free Cash Flow Per Share	0.43	-0.06	-0.51	-3.14	-6.92	-1.06
Levered Free Cash Flow	-60.59	-457.58	-84.31	-224.56	-152.61	-30.76
Unlevered Free Cash Flow	-15.22	-394.6	-27	-227.96	-249.12	-34.26

Updated May 8, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q