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    Aspen Aerogels, Inc. Reports First Quarter 2025 Financial Results and Recent Business Highlights

    5/8/25 6:30:00 AM ET
    $ASPN
    RETAIL: Building Materials
    Consumer Discretionary
    Get the next $ASPN alert in real time by email

    Delivered revenues of $78.7 million and operating cash flow of $5.6 million

    New PyroThin award with leading American OEM for next-gen prismatic LFP vehicle platform

    NORTHBOROUGH, Mass., May 8, 2025 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE:ASPN) ("Aspen" or the "Company"), a technology leader in sustainability and electrification solutions, today announced financial results for the first quarter of 2025, and discussed recent business developments.

    Total revenue for the first quarter of 2025 was $78.7 million, compared to $94.5 million in the first quarter of 2024.

    Net loss was $301.2 million, which included a $286.6 million impairment charge in connection with the demobilization of the Company's previously planned second aerogel manufacturing plant in Statesboro, Georgia and $9.8 million of associated restructuring costs, compared to a net loss of $1.8 million in the first quarter of 2024. Adjusting net loss for the impairment and restructuring and demobilization costs would result in a net loss of $4.8 million. Net loss per share was $3.67, compared to a net loss per share of $0.02 in the first quarter of 2024. Adjusting net loss per share for the impairment and restructuring and demobilization costs would result in a net loss per share of $0.06.

    Adjusted EBITDA for the first quarter of 2025 was $4.9 million, compared to $12.9 million in the first quarter of 2024.

    A reconciliation of GAAP financial results to non-GAAP financial results are provided in the financial schedules that are part of this press release. An explanation of these non-GAAP financial measures are also included below under the heading "Non-GAAP Financial Measures."

    Recent Business Highlights & Quarterly Performance

    • Company revenues of $78.7 million, a 17% decrease year-over-year (YoY)
      • Thermal Barrier: $48.9 million of revenue, a 25% decrease YoY
      • Energy Industrial: $29.8 million of revenue, a 3% increase YoY
    • Delivered gross margins of 29%, an eight-percentage point decrease YoY
    • Operating cash flow of $5.6 million in the quarter
    • Ended the quarter with cash and equivalents of $192.0 million
    • Awarded PyroThin contract from a leading American OEM for a next-gen prismatic lithium iron phosphate (LFP) vehicle platform with an expected start of production in 2028

    "We continue to drive the key elements of our strategy by broadening our Thermal Barrier and Energy Industrial commercial activities, fortifying our supply chain, and optimizing our cost structure," commented Don Young, Aspen's President and CEO. "We are encouraged by the record-level quoting activity in our PyroThin thermal barrier business. The newest PyroThin award demonstrates our value in additional electric vehicle ("EV") form factors and chemistries. Meanwhile, our Energy Industrial segment is now equipped with the supply needed to pursue additional geographies and end markets to drive incremental growth. A diversified supply chain and multiple aerogel manufacturing sources provide us with the flexibility to optimally meet customer demands across both business segments. Our recent and continuing actions to reduce fixed costs are an example of an ongoing focus on our financial performance and strong balance sheet."

    Q2 2025 Financial Outlook

    Aspen's Q2 2025 Outlook is as follows:

    • Revenue is expected to range between $70 and $80 million
    • Net loss is expected to range between $11 and $4 million
    • Net loss per share is expected to range between $0.13 and $0.05
    • Adjusted EBITDA is expected to range between breakeven and $7 million
    • Capital Expenditures, excluding demobilization costs related to the Statesboro plant project, are expected to be less than $10 million

    Ricardo C. Rodriguez, Chief Financial Officer and Treasurer, noted, "We have the right elements in place to focus on execution and drive performance through a broad range of demand outcomes. A strong balance sheet and continuing efforts to reduce our fixed cost base will ensure that we are not only better positioned for profitability and cash flow generation but can also deliver higher proportional upside as the outlook clears up."

    The Company's Q2 2025 outlook assumes depreciation and amortization of $6.0 million, stock-based compensation expense of $3.0 million, other expense (net) of $2.0 million, and diluted weighted average shares outstanding of 82.0 million for the full year.

    A reconciliation of net loss to non-GAAP Adjusted EBITDA for the Q2 2025 financial outlook is provided in the financial schedules that are part of this press release. An explanation of this non-GAAP financial measure is also included below under the heading "Non-GAAP Financial Measures."

    Aspen may incur, among other items, additional charges, realize gains or losses, incur financing costs or interest expense, or experience other events in Q2 2025, including those related to the planned capacity expansion, supply chain disruptions, or further cost inflation, that could cause actual results to vary materially from this outlook. See Special Note Regarding Forward-Looking and Cautionary Statements below.

    Conference Call and Webcast Notification

    A conference call with Aspen management to discuss first quarter 2025 results and recent business developments will be held Thursday, May 8, 2025 at 8:30 a.m. EST. During the call, management will respond to questions concerning, but not limited to, Aspen's financial performance, business conditions, and financial outlook. Management's discussion and responses could contain information that has not been previously disclosed.

    Shareholders and other interested parties may call +1 (404) 975-4839 (domestic) or +1 (929) 526-1599 (international) and reference conference ID "302641" to participate in the conference call. In addition, the conference call and an accompanying slide presentation will be available live as a listen-only webcast hosted at the Investors section of Aspen's website, www.aerogel.com.

    Following the live event, an archived version of the webcast will be available on Aspen's website for convenient on-demand replay for at least a year. A copy of this press release is posted in the Investors section on Aspen's website.

    Non-GAAP Financial Measures

    In addition to providing financial measurements based on generally accepted accounting principles in the United States of America ("GAAP"), Aspen provides additional financial metrics that are not prepared in accordance with GAAP ("non-GAAP"). The non-GAAP financial measures included in this press release are Adjusted EBITDA, adjusted net loss and adjusted net loss per share. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measures do not include the impact of items that management does not consider indicative of Aspen's core operating performance. In addition, management uses Adjusted EBITDA (i) for planning purposes, including the preparation of Aspen's annual operating budget, (ii) to allocate resources to enhance the financial performance of its business, and (iii) as a performance measure under its bonus plan.

    Management believes that these non-GAAP financial measures reflect Aspen's ongoing business in a manner that allows for meaningful comparisons and analysis of trends in its business, as it excludes expenses and gains not reflective of Aspen's ongoing operating results or that may be infrequent and/or unusual in nature. Management also believes that these non-GAAP financial measures provides useful information to investors in understanding and evaluating Aspen's operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. These non-GAAP measures may not be comparable to similarly titled measures presented by other companies.

    The non-GAAP financial measures do not replace the presentation of Aspen's GAAP financial results and should only be used as a supplement to, not as a substitute for, Aspen's financial results presented in accordance with GAAP. In this press release, Aspen has provided a reconciliation of Adjusted EBITDA to net income (loss), adjusted net loss to net loss and adjusted net loss per share to net loss per share, in each case the most directly comparable GAAP financial measure. Management strongly encourages investors to review Aspen's financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

    About Aspen Aerogels, Inc.

    Aspen is a technology leader in sustainability and electrification solutions. The Company's aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, e-mobility and clean energy. Aspen's PyroThin® products enable solutions to thermal runaway challenges within the electric vehicle ("EV") market. The Company's carbon aerogel initiative seeks to increase the performance of lithium-ion battery cells to enable EV manufacturers to reduce charging time and the cost of EVs. The Company's Cryogel® and Pyrogel® products are valued by the world's largest energy infrastructure companies. Aspen's strategy is to partner with world-class industry leaders to leverage its Aerogel Technology Platform® into additional high-value markets. Aspen is headquartered in Northborough, Mass. For more information, please visit www.aerogel.com.

    Special Note Regarding Forward-Looking and Cautionary Statements

    This press release and any related discussion contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements, including statements relating to Aspen's financial outlook for the second quarter of 2025. These statements are not historical facts but rather are based on Aspen's current expectations, estimates and projections regarding Aspen's business, operations and other factors relating thereto, including with respect to Aspen's financial outlook for the second quarter of 2025. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook," "assumes," "targets," "opportunity," and similar expressions are used to identify these forward-looking statements. Such forward-looking statements include statements regarding, among other things, Aspen's beliefs and expectations about capacity, revenue, revenue capacity, backlog, costs, expenses, profitability, cash flow, gross profit, gross margin, operating margin, net income (loss), Adjusted EBITDA and related increases, decreases, trends or timing, including with respect to Aspen's beliefs and expectations about the EV market and how it may enable a path to profitability; Aspen's target revenue capacity and gross margins; Aspen's efforts to demobilize its previously planned second manufacturing plant in Statesboro, Georgia, and the use of its external manufacturing facility to meet customer demand; current or future trends in the energy, energy infrastructure, chemical and refinery, LNG, sustainable building materials, EV thermal barrier, EV battery materials or other markets and the impact of these trends on Aspen's business; the strength, effectiveness, productivity, costs, profitability or other fundamentals of Aspen's business; beliefs about the role of Aspen's technology and opportunities in the EV market; beliefs about Aspen's ability to provide and deliver products and services to EV customers; beliefs about content per vehicle, revenue, costs, expenses, profitability, investments or cash flow associated with Aspen's EV opportunities, including the EV thermal barrier business; and the performance and market acceptance of Aspen's products. All such forward-looking statements are based on management's present expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, the following: inability to execute Aspen's growth plan, the right of EV thermal barrier customers to cancel contracts with Aspen at any time and without penalty; any costs, expenses, or investments incurred by Aspen in excess of projections used to develop pricing under the contracts with EV thermal barrier customers; Aspen's inability to create customer or market opportunities for its products; any disruption or inability to achieve expected capacity levels in any of its manufacturing or assembly facilities, including at its external manufacturing facility; any failure to enforce any of Aspen's patents; the general economic conditions and cyclical demands in the markets that Aspen serves; the potential impact of changes in government and economic policies, incentives, and tariffs on Aspen's customers, production, sales, cost structure, competitive landscape and results of operations; and the other risk factors discussed under the heading "Risk Factors" in Aspen's Annual Report on Form 10-K for the year ended December 31, 2024 and filed with the Securities and Exchange Commission ("SEC") on February 27, 2025, as well as any updates to those risk factors filed from time to time in Aspen's subsequent periodic and current reports filed with the SEC. All statements contained in this press release are made only as of the date of this press release. Aspen does not intend to update this information unless required by law.

     

    ASPEN AEROGELS, INC.

    Condensed Consolidated Balance Sheets

    (Unaudited and in thousands)



















    March 31,





    December 31,







    2025





    2024







    (In thousands)



    Assets













    Current assets:













    Cash and cash equivalents



    $

    192,039





    $

    220,882



    Restricted cash





    394







    394



    Accounts receivable, net





    77,355







    109,104



    Inventories





    56,739







    47,551



    Prepaid expenses and other current assets





    17,359







    31,517



    Total current assets





    343,886







    409,448



    Property, plant and equipment, net





    179,282







    459,276



    Operating lease right-of-use assets





    19,103







    20,854



    Finance lease right-of-use assets





    5,934







    —



    Other long-term assets





    6,771







    5,566



    Total assets



    $

    554,976





    $

    895,144



    Liabilities and Stockholders' Equity













    Current liabilities:













    Accounts payable



    $

    39,931





    $

    44,361



    Accrued expenses





    16,681







    36,495



    Deferred revenue





    2,645







    2,199



    Finance obligation for sale and leaseback transactions





    3,929







    4,028



    Operating lease liabilities





    3,339







    3,279



    Finance lease liabilities





    1,408







    —



    Long term debt - current portion





    13,500







    19,750



    Total current liabilities





    81,433







    110,112



    Revolving line of credit





    28,956







    42,131



    Long term debt





    95,416







    94,961



    Finance obligation for sale and leaseback

    transactions long-term





    8,353







    10,087



    Operating lease liabilities long-term





    22,305







    23,148



    Finance lease liabilities long-term





    3,679







    —



    Total liabilities





    240,142







    280,439



    Stockholders' equity:













    Total stockholders' equity





    314,834







    614,705



    Total liabilities and stockholders' equity



    $

    554,976





    $

    895,144



     

    ASPEN AEROGELS, INC.

    Consolidated Statements of Operations

    (Unaudited and in thousands, except share and per share data)







    Three Months Ended







    March 31,







    2025





    2024







    (In thousands, except

    share and per share data)



    Revenue



    $

    78,723





    $

    94,501



    Cost of revenue





    55,911







    59,358



    Gross profit





    22,812







    35,143



    Operating expenses:













    Research and development





    4,333







    4,489



    Sales and marketing





    8,384







    8,303



    General and administrative





    13,034







    17,213



    Restructuring and demobilization costs





    9,790







    —



    Impairment of property, plant and equipment





    286,612







    2,702



    Total operating expenses





    322,153







    32,707



    Income (loss) from operations





    (299,341)







    2,436



    Other income (expense)













    Interest expense, convertible note - related party





    —







    (3,038)



    Interest income (expense)





    (1,962)







    (477)



    Other income





    1,130







    —



    Total other expense





    (832)







    (3,515)



    Loss before income tax expense





    (300,173)







    (1,079)



    Income tax expense





    (1,076)







    (756)



    Net loss



    $

    (301,249)





    $

    (1,835)



    Net loss per share:













    Basic and diluted



    $

    (3.67)





    $

    (0.02)



    Weighted-average common shares outstanding:













    Basic and diluted





    82,065,676







    75,762,893



    Analysis of Cash Flow

    The following table summarizes our cash flows for the periods indicated.





    Three Months Ended







    March 31







    2025





    2024







    (In thousands)



    Net cash provided by (used in):













    Operating activities



    $

    5,632





    $

    (17,749)



    Investing activities





    (12,998)







    (25,863)



    Financing activities





    (21,477)







    5,259



    Net decrease in cash





    (28,843)







    (38,353)



    Cash, cash equivalents and restricted cash at beginning

    of period





    221,276







    139,971



    Cash, cash equivalents and restricted cash at end of

    period



    $

    192,433





    $

    101,618



    Reconciliation of Non-GAAP Financial Measures

    The following tables present a reconciliation of the non-GAAP financial measure included in this press release to the most directly comparable GAAP measure:

    Reconciliation of Adjusted EBITDA to Net loss

    We define Adjusted EBITDA as net income (loss) before interest expense, taxes, depreciation, amortization, stock-based compensation expense and other items, which occur from time to time and which we do not believe are indicative of our core operating performance.

    For the three months ended March 31, 2025 and 2024:





    Three Months Ended







    March 31,







    2025





    2024







    (In thousands)



    Net loss



    $

    (301,249)





    $

    (1,835)



    Depreciation and amortization





    5,793







    5,786



    Stock-based compensation





    2,073







    4,706



    Other expense





    832







    3,515



    Income tax expense





    1,076







    756



    Restructuring and demobilization costs





    9,790







    -



    Impairment of property, plant and equipment





    286,612







    -



    Adjusted EBITDA



    $

    4,927





    $

    12,928



    For the trailing twelve months ended March 31, 2025 and 2024:





    Last Twelve Months







    March 31,







    2025





    2024







    (In thousands)



    Net loss



    $

    (286,039)





    $

    (30,850)



    Depreciation and amortization





    22,533







    18,400



    Stock-based compensation





    10,222







    13,393



    Other expense





    9,276







    2,235



    Loss on extinguishment of debt





    27,487







    -



    Income tax expense





    2,034







    756



    Restructuring and demobilization costs





    9,790







    -



    Impairment of property, plant and equipment





    286,612







    -



    Adjusted EBITDA



    $

    81,915





    $

    3,934



    Other Information

    The following table reconciles net loss and net loss per share to adjusted net loss and adjusted net loss per share for the three months ended March 31, 2025 and 2024:





    Three Months Ended







    March 31, 2025





    March 31, 2024







    Amount





    Per Share





    Amount





    Per Share







    (In thousands)











    (In thousands)









    Net loss



    $

    (301,249)





    $

    (3.67)





    $

    (1,835)





    $

    (0.02)



    Restructuring and demobilization costs





    9,790







    0.12







    —







    -



    Impairment of property, plant and equipment





    286,612







    3.49







    —







    -



    Adjusted Net Loss



    $

    (4,847)





    $

    (0.06)





    $

    (1,835)





    $

    (0.02)



    Financial outlook for the three months ending June 30, 2025:





    Three Months Ending







    June 30, 2025







    Low





    High







    (In thousands)



    Net loss



    $

    (11,000)





    $

    (4,000)



    Depreciation and amortization





    6,000







    6,000



    Stock-based compensation





    3,000







    3,000



    Other expense, net





    2,000







    2,000



    Adjusted EBITDA



    $

    —





    $

    7,000



     

    Cision View original content:https://www.prnewswire.com/news-releases/aspen-aerogels-inc-reports-first-quarter-2025-financial-results-and-recent-business-highlights-302449529.html

    SOURCE Aspen Aerogels, Inc.

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    • Director Mitchell Steven R was granted 10,370 shares, increasing direct ownership by 8% to 146,528 units (SEC Form 4)

      4 - ASPEN AEROGELS INC (0001145986) (Issuer)

      5/1/25 8:52:09 PM ET
      $ASPN
      RETAIL: Building Materials
      Consumer Discretionary
    • Director Sweetnam James E was granted 10,370 shares, increasing direct ownership by 67% to 25,951 units (SEC Form 4)

      4 - ASPEN AEROGELS INC (0001145986) (Issuer)

      5/1/25 8:51:53 PM ET
      $ASPN
      RETAIL: Building Materials
      Consumer Discretionary
    • Director Robinson Cari was granted 10,370 shares, increasing direct ownership by 553% to 12,246 units (SEC Form 4)

      4 - ASPEN AEROGELS INC (0001145986) (Issuer)

      5/1/25 8:51:36 PM ET
      $ASPN
      RETAIL: Building Materials
      Consumer Discretionary

    $ASPN
    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by Aspen Aerogels Inc.

      SC 13G/A - ASPEN AEROGELS INC (0001145986) (Subject)

      11/12/24 1:22:36 PM ET
      $ASPN
      RETAIL: Building Materials
      Consumer Discretionary
    • SEC Form SC 13G filed by Aspen Aerogels Inc.

      SC 13G - ASPEN AEROGELS INC (0001145986) (Subject)

      11/12/24 9:50:12 AM ET
      $ASPN
      RETAIL: Building Materials
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by Aspen Aerogels Inc.

      SC 13G/A - ASPEN AEROGELS INC (0001145986) (Subject)

      11/4/24 11:18:59 AM ET
      $ASPN
      RETAIL: Building Materials
      Consumer Discretionary

    $ASPN
    Financials

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    • Aspen Aerogels, Inc. Reports First Quarter 2025 Financial Results and Recent Business Highlights

      Delivered revenues of $78.7 million and operating cash flow of $5.6 millionNew PyroThin award with leading American OEM for next-gen prismatic LFP vehicle platform NORTHBOROUGH, Mass., May 8, 2025 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE:ASPN) ("Aspen" or the "Company"), a technology leader in sustainability and electrification solutions, today announced financial results for the first quarter of 2025, and discussed recent business developments. Total revenue for the first quarter of 2025 was $78.7 million, compared to $94.5 million in the first quarter of 2024. Net loss was $301.2 million, which included a $286.6 million impairment charge in connection with the demobilization of the Comp

      5/8/25 6:30:00 AM ET
      $ASPN
      RETAIL: Building Materials
      Consumer Discretionary
    • Aspen Aerogels, Inc. Schedules First Quarter 2025 Earnings Release and Conference Call

      NORTHBOROUGH, Mass., April 16, 2025 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE:ASPN) ("Aspen" or the "Company") today announced that Don Young, President & Chief Executive Officer, and Ricardo C. Rodriguez, Chief Financial Officer & Treasurer, expect to discuss the Company's financial results for the first quarter ended March 31, 2025, during a conference call scheduled for Thursday, May 8, 2025, at 8:30 a.m. ET. The Company also expects to release quarterly financial results prior to the market opening on the morning of Thursday, May 8, 2025. Shareholders and other interested parties may participate in the conference call by dialing +1 (404) 975-4839 (domestic) or +1 (929) 526-1599 (intern

      4/16/25 4:30:00 PM ET
      $ASPN
      RETAIL: Building Materials
      Consumer Discretionary
    • Aspen Aerogels, Inc. Reports Fourth Quarter and Fiscal Year 2024 Financial Results and Recent Business Highlights

      $452.7 million in FY 2024 revenue, a 90% year-over-year increase FY 2024 gross margins grew to 40%, driving $13.4 million of net income and $89.9 million of Adjusted EBITDA Record Energy Industrial revenue in Q4 of $53.1 million Ended the year with $220.9 million of cash and generated $20.9 million of free cash flow in Q4 External manufacturing facility capable of increasing capacity; demobilizing Statesboro plant project Awarded PyroThin® Thermal Barrier contract for Volvo Truck commercial vehicle program NORTHBOROUGH, Mass., Feb. 12, 2025 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE:ASPN) ("Aspen" or the "Company"), a technology leader in sustainability and electrification solutions, today

      2/12/25 4:30:00 PM ET
      $ASPN
      RETAIL: Building Materials
      Consumer Discretionary