Aspen Aerogels (NYSE:ASPN) Releases Earnings Results

Key Points

• Aspen Aerogels beat quarterly expectations, reporting an EPS loss of $0.22 versus the $0.23 consensus estimate, and raised its Q3 2026 outlook to a loss of $0.11–$0.07 per share.
• The company significantly improved its Q3 projections, expecting $65 million–$80 million in revenue and $7 million–$15 million in adjusted EBITDA, driven by stronger energy-industrial deliveries and thermal-barrier demand.
• Growth prospects strengthened across key segments: Energy Industrial is targeting roughly 20% growth in 2026, while European thermal-barrier revenue guidance doubled to $20 million–$30 million; however, the East Providence facility restart and related costs will continue to pressure cash flow.

Aspen Aerogels (NYSE:ASPN - Get Free Report) posted its earnings results on Thursday. The construction company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.01, Zacks reports. Aspen Aerogels had a negative net margin of 48.64% and a negative return on equity of 22.16%. Aspen Aerogels updated its Q3 2026 guidance to -0.110--0.070 EPS.

Here are the key takeaways from Aspen Aerogels' conference call:

• Q3 outlook improved significantly, with revenue expected at $65 million–$80 million and adjusted EBITDA of $7 million–$15 million, supported by stronger energy industrial deliveries and higher thermal-barrier demand.
• Energy Industrial remains on track for approximately 20% growth in 2026, driven by LNG and subsea projects; management expects additional growth in 2027 and is targeting a $200 million, high-margin business without significant incremental capital investment.
• European PyroThin momentum accelerated, including a new Jaguar Land Rover design award. Aspen raised its 2026 European thermal-barrier revenue outlook to $20 million–$30 million from $10 million–$15 million and is targeting $40 million–$60 million in 2027.
• Aspen has begun a staged restart of its East Providence facility and expects full production capacity to return in the first half of 2027. Insurance is expected to recover a significant portion of incident-related costs, but expedited freight, external manufacturing, professional fees, and restoration spending will continue to pressure results and cash flow.
• Battery energy storage systems are being developed as a third growth segment, with customer qualification programs and commercial discussions underway. Management expects initial revenue in the near term but is not assuming meaningful BESS revenue in 2026.

Aspen Aerogels Price Performance

Shares of ASPN traded up $1.83 during mid-day trading on Thursday, hitting $6.84. 14,384,412 shares of the company were exchanged, compared to its average volume of 934,147. The stock has a market cap of $567.23 million, a price-to-earnings ratio of -5.03 and a beta of 2.99. Aspen Aerogels has a 1-year low of $2.30 and a 1-year high of $9.78. The company has a 50 day moving average of $5.51 and a 200-day moving average of $4.41. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.54 and a current ratio of 2.89.

Institutional Investors Weigh In On Aspen Aerogels

Several large investors have recently bought and sold shares of the company. Acadian Asset Management LLC purchased a new position in shares of Aspen Aerogels in the first quarter valued at approximately $43,000. Tower Research Capital LLC TRC raised its stake in Aspen Aerogels by 184.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,235 shares of the construction company's stock valued at $43,000 after purchasing an additional 4,693 shares during the last quarter. Prelude Capital Management LLC purchased a new position in Aspen Aerogels in the 3rd quarter valued at $70,000. Occudo Quantitative Strategies LP acquired a new stake in Aspen Aerogels during the 3rd quarter worth $72,000. Finally, Osaic Holdings Inc. boosted its stake in Aspen Aerogels by 29.1% during the 2nd quarter. Osaic Holdings Inc. now owns 10,615 shares of the construction company's stock worth $63,000 after purchasing an additional 2,390 shares during the last quarter. 97.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ASPN. Barclays upped their price target on Aspen Aerogels from $3.00 to $4.00 and gave the stock an "underweight" rating in a report on Monday, May 11th. Wall Street Zen raised Aspen Aerogels from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Aspen Aerogels in a research report on Wednesday, June 24th. Finally, Roth Capital reiterated a "buy" rating and set a $5.75 target price on shares of Aspen Aerogels in a research report on Friday, May 8th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Aspen Aerogels presently has an average rating of "Hold" and a consensus price target of $5.19.

Aspen Aerogels Company Profile

Aspen Aerogels, Inc, headquartered in Northborough, Massachusetts, develops and manufactures high-performance aerogel insulation materials and custom engineered solutions. Founded in 2001 as a spin-out from Department of Energy research, the company pursued an initial public offering on the NYSE in 2014 under the ticker ASPN. Aspen Aerogels combines proprietary aerogel formulations with advanced manufacturing processes to deliver products known for their low thermal conductivity, lightweight construction and robust mechanical properties.

The company's product portfolio spans blanket insulation, boards, and custom shapes built around several proprietary brands, including Pyrogel, Cryogel and Spaceloft.

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