Aspen Aerogels (ASPN) Financials

$8.47 +0.32 (+3.98%)

Closing price 03:59 PM Eastern

Extended Trading

$8.45 -0.02 (-0.28%)

As of 07:18 PM Eastern

Annual Income Statements for Aspen Aerogels

This table shows Aspen Aerogels' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-83	-46	13
Consolidated Net Income / (Loss)	-83	-46	13
Net Income / (Loss) Continuing Operations	-83	-46	13
Total Pre-Tax Income	-83	-46	15
Total Operating Income	-79	-49	55
Total Gross Profit	4.98	57	183
Total Revenue	180	239	453
Operating Revenue	180	239	453
Total Cost of Revenue	175	182	270
Operating Cost of Revenue	175	182	270
Total Operating Expenses	84	106	128
Selling, General & Admin Expense	38	57	71
Marketing Expense	29	33	36
Research & Development Expense	17	16	18
Impairment Charge	0.00	0.00	3.51
Total Other Income / (Expense), net	-3.49	3.39	-39
Interest Expense	5.11	5.33	35
Interest & Investment Income	1.62	6.53	-4.41
Other Income / (Expense), net	0.00	2.19	0.00
Income Tax Expense	0.00	0.00	1.71
Basic Earnings per Share	($2.10)	($0.66)	$0.17
Weighted Average Basic Shares Outstanding	39.36M	69.44M	77.54M
Diluted Earnings per Share	($2.10)	($0.66)	$0.17
Weighted Average Diluted Shares Outstanding	39.36M	69.44M	80.31M
Weighted Average Basic & Diluted Shares Outstanding	70.07M	76.66M	82.06M

This table shows Aspen Aerogels' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-30	-9.61	-17	-15	-13	-0.52	-2.65	17	-13	12
Consolidated Net Income / (Loss)	-30	-9.61	-17	-15	-13	-0.52	-1.84	17	-13	11
Net Income / (Loss) Continuing Operations	-30	-9.61	-17	-15	-13	-0.52	-2.65	17	-13	12
Total Pre-Tax Income	-30	-9.61	-17	-15	-13	-0.52	-1.08	18	-13	11
Total Operating Income	-28	-9.67	-19	-17	-15	1.38	2.44	20	17	15
Total Gross Profit	-6.36	14	5.09	8.41	14	30	35	52	49	47
Total Revenue	37	60	46	48	61	84	95	118	117	123
Operating Revenue	37	60	46	48	61	84	95	118	117	123
Total Cost of Revenue	43	45	41	40	47	55	59	66	68	76
Operating Cost of Revenue	43	45	41	40	47	55	59	66	68	76
Total Operating Expenses	22	24	24	25	28	28	30	32	32	35
Selling, General & Admin Expense	9.96	12	12	13	16	15	17	18	18	19
Marketing Expense	7.29	7.85	7.71	8.13	8.39	8.78	8.30	9.52	9.31	8.55
Research & Development Expense	4.69	4.20	4.10	3.96	4.22	4.08	4.49	4.57	4.59	4.41
Total Other Income / (Expense), net	-1.29	0.06	2.11	1.62	1.56	-1.90	-7.03	-2.30	-30	-0.01
Interest & Investment Income	0.45	1.06	2.39	1.83	1.31	1.00	-0.48	0.74	-1.15	-3.53
Income Tax Expense	-	-	0.00	0.00	0.00	-	0.76	0.87	0.27	-0.18
Basic Earnings per Share	($0.75)	($0.08)	($0.24)	($0.22)	($0.19)	($0.01)	($0.02)	$0.22	($0.17)	$0.14
Weighted Average Basic Shares Outstanding	39.53M	39.36M	69.16M	69.25M	69.32M	69.44M	75.76M	76.34M	76.26M	77.54M
Diluted Earnings per Share	($0.75)	($0.08)	($0.24)	($0.22)	($0.19)	($0.01)	($0.02)	$0.21	($0.17)	$0.15
Weighted Average Diluted Shares Outstanding	39.53M	39.36M	69.16M	69.25M	69.32M	69.44M	75.76M	78.98M	76.26M	80.31M
Weighted Average Basic & Diluted Shares Outstanding	40.91M	70.07M	70.11M	70.21M	70.26M	76.66M	76.16M	77.08M	82.05M	82.06M

This table details how cash moves in and out of Aspen Aerogels' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	206	-143	81
Net Cash From Operating Activities	-94	-43	46
Net Cash From Continuing Operating Activities	-94	-43	46
Net Income / (Loss) Continuing Operations	-83	-46	13
Consolidated Net Income / (Loss)	-83	-46	13
Depreciation Expense	9.22	15	23
Amortization Expense	0.03	0.04	1.16
Non-Cash Adjustments To Reconcile Net Income	15	17	57
Changes in Operating Assets and Liabilities, net	-36	-29	-48
Net Cash From Investing Activities	-178	-175	-86
Net Cash From Continuing Investing Activities	-178	-175	-86
Purchase of Property, Plant & Equipment	-178	-175	-86
Net Cash From Financing Activities	478	75	122
Net Cash From Continuing Financing Activities	478	75	122
Repayment of Debt	-0.19	0.00	-162
Repurchase of Common Equity	-0.14	-0.14	0.00
Issuance of Debt	0.00	0.00	168
Issuance of Common Equity	390	75	94
Other Financing Activities, net	88	0.62	23
Cash Interest Paid	2.88	6.09	7.01

This table details how cash moves in and out of Aspen Aerogels' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-60	180	-74	-74	-40	45	-38	-9.84	22	107
Net Cash From Operating Activities	-37	-24	-25	-7.68	-7.50	-2.78	-18	6.84	21	36
Net Cash From Continuing Operating Activities	-37	-24	-25	-7.69	-7.48	-2.78	-18	6.84	21	36
Net Income / (Loss) Continuing Operations	-30	-9.61	-17	-15	-13	-0.52	-1.84	17	-13	11
Consolidated Net Income / (Loss)	-30	-9.61	-17	-15	-13	-0.52	-1.84	17	-13	11
Depreciation Expense	2.53	2.53	2.70	3.50	4.55	4.56	5.79	5.99	5.32	5.43
Amortization Expense	0.02	0.01	0.00	-	0.03	0.01	0.01	0.01	0.30	0.84
Non-Cash Adjustments To Reconcile Net Income	5.07	2.02	3.26	3.52	3.64	6.17	16	7.13	32	2.58
Changes in Operating Assets and Liabilities, net	-15	-19	-14	0.72	-2.62	-13	-37	-23	-3.56	15
Net Cash From Investing Activities	-67	-59	-49	-66	-32	-28	-26	-25	-21	-15
Net Cash From Continuing Investing Activities	-67	-59	-49	-66	-32	-28	-26	-25	-21	-15
Purchase of Property, Plant & Equipment	-67	-59	-49	-66	-32	-28	-26	-25	-21	-15
Net Cash From Financing Activities	45	263	-0.36	0.14	0.13	76	5.26	8.14	22	86
Net Cash From Continuing Financing Activities	44	263	-0.36	0.14	0.13	76	5.26	8.14	22	86
Repayment of Debt	-0.19	4.73	0.00	-	-	-	0.00	-	-156	-6.66
Repurchase of Common Equity	-0.29	0.63	0.00	-	-0.14	-	-0.03	-	-	0.03
Issuance of Common Equity	45	267	0.00	-	-	75	0.00	-	-	94
Other Financing Activities, net	-0.00	91	-0.36	0.14	0.27	0.57	5.29	8.14	9.82	-0.75
Cash Interest Paid	0.79	1.47	2.56	2.56	0.96	-	0.19	-0.16	2.31	4.68

This table presents Aspen Aerogels' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	643	703	895
Total Current Assets	370	266	409
Cash & Equivalents	281	140	221
Restricted Cash	1.23	0.25	0.39
Accounts Receivable	57	70	109
Inventories, net	23	39	48
Prepaid Expenses	7.24	17	32
Plant, Property, & Equipment, net	259	417	459
Total Noncurrent Assets	15	19	26
Other Noncurrent Operating Assets	15	19	26
Total Liabilities & Shareholders' Equity	643	703	895
Total Liabilities	196	215	280
Total Current Liabilities	79	78	110
Short-Term Debt	-	0.00	20
Accounts Payable	55	51	44
Accrued Expenses	16	23	36
Current Deferred Revenue	5.85	2.32	2.20
Other Current Liabilities	2.37	1.87	7.31
Total Noncurrent Liabilities	117	137	170
Long-Term Debt	104	0.00	95
Other Noncurrent Operating Liabilities	13	137	75
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	447	488	615
Total Preferred & Common Equity	447	488	615
Preferred Stock	0.00	0.00	0.00
Total Common Equity	447	488	615
Common Stock	1,075	1,162	1,275
Retained Earnings	-628	-674	-660

This table presents Aspen Aerogels' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	385	621	617	605	698	749	783
Total Current Assets	156	296	228	200	255	289	306
Cash & Equivalents	102	208	134	95	101	91	113
Restricted Cash	-	0.63	0.32	0.32	0.16	0.39	0.39
Accounts Receivable	27	47	44	54	84	117	115
Inventories, net	21	27	33	34	46	53	47
Prepaid Expenses	6.16	14	16	17	24	27	29
Plant, Property, & Equipment, net	210	312	368	385	423	438	452
Total Noncurrent Assets	19	13	21	20	20	22	25
Other Noncurrent Operating Assets	19	13	21	20	20	22	25
Total Liabilities & Shareholders' Equity	385	621	617	605	698	749	783
Total Liabilities	203	188	197	195	207	231	275
Total Current Liabilities	81	69	66	61	64	83	104
Short-Term Debt	-	-	-	-	-	-	26
Accounts Payable	58	53	48	37	45	57	42
Accrued Expenses	13	9.76	11	17	13	20	27
Current Deferred Revenue	2.36	3.97	4.63	5.46	3.13	3.10	2.41
Other Current Liabilities	7.54	2.27	2.26	1.99	2.98	3.41	6.83
Total Noncurrent Liabilities	122	119	131	134	143	147	171
Long-Term Debt	105	-	109	112	118	121	94
Other Noncurrent Operating Liabilities	0.00	119	22	22	25	26	77
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	182	433	420	410	491	518	508
Total Preferred & Common Equity	182	433	420	410	491	518	508
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	182	433	420	410	491	518	508
Common Stock	801	1,077	1,080	1,083	1,167	1,176	1,179
Retained Earnings	-618	-645	-660	-673	-675	-659	-672

This table displays calculated financial ratios and metrics derived from Aspen Aerogels' official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	48.30%	32.35%	89.64%
EBITDA Growth	-124.76%	54.76%	347.06%
EBIT Growth	-95.19%	40.67%	215.99%
NOPAT Growth	-95.19%	37.91%	240.35%
Net Income Growth	-123.05%	44.63%	129.20%
EPS Growth	-72.13%	68.57%	125.76%
Operating Cash Flow Growth	-406.76%	54.86%	206.89%
Free Cash Flow Firm Growth	-978.01%	58.07%	2.07%
Invested Capital Growth	417.81%	29.66%	45.98%
Revenue Q/Q Growth	18.48%	11.49%	9.39%
EBITDA Q/Q Growth	8.62%	32.53%	23.80%
EBIT Q/Q Growth	7.74%	21.97%	32.35%
NOPAT Q/Q Growth	7.74%	18.34%	17.32%
Net Income Q/Q Growth	7.54%	16.56%	795.25%
EPS Q/Q Growth	17.65%	9.59%	1,600.00%
Operating Cash Flow Q/Q Growth	-14.61%	33.33%	542.80%
Free Cash Flow Firm Q/Q Growth	-26.40%	57.29%	-145.27%
Invested Capital Q/Q Growth	32.86%	-18.47%	-1.08%
Profitability Metrics	-	-	-
Gross Margin	2.76%	23.84%	40.40%
EBITDA Margin	-38.81%	-13.26%	17.28%
Operating Margin	-43.94%	-20.61%	12.05%
EBIT Margin	-43.94%	-19.70%	12.05%
Profit (Net Income) Margin	-45.87%	-19.19%	2.95%
Tax Burden Percent	100.00%	100.00%	88.64%
Interest Burden Percent	104.41%	97.44%	27.67%
Effective Tax Rate	0.00%	0.00%	11.36%
Return on Invested Capital (ROIC)	-34.64%	-11.17%	11.29%
ROIC Less NNEP Spread (ROIC-NNEP)	-13.30%	-4.04%	39.66%
Return on Net Nonoperating Assets (RNNOA)	5.90%	1.38%	-8.87%
Return on Equity (ROE)	-28.74%	-9.79%	2.43%
Cash Return on Invested Capital (CROIC)	-169.89%	-37.00%	-26.10%
Operating Return on Assets (OROA)	-19.18%	-6.98%	6.82%
Return on Assets (ROA)	-20.02%	-6.80%	1.67%
Return on Common Equity (ROCE)	-28.74%	-9.79%	2.43%
Return on Equity Simple (ROE_SIMPLE)	-18.49%	-9.39%	2.18%
Net Operating Profit after Tax (NOPAT)	-55	-34	48
NOPAT Margin	-30.76%	-14.43%	10.68%
Net Nonoperating Expense Percent (NNEP)	-21.34%	-7.13%	-28.37%
Return On Investment Capital (ROIC_SIMPLE)	-10.07%	-7.06%	6.63%
Cost of Revenue to Revenue	97.24%	76.16%	59.60%
SG&A Expenses to Revenue	21.35%	23.78%	15.71%
R&D to Revenue	9.39%	6.85%	3.99%
Operating Expenses to Revenue	46.70%	44.46%	28.35%
Earnings before Interest and Taxes (EBIT)	-79	-47	55
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-70	-32	78
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.08	2.27	1.59
Price to Tangible Book Value (P/TBV)	1.08	2.27	1.59
Price to Revenue (P/Rev)	2.67	4.64	2.15
Price to Earnings (P/E)	0.00	0.00	72.88
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	1.37%
Enterprise Value to Invested Capital (EV/IC)	1.13	2.78	1.71
Enterprise Value to Revenue (EV/Rev)	1.68	4.06	1.92
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	11.10
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	15.92
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	17.96
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	19.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.23	0.00	0.19
Long-Term Debt to Equity	0.23	0.00	0.15
Financial Leverage	-0.44	-0.34	-0.22
Leverage Ratio	1.44	1.44	1.45
Compound Leverage Factor	1.50	1.40	0.40
Debt to Total Capital	18.80%	0.00%	15.73%
Short-Term Debt to Total Capital	0.00%	0.00%	2.71%
Long-Term Debt to Total Capital	18.80%	0.00%	13.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	81.20%	100.00%	84.27%
Debt to EBITDA	-1.48	0.00	1.47
Net Debt to EBITDA	2.56	0.00	-1.36
Long-Term Debt to EBITDA	-1.48	0.00	1.21
Debt to NOPAT	-1.87	0.00	2.37
Net Debt to NOPAT	3.23	0.00	-2.20
Long-Term Debt to NOPAT	-1.87	0.00	1.96
Altman Z-Score	0.53	2.19	2.16
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	4.68	3.41	3.72
Quick Ratio	4.29	2.69	3.00
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-272	-114	-112
Operating Cash Flow to CapEx	-53.04%	-24.29%	52.80%
Free Cash Flow to Firm to Interest Expense	-53.24	-21.41	-3.19
Operating Cash Flow to Interest Expense	-18.47	-8.00	1.30
Operating Cash Flow Less CapEx to Interest Expense	-53.30	-40.93	-1.16
Efficiency Ratios	-	-	-
Asset Turnover	0.44	0.35	0.57
Accounts Receivable Turnover	4.64	3.75	5.06
Inventory Turnover	10.16	5.89	6.22
Fixed Asset Turnover	1.15	0.71	1.03
Accounts Payable Turnover	4.86	3.44	5.65
Days Sales Outstanding (DSO)	78.70	97.36	72.20
Days Inventory Outstanding (DIO)	35.93	61.97	58.67
Days Payable Outstanding (DPO)	75.09	106.23	64.57
Cash Conversion Cycle (CCC)	39.53	53.09	66.31
Capital & Investment Metrics	-	-	-
Invested Capital	268	348	508
Invested Capital Turnover	1.13	0.77	1.06
Increase / (Decrease) in Invested Capital	217	80	160
Enterprise Value (EV)	303	969	868
Market Capitalization	482	1,109	975
Book Value per Share	$10.94	$6.95	$7.49
Tangible Book Value per Share	$10.94	$6.95	$7.49
Total Capital	551	488	729
Total Debt	104	0.00	115
Total Long-Term Debt	104	0.00	95
Net Debt	-179	-140	-107
Capital Expenditures (CapEx)	178	175	86
Debt-free, Cash-free Net Working Capital (DFCFNWC)	8.18	48	98
Debt-free Net Working Capital (DFNWC)	291	188	319
Net Working Capital (NWC)	291	188	299
Net Nonoperating Expense (NNE)	27	11	35
Net Nonoperating Obligations (NNO)	-179	-140	-107
Total Depreciation and Amortization (D&A)	9.25	15	24
Debt-free, Cash-free Net Working Capital to Revenue	4.53%	20.22%	21.61%
Debt-free Net Working Capital to Revenue	161.20%	78.85%	70.49%
Net Working Capital to Revenue	161.20%	78.85%	66.12%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($2.10)	($0.66)	$0.17
Adjusted Weighted Average Basic Shares Outstanding	39.36M	69.44M	77.54M
Adjusted Diluted Earnings per Share	($2.10)	($0.66)	$0.17
Adjusted Weighted Average Diluted Shares Outstanding	39.36M	69.44M	80.31M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	70.07M	76.66M	82.06M
Normalized Net Operating Profit after Tax (NOPAT)	-55	-34	51
Normalized NOPAT Margin	-30.76%	-14.43%	11.37%
Pre Tax Income Margin	-45.87%	-19.19%	3.33%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	-15.51	-8.82	1.56
NOPAT to Interest Expense	-10.86	-6.46	1.38
EBIT Less CapEx to Interest Expense	-50.34	-41.76	-0.91
NOPAT Less CapEx to Interest Expense	-45.68	-39.40	-1.08
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.17%	-0.30%	0.00%

This table displays calculated financial ratios and metrics derived from Aspen Aerogels' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.82%	89.39%	18.69%	5.52%	65.52%	41.28%	107.30%	144.55%	93.14%	46.15%
EBITDA Growth	-174.78%	48.08%	1.77%	34.31%	69.44%	183.53%	129.10%	291.88%	392.53%	252.58%
EBIT Growth	-146.21%	40.74%	-1.52%	24.74%	56.03%	114.31%	94.29%	217.26%	239.78%	963.85%
NOPAT Growth	-146.21%	40.74%	-1.52%	24.74%	48.31%	114.31%	112.88%	259.31%	218.90%	1,443.56%
Net Income Growth	-278.36%	41.24%	13.80%	35.87%	55.83%	94.60%	89.07%	209.04%	0.79%	2,289.21%
EPS Growth	-212.50%	84.91%	59.32%	67.65%	74.67%	87.50%	91.67%	195.45%	10.53%	1,600.00%
Operating Cash Flow Growth	-519.09%	-99.85%	-7.98%	23.47%	79.97%	88.46%	28.00%	189.10%	376.87%	1,384.06%
Free Cash Flow Firm Growth	-9,968.39%	-2,611.40%	-333.72%	-216.06%	-34.40%	64.79%	-75.37%	52.95%	68.28%	-84.48%
Invested Capital Growth	330.58%	417.81%	191.12%	221.95%	111.29%	29.66%	126.24%	38.67%	20.32%	45.98%
Revenue Q/Q Growth	-19.57%	62.40%	-23.53%	5.64%	26.16%	38.62%	12.21%	24.62%	-0.37%	4.90%
EBITDA Q/Q Growth	-24.95%	72.33%	-127.36%	16.43%	41.88%	175.64%	-20.78%	450.93%	-11.39%	-8.83%
EBIT Q/Q Growth	-25.01%	65.86%	-95.61%	9.86%	26.97%	111.11%	-178.02%	1,952.27%	-12.94%	-15.44%
NOPAT Q/Q Growth	-25.01%	65.86%	-95.61%	9.86%	14.14%	109.45%	76.14%	1,014.67%	-35.92%	22.69%
Net Income Q/Q Growth	-23.06%	67.53%	-74.79%	8.17%	15.24%	96.03%	-253.56%	1,016.51%	-177.12%	187.60%
EPS Q/Q Growth	-10.29%	89.33%	-200.00%	8.33%	13.64%	94.74%	-100.00%	1,150.00%	-180.95%	188.24%
Operating Cash Flow Q/Q Growth	-273.24%	35.71%	-2.37%	68.85%	2.32%	62.96%	-538.68%	138.55%	203.54%	71.80%
Free Cash Flow Firm Q/Q Growth	-94.75%	-27.68%	28.13%	-76.86%	17.19%	66.54%	-45.38%	52.55%	44.17%	-94.59%
Invested Capital Q/Q Growth	64.88%	32.86%	-16.42%	75.84%	8.21%	-18.47%	9.62%	7.78%	-6.11%	-1.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	-17.32%	24.05%	11.16%	17.46%	22.73%	35.17%	37.19%	43.80%	41.80%	38.29%
EBITDA Margin	-70.17%	-11.96%	-35.55%	-28.12%	-12.95%	7.07%	4.99%	22.06%	19.62%	17.05%
Operating Margin	-77.12%	-16.22%	-41.48%	-35.39%	-24.09%	1.64%	2.58%	16.97%	14.83%	11.95%
EBIT Margin	-77.12%	-16.22%	-41.48%	-35.39%	-20.49%	1.64%	-1.14%	16.97%	14.83%	11.95%
Profit (Net Income) Margin	-80.63%	-16.12%	-36.84%	-32.03%	-21.52%	-0.62%	-1.94%	14.28%	-11.05%	9.23%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	170.06%	95.10%	102.10%	101.56%
Interest Burden Percent	104.54%	99.41%	88.83%	90.49%	105.02%	-37.53%	100.00%	88.48%	-73.01%	76.03%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.90%	0.00%	-1.56%
Return on Invested Capital (ROIC)	-66.01%	-12.78%	-36.13%	-18.21%	-11.48%	0.89%	1.42%	12.25%	9.13%	12.84%
ROIC Less NNEP Spread (ROIC-NNEP)	-40.24%	-10.56%	-33.85%	-7.89%	-26.86%	1.82%	5.11%	-100.89%	-208.00%	15.74%
Return on Net Nonoperating Assets (RNNOA)	9.40%	4.69%	17.24%	0.91%	-1.67%	-0.62%	-1.06%	-0.42%	-5.25%	-3.52%
Return on Equity (ROE)	-56.62%	-8.10%	-18.89%	-17.30%	-13.15%	0.27%	0.36%	11.83%	3.88%	9.32%
Cash Return on Invested Capital (CROIC)	-172.91%	-169.89%	-134.67%	-125.22%	-84.91%	-37.00%	-82.72%	-30.46%	-9.68%	-26.10%
Operating Return on Assets (OROA)	-40.97%	-7.08%	-16.18%	-13.83%	-8.86%	0.58%	-0.50%	8.88%	8.84%	6.77%
Return on Assets (ROA)	-42.83%	-7.04%	-14.37%	-12.51%	-9.30%	-0.22%	-0.85%	7.47%	-6.59%	5.23%
Return on Common Equity (ROCE)	-56.62%	-8.10%	-18.89%	-17.30%	-13.15%	0.27%	0.36%	11.83%	3.88%	9.32%
Return on Equity Simple (ROE_SIMPLE)	-49.06%	0.00%	-18.51%	-17.01%	-13.40%	0.00%	-6.28%	0.27%	0.29%	0.00%
Net Operating Profit after Tax (NOPAT)	-20	-6.77	-13	-12	-10	0.97	1.71	19	12	15
NOPAT Margin	-53.99%	-11.35%	-29.03%	-24.77%	-16.86%	1.15%	1.80%	16.14%	10.38%	12.14%
Net Nonoperating Expense Percent (NNEP)	-25.77%	-2.22%	-2.28%	-10.33%	15.39%	-0.93%	-3.69%	113.14%	217.13%	-2.91%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.23%	-	-	-	0.20%	-	-	-	2.05%
Cost of Revenue to Revenue	117.32%	75.95%	88.84%	82.54%	77.27%	64.83%	62.81%	56.20%	58.20%	61.71%
SG&A Expenses to Revenue	27.14%	20.06%	26.72%	27.74%	26.07%	18.26%	18.21%	14.86%	15.12%	15.16%
R&D to Revenue	12.79%	7.04%	8.99%	8.23%	6.94%	4.84%	4.75%	3.88%	3.91%	3.58%
Operating Expenses to Revenue	59.80%	40.26%	52.63%	52.85%	46.82%	33.53%	31.75%	26.83%	26.97%	28.53%
Earnings before Interest and Taxes (EBIT)	-28	-9.67	-19	-17	-12	1.38	-1.08	20	17	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-26	-7.13	-16	-14	-7.87	5.95	4.72	26	23	21
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.04	1.08	1.21	1.32	1.47	2.27	2.75	3.51	4.20	1.59
Price to Tangible Book Value (P/TBV)	2.04	1.08	1.21	1.32	1.47	2.27	2.75	3.51	4.20	1.59
Price to Revenue (P/Rev)	2.45	2.67	2.78	2.91	2.82	4.64	4.69	5.08	5.16	2.15
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3,142.64	3,134.22	72.88
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.03%	1.37%
Enterprise Value to Invested Capital (EV/IC)	1.94	1.13	1.40	1.34	1.45	2.78	2.69	3.37	4.17	1.71
Enterprise Value to Revenue (EV/Rev)	2.58	1.68	1.67	2.78	2.90	4.06	4.75	5.17	5.17	1.92
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	61.30	33.87	11.10
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	201.26	51.95	15.92
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	201.26	51.95	17.96
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	302.07	19.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.67	0.23	0.00	0.26	0.27	0.00	0.24	0.23	0.24	0.19
Long-Term Debt to Equity	0.67	0.23	0.00	0.26	0.27	0.00	0.24	0.23	0.18	0.15
Financial Leverage	-0.23	-0.44	-0.51	-0.12	0.06	-0.34	-0.21	0.00	0.03	-0.22
Leverage Ratio	1.76	1.44	1.57	1.66	1.67	1.44	1.43	1.46	1.51	1.45
Compound Leverage Factor	1.84	1.43	1.39	1.51	1.76	-0.54	1.43	1.29	-1.10	1.10
Debt to Total Capital	40.09%	18.80%	0.00%	20.63%	21.48%	0.00%	19.37%	18.95%	19.11%	15.73%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.18%	2.71%
Long-Term Debt to Total Capital	40.09%	18.80%	0.00%	20.63%	21.48%	0.00%	19.37%	18.95%	14.93%	13.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	59.91%	81.20%	100.00%	79.37%	78.52%	100.00%	80.63%	81.05%	80.89%	84.27%
Debt to EBITDA	-1.59	-1.48	0.00	-1.74	-2.39	0.00	-12.54	4.02	1.90	1.47
Net Debt to EBITDA	-0.26	2.56	0.00	0.41	-0.36	0.00	-1.74	0.97	0.10	-1.36
Long-Term Debt to EBITDA	-1.59	-1.48	0.00	-1.74	-2.39	0.00	-12.54	4.02	1.48	1.21
Debt to NOPAT	-2.03	-1.87	0.00	-2.11	-2.66	0.00	-6.05	13.20	2.91	2.37
Net Debt to NOPAT	-0.33	3.23	0.00	0.49	-0.41	0.00	-0.84	3.19	0.15	-2.20
Long-Term Debt to NOPAT	-2.03	-1.87	0.00	-2.11	-2.66	0.00	-6.05	13.20	2.27	1.96
Altman Z-Score	-0.76	0.88	0.85	0.72	0.86	2.42	3.30	4.38	4.37	2.01
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.93	4.68	4.30	3.47	3.27	3.41	4.01	3.46	2.93	3.72
Quick Ratio	1.60	4.29	3.70	2.72	2.43	2.69	2.92	2.50	2.19	3.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-175	-223	-161	-284	-235	-79	-282	-134	-75	-145
Operating Cash Flow to CapEx	-55.91%	-41.07%	-49.92%	-11.63%	-23.24%	-10.00%	-68.63%	27.56%	99.76%	241.91%
Free Cash Flow to Firm to Interest Expense	-100.89	-221.82	-583.77	-1,345.62	-121.32	-27.09	-92.67	-43.90	-2.58	0.00
Operating Cash Flow to Interest Expense	-21.60	-23.91	-89.64	-36.40	-3.87	-0.96	-5.84	2.25	0.72	0.00
Operating Cash Flow Less CapEx to Interest Expense	-60.23	-82.13	-269.20	-349.25	-20.53	-10.53	-14.36	-5.91	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.53	0.44	0.39	0.39	0.43	0.35	0.44	0.52	0.60	0.57
Accounts Receivable Turnover	6.64	4.64	5.22	5.16	5.25	3.75	4.38	4.44	4.88	5.06
Inventory Turnover	10.77	10.16	8.27	6.71	6.27	5.89	5.52	5.26	6.07	6.22
Fixed Asset Turnover	1.19	1.15	0.96	0.78	0.72	0.71	0.78	0.89	0.99	1.03
Accounts Payable Turnover	4.79	4.86	4.24	3.40	3.61	3.44	4.11	4.31	6.26	5.65
Days Sales Outstanding (DSO)	54.96	78.70	69.88	70.72	69.49	97.36	83.31	82.30	74.80	72.20
Days Inventory Outstanding (DIO)	33.89	35.93	44.16	54.44	58.22	61.97	66.17	69.37	60.12	58.67
Days Payable Outstanding (DPO)	76.18	75.09	86.10	107.37	100.99	106.23	88.71	84.63	58.32	64.57
Cash Conversion Cycle (CCC)	12.66	39.53	27.94	17.78	26.73	53.09	60.78	67.04	76.60	66.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	202	268	224	395	427	348	508	547	514	508
Invested Capital Turnover	1.22	1.13	1.24	0.74	0.68	0.77	0.79	0.76	0.88	1.06
Increase / (Decrease) in Invested Capital	155	217	147	272	225	80	283	153	87	160
Enterprise Value (EV)	393	303	314	528	621	969	1,366	1,846	2,140	868
Market Capitalization	373	482	522	553	604	1,109	1,349	1,816	2,134	975
Book Value per Share	$4.51	$10.94	$6.17	$5.99	$5.84	$6.95	$6.41	$6.80	$6.59	$7.49
Tangible Book Value per Share	$4.51	$10.94	$6.17	$5.99	$5.84	$6.95	$6.41	$6.80	$6.59	$7.49
Total Capital	304	551	433	529	522	488	609	639	628	729
Total Debt	122	104	0.00	109	112	0.00	118	121	120	115
Total Long-Term Debt	122	104	0.00	109	112	0.00	118	121	94	95
Net Debt	20	-179	-208	-25	17	-140	16	29	6.04	-107
Capital Expenditures (CapEx)	67	59	49	66	32	28	26	25	21	15
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-27	8.18	19	28	44	48	90	113	114	98
Debt-free Net Working Capital (DFNWC)	75	291	227	162	139	188	192	205	228	319
Net Working Capital (NWC)	75	291	227	162	139	188	192	205	202	299
Net Nonoperating Expense (NNE)	9.78	2.84	3.56	3.49	2.83	1.49	3.54	2.19	25	3.58
Net Nonoperating Obligations (NNO)	20	-179	-208	-25	17	-140	16	29	6.04	-107
Total Depreciation and Amortization (D&A)	2.55	2.54	2.70	3.50	4.58	4.57	5.80	6.00	5.62	6.28
Debt-free, Cash-free Net Working Capital to Revenue	-17.79%	4.53%	10.15%	14.62%	20.62%	20.22%	31.26%	31.72%	27.53%	21.61%
Debt-free Net Working Capital to Revenue	49.48%	161.20%	121.15%	85.45%	64.97%	78.85%	66.59%	57.41%	55.05%	70.49%
Net Working Capital to Revenue	49.48%	161.20%	121.15%	85.45%	64.97%	78.85%	66.59%	57.41%	48.71%	66.12%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.75)	($0.08)	($0.24)	($0.22)	($0.19)	($0.01)	($0.02)	$0.22	($0.17)	$0.14
Adjusted Weighted Average Basic Shares Outstanding	39.53M	39.36M	69.16M	69.25M	69.32M	69.44M	75.76M	76.34M	76.26M	77.54M
Adjusted Diluted Earnings per Share	($0.75)	($0.08)	($0.24)	($0.22)	($0.19)	($0.01)	($0.02)	$0.21	($0.17)	$0.15
Adjusted Weighted Average Diluted Shares Outstanding	39.53M	39.36M	69.16M	69.25M	69.32M	69.44M	75.76M	78.98M	76.26M	80.31M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	40.91M	70.07M	70.11M	70.21M	70.26M	76.66M	76.16M	77.08M	82.05M	82.06M
Normalized Net Operating Profit after Tax (NOPAT)	-20	-6.77	-13	-12	-10	0.97	1.71	19	12	10
Normalized NOPAT Margin	-53.99%	-11.35%	-29.03%	-24.77%	-16.86%	1.15%	1.80%	16.14%	10.38%	8.37%
Pre Tax Income Margin	-80.63%	-16.12%	-36.84%	-32.03%	-21.52%	-0.62%	-1.14%	15.02%	-10.83%	9.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-16.33	-9.60	-68.76	-80.78	-6.42	0.48	-0.36	6.57	0.60	0.00
NOPAT to Interest Expense	-11.43	-6.72	-48.13	-56.54	-5.29	0.33	0.56	6.25	0.42	0.00
EBIT Less CapEx to Interest Expense	-54.96	-67.82	-248.31	-393.63	-23.08	-9.09	-8.87	-1.59	-0.12	0.00
NOPAT Less CapEx to Interest Expense	-50.06	-64.94	-227.69	-369.40	-21.94	-9.23	-7.95	-1.91	-0.30	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.87%	-0.17%	-0.94%	-1.01%	-1.05%	-0.30%	-0.54%	12.01%	1.87%	0.00%

Financials Breakdown Chart

Key Financial Trends

Over the past two years, Aspen Aerogels (NYSE: ASPN) has demonstrated notable improvements in its financial performance and position, especially when comparing recent quarters to those in 2022.

Positive trends observed:

Operating Revenue has more than doubled from $59.6 million in Q4 2022 to $123.1 million in Q4 2024, showing strong top-line growth.
Gross Profit increased significantly from $14.3 million in Q4 2022 to $47.1 million in Q4 2024, indicating improved operational efficiency or pricing power.
Aspen reported a net income of $12.2 million in Q4 2024, swinging from net losses in previous quarters such as Q3 2024 (-$13.0 million) and Q4 2022 (-$0.5 million), reflecting a positive turnaround.
Net Cash From Operating Activities improved dramatically from negative $24.1 million in Q4 2022 to positive $35.7 million in Q4 2024, showing strengthened cash flow from core operations.
Cash and Equivalents increased substantially from $59.7 million at the end of 2022 Q4 to $113.5 million by Q3 2024, improving liquidity.
Total equity grew from $182 million in Q4 2022 to $507.7 million by Q3 2024, highlighting balance sheet strengthening via retained earnings and equity issuance.
Issuance of Common Equity provided significant financing supporting growth, e.g., $93.8 million in Q4 2024 and $75.0 million in Q4 2023 aiding capital expenditure and debt repayment.
Repayment of Debt has been actively reducing leverage, such as $6.7 million repaid in Q4 2024 and $4.7 million in Q4 2022, potentially lowering interest expenses long-term.
Depreciation and amortization are consistent and increasing, reflecting ongoing investments in property, plant, and equipment underpinning future growth.

Neutral observations:

Selling, General & Administrative Expenses and Marketing Expenses have increased proportionally with revenue growth, requiring monitoring of cost control.
Research & Development expenses remain fairly stable, indicating steady investment in innovation.
Interest Expense fluctuated over the quarters, with notable spikes in some periods (e.g., $28.9 million in Q3 2024) possibly reflecting debt structure changes.
Non-cash adjustments and changes in operating assets/liabilities have caused some volatility in operating cash flows.

Potential negative points:

The company experienced losses in multiple quarters in 2023 and early 2024, with significant negative net income in Q3 2023 (-$13.1 million) and Q3 2024 (-$12.9 million), showing periods of operational challenges.
High capital expenditures persist, with cash outflows for property, plant & equipment purchases around $25-$66 million per quarter over the last two years, which may pressure cash flows and require ongoing financing.
Total liabilities remain sizable, with notable long-term debt levels around $90-$120 million, which requires careful debt management.
Fluctuating net income tax expense suggests variable profitability and potentially uncertain tax impacts.

In summary, Aspen Aerogels has shown encouraging revenue and profitability growth recently, supported by improved operating cash flow and a stronger balance sheet. However, the company still faces risks related to high capital expenditures, past quarterly losses, and consistent debt levels. Investors may want to watch upcoming quarters for sustained profitability and efficient capital deployment to continue the positive momentum.

10/24/25 10:24 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Aspen Aerogels' Financials

When does Aspen Aerogels' fiscal year end?

According to the most recent income statement we have on file, Aspen Aerogels' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Aspen Aerogels' net income changed over the last 2 years?

Aspen Aerogels' net income appears to be on a downward trend, with a most recent value of $13.38 million in 2024, falling from -$82.74 million in 2022. The previous period was -$45.81 million in 2023. View Aspen Aerogels' forecast to see where analysts expect Aspen Aerogels to go next.

What is Aspen Aerogels' operating income?

Aspen Aerogels' total operating income in 2024 was $54.54 million, based on the following breakdown:

Total Gross Profit: $182.90 million
Total Operating Expenses: $128.36 million

How has Aspen Aerogels' revenue changed over the last 2 years?

Over the last 2 years, Aspen Aerogels' total revenue changed from $180.36 million in 2022 to $452.70 million in 2024, a change of 151.0%.

How much debt does Aspen Aerogels have?

Aspen Aerogels' total liabilities were at $280.44 million at the end of 2024, a 30.4% increase from 2023, and a 43.1% increase since 2022.

How much cash does Aspen Aerogels have?

In the past 2 years, Aspen Aerogels' cash and equivalents has ranged from $139.72 million in 2023 to $281.34 million in 2022, and is currently $220.88 million as of their latest financial filing in 2024.

How has Aspen Aerogels' book value per share changed over the last 2 years?

Over the last 2 years, Aspen Aerogels' book value per share changed from 10.94 in 2022 to 7.49 in 2024, a change of -31.5%.

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This page (NYSE:ASPN) was last updated on 10/24/2025 by MarketBeat.com Staff

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Aspen Aerogels (ASPN) Financials

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