What is Aspen Aerogels' operating income?

Aspen Aerogels' total operating income in 2025 was -$378.23 million, based on the following breakdown: Total Gross Profit: $46.00 million Total Operating Expenses: $424.23 million

Aspen Aerogels (ASPN) Financials

$5.58 0.00 (0.00%)

Closing price 07/2/2026 03:59 PM Eastern

Extended Trading

$5.54 -0.04 (-0.79%)

As of 07/2/2026 07:15 PM Eastern

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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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-6.42	-12	-19	-34	-15	-22	-37	-83	-46	13	-390
Consolidated Net Income / (Loss)	-6.42	-12	-19	-34	-15	-22	-37	-83	-46	13	-390
Net Income / (Loss) Continuing Operations	-6.42	-12	-19	-34	-15	-22	-37	-83	-46	13	-390
Total Pre-Tax Income	-6.42	-12	-19	-34	-15	-22	-37	-83	-46	15	-387
Total Operating Income	-6.24	-11	-19	-34	-14	-22	-41	-79	-49	55	-378
Total Gross Profit	25	23	19	13	26	15	9.94	4.98	57	183	46
Total Revenue	123	118	112	104	139	100	122	180	239	453	271
Operating Revenue	123	118	112	104	139	100	122	180	239	453	271
Total Cost of Revenue	98	94	93	92	113	86	112	175	182	270	225
Operating Cost of Revenue	98	94	93	92	113	86	112	175	182	270	225
Total Operating Expenses	31	35	38	47	40	36	51	84	106	128	424
Selling, General & Admin Expense	15	-17	19	19	16	16	23	38	57	71	56
Marketing Expense	11	-12	13	14	16	12	17	29	33	36	28
Research & Development Expense	5.25	-5.31	6.18	6.32	8.41	8.73	11	17	16	18	13
Impairment Charge	-	-	-	7.36	-	-	-	0.00	0.00	3.51	291
Restructuring Charge	-	-	-	-	-	-	-	-	0.00	0.00	18
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	0.00	0.00	18
Total Other Income / (Expense), net	-0.18	-0.80	-0.19	-0.52	-0.41	-0.24	3.51	-3.49	3.39	-39	-8.93
Interest Expense	-	-	-	-	0.00	0.00	-3.73	5.11	5.33	35	0.00
Interest & Investment Income	-0.18	-0.15	-0.19	-0.52	-0.41	-0.24	-0.23	1.62	6.53	-4.41	-11
Other Income / (Expense), net	-	-0.66	-	-	-	-	0.00	0.00	2.19	0.00	1.79
Income Tax Expense	-	-	-	-	-	-	-	0.00	0.00	1.71	2.39
Basic Earnings per Share	($0.28)	($0.52)	($0.83)	($1.45)	($0.60)	($0.83)	($1.22)	($2.10)	($0.66)	$0.17	($4.73)
Weighted Average Basic Shares Outstanding	22.99M	23.14M	23.39M	23.74M	24.10M	26.38M	30.43M	39.36M	69.44M	77.54M	82.33M
Diluted Earnings per Share	($0.28)	($0.52)	($0.83)	($1.45)	($0.60)	($0.83)	($1.22)	($2.10)	($0.66)	$0.17	($4.73)
Weighted Average Diluted Shares Outstanding	22.99M	23.14M	23.39M	23.74M	24.10M	26.38M	30.43M	39.36M	69.44M	80.31M	82.33M
Weighted Average Basic & Diluted Shares Outstanding	22.99M	23.14M	23.39M	23.74M	24.10M	26.38M	30.43M	70.07M	76.66M	82.06M	82.83M

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-13	-0.52	-1.84	17	-13	12	-301	-9.06	-6.33	-73	-24
Consolidated Net Income / (Loss)	-13	-0.52	-1.84	17	-13	11	-301	-9.06	-6.33	-73	-24
Net Income / (Loss) Continuing Operations	-13	-0.52	-1.84	17	-13	12	-301	-9.06	-6.33	-73	-24
Total Pre-Tax Income	-13	-0.52	-1.08	18	-13	11	-300	-8.24	-5.74	-73	-24
Total Operating Income	-15	1.38	2.44	20	17	15	-299	-5.16	-3.35	-70	-21
Total Gross Profit	14	30	35	52	49	47	23	25	21	-23	4.28
Total Revenue	61	84	95	118	117	123	79	78	73	41	38
Operating Revenue	61	84	95	118	117	123	79	78	73	41	38
Total Cost of Revenue	47	55	59	66	68	76	56	53	52	64	34
Operating Cost of Revenue	47	55	59	66	68	76	56	53	52	64	34
Total Operating Expenses	28	28	33	32	32	35	322	30	24	47	25
Selling, General & Admin Expense	16	15	17	18	18	19	13	14	14	15	15
Marketing Expense	8.39	8.78	8.30	9.52	9.31	8.55	8.38	6.95	6.55	6.32	6.67
Research & Development Expense	4.22	4.08	4.49	4.57	4.59	4.41	4.33	3.79	2.49	2.80	2.72
Impairment Charge	0.00	-	2.70	0.00	0.00	-	287	0.96	0.00	3.60	0.00
Restructuring Charge	-	-	0.00	0.00	0.00	-	9.79	4.94	1.57	1.21	0.43
Total Other Income / (Expense), net	1.56	-1.90	-3.52	-2.30	-30	-0.01	-0.83	-3.08	-2.39	-2.63	-3.11
Interest Expense	1.94	2.90	3.04	3.04	29	-	0.00	0.00	0.00	-	0.00
Interest & Investment Income	1.31	1.00	-0.48	0.74	-1.15	-3.53	-1.96	-3.08	-2.97	-2.70	-3.15
Other Income / (Expense), net	2.19	-	0.00	0.00	0.00	-	1.13	0.00	0.58	0.08	0.04
Income Tax Expense	0.00	-	0.76	0.87	0.27	-0.18	1.08	0.82	0.59	-0.10	-0.25
Basic Earnings per Share	($0.19)	($0.01)	($0.02)	$0.22	($0.17)	$0.14	($3.67)	($0.11)	($0.08)	($0.87)	($0.29)
Weighted Average Basic Shares Outstanding	69.32M	69.44M	75.76M	76.34M	76.26M	77.54M	82.07M	82.18M	82.40M	82.33M	82.74M
Diluted Earnings per Share	($0.19)	($0.01)	($0.02)	$0.21	($0.17)	$0.15	($3.67)	($0.11)	($0.08)	($0.87)	($0.29)
Weighted Average Diluted Shares Outstanding	69.32M	69.44M	75.76M	78.98M	76.26M	80.31M	82.07M	82.18M	82.40M	82.33M	82.74M
Weighted Average Basic & Diluted Shares Outstanding	70.26M	76.66M	76.16M	77.08M	82.05M	82.06M	82.17M	82.36M	82.65M	82.83M	82.88M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-17	-15	-7.39	-7.37	0.31	13	60	206	-143	81	-63
Net Cash From Operating Activities	5.36	-0.58	-4.61	-8.65	-1.05	-9.92	-19	-94	-43	46	33
Net Cash From Continuing Operating Activities	5.36	-0.58	-4.61	-8.65	-1.05	-9.92	-19	-94	-43	46	33
Net Income / (Loss) Continuing Operations	-6.42	-12	-19	-34	-15	-22	-37	-83	-46	13	-390
Consolidated Net Income / (Loss)	-6.42	-12	-19	-34	-15	-22	-37	-83	-46	13	-390
Depreciation Expense	9.89	9.85	11	11	10	10	9.44	9.22	15	23	45
Amortization Expense	-	-	-	0.00	0.00	0.01	0.02	0.03	0.04	1.16	3.64
Non-Cash Adjustments To Reconcile Net Income	5.27	5.97	5.43	15	4.72	6.30	2.98	15	17	57	320
Changes in Operating Assets and Liabilities, net	-3.39	-4.38	-1.47	0.27	-1.42	-4.62	6.03	-36	-29	-48	54
Net Cash From Investing Activities	-22	-13	-6.12	-3.59	-2.11	-3.42	-14	-178	-175	-86	-37
Net Cash From Continuing Investing Activities	-22	-13	-6.12	-3.59	-2.11	-3.42	-14	-178	-175	-86	-37
Purchase of Property, Plant & Equipment	-22	-13	-6.12	-3.59	-2.11	-3.42	-14	-178	-175	-86	-37
Net Cash From Financing Activities	-0.32	-0.92	3.33	4.88	3.47	26	92	478	75	122	-58
Net Cash From Continuing Financing Activities	-0.32	-0.92	3.33	4.88	3.47	26	92	478	75	122	-58
Repayment of Debt	-0.08	-0.07	-0.03	0.00	-1.06	-3.15	0.00	-0.19	0.00	-162	-54
Repurchase of Common Equity	-	-	-	0.00	0.00	-0.48	-1.53	-0.14	-0.14	0.00	0.00
Issuance of Debt	-	-	3.75	0.43	0.00	3.69	0.00	0.00	0.00	168	0.00
Issuance of Common Equity	-	-	-	0.00	0.00	25	94	390	75	94	0.18
Other Financing Activities, net	-0.24	-0.86	-0.39	4.45	4.53	1.44	-0.41	88	0.62	23	-4.31
Cash Interest Paid	0.20	0.20	0.22	0.34	0.44	0.22	0.24	2.88	6.09	7.01	12
Cash Income Taxes Paid	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	4.13

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-40	45	-38	-9.84	22	107	-29	-24	-16	6.14	17
Net Cash From Operating Activities	-7.50	-2.78	-18	6.84	21	36	5.63	-3.93	15	16	34
Net Cash From Continuing Operating Activities	-7.48	-2.78	-18	6.84	21	36	5.63	-3.93	15	16	34
Net Income / (Loss) Continuing Operations	-13	-0.52	-1.84	17	-13	11	-301	-9.06	-6.33	-73	-24
Consolidated Net Income / (Loss)	-13	-0.52	-1.84	17	-13	11	-301	-9.06	-6.33	-73	-24
Depreciation Expense	4.55	4.56	5.79	5.99	5.32	5.43	5.79	5.80	5.39	28	5.38
Amortization Expense	0.03	0.01	0.01	0.01	0.30	0.84	0.73	0.88	0.95	1.07	1.72
Non-Cash Adjustments To Reconcile Net Income	3.64	6.17	16	7.13	32	2.58	288	4.70	0.22	27	1.90
Changes in Operating Assets and Liabilities, net	-2.62	-13	-37	-23	-3.56	15	12	-6.25	15	33	49
Net Cash From Investing Activities	-32	-28	-26	-25	-21	-15	-13	-13	-9.10	-2.46	-1.37
Net Cash From Continuing Investing Activities	-32	-28	-26	-25	-21	-15	-13	-13	-9.10	-2.46	-1.37
Purchase of Property, Plant & Equipment	-32	-28	-26	-25	-21	-15	-13	-13	-9.10	-2.46	-1.37
Net Cash From Financing Activities	0.13	76	5.26	8.14	22	86	-21	-7.59	-22	-7.53	-16
Net Cash From Continuing Financing Activities	0.13	76	5.26	8.14	22	86	-21	-7.59	-22	-7.53	-16
Repayment of Debt	-	-	0.00	-	-156	-6.66	-20	-6.50	-21	-6.50	-14
Issuance of Debt	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Other Financing Activities, net	0.27	0.57	5.26	8.14	9.82	-0.75	-1.78	-1.09	-0.23	-1.21	-1.67
Cash Interest Paid	0.96	-	0.19	-0.16	2.31	4.68	3.39	3.18	3.06	2.59	2.35
Cash Income Taxes Paid	-	-	0.00	-	-	-	2.92	0.38	0.43	0.40	0.03

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	140	135	124	99	104	97	183	643	703	895	407
Total Current Assets	62	50	48	37	46	47	112	370	266	409	242
Cash & Equivalents	33	18	11	3.33	3.63	16	77	281	140	221	157
Restricted Cash	-	-	-	-	-	-	0.00	1.23	0.25	0.39	1.71
Accounts Receivable	21	18	27	26	32	16	20	57	70	109	35
Inventories, net	6.53	13	8.92	7.32	8.77	13	12	23	39	48	38
Prepaid Expenses	1.69	1.70	1.29	1.04	1.11	1.83	3.17	7.24	17	32	9.96
Plant, Property, & Equipment, net	78	84	76	62	54	47	56	259	417	459	98
Total Noncurrent Assets	0.11	0.09	0.09	0.07	4.12	3.56	15	15	19	26	66
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	-	0.00	6.13
Other Noncurrent Operating Assets	0.11	0.09	0.09	0.07	4.12	3.56	15	15	19	26	60
Total Liabilities & Shareholders' Equity	140	135	124	99	104	97	183	643	703	895	407
Total Liabilities	18	19	23	29	45	30	55	196	215	280	171
Total Current Liabilities	17	18	22	23	30	14	37	79	78	110	62
Short-Term Debt	0.07	0.04	3.75	4.18	3.12	1.61	0.00	-	0.00	20	25
Accounts Payable	11	13	11	12	13	5.35	17	55	51	44	13
Accrued Expenses	5.57	3.99	5.86	3.86	8.06	3.88	11	16	23	36	13
Current Deferred Revenue	0.68	1.04	1.30	2.63	5.62	2.04	1.32	5.85	2.32	2.20	1.26
Other Current Liabilities	0.41	-	-	-	1.04	1.05	6.98	2.37	1.87	7.31	9.46
Total Noncurrent Liabilities	0.19	0.98	1.30	5.70	14	16	18	117	137	170	109
Long-Term Debt	-	-	-	-	0.00	2.06	0.00	104	0.00	95	65
Noncurrent Deferred Revenue	-	0.97	1.30	1.22	-	-	-	-	-	-	0.00
Other Noncurrent Operating Liabilities	0.15	-	-	4.49	14	14	18	13	137	75	44
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	122	116	101	70	59	68	128	447	488	615	236
Total Preferred & Common Equity	122	116	101	70	59	68	128	447	488	615	236
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	122	116	101	70	59	68	128	447	488	615	236
Common Stock	528	533	538	542	545	576	673	1,075	1,162	1,275	1,285
Retained Earnings	-406	-418	-437	-472	-486	-508	-545	-628	-674	-660	-1,050

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	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	385	621	617	605	698	749	783	555	525	491	410
Total Current Assets	156	296	228	200	255	289	306	344	310	279	254
Cash & Equivalents	102	208	134	95	101	91	113	192	168	151	174
Restricted Cash	-	0.63	0.32	0.32	0.16	0.39	0.39	0.39	0.41	1.71	1.71
Accounts Receivable	27	47	44	54	84	117	115	77	76	69	36
Inventories, net	21	27	33	34	46	53	47	57	52	43	31
Prepaid Expenses	6.16	14	16	17	24	27	29	17	14	14	11
Plant, Property, & Equipment, net	210	312	368	385	423	438	452	179	156	154	94
Total Noncurrent Assets	19	13	21	20	20	22	25	32	58	58	63
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	5.93	5.63	6.42	5.84
Other Noncurrent Operating Assets	19	13	21	20	20	22	25	26	53	52	57
Total Liabilities & Shareholders' Equity	385	621	617	605	698	749	783	555	525	491	410
Total Liabilities	203	188	197	195	207	231	275	240	216	186	197
Total Current Liabilities	81	69	66	61	64	83	104	81	78	71	88
Short-Term Debt	-	-	-	-	-	-	26	14	26	26	24
Accounts Payable	58	53	48	37	45	57	42	40	27	19	14
Accrued Expenses	13	9.76	11	17	13	20	27	17	16	16	18
Current Deferred Revenue	2.36	3.97	4.63	5.46	3.13	3.10	2.41	2.65	0.62	0.82	22
Other Current Liabilities	7.54	2.27	2.26	1.99	2.98	3.41	6.83	8.68	8.85	9.23	10
Total Noncurrent Liabilities	122	119	131	134	143	147	171	159	138	115	109
Long-Term Debt	105	-	109	112	118	121	94	95	77	70	61
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	-	-	-	15
Other Noncurrent Operating Liabilities	0.00	119	22	22	25	26	77	63	61	45	33
Commitments & Contingencies	0.00	0.00	0.00	0.00	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	315	309	306	213
Total Preferred & Common Equity	182	433	420	410	491	518	508	315	309	306	213
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	182	433	420	410	491	518	508	315	309	306	213
Common Stock	801	1,077	1,080	1,083	1,167	1,176	1,179	1,276	1,279	1,283	1,287
Retained Earnings	-618	-645	-660	-673	-675	-659	-672	-961	-971	-977	-1,073

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	23,106,727.00	23,366,937.00	23,637,115.00	23,970,487.00	24,300,264.00	26,867,920.00	33,079,299.00	-	-	-	82,647,081.00
DEI Adjusted Shares Outstanding	23,106,727.00	23,366,937.00	23,637,115.00	23,970,487.00	24,300,264.00	26,867,920.00	33,079,299.00	-	-	-	82,647,081.00
DEI Earnings Per Adjusted Shares Outstanding	-0.28	-0.51	-0.82	-1.44	-0.60	-0.81	-1.12	-	-	-	-4.71
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	19.65%	-3.90%	-5.19%	-6.51%	33.55%	-28.06%	21.29%	48.30%	32.35%	89.64%	-40.11%
EBITDA Growth	162.32%	-155.39%	-314.38%	-175.90%	82.94%	-187.94%	-174.08%	-124.76%	54.76%	347.06%	-518.86%
EBIT Growth	61.25%	-90.47%	-61.13%	-77.24%	58.25%	-52.33%	-88.23%	-95.19%	40.67%	215.99%	-790.28%
NOPAT Growth	61.14%	-79.95%	-70.55%	-77.24%	58.25%	-52.33%	-88.23%	-95.19%	37.91%	240.35%	-647.70%
Net Income Growth	90.32%	-87.36%	-60.70%	-78.25%	57.71%	-49.74%	-70.09%	-123.05%	44.63%	129.20%	-3,012.54%
EPS Growth	94.79%	-85.71%	-59.62%	-74.70%	58.62%	-38.33%	-46.99%	-72.13%	68.57%	125.76%	-2,882.35%
Operating Cash Flow Growth	-19.39%	-110.79%	-696.89%	-87.89%	87.82%	-841.56%	-87.71%	-406.76%	54.86%	206.89%	-27.83%
Free Cash Flow Firm Growth	-114.69%	21.95%	36.66%	91.39%	419.54%	-528.55%	-116.79%	-978.01%	58.07%	2.07%	167.91%
Invested Capital Growth	21.06%	8.62%	-3.61%	-24.35%	-17.76%	-5.91%	-5.78%	417.81%	29.66%	45.98%	-67.03%
Revenue Q/Q Growth	8.31%	-7.64%	8.48%	-0.65%	8.42%	-18.98%	7.47%	18.48%	11.49%	9.39%	-23.17%
EBITDA Q/Q Growth	649.17%	-134.07%	33.67%	-117.89%	76.91%	-88.42%	-48.20%	8.62%	32.53%	23.80%	-23.36%
EBIT Q/Q Growth	41.06%	-210.40%	17.61%	-57.05%	48.08%	-32.59%	-33.47%	7.74%	21.97%	32.35%	-29.18%
NOPAT Q/Q Growth	41.06%	-193.26%	17.61%	-57.05%	48.08%	-32.59%	-33.47%	7.74%	18.34%	17.32%	-29.03%
Net Income Q/Q Growth	40.42%	-158.95%	17.36%	-56.44%	47.45%	-31.57%	-37.74%	7.54%	16.56%	795.25%	-27.61%
EPS Q/Q Growth	-100.00%	-160.00%	17.00%	-55.91%	48.28%	-31.75%	-31.18%	17.65%	9.59%	1,600.00%	-27.49%
Operating Cash Flow Q/Q Growth	15.60%	-114.18%	-10.67%	-3.07%	81.43%	-13,132.00%	-58.93%	-14.61%	33.33%	542.80%	-37.29%
Free Cash Flow Firm Q/Q Growth	0.00%	-28.74%	12.46%	80.53%	64.82%	-515.47%	-68.47%	-26.40%	57.29%	-145.27%	28.34%
Invested Capital Q/Q Growth	0.02%	-1.69%	-0.24%	-14.81%	-6.78%	3.35%	10.48%	32.86%	-18.47%	-1.08%	-32.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.12%	19.80%	16.73%	12.14%	18.86%	14.55%	8.17%	2.76%	23.84%	40.40%	16.97%
EBITDA Margin	2.98%	-1.72%	-7.51%	-22.16%	-2.83%	-11.33%	-25.60%	-38.81%	-13.26%	17.28%	-120.86%
Operating Margin	-5.09%	-9.53%	-17.14%	-32.50%	-10.16%	-21.51%	-33.38%	-43.94%	-20.61%	12.05%	-139.51%
EBIT Margin	-5.09%	-10.09%	-17.14%	-32.50%	-10.16%	-21.51%	-33.38%	-43.94%	-19.70%	12.05%	-138.86%
Profit (Net Income) Margin	-5.24%	-10.21%	-17.31%	-33.00%	-10.45%	-21.75%	-30.50%	-45.87%	-19.19%	2.95%	-143.69%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	88.64%	100.62%
Interest Burden Percent	102.92%	101.24%	100.97%	101.55%	102.87%	101.11%	91.37%	104.41%	97.44%	27.67%	102.85%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.36%	0.00%
Return on Invested Capital (ROIC)	-5.32%	-8.39%	-13.99%	-28.76%	-15.30%	-26.60%	-53.19%	-34.64%	-11.17%	11.29%	-78.37%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.33%	8.04%	33.43%	322.60%	-2,720.94%	74.02%	-33.78%	-13.30%	-4.04%	39.66%	64.60%
Return on Net Nonoperating Assets (RNNOA)	0.11%	-1.71%	-3.86%	-11.48%	-7.24%	-7.78%	15.38%	5.90%	1.38%	-8.87%	-13.26%
Return on Equity (ROE)	-5.21%	-10.10%	-17.85%	-40.23%	-22.54%	-34.39%	-37.80%	-28.74%	-9.79%	2.43%	-91.64%
Cash Return on Invested Capital (CROIC)	-24.37%	-16.65%	-10.31%	-1.03%	4.19%	-20.51%	-47.23%	-169.89%	-37.00%	-26.10%	22.46%
Operating Return on Assets (OROA)	-4.37%	-8.65%	-14.81%	-30.44%	-13.98%	-21.47%	-28.96%	-19.18%	-6.98%	6.82%	-57.83%
Return on Assets (ROA)	-4.50%	-8.75%	-14.95%	-30.91%	-14.38%	-21.71%	-26.46%	-20.02%	-6.80%	1.67%	-59.85%
Return on Common Equity (ROCE)	-5.21%	-10.10%	-17.85%	-40.23%	-22.54%	-34.39%	-37.80%	-28.74%	-9.79%	2.43%	-91.64%
Return on Equity Simple (ROE_SIMPLE)	-5.24%	-10.40%	-19.14%	-49.02%	-24.69%	-32.14%	-28.89%	-18.49%	-9.39%	2.18%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.36	-7.85	-13	-24	-9.91	-15	-28	-55	-34	48	-265
NOPAT Margin	-3.56%	-6.67%	-12.00%	-22.75%	-7.11%	-15.06%	-23.37%	-30.76%	-14.43%	10.68%	-97.66%
Net Nonoperating Expense Percent (NNEP)	-4.99%	-16.43%	-47.42%	-351.36%	2,705.64%	-100.63%	-19.41%	-21.34%	-7.13%	-28.37%	-142.98%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-10.07%	-7.06%	6.63%	-81.19%
Cost of Revenue to Revenue	79.88%	80.20%	83.27%	87.86%	81.14%	85.45%	91.83%	97.24%	76.16%	59.60%	83.03%
SG&A Expenses to Revenue	12.30%	-14.79%	17.04%	18.32%	11.82%	15.64%	18.51%	21.35%	23.78%	15.71%	20.57%
R&D to Revenue	4.29%	-4.51%	5.54%	6.05%	6.03%	8.71%	9.41%	9.39%	6.85%	3.99%	4.95%
Operating Expenses to Revenue	25.21%	29.33%	33.87%	44.64%	29.02%	36.06%	41.55%	46.70%	44.46%	28.35%	156.48%
Earnings before Interest and Taxes (EBIT)	-6.24	-12	-19	-34	-14	-22	-41	-79	-47	55	-376
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3.65	-2.02	-8.38	-23	-3.95	-11	-31	-70	-32	78	-328
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.15	0.84	1.14	0.73	3.20	6.61	12.83	1.08	2.27	1.59	0.99
Price to Tangible Book Value (P/TBV)	1.15	0.84	1.14	0.73	3.20	6.61	12.83	1.08	2.27	1.59	0.99
Price to Revenue (P/Rev)	1.14	0.82	1.03	0.49	1.35	4.47	13.54	2.67	4.64	2.15	0.86
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	72.88	0.00
Dividend Yield	0.00%	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%	0.00%	0.00%	1.37%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.20	0.80	1.15	0.73	3.22	7.92	30.29	1.13	2.78	1.71	0.99
Enterprise Value to Revenue (EV/Rev)	0.88	0.67	0.97	0.50	1.35	4.34	12.91	1.68	4.06	1.92	0.61
Enterprise Value to EBITDA (EV/EBITDA)	29.45	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.10	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.92	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	17.96	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	20.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.06	5.05
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	69.22	0.00	0.00	0.00	0.00	0.00	2.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.04	0.06	0.05	0.05	0.00	0.23	0.00	0.19	0.38
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.03	0.00	0.23	0.00	0.15	0.28
Financial Leverage	-0.33	-0.21	-0.12	-0.04	0.00	-0.11	-0.46	-0.44	-0.34	-0.22	-0.21
Leverage Ratio	1.16	1.15	1.19	1.30	1.57	1.58	1.43	1.44	1.44	1.45	1.53
Compound Leverage Factor	1.19	1.17	1.21	1.32	1.61	1.60	1.31	1.50	1.40	0.40	1.57
Debt to Total Capital	0.09%	0.03%	3.58%	5.62%	5.03%	5.13%	0.00%	18.80%	0.00%	15.73%	27.77%
Short-Term Debt to Total Capital	0.05%	0.03%	3.58%	5.62%	5.03%	2.25%	0.00%	0.00%	0.00%	2.71%	7.70%
Long-Term Debt to Total Capital	0.03%	0.00%	0.00%	0.00%	0.00%	2.88%	0.00%	18.80%	0.00%	13.02%	20.07%
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%	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%	0.00%
Common Equity to Total Capital	99.91%	99.97%	96.42%	94.38%	94.97%	94.87%	100.00%	81.20%	100.00%	84.27%	72.23%
Debt to EBITDA	0.03	-0.02	-0.45	-0.18	-0.79	-0.32	0.00	-1.48	0.00	1.47	-0.28
Net Debt to EBITDA	-8.95	8.92	0.83	-0.04	0.13	1.13	0.00	2.56	0.00	-1.36	0.21
Long-Term Debt to EBITDA	0.01	0.00	0.00	0.00	0.00	-0.18	0.00	-1.48	0.00	1.21	-0.20
Debt to NOPAT	-0.02	-0.01	-0.28	-0.18	-0.32	-0.24	0.00	-1.87	0.00	2.37	-0.34
Net Debt to NOPAT	7.49	2.30	0.52	-0.04	0.05	0.85	0.00	3.23	0.00	-2.20	0.26
Long-Term Debt to NOPAT	-0.01	0.00	0.00	0.00	0.00	-0.14	0.00	-1.87	0.00	1.96	-0.25
Altman Z-Score	1.84	-0.44	-1.27	-5.51	-2.96	2.51	14.37	0.53	2.19	2.16	-4.65
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.54	2.77	2.21	1.62	1.50	3.38	3.07	4.68	3.41	3.72	3.90
Quick Ratio	3.07	1.96	1.74	1.25	1.18	2.31	2.65	4.29	2.69	3.00	3.10
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-20	-16	-9.88	-0.85	2.72	-12	-25	-272	-114	-112	76
Operating Cash Flow to CapEx	24.41%	-4.37%	-75.29%	-240.86%	-49.91%	-290.52%	-135.20%	-53.04%	-24.29%	52.80%	87.78%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-53.24	-21.41	-3.19	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-18.47	-8.00	1.30	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-53.30	-40.93	-1.16	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.86	0.86	0.86	0.94	1.38	1.00	0.87	0.44	0.35	0.57	0.42
Accounts Receivable Turnover	6.36	6.17	5.04	3.99	4.82	4.18	6.73	4.64	3.75	5.06	3.76
Inventory Turnover	17.13	9.73	8.54	11.30	14.06	7.84	8.90	10.16	5.89	6.22	5.25
Fixed Asset Turnover	1.64	1.45	1.39	1.52	2.42	2.00	2.37	1.15	0.71	1.03	0.97
Accounts Payable Turnover	7.87	7.95	7.84	7.96	9.05	9.55	9.80	4.86	3.44	5.65	7.82
Days Sales Outstanding (DSO)	57.42	59.15	72.42	91.51	75.71	87.27	54.21	78.70	97.36	72.20	97.19
Days Inventory Outstanding (DIO)	21.31	37.49	42.76	32.31	25.96	46.58	40.99	35.93	61.97	58.67	69.56
Days Payable Outstanding (DPO)	46.41	45.90	46.56	45.87	40.32	38.23	37.24	75.09	106.23	64.57	46.70
Cash Conversion Cycle (CCC)	32.33	50.74	68.62	77.95	61.34	95.62	57.96	39.53	53.09	66.31	120.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	90	98	94	71	58	55	52	268	348	508	168
Invested Capital Turnover	1.49	1.26	1.17	1.26	2.15	1.77	2.28	1.13	0.77	1.06	0.80
Increase / (Decrease) in Invested Capital	16	7.74	-3.52	-23	-13	-3.46	-3.18	217	80	160	-341
Enterprise Value (EV)	108	78	108	52	188	436	1,570	303	969	868	166
Market Capitalization	140	97	115	51	189	448	1,647	482	1,109	975	234
Book Value per Share	$5.30	$4.95	$4.27	$2.93	$2.43	$2.53	$3.88	$10.94	$6.95	$7.49	$2.85
Tangible Book Value per Share	$5.30	$4.95	$4.27	$2.93	$2.43	$2.53	$3.88	$10.94	$6.95	$7.49	$2.85
Total Capital	123	116	105	74	62	72	128	551	488	729	326
Total Debt	0.11	0.04	3.75	4.18	3.12	3.67	0.00	104	0.00	115	91
Total Long-Term Debt	0.04	0.00	0.00	0.00	0.00	2.06	0.00	104	0.00	95	65
Net Debt	-33	-18	-6.94	0.85	-0.51	-13	-77	-179	-140	-107	-68
Capital Expenditures (CapEx)	22	13	6.12	3.59	2.11	3.42	14	178	175	86	37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	14	19	15	15	18	-0.97	8.18	48	98	47
Debt-free Net Working Capital (DFNWC)	44	32	30	18	18	35	76	291	188	319	205
Net Working Capital (NWC)	44	32	26	14	15	33	76	291	188	299	180
Net Nonoperating Expense (NNE)	2.05	4.17	5.93	11	4.65	6.71	8.67	27	11	35	125
Net Nonoperating Obligations (NNO)	-33	-18	-6.94	0.85	-0.51	-13	-77	-179	-140	-107	-68
Total Depreciation and Amortization (D&A)	9.89	9.85	11	11	10	10	9.46	9.25	15	24	49
Debt-free, Cash-free Net Working Capital to Revenue	9.39%	11.90%	17.15%	14.41%	10.64%	18.26%	-0.80%	4.53%	20.22%	21.61%	17.18%
Debt-free Net Working Capital to Revenue	36.16%	27.26%	26.73%	17.60%	13.24%	34.71%	62.16%	161.20%	78.85%	70.49%	75.67%
Net Working Capital to Revenue	36.11%	27.23%	23.37%	13.59%	11.00%	33.11%	62.16%	161.20%	78.85%	66.12%	66.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.28)	($0.52)	($0.83)	($1.45)	($0.60)	($0.83)	($1.22)	($2.10)	($0.66)	$0.17	($4.73)
Adjusted Weighted Average Basic Shares Outstanding	22.99M	23.37M	23.64M	24.25M	26.59M	28.30M	33.23M	39.36M	69.44M	77.54M	82.33M
Adjusted Diluted Earnings per Share	($0.28)	($0.52)	($0.83)	($1.45)	($0.60)	($0.83)	($1.22)	($2.10)	($0.66)	$0.17	($4.73)
Adjusted Weighted Average Diluted Shares Outstanding	22.99M	23.37M	23.64M	24.25M	26.59M	28.30M	33.23M	39.36M	69.44M	80.31M	82.33M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.52)	($0.83)	($1.45)	($0.60)	($0.83)	($1.22)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	23.18M	23.14M	23.39M	23.74M	24.10M	26.38M	30.43M	70.07M	76.66M	82.06M	82.83M
Normalized Net Operating Profit after Tax (NOPAT)	-4.36	-7.85	-13	-19	-9.91	-15	-28	-55	-34	51	-36
Normalized NOPAT Margin	-3.56%	-6.67%	-12.00%	-17.82%	-7.11%	-15.06%	-23.37%	-30.76%	-14.43%	11.37%	-13.27%
Pre Tax Income Margin	-5.24%	-10.21%	-17.31%	-33.00%	-10.45%	-21.75%	-30.50%	-45.87%	-19.19%	3.33%	-142.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-15.51	-8.82	1.56	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-10.86	-6.46	1.38	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-50.34	-41.76	-0.91	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-45.68	-39.40	-1.08	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%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-2.22%	-4.14%	-0.17%	-0.30%	0.00%	0.00%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	82,059,182.00	82,174,358.00	82,360,491.00	82,647,081.00	165,651,206.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	82,059,182.00	82,174,358.00	82,360,491.00	82,647,081.00	165,651,206.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-3.67	-0.11	-0.08	-0.88	-0.14
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	65.52%	41.28%	107.30%	144.55%	93.14%	46.15%	-16.70%	-33.75%	-37.77%	-66.42%	-51.88%
EBITDA Growth	69.44%	183.53%	129.10%	291.88%	392.53%	252.58%	-3,643.77%	-94.14%	-84.47%	-295.62%	95.31%
EBIT Growth	56.03%	114.31%	94.29%	217.26%	239.78%	963.85%	-12,341.83%	-125.79%	-115.90%	-577.87%	93.03%
NOPAT Growth	48.31%	114.31%	112.88%	259.31%	218.90%	1,443.56%	-12,388.22%	-118.98%	-119.24%	-429.71%	93.04%
Net Income Growth	55.83%	94.60%	89.07%	209.04%	0.79%	2,289.21%	-16,316.84%	-153.85%	51.16%	-741.73%	92.14%
EPS Growth	74.67%	87.50%	91.67%	195.45%	10.53%	1,600.00%	-18,250.00%	-152.38%	52.94%	-680.00%	92.10%
Operating Cash Flow Growth	79.97%	88.46%	28.00%	189.10%	376.87%	1,384.06%	131.73%	-157.43%	-27.62%	-54.78%	506.27%
Free Cash Flow Firm Growth	-34.40%	64.79%	-75.37%	52.95%	68.28%	-84.48%	123.71%	324.23%	451.28%	300.78%	39.82%
Invested Capital Growth	111.29%	29.66%	126.24%	38.67%	20.32%	45.98%	-54.43%	-55.40%	-51.45%	-67.03%	-46.66%
Revenue Q/Q Growth	26.16%	38.62%	12.21%	24.62%	-0.37%	4.90%	-36.04%	-0.89%	-6.42%	-43.38%	-8.36%
EBITDA Q/Q Growth	41.88%	175.64%	-20.78%	450.93%	-11.39%	-8.83%	-1,489.72%	100.52%	134.80%	-1,248.18%	66.66%
EBIT Q/Q Growth	26.97%	111.11%	-178.02%	1,952.27%	-12.94%	-15.44%	-2,126.85%	98.27%	46.32%	-2,440.98%	70.43%
NOPAT Q/Q Growth	14.14%	109.45%	76.14%	1,014.67%	-35.92%	22.69%	-1,502.24%	98.28%	35.05%	-2,002.27%	70.40%
Net Income Q/Q Growth	15.24%	96.03%	-253.56%	1,016.51%	-177.12%	187.60%	-2,751.37%	96.99%	30.06%	-1,051.14%	67.51%
EPS Q/Q Growth	13.64%	94.74%	-100.00%	1,150.00%	-180.95%	188.24%	-2,546.67%	97.00%	27.27%	-987.50%	66.67%
Operating Cash Flow Q/Q Growth	2.32%	62.96%	-538.68%	138.55%	203.54%	71.80%	-84.22%	-169.78%	482.57%	7.32%	111.62%
Free Cash Flow Firm Q/Q Growth	17.19%	66.54%	-45.38%	52.55%	44.17%	-94.59%	146.01%	348.65%	-12.54%	11.22%	-67.96%
Invested Capital Q/Q Growth	8.21%	-18.47%	9.62%	7.78%	-6.11%	-1.08%	-54.48%	5.48%	2.21%	-32.83%	-26.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.73%	35.17%	37.19%	43.80%	41.80%	38.29%	28.98%	32.45%	28.49%	-55.47%	11.29%
EBITDA Margin	-12.95%	7.07%	4.99%	22.06%	19.62%	17.05%	-370.52%	1.95%	4.90%	-99.32%	-36.14%
Operating Margin	-24.09%	1.64%	2.58%	16.97%	14.83%	11.95%	-380.25%	-6.61%	-4.59%	-170.26%	-54.99%
EBIT Margin	-20.49%	1.64%	-1.14%	16.97%	14.83%	11.95%	-378.81%	-6.61%	-3.79%	-170.08%	-54.89%
Profit (Net Income) Margin	-21.52%	-0.62%	-1.94%	14.28%	-11.05%	9.23%	-382.67%	-11.61%	-8.67%	-176.38%	-62.54%
Tax Burden Percent	100.00%	100.00%	170.06%	95.10%	102.10%	101.56%	100.36%	109.97%	110.35%	99.87%	98.94%
Interest Burden Percent	105.02%	-37.53%	100.00%	88.48%	-73.01%	76.03%	100.66%	159.75%	207.44%	103.84%	115.15%
Effective Tax Rate	0.00%	0.00%	0.00%	4.90%	0.00%	-1.56%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-11.48%	0.89%	1.42%	12.25%	9.13%	12.84%	-314.77%	-4.64%	-2.97%	-95.64%	-49.98%
ROIC Less NNEP Spread (ROIC-NNEP)	-26.86%	1.82%	5.11%	-100.89%	-208.00%	15.74%	-41.43%	26.07%	12.90%	-68.55%	-39.49%
Return on Net Nonoperating Assets (RNNOA)	-1.67%	-0.62%	-1.06%	-0.42%	-5.25%	-3.52%	3.45%	-1.12%	-0.80%	14.08%	12.98%
Return on Equity (ROE)	-13.15%	0.27%	0.36%	11.83%	3.88%	9.32%	-311.32%	-5.76%	-3.77%	-81.57%	-37.00%
Cash Return on Invested Capital (CROIC)	-84.91%	-37.00%	-82.72%	-30.46%	-9.68%	-26.10%	27.94%	28.43%	15.49%	22.46%	21.50%
Operating Return on Assets (OROA)	-8.86%	0.58%	-0.50%	8.88%	8.84%	6.77%	-264.19%	-4.12%	-2.10%	-70.84%	-26.18%
Return on Assets (ROA)	-9.30%	-0.22%	-0.85%	7.47%	-6.59%	5.23%	-266.88%	-7.24%	-4.81%	-73.46%	-29.83%
Return on Common Equity (ROCE)	-13.15%	0.27%	0.36%	11.83%	3.88%	9.32%	-311.32%	-5.76%	-3.77%	-81.57%	-37.00%
Return on Equity Simple (ROE_SIMPLE)	-13.40%	0.00%	-6.28%	0.27%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-10	0.97	1.71	19	12	15	-210	-3.61	-2.34	-49	-15
NOPAT Margin	-16.86%	1.15%	1.80%	16.14%	10.38%	12.14%	-266.17%	-4.62%	-3.21%	-119.18%	-38.50%
Net Nonoperating Expense Percent (NNEP)	15.39%	-0.93%	-3.69%	113.14%	217.13%	-2.91%	-273.33%	-30.72%	-15.87%	-27.09%	-10.49%
Return On Investment Capital (ROIC_SIMPLE)	-	0.20%	-	-	-	2.05%	-49.45%	-0.88%	-0.58%	-15.11%	-4.88%
Cost of Revenue to Revenue	77.27%	64.83%	62.81%	56.20%	58.20%	61.71%	71.02%	67.55%	71.51%	155.47%	88.71%
SG&A Expenses to Revenue	26.07%	18.26%	18.21%	14.86%	15.12%	15.16%	16.56%	17.73%	18.53%	37.19%	40.36%
R&D to Revenue	6.94%	4.84%	4.75%	3.88%	3.91%	3.58%	5.50%	4.86%	3.42%	6.76%	7.19%
Operating Expenses to Revenue	46.82%	33.53%	31.75%	26.83%	26.97%	28.53%	409.22%	39.05%	33.07%	114.79%	66.28%
Earnings before Interest and Taxes (EBIT)	-12	1.38	-1.08	20	17	15	-298	-5.16	-2.77	-70	-21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-7.87	5.95	4.72	26	23	21	-292	1.52	3.58	-41	-14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.47	2.27	2.75	3.51	4.20	1.59	1.67	1.58	1.87	0.99	1.33
Price to Tangible Book Value (P/TBV)	1.47	2.27	2.75	3.51	4.20	1.59	1.67	1.58	1.87	0.99	1.33
Price to Revenue (P/Rev)	2.82	4.64	4.69	5.08	5.16	2.15	1.20	1.22	1.62	0.86	1.23
Price to Earnings (P/E)	0.00	0.00	0.00	3,142.64	3,134.22	72.88	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	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%	0.03%	0.03%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.45	2.78	2.69	3.37	4.17	1.71	1.91	1.73	2.07	0.99	1.57
Enterprise Value to Revenue (EV/Rev)	2.90	4.06	4.75	5.17	5.17	1.92	1.01	1.06	1.46	0.61	0.84
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	61.30	33.87	11.10	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	201.26	51.95	15.92	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	201.26	51.95	17.96	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	302.07	19.06	6.40	7.25	9.86	5.05	3.15
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	4.27	3.75	8.74	2.19	5.07
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.27	0.00	0.24	0.23	0.24	0.19	0.35	0.33	0.31	0.38	0.40
Long-Term Debt to Equity	0.27	0.00	0.24	0.23	0.18	0.15	0.30	0.25	0.23	0.28	0.29
Financial Leverage	0.06	-0.34	-0.21	0.00	0.03	-0.22	-0.08	-0.04	-0.06	-0.21	-0.33
Leverage Ratio	1.67	1.44	1.43	1.46	1.51	1.45	1.55	1.54	1.57	1.53	1.83
Compound Leverage Factor	1.76	-0.54	1.43	1.29	-1.10	1.10	1.56	2.46	3.25	1.59	2.10
Debt to Total Capital	21.48%	0.00%	19.37%	18.95%	19.11%	15.73%	25.70%	25.06%	23.91%	27.77%	28.59%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	4.18%	2.71%	3.19%	6.31%	6.47%	7.70%	8.10%
Long-Term Debt to Total Capital	21.48%	0.00%	19.37%	18.95%	14.93%	13.02%	22.52%	18.75%	17.44%	20.07%	20.48%
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%	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%	0.00%
Common Equity to Total Capital	78.52%	100.00%	80.63%	81.05%	80.89%	84.27%	74.30%	74.94%	76.09%	72.23%	71.41%
Debt to EBITDA	-2.39	0.00	-12.54	4.02	1.90	1.47	-0.49	-0.42	-0.36	-0.28	-1.72
Net Debt to EBITDA	-0.36	0.00	-1.74	0.97	0.10	-1.36	0.38	0.26	0.21	0.21	1.81
Long-Term Debt to EBITDA	-2.39	0.00	-12.54	4.02	1.48	1.21	-0.43	-0.31	-0.26	-0.20	-1.23
Debt to NOPAT	-2.66	0.00	-6.05	13.20	2.91	2.37	-0.63	-0.54	-0.47	-0.34	-1.22
Net Debt to NOPAT	-0.41	0.00	-0.84	3.19	0.15	-2.20	0.48	0.34	0.27	0.26	1.29
Long-Term Debt to NOPAT	-2.66	0.00	-6.05	13.20	2.27	1.96	-0.55	-0.41	-0.34	-0.25	-0.88
Altman Z-Score	0.86	2.42	3.30	4.38	4.37	2.01	-1.53	0.02	0.28	-2.17	-1.92
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.27	3.41	4.01	3.46	2.93	3.72	4.22	3.98	3.94	3.90	2.89
Quick Ratio	2.43	2.69	2.92	2.50	2.19	3.00	3.31	3.12	3.11	3.10	2.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-235	-79	-282	-134	-75	-145	67	300	262	291	93
Operating Cash Flow to CapEx	-23.24%	-10.00%	-68.63%	27.56%	99.76%	241.91%	43.33%	-30.50%	165.18%	654.83%	2,497.81%
Free Cash Flow to Firm to Interest Expense	-121.32	-27.09	-92.67	-43.90	-2.58	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-3.87	-0.96	-5.84	2.25	0.72	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-20.53	-10.53	-14.36	-5.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.35	0.44	0.52	0.60	0.57	0.70	0.62	0.55	0.42	0.48
Accounts Receivable Turnover	5.25	3.75	4.38	4.44	4.88	5.06	5.41	4.11	3.83	3.76	4.05
Inventory Turnover	6.27	5.89	5.52	5.26	6.07	6.22	5.20	4.81	5.23	5.25	4.62
Fixed Asset Turnover	0.72	0.71	0.78	0.89	0.99	1.03	1.45	1.34	1.16	0.97	1.69
Accounts Payable Turnover	3.61	3.44	4.11	4.31	6.26	5.65	6.29	6.00	7.72	7.82	7.58
Days Sales Outstanding (DSO)	69.49	97.36	83.31	82.30	74.80	72.20	67.41	88.73	95.35	97.19	90.19
Days Inventory Outstanding (DIO)	58.22	61.97	66.17	69.37	60.12	58.67	70.22	75.88	69.72	69.56	79.00
Days Payable Outstanding (DPO)	100.99	106.23	88.71	84.63	58.32	64.57	58.00	60.80	47.31	46.70	48.18
Cash Conversion Cycle (CCC)	26.73	53.09	60.78	67.04	76.60	66.31	79.64	103.81	117.77	120.05	121.01
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	427	348	508	547	514	508	231	244	249	168	123
Invested Capital Turnover	0.68	0.77	0.79	0.76	0.88	1.06	1.18	1.00	0.92	0.80	1.30
Increase / (Decrease) in Invested Capital	225	80	283	153	87	160	-276	-303	-264	-341	-108
Enterprise Value (EV)	621	969	1,366	1,846	2,140	868	441	422	517	166	193
Market Capitalization	604	1,109	1,349	1,816	2,134	975	524	486	573	234	283
Book Value per Share	$5.84	$6.95	$6.41	$6.80	$6.59	$7.49	$3.84	$3.76	$3.71	$2.85	$2.58
Tangible Book Value per Share	$5.84	$6.95	$6.41	$6.80	$6.59	$7.49	$3.84	$3.76	$3.71	$2.85	$2.58
Total Capital	522	488	609	639	628	729	424	412	402	326	299
Total Debt	112	0.00	118	121	120	115	109	103	96	91	85
Total Long-Term Debt	112	0.00	118	121	94	95	95	77	70	65	61
Net Debt	17	-140	16	29	6.04	-107	-84	-65	-56	-68	-90
Capital Expenditures (CapEx)	32	28	26	25	21	15	13	13	9.10	2.46	1.37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	44	48	90	113	114	98	84	90	82	47	15
Debt-free Net Working Capital (DFNWC)	139	188	192	205	228	319	276	258	234	205	190
Net Working Capital (NWC)	139	188	192	205	202	299	262	232	208	180	166
Net Nonoperating Expense (NNE)	2.83	1.49	3.54	2.19	25	3.58	92	5.45	3.99	24	9.11
Net Nonoperating Obligations (NNO)	17	-140	16	29	6.04	-107	-84	-65	-56	-68	-90
Total Depreciation and Amortization (D&A)	4.58	4.57	5.80	6.00	5.62	6.28	6.52	6.68	6.34	29	7.10
Debt-free, Cash-free Net Working Capital to Revenue	20.62%	20.22%	31.26%	31.72%	27.53%	21.61%	19.12%	22.76%	23.17%	17.18%	6.43%
Debt-free Net Working Capital to Revenue	64.97%	78.85%	66.59%	57.41%	55.05%	70.49%	63.16%	65.06%	66.37%	75.67%	82.69%
Net Working Capital to Revenue	64.97%	78.85%	66.59%	57.41%	48.71%	66.12%	60.07%	58.52%	59.00%	66.41%	72.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.19)	($0.01)	($0.02)	$0.22	($0.17)	$0.14	($3.67)	($0.11)	($0.08)	($0.87)	($0.29)
Adjusted Weighted Average Basic Shares Outstanding	69.32M	69.44M	75.76M	76.34M	76.26M	77.54M	82.07M	82.18M	82.40M	82.33M	82.74M
Adjusted Diluted Earnings per Share	($0.19)	($0.01)	($0.02)	$0.21	($0.17)	$0.15	($3.67)	($0.11)	($0.08)	($0.87)	($0.29)
Adjusted Weighted Average Diluted Shares Outstanding	69.32M	69.44M	75.76M	78.98M	76.26M	80.31M	82.07M	82.18M	82.40M	82.33M	82.74M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	70.26M	76.66M	76.16M	77.08M	82.05M	82.06M	82.17M	82.36M	82.65M	82.83M	82.88M
Normalized Net Operating Profit after Tax (NOPAT)	-10	0.97	1.71	19	12	10	-2.06	0.52	-1.25	-46	-14
Normalized NOPAT Margin	-16.86%	1.15%	1.80%	16.14%	10.38%	8.37%	-2.61%	0.66%	-1.71%	-111.04%	-37.71%
Pre Tax Income Margin	-21.52%	-0.62%	-1.14%	15.02%	-10.83%	9.09%	-381.30%	-10.55%	-7.86%	-176.61%	-63.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.42	0.48	-0.36	6.57	0.60	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-5.29	0.33	0.56	6.25	0.42	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-23.08	-9.09	-8.87	-1.59	-0.12	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-21.94	-9.23	-7.95	-1.91	-0.30	0.00	0.00	0.00	0.00	0.00	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%	0.00%
Augmented Payout Ratio	-1.05%	-0.30%	-0.54%	12.01%	1.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Aspen Aerogels (NYSE: ASPN) showed a sharp rebound in early 2026 after a very difficult 2025, but the underlying financial picture remains mixed. Revenue in Q1 2026 fell to $37.9 million from $41.3 million a year ago and the company still posted a net loss of $23.7 million. That said, gross profit was positive again, operating cash flow swung strongly positive, and the balance sheet still shows a meaningful cash cushion.

Looking across the last four years, Aspen Aerogels has gone through a dramatic cycle: strong cash generation and profitability in parts of 2024, severe margin pressure and large losses in 2025, and then a partial stabilization in Q1 2026. The biggest themes are volatility in revenue, big swings in cost of revenue, heavy restructuring and impairment charges, and a balance sheet that has been strengthened by cash but still carries debt.

Q1 2026 operating cash flow was strong at $34.1 million, a major improvement from a negative $3.9 million in Q2 2025 and a positive sign for near-term liquidity.
Cash & equivalents rose to $173.9 million at March 31, 2026, giving the company a solid cash reserve.
Gross profit returned to positive territory in Q1 2026 at $4.3 million, after the business suffered a gross loss in Q4 2025.
The company generated positive operating cash flow despite a net loss, which suggests working-capital management helped support liquidity.
Debt was reduced in Q1 2026, with $14.1 million of repayments during the quarter.
Revenue was relatively stable sequentially, but still down year over year, indicating demand may be holding up but not accelerating.
The balance sheet remains asset-heavy, with total assets of $410.5 million and shareholders’ equity of $213.5 million.
Depreciation and amortization remain meaningful non-cash add-backs, reflecting a sizable installed asset base.
Shares outstanding have increased materially versus 2024 levels, which may dilute future earnings per share.
Q1 2026 net loss widened to $23.7 million from $6.3 million in Q3 2025, showing profitability remains elusive.
Revenue in Q1 2026 was down about 4% year over year, while cost of revenue remained very high at $33.6 million, keeping margins thin.
Operating expenses totaled $25.1 million in Q1 2026, far above gross profit, resulting in another large operating loss.
The company still carries significant debt, including $24.2 million short-term debt and $61.2 million long-term debt.
2025 was particularly weak: Q4 2025 revenue of $41.3 million produced a $72.9 million net loss and a gross loss, highlighting substantial margin pressure.
Over the last year, Aspen Aerogels relied on restructuring and impairment-related adjustments, signaling ongoing operational stress.

Bottom line: Aspen Aerogels looks better than it did at the end of 2025, mainly because cash flow improved and the company still has liquidity. However, the income statement remains under pressure, and the business has yet to prove it can consistently convert revenue into profit. For retail investors, this is still a turnaround story rather than a clean fundamental recovery.

07/06/26 01:51 AM ETAI Generated. May Contain Errors.

Aspen Aerogels Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Aspen Aerogels' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Aspen Aerogels' net income appears to be on an upward trend, with a most recent value of -$389.55 million in 2025, rising from -$6.42 million in 2015. The previous period was $13.38 million in 2024. See where experts think Aspen Aerogels is headed by visiting Aspen Aerogels' forecast page.

Aspen Aerogels' total operating income in 2025 was -$378.23 million, based on the following breakdown:

Total Gross Profit: $46.00 million
Total Operating Expenses: $424.23 million

Over the last 10 years, Aspen Aerogels' total revenue changed from $122.52 million in 2015 to $271.10 million in 2025, a change of 121.3%.

Aspen Aerogels' total liabilities were at $171.16 million at the end of 2025, a 39.0% decrease from 2024, and a 872.5% increase since 2015.

In the past 10 years, Aspen Aerogels' cash and equivalents has ranged from $3.33 million in 2018 to $281.34 million in 2022, and is currently $156.86 million as of their latest financial filing in 2025.

Over the last 10 years, Aspen Aerogels' book value per share changed from 5.30 in 2015 to 2.85 in 2025, a change of -46.2%.

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Financial statements for NYSE:ASPN last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Aspen Aerogels (ASPN) Financials

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Aspen Aerogels (ASPN) Financials

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How has Aspen Aerogels' revenue changed over the last 10 years?

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