0001193125-26-119892
SEC filingAspen Aerogels, Inc. reported a significant net loss of $389.6 million for FY 2025, compared to net income of $13.4 million in FY 2024 and a net loss of $45.8 million in FY 2023. The sharp downturn was driven by $291.2 million in impairment charges on property, plant, and equipment, primarily from ceasing construction of the Statesboro Plant and recording $286.6 million impairment, plus $18.2 million loss on disposal. Revenue declined 40% YoY to $271.1 million from $452.7 million, reflecting drops in Thermal Barrier (down 45% to $168.9 million) and Energy Industrial (down 30% to $102.2 million) segments amid lower EV demand forecasts and customer revisions. Gross profit fell to $46.0 million (17.0% margin) from $182.9 million (40.4% margin), due to higher cost of revenue at $225.1 million. Operating loss was $378.2 million versus operating income of $54.5 million prior year. Cash from operations was $32.9 million, with free cash flow negative after $37.4 million capex; ending cash $156.9 million. Balance sheet shows total assets down to $406.7 million from $895.1 million, with stockholders' equity at $235.5 million. Restructuring reduced headcount; settlement expected Q1 2026 for $37.6 million claim.
Aspen Aerogels posted a FY2025 net loss of $389.6 million ($-4.73 basic/diluted EPS), versus $13.4 million net income ($0.17 EPS) in FY2024 and $45.8 million loss ($-0.66 EPS) in FY2023. Revenue fell 40% YoY to $271.1 million from $452.7 million, driven by Thermal Barrier decline to $168.9 million (from $306.8 million) and Energy Industrial to $102.2 million (from $145.9 million). Gross profit dropped 75% to $46.0 million (17.0% margin vs. 40.4%). Operating loss widened to $378.2 million from $54.5 million income, due to $291.2 million PPE impairment, $17.5 million restructuring, and $18.2 million disposal loss. Total operating expenses $424.2 million.
Revenue totaled $271.1 million, down from $452.7 million. Thermal Barrier: $168.9 million (62% of total), down 45% YoY; Energy Industrial: $102.2 million (38%), down 30% YoY. Geographically, U.S. $172.1 million (63%), International $99.0 million (37%), with Asia $31.1 million, Latin America $47.6 million, Europe $17.9 million, Canada $2.5 million. Two customers: 59% and 9% of revenue. Declines tied to lower EV demand forecasts and customer revisions.
Gross margin contracted to 17.0% from 40.4%, as cost of revenue rose to $225.1 million (83% of revenue) from $269.8 million (60%). Operating margin -139.5% vs. 12.1% prior. R&D $13.4 million (down from $18.1 million), sales/marketing $28.2 million (down from $35.7 million), G&A $55.8 million (down from $71.1 million). Impairments and restructuring eroded profitability.
Operating cash flow $32.9 million (up from $45.5 million). Capex $37.4 million, investing outflow $37.4 million. Financing outflow $58.1 million (debt repayments, option exercises). Ending cash/equivalents $156.9 million (down from $220.9 million), restricted cash $1.7 million. Total assets $406.7 million (down from $895.1 million), liabilities $171.2 million. Debt: Term loan $90.6 million net, revolving $14.3 million. Stockholders' equity $235.5 million. Inventories $38.2 million.
Restructuring realigns to long-term demand, headcount reductions implemented. Q4 2025 customer revised demand lower; $37.6 million settlement accepted Jan 2026, receivable Q1. Existing cash sufficient for 12+ months operations. Potential equity/debt financings for growth. MidCap Loan Facility amended; compliant with covenants. No minimum EBITDA covenant post-Dec 2025 amendment.