ASPN · Aspen Aerogels, Inc.

Aspen Aerogels reported a challenging first quarter of 2026, with total revenue of $37.9 million, down from $78.7 million in the same period last year. The decline was primarily driven by a sharp drop in Thermal Barrier segment revenue to $16.3 million from $48.9 million, reflecting reduced customer demand following changes in regulatory frameworks and incentive programs. Energy Industrial segment revenue also fell to $21.6 million from $29.8 million. Net loss improved significantly to $23.7 million from $301.2 million, which included a $286.6 million impairment charge in the prior year. Excluding restructuring and impairment costs, adjusted net loss was $23.3 million versus $4.8 million a year ago. Adjusted EBITDA turned negative at $(12.7) million compared to positive $4.9 million. The company ended the quarter with a strong cash position of $175.6 million, up from $158.6 million at year-end 2025, boosted by a $37.6 million commercial settlement from General Motors. Operations were disrupted by an explosion at the East Providence facility on April 8, 2026, causing a temporary shutdown; a staged restart is expected in May. Management highlighted positive market signals in Energy Industrial and growing diversification in Thermal Barrier. For Q2 2026, Aspen guided revenue of $40-$48 million, net loss of $14-$20 million, and Adjusted EBITDA of $(4)-$(10) million, implying sequential improvement. The company also secured an additional subsea pipeline award for Q3 2026 delivery.