One-sentence summary of key findings: Aspen Aerogels (ASPN) is an aerogel materials specialist with strong positioning in EV thermal barriers and industrial insulation but has experienced sharp revenue declines in 2025-2026 amid EV market headwinds, a manufacturing facility incident, and shifting analyst targets, while retaining a generally positive consensus rating and significant cash reserves.
Fact: ASPN has exhibited high volatility since its 2014 NYSE listing. Historical peaks include an all-time closing high of 63.66 in November 2021. Annual returns have varied significantly: strong gains in 2019 (+264%), 2020 (+115%), and 2021 (+198%), followed by declines including -76% in 2025 and a YTD rebound of approximately +77% through early August 2026.
Interpretation: The stock's performance reflects sensitivity to EV adoption rates, commodity cycles in energy infrastructure, and company-specific events like capacity expansions or incidents; long-term holders have seen substantial drawdowns from peaks.
Uncertainty: Future performance depends on resolution of the East Providence facility issues, EV policy stability, and broader market conditions; past returns are not indicative of future results.
More information: Yahoo Finance ASPN Quote & History | Macrotrends 12-Year Price History
Fact: The company reports two segments: Thermal Barrier (primarily EV battery applications) and Energy Industrial (refining, petrochemical, cryogenic insulation). Key reported figures include:
| Metric | FY 2024 | FY 2025 | Q2 2026 | Notes |
|---|---|---|---|---|
| Total Revenue | $452.7M | $271.1M | $49.8M | YoY decline in 2025 driven by lower Thermal Barrier demand |
| Thermal Barrier Revenue | $306.8M | $168.9M | $29.5M | Significant drop post-regulatory/incentive changes |
| Energy Industrial Revenue | $145.9M | $102.2M | $20.4M | More stable but still down YoY |
| Net Loss | $13.4M (profit in some reports) | $389.6M (loss) | $23.3M | Q2 2026 includes $8.9M property damage + $5.3M incident costs; adjusted loss $17.9M |
| Cash Position (end of period) | N/A | $158.6M (YE 2025) | $153.4M | Includes restricted cash; insurance receivables expected |
Fact: Q1 2026 revenue was $37.9M (vs. $78.7M YoY). Full-year 2025 revenue represented a ~40% decline from 2024 peak.
Interpretation: The revenue contraction highlights exposure to EV market fluctuations, while Energy Industrial provides some diversification; cost-cutting measures (e.g., reduced fixed costs ~$8M/quarter) and capital-light expansion strategy aim to support cash generation.
Uncertainty: Q3 2026 guidance: revenue $65–80M, net loss $6–9M, Adjusted EBITDA $7–15M (excluding incident costs); ongoing insurance claims and plant restart may affect results. Data drawn from company press releases; full audited statements available in SEC filings.
More information: Company IR News & Financial Releases | Yahoo Finance Financials | Balance Sheet
Fact: As of early August 2026, consensus among 4–6 analysts is generally "Buy," "Outperform," or "Moderate Buy." Average 12-month price target approximately $6.35 (range: $4.00 low to $8.00 high).
| Rating Type | Details |
|---|---|
| Consensus | Buy/Outperform (majority); some Sell ratings noted (e.g., Barclays) |
| Recent Changes | Multiple target adjustments: raised (e.g., Roth to $5.75, Barclays to $4) and lowered (e.g., B. Riley to $4, Roth to $3, TD Cowen to $6) around Q4 2025/Q1 2026 earnings and plant incident |
| Key Drivers Cited | EV revenue outlook, manufacturing capacity, cost management, plant restart progress |
Interpretation: Analysts appear balanced between optimism on long-term aerogel platform potential (EV thermal runaway solutions, energy efficiency) and caution over near-term EV demand softness and operational disruptions.
Uncertainty: Ratings and targets are dynamic and frequently updated based on earnings, news flow, and macroeconomic factors (e.g., EV incentives, tariffs); individual analyst views differ significantly.
More information: Yahoo Finance Analyst Estimates | Zacks Price Targets | Company IR Analyst Coverage
Fact: Key customers and partners include General Motors (named 2025 Supplier of the Year; major PyroThin thermal barrier user), Toyota, Jaguar Land Rover (recent PyroThin award for next-gen vehicles, production start 2027), Volvo Cars, Scania, Automotive Cells Company (ACC), Audi (Volkswagen Group), and energy infrastructure firms such as Exxon Mobil. Broader base includes EV manufacturers, automotive suppliers, lithium-ion battery makers, and e-mobility/energy storage companies.
Interpretation: Diversified customer base across EV and traditional energy provides resilience, though concentration in a few large EV OEMs creates exposure to sector-specific demand shifts.
Uncertainty: Exact revenue contribution per customer is not always disclosed; relationships may evolve with production volumes and new awards.
More information: Company IR - Why Invest (Customers & Partners) | CSIMarket Customer Overview
Fact: Direct aerogel competitors are limited; ASPN positions itself as the technology leader with extensive IP. Peers in specialty chemicals/materials include Albemarle (ALB), Orion S.A. (OEC), Huntsman (HUN), Kronos Worldwide (KRO), Tronox (TROX). Broader industrial comparisons: Global Industrial (GIC), Climb Global Solutions (CLMB), and others in related sectors.
| Competitor | Focus Area | Comparison Notes |
|---|---|---|
| Albemarle (ALB) | Lithium & specialty chemicals | Overlaps in materials for batteries/EV |
| Huntsman (HUN) | Polyurethanes & performance products | Insulation/materials competitor |
| Orion S.A. (OEC) | Carbon black & specialty chemicals | Industrial materials peer |
Interpretation: ASPN's aerogel platform offers unique performance advantages (lightweight, high thermal resistance) versus traditional insulation, potentially supporting premium positioning despite smaller scale.
Uncertainty: Competitive landscape could shift with new entrants or technological alternatives; market share data is not publicly detailed in sources.
More information: MarketBeat Competitors | Seeking Alpha Peers Comparison
Fact: Founded in 2001 in Northborough, MA (HQ); publicly traded since 2014 (raised ~$75M in IPO). Operates manufacturing in East Providence, RI (with staged restart post-April 2026 incident) and external facility in China. ~854 employees. Products: PyroThin (EV thermal barriers), Pyrogel (high-temp industrial), Cryogel (cryogenic/sub-ambient), Spaceloft (subsea). Installed base >$1B; strong IP portfolio. Segments support energy efficiency, EV adoption, and cleaner fuels.
Interpretation: Two-decade R&D foundation positions the company for megatrends in sustainability and electrification, though execution risks remain elevated post-incident and amid EV slowdown.
Recent News Highlights (2025–2026):
More information: Company IR News | Yahoo Finance News | Corporate Website