Aspen Aerogels Inc (ASPN) Financial Statements
Industry: Lumber & Other Construction Materials (Wholesale)
In fiscal 2025, Aspen Aerogels reported revenue of $271.1M, down 40.1% from $452.7M the year before. Net income was -$389.6M (a -143.7% net margin), or -$4.73 per diluted share. Gross margin was 17.0% and operating margin was -139.5%. Operating activities generated $32.9M of cash, leaving -$4.5M of free cash flow. At fiscal year end, Aspen Aerogels held $406.7M in total assets against $171.2M in total liabilities, including $156.9M of cash and equivalents.
Open the full interactive Aspen Aerogels financials → Quarterly statements, key ratios, valuation history and price charts.
Aspen Aerogels Key Stats
| Share Price | $5.47 |
|---|---|
| Market Cap | $453.4M |
| Revenue YoY Growth | -40.1% |
| 52-Week Range | $2.57 – $8.82 |
| Shares Outstanding | 82.9 million (basic, 2026 Q2) |
Aspen Aerogels Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $100.3M | $121.6M | $180.4M | $238.7M | $452.7M | $271.1M |
| Cost of Goods Sold | $85.5M | $111.6M | $175.4M | $181.8M | $269.8M | $225.1M |
| Gross Profit | $14.6M | $9.9M | $5.0M | $56.9M | $182.9M | $46.0M |
| Operating Income | -$21.6M | -$40.6M | -$79.2M | -$49.2M | $54.5M | -$378.2M |
| Pre-Tax Income | -$21.8M | -$37.1M | -$82.7M | -$45.8M | $15.1M | -$387.2M |
| Income Tax | — | — | — | — | $1.7M | $2.4M |
| Net Income | -$21.8M | -$37.1M | -$82.7M | -$45.8M | $13.4M | -$389.6M |
| Diluted EPS | -$0.83 | -$1.22 | -$2.10 | -$0.66 | $0.17 | -$4.73 |
Aspen Aerogels Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $73.0M | $41.3M | $37.9M | $49.8M |
| Net Income | -$6.3M | -$72.9M | -$23.7M | -$23.3M |
| Diluted EPS | -$0.08 | -$0.89 | -$0.29 | -$0.28 |
Aspen Aerogels Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $16.5M | $76.6M | $281.3M | $139.7M | $220.9M | $156.9M |
| Current Assets | $47.1M | $112.2M | $369.7M | $266.3M | $409.4M | $242.1M |
| Total Assets | $97.4M | $183.0M | $643.4M | $703.0M | $895.1M | $406.7M |
| Current Liabilities | $13.9M | $36.6M | $78.9M | $78.1M | $110.1M | $62.0M |
| Total Long-Term Debt | $3.7M | — | $103.6M | $115.0M | $95.0M | $65.5M |
| Total Liabilities | $29.6M | $54.5M | $196.0M | $215.0M | $280.4M | $171.2M |
| Shareholders' Equity | $67.9M | $128.4M | $447.4M | $488.1M | $614.7M | $235.5M |
Aspen Aerogels Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$9.9M | -$18.6M | -$94.4M | -$42.6M | $45.5M | $32.9M |
| Cash From Investing | -$3.4M | -$13.8M | -$178.0M | -$175.5M | -$86.3M | -$37.4M |
| Cash From Financing | $26.2M | $92.5M | $478.4M | $75.5M | $122.0M | -$58.1M |
| Free Cash Flow | -$13.3M | -$32.4M | -$272.4M | -$218.1M | -$40.8M | -$4.5M |
Figures from Aspen Aerogels' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Aspen Aerogels financials page for every line item.
Aspen Aerogels Company Profile
| Ticker | ASPN |
|---|---|
| Exchange | NYSE |
| Industry | Lumber & Other Construction Materials (Wholesale) |
| Headquarters | Northborough, Massachusetts |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001145986 |
Frequently Asked Questions
What was Aspen Aerogels' revenue in fiscal 2025?
Aspen Aerogels (ASPN) reported revenue of $271.1M for fiscal 2025.
What is Aspen Aerogels' annual revenue history?
Aspen Aerogels' annual revenue by fiscal year: 2020: $100.3M; 2021: $121.6M; 2022: $180.4M; 2023: $238.7M; 2024: $452.7M; 2025: $271.1M.
What was Aspen Aerogels' net income in fiscal 2025?
Aspen Aerogels reported net income of -$389.6M for fiscal 2025.
What was Aspen Aerogels' earnings per share (EPS) in fiscal 2025?
Aspen Aerogels' diluted EPS was -$4.73 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Aspen Aerogels generate in fiscal 2025?
Aspen Aerogels generated -$4.5M of free cash flow in fiscal 2025.
What was Aspen Aerogels' revenue last quarter?
In its most recent reported quarter (2026 Q2), Aspen Aerogels reported revenue of $49.8M.
How much debt does Aspen Aerogels have?
Aspen Aerogels reported $65.5M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Aspen Aerogels are outstanding?
Aspen Aerogels reported a weighted average of 82.9 million basic shares outstanding in 2026 Q2.
What is Aspen Aerogels' market cap?
Based on its latest closing price, Aspen Aerogels (ASPN) has a market capitalization of about $453.4M.
When does Aspen Aerogels' fiscal year end?
Aspen Aerogels' fiscal year end, as registered with the SEC, is December 31.
Where is Aspen Aerogels headquartered?
Aspen Aerogels lists its business address in Northborough, Massachusetts in its SEC filings.
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