ASPN · Aspen Aerogels Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $37.88M | - | $73.02M | $78.02M | $78.72M | - | $117.34M | $117.77M | $94.50M | - |
| Cost of Revenue | $33.61M | - | $52.22M | $52.71M | $55.91M | - | $68.30M | $66.19M | $59.36M | - |
| Gross Profit | $4.28M | - | $20.80M | $25.32M | $22.81M | - | $49.04M | $51.58M | $35.14M | - |
| R&D | $2.72M | - | $2.49M | $3.79M | $4.33M | - | $4.59M | $4.57M | $4.49M | - |
| SG&A | $15.29M | - | $13.53M | $13.84M | $13.03M | - | $17.75M | $17.51M | $17.21M | - |
| Total Operating Expenses | $25.11M | - | $24.15M | $30.47M | $322.15M | - | $31.64M | $31.59M | $32.71M | - |
| D&A | $5.38M | - | - | - | $5.79M | - | - | - | $5.79M | - |
| Operating Income | ($20.83M) | - | ($3.35M) | ($5.16M) | ($299.34M) | - | $17.40M | $19.99M | $2.44M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | ($253.0K) | - | $594.0K | $821.0K | $1.08M | - | $267.0K | $866.0K | $756.0K | - |
| Net Income | ($23.69M) | - | ($6.33M) | ($9.06M) | ($301.25M) | - | ($12.97M) | $16.82M | ($1.83M) | - |
| EPS - Basic | ($0.29) | - | ($0.08) | ($0.11) | ($3.67) | - | ($0.17) | $0.22 | ($0.02) | - |
| EPS - Diluted | ($0.29) | - | ($0.08) | ($0.11) | ($3.67) | - | ($0.17) | $0.21 | ($0.02) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $173.87M | $156.86M | $150.72M | $167.62M | $192.04M | $220.88M | $113.49M | $91.38M | $101.46M | $139.72M |
| Accounts Receivable | $36.44M | $35.27M | $69.15M | $76.17M | $77.36M | $109.10M | $115.20M | $116.93M | $84.03M | $70.00M |
| Inventory | $31.05M | $38.25M | $43.04M | $52.12M | $56.74M | $47.55M | $47.43M | $53.03M | $45.75M | $39.19M |
| Accounts Payable | $13.61M | $13.24M | $19.10M | $27.00M | $39.93M | $44.36M | $42.28M | $57.25M | $44.71M | $51.09M |
| Current Assets | $253.97M | $242.05M | $278.92M | $310.47M | $343.89M | $409.45M | $305.86M | $288.54M | $255.10M | $266.33M |
| Total Assets | $410.48M | $406.68M | $491.39M | $525.13M | $554.98M | $895.14M | $782.59M | $748.63M | $697.99M | $703.05M |
| Current Liabilities | $87.80M | $62.02M | $70.74M | $78.05M | $81.43M | $110.11M | $104.30M | $83.43M | $63.58M | $78.09M |
| Long-term Debt | $61.24M | $65.45M | $70.09M | $77.27M | $95.42M | $94.96M | $93.67M | - | - | - |
| Total Liabilities | $196.98M | $171.16M | $185.66M | $216.36M | $240.14M | $280.44M | $274.94M | $230.80M | $206.79M | $214.99M |
| Stockholders' Equity | $213.50M | $235.52M | $305.73M | $308.77M | $314.83M | $614.71M | $507.65M | $517.83M | $491.20M | $488.06M |
| Retained Earnings | ($1.07B) | ($1.05B) | ($976.87M) | ($970.53M) | ($961.48M) | ($660.23M) | ($671.59M) | ($658.62M) | ($675.44M) | ($673.60M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $34.15M | - | - | - | $5.63M | - | - | - | ($17.75M) | - |
| Investing Cash Flow | ($1.37M) | - | - | - | ($13.00M) | - | - | - | ($25.86M) | - |
| Financing Cash Flow | ($15.77M) | - | - | - | ($21.48M) | - | - | - | $5.26M | - |
| CapEx | $1.37M | - | - | - | $13.00M | - | - | - | $25.86M | - |
| Free Cash Flow | $32.78M | - | - | - | ($7.37M) | - | - | - | ($43.61M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 11.3% | - | 28.5% | 32.4% | 29.0% | - | 41.8% | 43.8% | 37.2% | - |
| Operating margin | -55.0% | - | -4.6% | -6.6% | -380.2% | - | 14.8% | 17.0% | 2.6% | - |
| EBITDA margin | -40.8% | - | - | - | -372.9% | - | - | - | 8.7% | - |
| Net margin | -62.5% | - | -8.7% | -11.6% | -382.7% | - | -11.1% | 14.3% | -1.9% | - |
| Free cash flow margin | 86.5% | - | - | - | -9.4% | - | - | - | -46.1% | - |
| FCF / Net income | -1.38 | - | - | - | 0.02 | - | - | - | 23.77 | - |
| R&D / Revenue | 7.2% | - | 3.4% | 4.9% | 5.5% | - | 3.9% | 3.9% | 4.8% | - |
| SG&A / Revenue | 40.4% | - | 18.5% | 17.7% | 16.6% | - | 15.1% | 14.9% | 18.2% | - |
| Effective tax rate | - | - | - | - | - | - | - | 4.9% | - | - |
| Return on assets | -5.8% | - | -1.3% | -1.7% | -54.3% | - | -1.7% | 2.2% | -0.3% | - |
| Return on equity | -11.1% | - | -2.1% | -2.9% | -95.7% | - | -2.6% | 3.2% | -0.4% | - |
| Return on invested capital | -6.0% | - | -0.7% | -1.1% | -57.6% | - | 2.3% | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.89 | 3.90 | 3.94 | 3.98 | 4.22 | 3.72 | 2.93 | 3.46 | 4.01 | 3.41 |
| Quick ratio | 2.54 | 3.29 | 3.33 | 3.31 | 3.53 | 3.29 | 2.48 | 2.82 | 3.29 | 2.91 |
| Cash ratio | 1.98 | 2.53 | 2.13 | 2.15 | 2.36 | 2.01 | 1.09 | 1.10 | 1.60 | 1.79 |
| Leverage | ||||||||||
| Debt / Equity | 0.29 | 0.28 | 0.23 | 0.25 | 0.30 | 0.15 | 0.18 | - | - | - |
| Debt / Assets | 0.15 | 0.16 | 0.14 | 0.15 | 0.17 | 0.11 | 0.12 | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.92 | 1.73 | 1.61 | 1.70 | 1.76 | 1.46 | 1.54 | 1.45 | 1.42 | 1.44 |
| Liabilities / Assets | 0.48 | 0.42 | 0.38 | 0.41 | 0.43 | 0.31 | 0.35 | 0.31 | 0.30 | 0.31 |
| Efficiency | ||||||||||
| Asset turnover | 0.09 | - | 0.15 | 0.15 | 0.14 | - | 0.15 | 0.16 | 0.14 | - |
| Inventory turnover | 1.08 | - | 1.21 | 1.01 | 0.99 | - | 1.44 | 1.25 | 1.30 | - |
| Days sales outstanding | 351d | - | 346d | 356d | 359d | - | 358d | 362d | 325d | - |
| Days inventory outstanding | 337d | - | 301d | 361d | 370d | - | 253d | 292d | 281d | - |
| Days payable outstanding | 148d | - | 133d | 187d | 261d | - | 226d | 316d | 275d | - |
| Cash conversion cycle | 541d | - | 513d | 530d | 468d | - | 386d | 339d | 331d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | 113.6x | - | - |
| P / B | 1.3x | - | 1.9x | 1.6x | 1.7x | - | 4.2x | 3.6x | 2.7x | - |
| P / S | 7.5x | - | 7.9x | 6.2x | 6.7x | - | 18.0x | 16.0x | 14.1x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | 149.8x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -51.9% | - | -37.8% | -33.7% | -16.7% | - | 93.1% | 144.5% | 107.3% | - |
| Revenue CAGR (3y) | -6.0% | - | 25.8% | 19.6% | 27.0% | - | 56.9% | 54.9% | 49.8% | - |
| Revenue CAGR (5y) | 6.2% | - | 24.7% | 25.9% | 22.6% | - | 27.1% | 31.9% | 27.6% | - |
| Gross profit growth (YoY) | -81.3% | - | -57.6% | -50.9% | -35.1% | - | 255.1% | 513.5% | 591.0% | - |
| Operating income growth (YoY) | 93.0% | - | - | - | - | - | - | - | - | - |
| Net income growth (YoY) | 92.1% | - | 51.2% | - | -16316.8% | - | 0.8% | - | 89.1% | - |
| EPS growth (YoY) | 92.1% | - | 52.9% | - | -18250.0% | - | 10.5% | - | 96.6% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | 83.1% | - | - | - | 41.1% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -32.2% | -61.7% | -39.8% | -40.4% | -35.9% | 25.9% | 23.9% | 23.3% | 13.6% | 9.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$271.10M totalThermal Barrier$168.91M · 62.3%
Energy Industrial$102.20M · 37.7%
Product / service
$172.08M totalThermal Barrier$117.44M · 68.2%
Energy Industrial$54.64M · 31.8%
Geographic
$370.12M totalUS$172.08M · 46.5%
International$99.02M · 26.8%
Latin America$47.56M · 12.8%
Asia$31.13M · 8.4%
Europe$17.87M · 4.8%
CA$2.47M · 0.7%
Peer comparison
Same SIC group: Wholesale-Lumber & Other Construction Materials
Comparing ASPEN AEROGELS INC against the 5 most active filers in the same SIC group.