Here are 1-3 brief analogies for Aspen Aerogels (ASPN):

• The 3M of ultra-high-performance insulation and thermal management materials, providing advanced solutions for demanding industrial and new energy applications.

• Similar to how Corning supplies specialized glass for electronics, Aspen Aerogels provides critical, high-tech thermal barriers for EV battery packs and other advanced applications.

• The Gore-Tex for industrial-grade insulation, offering extreme thermal protection and efficiency with its unique aerogel technology for challenging environments and critical infrastructure.

• Pyrogel®: Flexible aerogel insulation blankets designed for high-temperature industrial applications, offering superior thermal performance and passive fire protection.
• Cryogel®: Flexible aerogel insulation blankets optimized for sub-ambient and cryogenic applications, providing exceptional thermal resistance in cold environments.
• Aerogel-based Thermal Barriers: Advanced thermal insulation solutions specifically developed for electric vehicle (EV) battery packs to prevent thermal runaway propagation and enhance safety.

Aspen Aerogels (ASPN) sells primarily to other companies (B2B).

Major Customer Categories and Representative Customers:

• Electric Vehicle (EV) Manufacturers: Aspen Aerogels supplies high-performance thermal barriers for lithium-ion battery packs to major automotive Original Equipment Manufacturers (OEMs). While specific customer names are often proprietary due to confidentiality agreements, Tesla (TSLA) is widely recognized and frequently cited by market analysts as a significant customer. Other major global automotive groups are also customers for their EV thermal management solutions.
• Industrial Clients: The company provides advanced insulation materials for critical energy infrastructure, industrial processing, and subsea applications. Customers in this category include large engineering, procurement, and construction (EPC) firms, as well as direct operators in sectors such as:
  • Oil & Gas (refineries, petrochemicals, LNG facilities)
  • Chemical processing
  • Power generation
  • Building & construction (for high-performance insulation projects)
  Due to the project-based nature and numerous direct and indirect buyers in these sectors, specific end-user company names are not typically disclosed by Aspen Aerogels.

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Donald R. Young, President & CEO

Mr. Young has served as President, Chief Executive Officer, and a member of the board of directors since November 2001. Prior to joining Aspen Aerogels, he was the Chief Executive Officer of HighWired, a venture capital-backed software and e-learning company. He also held various senior operating roles at Cabot Corporation, a global specialty chemical company, and worked in the investment business at Fidelity Management & Research. Mr. Young holds a BA from Harvard College and an MBA from Harvard Business School.

Grant Thoele, Chief Financial Officer and Treasurer

Mr. Thoele joined Aspen Aerogels in August 2021 as Chief Financial Officer & Treasurer. Prior to Aspen Aerogels, he served as Chief Financial Officer of Thermon Group Holdings, Inc., a global industrial technology company. Before that, Mr. Thoele held various financial leadership roles at Chart Industries, Inc., a global manufacturer of highly engineered equipment. He has experience in corporate finance, investor relations, and mergers and acquisitions in publicly traded and private equity-backed companies. Mr. Thoele earned a Bachelor of Science in Accounting from the University of Missouri-Columbia and a Master of Business Administration from the University of Texas at Austin.

Glenn Deegan, Chief Administrative Officer, General Counsel and Corporate Secretary

Mr. Deegan was appointed Chief Administrative Officer, General Counsel, and Corporate Secretary in September 2025. Before joining Aspen Aerogels, he served as Chief Legal and Human Resources Officer of Altra Industrial Motion Corp., where he played a key role in the company's $4.95 billion acquisition by Regal Rexnord in 2023. His background includes serving as General Counsel or in-house counsel for multiple public companies and private legal practice. Mr. Deegan holds a BS from Providence College and a JD from Boston College Law School.

Gregg R. Landes, Senior Vice President, Operations and Strategic Development

Mr. Landes joined Aspen Aerogels in September 2016. Previously, he was Vice President, Business Development for Hess LNG at Hess Corporation. Before Hess Corporation, he held a range of senior financial and business leadership roles at Cabot Corporation. Mr. Landes holds a BSBA in Finance from the University of Florida and an MBA from the F.W. Olin Graduate School of Business at Babson College.

Corby C. Whitaker, Senior Vice President, Sales and Marketing

Mr. Whitaker joined Aspen Aerogels in February 2012. He has global experience in senior sales, marketing, and business development leadership within the energy, renewable energy, building materials, and industrial equipment sectors. Mr. Whitaker earned a Bachelor of Science degree in Mechanical Engineering from Texas A&M University.

The most significant clear emerging threat for Aspen Aerogels, particularly in its high-growth electric vehicle (EV) battery thermal barrier segment, is the potential widespread adoption of **solid-state battery technology**.

Solid-state batteries are widely considered to be inherently safer than current liquid electrolyte lithium-ion batteries, with a significantly reduced risk of thermal runaway. If solid-state battery technology achieves mass commercialization and widespread adoption in EVs, the critical need for extensive, high-performance thermal barriers and fire protection solutions within battery packs (a primary application for Aspen Aerogels' aerogel materials) could be substantially diminished or even eliminated. This represents a fundamental shift in battery technology that could disrupt the demand for current thermal runaway mitigation solutions.

Aspen Aerogels (symbol: ASPN) participates in significant addressable markets with its main product lines:

• Energy Industrial Insulation (Pyrogel® and Cryogel®): The annual global market for energy industrial insulation materials, which includes Pyrogel® and Cryogel®, is estimated at $3.9 billion.

• Electric Vehicle (EV) Thermal Barriers (PyroThin®): The serviceable addressable market for PyroThin® aerogel thermal barriers in pouch and prismatic cell packs is estimated at $1.6 billion, with projections for it to grow to $8.7 billion by 2030 globally. Other market analysis indicates that the aerogel market for EV batteries, where Aspen Aerogels is a key player, is estimated at $500 million and is projected to exceed $2 billion by 2030 globally. Furthermore, the total aerogel market is predicted to surpass US$1 billion in 2025, with EV batteries becoming the primary application and expanding to over $2.6 billion by 2034, predominantly driven by EV batteries.

Aspen Aerogels (ASPN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market expansions:

1. Growth in Electric Vehicle (EV) Thermal Barrier Market: The company anticipates significant revenue growth from its PyroThin thermal barriers, driven by continued strong demand from existing customers like General Motors and new original equipment manufacturer (OEM) awards. Notably, Aspen Aerogels secured a new contract to supply PyroThin Thermal Barriers to Mercedes-Benz for production starting in 2027, and another award for a Volvo Truck commercial vehicle program. The EV thermal barrier business experienced a 176% year-over-year increase in revenue in Q3 2024.
2. Expansion of the Energy Industrial Segment: Aspen Aerogels is making strides in improving its manufacturing capabilities and capacities within the energy industrial segment, with a medium-term goal to double the size of this business. Following a successful planned turnaround and upgrade of an external manufacturing facility in Q3 2024, the company anticipates a strong fourth quarter for this segment and a record year in 2025.
3. Increased Manufacturing Capacity and Flexible Supply Strategy: To meet growing demand, Aspen Aerogels plans to maximize capacity at its East Providence manufacturing facility and utilize a flexible supply strategy, including external manufacturing capabilities. Although the Statesboro plant project was demobilized in Q4 2024, the focus remains on optimizing existing facilities and supply chains to support revenue expansion.
4. Product Innovation and Research & Development: The company's continuous investment in research and development, including a $7.3 million Department of Energy (DoE) R&D grant for battery material technology, is expected to enhance the performance and application of its aerogel technology, leading to new or improved products and expanded market opportunities.
5. Strategic Partnerships: Collaborations with key players across various industries, particularly leading EV manufacturers and construction firms, are identified as a driver for integrating Aspen Aerogels' technology into broader applications and expanding its market reach.

Share Repurchases

• Aspen Aerogels currently does not have a stock repurchase program in place.
• Management is considering the potential launch of a share buyback program in the first half of 2025.

Share Issuance

• In October 2024, Aspen Aerogels announced and priced an underwritten public offering of 4,250,000 shares of common stock at $20.00 per share, aiming to raise approximately $85 million in gross proceeds.
• The company granted underwriters a 30-day option to purchase up to an additional 637,500 shares.
• Net proceeds from the October 2024 offering, approximately $93.2 million, were designated for working capital, capital expenditures, and general corporate purposes.

Inbound Investments

• In October 2024, Aspen Aerogels received a conditional commitment from the U.S. Department of Energy Loan Programs Office for a proposed loan of up to $670.6 million.
• This loan was intended to finance the construction of the company's planned second aerogel manufacturing facility in Statesboro, Georgia.

Capital Expenditures

• Capital expenditures for fiscal year 2024 were $86.3 million, with $42.4 million excluding the Statesboro plant project.
• The company stopped construction of its planned second aerogel manufacturing facility in Statesboro, Georgia, opting instead to maximize capacity at its East Providence facility and utilize a flexible supply strategy.
• Expected capital expenditures for 2025 to fund operations in Rhode Island and Mexico are projected to be less than $25 million, excluding remaining costs for Plant 2.