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

• Aspen Aerogels is like the Corning of advanced insulation materials, specializing in unique aerogel technology for high-performance thermal management.
• It's similar to how Intel or Qualcomm develop critical 'chips' for computing; Aspen Aerogels develops critical aerogel materials for advanced thermal management and EV battery safety.
• Just as Albemarle supplies crucial lithium for EV batteries, Aspen Aerogels provides the advanced aerogel materials essential for thermal management and safety in those same EV batteries.

• Pyrogel® Aerogel Insulation: Flexible aerogel blanket insulation used in high-temperature industrial applications, energy infrastructure, and passive fire protection.
• Spaceloft® Aerogel Insulation: Flexible aerogel blanket insulation primarily designed for high-performance building and construction applications.
• Ondura® Thermal Barriers: Advanced thermal management materials developed for battery electric vehicles (BEVs) to improve safety and performance.

• General Motors (GM): A major North American electric vehicle (EV) original equipment manufacturer (OEM) for which Aspen Aerogels supplies its PyroThin® thermal barrier products for use in battery modules across multiple vehicle programs.
• Engineering, Procurement, and Construction (EPC) firms, Industrial Contractors, and Large Industrial End-Users: This category encompasses a broad base of customers for Aspen Aerogels' traditional Pyrogel® and Cryogel® industrial insulation products. These firms and end-users operate in sectors such as liquefied natural gas (LNG), oil & gas, petrochemicals, power generation, and other industrial processes, where high-performance insulation is critical for energy efficiency, safety, and operational reliability. Sales often occur directly, through EPCs designing and building facilities, or via distributors to industrial contractors.

• Evonik Industries AG (EVK)
• Wacker Chemie AG (WCH)

Donald R. Young, President & CEO

Donald R. Young has served as President, Chief Executive Officer, and a member of the board of directors of Aspen Aerogels since November 2001. Before 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 with 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

Grant Thoele joined Aspen Aerogels in August 2021 and was appointed Chief Financial Officer & Treasurer in October 2025. Prior to his CFO appointment, he served as Chief of Staff to the CEO and Vice President of Corporate Strategy and Finance, leading strategy, financial planning & analysis, and commercial finance activities. Before Aspen Aerogels, Mr. Thoele was a Vice President at Providence Equity Partners, a private equity firm. He also led FP&A at Learfield Sports and began his career in public accounting at KPMG, LLP. Mr. Thoele received his Bachelor of Business Administration and Master of Science in Accounting from Texas Tech University.

George L. Gould, Chief Technology Officer

George L. Gould has been with Aspen Aerogels since its inception in 2001, serving as Vice President, Research and Development since April 2011 and later becoming Chief Technology Officer. Prior to joining Aspen Aerogels' predecessor, Aspen Systems, Dr. Gould was a chemistry professor at the University of Illinois at Chicago. He holds a B.A. in Chemistry from the College of Wooster, a Ph.D. in Inorganic Chemistry from Yale University, and completed post-doctoral training at Brookhaven National Laboratory.

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

Gregg R. Landes joined Aspen Aerogels in September 2016. Before this, he was employed by Hess Corporation as Vice President, Business Development for Hess LNG. Prior to Hess Corporation, Mr. Landes held a variety of senior financial and business leadership roles at Cabot Corporation. He earned a BSBA in Finance from the University of Florida and an MBA from the F.W. Olin Graduate School of Business at Babson College.

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

Glenn Deegan was appointed Chief Administrative Officer, General Counsel, and Corporate Secretary in September 2025. Prior to joining Aspen Aerogels, he served as Chief Legal and Human Resources Officer of Altra Industrial Motion Corp., where he played a key role in significant mergers and acquisitions. Mr. Deegan also served as General Counsel or in-house counsel for multiple public companies and was engaged in the private practice of law. He holds a BS from Providence College and a JD from Boston College Law School.

The key risks to Aspen Aerogels' (ASPN) business are primarily concentrated around the volatility of the electric vehicle (EV) market, significant customer concentration, and ongoing profitability challenges.

1. Reliance on the Electric Vehicle (EV) Market and Volatility: Aspen Aerogels' core product, PyroThin thermal barriers, is heavily dependent on the EV market. The company has experienced a sharp downturn in this market, leading to a dramatic cut in its 2025 financial outlook and a massive financial reset. This market volatility, coupled with weak consumer confidence, directly impacted demand and resulted in a 38% year-over-year decline in total revenue in Q3 2025 for its Thermal Barrier segment. The company even closed a manufacturing facility in Statesboro, Georgia, due to decreased EV demand, incurring a substantial impairment charge. The phasing out of EV tax credits could further reduce demand in the near term.
2. Customer Concentration Risk: A significant portion of Aspen Aerogels' revenue is derived from a single customer, General Motors, which accounted for a massive 64% of total revenue in 2024. This high customer concentration poses a substantial risk, as the company's growth and sales are heavily constrained by GM's performance and strategic decisions in the EV market. There is also a risk that GM could switch to alternative battery technologies, which would directly impact Aspen Aerogels' sales.
3. Profitability Challenges and Need for Additional Capital: Aspen Aerogels has consistently faced financial challenges, including significantly negative net margins (-78.53%) and a negative return on equity (-68.89%). The company has a history of incurring annual net losses and may continue to do so, potentially hindering its ability to achieve sustained profitability. A large non-cash impairment charge of $287.6 million was recognized in 2025, contributing to a projected significant net loss for the year. Consequently, Aspen Aerogels may need to raise additional capital to fund its growth strategies, ongoing operations, and product development, as it may not generate sufficient positive cash flow in the future. The company is also categorized as a "Possible Value Trap" with a negative Altman Z-Score, indicating potential financial distress.

One clear emerging threat for Aspen Aerogels (ASPN) is the intensifying competition from alternative aerogel producers and other advanced material companies. Competitors such as JIOS Aerogel are aggressively expanding manufacturing capacity and market presence, directly challenging Aspen Aerogels' position, particularly in the critical Electric Vehicle (EV) battery thermal management market. Additionally, a wide array of other advanced material companies are developing and marketing alternative high-performance thermal insulation solutions (e.g., specialized foams, mica-based products, ceramic fibers, and phase-change materials) that compete directly with aerogels for thermal runaway protection in EV battery packs and other industrial applications.

Another clear emerging threat stems from the rapid evolution of Electric Vehicle battery architectures and designs. The EV industry is continuously innovating battery pack designs, including cell-to-pack, blade batteries, and structural batteries. These new designs may integrate thermal management solutions differently, potentially reducing the need for external, pre-formed thermal barriers like Aspen's aerogel blankets, or favoring alternative materials better suited to the new form factors. A significant shift in battery pack design that internalizes or fundamentally alters thermal management requirements could diminish the addressable market for Aspen's current aerogel products, posing a risk of technological bypass.

Here are 3-5 expected drivers of future revenue growth for Aspen Aerogels (ASPN) over the next 2-3 years:

1. Accelerated Adoption and Integration of PyroThin in Electric Vehicle (EV) Platforms: Aspen Aerogels anticipates significant revenue growth from the increasing integration of its PyroThin thermal barrier material into new and next-generation electric vehicle platforms from various automotive OEMs. The company has a growing pipeline of awarded programs and expects continued market penetration within the EV sector for battery thermal management.
2. Expansion into Broader Battery Materials Markets: Beyond current EV thermal management applications, Aspen Aerogels is focused on expanding its presence within the broader battery materials segment, exploring new opportunities that leverage its aerogel technology in energy storage.
3. Growth in New Industrial and Infrastructure Applications: The company is targeting and expects growth from new industrial thermal and infrastructure applications. This represents a diversification of its market reach beyond its core automotive segment into other high-value industrial markets globally.
4. Leveraging Strategic Capacity Expansion: Aspen Aerogels' investments in strategic capacity expansion, such as its new manufacturing facility in Georgia, are crucial to meeting the anticipated strong demand for its PyroThin products and other aerogel materials. This increased production capability will enable higher sales volumes and revenue growth in the coming years.

1. Share Issuance
   • In October 2024, Aspen Aerogels announced an underwritten public offering of 4,250,000 shares of its common stock, with net proceeds of approximately $93.2 million, intended for working capital, capital expenditures, and general corporate purposes.
   • In June 2021, the company issued 3,462,124 shares of its common stock to Koch Strategic Platforms (KSP) in a private placement, raising $75 million.
   • In February 2020, Aspen Aerogels completed an underwritten public offering of 1,700,000 shares of common stock at $8.25 per share, with expected gross proceeds of approximately $14.0 million for working capital and general corporate purposes.
2. Inbound Investments
   • In February 2022, Koch Strategic Platforms (KSP) made a $150 million investment in Aspen Aerogels through the purchase of convertible notes and common stock, aimed at supporting the company's aerogel thermal barrier growth opportunities.
   • In June 2021, an affiliate of Koch Strategic Platforms (KSP) made a $75 million private placement investment in Aspen Aerogels by purchasing common stock.
3. Outbound Investments
   • As of September 2025, Aspen Aerogels has not made any reported outbound investments or acquisitions.
4. Capital Expenditures
   • For the full year 2025, capital expenditures are expected to be approximately $25 million, excluding costs related to the Statesboro plant project. Costs related to the Statesboro plant project totaled $15.4 million year-to-date as of September 30, 2025.
   • In the first quarter of 2025, the company recorded a significant impairment charge of $287.6 million, along with $9.8 million in restructuring costs, related to the demobilization of its previously planned second aerogel manufacturing facility in Statesboro, Georgia.
   • For 2026, the company projects approximately $10 million in capital expenditures.