Aspen Aerogels (ASPN)
Market Price (11/8/2026): $4.9 | Market Cap: $407.3 MilSector: Materials | Industry: Specialty Chemicals
Aspen Aerogels (ASPN)
Market Price (11/8/2026): $4.9Market Cap: $407.3 MilSector: MaterialsIndustry: Specialty Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% Megatrend and thematic driversMegatrends include Advanced Materials, Battery Technology & Metals, and Sustainable & Green Buildings. Themes include Nanomaterials, Show more. | Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -110% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -90 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -42% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -39% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -37% Key risksASPN key risks include [1] an over-dependence on the volatile electric vehicle market, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% |
| Megatrend and thematic driversMegatrends include Advanced Materials, Battery Technology & Metals, and Sustainable & Green Buildings. Themes include Nanomaterials, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -110% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -90 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -42% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -39% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -37% |
| Key risksASPN key risks include [1] an over-dependence on the volatile electric vehicle market, Show more. |
Qualitative Assessment
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Aspen Aerogels (ASPN) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Aspen Aerogels reported stronger-than-expected financial results for fiscal Q3 2026, which ended September 30, 2026. The company announced an Earnings Per Share (EPS) of $0.11, significantly surpassing the consensus estimate of -$0.09 by $0.20 per share. Additionally, quarterly revenue reached $85.18 million, exceeding analysts' expectations of $72.07 million. This substantial beat on both top and bottom lines demonstrated improved operational performance. Furthermore, adjusted EBITDA for the quarter was $19.8 million, exceeding the company's own guidance range of $7 million to $15 million.
2. The company demonstrated robust growth across its key business segments, notably in Energy Industrial and European Thermal Barrier markets. Energy Industrial revenue for fiscal Q3 2026 surged to $39.9 million, marking a 96% increase quarter-over-quarter and a 64% rise year-over-year, driven by strong demand in Liquefied Natural Gas (LNG) and subsea projects. Thermal Barrier revenue also saw significant growth, increasing 54% quarter-over-quarter to $45.3 million. This segment's performance was bolstered by record European OEM revenue of $8.0 million from seven original equipment manufacturers across eight programs, with projections for European thermal barrier revenue to reach the high end of the $20 million to $30 million range for the full fiscal year 2026.
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Aspen Aerogels (ASPN) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Aspen Aerogels reported stronger-than-expected financial results for fiscal Q3 2026, which ended September 30, 2026. The company announced an Earnings Per Share (EPS) of $0.11, significantly surpassing the consensus estimate of -$0.09 by $0.20 per share. Additionally, quarterly revenue reached $85.18 million, exceeding analysts' expectations of $72.07 million. This substantial beat on both top and bottom lines demonstrated improved operational performance. Furthermore, adjusted EBITDA for the quarter was $19.8 million, exceeding the company's own guidance range of $7 million to $15 million.
2. The company demonstrated robust growth across its key business segments, notably in Energy Industrial and European Thermal Barrier markets. Energy Industrial revenue for fiscal Q3 2026 surged to $39.9 million, marking a 96% increase quarter-over-quarter and a 64% rise year-over-year, driven by strong demand in Liquefied Natural Gas (LNG) and subsea projects. Thermal Barrier revenue also saw significant growth, increasing 54% quarter-over-quarter to $45.3 million. This segment's performance was bolstered by record European OEM revenue of $8.0 million from seven original equipment manufacturers across eight programs, with projections for European thermal barrier revenue to reach the high end of the $20 million to $30 million range for the full fiscal year 2026.
3. Positive analyst sentiment and increased price targets contributed to the upward trend. Several research firms reiterated "Buy" ratings and raised their price targets for Aspen Aerogels. For instance, B. Riley Financial maintained a "buy" rating and increased its price target from $7 to $9 on August 7, 2026, while Roth Capital reissued a "buy" rating with a $7.75 price target on the same day. Barclays also increased its price objective from $4.00 to $5.00 on August 11, 2026. The consensus average analyst price target stands at $7.75, implying a potential upside for the stock.
4. Significant institutional investment signaled confidence in Aspen Aerogels' prospects. AIGH Capital Management LLC initiated a new position in Aspen Aerogels during fiscal Q3 2026, acquiring 7.15 million shares valued at approximately $39.2 million. This substantial investment made Aspen Aerogels the 6th largest holding in AIGH Capital Management's portfolio, highlighting increasing institutional interest and conviction in the company's future performance.
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Stock Movement Drivers
Fundamental Drivers
The 6.0% change in ASPN stock from 7/31/2026 to 11/7/2026 was primarily driven by a 14.4% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.63 | 4.91 | 6.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 230 | 214 | -7.0% |
| P/S Multiple | 1.7 | 1.9 | 14.4% |
| Shares Outstanding (Mil) | 83 | 83 | -0.4% |
| Cumulative Contribution | 6.0% |
Market Drivers
7/31/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| ASPN | 6.0% | |
| Market (SPY) | -1.6% | 6.8% |
| Sector (XLB) | 3.0% | -9.6% |
Fundamental Drivers
The 32.3% change in ASPN stock from 4/30/2026 to 11/7/2026 was primarily driven by a 68.3% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.71 | 4.91 | 32.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 271 | 214 | -21.0% |
| P/S Multiple | 1.1 | 1.9 | 68.3% |
| Shares Outstanding (Mil) | 83 | 83 | -0.5% |
| Cumulative Contribution | 32.3% |
Market Drivers
4/30/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| ASPN | 32.3% | |
| Market (SPY) | 2.6% | 25.5% |
| Sector (XLB) | 1.3% | -5.0% |
Fundamental Drivers
The -39.7% change in ASPN stock from 10/31/2025 to 11/7/2026 was primarily driven by a -46.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.14 | 4.91 | -39.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 397 | 214 | -46.1% |
| P/S Multiple | 1.7 | 1.9 | 13.0% |
| Shares Outstanding (Mil) | 82 | 83 | -1.1% |
| Cumulative Contribution | -39.7% |
Market Drivers
10/31/2025 to 11/7/2026| Return | Correlation | |
|---|---|---|
| ASPN | -39.7% | |
| Market (SPY) | 8.7% | 22.3% |
| Sector (XLB) | 22.9% | 9.6% |
Fundamental Drivers
The -36.4% change in ASPN stock from 10/31/2023 to 11/7/2026 was primarily driven by a -32.3% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.72 | 4.91 | -36.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 190 | 214 | 12.7% |
| P/S Multiple | 2.8 | 1.9 | -32.3% |
| Shares Outstanding (Mil) | 69 | 83 | -16.6% |
| Cumulative Contribution | -36.4% |
Market Drivers
10/31/2023 to 11/7/2026| Return | Correlation | |
|---|---|---|
| ASPN | -36.4% | |
| Market (SPY) | 81.9% | 30.5% |
| Sector (XLB) | 44.0% | 23.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ASPN Return | 198% | -76% | 34% | -25% | -76% | 73% | -71% |
| Peers Return | 31% | -10% | 28% | 8% | -12% | 2% | 48% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| ASPN Win Rate | 75% | 25% | 58% | 33% | 42% | 55% | |
| Peers Win Rate | 57% | 42% | 52% | 57% | 43% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| ASPN Max Drawdown | -35% | -83% | -57% | -63% | -80% | -36% | |
| Peers Max Drawdown | -21% | -33% | -30% | -22% | -34% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CBT, OC, MMM, THRM, UFPI. See ASPN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | ASPN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.1% | -18.8% |
| % Gain to Breakeven | 92.6% | 23.1% |
| Time to Breakeven | 151 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -23.6% | -7.8% |
| % Gain to Breakeven | 30.9% | 8.5% |
| Time to Breakeven | 8 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.7% | -9.5% |
| % Gain to Breakeven | 42.3% | 10.5% |
| Time to Breakeven | 33 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -49.0% | -6.7% |
| % Gain to Breakeven | 96.0% | 7.1% |
| Time to Breakeven | 213 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.9% | -33.7% |
| % Gain to Breakeven | 103.6% | 50.9% |
| Time to Breakeven | 184 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -65.4% | -19.2% |
| % Gain to Breakeven | 188.8% | 23.8% |
| Time to Breakeven | 133 days | 105 days |
In The Past
Aspen Aerogels's stock fell -48.1% during the 2025 US Tariff Shock. Such a loss loss requires a 92.6% gain to breakeven.
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Asset Allocation
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| Event | ASPN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.1% | -18.8% |
| % Gain to Breakeven | 92.6% | 23.1% |
| Time to Breakeven | 151 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -23.6% | -7.8% |
| % Gain to Breakeven | 30.9% | 8.5% |
| Time to Breakeven | 8 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.7% | -9.5% |
| % Gain to Breakeven | 42.3% | 10.5% |
| Time to Breakeven | 33 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -49.0% | -6.7% |
| % Gain to Breakeven | 96.0% | 7.1% |
| Time to Breakeven | 213 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.9% | -33.7% |
| % Gain to Breakeven | 103.6% | 50.9% |
| Time to Breakeven | 184 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -65.4% | -19.2% |
| % Gain to Breakeven | 188.8% | 23.8% |
| Time to Breakeven | 133 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -38.6% | -3.7% |
| % Gain to Breakeven | 63.0% | 3.9% |
| Time to Breakeven | 948 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -54.0% | -12.2% |
| % Gain to Breakeven | 117.2% | 13.9% |
| Time to Breakeven | 1380 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -65.1% | -6.8% |
| % Gain to Breakeven | 186.5% | 7.3% |
| Time to Breakeven | 1680 days | 15 days |
In The Past
Aspen Aerogels's stock fell -48.1% during the 2025 US Tariff Shock. Such a loss loss requires a 92.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Aspen Aerogels (ASPN)
Aspen Aerogels (ASPN) is a manufacturer specializing in advanced aerogel insulation products. These high-performance materials are designed to provide superior thermal management, fire protection, and corrosion prevention across a diverse range of industrial and commercial applications.
The company's offerings include specialized products like PyroThin thermal barriers, critically used in lithium-ion batteries for electric vehicles and energy storage systems, addressing safety and performance needs. Additionally, Aspen Aerogels provides a suite of Pyrogel and Cryogel products tailored for energy infrastructure. These protect against corrosion under insulation (CUI), offer fire protection, and are essential for sub-ambient, cryogenic, and high-temperature applications within power generation and offshore oil production.
Beyond industrial applications, Aspen Aerogels also serves the building materials market with Spaceloft products, enhancing energy efficiency and fire safety in construction. Their Cryogel X201 is further utilized in designing cold systems such as refrigerated appliances and aerospace systems. The company operates globally, serving customers across the United States, Asia, Canada, Europe, and Latin America.
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Here are 1-3 brief analogies for Aspen Aerogels (ASPN):
Corning (GLW) for advanced thermal management. (Like Corning makes specialized glass materials essential for displays and fiber optics, Aspen Aerogels creates specialized aerogel materials critical for high-performance insulation and EV battery safety.)
Wolfspeed (WOLF) for thermal management materials, essential for EV batteries and industrial insulation. (Similar to how Wolfspeed provides specialized Silicon Carbide materials crucial for power electronics in EVs and industrial applications, Aspen Aerogels supplies specialized aerogel materials vital for thermal performance in EV batteries and energy infrastructure.)
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- PyroThin: Thermal barriers for use in lithium-ion batteries in electric vehicles and energy storage.
- Pyrogel XTE: Reduces the risk of corrosion under insulation in energy infrastructure operating systems.
- Pyrogel HPS: Aerogel insulation product designed for applications within the power generation market.
- Pyrogel XTF: Provides protection against fire in various industrial applications.
- Cryogel Z: Insulation product for sub-ambient and cryogenic applications in the energy infrastructure market.
- Spaceloft Subsea: Used in pipe-in-pipe applications in offshore oil production.
- Spaceloft Grey: Aerogel insulation product for use in the building materials market.
- Spaceloft A2: Aerogel insulation product for use in the building materials market.
- Cryogel X201: Used in designing cold systems, such as refrigerated appliances, cold storage equipment, and aerospace systems.
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Aspen Aerogels (ASPN) primarily sells its specialized aerogel insulation products to other companies (Business-to-Business or B2B).
Its major customers, particularly for its PyroThin thermal barriers used in electric vehicle batteries, include:
- General Motors (symbol: GM)
- Toyota Motor Corporation (symbol: TM)
The company also serves a broad range of other industrial customers across its diverse product lines in energy infrastructure, building materials, and cold systems, but specific major customer names are less frequently disclosed for these segments.
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Donald R. Young President, Chief Executive Officer, Director
Donald R. Young has served as President, Chief Executive Officer, and Director 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, both in the United States and internationally, at Cabot Corporation, a prominent global specialty chemical company. Earlier in his career, he 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 currently serves as the Company's Chief Financial Officer & Treasurer. Prior to his appointment as CFO, he held the position of Chief of Staff to the CEO and was Vice President of Corporate Strategy and Finance, where he led strategy, financial planning and analysis (FP&A), and commercial finance activities.
George L. Gould Chief Technology Officer
George L. Gould has been with Aspen Aerogels since its inception in 2001. Before joining Aspen Aerogels, he was employed by its predecessor, Aspen Systems, and prior to that, he was a chemistry professor at the University of Illinois at Chicago. Dr. Gould 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. He is also an inventor on numerous patents for Aspen Aerogels.
Gregg Landes Chief Operating Officer
Gregg Landes joined Aspen Aerogels in September 2016 and currently serves as Chief Operating Officer. Previously, Mr. Landes was Vice President, Business Development for Hess LNG at Hess Corporation. Prior to Hess Corporation, he held a broad range of senior financial and business leadership roles at Cabot Corporation. Mr. Landes 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 has been Aspen's Chief Administrative Officer, General Counsel and Corporate Secretary since September 2025. Prior to joining Aspen Aerogels, Mr. Deegan served as Chief Legal and Human Resources Officer of Altra Industrial Motion Corp., where he played a key role in significant mergers and acquisitions. He also held General Counsel or in-house counsel roles for multiple public companies and was engaged in the private practice of law.
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- High dependence on the growth and technological evolution of the electric vehicle (EV) battery market. Aspen Aerogels' PyroThin thermal barriers are a key product for lithium-ion batteries in electric vehicles. The company's future growth is significantly tied to the continued expansion of the EV market and the sustained need for its specific thermal management solutions. A slowdown in EV adoption, intense competition from alternative thermal barrier technologies, or a fundamental shift in battery design (e.g., solid-state batteries that inherently reduce thermal runaway risks) could significantly impact demand for PyroThin.
- Exposure to the cyclicality and long-term transition of the traditional energy infrastructure market. A substantial portion of Aspen Aerogels' product portfolio, including Pyrogel XTE, Pyrogel HPS, Pyrogel XTF, Cryogel Z, and Spaceloft Subsea, serves the energy infrastructure sector. This market is subject to economic cycles, commodity price fluctuations, and a global long-term transition towards renewable energy sources. A decline in investment in traditional oil and gas, power generation, or other legacy energy infrastructure projects could reduce demand for these established product lines.
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The clear emerging threat to Aspen Aerogels is the development and increasing adoption of **solid-state battery technology** for electric vehicles and energy storage. Aspen Aerogels' PyroThin thermal barriers are designed to mitigate thermal runaway in conventional lithium-ion batteries. Solid-state batteries, currently under significant development by major automotive manufacturers and battery companies, aim to inherently reduce or eliminate the risk of thermal runaway due to their non-flammable solid electrolytes and improved thermal stability. If solid-state batteries become commercially viable and widely adopted, the fundamental need for external thermal barriers like PyroThin could diminish significantly, directly impacting a key growth product line for Aspen Aerogels.
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Aspen Aerogels, Inc. manufactures aerogel insulation products for various markets, with significant addressable markets for its key product lines.
PyroThin Thermal Barriers
For PyroThin thermal barriers used in lithium-ion batteries in electric vehicles and energy storage industries, the global addressable market for thermal barriers is valued at approximately $18.9 billion and is projected to reach $30 billion by 2032. More broadly, the global electric vehicle battery thermal management systems market was estimated at USD 5.41 billion in 2024 and is projected to reach USD 29.09 billion by 2030. Another estimate places the global battery thermal management system market at USD 4.2 billion in 2025, expected to grow to USD 13.2 billion in 2035. The Electric Vehicle Battery Thermal Management Systems Market size was USD 10.3 billion in 2025, and it is anticipated to grow to over USD 58.9 billion by 2035.
Pyrogel Products (XTE, HPS, XTF)
The market specifically for pyrogel insulation, which includes Pyrogel XTE, HPS, and XTF, was valued globally at USD 251.2 million in 2024 and is projected to reach USD 667.5 million by 2034. Looking at the broader industrial insulation market, which encompasses applications for Pyrogel products in energy infrastructure and power generation, the global market size is estimated to be approximately US$ 9.7 billion in 2026 and is projected to reach US$ 13.4 billion by 2033. Other estimates for the global industrial insulation market include USD 9.53 billion in 2025, growing to approximately USD 15.50 billion by 2035. It was also reported to garner $7.8 billion in 2021 and is estimated to generate $12.7 billion by 2031.
Cryogel Products (Cryogel Z, Cryogel X201)
For Cryogel products, used in sub-ambient and cryogenic applications, the global cryogenic insulation market size was valued at USD 4.8 billion in 2024 and is expected to reach USD 9.1 billion by 2035. Another report states the global Cryogenic Insulation Market, valued at $3.95 billion in 2025, is projected to achieve $6.45 billion by 2033.
Spaceloft Subsea
The global subsea thermal insulation materials market, relevant for Spaceloft Subsea used in offshore oil production, was valued at USD 308.9 million in 2023 and is expected to reach USD 452.9 million by 2033. The global market is also reported to be valued at USD 310 million based on a five-year analysis. In 2019, the market size was USD 264.0 million and is projected to reach USD 362.2 million by 2030.
Spaceloft Grey and Spaceloft A2
For Spaceloft Grey and Spaceloft A2, used in the building materials market, the global building insulation material market size was USD 31.39 billion in 2025 and is predicted to increase to approximately USD 43.02 billion by 2035. Other estimates indicate the global building insulation materials market is estimated to reach a size of US$ 47.9 billion by 2025 and is predicted to expand to US$ 66.2 billion by 2032. Additionally, the global building insulation market size was estimated at USD 35.84 billion in 2024 and is projected to reach USD 58.91 billion by 2033.
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Expected Drivers of Future Revenue Growth for Aspen Aerogels (ASPN) over the Next 2-3 Years:
-
Recovery and Growth in the Thermal Barrier Segment (Electric Vehicle Market): Aspen Aerogels anticipates a rebound in demand within its Thermal Barrier segment, primarily driven by the electric vehicle (EV) market. A key customer, General Motors, is projected to increase its Ultium EV production to approximately 176,000 vehicles in 2026, followed by a 25% growth to 200,000 units in 2027, which is a significant driver for Aspen's PyroThin product. Although Q1 2026 guidance reflects a lower annualized production rate for GM, sequential revenue growth is expected throughout 2026.
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Expansion into European Original Equipment Manufacturer (OEM) Programs: The company is actively expanding its thermal barrier solutions into the European EV market. These new European OEM programs are expected to contribute approximately $10 million to $15 million in revenue during 2026. Looking ahead to 2027, these programs are projected to generate substantial growth, with an estimated $150 million in awarded revenue.
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Continued Growth in the Energy Industrial Segment: The Energy Industrial segment is a significant growth area for Aspen Aerogels. The company reported a substantial 70% year-over-year increase in Energy Industrial revenues in Q4 2025, reaching $53.1 million, attributed to enhanced manufacturing capacity. Aspen expects this segment to grow by approximately 20% in 2026 and aims to develop it into a $200 million long-term business, with projects such as supplying Cryogel® to Venture Global's CP2 LNG project in the first half of 2026 contributing to this growth.
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Entry into Battery Energy Storage Systems (BESS) Market: Aspen Aerogels is exploring new, adjacent markets to leverage its thermal barrier technology. The company is specifically targeting Battery Energy Storage Systems (BESS), capitalizing on the increasing energy density trends in batteries and the growing trend of onshoring manufacturing. This represents a new market opportunity for its aerogel products beyond traditional EV applications.
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Share Issuance
- In November 2022, Aspen Aerogels priced an underwritten public offering of 25,263,158 shares of its common stock at $9.50 per share, aiming to raise $240 million.
- In October 2024, the company announced a public offering of 4,250,000 shares of common stock, with underwriters having a 30-day option to purchase up to an additional 637,500 shares, with proceeds intended for working capital, capital expenditures, and general corporate purposes.
Inbound Investments
- Aspen Aerogels anticipates receiving approximately $37.6 million in the first quarter of 2026 from General Motors as a commercial settlement related to prior electric vehicle (EV) capacity adjustments.
Capital Expenditures
- Full-year capital expenditures for 2025 totaled $37.4 million.
- For fiscal year 2026, Aspen Aerogels projects capital expenditures to be less than $10 million.
- The company halted construction of its planned second manufacturing facility in Statesboro, Georgia, and took a $291.2 million impairment charge related to this plant in 2025, instead focusing on maximizing capacity at its existing East Providence facility and utilizing external manufacturing. These capital allocation decisions are aimed at scaling the Energy Industrial business and diversifying into new commercial segments like Battery Energy Storage Systems (BESS) without significant incremental capital investment.
Peer Outperformance in Specialty Chemicals
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ASPN | Aspen Aerogels | 13.1% | -3.1x | 27.2% | -49.4% | -91.2% | — |
| ESI | Element Solutions | 15.5% | 37.2x | 14.4% | 70.0% | 28.8% | +120pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 31.6% | 112.2% | 139.2% | SCCO 250% · TGB 219% · HBM 211% |
| Steel | 14 | 14.3% | 39.7% | 116.0% | HCC 310% · STLD 269% · RS 177% |
| Gold | 38 | 17.5% | 199.3% | 100.4% | IAG 519% · OGC 386% · AGI 316% |
| Silver | 6 | 37.5% | 289.4% | 85.8% | AYA 285% · HL 151% · EXK 50% |
| Construction Materials | 6 | -14.7% | 28.6% | 42.0% | USLM 350% · CRH 104% · VMC 50% |
| Aluminum | 3 | 6.8% | 106.8% | 19.3% | CENX 155% · AA -13% |
| Metal, Glass & Plastic Containers | 11 | 16.9% | 19.0% | 7.6% | GEF 25% · ATR 15% · SLGN 9% |
| Paper & Plastic Packaging Products & Materials | 7 | 19.6% | 16.6% | -5.1% | PKG 114% · CCK 20% · SON 0% |
| Diversified Metals & Mining | 23 | -52.8% | -3.1% | -5.7% | SKE 180% · MTRN 103% · MP -3% |
| Diversified Chemicals | 3 | 18.4% | 6.1% | -13.7% | CBT 36% · ASH -14% |
| Specialty Chemicals ← | 41 | 11.0% | 10.0% | -26.8% | NEU 127% · ECL 38% · SXT 34% |
| Commodity Chemicals | 13 | 18.3% | -22.7% | -29.2% | HWKN 316% · MEOH 53% · DOW -29% |
| Precious Metals & Minerals | 7 | -0.9% | 150.6% | -31.2% | PPTA 311% |
| Fertilizers & Agricultural Chemicals | 10 | 5.2% | 9.6% | -42.2% | CF 124% · CTVA 76% · NTR 26% |
| Paper Products | 4 | -40.8% | -62.6% | -81.4% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 75.48 |
| Mkt Cap | 3.9 |
| Rev LTM | 5,020 |
| Op Inc LTM | 391 |
| FCF LTM | 238 |
| FCF 3Y Avg | 338 |
| CFO LTM | 439 |
| CFO 3Y Avg | 574 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.7% |
| Rev Chg 3Y Avg | 2.5% |
| Rev Chg Q | 5.6% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | -28.2% |
| Op Inc Chg 3Y Avg | -4.1% |
| Op Mgn LTM | 7.8% |
| Op Mgn 3Y Avg | 10.8% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 13.9% |
| CFO/Rev 3Y Avg | 10.6% |
| FCF/Rev LTM | 7.8% |
| FCF/Rev 3Y Avg | 5.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.9 |
| P/S | 1.0 |
| P/Op Inc | 10.6 |
| P/EBIT | 15.5 |
| P/E | 18.8 |
| P/CFO | 12.2 |
| Total Yield | 3.2% |
| Dividend Yield | 1.8% |
| FCF Yield 3Y Avg | 4.8% |
| D/E | 0.3 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.4% |
| 3M Rtn | -20.0% |
| 6M Rtn | -1.9% |
| 12M Rtn | 16.4% |
| 3Y Rtn | -6.5% |
| 1M Excs Rtn | 6.4% |
| 3M Excs Rtn | -14.1% |
| 6M Excs Rtn | -1.6% |
| 12M Excs Rtn | -8.1% |
| 3Y Excs Rtn | -75.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Thermal barrier | 169 | 307 | 110 | 56 | 7 |
| Energy industrial | 102 | 146 | 129 | 125 | 115 |
| Total | 271 | 453 | 239 | 180 | 122 |
| $ Mil | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Thermal barrier | 124 | 23 | -14 | -5 |
| Energy industrial | 58 | 34 | 19 | 14 |
| Corporate expenses | -128 | -106 | -84 | -51 |
| Total | 55 | -49 | -79 | -41 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| All other corporate assets | 202 | 279 | 177 | 301 |
| Energy industrial | 93 | 103 | 93 | 94 |
| Thermal barrier | 70 | 160 | 119 | 39 |
| Construction in progress and held for sale | 42 | 353 | 315 | 209 |
| Total | 407 | 895 | 703 | 643 |
Price Behavior
| Market Price | $4.91 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 06/13/2014 | |
| Distance from 52W High | -28.7% | |
| 50 Days | 200 Days | |
| DMA Price | $5.23 | $4.71 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -6.0% | 4.3% |
| 3M | 1YR | |
| Volatility | 53.6% | 98.1% |
| Downside Capture | 216.98 | 229.48 |
| Upside Capture | 137.64 | 159.73 |
| Correlation (S&P 500) | 10.3% | 22.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.23 | 2.11 | 2.05 | 2.67 | 2.08 | 1.89 |
| Up Beta | -5.75 | -0.76 | 1.71 | 2.97 | 1.44 | 1.51 |
| Down Beta | 2.98 | 3.53 | 5.47 | 3.72 | 2.93 | 1.56 |
| Up Capture | 355% | 247% | 162% | 326% | 246% | 1414% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 22 | 30 | 60 | 123 | 363 |
| Down Capture | 367% | 174% | 112% | 184% | 164% | 113% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 20 | 32 | 62 | 120 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASPN | |
|---|---|---|---|---|
| ASPN | -33.8% | 98.1% | 0.06 | - |
| Sector ETF (XLB) | 23.7% | 18.2% | 1.01 | 9.2% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 21.8% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 14.6% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | 6.2% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | -3.4% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 10.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASPN | |
|---|---|---|---|---|
| ASPN | -38.2% | 88.9% | -0.14 | - |
| Sector ETF (XLB) | 6.1% | 19.2% | 0.20 | 33.9% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 39.2% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 10.1% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 11.8% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 31.3% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 21.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASPN | |
|---|---|---|---|---|
| ASPN | -2.7% | 76.3% | 0.31 | - |
| Sector ETF (XLB) | 10.5% | 20.7% | 0.44 | 30.6% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 34.6% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 7.7% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 16.2% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 28.2% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 14.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 7.5% | ||
| 8/6/2026 | 37.5% | 22.8% | -4.6% |
| 5/7/2026 | 24.3% | 31.1% | 36.9% |
| 2/25/2026 | -27.8% | -6.2% | -3.4% |
| 11/6/2025 | -44.5% | -53.7% | -55.6% |
| 8/7/2025 | -8.1% | -9.3% | -19.8% |
| 5/8/2025 | -24.3% | 0.7% | 5.8% |
| 2/12/2025 | -23.4% | -30.6% | -37.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 13 |
| # Negative | 10 | 10 | 10 |
| Median Positive | 13.4% | 25.8% | 24.3% |
| Median Negative | -8.9% | -7.7% | -20.3% |
| Max Positive | 56.7% | 75.0% | 96.6% |
| Max Negative | -44.5% | -53.7% | -55.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 7.5% | ||
| 8/6/2026 | 37.5% | 22.8% | -4.6% |
| 5/7/2026 | 24.3% | 31.1% | 36.9% |
| 2/25/2026 | -27.8% | -6.2% | -3.4% |
| 11/6/2025 | -44.5% | -53.7% | -55.6% |
| 8/7/2025 | -8.1% | -9.3% | -19.8% |
| 5/8/2025 | -24.3% | 0.7% | 5.8% |
| 2/12/2025 | -23.4% | -30.6% | -37.2% |
| 11/6/2024 | -0.5% | -7.8% | -20.8% |
| 8/7/2024 | 16.0% | 27.7% | 28.5% |
| 5/1/2024 | 56.7% | 75.0% | 96.6% |
| 2/12/2024 | 15.6% | 37.3% | 44.4% |
| 11/1/2023 | 11.3% | 25.8% | 43.6% |
| 8/2/2023 | 0.5% | -7.3% | -18.0% |
| 5/3/2023 | 18.4% | 29.3% | 15.8% |
| 2/15/2023 | 11.1% | -1.6% | -40.8% |
| 10/27/2022 | 6.5% | 13.1% | 5.2% |
| 7/27/2022 | 8.3% | 31.6% | 24.3% |
| 4/27/2022 | -3.4% | 2.0% | -24.3% |
| 2/17/2022 | 10.0% | 13.9% | 19.1% |
| 10/28/2021 | 17.8% | 13.5% | 26.5% |
| 7/29/2021 | -2.3% | -3.1% | 14.5% |
| 4/29/2021 | -9.6% | -8.1% | 0.6% |
| 2/18/2021 | -2.2% | -7.7% | -17.3% |
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 13 |
| # Negative | 10 | 10 | 10 |
| Median Positive | 13.4% | 25.8% | 24.3% |
| Median Negative | -8.9% | -7.7% | -20.3% |
| Max Positive | 56.7% | 75.0% | 96.6% |
| Max Negative | -44.5% | -53.7% | -55.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 03/12/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 03/06/2020 | 10-K |
Recent Forward Guidance
Updated 11/6/2026Latest: Q3 2026 Earnings Reported 11/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Net Loss | Reported | -11.00 Mil | -9.50 Mil | -8.00 Mil | 26.7% | Lower New | Guidance: -7.50 Mil for Q3 2026 | |
| Q4 2026 Net Loss Per Share | Reported | -0.13 | -0.12 | -0.1 | 27.8% | Lower New | Guidance: -0.09 for Q3 2026 | |
| Q4 2026 Depreciation and Amortization | Reported | 5.00 Mil | ||||||
| Q4 2026 Stock-based Compensation Expense | Reported | 3.00 Mil | ||||||
| Q4 2026 East Providence Incident-Related Costs | Reported | 5.00 Mil | 7.50 Mil | 10.00 Mil | ||||
| Q4 2026 Revenue | Reported | 60.00 Mil | 67.50 Mil | 75.00 Mil | -6.9% | Lower New | Guidance: 72.50 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA | Reported | 5.00 Mil | 9.00 Mil | 13.00 Mil | -18.2% | Lower New | Guidance: 11.00 Mil for Q3 2026 | |
| Q4 2026 Net Interest Expense | Reported | 3.00 Mil | ||||||
| Q4 2026 Diluted Weighted Average Shares Outstanding | Reported | 83.10 Mil | ||||||
| 2026 Capital Expenditures | Reported | 10.00 Mil | 10.00 Mil | 0.0% | Affirmed | Guidance: 10.00 Mil for 2026 | ||
Prior: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Net loss | Reported | -9.00 Mil | -7.50 Mil | -6.00 Mil | -55.9% | Higher New | Guidance: -17.00 Mil for Q2 2026 | |
| Q3 2026 Net loss per share | Reported | -0.11 | -0.09 | -0.07 | -56.1% | Higher New | Guidance: -0.21 for Q2 2026 | |
| Q3 2026 Revenue | Reported | 65.00 Mil | 72.50 Mil | 80.00 Mil | 64.8% | Higher New | Guidance: 44.00 Mil for Q2 2026 | |
| Q3 2026 Adjusted EBITDA | Reported | 7.00 Mil | 11.00 Mil | 15.00 Mil | -257.1% | Higher New | Guidance: -7.00 Mil for Q2 2026 | |
| 2026 European Thermal Barrier revenue | Reported | 20.00 Mil | 25.00 Mil | 30.00 Mil | Raised | |||
| 2026 Capital Expenditures | Reported | 10.00 Mil | 0 | Affirmed | Guidance: 10.00 Mil for 2026 | |||
Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Net Loss | Reported | -20.00 Mil | -17.00 Mil | -14.00 Mil | -20.9% | Higher New | Guidance: -21.50 Mil for Q1 2026 | |
| Q2 2026 Net Loss per share | Reported | -0.24 | -0.21 | -0.17 | -21.2% | Higher New | Guidance: -0.26 for Q1 2026 | |
| Q2 2026 Revenue | Reported | 40.00 Mil | 44.00 Mil | 48.00 Mil | 17.3% | Higher New | Guidance: 37.50 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | Reported | -10.00 Mil | -7.00 Mil | -4.00 Mil | -39.1% | Higher New | Guidance: -11.50 Mil for Q1 2026 | |
| 2026 Capital Expenditures | Reported | 10.00 Mil | 0 | Affirmed | Guidance: 10.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Net Loss | Reported | -23.00 Mil | -21.50 Mil | -20.00 Mil | ||||
| Q1 2026 Net Loss Per Share | Reported | -0.28 | -0.26 | -0.24 | ||||
| Q1 2026 GM Commercial Settlement | Reported | 37.60 Mil | ||||||
| Q1 2026 Revenue | Reported | 35.00 Mil | 37.50 Mil | 40.00 Mil | ||||
| Q1 2026 Adjusted EBITDA | Reported | -13.00 Mil | -11.50 Mil | -10.00 Mil | ||||
| 2026 Capital Expenditures | Reported | 10.00 Mil | -60.0% | Lower New | Actual: 25.00 Mil for 2025 | |||
Investor Activity (13F)
Updated Nov 8, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Specialty Chemicals Resources |
| SpecialChem |
| Chemical Week |
| ICIS |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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