Major PyroThin Award with GM
Aspen Aerogels secured a major PyroThin award with General Motors for a next-generation prismatic EV platform, reinforcing its role in the electrification ecosystem.
Record Level Quoting Activity
The PyroThin thermal barrier business experienced a record level of quoting activity, indicating continued investment by leading OEMs in future battery electric platforms.
Resilient and Flexible Supply Chain
Aspen successfully diversified its raw material supply chain and created a second source for aerogel, optimizing sourcing from Asia, Europe, and the United States.
Strategic Cost Optimization
The company aims to reduce fixed cash costs to 2022 levels and lower the revenue level required for positive adjusted EBITDA performance to approximately $245 million.
Strong Financial Stewardship
Aspen reduced its interest expenses by paying down over $20 million of debt and maintaining a cash balance of $192 million.