Aspen Aerogels (ASPN) AI Stock Analysis

• Market Cap: $610.29M
• Dividend Yield: N/A
• Average Volume (3M): 1.92M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.79
• Revenue Growth: -14.74%
• EPS Growth: -20086.56%
• Country: US
• Employees: 554
• Sector: Industrials
• Sector Strength: 72
• Industry: Construction
• EPS (TTM): -0.08
• Shares Outstanding: 82,360,490
• 10 Day Avg. Volume: 1,685,273
• 30 Day Avg. Volume: 1,916,953
• PEG Ratio: -0.55
• Price to Book (P/B): 1.50
• Price to Sales (P/S): 2.03
• P/FCF Ratio: -22.62
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: $5.00
• Price Target Upside: 29.53% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $4.00 ▲(3.63% Upside)

Aspen Aerogels' overall stock score is primarily impacted by its financial performance and technical analysis. The company's strong revenue growth is overshadowed by significant profitability and cash flow challenges. Technical indicators point to bearish momentum, and valuation metrics are weak due to ongoing losses. While the earnings call provided some positive future prospects, the immediate financial challenges remain a concern.

Positive Factors

Energy Industrial Segment Growth

The anticipated growth in the Energy Industrial segment indicates a positive trajectory, potentially increasing revenue and market share in 2026.

New Leadership

The addition of experienced leadership can enhance strategic direction and operational efficiency, potentially improving financial performance.

Battery Energy Storage Systems Opportunity

Expanding into battery energy storage systems could diversify revenue streams and leverage Aspen's technology in a growing market.

Negative Factors

Profitability Challenges

Ongoing profitability issues, with negative net profit and EBIT margins, threaten long-term sustainability and financial health.

Cash Flow Issues

Weak cash flow limits the company's ability to invest in growth opportunities and meet financial obligations, impacting future stability.

Uncertain EV Market Conditions

Uncertainty in the EV market affects Aspen's revenue projections and operational planning, posing risks to growth and profitability.

Aspen Aerogels Business Overview & Revenue Model

Company Description

Aspen Aerogels, Inc. is a leading provider of advanced aerogel solutions, focusing on enhancing energy efficiency and performance across various industries. The company specializes in the development and production of aerogel insulation products, which are used primarily in the oil and gas, industrial, and building sectors. Aspen Aerogels offers a range of high-performance insulation materials that are designed to reduce energy consumption and improve operational efficiency in demanding environments.

How the Company Makes Money

Aspen Aerogels generates revenue primarily through the sale of its aerogel insulation products to a diverse customer base in the oil and gas, industrial, and construction sectors. The company’s revenue model is built on direct sales, contracts with large industrial clients, and partnerships with distributors. Key revenue streams include high-performance insulation for pipelines, equipment, and buildings, which are critical for energy conservation and cost savings. Additionally, Aspen Aerogels may engage in research and development collaborations and strategic partnerships that enhance product innovation and market reach, contributing to its overall earnings.

Aspen Aerogels Financial Statement Overview

Summary

Aspen Aerogels shows strong revenue growth, but faces significant challenges in profitability and cash flow management. The negative net profit, EBIT margins, and cash flow issues highlight operational inefficiencies and risks to long-term sustainability.

Income Statement

Aspen Aerogels shows significant revenue growth in the TTM period, with a remarkable increase of over 18,000%. However, profitability remains a challenge, as indicated by negative net profit and EBIT margins. The gross profit margin has improved compared to previous years, but the company still struggles with negative EBITDA and EBIT margins, reflecting operational inefficiencies.

Balance Sheet

The company's balance sheet shows a moderate debt-to-equity ratio, indicating a balanced approach to leveraging. However, the return on equity is negative, suggesting that the company is not generating sufficient returns on its equity base. The equity ratio is stable, but the negative ROE highlights profitability concerns.

Cash Flow

Aspen Aerogels faces challenges in cash flow management, with negative free cash flow growth and low operating cash flow coverage. The operating cash flow to net income ratio is extremely low, indicating cash flow issues. Despite a slight improvement in free cash flow to net income ratio, the overall cash flow position remains weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	352.85M	452.70M	238.72M	180.36M	121.62M	100.27M
Gross Profit	116.06M	182.90M	56.92M	4.98M	9.94M	14.59M
EBITDA	-274.98M	51.46M	-22.31M	-65.77M	-25.81M	-11.37M
Net Income	-305.28M	13.38M	-45.81M	-86.23M	-27.88M	-11.85M
Balance Sheet
Total Assets	491.39M	895.14M	703.05M	646.57M	182.95M	97.42M
Cash, Cash Equivalents and Short-Term Investments	150.72M	220.88M	139.72M	281.33M	76.56M	16.50M
Total Debt	80.06M	197.38M	138.77M	126.66M	15.24M	8.31M
Total Liabilities	185.66M	280.44M	214.99M	203.23M	54.55M	29.57M
Stockholders Equity	305.73M	614.71M	488.06M	447.44M	128.41M	67.85M
Cash Flow
Free Cash Flow	2.69M	-40.71M	-218.07M	-272.37M	-32.41M	-13.34M
Operating Cash Flow	52.42M	45.55M	-42.61M	-94.40M	-18.63M	-9.92M
Investing Cash Flow	-49.74M	-86.26M	-175.46M	-177.97M	-13.78M	-3.42M
Financing Cash Flow	35.86M	122.02M	75.48M	478.37M	92.47M	26.20M

Aspen Aerogels Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.86
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASPN, the sentiment is Negative. The current price of 3.86 is below the 20-day moving average (MA) of 7.62, below the 50-day MA of 7.30, and below the 200-day MA of 7.13, indicating a bearish trend. The MACD of -0.54 indicates Positive momentum. The RSI at 25.49 is Positive, neither overbought nor oversold. The STOCH value of 7.10 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ASPN.

Aspen Aerogels Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PPIH	69 Neutral	$225.58M	22.33	13.51%	―	14.90%	-34.75%
ROCK	66 Neutral	$1.76B	831.62	13.29%	―	-9.21%	-97.43%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BXC	62 Neutral	$503.38M	18.87	2.20%	―	-0.19%	-50.51%
APOG	61 Neutral	$743.63M	16.94	8.83%	3.02%	1.19%	-56.98%
NX	50 Neutral	$613.83M	―	-43.35%	2.46%	70.18%	-374.22%
ASPN	42 Neutral	$610.29M	―	-75.06%	―	-14.74%	-20086.56%

Aspen Aerogels Corporate Events

Aspen Aerogels Reports Q3 2025 Financial Results

Aspen Aerogels, Inc. is a technology leader in sustainability and electrification solutions, specializing in aerogel technology that supports resource efficiency, e-mobility, and clean energy. The company recently announced its third-quarter 2025 financial results, highlighting a significant decrease in revenue and a narrowed net loss compared to the previous year. Aspen Aerogels reported a total revenue of $73 million for the third quarter of 2025, down from $117.3 million in the same period of 2024. The net loss for the quarter was $6.3 million, an improvement from the $13 million loss in the third quarter of 2024. Adjusted EBITDA also saw a decline to $6.3 million from $25.4 million year-over-year. Key highlights include a PyroThin® Thermal Barrier contract from a major European OEM and anticipated growth in the Energy Industrial sector driven by LNG and Subsea projects in 2026. Despite a challenging environment in the U.S. EV market, Aspen Aerogels remains focused on rebuilding growth in its Thermal Barrier business and diversifying into adjacent markets. The company has updated its full-year 2025 outlook to reflect lower near-term EV production in North America, with revenue now expected to range between $270 million and $280 million. Aspen Aerogels aims to drive growth through innovation and strategic partnerships while maintaining a capital-efficient business model.

Aspen Aerogels Navigates Market Challenges with Optimism

Aspen Aerogels Faces Challenges Amidst Market Uncertainties

Aspen Aerogels Reports Q3 2025 Revenue Decline

Aspen Aerogels reported a decrease in total revenue to $73.0 million for Q3 2025, down from $117.3 million in Q3 2024, alongside a reduced net loss of $6.3 million compared to $13.0 million the previous year. The company updated its 2025 outlook to reflect lower demand in the U.S. EV market, while highlighting growth opportunities in its Energy Industrial segment for 2026 and a significant PyroThin® contract with a European OEM. Aspen is focusing on cost reduction and operational efficiency to stabilize and grow its business amid market challenges.

The most recent analyst rating on (ASPN) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on Aspen Aerogels stock, see the ASPN Stock Forecast page.

Aspen Aerogels Appoints New CFO Grant Thoele

Aspen Aerogels announced the promotion of Grant Thoele to Chief Financial Officer and Treasurer, effective October 1, 2025, succeeding Ricardo C. Rodriguez. The employment agreement outlines Thoele’s compensation, including a base salary of $390,000, performance-based bonuses, and equity grants. The agreement also details conditions for termination benefits and includes restrictive covenants on confidentiality and non-competition, highlighting the company’s strategic focus on leadership continuity and operational stability.

The most recent analyst rating on (ASPN) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Aspen Aerogels stock, see the ASPN Stock Forecast page.

Aspen Aerogels’ Strategic Moves Amid Market Challenges

Aspen Aerogels Navigates Challenging Market with Strategic Optimism

Aspen Aerogels Reports Q2 2025 Financial Results

Aspen Aerogels, Inc. is a technology leader in sustainability and electrification solutions, known for its aerogel technology that supports resource efficiency, e-mobility, and clean energy initiatives. The company recently reported its second quarter 2025 financial results, highlighting a revenue of $78 million and a gross margin of 32%. Despite a net loss of $9.1 million, the company showed significant improvement in adjusted EBITDA, which nearly doubled quarter-over-quarter.

Aspen Aerogels Reports Q2 2025 Financial Results

Aspen Aerogels reported second quarter 2025 financial results, highlighting a revenue of $78 million with a 32% gross margin and a significant improvement in Adjusted EBITDA. Despite a net loss of $9.1 million, the company achieved operational improvements through cost structure optimization and strategic restructuring. The transition of CFO Ricardo Rodriguez to Grant Thoele is expected to ensure continuity in strategic direction, with a focus on maintaining financial resilience amid regulatory and market challenges.

The most recent analyst rating on (ASPN) stock is a Buy with a $38.00 price target. To see the full list of analyst forecasts on Aspen Aerogels stock, see the ASPN Stock Forecast page.