# EDGAR Filing Document

**Accession Number:** 0001145986
**File Stem:** 0001171843-25-005147
**Filing Date:** 2025-8
**Character Count:** 36173
**Document Hash:** c49add8ee2cf83c0d5a719847ea84d18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-005147.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001171843-25-005147

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASPEN AEROGELS INC
- **CENTRAL INDEX KEY:** 0001145986
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS [5030]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 043559972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36481
- **FILM NUMBER:** 251191424

**BUSINESS ADDRESS:**
- **STREET 1:** 30 FORBES ROAD
- **STREET 2:** BUILDING B
- **CITY:** NORTHBOROUGH
- **STATE:** MA
- **ZIP:** 01532
- **BUSINESS PHONE:** 5086911111

**MAIL ADDRESS:**
- **STREET 1:** 30 FORBES ROAD
- **STREET 2:** BUILDING B
- **CITY:** NORTHBOROUGH
- **STATE:** MA
- **ZIP:** 01532

?xml version='1.0' encoding='ASCII'? Form 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

### Washington, D.C. 20549
_________________

### FORM 8-K
_________________

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): August 7, 2025
_______________________________

### ASPEN AEROGELS, INC.

#### (Exact name of registrant as specified in its charter)
_______________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36481** | **04-3559972** |
| **(State or Other Jurisdiction of Incorporation)** | **(Commission File Number)** | **(I.R.S. Employer Identification No.)** |

---

---

| | |
|:---|:---|
| **30 Forbes Road, Building B<br>Northborough, Massachusetts** | **01532** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

#### Registrant's Telephone Number, Including Area Code: (508) 691-1111

#### (Former name or former address, if changed since last report)
_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

#### Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | ASPN | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On August 7, 2025, Aspen Aerogels, Inc. announced its financial results for the second quarter of 2025, which ended June 30, 2025, and also discussed business developments. A copy of the press release containing such announcement is attached hereto as Exhibit 99.1.

The information set forth in the press release, except for the information set forth under the headings "Second Half of 2025 Financial Outlook," "Aspen Announces CFO Transition to Internal Successor" and "About Aspen Aerogels, Inc.," together with the forward-looking statement disclaimer at the end of the press release, is incorporated by reference into this Item 2.02 of this Current Report on Form 8-K.

**Item 7.01. Regulation FD Disclosure.**

The information set forth under the headings "Second Half of 2025 Financial Outlook," "Aspen Announces CFO Transition to Internal Successor" and "About Aspen Aerogels, Inc.," together with the forward-looking statement disclaimer at the end of the press release, is incorporated by reference into this Item 7.01 of this Current Report on Form 8-K.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| [99.1](exh_991.htm) | [Press Release issued by Aspen Aerogels, Inc. on August 7, 2025](exh_991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

The press release may contain hypertext links to information on our website. The information on our website is not incorporated by reference into this Current Report on Form 8-K and does not constitute a part of this Form 8-K.

The information contained in this Current Report on Form 8-K and Exhibit 99.1 attached hereto is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | ASPEN AEROGELS, INC. | ASPEN AEROGELS, INC. |
| Date: August 7, 2025 | By: | <u>/s/ Ricardo C. Rodriguez&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Name: | Ricardo C. Rodriguez |
|  | Title: | Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Aspen Aerogels, Inc. Reports Second Quarter 2025 Financial Results and Recent Business Highlights**

*$78 million in quarterly revenue resulted in 32% gross margins and ~2X Adjusted EBITDA improvement QoQ CFO transition to internal successor during Q3 ensures continuation of strategic direction and execution Fixed cost structure reductions are expected to drive incremental profit in the second half of the year*

NORTHBOROUGH, Mass., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Aspen Aerogels, Inc. (NYSE: ASPN) ("Aspen" or the "Company"), a technology leader in sustainability and electrification solutions, today announced financial results for the second quarter of 2025, and discussed recent business developments.

Total revenue for the second quarter of 2025 was $78.0 million, compared to $117.8 million in the second quarter of 2024.

Net loss was $9.1 million, which included $5.9 million of restructuring and impairment charges, compared to net income of $16.8 million in the second quarter of 2024. Adjusting net loss for the restructuring and impairment charges would result in a net loss of $3.2 million. Net loss per share was $0.11, compared to net income per share (basic) of $0.22 in the second quarter of 2024. Adjusting net loss per share for the restructuring and impairment costs would result in a net loss per share of $0.04.

Adjusted EBITDA for the second quarter of 2025 was $9.7 million, compared to $28.9 million in the second quarter of 2024.

A reconciliation of GAAP financial results to non-GAAP financial results are provided in the financial schedules that are part of this press release. An explanation of these non-GAAP financial measures are also included below under the heading "Non-GAAP Financial Measures."

**Recent Business Highlights & Quarterly Performance**

* Company revenues of $78.0 million, a 1% decrease quarter-over-quarter (QoQ)**·** Thermal Barrier: $55.2 million of revenue, a 13% increase QoQ**·** Energy Industrial: $22.8 million of revenue, a 24% decrease QoQ

* Delivered gross margins of 32%, a three-percentage point increase QoQ

* Net loss of $9.1 million, a $292.2 million improvement QoQ

* Adjusted net loss of $3.2 million, a $1.7 million improvement QoQ

* Adjusted EBITDA of $9.7 million, a $4.8 million or 98% improvement QoQ

* Ended the quarter with cash and equivalents of $167.6 million

"In the first half of the year, we focused on streamlining and simplifying our organization to enhance our cost structure, improve profitability, and strengthen resilience. We also restructured the company to operate with minimal capital expenditure requirements," commented Don Young, Aspen's President and CEO. "The leverage from these initiatives is clearly reflected in our second-half outlook, which projects a significantly higher Adjusted EBITDA on revenue levels consistent with the first half. Given the regulatory headwinds facing the EV market—particularly in the U.S.—and the broader volatility in the global energy sector, we've built our teams and operating framework to support a resilient, growth-oriented, and profitable business," added Young.

**Aspen Announces CFO Transition to Internal Successor** Aspen today announced that Ricardo Rodriguez will step down as Chief Financial Officer at the end of the third quarter. Ricardo joined the Company in November 2021 as Chief Strategy Officer and was appointed CFO in April 2022. During his tenure, Ricardo was instrumental in Aspen's capital formation strategy and played a key role in positioning the Company for sustained growth.

"Ricardo's leadership has been vital through a transformative period," said Don Young, President and CEO. "He strengthened our financial foundation and has been an invaluable partner to me. We are grateful for his many contributions and wish him continued success in his career."

The Company also announced the appointment of Grant Thoele as its next CFO, effective upon Ricardo's departure. Grant currently serves as Chief of Staff to the CEO and Vice President of Corporate Strategy and Finance. Since joining Aspen in August 2021, he has led key areas including FP&A, commercial finance, and strategic planning. He has been a driving force behind Aspen's operational execution and financial discipline. Prior to Aspen, Grant was a Vice President at Providence Equity Partners and began his career at KPMG. He holds both a BBA and MSA in Accounting from Texas Tech University.

"Grant's deep understanding of our business and strong track record of driving strategic and financial results make him the ideal choice to be our CFO," added Mr. Young.

Ricardo Rodriguez commented, "It's been a privilege to help guide Aspen through a dynamic period. I'm confident the Company is well-positioned for the future, and I look forward to supporting Grant through a smooth transition."

Incoming CFO Grant Thoele said, "I'm honored to take on this role at such a pivotal time and want to acknowledge Ricardo's impact over the past few years. Thanks to our restructuring actions, Aspen is now operating from a more resilient and agile financial framework. We'll remain focused on driving long-term sustainable value for our shareholders through fiscal discipline and capital efficiency."

**Second Half of 2025 Financial Outlook** Aspen's second half of 2025 Outlook is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *($ in millions, except per share amounts – figures may not total due to rounding)* | *($ in millions, except per share amounts – figures may not total due to rounding)* | *($ in millions, except per share amounts – figures may not total due to rounding)* |  |
| **Metric** | **H1 2025 Actuals** | **H2 2025 Outlook** | **FY 2025 Outlook** |
| **Revenue** | 157 | **140 - 160** | 297 - 317 |
| **Net Income (Loss)** | (310) | **(7) - 3** | (317) – (307) |
| **Earnings Per Share (Basic)** | (3.78) | **(0.08) – 0.04** | (3.86) – (3.73) |
| **Adjusted EBITDA** | 15 | **20 - 30** | 35 – 45 |
| **CAPEX\*** | 15 | **10** | 25 |

---

\*Capital Expenditures excluding costs related to the Statesboro plant project, which totaled $11.3 million in the first half of 2025

"We expect to maintain our net cash position through year end, driven by a leaner fixed cost structure and continued reductions in net working capital" said Ricardo C. Rodriguez, Chief Financial Officer and Treasurer. "With a strong balance sheet and reduced CAPEX, Aspen has the flexibility to optimize its capital structure and pursue new strategic opportunities. The planned asset sales in Georgia are also expected to materially reduce our debt over the coming quarters."

The Company's second half of 2025 outlook assumes depreciation and amortization of $13.2 million, stock-based compensation expense of $5.0 million, other expense (net) of $5.3 million, restructuring and demobilization costs of $3.0 million, and diluted weighted average shares outstanding of 82.2 million for the full year.

A reconciliation of net loss to non-GAAP Adjusted EBITDA for the second half of 2025 financial outlook is provided in the financial schedules that are part of this press release. An explanation of this non-GAAP financial measure is also included below under the heading "Non-GAAP Financial Measures."

Aspen may incur, among other items, additional charges, realize gains or losses, incur financing costs or interest expense, or experience other events in second half of 2025, including those related to supply chain disruptions, or further cost inflation, that could cause actual results to vary materially from this outlook. See Special Note Regarding Forward-Looking and Cautionary Statements below.

**Conference Call and Webcast Notification** A conference call with Aspen management to discuss second quarter 2025 results and recent business developments will be held Thursday, August 7, 2025 at 8:30 a.m. EST. During the call, management will respond to questions concerning, but not limited to, Aspen's financial performance, business conditions, and financial outlook. Management's discussion and responses could contain information that has not been previously disclosed.

Shareholders and other interested parties may call +1 (404) 975-4839 (domestic) or +1 (929) 526-1599 (international) and reference conference ID "548576" to participate in the conference call. In addition, the conference call and an accompanying slide presentation will be available live as a listen-only webcast hosted at the Investors section of Aspen's website, www.aerogel.com<u>.</u>

Following the live event, an archived version of the webcast will be available on Aspen's website for convenient on-demand replay for at least a year. A copy of this press release is posted in the Investors section on Aspen's website.

**Non-GAAP Financial Measures** In addition to providing financial measurements based on generally accepted accounting principles in the United States of America ("GAAP"), Aspen provides additional financial metrics that are not prepared in accordance with GAAP ("non-GAAP"). The non-GAAP financial measures included in this press release are Adjusted EBITDA, adjusted net loss and adjusted net loss per share. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measures do not include the impact of items that management does not consider indicative of Aspen's core operating performance. In addition, management uses Adjusted EBITDA (i) for planning purposes, including the preparation of Aspen's annual operating budget, (ii) to allocate resources to enhance the financial performance of its business, and (iii) as a performance measure under its bonus plan.

Management believes that these non-GAAP financial measures reflect Aspen's ongoing business in a manner that allows for meaningful comparisons and analysis of trends in its business, as it excludes expenses and gains not reflective of Aspen's ongoing operating results or that may be infrequent and/or unusual in nature. Management also believes that these non-GAAP financial measures provides useful information to investors in understanding and evaluating Aspen's operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. These non-GAAP measures may not be comparable to similarly titled measures presented by other companies.

The non-GAAP financial measures do not replace the presentation of Aspen's GAAP financial results and should only be used as a supplement to, not as a substitute for, Aspen's financial results presented in accordance with GAAP. In this press release, Aspen has provided a reconciliation of Adjusted EBITDA to net income (loss), adjusted net loss to net loss and adjusted net loss per share to net loss per share, in each case the most directly comparable GAAP financial measure. Management strongly encourages investors to review Aspen's financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

**About Aspen Aerogels, Inc.**

Aspen is a technology leader in sustainability and electrification solutions. The Company's aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, e-mobility and clean energy. Aspen's PyroThin® products enable solutions to thermal runaway challenges within the electric vehicle ("EV") market. The Company's Cryogel® and Pyrogel® products are valued by the world's largest energy infrastructure companies. Aspen's strategy is to partner with world-class industry leaders to leverage its Aerogel Technology Platform® into additional high-value markets. Aspen is headquartered in Northborough, Mass. For more information, please visit www.aerogel.com.

**Special Note Regarding Forward-Looking and Cautionary Statements** This press release and any related discussion contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements, including statements relating to Aspen's financial outlook for the second half of 2025 and full year 2025. These statements are not historical facts but rather are based on Aspen's current expectations, estimates and projections regarding Aspen's business, operations and other factors relating thereto, including with respect to Aspen's financial outlook for the second half of 2025 and full year 2025. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook," "assumes," "targets," "opportunity," and similar expressions are used to identify these forward-looking statements. Such forward-looking statements include statements regarding, among other things, Aspen's beliefs and expectations about capacity, revenue, revenue capacity, backlog, costs, expenses, profitability, cash flow, gross profit, gross margin, operating margin, net income (loss), Adjusted EBITDA and related increases, decreases, trends or timing, including with respect to Aspen's beliefs and expectations about the EV market and how it may enable a path to profitability; Aspen's target revenue capacity and gross margins; Aspen's efforts to demobilize its previously planned second manufacturing plant in Statesboro, Georgia, and the use of its external manufacturing facility to meet customer demand; current or future trends in the energy, energy infrastructure, chemical and refinery, LNG, sustainable building materials, EV thermal barrier, EV battery materials or other markets and the impact of these trends on Aspen's business; the strength, effectiveness, productivity, costs, profitability or other fundamentals of Aspen's business; beliefs about the role of Aspen's technology and opportunities in the EV market; beliefs about Aspen's ability to provide and deliver products and services to EV customers; beliefs about content per vehicle, revenue, costs, expenses, profitability, investments or cash flow associated with Aspen's EV opportunities, including the EV thermal barrier business; and the performance and market acceptance of Aspen's products. All such forward-looking statements are based on management's present expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, the following: inability to execute Aspen's growth plan, the right of EV thermal barrier customers to cancel contracts with Aspen at any time and without penalty; any costs, expenses, or investments incurred by Aspen in excess of projections used to develop pricing under the contracts with EV thermal barrier customers; Aspen's inability to create customer or market opportunities for its products; any failure to enforce any of Aspen's patents; the general economic conditions and cyclical demands in the markets that Aspen serves; the potential impact of changes in government and economic policies, incentives, and tariffs on Aspen's customers, production, sales, cost structure, competitive landscape and results of operations; and the other risk factors discussed under the heading "Risk Factors" in Aspen's Annual Report on Form 10-K for the year ended December 31, 2024 and filed with the Securities and Exchange Commission ("SEC") on February 27, 2025, as well as any updates to those risk factors filed from time to time in Aspen's subsequent periodic and current reports filed with the SEC. All statements contained in this press release are made only as of the date of this press release. Aspen does not intend to update this information unless required by law.

**Investor Relations Contacts:** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Neal Baranosky &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Phone: (508) 691-1111 x 8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

nbaranosky@aerogel.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Georg Venturatos / Patrick Hall

Gateway Group

ASPN@gateway-grp.com

Phone: (949) 574-3860

---

| | | |
|:---|:---|:---|
| **ASPEN AEROGELS, INC.**<br>**Condensed Consolidated Balance Sheets**<br>**(Unaudited and in thousands)** | **ASPEN AEROGELS, INC.**<br>**Condensed Consolidated Balance Sheets**<br>**(Unaudited and in thousands)** | **ASPEN AEROGELS, INC.**<br>**Condensed Consolidated Balance Sheets**<br>**(Unaudited and in thousands)** |
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $167622 | $220882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 410 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 76167 | 109104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 52115 | 47551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 14153 | 31517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 310467 | 409448 |
| Property, plant and equipment, net | 156271 | 459276 |
| Assets held for sale | 26500 |  |
| Operating lease right-of-use assets | 18318 | 20854 |
| Finance lease right-of-use assets | 5627 |  |
| Other long-term assets | 7949 | 5566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $525132 | $895144 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $27004 | $44361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 15564 | 36495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 624 | 2199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance obligation for sale and leaseback transactions | 4094 | 4028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 3315 | 3279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | 1445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long term debt - current portion | 26000 | 19750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 78046 | 110112 |
| Revolving line of credit | 28989 | 42131 |
| Long term debt | 77265 | 94961 |
| Finance obligation for sale and leaseback transactions long-term | 7266 | 10087 |
| Operating lease liabilities long-term | 21494 | 23148 |
| Finance lease liabilities long-term | 3304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 216364 | 280439 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 308768 | 614705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $525132 | $895144 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASPEN AEROGELS, INC.**<br>**Consolidated Statements of Operations**<br>**(Unaudited and in thousands, except share and per share data)** | **ASPEN AEROGELS, INC.**<br>**Consolidated Statements of Operations**<br>**(Unaudited and in thousands, except share and per share data)** | **ASPEN AEROGELS, INC.**<br>**Consolidated Statements of Operations**<br>**(Unaudited and in thousands, except share and per share data)** | **ASPEN AEROGELS, INC.**<br>**Consolidated Statements of Operations**<br>**(Unaudited and in thousands, except share and per share data)** | **ASPEN AEROGELS, INC.**<br>**Consolidated Statements of Operations**<br>**(Unaudited and in thousands, except share and per share data)** |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(In thousands, except**<br>**share and per share data)** | **(In thousands, except**<br>**share and per share data)** | **(In thousands, except**<br>**share and per share data)** | **(In thousands, except**<br>**share and per share data)** |
| Revenue | $78024 | $117770 | $156747 | $212271 |
| Cost of revenue | 52708 | 66192 | 108619 | 125550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 25316 | 51578 | 48128 | 86721 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 3794 | 4565 | 8127 | 9054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 6948 | 9521 | 15332 | 17824 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 13836 | 17506 | 26870 | 34719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and demobilization costs | 4938 |  | 14728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of property, plant and equipment | 955 |  | 287567 | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 30471 | 31592 | 352624 | 64299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | (5155) | 19986 | (304496) | 22422 |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, convertible note - related party |  | (3043) |  | (6081) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income (expense) | (3080) | 741 | (5042) | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income |  |  | 1130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (3080) | (2302) | (3912) | (5817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income tax expense | (8235) | 17684 | (308408) | 16605 |
| Income tax expense | (821) | (866) | (1897) | (1622) |
| Net income (loss) | $(9056) | $16818 | $(310305) | $14983 |
| Net income (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.11) | $0.22 | $(3.78) | $0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.11) | $0.21 | $(3.78) | $0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 82179136 | 76336811 | 82122719 | 76049852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 82179136 | 78981383 | 82122719 | 78749199 |

---

**Analysis of Cash Flow**

The following table summarizes our cash flows for the periods indicated.

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| Net cash provided by (used in): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating activities | $1702 | $(10906) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing activities | (25883) | (50690) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing activities | (29063) | 13400 |
| Net decrease in cash | (53244) | (48196) |
| Cash, cash equivalents and restricted cash at beginning of period | 221276 | 139971 |
| Cash, cash equivalents and restricted cash at end of period | $168032 | $91775 |

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2025** | **June 30, 2025** |
|  | **(In thousands)** | **(In thousands)** |
| Net cash provided by (used in): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating activities | $5632 | $(3930) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing activities | (12998) | (12885) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing activities | (21477) | (7586) |
| Net (decrease) increase in cash | (28843) | (24401) |
| Cash, cash equivalents and restricted cash at beginning of period | 221276 | 192433 |
| Cash, cash equivalents and restricted cash at end of period | $192433 | $168032 |

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**Reconciliation of Non-GAAP Financial Measures**

The following tables present a reconciliation of the non-GAAP financial measure included in this press release to the most directly comparable GAAP measure:

**Reconciliation of Adjusted EBITDA to Net income (loss)**

We define Adjusted EBITDA as net income (loss) before interest expense, taxes, depreciation, amortization, stock-based compensation expense and other items, which occur from time to time and which we do not believe are indicative of our core operating performance.

For the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Net income (loss) | $(9056) | $16818 | $(310305) | $14983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5796 | 5986 | 11589 | 11772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 3211 | 2971 | 5284 | 7677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 3080 | 2302 | 3912 | 5817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 821 | 866 | 1897 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and demobilization costs | 4938 |  | 14728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of property, plant and equipment | 955 | - | 287567 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $9745 | $28943 | $14672 | $41871 |

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**Other Information**

The following tables reconcile net loss and net loss per share to adjusted net loss and adjusted net loss per share for the three months ended March 31, 2025 and 2024, and the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
|  | **Amount** | **Per Share** | **Amount** | **Per Share** |
|  | **(In thousands)** | | **(In thousands)** | |
| Net loss | $(301249) | $(3.67) | $(1835) | $(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and demobilization costs | 9790 | 0.12 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of property, plant and equipment | 286612 | 3.49 |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Loss | $(4847) | $(0.06) | $(1835) | $(0.02) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Amount** | **Per Share** | **Amount** | **Per Share** |
|  | **(In thousands)** | | **(In thousands)** | |
| Net income (loss) | $(9056) | $(0.11) | $16818 | $0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and demobilization costs | 4938 | 0.06 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of property, plant and equipment | 955 | 0.01 |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Income (Loss) | $(3163) | $(0.04) | $16818 | $0.22 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Amount** | **Per Share** | **Amount** | **Per Share** |
|  | **(In thousands)** | | **(In thousands)** | |
| Net income (loss) | $(310305) | $(3.78) | $14983 | $0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and demobilization costs | 14728 | 0.18 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of property, plant and equipment | 287567 | 3.50 |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Income (Loss) | $(8010) | $(0.10) | $14983 | $0.20 |

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For the 2025 second half and full year financial outlook:

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| | | |
|:---|:---|:---|
|  | **Six Month Period** | **Six Month Period** |
|  | **July 1, 2025 to December 31, 2025** | **July 1, 2025 to December 31, 2025** |
|  | **Low** | **High** |
|  | **(In thousands)** | **(In thousands)** |
| Net income (loss) | $(6500) | $3500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 13200 | 13200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and demobilization costs | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | 5300 | 5300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $20000 | $30000 |

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| | | |
|:---|:---|:---|
|  | **Year Ending** | **Year Ending** |
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Low** | **High** |
|  | **(In thousands)** | **(In thousands)** |
| Net loss | $(316805) | $(306805) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 24789 | 24789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 10284 | 10284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | 11109 | 11109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and demobilization costs | 17728 | 17728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of property, plant and equipment | 287567 | 287567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $34672 | $44672 |

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