Aspen Aerogels (NYSE:ASPN) Announces Quarterly Earnings Results

Aspen Aerogels (NYSE:ASPN) released its quarterly earnings results on Wednesday. The construction company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.07), FiscalAI reports. The company had revenue of $41.34 million during the quarter, compared to analysts’ expectations of $44.25 million. Aspen Aerogels had a negative return on equity of 0.20% and a negative net margin of 86.52%.Aspen Aerogels’s quarterly revenue was down 66.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.14 EPS. Aspen Aerogels updated its Q1 2026 guidance to -0.280–0.240 EPS.

Here are the key takeaways from Aspen Aerogels’ conference call:

• Ended 2025 with ~$158.6M cash, expect a ~$38M GM payment in March, are selling Plant Two, and have cut fixed cash costs by ~$75M annually while targeting an adjusted-EBITDA breakeven of $175M revenue — all improving balance-sheet flexibility.
• Near-term EV demand reset materially hit results: Q4 revenue was $41.3M, GAAP Q4 loss $72.9M and FY loss $389.6M, and Q1 2026 guidance is only $35M–$40M with adjusted EBITDA of negative $13M to $10M, driven by lower GM production and several one-time charges (e.g., $22.5M non-cash equipment charge, $3M bad debt).
• European EV momentum is building — Aspen now has seven European OEM design wins (including Volvo), and management cites a Europe-only pipeline of roughly $220M for 2027 expanding to >$450M in 2028 that could materially contribute to 2027–28 revenue.
• The Energy Industrial segment (2025 revenue ~$102M) is expected to grow ~20% in 2026 driven by subsea awards, a doubling of LNG project activity versus 2025, and pent-up maintenance demand, with a goal to scale the segment toward $200M of high-margin revenue without major new CapEx.
• Aspen is expanding into battery energy storage systems (BESS), leveraging EV-proven thermal technology and U.S. manufacturing; management is deep in qualifications and expects initial revenue in 2026, but market sizing and timing remain uncertain.

Aspen Aerogels Stock Down 24.6%

Shares of Aspen Aerogels stock traded down $0.88 on Wednesday, reaching $2.68. The stock had a trading volume of 3,551,570 shares, compared to its average volume of 1,461,447. The company has a quick ratio of 3.33, a current ratio of 3.94 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $221.75 million, a P/E ratio of -0.69 and a beta of 2.99. The company has a 50 day moving average price of $3.32 and a 200 day moving average price of $5.10. Aspen Aerogels has a 1 year low of $2.30 and a 1 year high of $9.78.

Aspen Aerogels News Summary

Here are the key news stories impacting Aspen Aerogels this week:

• Positive Sentiment: Year-end cash cushion and upcoming GM cash inflow — Aspen ended 2025 with $158.6M in cash and expects ~ $37.6M from General Motors in Q1 2026, which improves near‑term liquidity and reduces short‑term financing risk. Press Release
• Positive Sentiment: Commercial wins and OEM progress — Company highlighted a North Sea subsea pipeline award and expanding European OEM (EV) relationships (Volvo), offering some revenue runway in Energy Industrial and EV markets. Press Release
• Positive Sentiment: Strategic review initiated — Aspen engaged Piper Sandler to evaluate actions to optimize capital structure and create shareholder value, which could lead to asset sales, restructuring or other value‑creating moves. Press Release
• Neutral Sentiment: Street view: consensus “Hold” and modest price targets — Recent brokerage coverage is mixed (Hold/Buy split) and median analyst target remains modest, indicating limited near‑term upside per Street estimates. Brokerage Coverage
• Negative Sentiment: Weaker Q1 2026 guidance — Aspen lowered Q1 revenue guidance to $35–40M (vs. ~$44.3M consensus) and EPS guidance to -$0.28–-0.24 (vs. -$0.22 consensus), signaling more near‑term weakness than analysts expected. Guidance
• Negative Sentiment: Q4 misses and steep revenue decline — Q4 revenue $41.3M (vs. est. ~$44M) and EPS of -$0.34 missed estimates; revenue fell ~66% YoY as EV thermal barrier demand weakened after regulatory/incentive changes. Earnings Summary / Transcript
• Negative Sentiment: Large full‑year loss and one‑time charges — FY2025 net loss $389.6M included a $291.2M impairment related to the Statesboro plant and other restructuring charges, producing a sharp GAAP deterioration even though adjusted results are less severe. Quiver Summary
• Negative Sentiment: Insider sell and institutional flows — Recent CEO share sale and mixed institutional positioning add to short‑term sentiment pressure. Insider / Institutional Activity

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ASPN shares. Canaccord Genuity Group cut their price objective on Aspen Aerogels from $10.00 to $5.00 and set a “buy” rating for the company in a report on Friday, November 7th. Zacks Research upgraded Aspen Aerogels from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 15th. Barclays decreased their price target on shares of Aspen Aerogels from $6.00 to $4.00 and set an “underweight” rating on the stock in a research note on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Aspen Aerogels in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $6.67.

Hedge Funds Weigh In On Aspen Aerogels

A number of large investors have recently made changes to their positions in the business. WINTON GROUP Ltd acquired a new stake in shares of Aspen Aerogels in the 4th quarter worth $40,000. StoneX Group Inc. acquired a new position in shares of Aspen Aerogels during the fourth quarter valued at about $41,000. Acadian Asset Management LLC purchased a new position in shares of Aspen Aerogels in the 1st quarter valued at approximately $43,000. Tower Research Capital LLC TRC boosted its stake in Aspen Aerogels by 184.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,235 shares of the construction company’s stock worth $43,000 after purchasing an additional 4,693 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in Aspen Aerogels during the 4th quarter worth approximately $58,000. 97.64% of the stock is owned by institutional investors and hedge funds.

About Aspen Aerogels

Aspen Aerogels, Inc, headquartered in Northborough, Massachusetts, develops and manufactures high-performance aerogel insulation materials and custom engineered solutions. Founded in 2001 as a spin-out from Department of Energy research, the company pursued an initial public offering on the NYSE in 2014 under the ticker ASPN. Aspen Aerogels combines proprietary aerogel formulations with advanced manufacturing processes to deliver products known for their low thermal conductivity, lightweight construction and robust mechanical properties.

The company’s product portfolio spans blanket insulation, boards, and custom shapes built around several proprietary brands, including Pyrogel, Cryogel and Spaceloft.