Aspen Aerogels, Inc. Reports Third Quarter 2026 Financial Results and Recent
ASPEN AEROGELS INC (ASPN) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99.1 Aspen Aerogels, Inc. Reports Third Quarter 2026 Financial Results and Recent Business Highlights Q3 2026 revenue of $85 million, up 71% quarter-over-quarter and above the high end of outlook Q3 2026 net loss of $10 million; Adjusted EBITDA of $20 million, above the h
Facts are quoted from the filing text and checked against it.
How this was made
The 30-second read
Why it matters
The earnings beat and guidance above prior outlook provide a fresh, material catalyst for the stock, likely prompting short‑term buying pressure.
Market read
First‑report earnings and guidance for a listed company; material for traders looking at industrial material stocks.
What to watch
Potential headwinds from the $15.1 M incident‑related costs and a $4.6 M asset write‑down may limit profitability despite revenue growth.
Aspen Aerogels, Inc. Reports Third Quarter 2026 Financial Results and Recent Business Highlights
Q3 revenue, Adjusted EBITDA and adjusted profitability improved materially, led by Energy Industrial growth and sequential recovery, but GAAP net loss widened year over year and East Providence incident-related costs remained substantial.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 RevenueGAAP | $85.18M | 71% | – |
| Nine Months Ended September 30, 2026 RevenueGAAP | $172.9M | – | – |
| Q3 2026 Cost of revenueGAAP | $64.61M | – | – |
| Nine Months Ended September 30, 2026 Cost of revenueGAAP | $144.8M | – | – |
| Q3 2026 Gross profitGAAP | $20.57M | – | – |
| Q3 2026 Gross profit marginGAAP | 24 % | 18-percentage-point increase | – |
| Q3 2026 Adjusted gross profitnon-GAAP | $35.27M | – | – |
| Q3 2026 Adjusted gross profit marginnon-GAAP | 41 % | – | – |
| Nine Months Ended September 30, 2026 Gross profitGAAP | $28.11M | – | – |
| Nine Months Ended September 30, 2026 Gross profit marginGAAP | 16 % | – | – |
| Nine Months Ended September 30, 2026 Adjusted gross profitnon-GAAP | $48.08M | – | – |
| Nine Months Ended September 30, 2026 Adjusted gross profit marginnon-GAAP | 28 % | – | – |
| Q3 2026 Research and development expenseGAAP | $2.48M | – | – |
| Q3 2026 Sales and marketing expenseGAAP | $6.77M | – | – |
| Q3 2026 General and administrative expenseGAAP | $13.82M | – | – |
| Q3 2026 Restructuring and demobilization costsGAAP | — | – | – |
| Q3 2026 Loss on disposal of property, plant and equipmentGAAP | $4.61M | – | – |
| Q3 2026 Total operating expensesGAAP | $27.69M | – | – |
| Q3 2026 Loss from operationsGAAP | −$7.12M | – | – |
| Q3 2026 Interest expense, netGAAP | −$2.70M | – | – |
| Q3 2026 Other incomeGAAP | $2K | – | – |
| Q3 2026 Income tax expenseGAAP | −$602K | – | – |
| Q3 2026 Net lossGAAP | −$10.42M | $12.8 million improvement | – |
| Q3 2026 Net loss per shareGAAP | $ (0.13 ) | – | – |
| Q3 2026 Adjusted net income (loss)non-GAAP | $9.34M | – | – |
| Q3 2026 Adjusted net income (loss) per sharenon-GAAP | $ 0.11 | – | – |
| Q3 2026 Adjusted EBITDAnon-GAAP | $19.82M | $26.4 million increase | – |
| Q3 2026 Adjusted EBITDA marginnon-GAAP | 23 % | – | – |
| Nine Months Ended September 30, 2026 Net lossGAAP | −$57.37M | – | – |
| Nine Months Ended September 30, 2026 Net loss per shareGAAP | $ (0.69 ) | – | – |
| Nine Months Ended September 30, 2026 Adjusted net lossnon-GAAP | −$31.87M | – | – |
| Nine Months Ended September 30, 2026 Adjusted EBITDAnon-GAAP | $529K | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Thermal BarrierRecord European OEM revenue of $8.0 million, increased demand from GM, and growing contributions from European EV customers. | $45.3M | 54% | – |
| Energy IndustrialRobust deliveries, an initial data center infrastructure order expected for delivery in the fourth quarter of 2026, and a key project award expected for delivery in 2027. | $39.9M | 96% | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Q4 2026 outlook
- Revenue$60 million to $75 million
- NoteNet loss is expected to range between $11 million and $8 million
- NoteNet loss per share is expected to range between $0.13 and $0.10
- NoteAdjusted EBITDA is expected to range between $5 million and $13 million
- NoteAdjusted EBITDA excludes an estimated $5 million to $10 million of East Providence incident-related costs
- NoteDepreciation and amortization of $5 million
- NoteStock-based compensation expense of $3 million
- NoteNet interest expense of $3 million
- NoteDiluted weighted average shares outstanding of 83.1 million for the quarter
- NoteFY 2026 Capital Expenditures, excluding costs related to the restoration of the East Providence facility, are expected to be less than $10 million
What drove it
- Revenue of $85.2 million was above the high end of outlook.
- Energy Industrial revenue grew to $39.9 million, a 96% increase quarter-over-quarter.
- Thermal Barrier revenue grew to $45.3 million, a 54% increase quarter-over-quarter, including record European OEM revenue of $8.0 million.
- The Company generated initial battery energy storage system revenue from PyroThin® parts supplied to multiple market participants.
- The Company received an initial Energy Industrial data center infrastructure order, with delivery expected in the fourth quarter of 2026.
- The Company secured a key Energy Industrial project award, with delivery expected in 2027.
Concerns
- Third quarter 2026 included $15.1 million of East Providence incident-related costs.
- Third quarter 2026 included a $4.6 million loss on disposal of property, plant and equipment, primarily related to the write-down of certain Statesboro, Georgia manufacturing assets.
- The East Providence, Rhode Island facility remains on track for completion in the first half of 2027 rather than being at full production capacity during Q4 2026.
- Q4 2026 Adjusted EBITDA excludes an estimated $5 million to $10 million of East Providence incident-related costs.
- Nine-month revenue was $ 172,911 (in thousands), compared to $ 229,764 (in thousands) in the prior-year period.
- Nine-month gross profit margin was 16 %, compared to 30 % in the prior-year period.
What to watch
- Q4 2026 revenue outlook of $60 million to $75 million and Adjusted EBITDA outlook of $5 million to $13 million.
- Execution of the staged restart and restoration of full production capability at East Providence in the first half of 2027.
- The level of East Providence incident-related costs, estimated at $5 million to $10 million in Q4 2026, and the claims process under the Company's insurance policies.
- Delivery of the first data center infrastructure project in the fourth quarter of 2026.
- Energy Industrial project deliveries expected in 2027.
- Growth from seven OEMs across eight European Thermal Barrier programs into 2027.
Balance sheet and cash flow
- Cash and cash equivalents were $ 145,991 (in thousands) at September 30, 2026, compared to $ 156,857 (in thousands) at December 31, 2025.
- Restricted cash was $ 508 (in thousands) at September 30, 2026, compared to $ 1,713 (in thousands) at December 31, 2025.
- Cash, cash equivalents and restricted cash were $ 146,499 (in thousands) at September 30, 2026.
- Accounts receivable, net were $ 62,250 (in thousands) at September 30, 2026, compared to $ 35,270 (in thousands) at December 31, 2025.
- Inventories were $ 29,307 (in thousands) at September 30, 2026, compared to $ 38,249 (in thousands) at December 31, 2025.
- Property, plant and equipment, net was $ 82,664 (in thousands) at September 30, 2026, compared to $ 98,400 (in thousands) at December 31, 2025.
- Long term debt, current portion was $ 22,462 (in thousands) at September 30, 2026, compared to $ 25,115 (in thousands) at December 31, 2025.
- Revolving line of credit was $ 11,203 (in thousands) at September 30, 2026, compared to $ 14,346 (in thousands) at December 31, 2025.
- Long term debt was $ 51,085 (in thousands) at September 30, 2026, compared to $ 65,455 (in thousands) at December 31, 2025.
- Total assets were $ 394,110 (in thousands) at September 30, 2026, compared to $ 406,679 (in thousands) at December 31, 2025.
- Total liabilities were $ 209,672 (in thousands) at September 30, 2026, compared to $ 171,161 (in thousands) at December 31, 2025.
- Total stockholders’ equity was $ 184,438 (in thousands) at September 30, 2026, compared to $ 235,518 (in thousands) at December 31, 2025.
- Nine-month net cash provided by operating activities was $ 14,192 (in thousands), compared to $ 16,737 (in thousands).
- Nine-month net cash provided by investing activities was $ 994 (in thousands), compared to net cash used in investing activities of $ (34,985 ) (in thousands).
- Nine-month net cash used in financing activities was $ (27,257 ) (in thousands), compared to $ (50,596 ) (in thousands).
- Q3 net cash used in operating activities was $ (3,753 ) (in thousands).
- Q3 net cash provided by investing activities was $ 4,163 (in thousands).
- Q3 net cash used in financing activities was $ (7,332 ) (in thousands).
Analysis
Aspen reported Q3 2026 revenue of $ 85,178 (in thousands), compared with $ 73,017 (in thousands) in Q3 2025, and stated that revenue increased 71% quarter-over-quarter. The company said this result was above the high end of its outlook. Both operating segments rose sequentially: Thermal Barrier reached $45.3 million, up 54%, while Energy Industrial reached $39.9 million, up 96%. Management attributed the broad-based improvement to robust Energy Industrial deliveries, increased demand from GM, and European EV customer contributions.
Profitability improved sharply on an adjusted basis despite substantial disruption-related expenses. GAAP gross profit was $ 20,567 (in thousands), versus $ 20,799 (in thousands), and gross profit margin was 24 %, versus 28 %. Excluding $ 14,703 (in thousands) of East Providence incident-related cost of revenue, adjusted gross profit was $ 35,270 (in thousands) and adjusted gross profit margin was 41 %. Adjusted EBITDA was $ 19,818 (in thousands), versus $ 6,255 (in thousands), with a 23 % margin versus 9 %.
GAAP earnings remained negative. Net loss was $ (10,419 ) (in thousands), compared with $ (6,334 ) (in thousands), and net loss per share was $ (0.13 ), compared with $ (0.08 ). The period included $15.1 million of East Providence incident-related costs and a $4.6 million loss on disposal of property, plant and equipment. After the specified adjustments, Aspen reported adjusted net income of $ 9,342 (in thousands), compared with adjusted net loss of $ (4,766 ) (in thousands).
The nine-month results show the ongoing effect of operational disruption and prior-period charges. Revenue for the nine months ended September 30, 2026 was $ 172,911 (in thousands), compared with $ 229,764 (in thousands), while net loss was $ (57,374 ) (in thousands), compared with $ (316,639 ) (in thousands). Adjusted EBITDA for the nine-month period was $ 529 (in thousands), compared with $ 20,927 (in thousands), and adjusted gross margin was 28 %, compared with 30 %.
Liquidity ended the quarter at $ 146,499 (in thousands) of cash, cash equivalents and restricted cash. Nine-month operating cash flow was $ 14,192 (in thousands), compared with $ 16,737 (in thousands). Aspen guided Q4 revenue to $60 million to $75 million and Adjusted EBITDA to $5 million to $13 million, while forecasting $5 million to $10 million of additional East Providence incident-related costs excluded from Adjusted EBITDA. The outlook assumes continued demand in both segments, including LNG activity and the first data center infrastructure project, while the East Providence facility remains on track for completion in the first half of 2027.
Management, verbatim
Aspen delivered a strong third quarter, exceeding the high end of our outlook for both revenue and Adjusted EBITDA. The improvement was broad-based, with robust Energy Industrial deliveries, increased demand from GM, and growing contributions from European EV customers. We also reached early commercial milestones in data center infrastructure and battery energy storage.
Don Young, President and CEO
Our third quarter results demonstrated the operating leverage built into our financial framework. Our fourth quarter outlook reflects our expectation of sustained demand across both segments, including increased LNG activity and our first data center infrastructure project.
Grant Thoele, Chief Financial Officer and Treasurer
Not in the filing
stated, not guessed- Previous-period outlook was not provided, so comparisons of actual results versus prior guidance are unavailable.
- Q4 2026 gross margin guidance was not provided.
- Q4 2026 operating expense guidance was not provided.
- Q4 2026 tax rate guidance was not provided.
- Free cash flow was not reported.
- Capital return activity, including share repurchases and dividends, was not reported.
- Year-over-year percentage changes for total revenue and segment revenue were not printed.
- Prior-quarter dollar amounts for Q3 2026 revenue, segment revenue, gross margin, net loss and Adjusted EBITDA were not printed on those line items.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Aspen Aerogels filed a Form 8‑K on Nov 5, 2026, announcing its Q3 financial results and providing outlook for Q4 2026.
Ticker impact
Aspen Aerogels reported Q3 2026 results with revenue up 71% QoQ and issued Q4 2026 guidance that exceeds prior outlook ranges.
likely upward as investors price in better-than-expected revenue and EBITDA guidance
Quarterly revenue and adjusted EBITDA both topped the high end of the company's outlook, and the Q4 guidance remains above prior expectations, providing a fresh catalyst for buying.
Market effects
Positive for the sustainability and industrial insulation sector as Aspen's growth signals rising demand for thermal barrier and energy‑industrial solutions.
North America and Europe may see modest uplift in related industrial stocks.
Limited to niche industrial materials market; no broad macro impact.
Counterpoint
The company still posted a net loss and faces ongoing incident‑related costs, which could weigh on margins if the East Providence restoration drags on.
Key entities
- companyAspen Aerogels, Inc.
NYSE‑listed manufacturer of aerogel insulation products.
- executiveDon Young
President and CEO of Aspen Aerogels, quoted on the results.
