NYSE : ASPN
Aspen Aerogels, Inc. — Financial statements
Industrials · Building Products & Equipment · United States
Last price 5.05 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 419.09M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Aspen Aerogels, Inc. (ASPN) reported revenue of 202.09M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 202.09M | 271.10M | 452.70M | 238.72M | 180.36M | 121.62M |
| Cost of Revenue | 169.26M | 203.00M | 265.70M | 181.80M | 175.39M | 111.69M |
| Gross Profit | 32.83M | 68.10M | 187.00M | 56.92M | 4.98M | 9.94M |
| Selling, General & Admin | 83.67M | 83.97M | 106.80M | 89.77M | 67.29M | 39.09M |
| Research & Development | 11.21M | 13.42M | 18.05M | 16.36M | 16.93M | 11.44M |
| Operating Expenses | 94.88M | 97.39M | 124.85M | 106.12M | 84.22M | 50.54M |
| Operating Income | -62.05M | -29.29M | 62.15M | -49.20M | -79.25M | -40.60M |
| Interest Expense | -11.60M | -10.72M | -11.96M | -5.33M | -5.11M | -229.00K |
| Interest & Investment Income | 6.53M | 1.62M | ||||
| Other Non Operating Income (Expenses) | -398.00K | 686.00K | ||||
| EBT Excluding Unusual Items | -74.05M | -39.32M | 50.19M | -48.00M | -82.74M | -40.83M |
| Merger & Restructuring Charges | -290.81M | -305.11M | ||||
| Gain (Loss) on Sale of Assets | -18.16M | -18.16M | ||||
| Asset Writedown | 261.90M | -25.66M | -7.61M | |||
| Legal Settlements | 1.10M | 1.10M | ||||
| Other Unusual Items | -14.23M | -27.49M | 2.19M | 3.73M | ||
| Pretax Income | -125.34M | -387.16M | 15.09M | -45.81M | -82.74M | -37.09M |
| Income Tax Expense | 863.00K | 2.39M | 1.71M | |||
| Net Income | -126.20M | -389.55M | 13.38M | -45.81M | -82.74M | -37.09M |
| Net Income to Common | -126.20M | -389.55M | 13.38M | -45.81M | -82.74M | -37.09M |
| Shares Outstanding (Basic) | 82.68M | 82.33M | 77.54M | 69.44M | 39.36M | 30.43M |
| Shares Outstanding (Diluted) | 82.68M | 82.33M | 80.31M | 69.44M | 39.36M | 30.43M |
| EPS (Basic) | -1.53 | -4.73 | 0.17 | -0.66 | -2.10 | -1.22 |
| EPS (Diluted) | -1.53 | -4.73 | 0.17 | -0.66 | -2.10 | -1.22 |
| Free Cash Flow | 34.38M | -4.58M | -40.71M | -218.07M | -272.37M | -32.41M |
| Free Cash Flow Per Share | 0.42 | -0.06 | -0.51 | -3.14 | -6.92 | -1.06 |
| Gross Margin | 16.24% | 25.12% | 41.31% | 23.84% | 2.76% | 8.17% |
| Operating Margin | -30.71% | -10.80% | 13.73% | -20.61% | -43.94% | -33.38% |
| Profit Margin | -62.45% | -143.69% | 2.96% | -19.19% | -45.87% | -30.50% |
| Free Cash Flow Margin | 17.01% | -1.69% | -8.99% | -91.35% | -151.01% | -26.65% |
| EBITDA | -41.01M | -6.33M | 84.67M | -33.88M | -70.02M | -31.16M |
| EBITDA Margin | -20.29% | -2.34% | 18.70% | -14.19% | -38.82% | -25.62% |
| D&A For EBITDA | 21.04M | 22.96M | 22.53M | 15.32M | 9.22M | 9.44M |
| EBIT | -62.05M | -29.29M | 62.15M | -49.20M | -79.25M | -40.60M |
| EBIT Margin | -30.71% | -10.80% | 13.73% | -20.61% | -43.94% | -33.38% |
| Effective Tax Rate | 11.36% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 151.71M | 156.86M | 220.88M | 139.72M | 281.33M | 76.56M |
| Cash & Short-Term Investments | 151.71M | 156.86M | 220.88M | 139.72M | 281.33M | 76.56M |
| Accounts Receivable | 40.28M | 35.27M | 109.10M | 70.00M | 57.35M | 20.43M |
| Other Receivables | 2.20M | 2.20M | ||||
| Receivables | 40.28M | 35.27M | 111.30M | 72.19M | 57.35M | 20.43M |
| Inventory | 27.95M | 38.25M | 47.55M | 39.19M | 22.54M | 11.99M |
| Prepaid Expenses | 25.48M | 9.93M | 28.68M | 14.98M | 7.24M | 2.78M |
| Restricted Cash | 1.71M | 1.71M | 394.00K | 248.00K | 1.23M | |
| Other Current Assets | 1.36M | 37.00K | 637.00K | 390.00K | ||
| Total Current Assets | 248.49M | 242.05M | 409.45M | 266.33M | 369.69M | 112.15M |
| Property, Plant & Equipment | 105.42M | 122.55M | 480.13M | 434.44M | 271.21M | 69.31M |
| Long-Term Deferred Charges | 6.82M | 8.71M | 4.30M | 637.00K | ||
| Other Long-Term Assets | 32.20M | 33.37M | 1.27M | 2.28M | 2.52M | 858.00K |
| Total Assets | 392.94M | 406.68M | 895.14M | 703.05M | 643.42M | 182.95M |
| Accounts Payable | 20.96M | 13.24M | 44.36M | 51.09M | 54.73M | 17.44M |
| Accrued Expenses | 19.13M | 12.95M | 36.49M | 22.81M | 16.00M | 10.82M |
| Current Portion of Long-Term Debt | 23.35M | 25.11M | 19.75M | |||
| Current Portion of Leases | 9.68M | 9.46M | 7.31M | 1.87M | 2.37M | 2.25M |
| Current Unearned Revenue | 25.53M | 1.26M | 2.20M | 2.32M | 5.85M | 1.32M |
| Other Current Liabilities | 4.73M | |||||
| Total Current Liabilities | 98.65M | 62.02M | 110.11M | 78.09M | 78.94M | 36.55M |
| Long-Term Debt | 67.86M | 79.80M | 137.09M | 114.99M | 103.58M | |
| Long-Term Leases | 24.23M | 29.34M | 33.23M | 21.91M | 13.46M | 12.99M |
| Other Long-Term Liabilities | 5.00M | |||||
| Total Liabilities | 200.47M | 171.16M | 280.44M | 214.99M | 195.98M | 54.55M |
| Additional Paid-In Capital | 1.29B | 1.29B | 1.27B | 1.16B | 1.08B | 673.46M |
| Retained Earnings | -1.10B | -1.05B | -660.23M | -673.60M | -627.79M | -545.05M |
| Shareholders' Equity | 192.46M | 235.52M | 614.71M | 488.06M | 447.44M | 128.41M |
| Total Liabilities & Equity | 392.94M | 406.68M | 895.14M | 703.05M | 643.42M | 182.95M |
| Total Debt | 125.11M | 143.71M | 197.38M | 138.77M | 119.40M | 15.24M |
| Net Cash (Debt) | 26.59M | 13.15M | 23.50M | 951.00K | 161.93M | 61.33M |
| Net Cash Per Share | 0.32 | 0.16 | 0.29 | 0.01 | 4.11 | 2.02 |
| Filing Date Shares Outstanding | 82.99M | 82.83M | 82.06M | 76.66M | 70.07M | 33.23M |
| Total Common Shares Outstanding | 82.99M | 82.71M | 82.04M | 76.50M | 69.99M | 33.22M |
| Working Capital | 149.84M | 180.03M | 299.34M | 188.24M | 290.74M | 75.59M |
| Book Value Per Share | 2.32 | 2.85 | 7.49 | 6.38 | 6.39 | 3.87 |
| Tangible Book Value | 192.46M | 235.52M | 614.71M | 488.06M | 447.44M | 128.41M |
| Tangible Book Value Per Share | 2.32 | 2.85 | 7.49 | 6.38 | 6.39 | 3.87 |
| Buildings | 27.05M | 27.05M | 27.03M | 25.47M | 24.02M | 24.02M |
| Machinery | 220.02M | 232.38M | 211.58M | 194.83M | 146.85M | 136.67M |
| Construction In Progress | 12.27M | 9.26M | 352.57M | 314.69M | 209.06M | 13.46M |
| Leasehold Improvements | 25.56M | 25.56M | 24.84M | 23.51M | 9.23M | 3.32M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -126.20M | -389.55M | 13.38M | -45.81M | -82.74M | -37.09M |
| Depreciation & Amortization | 21.04M | 22.96M | 22.53M | 15.32M | 9.22M | 9.44M |
| Other Amortization | 5.41M | 3.64M | 3.44M | 925.00K | 32.00K | 18.00K |
| Loss (Gain) From Sale of Assets | 18.16M | 18.16M | ||||
| Asset Writedown & Restructuring Costs | 25.80M | 313.83M | 7.61M | |||
| Stock-Based Compensation | 7.59M | 8.63M | 12.86M | 10.95M | 9.38M | 5.18M |
| Provision & Write-off of Bad Debts | 3.49M | 3.54M | 247.00K | -93.00K | 115.00K | -85.00K |
| Other Operating Activities | 2.11M | 3.12M | 36.46M | 7.26M | 7.75M | -2.12M |
| Change in Accounts Receivable | 32.40M | 70.30M | -39.36M | -12.55M | -37.04M | -4.64M |
| Change in Inventory | 24.17M | 9.30M | -8.36M | -16.65M | -10.55M | 1.11M |
| Change in Accounts Payable | 3.34M | -19.45M | 7.34M | 4.58M | 5.32M | 7.38M |
| Change in Unearned Revenue | 34.65M | -940.00K | -117.00K | -3.53M | 4.53M | -543.00K |
| Change in Other Net Operating Assets | -2.85M | -10.65M | -10.46M | -3.02M | -415.00K | 2.73M |
| Operating Cash Flow | 49.12M | 32.87M | 45.55M | -42.61M | -94.40M | -18.63M |
| Capital Expenditures | -14.73M | -37.45M | -86.26M | -175.46M | -177.97M | -13.78M |
| Investing Cash Flow | -14.73M | -37.45M | -86.26M | -175.46M | -177.97M | -13.78M |
| Long-Term Debt Issued | 182.98M | 100.00M | ||||
| Total Debt Issued | 3.50M | 182.98M | 100.00M | |||
| Long-Term Debt Repaid | -59.23M | -157.40M | -9.73M | |||
| Total Debt Repaid | -54.16M | -59.23M | -157.40M | -9.73M | ||
| Net Debt Issued (Repaid) | -50.66M | -59.23M | 25.59M | 90.27M | ||
| Issuance of Common Stock | 2.03M | 1.89M | 104.20M | 76.66M | 402.17M | 97.32M |
| Repurchase of Common Stock | -366.00K | -765.00K | -1.29M | -420.00K | -2.36M | -2.71M |
| Other Financing Activities | -28.00K | -6.48M | -762.00K | -11.71M | -2.13M | |
| Financing Cash Flow | -48.99M | -58.13M | 122.02M | 75.48M | 478.37M | 92.47M |
| Net Cash Flow | -14.61M | -62.71M | 81.31M | -142.59M | 206.00M | 60.07M |
| Free Cash Flow | 34.38M | -4.58M | -40.71M | -218.07M | -272.37M | -32.41M |
| Free Cash Flow Margin | 17.01% | -1.69% | -8.99% | -91.35% | -151.01% | -26.65% |
| Free Cash Flow Per Share | 0.42 | -0.06 | -0.51 | -3.14 | -6.92 | -1.06 |
| Levered Free Cash Flow | 44.06M | 21.08M | -71.20M | -220.95M | -222.55M | -6.58M |
| Unlevered Free Cash Flow | 45.90M | 24.14M | -67.16M | -218.55M | -219.39M | -6.46M |
| Cash Interest Paid | 10.10M | 12.22M | 7.01M | 1.00K | 153.00K | 236.00K |
| Cash Income Tax Paid | 1.03M | 4.13M | ||||
| Change in Working Capital | 91.71M | 48.56M | -50.96M | -31.17M | -38.16M | 6.03M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 423.24M | 233.89M | 974.72M | 1.20B | 780.18M | 1.65B |
| Enterprise Value | 396.65M | 233.32M | 1.06B | 1.25B | 802.37M | 1.57B |
| Last Close Price | 5.05 | 2.83 | 11.88 | 15.78 | 11.79 | 49.79 |
| PE Ratio | 72.88 | |||||
| Forward PE | 66.50 | 25.24 | 144.99 | 144.99 | 144.99 | |
| PS Ratio | 2.07 | 0.86 | 2.15 | 5.04 | 4.33 | 13.54 |
| PB Ratio | 2.18 | 0.99 | 1.59 | 2.47 | 1.74 | 12.83 |
| P/TBV Ratio | 2.18 | 0.99 | 1.59 | 2.47 | 1.74 | 12.83 |
| P/OCF Ratio | 8.53 | 7.12 | 21.40 | |||
| EV/Sales Ratio | 1.94 | 0.86 | 2.35 | 5.22 | 4.45 | 12.87 |
| EV/EBITDA Ratio | 12.58 | |||||
| EV/EBIT Ratio | 17.14 | |||||
| Debt / Equity Ratio | 0.65 | 0.61 | 0.32 | 0.28 | 0.27 | 0.12 |
| Debt / EBITDA Ratio | 2,210.88 | 2.18 | ||||
| Debt / FCF Ratio | 3.64 | |||||
| Net Debt / Equity Ratio | -0.14 | -0.06 | -0.04 | -0.00 | -0.36 | -0.48 |
| Net Debt / EBITDA Ratio | 0.65 | 2.08 | -0.28 | 0.03 | 2.31 | 1.97 |
| Net Debt / FCF Ratio | -0.77 | 2.87 | 0.58 | 0.00 | 0.59 | 1.89 |
| Asset Turnover | 0.44 | 0.42 | 0.57 | 0.35 | 0.44 | 0.87 |
| Inventory Turnover | 4.23 | 4.73 | 6.13 | 5.89 | 10.16 | 8.90 |
| Quick Ratio | 1.95 | 3.10 | 3.02 | 2.71 | 4.29 | 2.65 |
| Current Ratio | 2.52 | 3.90 | 3.72 | 3.41 | 4.68 | 3.07 |
| Return on Equity (ROE) | -50.36% | -91.64% | 2.43% | -9.79% | -28.74% | -37.80% |
| Return on Assets (ROA) | -8.45% | -2.81% | 4.86% | -4.57% | -11.99% | -18.10% |
| Return on Invested Capital (ROIC) | -37.12% | -7.20% | 10.22% | -12.74% | -44.95% | -64.06% |
| Return on Capital Employed (ROCE) | -21.10% | -8.50% | 7.90% | -7.90% | -14.00% | -27.70% |
| Earnings Yield | -29.93% | -166.55% | 1.37% | -3.80% | -10.61% | -2.25% |
| FCF Yield | 8.20% | -1.96% | -4.18% | -18.11% | -34.91% | -1.97% |
| Buyback Yield / Dilution | -2.61% | -2.52% | -15.65% | -76.41% | -29.34% | -15.38% |