Aspen Aerogels Clears High End of Third-Quarter Outlook

The Tip Desk · November 11, 2026 · 3 min read

Revenue reached $85.2 million, above the prior forecast’s $80 million ceiling, as Energy Industrial deliveries and European OEM sales lifted both reportable segments.

Aspen Aerogels, Inc. (ASPN), a technology company in sustainability and electrification solutions, reported third-quarter 2026 revenue of $85.2 million, up 71% from the second quarter and above the high end of its prior outlook of $65 million to $80 million.

The rebound followed a 32% quarter-over-quarter increase in the second quarter, when the company had been restoring supply after an April explosion at its East Providence, Rhode Island, plant. Thermal Barrier revenue was $45.3 million, including record European OEM sales of $8.0 million. Energy Industrial revenue was $39.9 million.

President and CEO Don Young said the improvement was broad-based, citing robust Energy Industrial deliveries, increased demand from General Motors, and growing contributions from European EV customers. He said Aspen also reached early commercial milestones in data center infrastructure and battery energy storage.

Gross margin expanded to 24%, an 18-percentage-point increase from the second quarter. Adjusted gross profit was $35.3 million, or a 41% margin, excluding $14.7 million of East Providence incident-related costs in cost of revenue.

Net loss was $10.4 million, or $0.13 a share, compared with a $6.3 million loss, or $0.08 a share, a year earlier. The quarter included $15.1 million of East Providence incident-related costs, such as expedited freight, professional fees, and the incremental cost of temporarily sourcing certain products from an external manufacturing facility. Results also 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. Excluding those items, adjusted net income was $9.3 million, or $0.11 a share.

Adjusted EBITDA was $19.8 million, or a 23% margin, versus $6.3 million a year earlier. That figure excludes the incident-related costs and the disposal loss, which the company said it does not consider indicative of core operating performance.

Aspen received an initial Energy Industrial order for a data center infrastructure project, with delivery expected in the fourth quarter of 2026, and generated initial battery energy storage system revenue from PyroThin parts supplied to multiple market participants. It also secured a key Energy Industrial project award with delivery expected in 2027. The East Providence facility remains on track for completion of restoration in the first half of 2027.

Cash, cash equivalents, and restricted cash ended the quarter at $146.5 million.

For the fourth quarter of 2026, Aspen expects revenue of $60 million to $75 million, net loss of $11 million to $8 million, or $0.13 to $0.10 a share, and Adjusted EBITDA of $5 million to $13 million. The Adjusted EBITDA range excludes an estimated $5 million to $10 million of additional East Providence incident-related costs. Chief Financial Officer Grant Thoele said the outlook reflects expected sustained demand across both segments, including increased LNG activity and the first data center infrastructure project, and that seven OEMs across eight programs are driving European Thermal Barrier growth into 2027. Full-year 2026 capital expenditures, excluding East Providence restoration costs, are expected to be less than $10 million.

The company said it may incur additional charges, realize gains or losses, or experience other events related to recovery from the East Providence incidents, the staged restart of the facility, operational disruptions, supply chain disruptions, or further cost inflation that could cause actual results to vary materially from the outlook.