ASPEN AEROGELS INC
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $271.1M | $452.7M | $238.7M | $180.4M | $121.6M |
| Cost of revenue | $225.1M | $269.8M | $181.8M | $175.4M | $111.7M |
| Gross profit | $46.0M | $182.9M | $56.9M | $5.0M | $9.9M |
| Research and development | $13.4M | $18.1M | $16.4M | $16.9M | $11.4M |
| Operating expenses | $424.2M | $128.4M | $106.1M | $84.2M | $50.5M |
| Operating income | -$378.2M | $54.5M | -$49.2M | -$79.2M | -$40.6M |
| Pretax income | -$387.2M | $15.1M | -$45.8M | -$82.7M | — |
| Income tax expense | $2.4M | $1.7M | $0 | $0 | — |
| Net income | -$389.6M | $13.4M | -$45.8M | -$82.7M | -$37.1M |
| Balance Sheet | |||||
| Cash and equivalents | $156.9M | $220.9M | $139.7M | $281.3M | $76.6M |
| Current assets | $242.1M | $409.4M | $266.3M | $369.7M | $112.2M |
| Total assets | $406.7M | $895.1M | $703.0M | $643.4M | $183.0M |
| Current liabilities | $62.0M | $110.1M | $78.1M | $78.9M | $36.6M |
| Total liabilities | $171.2M | $280.4M | $215.0M | $196.0M | $54.5M |
| Total debt | — | $114.7M | — | — | — |
| Stockholders' equity | $235.5M | $614.7M | $488.1M | $447.4M | $128.4M |
| Cash Flow Statement | |||||
| Cash from operations | $32.9M | $45.5M | -$42.6M | -$94.4M | -$18.6M |
| Depreciation and amortization | $45.2M | $22.5M | $15.3M | $9.2M | $9.4M |
| Stock-based compensation | $8.6M | $12.9M | $11.0M | $9.4M | $5.2M |
| Capital expenditure | $37.4M | $86.3M | $175.5M | $178.0M | $13.8M |
| Free cash flow | -$4.6M | -$40.7M | -$218.1M | -$272.4M | -$32.4M |
| Impairments | $291.2M | $3.5M | — | — | — |
Shares outstanding 82.9M · Free float 75.4%
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.