Aspen Aerogels, Inc. (NYSE:ASPN) Q3 2023 Earnings Conference Call November 2, 2023 8:30 AM ET Company Participants Neal Baranosky – Senior Director of Corporate Strategy and Finance Don Young – President and Chief Executive Officer Ricardo Rodriguez – Chief Financial Officer Conference Call Participants Colin Rusch – Oppenheimer Eric Stine – Craig-Hallum Alex Potter – Piper Sandler Jeff Osborne – TD Cowen George Gianarikas – Canaccord Chris Souther – B. Riley Tom Curran – Seaport Research Partners Operator ...

November 2, 2023 ASPEN AEROGELS Q3 2023 FINANCIAL RESULTS CALL Disclaimer on Forward Looking Statements ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36481 ASPEN AEROGELS, INC. (Exact name of registrant as specified in its charter) Delaware 04-3559972 (State or other juris ...

Aspen Aerogels, Inc. (NYSE:ASPN) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET Company Participants Neal Baranosky - Senior Director of Corporate of Strategy & Finance Donald Young - President & Chief Executive Officer Ricardo Rodriguez - Chief Financial Officer Conference Call Participants Eric Stine - Craig-Hallum Alex Potter - Piper Sandler Jeffrey Osborne - TD Cowen George Gianarikas - Canaccord Genuity Christopher Souther - B. Riley Thomas Curran - Seaport Amit Dayal - H.C. Wainwright Coli ...

Financial Performance - Revenue for the six months ended June 30, 2023, was $93.7 million, an increase of $9.7 million, or 12%, from $84.0 million for the same period in 2022[116]. - Net loss for the six months ended June 30, 2023, was $32.2 million, with a net loss per share of $0.47, compared to a net loss of $43.5 million and a net loss per share of $1.27 for the same period in 2022[116]. - Adjusted EBITDA for the six months ended June 30, 2023, was $(24.8) million, an improvement from $(33.0) million for the same period in 2022[126]. - Total revenue for the three months ended June 30, 2023, increased by $2.6 million, or 6%, to $48.2 million compared to $45.6 million in the same period in 2022[147]. - Gross profit increased by $9.6 million, or 794%, to $8.4 million for the three months ended June 30, 2023, compared to a gross loss of $1.2 million in the same period in 2022[156]. - Total revenue increased by $9.7 million, or 12%, to $93.7 million for the six months ended June 30, 2023, from $84.0 million in the comparable period in 2022[166]. - Gross profit increased by $16.5 million, or 550%, to $13.5 million for the six months ended June 30, 2023, from a gross loss of $3.0 million in the comparable period in 2022[175]. Revenue Breakdown - Energy industrial revenue for the three months ended June 30, 2023, increased by $0.6 million, or 2%, to $35.5 million, while thermal barrier revenue increased by 17% to $12.6 million[149][151]. - Energy industrial revenue increased by $3.7 million, or 6%, to $69.4 million for the six months ended June 30, 2023, from $65.7 million in the same period in 2022[168]. - Thermal barrier revenue was $24.3 million for the six months ended June 30, 2023, compared to $18.4 million for the same period in 2022[170]. Cost and Expenses - Total cost of revenue decreased by $7.1 million, or 15%, to $39.8 million for the three months ended June 30, 2023, compared to $46.9 million in the same period in 2022[153]. - Energy industrial cost of revenue decreased by $2.9 million, or 10%, to $26.0 million, attributed to a $5.5 million decrease in material costs[154]. - Thermal barrier cost of revenue decreased by $4.2 million to $13.8 million, driven by a $3.2 million decrease in material costs[155]. - Total cost of revenue decreased by $6.7 million, or 8%, to $80.3 million for the six months ended June 30, 2023, from $87.0 million in the comparable period in 2022[172]. - Energy industrial cost of revenue decreased by $5.7 million, or 10%, to $51.0 million for the six months ended June 30, 2023, from $56.7 million in the same period in 2022[173]. Operating Expenses - Operating expenses are expected to increase in absolute dollars but remain consistent as a percentage of revenue in 2023[137]. - Research and development expenses are projected to increase in both absolute dollars and as a percentage of revenue in 2023[138]. - Research and development expenses decreased by $0.5 million, or 11%, to $4.0 million for the three months ended June 30, 2023, from $4.5 million in the same period in 2022[157]. - Sales and marketing expenses increased by $0.5 million, or 6%, to $8.1 million for the three months ended June 30, 2023, from $7.6 million in the same period in 2022[159]. - General and administrative expenses increased by $4.0 million, or 43%, to $13.4 million for the three months ended June 30, 2023, from $9.4 million in the same period in 2022[161]. - Sales and marketing expenses increased by $2.2 million, or 16%, to $15.9 million for the six months ended June 30, 2023, compared to $13.7 million in the same period in 2022[178]. - General and administrative expenses rose by $9.0 million, or 54%, to $25.6 million for the six months ended June 30, 2023, from $16.6 million in the comparable period in 2022[180]. Cash Flow and Investments - Cash and cash equivalents balance as of June 30, 2023, was $134.3 million, sufficient to support current operating requirements and initial capital expenditures[186]. - Net cash used in operating activities decreased to $32.3 million for the six months ended June 30, 2023, from $32.9 million in the comparable period in 2022[189]. - Net cash used in investing activities increased to $115.4 million for the six months ended June 30, 2023, compared to $52.4 million in the same period in 2022[191]. - The company has a convertible note outstanding with a principal balance of $113.0 million, bearing interest at SOFR plus 5.50% per annum if paid in cash[204]. - The company has $0.3 million of restricted cash to support outstanding letters of credit for commercial contracts[204]. Future Outlook and Strategy - The company is expanding aerogel manufacturing capacity and has plans for a second manufacturing plant in Georgia, with a target revenue capacity of approximately $550.0 million in 2024[115]. - The company expects to maintain strong revenue growth in 2023, driven by post-COVID recovery in the energy industrial market and accelerating demand in the electric vehicle market[128]. - The company plans to achieve a target revenue capacity of approximately $550.0 million in 2024, supported by productivity improvements and contract manufacturing strategies[184]. - The company is increasing investment in research and development for next-generation aerogel products and technologies, particularly for the electric vehicle market[185]. - The company expects future growth in the aerogel products market, particularly in the electric vehicle market, energy infrastructure insulation, and lithium-ion battery thermal barrier markets[197]. - The company anticipates capacity expansion with the planned construction of a second manufacturing facility in Georgia, aligning with demand from electric vehicle customers[198]. - The company believes in the commercial potential of its technology in the electric vehicle market and aims to increase revenue through contracts with major U.S. automotive manufacturers[198]. Market Risks - The company does not believe inflation has materially affected its results of operations but acknowledges potential future impacts[205]. - The company is exposed to market risks, including fluctuations in interest rates and potential exchange rate risks as it expands internationally[202]. - The company expects to manage capital expenditures and working capital balances effectively to support future growth[198].

Financial Data and Key Metrics Changes - The company reported Q1 2023 revenues of $45.6 million, representing a 19% year-over-year growth [28] - Adjusted EBITDA was negative $13.9 million, an improvement from negative $14.6 million in Q1 2022, indicating a 5% reduction in EBITDA loss year-over-year [33] - The net loss for Q1 2023 decreased to $16.8 million or $0.24 per share, compared to a net loss of $19.5 million or $0.59 per share in the same quarter of 2022 [34] Business Line Data and Key Metrics Changes - Energy industrial revenues for Q1 were $33.9 million, which is 2% lower than the previous quarter but 10% higher year-over-year [28] - EV thermal barrier revenues were $11.7 million, reflecting a 53% year-over-year increase but a 54% decrease quarter-over-quarter due to a prior supplemental order from General Motors [29] Market Data and Key Metrics Changes - The company anticipates a strong energy industrial backlog with purchase orders for 2023 amounting to approximately $180 million [11] - The expected thermal barrier revenue for 2023 is projected to be between $70 million and $100 million, with a significant ramp-up expected in 2024 [13] Company Strategy and Development Direction - The company aims to balance demand, supply, and financing while focusing on profitability and capital preservation during potential economic uncertainty [12] - A manufacturing agreement with a Chinese aerogel manufacturer is expected to support the energy industrial business starting January 2024, allowing the company to dedicate its existing manufacturing capacity to EV thermal barriers [14] - The strategy includes right-timing the construction of Plant 2 to align with the revenue ramp of EV OEMs, with an estimated revenue capacity of $500 million to $600 million [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revenue outlook of $200 million to $250 million for 2023, driven by a strong backlog and expected growth from EV customers [8] - The company is taking a conservative approach to capital expenditures, reducing them to less than $150 million for 2023 while focusing on generating positive cash flow [22] - Management highlighted ongoing discussions with lawmakers regarding safety regulations for battery electric vehicles, indicating a proactive approach to regulatory changes [18] Other Important Information - The company has a cash balance of $207.5 million at the end of Q1 2023, which, combined with a $100 million loan commitment from General Motors, provides significant liquidity [25] - The company has refrained from selling equity below the share price of its most recent offering, indicating a focus on minimizing dilution [27] Q&A Session Summary Question: Breakdown of the $3 billion target for awards - Management indicated that the $3 billion figure represents a handful of opportunities, with potential for larger future awards as OEM vehicle rollout plans become clearer [54][55] Question: Considerations for contract manufacturing and IP protection - Management confirmed that the contract manufacturing agreement will meet their specifications and quality standards, with a strong focus on protecting intellectual property [56][57] Question: Competitive landscape for thermal management solutions - Management noted that while there are multiple entrants in the market, the technical dialogue required for awards is complex, and the company feels well-positioned against competitors [66][68] Question: Financing options and market dynamics - Management emphasized a focus on financing options that minimize dilution, with a clear line of sight to existing financing opportunities [70]

May 4, 2023 ASPEN AEROGELS Q1 2023 FINANCIAL RESULTS CALL Disclaimer on Forward Looking Statements This presentation and any related discussion contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements, including statements relating to Aspen's 2023 finan ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36481 ASPEN AEROGELS, INC. (Exact name of registrant as specified in its charter) Delaware 04-3559972 (State or other jurisdict ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36481 ASPEN AEROGELS, INC. (Exact name of registrant as specified in its charter) Delaware 04-3559972 (State or other jurisdiction o ...

Aspen Aerogels, Inc. (NYSE:ASPN) Q4 2022 Earnings Conference Call February 16, 2023 8:30 AM ET Company Participants Laura Guerrant - VP, IR and Corporate Communications Don Young - President and CEO Ricardo Rodriguez - CFO Conference Call Participants Eric Stine - Craig-Hallum Colin Rusch - Oppenheimer Chris Souther - B. Riley Alex Potter - Piper Sandler George Gianarikas - Canaccord Genuity Jeff Osborne - Cowen Amit Dayal - H.C. Wainwright Operator Good morning. Thank you for attending Aspen Aerogels, Inc. ...