Group 1 - Aspen Aerogels reported a quarterly loss of $0.06 per share, better than the Zacks Consensus Estimate of a loss of $0.07, and compared to earnings of $0.01 per share a year ago, representing an earnings surprise of 14.29% [1] - The company posted revenues of $78.72 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 5.08%, and down from year-ago revenues of $94.5 million [2] - Aspen Aerogels shares have declined approximately 52.1% since the beginning of the year, contrasting with the S&P 500's decline of 4.3% [3] Group 2 - The earnings outlook for Aspen Aerogels is mixed, with the current consensus EPS estimate for the coming quarter at $0.02 on revenues of $89.53 million, and $0.13 on revenues of $395.71 million for the current fiscal year [7] - The Zacks Industry Rank for Building Products - Miscellaneous is currently in the top 38% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8] Group 3 - The estimate revisions trend for Aspen Aerogels is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Q1 2025 Financial Performance - Revenues decreased to $78.7 million, including $48.9 million from Thermal Barrier revenues and $29.8 million from Energy Industrial revenues, which increased by 3% year-over-year[11] - Net loss was $(301.2) million, which included a $286.6 million impairment charge for Plant II and $9.8 million of restructuring and demobilization costs[11, 12] - Adjusted EBITDA was $4.9 million[11] - Capital expenditure was reduced by 50% year-over-year to $13.0 million[11] - Operating cash flow was $5.6 million[11] - Gross margins were 29%[10] Cost Optimization and Outlook - Fixed costs were lowered by $35 million in February with a goal of further reduction to 2022 levels[9] - Q2 2025 outlook projects revenues between $70 million and $80 million and Adjusted EBITDA between $0 million and $7 million[17] - The company aims to reduce the revenue required for breakeven EBIT to $270 million[21] Market Trends and Strategy - GM and Honda accounted for approximately 16.6% of all electric vehicles sold in the United States year-to-date in 2025[31] - Global EV production is projected to increase at a 17% compound annual growth rate (CAGR) through 2030[40]

Exhibit 99.1 Aspen Aerogels, Inc. Reports First Quarter 2025 Financial Results and Recent Business Highlights For Immediate Release Delivered revenues of $78.7 million and operating cash flow of $5.6 million New PyroThin award with leading American OEM for next-gen prismatic LFP vehicle platform NORTHBOROUGH, Mass., May 8, 2025 — Aspen Aerogels, Inc. (NYSE: ASPN) ("Aspen" or the "Company"), a technology leader in sustainability and electrification solutions, today announced financial results for the first q ...

Core Insights - Aspen Aerogels reported total revenues of $78.7 million for Q1 2025, a decrease of 17% compared to $94.5 million in Q1 2024 [2][6] - The company experienced a net loss of $301.2 million, which included a significant impairment charge of $286.6 million related to the demobilization of a planned manufacturing plant [3][21] - Adjusted EBITDA for Q1 2025 was $4.9 million, down from $12.9 million in Q1 2024 [4] Financial Performance - Revenue breakdown: Thermal Barrier segment generated $48.9 million (25% decrease YoY), while Energy Industrial segment saw $29.8 million (3% increase YoY) [6] - Gross margins were reported at 29%, reflecting an eight-percentage point decrease year-over-year [6] - Operating cash flow for the quarter was $5.6 million, with cash and equivalents at the end of the quarter totaling $192.0 million [6][24] Business Developments - Aspen secured a new PyroThin contract with a leading American OEM for a next-gen prismatic lithium iron phosphate (LFP) vehicle platform, with production expected to start in 2028 [5][6] - The company is focusing on optimizing its cost structure and fortifying its supply chain to enhance financial performance [5] Q2 2025 Financial Outlook - Revenue is projected to range between $70 million and $80 million, with a net loss expected between $11 million and $4 million [7] - Adjusted EBITDA is anticipated to be between breakeven and $7 million [7] - Capital expenditures, excluding costs related to the Statesboro plant, are expected to be less than $10 million [7]

Industry Overview - The Zacks Building Products - Miscellaneous industry is facing challenges from a weak real estate market and inflation-driven consumer uncertainty, with high mortgage rates and limited housing inventory suppressing demand [1][6] - Tariff-related cost inflation is expected to compress margins, particularly due to elevated input prices for iron, steel, and copper [1][4] Government Infrastructure Spending - Increased government infrastructure spending is providing support to companies in the industry, despite potential challenges from macroeconomic uncertainties and rising raw material costs [2][7] - The U.S. administration's focus on infrastructure modernization and climate-resilient initiatives is expected to benefit industry players [8] Trends Impacting the Industry - Tariff policies are reshaping the industry by increasing costs and disrupting supply chains, contributing to broader inflationary pressures [4] - The National Association of Home Builders estimates that tariffs have added approximately $10,900 to the cost of constructing a new home [4] - Construction input costs surged at a 9.7% annualized pace in the first quarter of 2025, driven by tariff-related pressures [4] Company Performance and Strategies - Companies like Quanex Building Products Corporation, Frontdoor, Gibraltar Industries, and Aspen Aerogels are leveraging operational excellence, geographic and product diversification, and strategic acquisitions to navigate challenges [2][9] - Quanex reported a 67.3% year-over-year increase in consolidated sales due to the acquisition of Tyman, contributing $175.7 million in revenue [22][23] - Frontdoor has seen a 15% year-over-year increase in its DTC member base, driven by effective digital marketing and brand relaunch strategies [26][27] - Gibraltar is benefiting from government investments and operational improvements, with an upward revision of 2025 earnings estimates indicating 15.8% year-over-year growth [30][31] - Aspen Aerogels achieved 90% revenue growth and $90 million in adjusted EBITDA, driven by strong demand in its PyroThin Thermal Barriers business [34][35] Industry Performance Metrics - The Zacks Building Products - Miscellaneous industry currently holds a Zacks Industry Rank of 139, placing it in the bottom 43% of over 250 Zacks industries [10][12] - The industry has underperformed the Zacks S&P 500 Composite and the broader Zacks Construction sector, losing 11.1% over the past year compared to the sector's 5.4% decrease [14] - The industry's forward 12-month price-to-earnings ratio is 15.27X, lower than the S&P 500's 20.81X and the sector's 17.33X [17]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Aspen Aerogels (ASPN) as a strong candidate for value investors due to its favorable metrics and Zacks Rank [3][6]. Value Investing - Value investing is a popular strategy that relies on fundamental analysis and traditional valuation metrics to identify undervalued stocks [2]. - The P/S ratio is a preferred metric for value investors, as it is less susceptible to manipulation compared to earnings [4]. Aspen Aerogels (ASPN) Metrics - Aspen Aerogels currently has a Zacks Rank of 2 (Buy) and an A grade for Value, indicating it is among the strongest value stocks available [3]. - ASPN has a P/S ratio of 0.95, significantly lower than the industry average of 1.52, suggesting it is undervalued [4]. - The P/CF ratio for ASPN is 9.60, which is attractive compared to the industry's average of 12.31, indicating a solid cash outlook [5]. - Over the past year, ASPN's P/CF has fluctuated between a high of 75.47 and a low of -332.05, with a median of 25.87 [5]. - These metrics contribute to ASPN's strong Value grade and suggest it is likely undervalued at present [6].

Revenue Growth - Total revenue for the years ended December 31, 2024, 2023, and 2022 was $452.7 million, $238.7 million, and $180.4 million, respectively, representing a significant year-over-year growth [29]. - Revenue from thermal barrier aerogel products reached $306.8 million in 2024, a significant increase from $110.1 million in 2023 and $55.6 million in 2022, indicating strong growth in demand [46]. - Total revenue from outside the United States amounted to $194.2 million, representing 43% of total revenue in 2024 [76]. - Revenue from the top ten direct customers represented 84% of total revenue in 2024, 80% in 2023, and 72% in 2022 [142]. - GM and Distribution accounted for 64% and 6% of total revenue in 2024, respectively; 41% and 14% in 2023; and 25% and 22% in 2022 [142]. Product Demand and Market Position - PyroThin thermal barriers sales reached $306.8 million in 2024, up from $110.1 million in 2023 and $55.6 million in 2022, indicating a strong demand in the EV market [16]. - The company’s aerogel insulation products provide two to five times the thermal performance of traditional insulation, positioning them competitively in the market [45]. - The company is developing carbon aerogel technology to enhance lithium-ion battery performance, aiming to reduce charging time to 5-10 minutes [17]. - The company’s aerogel thermal barrier technology is designed to mitigate thermal runaway in lithium-ion battery systems, providing critical safety and performance benefits [18][37]. - The company is focusing on the EV market, having entered into contracts with major automotive manufacturers like GM and Toyota for thermal barrier products [120]. Manufacturing and Production Capacity - The company plans to achieve target revenue capacity in 2025 through productivity improvements and external manufacturing capabilities [27][28]. - The company has increased manufacturing capacity and productivity at its East Providence facility since 2008, with plans for further improvements to meet expected demand for aerogel products by 2025 [84][86]. - The company employs a flexible supply strategy, including external manufacturing capabilities in China, to enhance production capacity [86]. - The company has contracted with a manufacturer in China to produce supplemental supply of its Pyrogel XTE and Cryogel Z products [88]. - The company has ceased construction of a second manufacturing plant in Statesboro, Georgia, and is assessing options to derive value from the assets [86]. Financial Performance and Challenges - Aspen Aerogels reported a net income of $13.4 million for the fiscal year ended December 31, 2024, following net losses of $45.8 million and $82.7 million for the years ended December 31, 2023 and 2022, respectively [116]. - The company has an accumulated deficit of $660.2 million as of December 31, 2024, indicating ongoing financial challenges [116]. - The company anticipates significant cash outlays during 2025 for maintaining aerogel manufacturing operations, highlighting the need for additional capital [117]. - The company’s ability to generate positive cash flow in future years is uncertain, and it may need to raise additional capital to achieve expected growth [128]. - The company is seeking partnerships with industry leaders to optimize its proprietary carbon aerogels for lithium-ion batteries, previously entering an evaluation agreement with SKC Co., Ltd. [199]. Market Risks and Competition - The company operates in a competitive environment, facing increasing competition in both the thermal barrier and energy industrial insulation markets [37][38]. - The company faces significant competition in the automotive industry, particularly from established Chinese firms with more experience in supplying EV OEMs [124]. - The company’s thermal barrier products may face reduced demand if automotive OEMs shift to less thermally demanding cell chemistries [131]. - The company is exposed to credit risk from direct customers, including distributors and contractors, which may lead to non-payment for products [211]. - The company faces substantial competition in the EV battery materials market, with competitors having greater name recognition and larger customer bases, which may hinder customer attraction and retention [196]. Supply Chain and Material Costs - Material costs accounted for 38%, 36%, and 51% of product revenue for the years ended December 31, 2024, 2023, and 2022, respectively, highlighting a focus on cost management [53]. - The company plans to expand the supply of raw materials by securing commitments from existing suppliers and identifying additional suppliers to meet the expected demand for PyroThin thermal barriers in the EV market [161]. - The company has expanded its supplier base beyond North America to Europe and Asia, specifically China, to mitigate supply chain risks [162]. - The company experienced significant increases in the costs of certain silica precursor materials, which constituted over 50% of its raw material costs during the years ended December 31, 2018, and December 31, 2021 [157]. - The company’s operations are subject to various geopolitical and economic risks, including trade relations and foreign exchange fluctuations [136]. Strategic Initiatives and Future Outlook - The company aims to leverage its Aerogel Technology Platform to develop innovative products for applications beyond the insulation market, targeting new high-value markets [47]. - The company plans to expand its sales force and business development resources globally to support anticipated growth in customers and demand [64]. - The company is planning to expand operations outside the United States, which introduces additional economic and political risks [116]. - The company may consider strategic acquisitions to grow its business, which would require significant capital and increase future operational costs [118]. - The company’s growth in the EV market is highly dependent on consumer acceptance and willingness to purchase EVs [190].

Financial Data and Key Metrics Changes - Revenue for Q4 2024 reached $453 million, representing a 90% increase year-over-year, with adjusted EBITDA of $90 million, up from a loss of $23 million in 2023 [10][22][27] - Net income for the quarter was $13 million, compared to a loss in the previous year [10][28] - Gross profit margins for the year were 40%, with Q4 margins at 38% [26][27] Business Line Data and Key Metrics Changes - PyroThin Thermal Barriers revenue increased significantly from $110 million in 2023 to $307 million in 2024 [10][11] - Energy Industrial revenue in Q4 was $53 million, a 70% year-over-year increase, with a total of $145.9 million for the year, reflecting a 13% increase [23][32] - EV thermal barrier revenue reached $306.8 million in 2024, a 179% increase year-over-year [24][26] Market Data and Key Metrics Changes - The company noted a strong demand in the Energy Industrial market, particularly in subsea, refining, LNG, and power generation sectors [32][124] - The EV market is experiencing a reset in demand expectations, particularly in North America and Europe, with a cautious outlook for 2025 [35][111] Company Strategy and Development Direction - The company plans to cease construction of Plant II in Georgia and maximize capacity at the East Providence facility while utilizing external manufacturing [16][38] - A focus on reducing fixed costs by at least $8 million per quarter is underway, aiming to return to 2023 levels [17][67] - The company is positioned to leverage its aerogel technology into large dynamic markets, with a focus on profitable growth [51][92] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the electrification trend driving growth in both Thermal Barrier and Energy Industrial businesses [50][51] - The outlook for Q1 2025 anticipates revenues between $75 million and $95 million, with a cautious approach due to inventory levels at GM [42][46] - The company is prepared to adapt to changing market conditions and believes it can capture significant opportunities in 2025 [21][41] Other Important Information - The company ended 2024 with over $220 million in cash, providing flexibility for future investments and potential shareholder returns [15][30] - The transition to external manufacturing has been successful, allowing for better alignment with global demand [12][32] Q&A Session Summary Question: Long-term financial profile and business model expectations - Management aims for gross margins above 35% and EBITDA margins over 20%, leveraging external manufacturing for flexibility [55][56] Question: Timing of cost savings realization - Structural cost reductions of $8 million per quarter are expected to begin in Q2 2025, with initial restructuring charges reflected in Q1 guidance [67][68] Question: GM inventory normalization - Management indicated that GM's inventory levels are expected to normalize in Q1, with potential ramp-up in production in subsequent quarters [75][80] Question: Capital deployment and equipment from Statesboro - Some equipment from the Statesboro facility will be moved to Rhode Island to enhance throughput, with plans to capitalize on remaining assets [88][90] Question: LNG market outlook for 2025 - The LNG business is expected to strengthen, with a potential increase in revenue contribution from this segment [121][124]

February 13, 2025 ASPEN AEROGELS Q4 AND FULL YEAR 2024 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 t ...

Core Viewpoint - Aspen Aerogels reported quarterly earnings of $0.15 per share, exceeding the Zacks Consensus Estimate of $0.09 per share, and showing a significant improvement from a loss of $0.01 per share a year ago, indicating a strong earnings surprise of 66.67% [1] Financial Performance - The company achieved revenues of $123.09 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.72% and showing a year-over-year increase from $84.22 million [2] - Over the last four quarters, Aspen Aerogels has consistently exceeded consensus EPS estimates [2] Stock Performance and Outlook - Aspen Aerogels shares have increased by approximately 2.2% since the beginning of the year, while the S&P 500 has gained 3.2% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the sustainability of the recent earnings numbers [3][4] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $0.06 on revenues of $102.21 million, and for the current fiscal year, it is $0.53 on revenues of $505.06 million [7] - The estimate revisions trend for Aspen Aerogels is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Building Products - Miscellaneous industry, to which Aspen Aerogels belongs, is currently ranked in the bottom 44% of over 250 Zacks industries, suggesting potential challenges ahead [8] - The performance of Aspen Aerogels may also be influenced by the overall outlook for the industry [8]