Aspen Aerogels, Inc. (NYSE:ASPN) Q1 2023 Earnings Conference Call May 4, 2023 8:30 AM ET Company Participants Neal Baranosky - Senior Director, Corporate of Strategy & Finance Donald Young - President & CEO Ricardo Rodriguez - CFO Conference Call Participants Eric Stine - Craig-Hallum Ben Johnson - Piper Sandler Colin Rusch - Oppenheimer Jeffrey Osborne - Cowen George Gianarikas - Canaccord Genuity Christopher Souther - B. Riley Operator Good morning. Thank you for attending the Aspen Aerogels, Inc. Q1 2023 ...

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. ...

Financial Data and Key Metrics Changes - Q3 2022 revenue was $36.7 million, representing a 21% year-over-year growth [22] - Adjusted EBITDA was negative $23.2 million, compared to negative $7.8 million in Q3 2021 [29] - Net loss increased to $29.6 million or $0.75 per share, compared to a net loss of $7.8 million or $0.24 per share in the same quarter of 2021 [29] Business Line Data and Key Metrics Changes - EV thermal barrier revenues increased by 11% over the prior quarter to $11.9 million, and over 12-fold year-over-year [23] - Energy industrial revenues were $24.7 million, which was 16% lower than the same quarter last year and 29% lower than the previous quarter [24] - Material expenses for the quarter were $20.8 million, making up 57% of sales, which is over 10 percentage points higher than the long-term target [25] Market Data and Key Metrics Changes - Strong demand in LNG markets with several early wins in accelerated LNG projects [14] - Continued growth in North America and Latin America for LNG projects, with first shipments for the conversion of former drilling rigs to LNG assets [14] - High activity levels in the U.S., Europe, Asia, and Canada for refinery and petrochemical sectors [15] Company Strategy and Development Direction - The company aims to achieve a revenue target of $240 million in 2023 and $720 million in 2025 [11][17] - Focus on leveraging aerogel technology into diverse markets, including energy industrial and EV sectors [16] - Ongoing construction of Plant 2 in Georgia to support future revenue growth [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged supply chain challenges and inflationary pressures affecting operations [17] - Confidence in achieving 2023 revenue targets despite current market conditions [18] - Management emphasized the importance of strategic investors and government programs for financing growth [19][20] Other Important Information - The company published its inaugural ESG highlights report, emphasizing sustainability and corporate responsibility [21] - Capital expenditures for the year are expected to range between $200 million and $225 million [32] Q&A Session All Questions and Answers Question: Progress with European OEMs and potential awards - Management noted increased prototyping activity and clearer visibility on specific applications, expecting potential awards in 2023 [38][39] Question: Incremental revenue sources for the full year - Management indicated that Q4 revenue is expected to be around $20 million from EV thermal barriers, with the remainder coming from energy industrial products [44][45] Question: CO2 shortage impact and mitigation - Management confirmed ongoing CO2 shortages and described measures taken to increase storage capacity and manage supply [55][57] Question: Toyota's EV roadmap and potential volume increases - Management acknowledged ongoing engagement with Toyota and noted that current revenue plans only include awarded nameplates [66]