Aspen Aerogels(ASPN) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2025 was $73.0 million, a 37.7% decrease from $117.3 million in Q3 2024[2] - Net loss for Q3 2025 was $6.3 million, an improvement of $6.7 million compared to a net loss of $13.0 million in Q3 2024[3] - Adjusted EBITDA for Q3 2025 was $6.3 million, down from $25.4 million in Q3 2024, reflecting a decrease of 75.2%[4] - Revenue for Q3 2025 was $73,017,000, a decrease of 37.8% compared to $117,340,000 in Q3 2024[25] - Gross profit for Q3 2025 was $20,799,000, down 57.5% from $49,043,000 in Q3 2024[25] - Net loss for Q3 2025 was $(6,334,000), compared to a net loss of $(12,970,000) in Q3 2024[30] - Adjusted EBITDA for Q3 2025 was $6,255,000, a decrease from $25,351,000 in Q3 2024[29] - Total operating expenses for Q3 2025 were $24,147,000, down from $31,643,000 in Q3 2024[25] - The full-year 2025 net loss outlook is projected between $(341,600,000) and $(333,600,000)[30] Revenue Outlook - The updated full-year 2025 revenue outlook is projected to be between $270 million and $280 million, down from the previous estimate of $297 million to $317 million[7] Cash Flow and Liquidity - The company ended Q3 2025 with cash and equivalents of $152.4 million and generated $15 million of operating cash flow[8] - Cash provided by operating activities for Q3 2025 was $16,737,000, an increase from $9,865,000 in Q3 2024[27] - The company reported a net decrease in cash of $(68,844,000) for the nine months ended September 30, 2025[27] Business Strategy and Operations - Aspen's strategy includes driving growth through innovation and building a profitable, capital-efficient business[6] - The company has taken actions to reduce fixed costs and improve operating efficiency throughout 2025[9] - The company anticipates a strong 2026 for its Energy Industrial business as project activity normalizes[6] Segment Performance - Thermal Barrier revenue was $48.7 million, a 12% decrease quarter-over-quarter, while Energy Industrial revenue increased by 7% to $24.3 million[8] - Research and development expenses for Q3 2025 were $2,494,000, down from $4,591,000 in Q3 2024[25] - Aspen received a PyroThin® Thermal Barrier contract from a major European OEM, with production expected to start in 2027[8] Share Information - The weighted-average common shares outstanding for Q3 2025 were 82,399,599, compared to 76,261,294 in Q3 2024[25]