Core Insights - The company is adjusting to a resetting electric vehicle (EV) market, streamlining operations, and focusing on maximizing shareholder value through strategic reviews and organizational changes [1][4][10] Electric Vehicle Market - U.S. EV sales significantly dropped in Q4 2025, prompting GM to reduce EV production rates, with expectations for a more measured growth in EV demand in 2026 [4] - GM's Cadillac division saw nearly 30% of total sales from EVs in 2025, indicating a commitment to long-term EV success despite current market challenges [4] European Market Dynamics - The European market shows stronger structural drivers for the company's PyroThin thermal barrier segment, with key factors including market penetration and charging infrastructure [5] - The company anticipates significant revenue contributions from Europe starting in 2027, with a projected pipeline of approximately $220 million for 2027 and over $450 million for 2028 [19][20] Energy Industrial Segment Growth - The Energy Industrial segment generated $102 million in revenue for 2025, primarily from maintenance and limited LNG work, with expectations for 20% growth in 2026 driven by subsea projects, LNG activities, and pent-up maintenance demand [6][9][12] - The company aims to scale the Energy Industrial segment to a $200 million high-margin business without requiring additional capital investment [9][10] Financial Performance - Q4 2025 revenue was $41.3 million, with a GAAP net loss of $72.9 million and adjusted EBITDA of negative $18 million, reflecting lower production volumes and increased costs [12][13] - Full-year 2025 revenue totaled $271.1 million, with a GAAP net loss of $389.6 million, while cash and cash equivalents at year-end were approximately $158.6 million [14] Strategic Initiatives - The company is conducting a strategic review to optimize its growth strategy and capital allocation, focusing on maintaining a strong balance sheet and operational progress [10][11][22] - The adjusted EBITDA breakeven level is projected to decline from $270 million in 2025 to approximately $200 million in 2026, with further reductions expected by 2027 [17][18] Future Outlook - For Q1 2026, the company expects total revenue between $35 million and $40 million, with anticipated sequential revenue growth throughout the year supported by increased GM production and European OEM programs [15][16] - The company is exploring opportunities in battery energy storage systems, indicating potential for future revenue growth in this segment [27][45]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $41.3 million, with a GAAP net loss of $72.9 million and adjusted EBITDA of negative $18 million [15][16] - Full year 2025 revenue totaled $271.1 million, with a GAAP net loss of $389.6 million and adjusted EBITDA of $2.9 million, reflecting a gross margin of 17% [17] - The company ended 2025 with approximately $159 million in cash and a strong net cash position [12][17] Business Line Data and Key Metrics Changes - Revenue from the energy industrial segment in 2025 was $102.2 million, while the thermal barrier segment contributed $168.9 million [17] - The energy industrial segment is expected to grow by 20% in 2026, driven by subsea projects, LNG activities, and pent-up maintenance demand [10][11] Market Data and Key Metrics Changes - In Europe, battery electric vehicles now represent over 20% of new vehicle registrations, with a projected EV penetration of nearly 40% by 2030 [7][23] - The company has secured seven design wins with European OEMs, including a recent award from Volvo Car [8] Company Strategy and Development Direction - The company is undergoing a strategic review to maximize shareholder value and align its growth strategy with capital allocation priorities [14][26] - The focus is on expanding into battery energy storage systems and leveraging existing technology for new market opportunities [11][12][26] Management's Comments on Operating Environment and Future Outlook - Management noted a significant drop in U.S. EV sales in Q4 2025 and anticipates a reset in demand for EVs in the first half of 2026 [5][6] - The company expects to see sequential revenue growth throughout 2026, supported by increased GM production and European OEM programs [19][20] Other Important Information - The company has reduced fixed cash costs by approximately $75 million annually and aims to lower its adjusted EBITDA breakeven to $200 million by the end of 2026 [13][21] - A payment of nearly $38 million from General Motors is expected in March, related to a commercial settlement [12] Q&A Session Summary Question: Clarification on awarded numbers for 2027 and 2028 - The numbers provided for 2027 and 2028 reflect full customer volumes as per customer data [32] Question: Insights on battery storage opportunities - Contributions from energy storage will be in addition to the anticipated 20% growth in the energy industrial segment [35] Question: Interest in stationary storage products - The company is engaged in both large-scale external systems and modular rack-level systems, focusing on safety attributes [40][41] Question: Market share trends in energy industrial - The lack of project work in 2025 was a significant factor in the previous year's performance, but a robust pipeline is expected for 2026 and beyond [46][49] Question: Growth potential in Europe - The company is working with multiple battery cell manufacturers, reducing dependency on any single supplier, which enhances confidence in the European market [52] Question: Adjacent growth opportunities beyond BESS - The company is exploring opportunities in building materials, particularly in Europe, leveraging its thermal performance characteristics [56][58] Question: Strategic review process and timeline - The strategic review is in early stages, focusing on growth acceleration and maintaining optionality for the business [60][62]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $41.3 million, with a GAAP net loss of $72.9 million and adjusted EBITDA of negative $18 million [15][16] - For the full year 2025, revenue totaled $271.1 million, with a GAAP net loss of $389.6 million and adjusted EBITDA of $2.9 million, reflecting a gross margin of 17% [17] - The company ended 2025 with approximately $159 million in cash and cash equivalents, indicating strong liquidity [12][17] Business Line Data and Key Metrics Changes - Revenue from the energy industrial segment in 2025 was $102.2 million, while thermal barrier revenue was $168.9 million [17] - The energy industrial segment is expected to grow by 20% in 2026, driven by subsea projects, LNG activities, and pent-up maintenance demand [9][10][11] Market Data and Key Metrics Changes - In Europe, battery electric vehicles now represent over 20% of new vehicle registrations, with a projected EV penetration of nearly 40% by 2030 [7][23] - The company has secured seven design wins with European OEMs, including a recent award from Volvo Car, indicating strong market engagement [8] Company Strategy and Development Direction - The company is undergoing a strategic review to maximize shareholder value, focusing on operational efficiency and capital allocation [14][26] - Plans include scaling the energy industrial segment to a $200 million high-margin business without significant capital investment [11][25] - The company aims to leverage its aerogel technology into adjacent markets, including battery energy storage systems, as part of its long-term growth strategy [12][26] Management's Comments on Operating Environment and Future Outlook - Management noted a significant drop in U.S. EV sales in Q4 2025 and anticipates a reset in the EV market, with a gradual recovery expected [5][6] - The company expects to see sequential revenue growth through 2026, supported by increased GM production and European OEM program contributions [19][20] Other Important Information - The company has reduced fixed cash costs by approximately $75 million annually and aims to lower its adjusted EBITDA breakeven to $175 million of revenue by 2027 [13][21] - A payment of nearly $38 million from General Motors is expected in March, related to a commercial settlement [12] Q&A Session Summary Question: Clarification on awarded numbers for 2027 and 2028 - The numbers provided for 2027 and 2028 reflect full customer volumes as per customer data, with GM expected to remain a significant contributor [32][34] Question: Insights on battery storage opportunities - The company is deep in qualification and bidding for battery storage projects, with anticipated revenue beginning in 2026, separate from the energy industrial growth [35] Question: Market share trends in the energy industrial segment - The lack of project work in 2025 was identified as a key factor for reduced growth, but a robust pipeline for 2026 and beyond is expected to drive recovery [46][49] Question: European market dynamics and battery manufacturers - The company is working with a diverse range of battery cell manufacturers, which provides a more robust outlook for the European market [52] Question: Adjacent growth opportunities beyond battery energy storage - The company is exploring opportunities in building materials, leveraging its thermal performance characteristics, particularly in Europe [56][58] Question: Strategic review process and timeline - The strategic review is in early stages, focusing on growth acceleration and exploring all strategic opportunities while maintaining flexibility [60][62]

February 25, 2026 ASPEN AEROGELS Operational momentum supported by a strengthened balance sheet Q4 & FY 2025 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 forwa ...

Core Insights - Aspen Aerogels reported a revenue of $73.02 million for the quarter ended September 2025, reflecting a year-over-year decline of 37.8% and an EPS of -$0.06 compared to $0.11 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $74.39 million, resulting in a surprise of -1.85% [1] - The company did not deliver an EPS surprise, with the consensus EPS estimate being $0 [1] Financial Performance Metrics - Revenue from the Energy Industrial segment was $24.3 million, below the estimated $26.48 million, representing a year-over-year decline of 9.3% [4] - Revenue from the Thermal Barrier segment was $48.7 million, exceeding the estimated $46.81 million, but showing a significant year-over-year decline of 46.3% [4] - Gross Profit for the Thermal Barrier segment was reported at $11.93 million, lower than the estimated $15.15 million, while Gross Profit for the Energy Industrial segment was $8.87 million, also below the estimated $9.49 million [4] Stock Performance - Aspen Aerogels' shares have returned -10.8% over the past month, contrasting with the Zacks S&P 500 composite's increase of +1.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Q3 revenue was $73 million, a decline of $5 million or 6% quarter over quarter, primarily due to a 12% decrease in thermal barrier revenues to $48.7 million [14] - Gross profit decreased by 18% quarter over quarter to $20.8 million, with gross margin declining from 32.4% to 28.5% [14][15] - Adjusted EBITDA declined by $3.5 million quarter over quarter to $6.3 million in Q3 [15] Business Line Data and Key Metrics Changes - Thermal barrier segment gross margin was 24%, down from 31% in Q2, while energy industrial segment gross margin remained stable at 36% [15] - Energy industrial revenues increased by 7% to $24.3 million, indicating stabilization from recent lows [14] Market Data and Key Metrics Changes - North American EV sales reached record levels in Q3, but GM significantly reduced its EV production rates in October, indicating a shift in market dynamics [7][17] - GM's U.S. market share grew to 16.5%, second only to Tesla, but the company expects to determine natural EV demand early in 2026 [7][22] Company Strategy and Development Direction - The company aims to build a strong, profitable, capital-efficient business while diversifying into adjacent markets such as battery energy storage systems [6][12] - The focus is on leveraging Aerogels technology to expand into new verticals and enhance product offerings with complementary specialty materials [25][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging environment for EV OEMs and anticipates a reset in EV demand, with expectations for growth to resume from a lower base [28] - The energy industrial segment is expected to stabilize and grow, with a strong revenue trajectory anticipated in 2026 [11][28] Other Important Information - The company ended Q3 with $152.4 million in cash and equivalents, indicating a strong net cash position [16] - The company is engaging with lenders for near-term covenant relief due to the revised Q4 outlook [18] Q&A Session Summary Question: EBITDA break-even target - Management discussed the $200 million revenue target for EBITDA break-even, emphasizing the importance of production mix and cost reductions [30][31] Question: Growth in energy industrial segment - Management expressed optimism about growth in the energy industrial segment, projecting a return to higher revenue levels in 2026 [33][34] Question: European OEM award and potential volumes - The new European OEM award is expected to contribute significantly to revenue, with potential volumes projected for 2027 [39] Question: Demand for stationary storage - Management noted increasing demand for stationary storage systems and the company's readiness to meet this demand with existing technology [38] Question: Channel inventories and corrections - Management indicated progress in moving product through distribution channels, with improvements noted compared to earlier in the year [36] Question: CapEx maintenance - Management plans to maintain lower CapEx levels while ensuring efficient operations, with selective investments tied to returns [50]

November 6, 2025 ASPEN AEROGELS Q3 2025 FINANCIAL RESULTS CALL The presentation contains information regarding certain financial targets and outlook with respect to the Company. Such financial targets and outlook constitute forward looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial targets are inherently uncertain and are subject to a wide variety of significant bus ...

Core Insights - Aspen Aerogels reported a revenue of $78.02 million for the quarter ended June 2025, reflecting a decline of 33.8% year-over-year [1] - The company's EPS was -$0.04, a decrease from $0.21 in the same quarter last year [1] - Revenue exceeded the Zacks Consensus Estimate of $72.07 million by 8.26%, while EPS surpassed the consensus estimate of -$0.12 by 66.67% [1] Revenue Breakdown - Energy Industrial revenue was $22.8 million, significantly below the average estimate of $33.49 million, marking a year-over-year decline of 38.2% [4] - Thermal Barrier revenue reached $55.2 million, exceeding the average estimate of $37.69 million, but still represented a year-over-year decrease of 31.7% [4] Profit Metrics - Gross Profit for Thermal Barrier was $17.01 million, outperforming the average estimate of $7.61 million [4] - Gross Profit for Energy Industrial was $8.31 million, which was lower than the average estimate of $10.98 million [4] Stock Performance - Aspen Aerogels shares have returned +8.1% over the past month, compared to a +1.9% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Company Overview - Aspen Aerogels, Inc. is a technology leader in sustainability and electrification solutions, focusing on resource efficiency, e-mobility, and clean energy [3] - The company's aerogel technology supports customers in addressing global megatrends, particularly in the electric vehicle (EV) market [3] - Aspen's PyroThin® products are designed to tackle thermal runaway challenges in EVs, while its carbon aerogel initiative aims to enhance lithium-ion battery performance, reducing charging time and costs for EV manufacturers [3] Upcoming Events - Aspen Aerogels is scheduled to participate in the 25th Annual B. Riley Securities Investor Conference on May 21-22, 2025, at the Ritz-Carlton in Marina Del Rey, CA [1] - The company's President & CEO, Donald R. Young, and CFO & Treasurer, Ricardo C. Rodriguez, will host one-on-one and small group meetings with investors during the conference [2] Strategic Partnerships - Aspen aims to partner with world-class industry leaders to leverage its Aerogel Technology Platform® into additional high-value markets [3] - The company's Cryogel® and Pyrogel® products are recognized and valued by major energy infrastructure companies globally [3]

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $78.7 million, reflecting a 17% year-over-year decline, aligning with expectations for the quarter [15] - Adjusted EBITDA for Q1 was $4.9 million, with a negative adjusted operating income of $2.9 million [18] - Gross profit margins increased to 29%, but gross profit fell by 35% year-over-year to $22.8 million [17] Business Line Data and Key Metrics Changes - The Energy Industrial segment's revenue increased by 2% year-over-year to $29.8 million, indicating a modest recovery [15] - EV Thermal Barrier revenue decreased by 25% year-over-year to $48.9 million, attributed to lower vehicle production schedules [16] Market Data and Key Metrics Changes - The company noted a destocking trend in the distribution channel, which is expected to stabilize and lead to revenue growth in the second half of the year [10] - Major oil and gas companies maintained their capital expenditure guidance for 2025, providing a stable outlook for the Energy Industrial business [10] Company Strategy and Development Direction - The company aims to strengthen resilience by broadening commercial activities in EV thermal barriers and energy industrial businesses, optimizing the cost structure, and building a flexible supply chain [7][11] - The target for adjusted EBITDA breakeven is set at approximately $245 million in revenue, significantly lower than the previous year's levels [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of both core segments and adjacent markets, despite current uncertainties in the energy markets [11] - The company anticipates a revenue range of $70 million to $80 million for Q2, with a net income loss projected between $4 million and $11 million [29] Other Important Information - The company is actively working to mitigate tariff risks through pricing strategies and optimizing raw material sourcing [12][23] - The balance sheet remains strong with $192 million in cash and equivalents, providing flexibility for future operations [20] Q&A Session Summary Question: Plans for the Georgia facility - The company aims to capture value from the Georgia facility as soon as possible, with plans to sell equipment and hold an auction for the remainder [41][42] Question: Signals from customers regarding inventory clearing - Management noted a decrease in inventory levels held by distributors and contractors, indicating a potential revenue build-up in the second half of the year [44][45] Question: Trends in content per vehicle for thermal barriers - The company expects a decrease in content per vehicle due to the shift towards prismatic cell battery packs, but remains focused on maintaining gross margins [50][51] Question: Opportunities for European expansion - The company prefers to supply products from Mexico to European customers, leveraging existing investments and minimizing risks associated with European labor costs [55][56] Question: Engagement with South Korean EV OEMs - The company is actively engaged with South Korean OEMs and aims to partner with them for future product launches [64][65] Question: Timeline for additional OEM wins to impact P&L - Additional OEMs could contribute over $200 million in revenue by 2027, with production start dates for some awards expected in early 2028 [66]