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]

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]