Aspen Aerogels (ASPN) Financial Statements & Analysis

Aspen Aerogels (ASPN) Income Statement

Aspen Aerogels reported revenue of $271.10M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 40.1% from $452.70M a year earlier. Aspen Aerogels posted a net loss of $389.55M, compared with net income of $13.38M a year earlier. Gross margin was 17.0% and operating margin -19.0%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $49.85M, down 36.1% from the same quarter a year earlier.

Aspen Aerogels Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Aspen Aerogels, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	271.10	452.70	238.72	180.36	121.62	100.27	139.38	104.36	111.63
Cost of Revenue	225.11	265.70	181.80	175.39	111.69	85.68	113.09	91.69	92.96
Gross Profit	46.00	182.90	56.92	4.98	9.94	14.59	26.28	12.67	18.67
Operating Expenses
Research & Development	13.42	18.05	16.36	16.93	11.44	8.73	8.41	6.32	6.18
Selling, General & Administrative	83.97	106.80	89.77	67.29	39.10	27.43	32.04	32.91	31.63
Operating Expenses	97.39	128.36	106.12	84.22	50.54	36.16	40.44	39.23	37.81
Operating Income	-51.39	54.54	-49.20	-79.25	-40.60	-21.57	-14.16	-33.92	-19.14
Other Income/Expense
Interest Income	0.00	0.00	6.53	1.62	0.00	0.00	0.00	0.00	0.00
Interest Expense	10.72	-11.96	-5.33	5.11	0.23	-0.24	0.41	0.52	0.19
Other Income/Expense	-325.05	-39.45	3.39	-3.49	3.51	-0.24	-0.41	-0.52	-0.19
Income
Income Before Tax	-387.16	15.09	-45.81	-82.74	-37.09	-21.81	-14.57	-34.44	-19.32
Income Tax Expense	2.39	1.71	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Income	-389.55	13.38	-45.81	-82.74	-37.09	-21.81	-14.57	-34.44	-19.32
Net Income - Continuous Operations	-389.55	13.38	-45.81	-82.74	-37.09	-21.81	-14.57	-34.44	-19.32
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	-331.29	84.67	-33.89	-68.41	-27.43	-11.37	-3.95	-23.13	-8.38
EBIT	-376.44	62.15	-49.20	-77.63	-36.87	-21.57	-	-	-
Depreciation & Amortization	45.16	22.53	15.32	9.22	9.44	10.20	10.21	10.79	10.75
Earnings Per Share
Basic EPS	-5.00	-	-1.00	-2.00	-1.00	-1.00	-	-1.00	-1.00
Diluted EPS	-5.00	-	-1.00	-2.00	-1.00	-1.00	-	-1.00	-1.00
Basic Shares Outstanding	82.33	77.54	69.44	39.36	30.43	26.38	24.10	23.74	23.39
Diluted Shares Outstanding	82.33	80.31	69.44	39.36	30.43	26.38	24.10	23.74	23.39

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Aspen Aerogels Financial Statements

What was Aspen Aerogels's revenue in fiscal 2025?

Aspen Aerogels reported revenue of $271.10M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 40.1% from $452.70M a year earlier.

Is Aspen Aerogels profitable?

No. Aspen Aerogels reported a net loss of $389.55M in fiscal 2025. In fiscal 2024 it earned $13.38M.

What is Aspen Aerogels's operating margin?

Aspen Aerogels's operating income was −$51.39M on revenue of $271.10M in fiscal 2025, an operating margin of -19.0%, compared with 12.0% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition