Despite a net loss of $23.7M, the company reported a $34.1M operating cash inflow in 2026Q1, largely driven by favorable working capital shifts of $48.3M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | 61.38M | 32.87M | 45.55M | -42.61M | -94.4M | -18.63M | -9.92M | -1.05M | -8.65M | -4.61M | -578K | 5.36M | 6.65M | -13.69M | -25.88M | -15.13M | -12.97M |
| Operating CF Margin % | - | 12.13% | 10.06% | -17.85% | -52.34% | -15.32% | -9.9% | -0.76% | -8.29% | -4.13% | -0.49% | 4.37% | 6.49% | -15.9% | -40.78% | -35.01% | -45.33% |
| Operating CF Growth % | 266.44% | -27.83% | 206.89% | 54.86% | -406.76% | -87.71% | -841.56% | 87.82% | -87.89% | -696.89% | -110.79% | -19.39% | 148.57% | 47.11% | -71.09% | -16.61% | - |
| Net Income | -111.99M | -389.55M | 13.38M | -45.81M | -82.74M | -37.09M | -21.81M | -14.56M | -34.44M | -19.32M | -12.02M | -6.42M | -66.32M | -47.61M | -56.14M | -9.91M | -18.64M |
| Depreciation & Amortization | 19.48M | 45.16M | 22.53M | 18.18M | 9.22M | 9.44M | 10.2M | 10.21M | 10.79M | 10.75M | 9.85M | 9.89M | 10.18M | 10.06M | 9.68M | 4.63M | 5.63M |
| Stock-Based Compensation | 5.85M | 8.63M | 12.86M | 0 | 9.38M | 5.18M | 5M | 3.77M | 4.3M | 5.09M | 5.31M | 5.41M | 8.78M | 4.43M | 1.65M | 468K | 831K |
| Deferred Taxes | -522K | 0 | 0 | 0 | 0 | -3.82M | 325K | 0 | 10.28M | 0 | 0 | 0 | 119K | -4.99M | 3.87M | 53K | 0 |
| Other Non-Cash Items | -23.68M | 320.08M | 47.75M | 16.19M | 7.9M | 1.64M | 980K | 947K | -121K | -112K | 656K | -139K | 50.03M | 36.04M | 21.64M | 2.38M | 3M |
| Working Capital Changes | 99.33M | 48.56M | -50.96M | -31.17M | -38.16M | 6.03M | -4.62M | -1.42M | 540K | -1.02M | -4.38M | -3.38M | 3.86M | -11.62M | -6.58M | -12.76M | -3.79M |
| Change in Receivables | 37.27M | 70.3M | -39.36M | -12.55M | -37.04M | -4.64M | 16.23M | -6.69M | -1.72M | -8.7M | 3.09M | -2.64M | 838K | -4.81M | -6.8M | -5.97M | 232K |
| Change in Inventory | 25.68M | 9.3M | -8.36M | -16.65M | -10.55M | 1.11M | -4.33M | -1.45M | 1.6M | 3.95M | -6.34M | -1.64M | 2M | -547K | 3.18M | -652K | 1.59M |
| Change in Payables | -2.28M | -19.45M | 7.34M | 4.58M | 5.32M | 7.38M | -7.15M | 141K | 1.56M | 1.27M | 105K | 1.52M | 687K | -1.69M | 1.68M | 181K | -1.29M |
| Cash from Investing | -25.82M | -37.45M | -86.26M | -175.46M | -177.97M | -13.78M | -3.42M | -2.11M | -3.59M | -6.12M | -13.22M | -21.96M | -13.24M | -3.33M | -9.79M | -15.71M | -1.78M |
| Capital Expenditures | -25.82M | -37.45M | -86.26M | -175.46M | -177.97M | -13.78M | -3.42M | -2.11M | -3.59M | -6.12M | -13.22M | -21.96M | -13.24M | -3.33M | -10.24M | -11.34M | -1.64M |
| CapEx % of Revenue | 11.21% | 13.81% | 19.05% | 73.5% | 98.67% | 11.33% | 3.41% | 1.52% | 3.44% | 5.48% | 11.22% | 17.92% | 12.93% | 3.87% | 16.13% | 26.25% | 5.75% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.96M | 0 | 0 | 0 | 11.34M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.22M | -21.96M | -13.24M | 0 | 451K | -11.64M | -139K |
| Cash from Financing | -52.42M | -58.13M | 122.02M | 75.48M | 478.37M | 92.47M | 26.2M | 3.47M | 4.88M | 3.33M | -924K | -318K | 54.74M | 17.25M | 25.77M | 30.13M | 30.27M |
| Debt Issued (Net) | -53.9M | -59.23M | 25.59M | -623K | 100M | 0 | 563K | -1.06M | 431K | 3.72M | -68K | -80K | -19.93M | 18.12M | 26.19M | 9.72M | -269K |
| Equity Issued (Net) | 363K | 1.87M | 93.84M | 76.52M | 391.3M | 94.42M | 24.71M | 0 | -551K | 0 | 0 | 0 | 74.71M | 0 | 5K | 21.1M | 30.54M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -115K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -551K | -391K | -200K | -238K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.12M | -765K | 2.59M | -420K | -12.93M | -1.95M | 931K | 4.53M | 5M | -391K | -856K | -238K | -47K | -872K | -425K | -687K | 0 |
| Net Change in Cash | -16.85M | -62.71M | 81.31M | -142.59M | 206M | 60.07M | 12.86M | 306K | -7.37M | -7.39M | -14.72M | -16.91M | 48.15M | 231K | -9.9M | -702K | 15.51M |
| Free Cash Flow | 35.57M | -4.58M | -40.71M | -218.07M | -272.37M | -32.41M | -13.34M | -3.17M | -12.25M | -10.72M | -13.79M | -16.6M | -6.59M | -17.02M | -36.12M | -26.47M | -14.62M |
| FCF Margin % | 15.45% | -1.69% | -8.99% | -91.35% | -151.01% | -26.64% | -13.3% | -2.27% | -11.74% | -9.61% | -11.72% | -13.55% | -6.44% | -19.77% | -56.92% | -61.25% | -51.08% |
| FCF Growth % | 896.22% | 88.76% | 81.33% | 19.94% | -740.5% | -142.92% | -321.35% | 74.15% | -14.2% | 22.26% | 16.89% | -151.74% | 61.26% | 52.88% | -36.45% | -81.08% | - |
| FCF per Share | 0.43 | -0.06 | -0.51 | -3.14 | -6.92 | -1.06 | -0.51 | -0.13 | -0.52 | -0.46 | -0.60 | -0.72 | -0.29 | -0.74 | -2.34 | -1.71 | -0.95 |
| FCF Conversion (FCF/Net Income) | -0.32x | -0.08x | 3.41x | 0.93x | 1.14x | 0.50x | 0.46x | 0.07x | 0.25x | 0.24x | 0.05x | -0.84x | -0.10x | 0.29x | 0.46x | 1.53x | 0.70x |
| Interest Paid | 8.84M | 0 | 0 | 0 | 0 | 0 | 0 | 440K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 402K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Manufacturing scale-up execution risk
As reported in recent financial statements, the company's operating cash flow frequently diverges from net income, with 2026Q1 showing a $34.1M cash inflow despite a $23.7M net loss, suggesting that non-cash items and working capital shifts are currently driving the primary cash flow narrative.
The persistent gap between net income and operating cash flow indicates that the firm's reported earnings are currently poor indicators of actual liquidity. Investors should monitor whether this cash generation is sustainable or merely a temporary byproduct of aggressive working capital management rather than core operational profitability.
Based on quarterly data, free cash flow has exhibited extreme volatility, swinging from a $43.6M outflow in 2024Q1 to a $32.8M inflow in 2026Q1, which reflects the lumpy nature of capital expenditures and the ongoing transition toward high-volume electric vehicle thermal barrier production.
The erratic trajectory of free cash flow suggests that the company has not yet achieved a stable self-funding mechanism. The reliance on positive swings in working capital to offset operational losses warrants further investigation into the underlying stability of the firm's cash-generating engine.
According to historical cash flow filings, the company has maintained significant capital intensity, with CAPEX as a percentage of revenue peaking at 33.0% in 2023Q4, underscoring the heavy investment required to build out the Georgia manufacturing facility for the EV thermal barrier segment.
The high level of capital expenditure relative to revenue suggests that the firm is still in a heavy growth-capex phase rather than a maintenance-capex cycle. This capital-intensive profile may continue to pressure free cash flow until the new manufacturing capacity reaches optimal utilization levels.
As indicated by recent SEC filings, working capital changes have been a major source of cash, contributing $48.3M in 2026Q1, which appears to be a critical factor in masking the underlying operational cash burn during the current period of revenue contraction.
The heavy reliance on working capital inflows suggests that the company may be aggressively managing payables or liquidating inventory to preserve cash. Analysts should monitor whether these favorable working capital trends are sustainable or if they represent a temporary deferral of cash outflows that could reverse in future quarters.
Quick answers to the most common questions about buying ASPN stock.
Aspen Aerogels, Inc. (ASPN) generated $32.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aspen Aerogels, Inc. (ASPN) reported negative free cash flow of $4.6M in 2025, indicating capital requirements exceeded cash from operations.
Aspen Aerogels, Inc. (ASPN) spent $37.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.