Revenue growth has contracted sharply by 51.9% year-over-year, while gross margins have compressed to 11.3% from a 2024Q2 peak of 43.8% due to manufacturing inefficiencies.
| 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 |
|---|
| Sales/Revenue | 230.26M | 271.1M | 452.7M | 238.72M | 180.36M | 121.62M | 100.27M | 139.38M | 104.36M | 111.63M | 117.74M | 122.52M | 102.4M | 86.09M | 63.45M | 43.21M | 28.62M |
| Revenue Growth % | -47.3% | -40.11% | 89.64% | 32.35% | 48.3% | 21.29% | -28.06% | 33.55% | -6.51% | -5.19% | -3.9% | 19.65% | 18.94% | 35.68% | 46.85% | 51% | - |
| Cost of Goods Sold | 202.8M | 225.1M | 269.8M | 181.8M | 175.39M | 111.69M | 85.68M | 113.09M | 91.69M | 92.96M | 94.43M | 97.87M | 85.32M | 75.36M | 71.42M | 37.52M | 32.25M |
| COGS % of Revenue | - | 83.03% | 59.6% | 76.16% | 97.24% | 91.83% | 85.45% | 81.14% | 87.86% | 83.27% | 80.2% | 79.88% | 83.32% | 87.54% | 112.56% | 86.83% | 112.7% |
| Gross Profit | 27.46M | 46M | 182.9M | 56.92M | 4.98M | 9.94M | 14.59M | 26.28M | 12.67M | 18.67M | 23.31M | 24.65M | 17.08M | 10.73M | -7.97M | 5.69M | -3.63M |
| Gross Margin % | 11.93% | 16.97% | 40.4% | 23.84% | 2.76% | 8.17% | 14.55% | 18.86% | 12.14% | 16.73% | 19.8% | 20.12% | 16.68% | 12.46% | -12.56% | 13.17% | -12.7% |
| Gross Profit Growth % | - | -74.85% | 221.32% | 1043.91% | -49.92% | -31.91% | -44.48% | 107.47% | -32.15% | -19.9% | -5.42% | 44.31% | 59.16% | 234.68% | -240.01% | 256.6% | - |
| Operating Expenses | -200.08M | 97.39M | 128.36M | 106.12M | 84.22M | 50.54M | 36.16M | 40.44M | 39.23M | 37.81M | 34.53M | 30.88M | 33.12M | 27.85M | 25M | 13.19M | 11.95M |
| OpEx % of Revenue | - | 35.92% | 28.35% | 44.46% | 46.7% | 41.55% | 36.06% | 29.02% | 37.59% | 33.87% | 29.33% | 25.21% | 32.35% | 32.35% | 39.41% | 30.52% | 41.75% |
| Selling, General & Admin | 84.52M | 40.91B | 106.8M | 89.77M | 67.29M | 39.09M | 27.43M | 32.04M | 32.91M | 31.63M | 29.23M | 25.63M | 27.14M | 22.69M | 19.86M | 10.2M | 9.42M |
| SG&A % of Revenue | - | 15090.98% | 23.59% | 37.6% | 37.31% | 32.14% | 27.36% | 22.99% | 31.53% | 28.33% | 24.82% | 20.92% | 26.51% | 26.35% | 31.3% | 23.61% | 32.93% |
| Research & Development | 11.81M | 6.3B | 18.05M | 16.36M | 16.93M | 11.44M | 8.73M | 8.41M | 6.32M | 6.18M | 5.31M | 5.25M | 5.98M | 5.16M | 5.14M | 2.98M | 2.52M |
| R&D % of Revenue | - | 2322.04% | 3.99% | 6.85% | 9.39% | 9.41% | 8.71% | 6.03% | 6.05% | 5.54% | 4.51% | 4.29% | 5.84% | 5.99% | 8.1% | 6.91% | 8.82% |
| Other Operating Expenses | 1000K | -47.11B | 3.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 227.54M | -51.39M | 54.53M | -49.2M | -79.25M | -40.6M | -21.57M | -14.16M | -33.92M | -19.14M | -11.22M | -6.24M | -16.04M | -19.97M | -32.97M | -7.5M | -15.58M |
| Operating Margin % | 98.82% | -18.96% | 12.05% | -20.61% | -43.94% | -33.38% | -21.51% | -10.16% | -32.5% | -17.14% | -9.53% | -5.09% | -15.67% | -23.2% | -51.96% | -17.35% | -54.45% |
| Operating Income Growth % | - | -194.24% | 210.84% | 37.91% | -95.19% | -88.23% | -52.33% | 58.25% | -77.24% | -70.55% | -79.95% | 61.14% | 19.67% | 39.43% | -339.93% | 51.9% | - |
| EBITDA | 273.36M | -6.24M | 78.95M | -31.03M | -70.02M | -31.16M | -11.37M | -3.95M | -23.13M | -8.38M | -1.37M | 3.65M | -5.86M | -9.91M | -23.29M | -2.86M | -9.95M |
| EBITDA Margin % | 118.72% | -2.3% | 17.44% | -13% | -38.82% | -25.62% | -11.34% | -2.83% | -22.16% | -7.51% | -1.16% | 2.98% | -5.72% | -11.51% | -36.7% | -6.62% | -34.78% |
| EBITDA Growth % | 221.65% | -107.9% | 354.45% | 55.69% | -124.73% | -174.02% | -188.17% | 82.94% | -175.9% | -513.24% | -137.43% | 162.32% | 40.87% | 57.44% | -713.73% | 71.24% | - |
| D&A (Non-Cash Add-back) | 45.82M | 45.16M | 24.41M | 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 |
| EBIT | -98.64M | 5.67B | 27.05M | -40.48M | -77.63M | -36.87M | -21.57M | -14.16M | -33.92M | -19.14M | -11.22M | -6.24M | -16.04M | -17.01M | -34.35M | -7.5M | -15.58M |
| Net Interest Income | -5.6M | -6.06B | -11.96M | 1.21M | -3.49M | -229K | -240K | -406K | -524K | -185K | -803K | -182K | -50.28M | -30.6M | -21.79M | -2.42M | -3.06M |
| Interest Income | 0 | 0 | 0 | 6.53M | 1.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 170K | 18K |
| Interest Expense | 5.6M | 6.06B | 11.96M | 5.33M | 5.11M | 229K | 240K | 406K | 524K | 185K | 147K | 182K | 50.28M | 30.6M | 21.79M | 2.58M | 3.08M |
| Other Income/Expense | -338.47M | -335.77M | -39.45M | 3.39M | -3.49M | 3.5M | -240K | -406K | -524K | -185K | -803K | -182K | -50.28M | -27.64M | -23.17M | -2.42M | -3.06M |
| Pretax Income | -110.93M | -387.16M | 15.09M | -45.81M | -82.74M | -37.09M | -21.81M | -14.56M | -34.44M | -19.32M | -12.02M | -6.42M | -66.32M | -47.61M | -56.14M | 0 | 0 |
| Pretax Margin % | -48.17% | -142.81% | 3.33% | -19.19% | -45.87% | -30.5% | -21.75% | -10.45% | -33% | -17.31% | -10.21% | -5.24% | -64.77% | -55.3% | -88.48% | - | - |
| Income Tax | 1.06M | 2.39M | 1.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.42M | 3.06M |
| Effective Tax Rate % | -0.96% | -0.62% | 11.36% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - | - |
| 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 |
| Net Margin % | -48.64% | -143.69% | 2.95% | -19.19% | -45.87% | -30.5% | -21.75% | -10.45% | -33% | -17.31% | -10.21% | -5.24% | -64.77% | -55.3% | -88.48% | -22.93% | -65.13% |
| Net Income Growth % | 60.85% | -3012.54% | 129.2% | 44.63% | -123.05% | -70.09% | -49.74% | 57.71% | -78.25% | -60.7% | -87.36% | 90.32% | -39.3% | 15.2% | -466.52% | 46.83% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.35 | -4.74 | 0.17 | -0.66 | -2.19 | -0.92 | -0.45 | -0.20 | -1.45 | -0.83 | -0.52 | -0.28 | -2.88 | -2.07 | -3.64 | -0.64 | -1.21 |
| EPS Growth % | 61.03% | -2888.24% | 125.76% | 69.86% | -138.04% | -104.44% | -125% | 86.21% | -74.7% | -59.62% | -85.71% | 90.28% | -39.13% | 43.13% | -468.75% | 47.11% | - |
| EPS (Basic) | - | -4.74 | 0.17 | -0.66 | -2.19 | -0.92 | -0.45 | -0.20 | -1.45 | -0.83 | -0.52 | -0.28 | -2.88 | -2.07 | -3.64 | -0.64 | -1.21 |
| Diluted Shares Outstanding | 82.74M | 82.66M | 80.31M | 69.44M | 39.36M | 30.43M | 26.38M | 24.1M | 23.74M | 23.39M | 23.14M | 22.99M | 22.99M | 23M | 15.44M | 15.44M | 15.44M |
| Basic Shares Outstanding | 82.74M | 82.66M | 77.53M | 69.44M | 39.36M | 30.43M | 26.38M | 24.1M | 23.74M | 23.39M | 23.14M | 22.92M | 22.99M | 23M | 15.44M | 15.44M | 15.44M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Manufacturing scale-up execution risk
As indicated by the most recent quarterly filings, ASPN experienced a sharp revenue decline of 51.9% year-over-year, reflecting a difficult transition period as the company shifts focus from legacy energy industrial projects toward the high-growth but volatile EV thermal barrier market segment.
The significant drop in top-line performance suggests that the legacy business is no longer providing a sufficient buffer to offset the lumpy, platform-dependent nature of EV supply agreements. Investors should monitor whether this contraction represents a permanent loss of industrial market share or merely a temporary lull in project-based revenue cycles.
According to the latest income statement data, gross margins have deteriorated to 11.3%, a stark decline from the 43.8% peak observed in 2024Q2, which highlights the substantial cost pressures associated with ramping up specialized manufacturing capacity for new automotive thermal management product lines.
This margin erosion appears to stem from underutilized capacity and the high fixed-cost nature of the supercritical drying process. The inability to maintain historical margin levels suggests that the company is currently struggling to achieve the economies of scale necessary to make its EV-focused product offerings economically viable.
Based on reported financial figures, the company's operating margin has plummeted to -53.9%, demonstrating that current revenue levels are fundamentally insufficient to cover the heavy R&D and administrative overhead required to support the ongoing transition into the electric vehicle battery safety market.
The lack of operating leverage indicates that the company's cost structure is currently too rigid to adapt to the recent revenue volatility. Without a significant increase in throughput, the firm may continue to face difficulty in achieving positive operating income, as fixed costs remain disproportionately high relative to current sales.
As reported in recent financial statements, the company's net margin of -62.5% reflects significant non-operating noise and potential asset impairments, which complicate the assessment of underlying operational performance and suggest that reported net income is currently a poor proxy for the firm's actual cash-generating capability.
The extreme variance in net income, including historical anomalies like the -143.69% net margin, warrants further investigation into non-cash charges and potential revaluations of debt instruments. Analysts should focus on core operating metrics rather than bottom-line results, as the latter are heavily distorted by the company's aggressive capital expansion strategy.
While management emphasizes the potential of the EV thermal barrier segment, the recent -40.11% revenue contraction suggests that the company's reliance on long-term OEM supply agreements may be insufficient to protect against cyclical downturns or delays in the adoption of specific battery platform technologies.
Short-sellers may focus on the risk that the company's proprietary technology could be bypassed by cheaper, alternative thermal management solutions if the current manufacturing ramp-up fails to deliver cost parity. The persistent negative margins raise valid concerns regarding the company's ability to reach self-sustaining profitability before exhausting its current liquidity.
Quick answers to the most common questions about buying ASPN stock.
For fiscal year 2025, Aspen Aerogels, Inc. (ASPN) reported total revenue of $271.1M. This represents a 847.4% increase compared to $28.6M in 2009.
Aspen Aerogels, Inc. (ASPN) reported a net loss of $389.6M for the fiscal year ending 2025.
Aspen Aerogels, Inc. (ASPN) reported an operating income of $-51.4M, resulting in an operating profit margin of -19.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Aspen Aerogels, Inc. (ASPN) generated $46.0M in gross profit for the year, representing a gross profit margin of 17.0%. This demonstrates the company's core pricing power and production efficiency.