$ASPN

ASPEN AEROGELS INC

CIK:0001145986|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 49,849	$ 78,024	$ 87,733	$ 156,747
Cost of revenue	46,585	52,708	80,193	108,619
Gross profit	3,264	25,316	7,540	48,128
Operating expenses:
Research and development	3,195	3,794	5,919	8,127
Sales and marketing	6,959	6,948	13,627	15,332
General and administrative	12,984	13,836	28,275	26,870
Restructuring and demobilization costs	0	4,938	427	14,728
Impairment of property, plant and equipment		955		287,567
Loss on property damage	8,910		8,910
Total operating expenses	32,048	30,471	57,158	352,624
Loss from operations	(28,784)	(5,155)	(49,618)	(304,496)
Other income (expense)
Interest expense, net	(2,776)	(3,080)	(5,927)	(5,042)
Other income	8,915	0	8,956	1,130
Total other income (expense)	6,139	(3,080)	3,029	(3,912)
Loss before income taxes	(22,645)	(8,235)	(46,589)	(308,408)
Income tax expense	(619)	(821)	(366)	(1,897)
Net loss	$ (23,264)	$ (9,056)	$ (46,955)	$ (310,305)
Net loss per share:
Basic	$ (0.28)	$ (0.11)	$ (0.57)	$ (3.78)
Diluted	$ (0.28)	$ (0.11)	$ (0.57)	$ (3.78)
Weighted-average common shares outstanding:
Basic	82,892,195	82,179,136	82,817,905	82,122,719
Diluted	82,892,195	82,179,136	82,817,905	82,122,719

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (46,955)	$ (310,305)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	9,673	11,589
Amortization of debt issuance costs	3,385	1,612
Loss on property damage	8,910
Insurance recovery receivable	(8,910)
Provision for bad debt	(18)	32
Stock-based compensation expense	3,733	4,767
Impairment of property, plant and equipment		288,021
Deferred taxes	(1,113)
Reduction in the carrying amount of operating lease right-of-use assets	1,948	1,844
Changes in operating assets and liabilities:
Accounts receivable	(4,990)	32,905
Inventories	10,301	(4,564)
Prepaid expenses and other assets	(4,538)	14,782
Accounts payable	8,216	(14,579)
Accrued expenses	6,177	(20,931)
Deferred revenue	34,013	(1,575)
Operating lease and other liabilities	(1,887)	(1,896)
Net cash provided by operating activities	17,945	1,702
Cash flows from investing activities:
Capital expenditures	(3,169)	(25,883)
Net cash used in investing activities	(3,169)	(25,883)
Cash flows from financing activities:
Proceeds from employee stock option exercises	198	231
Repayment of lease and other finance obligations	(2,992)	(2,464)
Payments made for employee restricted stock tax withholdings	(203)	(602)
Repayment of revolving line of credit	(7,600)	(13,200)
Borrowing from revolving line of credit	3,500
Repayment of term loan	(13,000)	(13,000)
Fees and issuance costs from offering of common stock		(28)
Proceeds from employee stock purchase plan	172
Net cash used in financing activities	(19,925)	(29,063)
Net decrease in cash, cash equivalents and restricted cash	(5,149)	(53,244)
Cash, cash equivalents and restricted cash at beginning of period	158,570	221,276
Cash, cash equivalents and restricted cash at end of period	153,421	168,032
Supplemental disclosures of cash flow information:
Interest paid	4,442	6,563
Income taxes paid	195	3,300
Supplemental disclosures of non-cash activities:
Changes in accrued capital expenditures	$ (501)	$ (2,778)

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 151,708	$ 156,857
Restricted cash	1,713	1,713
Accounts receivable, net of allowances of $4,131 and $4,172	40,278	35,270
Inventories	27,948	38,249
Prepaid expenses and other current assets	26,847	9,964
Total current assets	248,494	242,053
Property, plant and equipment, net	83,607	98,400
Assets held for sale	32,174	32,712
Operating lease right-of-use assets	16,266	18,014
Finance lease right-of-use assets	5,546	6,131
Other long-term assets	6,848	9,369
Total assets	392,935	406,679
Current liabilities:
Accounts payable	20,958	13,243
Accrued expenses	19,129	12,952
Deferred revenue	25,534	1,259
Finance obligation for sale and leaseback transactions	4,875	4,443
Operating lease liabilities	2,947	3,245
Finance lease liabilities	1,860	1,768
Long term debt - current portion	23,346	25,115
Total current liabilities	98,649	62,025
Revolving line of credit	10,880	14,346
Long term debt	56,975	65,455
Deferred revenue long-term	9,738
Finance obligation for sale and leaseback transactions long-term	2,391	4,953
Operating lease liabilities long-term	19,548	21,138
Finance lease liabilities long-term	2,291	3,244
Total liabilities	200,472	171,161
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.00001 par value per share; 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, $0.00001 par value per share; 250,000,000 shares authorized, 82,988,340 and 82,711,351 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	0	0
Additional paid-in capital	1,289,197	1,285,297
Accumulated deficit	(1,096,734)	(1,049,779)
Total stockholders’ equity	192,463	235,518
Total liabilities and stockholders’ equity	$ 392,935	$ 406,679