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Jun 30, 2025
Aspen Aerogels Q2 2025 Earnings Report
Aspen Aerogels reported its second quarter 2025 financial results, highlighting a decrease in revenue but an improvement in gross margins and adjusted EBITDA compared to the previous quarter.
Key Takeaways
Aspen Aerogels experienced a challenging second quarter in 2025 with total revenue of $78.0 million, a decrease from the prior year. Despite a net loss of $9.1 million, the company showed significant improvement in gross margins at 32% and nearly doubled its Adjusted EBITDA quarter-over-quarter to $9.7 million, driven by cost structure reductions and strategic streamlining efforts.
Total revenue for Q2 2025 was $78.0 million, a decrease from $117.8 million in Q2 2024.
The company reported a net loss of $9.1 million, which included $5.9 million in restructuring and impairment charges.
Gross margins improved to 32% in Q2 2025, a three-percentage point increase quarter-over-quarter.
Adjusted EBITDA for Q2 2025 was $9.7 million, a 98% improvement quarter-over-quarter.
Revenue by Segment
Forward Guidance
Aspen Aerogels anticipates maintaining a net cash position through year-end, driven by a leaner fixed cost structure and continued reductions in net working capital. The company expects significantly higher Adjusted EBITDA in the second half of 2025 on revenue levels consistent with the first half.
Positive Outlook
- Expected significantly higher Adjusted EBITDA in H2 2025 ($20M - $30M) on consistent revenue levels.
- Maintaining a net cash position through year-end due to leaner fixed cost structure.
- Continued reductions in net working capital are expected.
- Strong balance sheet and reduced CAPEX provide flexibility to optimize capital structure.
- Planned asset sales in Georgia are expected to materially reduce debt over coming quarters.
Challenges Ahead
- Regulatory headwinds facing the EV market, particularly in the U.S.
- Broader volatility in the global energy sector.
- Net income (loss) for H2 2025 is projected to be between $(7) million and $3 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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