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Sep 30, 2025
Aspen Aerogels Q3 2025 Earnings Report
Aspen Aerogels reported a year-over-year revenue decline and reduced net losses in Q3 2025.
Key Takeaways
Aspen Aerogels posted a decline in revenue and adjusted EBITDA in Q3 2025, but narrowed its net loss compared to the prior year. The company highlighted a major PyroThin® award in Europe and expects energy industrial growth in 2026.
Revenue fell to $73 million, down from $117.3 million a year ago
Net loss improved to $6.3 million from $13.0 million in Q3 2024
Thermal Barrier segment declined while Energy Industrial grew quarter-over-quarter
Awarded a major PyroThin® contract from a European OEM for 2027 production
Revenue by Segment
Forward Guidance
Aspen Aerogels lowered its full-year 2025 outlook due to softer near-term EV demand in North America, while projecting long-term growth from European programs and industrial energy projects.
Positive Outlook
- PyroThin® contract with a major European OEM announced
- Expected growth in Energy Industrial from LNG and Subsea projects in 2026
- Operating cash flow generation of $15 million in Q3
- Focus on working capital optimization
- Cost reduction initiatives underway to improve efficiency
Challenges Ahead
- Reduced full-year revenue outlook to $270–280 million
- Widened full-year net loss guidance to -$342 to -$334 million
- Lower adjusted EBITDA outlook cut to $7–15 million
- Gross margin decreased by 4 percentage points QoQ
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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