Balance Sheet Aspen Aerogels, Inc.

Stocks

ASPN

US04523Y1055

Specialty Chemicals

Market Closed - NYSE Other stock markets 00:00:03 16/07/2026 +04			5-day change	1st Jan Change
5.300 ^USD	+0.57%		+2.12%	+87.28%

05-19	Aspen Aerogels, Inc. Appoints Grant Thoele as Principal Accounting Officer, Effective May 13, 2026	CI
05-15	Aspen Aerogels Initiates Staged Restart of East Providence Facility	CI

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Published financial data: ASPEN AEROGELS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	122M	180M	239M	453M	271M
Total Revenues	122M	180M	239M	453M	271M
Cost of Goods Sold, Total	112M	175M	182M	266M	203M
Gross Profit	9.94M	4.98M	56.92M	187M	68.1M
Selling General & Admin Expenses, Total	39.1M	67.29M	89.77M	107M	83.97M
Provision for Bad Debts	-	-	-	-	-
R&D Expenses	11.44M	16.93M	16.36M	18.05M	13.42M
Other Operating Expenses, Total	50.54M	84.22M	106M	125M	97.39M
Operating Income	-40.6M	-79.24M	-49.2M	62.15M	-29.29M
Interest Expense, Total	-229K	-5.11M	-5.33M	-11.96M	-10.72M
Interest And Investment Income	-	1.62M	6.53M	-	-
Net Interest Expenses	-229K	-3.49M	1.21M	-11.96M	-10.72M
Other Non Operating Income (Expenses)	-	-	-	-	686K
EBT, Excl. Unusual Items	-40.83M	-82.74M	-48M	50.19M	-39.32M
Restructuring Charges	-	-	-	-	-305M
Gain (Loss) On Sale Of Assets	-	-	-	-	-18.16M
Asset Writedown	-	-	-	-7.61M	-25.66M
Legal Settlements	-	-	-	-	1.1M
Other Unusual Items	3.73M	-	2.19M	-27.49M	-
EBT, Incl. Unusual Items	-37.09M	-82.74M	-45.81M	15.09M	-387M
Income Tax Expense	-	-	-	1.71M	2.39M
Earnings From Continuing Operations	-37.09M	-82.74M	-45.81M	13.38M	-390M
Net Income to Company	-37.09M	-82.74M	-45.81M	13.38M	-390M
Net Income - (IS)	-37.09M	-82.74M	-45.81M	13.38M	-390M
Net Income to Common Incl Extra Items	-37.09M	-82.74M	-45.81M	13.38M	-390M
Net Income to Common Excl. Extra Items	-37.09M	-82.74M	-45.81M	13.38M	-390M
Per Share Items
Net EPS - Basic	-1.22	-2.1	-0.66	0.17	-4.73
Basic EPS - Continuing Operations	-1.22	-2.1	-0.66	0.17	-4.73
Basic Weighted Average Shares Outstanding	30.43M	39.36M	69.44M	77.54M	82.33M
Net EPS - Diluted	-1.22	-2.1	-0.66	0.17	-4.73
Diluted EPS - Continuing Operations	-1.22	-2.1	-0.66	0.17	-4.73
Diluted Weighted Average Shares Outstanding	30.43M	39.36M	69.44M	80.31M	82.33M
Normalized Basic EPS	-0.84	-1.31	-0.43	0.4	-0.3
Normalized Diluted EPS	-0.84	-1.31	-0.43	0.39	-0.3
Supplemental Items
EBITDA	-31.16M	-70.02M	-33.88M	84.67M	-6.34M
EBITA	-40.6M	-79.24M	-49.2M	62.15M	-29.29M
EBIT	-40.6M	-79.24M	-49.2M	62.15M	-29.29M
EBITDAR	-28.96M	-66.02M	-28.58M	90.57M	65K
Total Revenues (As Reported)	122M	-	-	-	-
Effective Tax Rate - (Ratio)	-	-	-	11.36	-0.62
Current Domestic Taxes	-	-	-	-	323K
Current Foreign Taxes	-	-	-	-	2.49M
Total Current Taxes	-	-	-	-	2.81M
Deferred Foreign Taxes	-	-	-	-	-416K
Total Deferred Taxes	-	-	-	-	-416K
Normalized Net Income	-25.52M	-51.71M	-30M	31.37M	-24.58M
Interest Capitalized	-	2.72M	6.08M	-	-
Interest on Long-Term Debt	-	5.11M	5.33M	7.55M	-
Supplemental Operating Expense Items
Selling and Marketing Expenses	16.58M	28.79M	33.01M	35.68M	28.2M
General and Administrative Expenses	22.51M	38.5M	56.76M	71.12M	55.77M
Research And Development Expense From Footnotes	11.57M	16.93M	16.36M	18.05M	13.42M
Net Rental Expense, Total	2.2M	4M	5.3M	5.9M	6.4M
Imputed Operating Lease Interest Expense	342K	3.72M	3.75M	3.36M	3.22M
Imputed Operating Lease Depreciation	1.86M	277K	1.55M	2.54M	3.18M
Stock-Based Comp., COGS (Total)	510K	931K	583K	773K	451K
Stock-Based Comp., R&D Exp. (Total)	750K	1.17M	799K	1.14M	269K
Stock-Based Comp., S&M Exp. (Total)	822K	1.88M	1.48M	1.69M	1.54M
Stock-Based Comp., G&A Exp. (Total)	3.09M	5.4M	8.09M	9.25M	6.91M
Total Stock-Based Compensation	5.18M	9.38M	10.95M	12.86M	9.17M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	76.56M	281M	140M	221M	157M
Total Cash And Short Term Investments	76.56M	281M	140M	221M	157M
Accounts Receivable, Total	20.43M	57.35M	70M	109M	35.27M
Other Receivables	-	-	2.2M	-	-
Total Receivables	20.43M	57.35M	72.2M	109M	35.27M
Inventory	11.99M	22.54M	39.19M	47.55M	38.25M
Prepaid Expenses	3.17M	7.24M	14.98M	31.52M	9.93M
Restricted Cash	-	1.23M	248K	394K	1.71M
Other Current Assets, Total	-	-	-	-	37K
Total Current Assets	112M	370M	266M	409M	242M
Gross Property Plant And Equipment	191M	401M	576M	637M	318M
Accumulated Depreciation	-122M	-130M	-141M	-157M	-196M
Net Property Plant And Equipment	69.31M	271M	434M	480M	123M
Deferred Charges Long-Term	-	-	-	-	8.71M
Other Long-Term Assets, Total	1.5M	2.52M	2.28M	5.57M	33.37M
Total Assets	183M	643M	703M	895M	407M
Liabilities
Accounts Payable, Total	17.44M	54.73M	51.09M	44.36M	13.24M
Accrued Expenses, Total	10.82M	16M	22.81M	36.5M	12.95M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	-	-	-	19.75M	25.12M
Current Portion of Leases	2.25M	2.37M	1.87M	7.31M	9.46M
Unearned Revenue Current, Total	1.32M	5.85M	2.32M	2.2M	1.26M
Other Current Liabilities	4.73M	-	-	-	-
Total Current Liabilities	36.56M	78.94M	78.1M	110M	62.02M
Long-Term Debt	-	104M	115M	137M	79.8M
Long-Term Leases	12.99M	13.46M	21.91M	33.24M	29.34M
Other Non Current Liabilities	5M	-	-	-	-
Total Liabilities	54.55M	196M	215M	280M	171M
Additional Paid In Capital	673M	1.08B	1.16B	1.27B	1.29B
Retained Earnings	-545M	-628M	-674M	-660M	-1.05B
Total Common Equity	128M	447M	488M	615M	236M
Total Equity	128M	447M	488M	615M	236M
Total Liabilities And Equity	183M	643M	703M	895M	407M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	33.23M	70.07M	76.66M	82.06M	82.83M
ECS Total Common Shares Outstanding	33.22M	69.99M	76.5M	82.04M	82.71M
Book Value / Share	3.87	6.39	6.38	7.49	2.85
Tangible Book Value	128M	447M	488M	615M	236M
Tangible Book Value Per Share	3.87	6.39	6.38	7.49	2.85
Total Debt	15.24M	119M	139M	197M	144M
Net Debt	-61.33M	-162M	-951K	-23.5M	-13.15M
Debt Equivalent Oper. Leases	17.6M	32M	42.4M	47.2M	51.2M
Account Code - Inventory Valuation	5	5	5	5	3
Inventories - Raw Materials, Total	7.31M	19.88M	24.74M	13.67M	8.18M
Inventories - Work In Process, Total	-	-	7.94M	9.66M	5.52M
Inventories - Finished Goods, Total	4.68M	2.66M	6.52M	24.22M	24.55M
Buildings, Total	24.02M	24.02M	25.47M	27.03M	27.04M
Machinery, Total	140M	147M	195M	212M	232M
Full Time Employees	418	533	548	554	854
Part Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	150K	255K	230K	1.26M	4.17M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-37.09M	-82.74M	-45.81M	13.38M	-390M
Depreciation & Amortization - CF	9.44M	9.22M	15.32M	22.53M	22.96M
Depreciation & Amortization, Total	9.44M	9.22M	15.32M	22.53M	22.96M
Amortization of Deferred Charges, Total - (CF)	18K	32K	925K	3.44M	3.64M
(Gain) Loss From Sale Of Asset	-	-	-	-	18.16M
Asset Writedown & Restructuring Costs	-	-	-	7.61M	314M
Stock-Based Compensation (CF)	5.18M	9.38M	10.95M	12.86M	8.63M
Provision and Write-off of Bad Debts	-85K	115K	-93K	247K	3.54M
Other Operating Activities, Total	-2.12M	7.75M	7.26M	36.46M	3.12M
Change In Accounts Receivable	-4.64M	-37.04M	-12.55M	-39.36M	70.3M
Change In Inventories	1.11M	-10.55M	-16.65M	-8.36M	9.3M
Change In Accounts Payable	7.38M	5.32M	4.58M	7.34M	-19.45M
Change in Unearned Revenues	-543K	4.52M	-3.53M	-117K	-940K
Change in Other Net Operating Assets	2.73M	-415K	-3.02M	-10.46M	-10.65M
Cash from Operations	-18.63M	-94.4M	-42.61M	45.55M	32.87M
Capital Expenditure	-13.78M	-178M	-175M	-86.26M	-37.45M
Cash from Investing	-13.78M	-178M	-175M	-86.26M	-37.45M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	100M	-	183M	-
Total Debt Issued	-	100M	-	183M	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-	-9.73M	-	-157M	-59.23M
Total Debt Repaid	-	-9.73M	-	-157M	-59.23M
Issuance of Common Stock	97.32M	402M	76.66M	104M	1.89M
Repurchase of Common Stock	-2.71M	-2.36M	-420K	-1.29M	-765K
Other Financing Activities, Total	-2.14M	-11.71M	-762K	-6.48M	-28K
Cash from Financing	92.47M	478M	75.48M	122M	-58.13M
Net Change in Cash	60.07M	206M	-143M	81.3M	-62.71M
Supplemental Items
Cash Interest Paid	236K	153K	1K	7.01M	12.22M
Cash Income Tax Paid (Refund)	-	-	-	-	4.13M
Levered Free Cash Flow	-6.58M	-223M	-221M	-71.2M	21.08M
Unlevered Free Cash Flow	-6.46M	-219M	-219M	-67.16M	24.14M
Change In Net Working Capital	-18.08M	10.5M	38.61M	55.12M	-47.77M
Net Debt Issued / Repaid	-	90.27M	-	25.59M	-59.23M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-18.1	-11.99	-4.57	4.86	-2.81
Return on Total Capital	-23.09	-13.94	-5.15	5.4	-3.07
Return On Equity %	-37.8	-28.74	-9.79	2.43	-91.64
Return on Common Equity	-37.8	-28.74	-9.79	2.43	-91.64
Margin Analysis
Gross Profit Margin %	8.17	2.76	23.84	41.31	25.12
SG&A Margin	32.14	37.31	37.6	23.59	30.97
EBITDA Margin %	-25.62	-38.82	-14.19	18.7	-2.34
EBITA Margin %	-33.38	-43.94	-20.61	13.73	-10.8
EBIT Margin %	-33.38	-43.94	-20.61	13.73	-10.8
Income From Continuing Operations Margin %	-30.5	-45.87	-19.19	2.95	-143.69
Net Income Margin %	-30.5	-45.87	-19.19	2.95	-143.69
Net Avail. For Common Margin %	-30.5	-45.87	-19.19	2.95	-143.69
Normalized Net Income Margin	-20.98	-28.67	-12.57	6.93	-9.07
Levered Free Cash Flow Margin	-5.41	-123.39	-92.56	-15.73	7.78
Unlevered Free Cash Flow Margin	-5.31	-121.64	-91.55	-14.84	8.91
Asset Turnover
Asset Turnover	0.87	0.44	0.35	0.57	0.42
Fixed Assets Turnover	2.04	1.06	0.68	0.99	0.9
Receivables Turnover (Average Receivables)	6.73	4.64	3.75	5.06	3.76
Inventory Turnover (Average Inventory)	8.9	10.16	5.89	6.13	4.73
Short Term Liquidity
Current Ratio	3.07	4.68	3.41	3.72	3.9
Quick Ratio	2.65	4.29	2.71	3	3.1
Operating Cash Flow to Current Liabilities	-0.51	-1.2	-0.55	0.41	0.53
Days Sales Outstanding (Average Receivables)	54.21	78.7	97.35	72.4	97.19
Days Outstanding Inventory (Average Inventory)	40.99	35.92	61.97	59.74	77.13
Average Days Payable Outstanding	37.62	70.83	97.32	63.74	54.27
Cash Conversion Cycle (Average Days)	57.58	43.79	62	68.4	120.05
Long Term Solvency
Total Debt/Equity	11.87	26.69	28.43	32.11	61.02
Total Debt / Total Capital	10.61	21.06	22.14	24.31	37.89
LT Debt/Equity	10.12	26.16	28.05	27.71	46.34
Long-Term Debt / Total Capital	9.04	20.65	21.84	20.97	28.78
Total Liabilities / Total Assets	29.81	30.46	30.58	31.33	42.09
EBIT / Interest Expense	-177.29	-15.51	-9.23	5.2	-2.73
EBITDA / Interest Expense	-126.46	-12.92	-5.37	7.57	0.01
(EBITDA - Capex) / Interest Expense	-186.62	-47.75	-38.3	0.36	-3.49
Total Debt / EBITDA	-0.53	-1.81	-4.85	2.18	2.21K
Net Debt / EBITDA	2.12	2.45	0.03	-0.26	-202.31
Total Debt / (EBITDA - Capex)	-0.36	-0.49	-0.68	45.78	-3.84
Net Debt / (EBITDA - Capex)	1.43	0.66	0	-5.45	0.35
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	21.29	48.3	32.35	89.64	-40.11
Gross Profit, 1 Yr. Growth %	-31.91	-49.92	1.04K	228.53	-63.58
EBITDA, 1 Yr. Growth %	174.02	124.73	-51.61	-349.89	-107.48
EBITA, 1 Yr. Growth %	88.23	95.19	-37.91	-226.31	-147.13
EBIT, 1 Yr. Growth %	88.23	95.19	-37.91	-226.31	-147.13
Earnings From Cont. Operations, 1 Yr. Growth %	70.09	123.05	-44.63	-129.2	-3.01K
Net Income, 1 Yr. Growth %	70.09	123.05	-44.63	-129.2	-3.01K
Normalized Net Income, 1 Yr. Growth %	87.21	102.65	-41.99	-204.57	-178.35
Diluted EPS Before Extra, 1 Yr. Growth %	47.42	72.45	-68.61	-125.76	-2.88K
Accounts Receivable, 1 Yr. Growth %	30.12	180.77	22.05	55.87	-67.67
Inventory, 1 Yr. Growth %	-8.49	88.02	73.88	21.34	-19.56
Net Property, Plant and Equip., 1 Yr. Growth %	38.02	291.31	60.18	10.52	-74.48
Total Assets, 1 Yr. Growth %	87.79	251.68	9.27	27.32	-54.57
Tangible Book Value, 1 Yr. Growth %	89.25	248.45	9.08	25.95	-61.69
Common Equity, 1 Yr. Growth %	89.25	248.45	9.08	25.95	-61.69
Cash From Operations, 1 Yr. Growth %	87.71	406.76	-54.86	-206.89	-27.83
Capital Expenditures, 1 Yr. Growth %	303.34	1.19K	-1.42	-50.84	-56.59
Levered Free Cash Flow, 1 Yr. Growth %	23.59	3.28K	-0.72	-67.78	-129.61
Unlevered Free Cash Flow, 1 Yr. Growth %	24.54	3.3K	-0.38	-69.27	-135.95
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-6.59	34.12	40.1	58.43	6.57
Gross Profit, 2 Yr. CAGR %	-38.51	-41.61	139.34	513.03	9.38
EBITDA, 2 Yr. CAGR %	181	148.15	4.28	9.96	-56.76
EBITA, 2 Yr. CAGR %	69.33	91.68	10.09	-11.44	-22.84
EBIT, 2 Yr. CAGR %	69.33	91.68	10.09	-11.44	-22.84
Earnings From Cont. Operations, 2 Yr. CAGR %	59.59	94.78	11.13	-59.79	191.61
Net Income, 2 Yr. CAGR %	59.59	94.78	11.13	-59.79	191.61
Normalized Net Income, 2 Yr. CAGR %	67.43	94.78	8.42	-22.12	-9.49
Diluted EPS Before Extra, 2 Yr. CAGR %	42.01	59.44	-26.43	-71.56	167.75
Accounts Receivable, 2 Yr. CAGR %	-20.42	91.14	85.12	37.93	-29.01
Inventory, 2 Yr. CAGR %	16.92	31.17	80.81	45.25	-1.21
Net Property, Plant and Equip., 2 Yr. CAGR %	9.65	132.4	150.36	33.05	-46.89
Total Assets, 2 Yr. CAGR %	32.95	156.99	96.03	17.95	-23.94
Tangible Book Value, 2 Yr. CAGR %	47.54	156.79	94.96	17.21	-30.53
Common Equity, 2 Yr. CAGR %	47.54	156.79	94.96	17.21	-30.53
Cash From Operations, 2 Yr. CAGR %	320.4	208.42	51.25	-30.54	-12.17
Capital Expenditures, 2 Yr. CAGR %	155.41	621.8	256.85	-30.38	-53.8
Levered Free Cash Flow, 2 Yr. CAGR %	84	546.32	479.28	-43.44	-69.11
Unlevered Free Cash Flow, 2 Yr. CAGR %	71.4	550.38	481.67	-44.67	-66.76
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.23	8.97	33.53	54.98	14.55
Gross Profit, 3 Yr. CAGR %	-7.78	-42.58	57.41	165.99	139.19
EBITDA, 3 Yr. CAGR %	25.47	160.83	43.9	39.55	-55.11
EBITA, 3 Yr. CAGR %	15.19	77.55	31.64	15.25	-28.23
EBIT, 3 Yr. CAGR %	15.19	77.55	31.64	15.25	-28.23
Earnings From Cont. Operations, 3 Yr. CAGR %	2.51	78.43	28.07	-28.82	67.6
Net Income, 3 Yr. CAGR %	2.51	78.43	28.07	-28.82	67.6
Normalized Net Income, 3 Yr. CAGR %	14.66	78.43	30.07	7.12	-21.96
Diluted EPS Before Extra, 3 Yr. CAGR %	-5.64	51.51	-7.25	-48.14	31.06
Accounts Receivable, 3 Yr. CAGR %	-7.21	21.15	64.59	74.8	-14.96
Inventory, 3 Yr. CAGR %	17.88	36.98	44.09	58.3	19.28
Net Property, Plant and Equip., 3 Yr. CAGR %	3.95	67.56	105.29	90.63	-23.26
Total Assets, 3 Yr. CAGR %	22.71	83.87	93.24	69.77	-14.18
Tangible Book Value, 3 Yr. CAGR %	22.27	96.48	93.03	68.54	-19.26
Common Equity, 3 Yr. CAGR %	22.27	96.48	93.03	68.54	-19.26
Cash From Operations, 3 Yr. CAGR %	29.12	347.41	62.54	34.72	-29.65
Capital Expenditures, 3 Yr. CAGR %	56.52	338.42	271.72	84.31	-40.52
Levered Free Cash Flow, 3 Yr. CAGR %	70.8	385.49	246.14	121.13	-54.41
Unlevered Free Cash Flow, 3 Yr. CAGR %	86.61	363.83	247.98	118.26	-52.08
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	0.65	10.07	18	26.57	22.01
Gross Profit, 5 Yr. CAGR %	-15.68	-23.24	35.05	48.06	36.08
EBITDA, 5 Yr. CAGR %	86.88	52.89	16.52	84.64	-11.04
EBITA, 5 Yr. CAGR %	29.33	32.87	13.12	34.42	6.31
EBIT, 5 Yr. CAGR %	29.33	32.87	13.12	34.42	6.31
Earnings From Cont. Operations, 5 Yr. CAGR %	25.27	33.76	5.87	-1.69	77.99
Net Income, 5 Yr. CAGR %	25.27	33.76	5.87	-1.69	77.99
Normalized Net Income, 5 Yr. CAGR %	27.7	33.76	12.12	28.07	12.51
Diluted EPS Before Extra, 5 Yr. CAGR %	18.59	20.54	-14.58	-22.41	41.75
Accounts Receivable, 5 Yr. CAGR %	3.1	16.47	22.32	27.6	17.57
Inventory, 5 Yr. CAGR %	-1.41	20.38	39.88	40.23	23.9
Net Property, Plant and Equip., 5 Yr. CAGR %	-3.86	28.95	47.75	52.8	19.53
Total Assets, 5 Yr. CAGR %	6.32	39.04	48	53.95	33.08
Tangible Book Value, 5 Yr. CAGR %	2.13	34.69	47.35	59.8	28.26
Common Equity, 5 Yr. CAGR %	2.13	34.69	47.35	59.8	28.26
Cash From Operations, 5 Yr. CAGR %	100.28	82.95	37.55	112.39	27.07
Capital Expenditures, 5 Yr. CAGR %	0.84	96.22	117.64	110	61.43
Levered Free Cash Flow, 5 Yr. CAGR %	-2.98	97.04	178.39	105.46	31.67
Unlevered Free Cash Flow, 5 Yr. CAGR %	-3.11	97.09	194.06	98.15	36.01