10-Q · May 8, 2026
Aspen Aerogels reported Q1 2026 revenue of $37.9 million, a significant decline of 52% from $78.7 million in Q1 2025. Despite improving EPS to a loss of $0.29 from $3.67 in the prior year, it fell short of estimates.…
Earnings analysis · 10-Q
ASPN earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Q2 2026 revenue recovered to $49.849 million, up approximately 31.2% sequentially and above the prior Q1 outlook range of $40 million to $48 million, but remained approximately 36.1% below Q2 2025. The $0.22 diluted EPS…
Read full summary
Q2 2026 revenue recovered to $49.849 million, up approximately 31.2% sequentially and above the prior Q1 outlook range of $40 million to $48 million, but remained approximately 36.1% below Q2 2025. The $0.22 diluted EPS loss improved from $0.29 in Q1 but was worse than the $0.11 loss in the prior-year quarter and missed consensus by $0.01. Liquidity was substantial at $151.7 million of unrestricted cash, although the company carried $90.4 million of disclosed term-loan and revolving debt. The Korean court's invalidation of the asserted composition patent claims is the most significant disclosed legal development.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.22
What stood out
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Revenue Rebounded Sequentially
Revenue was $49.849 million, up from $38 million in Q1 2026, a sequential increase of approximately 31.2%, but down from $78 million in Q2 2025, a year-over-year decline of approximately 36.1%.
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Loss Narrowed Sequentially
Reported diluted EPS was a loss of $0.22, improving from a loss of $0.29 in Q1 2026 but deteriorating from a loss of $0.11 in Q2 2025. EPS missed the $0.21 consensus loss estimate by $0.01.
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Strong Cash Position
Unrestricted cash and cash equivalents totaled $151.7 million as of June 30, 2026, providing liquidity for working capital and capital expansion.
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Debt and Liquidity Disclosed
The company had $79.5 million outstanding under its Term Loan Facility and $10.9 million under its revolving line of credit as of June 30, 2026.
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Controls Remained Effective
Management stated that disclosure controls and procedures were effective as of June 30, 2026, and that there were no changes in internal controls during the quarter that materially affected, or were reasonably likely to materially affect, financial reporting.
What to watch
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Korean Composition Patents Invalidated
The Korean IP High Court found Aspen's asserted composition patent claims invalid in decisions issued May 21 and June 18, 2026. The company may appeal to the Korean Supreme Court, while its asserted process patent claims were found valid.
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Floating-Rate Debt Exposure
Interest-rate exposure remains material because the company had $79.5 million of Term Loan Facility debt and $10.9 million of revolving debt outstanding. The Term Loan bears interest at one-month Term SOFR plus 5.00%, subject to a 4.50% floor and 7.50% cap.
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Capital Needs and Interest Burden
The company held $151.7 million of unrestricted cash but also had $1.7 million of restricted cash supporting letters of credit, while continuing to fund working capital and capital expansion. The filing states that a hypothetical 100-basis-point rate change would not materially affect operations, but higher rates would increase interest paid.
Management's outlook
The provided 10-Q text does not include new quantitative revenue or EPS guidance. The prior Q1 outlook was Q2 revenue of $40 million to $48 million; reported Q2 revenue of $49.849 million exceeded that range, but no updated outlook is disclosed here.
Earlier filings 4
10-K · March 13, 2026
Aspen Aerogels pivoted from a peak 2024 year to a sharply lower 2025 with total revenue of $271.1M versus $452.7M in 2024, driven by a decline in PyroThin thermal barrier sales and lower international shipments. The…
10-Q · August 7, 2025
Aspen Aerogels reported Q2 revenue of $78,024,000, down materially from $117,770,000 in the comparable quarter a year ago, with gross margin compressing to 32.5% and an operating loss of $5,155,000. The quarter (and…
10-Q · November 7, 2024
Aspen Aerogels reported a strong operational quarter: revenue rose to $117.34M (Q3 2024) from $60.76M a year ago, gross margin expanded to 41.8% and income from operations was $17.4M versus an operating loss of $14.6M…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.