ASPN earnings analysis
What we found in ASPN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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%.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.22
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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.…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing ASPN makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever