Aspen Aerogels (ASPN) financial statements
Aspen Aerogels reported revenue of $271M in fiscal 2025, up 9.7% a year over 9 years.
Net income was -$390M and the operating margin -139.5%, against -9.5% in 2016.
Free cash flow was -$5M.
The diluted share count rose 256% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Aspen Aerogels's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $118M | $112M | $104M | $139M | $100M | $122M | $180M | $239M | $453M | $271M |
| Cost of revenue | $93M | $92M | — | — | $86M | $112M | $175M | $182M | $270M | $225M |
| Gross profit | $23M | $19M | $13M | $26M | $15M | $10M | $5M | $57M | $183M | $46M |
| Research and development | $5M | $6M | $6M | $8M | $9M | $11M | $17M | $16M | $18M | $13M |
| Selling, general and admin | $29M | $32M | $33M | $32M | $27M | $39M | $67M | $90M | $107M | $84M |
| Operating income | -$11M | -$19M | -$34M | -$14M | -$22M | -$41M | -$79M | -$49M | $55M | -$378M |
| Pre-tax income | — | — | — | — | — | — | -$83M | -$46M | $15M | -$387M |
| Income tax | — | — | — | — | — | — | $0 | $0 | $2M | $2M |
| Net income | -$12M | -$19M | -$34M | -$15M | -$22M | -$37M | -$83M | -$46M | $13M | -$390M |
| EPS (diluted) | -$0.52 | -$0.83 | -$1.45 | -$0.60 | -$0.83 | -$1.22 | -$2.10 | -$0.66 | $0.17 | -$4.73 |
| Diluted shares | 23M | 23M | 24M | 24M | 26M | 30M | 39M | 69M | 80M | 82M |
| Gross margin | 19.8% | 16.7% | 12.1% | 18.9% | 14.6% | 8.2% | 2.8% | 23.8% | 40.4% | 17.0% |
| Operating margin | -9.5% | -17.1% | -32.5% | -10.2% | -21.5% | -33.4% | -43.9% | -20.6% | 12.0% | -139.5% |
| Net margin | -10.2% | -17.3% | -33.0% | -10.5% | -21.7% | -30.5% | -45.9% | -19.2% | 3.0% | -143.7% |
Balance sheet
Fiscal years, from Aspen Aerogels's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $18M | $11M | $3M | $4M | $16M | $77M | $281M | $140M | $221M | $157M |
| Receivables | $18M | $27M | $26M | $32M | $16M | $20M | $57M | $70M | $109M | $35M |
| Inventory | $13M | $9M | $7M | $9M | $13M | $12M | $23M | $39M | $48M | $38M |
| Total current assets | $50M | $48M | $37M | $46M | $47M | $112M | $370M | $266M | $409M | $242M |
| Property, plant and equipment | $84M | $76M | $62M | $54M | $47M | $56M | $259M | $417M | $459M | $98M |
| Total assets | $135M | $124M | $99M | $104M | $97M | $183M | $643M | $703M | $895M | $407M |
| Total current liabilities | $18M | $22M | $23M | $30M | $14M | $37M | $79M | $78M | $110M | $62M |
| Long-term debt | — | — | — | — | $2M | — | — | — | — | — |
| Total liabilities | $19M | $23M | $29M | $45M | $30M | $55M | $196M | $215M | $280M | $171M |
| Shareholders' equity | $116M | $101M | $70M | $59M | $68M | $128M | $447M | $488M | $615M | $236M |
| Net debt | -$18M | -$11M | -$3M | -$4M | -$13M | -$77M | -$281M | -$140M | -$201M | -$132M |
Cash flow
Fiscal years, from Aspen Aerogels's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$578,000 | -$5M | -$9M | -$1M | -$10M | -$19M | -$94M | -$43M | $46M | $33M |
| Capital spending | $13M | $6M | $4M | $2M | $3M | $14M | $178M | $175M | $86M | $37M |
| Free cash flow | -$14M | -$11M | -$12M | -$3M | -$13M | -$32M | -$272M | -$218M | -$41M | -$5M |
| Stock-based compensation | $5M | $5M | $4M | $4M | $5M | $5M | $9M | $11M | $13M | $9M |
| Net borrowing | — | — | — | — | $4M | — | — | — | $125M | — |
| Free cash flow margin | -11.7% | -9.6% | -11.7% | -2.3% | -13.3% | -26.6% | -151.0% | -91.3% | -9.0% | -1.7% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for ASPN.
Open ASPN in InvestinglyQuestions
What was Aspen Aerogels's revenue in 2025?
$271M in fiscal 2025, from its 10-K filing.
How much free cash flow does Aspen Aerogels generate?
-$5M in fiscal 2025 (operating cash flow minus capital spending).
From Aspen Aerogels's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.