ASPN

EX-99.1

2 exh_991.htm

PRESS RELEASE

EdgarFiling

EXHIBIT 99.1

Aspen Aerogels, Inc. Reports Third Quarter 2026 Financial Results and Recent Business Highlights

Q3 2026 revenue of $85 million, up 71% quarter-over-quarter and above the high end of outlook Q3 2026 net loss of $10 million; Adjusted EBITDA of $20 million, above the high end of outlook Received initial Energy Industrial data center infrastructure order; also secured key EI project for 2027 delivery Record quarterly and YTD EU OEM revenue; anticipating continued momentum in Q4 and into 2027

NORTHBOROUGH, Mass., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Aspen Aerogels, Inc. (NYSE: ASPN) (“Aspen” or the “Company”), a technology leader in sustainability and electrification solutions, today announced financial results for the third quarter of 2026, and discussed recent business developments.

Third Quarter 2026 Results Total revenue for the third quarter of 2026 was $85.2 million, compared to $73.0 million in the prior year period. Thermal Barrier segment revenue was $45.3 million, compared to $48.7 million in the prior year period. Energy Industrial segment revenue was $39.9 million, compared to $24.3 million in the prior year period.

Net loss was $10.4 million, compared to net loss of $6.3 million in the prior year period. Third quarter 2026 results included $15.1 million of East Providence incident-related costs, such as expedited freight, professional fees, and the incremental cost of temporarily sourcing certain products from the Company's external manufacturing facility. The Company is engaged in the claims process under its insurance policies with respect to these East Providence incident-related costs. Results also included a $4.6 million loss on disposal of property, plant and equipment, primarily related to the write-down of certain Statesboro, Georgia manufacturing assets. Third quarter 2025 results included $1.6 million in restructuring and demobilization costs. Excluding these items, adjusted net income for the third quarter of 2026 was $9.3 million, compared to adjusted net loss of $4.8 million in the prior year period.

Net loss per share was $0.13, compared to net loss per share of $0.08 in the prior year period. Excluding the items described above, adjusted net income per share was $0.11, compared to adjusted net loss per share of $0.06 in the prior year period.

Adjusted EBITDA was $19.8 million, compared to $6.3 million in the prior year period. Adjusted EBITDA for the third quarter of 2026 excludes the $15.1 million of incident-related costs and the $4.6 million loss on disposal of property, plant and equipment described above, which the Company does not consider indicative of its core operating performance.

A reconciliation of non-GAAP financial results to GAAP financial results is provided in the financial schedules that are part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Non-GAAP Financial Measures.”

Recent Business Highlights & Financial Performance

Delivered total revenue of $85.2 million, a 71% increase quarter-over-quarter (QoQ) and above the high end of the outlook Grew Thermal Barrier revenue to $45.3 million, a 54% increase QoQ, including record European OEM revenue of $8.0 million Grew Energy Industrial revenue to $39.9 million, a 96% increase QoQ Expanded gross margin to 24%, an 18-percentage-point increase QoQ Generated adjusted gross profit of $35.3 million, or a 41% margin, excluding $14.7 million of East Providence incident-related costs in cost of revenue Reported net loss of $10.4 million, a $12.8 million improvement QoQ Generated Adjusted EBITDA of $19.8 million, or a 23% margin, a $26.4 million increase QoQ Ended the quarter with $146.5 million of cash, cash equivalents, and restricted cash Progressed toward restoring robust production capability at the East Providence, Rhode Island facility, which remains on track for completion in the first half of 2027 Received an initial Energy Industrial order for a data center infrastructure project, opening a new market opportunity, with delivery expected in the fourth quarter of 2026 Secured a key Energy Industrial project award, with delivery expected in 2027 Generated initial battery energy storage system (BESS) revenue from PyroThin® parts supplied to multiple market participants “Aspen delivered a strong third quarter, exceeding the high end of our outlook for both revenue and Adjusted EBITDA. The improvement was broad-based, with robust Energy Industrial deliveries, increased demand from GM, and growing contributions from European EV customers. We also reached early commercial milestones in data center infrastructure and battery energy storage. Looking ahead to 2027, we have secured significant project work across our Energy Industrial portfolio, giving us confidence that the business is well positioned for another solid growth year. These results align with our goals to grow and diversify Asp

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EX-99.1

2 exh_991.htm

PRESS RELEASE

EdgarFiling

EXHIBIT 99.1

Aspen Aerogels, Inc. Reports First Quarter 2026 Financial Results and Recent Business Highlights

East Providence manufacturing facility expected to have a staged restart beginning in May $175.6 million quarter-end cash balance; up from $158.6 million at year-end 2025 Secured an additional subsea pipeline award to be delivered in Q3 2026

NORTHBOROUGH, Mass., May 07, 2026 (GLOBE NEWSWIRE) -- Aspen Aerogels, Inc. (NYSE: ASPN) (“Aspen” or the “Company”), a technology leader in sustainability and electrification solutions, today announced financial results for the first quarter of 2026, and discussed recent business developments.

First Quarter 2026 Results Total revenue for the first quarter of 2026 was $37.9 million, compared to $78.7 million in the prior year period. During the first quarter of 2026, the Company received $37.6 million in cash from General Motors related to a commercial settlement, of which $3.5 million was recognized as revenue in the first quarter. The remainder has been recorded as deferred revenue, with approximately $4.9 million to be recognized as revenue quarterly through the end of 2027. Thermal barrier segment revenue was $16.3 million, compared to $48.9 million in the prior year period, reflecting a significant reduction in customer demand following changes in regulatory frameworks and incentive programs. Energy Industrial segment revenue was $21.6 million, compared to $29.8 million in the prior year period.

Net loss was $23.7 million, compared to net loss of $301.2 million in the prior year period. Results for the first quarter of 2026 included $0.4 million of restructuring and demobilization costs. Results for the first quarter of 2025 included a $286.6 million impairment charge related to the Company's previously planned second manufacturing facility in Statesboro, Georgia, and $9.8 million in restructuring and demobilization costs. Excluding these items, adjusted net loss was $23.3 million, compared to adjusted net loss of $4.8 million in the prior year period.

Net loss per share was $0.29, compared to net loss per share of $3.67 in the prior year period. Excluding the items described above, adjusted net loss per share was $0.28, compared to adjusted net loss per share of $0.06 in the prior year period.

Adjusted EBITDA was $(12.7) million, compared to $4.9 million in the prior year period.

A reconciliation of non-GAAP financial results to GAAP financial results is provided in the financial schedules that are part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Non-GAAP Financial Measures.”

East Providence Manufacturing Facility & Supply Strategy Update On April 8, 2026, there was an explosion at Aspen’s manufacturing facility in East Providence, Rhode Island. The investigation confirmed that the event occurred in a specific high-temperature oven, resulting in damage to a portion of the facility’s production space, requiring the temporary cessation of operations. Aspen is working closely with local, state, and federal agencies to bring the facility back online safely and believes a staged restart of operations will begin in May. The final timeline will depend on the progress of our ongoing mechanical, operational, and safety reviews, as well as obtaining clearance from relevant authorities.

"We are immensely grateful that no employees were seriously injured in the incident. We are also appreciative of the professional work of first responders that night. In the time since, our team has made significant progress. Their work has been instrumental in creating a clear path forward for our East Providence facility," said Don Young, President and CEO. "We also deeply value the close cooperation of East Providence and Rhode Island public officials."

To date, the Company has utilized existing inventory and leveraged the capacity of its external manufacturing facility to help support customer demand.

Mr. Young added, “While it will take time to restore East Providence to its full capabilities, we are working closely with our external manufacturing facility to enhance its production capabilities to support both our Energy Industrial and Thermal Barrier segments. These efforts are intended to develop both near- and long-term supply flexibility, strengthening our operational resilience and reinforcing our commitment to customers.”

Recent Business Highlights & Financial Performance

Ended the quarter with cash, cash equivalents, and restricted cash of $175.6 million, compared to $158.6 million at the end of the fourth quarter 2025, highlighted by the receipt of the $37.6 million commercial settlement from General Motors and $15.6 million of debt principal payments Awarded a second subsea pipeline project with expected delivery in the third quarter of 2026 Record quarterly Thermal Barrier revenue from European OEMs

“While the first half of 2026 has be