ASPEN AEROGELS INC

Aspen Aerogels, Inc. is an aerogel technology company that designs, develops, and manufactures high-performance aerogel materials. These materials are primarily used in the energy industrial, sustainable insulation materials, and electric vehicle (EV) markets. The company has supplied high-performance aerogel insulation to the energy industrial and sustainable insulation markets for nearly two decades. Aspen Aerogels has also developed and commercialized its proprietary PyroThin aerogel thermal barriers specifically for use in EV battery packs. The company's core business is divided into two reportable segments: Thermal Barrier and Energy Industrial. Its corporate offices are located in Northborough, Massachusetts. Aspen Aerogels has five wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC (Aspen RI), Aspen Aerogels Germany, GmbH, Aspen Aerogels Georgia, LLC (Aspen Georgia), Aspen Aerogels Mexico Holdings, LLC (Aspen Mexico), and OPE Manufacturer Mexico S de RL de CV (OPE). OPE is a manufacturing facility located in Mexico, established in 2022 to assemble PyroThin thermal barrier products and operate an automated fabrication facility for PyroThin. For the year ended December 31, 2025, the company reported a net loss of $389.6 million. It generated $32.9 million in cash from operations and used $37.4 million for capital expenditures. As of December 31, 2025, Aspen Aerogels had unrestricted cash and cash equivalents totaling $156.9 million.