Revenue: As of FY2026 Q2, the actual value is USD 49.85 M, beating the estimate of USD 42.42 M.

EPS: As of FY2026 Q2, the actual value is USD -0.28, missing the estimate of USD -0.2275.

EBIT: As of FY2026 Q2, the actual value is USD -20.49 M.

Second Quarter 2026 Financial Results

Revenue

• Total revenue for Aspen Aerogels, Inc. was $49.8 million, compared to $78.0 million in the prior year period.
• Thermal Barrier segment revenue was $29.5 million, an 81% increase quarter-over-quarter, compared to $55.2 million in the prior year period.
• Energy Industrial segment revenue was $20.4 million, compared to $22.8 million in the prior year period.

Net Loss and Adjusted EBITDA

• Net loss was - $23.3 million, compared to a net loss of - $9.1 million in the prior year period.
• Second quarter 2026 results included an $8.9 million loss on property damage related to the April 2026 East Providence incident, offset by a corresponding receivable for an estimated $8.9 million insurance recovery.
• Results also included $5.3 million of other incident-related costs.
• Excluding these items, adjusted net loss for the second quarter of 2026 was - $17.9 million, compared to an adjusted net loss of - $3.2 million in the prior year period.
• Adjusted EBITDA was - $6.6 million, compared to $9.7 million in the prior year period.

Cash and Liquidity

• Aspen Aerogels, Inc. ended the quarter with cash, cash equivalents, and restricted cash of $153.4 million.

Cash Flow from Operating Activities

• Net cash provided by operating activities for the six months ended June 30, 2026, was $17,945 thousand, compared to $1,702 thousand for the same period in 2025.
• Net cash used in operating activities for the three months ended June 30, 2026, was - $16,200 thousand.

Cash Flow from Investing Activities

• Net cash used in investing activities for the six months ended June 30, 2026, was - $3,169 thousand, compared to - $25,883 thousand for the same period in 2025.
• Net cash used in investing activities for the three months ended June 30, 2026, was - $1,802 thousand.

Cash Flow from Financing Activities

• Net cash used in financing activities for the six months ended June 30, 2026, was - $19,925 thousand, compared to - $29,063 thousand for the same period in 2025.
• Net cash used in financing activities for the three months ended June 30, 2026, was - $4,160 thousand.

Net Increase (Decrease) in Cash

• Net decrease in cash, cash equivalents and restricted cash for the six months ended June 30, 2026, was - $5,149 thousand.
• Net decrease in cash, cash equivalents and restricted cash for the three months ended June 30, 2026, was - $22,162 thousand.

Operational Highlights

• Aspen Aerogels, Inc. initiated a staged restart of its manufacturing facility in East Providence, Rhode Island, and maintained customer supply throughout the quarter.
• The company secured a PyroThin® award from Jaguar Land Rover for two next-generation vehicle architectures, with production expected to start in 2027.

Financial Outlook

Aspen Aerogels, Inc. expects Q3 2026 revenue to range between $65 million and $80 million, with an anticipated net loss between - $9 million and - $6 million. The company projects Q3 2026 Adjusted EBITDA to be between $7 million and $15 million, and full-year 2026 capital expenditures, excluding East Providence restoration costs, to be less than $10 million. Additionally, the European Thermal Barrier 2026 revenue outlook has been raised to $20 million to $30 million.