ASPN ASPEN AEROGELS INC

Overview and Growth

In fiscal 2025, ASPEN AEROGELS INC recorded $271.10M of revenue, net loss of $389.55M, and an operating cash inflow of $32.87M. Revenue of $271.10M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 40.1% below fiscal 2024 revenue of $452.70M, marking a top-line contraction. The company reported diluted EPS of -$4.73, adding a shareholder-level measure to the absolute income figures considered below. Total assets stood at $406.68M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.67x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $46.00M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 17.0% of revenue, showing how much of the top line remained after direct costs. Operations produced a $378.23M operating loss before non-operating and tax effects. Relative to revenue, the operating deficit measured 139.5%, showing the shortfall after operating costs. The company ended the period with a net loss of $389.55M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 143.7% after all recognized items. The company reported a pretax loss of $387.16M, before the effect of income taxes. Measured against revenue, the pretax deficit represented 142.8%. The company recognized $2.39M of income tax for the period, completing the transition from pretax income to net income. The net loss equaled 165.4% of period-end equity, showing the deficit relative to book capital. The net loss equaled 95.8% of period-end assets, showing the deficit relative to the asset base.

Liquidity and Capital Structure

At period end, the $406.68M asset base was financed through $171.16M of liabilities and $235.52M of equity. At period end, current assets of $242.05M compared with current liabilities of $62.02M, defining the company’s short-term resource position. At 3.9x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $156.86M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 252.9% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $90.57M, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 0.38x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 22.3%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 42.1%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 38.6%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 54.6% lower than fiscal 2024 assets of $895.14M, measuring the company’s own balance-sheet change. Book equity was 61.7% lower than fiscal 2024 equity of $614.71M, showing how shareholder capital changed year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $32.87M, a reported cash inflow that can be compared directly with net income and capital spending. The cash-flow statement records $37.45M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 113.9% of operating cash flow, quantifying the share of cash from operations directed to investment. The company recorded a $4.58M cash deficit after capital spending for the period. The free-cash-flow deficit equaled 1.7% of revenue, showing the post-investment cash shortfall relative to sales. The cash deficit after capital spending represented 1.1% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.