Aspen Aerogels Inc (ASPN)

The past six months have seen significant events impacting Aspen Aerogels' stock price. In Q3 2025, Aspen Aerogels reported a total revenue of $73.0 million, a sharp decline from $117.3 million in Q3 2024, and a net loss of $6.3 million. The company updated its full-year 2025 guidance to a revenue range of $270 million to $280 million, citing lower near-term U.S. EV production and EV market headwinds, contributing to a significant drop in the stock price. The Q3 2025 results included a $287.6 million impairment charge, and a CFO transition was announced. Aspen Aerogels secured a PyroThin award from a major European OEM, with production targeted to start in 2027. The stock price as of January 2, 2026, was $2.89 per share, a decline of 79.21% from $13.90 per share on January 6, 2025.

Historically, Aspen Aerogels' implied volatility (IV30) tends to show seasonal patterns. Implied volatility for ASPN has historically risen the most in December, with a median IV of 32.5, while November has tended to be when implied volatility declined to its lowest levels, with a median IV of 31.1. The demand for aerogel products can also vary by region and industry. The company's revenue is fundamentally split between its Thermal Barrier segment and its Energy Industrial segment, with a sharp slowdown in the EV market forcing a significant revision to its 2025 outlook. The Energy Industrial segment, however, maintained a strong gross margin in Q2 2025 and is expected to return to growth in 2026.

Aspen Aerogels, Inc. is an aerogel technology company focused on designing, developing, manufacturing, and selling high-performance aerogel materials for sustainability and electrification solutions, operating primarily in the Industrials sector. Its core business is divided into Energy Industrial and Thermal Barrier segments, with major products including PyroThin, Cryogel, Pyrogel, and Spaceloft. The company also conducts contract research services for government agencies.

Aspen Aerogels is headquartered in Northborough, Massachusetts, USA, with a primary manufacturing facility in East Providence, Rhode Island, USA. The company has a sales presence in 17 countries and 8 states in the U.S.A., serving markets in the United States, Canada, Asia, Europe, and Latin America. Plans for a second manufacturing facility in Statesboro, Georgia, were halted, with the company opting to maximize capacity at its East Providence plant and explore external manufacturing in China and Mexico.

Aspen Aerogels' brand reputation in the past year has been significantly influenced by the challenges in the EV market and the resulting financial performance, leading to a substantial stock decline and lowered revenue and earnings outlook for 2025. Despite these challenges, analysts maintain a "Moderate Buy" consensus rating for ASPN as of January 13, 2026, with 80% recommending a "Strong Buy." The company is actively focusing on cost reduction, operational efficiency, and diversification efforts. The securing of a PyroThin award from a major European OEM also indicates continued validation of its technology.

Aspen Aerogels, Inc. has a significant institutional ownership. As of January 2, 2026, 380 institutional owners and shareholders hold a total of 80,942,716 shares. Institutional investors own approximately 58.38% to 97.64% of the company's stock, while insiders hold around 1.52%, and public companies and individual investors hold about 13.77% to 26.33%. Major institutional owners include Kim, Llc, BlackRock, Inc., Vanguard Group Inc, Oaktop Capital Management II, L.p., Needham Investment Management Llc, George Kaiser Family Foundation, VTSMX - Vanguard Total Stock Market Index Fund Investor Shares, Dimensional Fund Advisors Lp, State Street Corp, Telemark Asset Management, LLC, and Spring Creek Capital, LLC.