Aspen Aerogels, Inc. (ASPN) Income Statement
ASPN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsASPN revenue and net income
Where ASPN's revenue goes
2025Each bar shows an amount and its share of revenue. ASPN kept −143.7% of revenue as net income.
ASPN profit margins
ASPN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −40.1% | +30.6% | +22.0% | +8.3% |
| Gross profit | −74.9% | +66.7% | +25.8% | +6.4% |
| Operating income | −188.5% | — | — | — |
| Net income | −3,012.5% | — | — | — |
| EPS (diluted) | −189.3% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ASPN quarterly EPS vs estimates
Aspen Aerogels beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.09).
ASPN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $271.1M | $452.7M | $238.7M | $121.6M | $121.6M | $100.3M | $139.4M | $104.4M | $111.6M | $117.7M |
| Cost of revenue | $225.1M | $269.8M | $181.8M | $111.7M | $111.7M | $85.7M | $113.1M | $91.7M | $93.0M | $94.4M |
| Gross profit | $46.0M | $182.9M | $56.9M | $9.9M | $9.9M | $14.6M | $26.3M | $12.7M | $18.7M | $23.3M |
| Research & development | $13.4M | $18.1M | $16.4M | $11.4M | $11.4M | $8.7M | $8.4M | $6.3M | $6.2M | $5.3M |
| Sales, general & admin | $84.0M | $106.8M | $89.8M | $39.1M | $39.1M | $27.4M | $32.0M | $32.9M | $31.6M | $29.2M |
| Total operating expenses | $97.4M | $124.9M | $106.1M | $50.5M | $50.5M | $36.2M | $40.4M | $39.2M | $37.8M | $34.5M |
| Operating income | −$51.4M | $58.0M | −$49.2M | −$40.6M | −$40.6M | −$21.6M | −$14.2M | −$33.9M | −$19.1M | −$11.2M |
| Interest income | — | — | $6.6M | $1.6M | — | — | $406,000 | $524,000 | $185,000 | $803,000 |
| Interest expense | $10.7M | $12.0M | $5.3M | $229,000 | $229,000 | $240,000 | $406,000 | $524,000 | $185,000 | $147,000 |
| Income before taxes | −$387.2M | $15.1M | −$45.8M | −$37.1M | −$37.1M | −$21.8M | −$14.6M | −$34.4M | −$19.3M | −$12.0M |
| Income taxes | $2.4M | $1.7M | $18.0M | $3.5M | −$9.2M | −$10.0M | −$9.8M | −$10.3M | −$10.8M | −$10.5M |
| Net income | −$389.6M | $13.4M | −$45.8M | −$37.1M | −$27.9M | −$11.9M | −$4.8M | −$34.4M | −$19.3M | −$12.0M |
| EBITDA | −$331.3M | $49.6M | −$25.2M | −$39.0M | −$31.2M | −$11.4M | −$3.9M | −$23.1M | −$8.4M | −$1.4M |
| EPS (diluted) | −$0.50 | $0.56 | −$0.66 | −$2.22 | −$1.19 | −$0.82 | −$0.60 | −$1.13 | −$0.82 | −$0.52 |
| Gross margin | 17.0% | 40.4% | 23.8% | 8.2% | 8.2% | 14.6% | 18.9% | 12.1% | 16.7% | 19.8% |
| Operating margin | −19.0% | 12.8% | −20.6% | −33.4% | −33.4% | −21.5% | −10.2% | −32.5% | −17.1% | −9.5% |
| Net margin | −143.7% | 3.0% | −19.2% | −30.5% | −22.9% | −11.8% | −3.4% | −33.0% | −17.3% | −10.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49.8M | $37.9M | $41.3M | $73.0M | $78.0M | $78.7M | $123.1M | $117.3M | $117.8M | $94.5M | $84.2M | $60.8M |
| Cost of revenue | $46.6M | $33.6M | $64.3M | $52.2M | $52.7M | $55.9M | $76.0M | $68.3M | $66.2M | $59.4M | $54.6M | $46.9M |
| Gross profit | $3.3M | $4.3M | −$22.9M | $20.8M | $25.3M | $22.8M | $47.1M | $49.0M | $51.6M | $35.1M | $29.6M | $13.8M |
| Research & development | $3.2M | $2.7M | $2.8M | $2.5M | $3.8M | $4.3M | $4.4M | $4.6M | $4.6M | $4.5M | $4.1M | $4.2M |
| Sales, general & admin | $19.9M | $22.0M | $21.7M | $20.1M | $20.8M | $21.4M | $27.2M | $27.1M | $27.0M | $25.5M | $24.2M | $24.2M |
| Total operating expenses | $23.1M | $24.7M | $24.5M | $22.6M | $24.6M | $25.8M | $31.6M | $31.6M | $31.6M | $32.7M | $28.2M | $28.4M |
| Operating income | −$19.9M | −$20.4M | −$47.4M | −$1.8M | $738,000 | −$2.9M | $15.5M | $17.4M | $20.0M | $2.4M | $1.4M | −$14.6M |
| Interest income | — | — | — | — | — | — | — | — | $741,000 | — | $1.0M | $1.3M |
| Interest expense | $2.8M | $3.2M | $2.7M | $3.0M | $3.1M | $2.0M | $3.5M | $2.6M | $3.0M | $3.5M | $2.9M | $1.9M |
| Income before taxes | −$22.6M | −$23.9M | −$73.0M | −$5.7M | −$8.2M | −$300.2M | $11.2M | −$12.7M | $17.7M | −$1.1M | −$519,000 | −$13.1M |
| Income taxes | $619,000 | −$253,000 | −$97,000 | $594,000 | $821,000 | $1.1M | −$175,000 | $267,000 | $866,000 | $756,000 | $8.1M | −$4.5M |
| Net income | −$23.3M | −$23.7M | −$72.9M | −$6.3M | −$9.1M | −$301.2M | $11.4M | −$13.0M | $16.8M | −$1.8M | −$519,000 | −$13.1M |
| EBITDA | −$15.6M | −$15.4M | −$42.1M | $2.6M | $641,000 | −$292.4M | $20.1M | −$4.8M | $26.7M | $8.2M | $6.9M | −$6.6M |
| EPS (diluted) | −$0.22 | −$0.28 | −$0.34 | −$0.06 | −$0.04 | −$0.06 | $0.15 | $0.19 | $0.21 | $0.01 | −$0.01 | −$0.19 |
| Gross margin | 6.5% | 11.3% | −55.5% | 28.5% | 32.4% | 29.0% | 38.3% | 41.8% | 43.8% | 37.2% | 35.2% | 22.7% |
| Operating margin | −39.9% | −53.9% | −114.7% | −2.4% | 0.9% | −3.7% | 12.6% | 14.8% | 17.0% | 2.6% | 1.6% | −24.1% |
| Net margin | −46.7% | −62.5% | −176.4% | −8.7% | −11.6% | −382.7% | 9.2% | −11.1% | 14.3% | −1.9% | −0.6% | −21.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ASPN's financial statements (latest annual report filed March 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ASPN financial results
In fiscal year 2025 (ended December 31, 2025), Aspen Aerogels reported revenue of $271.1 million, down 40.1% from the year before. It had a net loss of $389.6 million, a net profit margin of −143.7%. Diluted earnings per share came to −$0.50. Over five years revenue grew at an average rate of 22.0% a year.
See the ASPN stock overview for the latest quote and news, or the ASPN chart for price history and technical indicators.
ASPN income statement FAQ
What is Aspen Aerogels's annual revenue?
Aspen Aerogels reported total revenue of $271.1 million for fiscal year 2025, which ended on December 31, 2025. That was down 40.1% from $452.7 million the previous year.
Is Aspen Aerogels profitable?
No. Aspen Aerogels reported a net loss of $389.6 million in fiscal 2025, a net profit margin of −143.7%; its operating margin was −19.0%.
What is Aspen Aerogels's gross margin?
Aspen Aerogels's gross margin was 17.0% in fiscal 2025: for every $100 of revenue, Aspen Aerogels kept $17 after the direct cost of its products and services.
How much does Aspen Aerogels spend on research and development?
Aspen Aerogels spent $13.4 million on research and development in fiscal 2025, 4.9% of revenue.
How fast is Aspen Aerogels growing?
Revenue grew 22.0% a year on average over the last five fiscal years, from $100.3 million to $271.1 million.
What are Aspen Aerogels's earnings per share?
Aspen Aerogels earned $-0.50 per diluted share in fiscal 2025, compared with $0.56 a year earlier.
When will Aspen Aerogels report its next earnings?
Aspen Aerogels is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Aspen Aerogels's fiscal year end?
Aspen Aerogels's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 13, 2026.