Aspen Aerogels (ASPN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $49.8 million, up 32% quarter-over-quarter, driven by strong thermal barrier sales and deferred revenue recognition from a GM settlement, but down from $78.0 million year-over-year due to regulatory impacts on North American EV incentives.

• PyroThin thermal barrier business saw 81% quarter-over-quarter growth to $29.5 million, with expanding European OEM awards, including Jaguar Land Rover.

• Staged restart of the East Providence plant is underway after an April incident, with full capacity expected in H1 2027 and customer supply maintained.

• Net loss for Q2 2026 was $23.3 million, including $8.9 million in property damage from the East Providence incident, offset by insurance receivable.

• Ended Q2 with $153.4 million in cash and equivalents, maintaining strong liquidity and covenant headroom.

Financial highlights

• Q2 gross profit was $3.3 million (7% margin), impacted by $5.3 million in incident-related costs; adjusted gross profit was $8.6 million (17% margin).

• Adjusted EBITDA improved to negative $6.6 million from negative $12.7 million in Q1; Q2 net loss was $23.3 million, with adjusted net loss at $17.9 million.

• Cash flow from operations for the first half of 2026 was $17.9 million.

• Weighted average shares outstanding for Q2: 82.9 million.

Outlook and guidance

• Q3 2026 revenue expected between $65 million and $80 million; adjusted EBITDA guidance is $7–$15 million, including $5–$10 million in incident-related add-backs.

• European thermal barrier revenue outlook for 2026 raised to $20–$30 million, with 2027 targeted at $40–$60 million.

• Energy industrial segment expected to maintain 20% growth in 2027, with a path to $200 million annual revenue.

• FY 2026 capex expected below $10 million, excluding East Providence restoration.