Aspen Aerogels (NYSE: ASPN) is a specialty materials company that manufactures aerogel insulation and thermal barrier products for energy industrial and electric vehicle applications. Revenue is transactional, generated through supply contracts with OEM automakers and direct sales of insulation products to energy industrial end-users. The company operates two reportable segments: Thermal Barrier, anchored by its PyroThin aerogel product sold to EV battery pack manufacturers, and Energy Industrial, covering its Pyrogel and Cryogel insulation lines sold into oil, gas, refining, LNG, and petrochemical markets. Total revenue was $271.1 million in FY2025, down 40% from $452.7 million in FY2024, with Thermal Barrier revenue of $168.9 million in FY2025 versus $306.8 million in FY2024, primarily reflecting lower North American EV production. The company held 400 issued patents as of December 31, 2025, with 438 additional pending. As of December 31, 2025, Aspen employed 854 full-time staff.

Revenue model

Transactional product sales under multi-year supply contracts with OEM customers and direct sales to energy industrial end-users. Supply agreements include pricing step-down provisions over the production life of each program. No disclosed subscription or royalty streams.

Products and services

PyroThin aerogel thermal barriers for EV battery packs (Thermal Barrier segment); Pyrogel and Cryogel aerogel insulation products for high-temperature and cryogenic energy industrial applications (Energy Industrial segment). The company also supplies thermal barrier prototype parts to EV, grid storage, and home battery manufacturers.

Customers and end markets

GM was the primary Thermal Barrier customer in FY2023 through FY2025. Production contracts also held with Toyota, Scania, ACC, Audi (Volkswagen Group), Volvo Truck, and a large EU battery manufacturer as of the filing date. Energy Industrial customers include owners and operators of refineries, petrochemical plants, LNG facilities, and power generating assets. Secondary end markets include military aircraft, trains, and buses.

Value-chain role

Specialty materials manufacturer and Tier 1 or Tier 2 supplier to OEM automakers and energy industrial operators. Aspen manufactures finished aerogel insulation and fabricated multi-part thermal barrier components that are integrated into battery systems and industrial infrastructure by end-users.

Geographic exposure

Primary revenue base in North America, with thermal barrier production contracts extending to European OEMs including Audi, Scania, Volvo Truck, and ACC. Prototype and development activity across U.S., European, and Asian EV and grid storage manufacturers. Exact revenue split by geography not disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-13

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