| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 49.85 | 31.6% | 36.1% |
| Total Income | 49.85 | 31.6% | 36.1% |
| Expenditure | 78.63 | 33.9% | 5.5% |
| PBT | -22.65 | 5.4% | 174.9% |
| Net Profit | -23.26 | 1.8% | 156.7% |
| OPM | -57.74% | 2.75pp | 51.13pp |
| NPM | -46.67% | 15.87pp | 35.06pp |
| EPS | -0.28 | 3.5% | 154.6% |
Aspen Aerogels Reports Q2 2026 Financial Results and Business Highlights
06 Aug 2026 · 6 Aug, 4:06 pm
Summary
Aspen Aerogels announced its second quarter 2026 financial results, reporting total revenue of $49.8 million, an increase of 32% quarter-over-quarter, driven by an 81% QoQ increase in Thermal Barrier revenue to $29.5 million. The company reported a net loss of $23.3 million for the quarter, impacted by incident-related costs. Looking ahead, Aspen Aerogels anticipates Q3 2026 revenue to be in the range of $65 million to $80 million and raised its European Thermal Barrier 2026 revenue outlook. Management highlighted the resilience of the team and the durability of the business through the East Providence incident, expressing confidence in sustained, profitable growth in 2027 and beyond.
Key Highlights
- 1
Q2 2026 Thermal Barrier revenue was $29.5 million, an 81% increase quarter-over-quarter.
- 2
Total revenue for the second quarter of 2026 was $49.8 million, a 32% increase quarter-over-quarter.
- 3
The company secured a PyroThin® award from Jaguar Land Rover for two next-generation vehicle architectures, with production expected to start in 2027.
- 4
Aspen Aerogels expects Q3 2026 revenue to range between $65 million and $80 million.
- 5
The European Thermal Barrier 2026 revenue outlook was raised to $20 to $30 million.
- 6
The company ended the quarter with cash, cash equivalents, and restricted cash of $153.4 million.
Management Comments
Don Young
The second quarter demonstrated the resilience of our team and the durability of our business. As we managed through the East Providence incident, we kept our customers supplied, advanced the facility’s staged restart, and strengthened the long-term flexibility of our operations. We enter the third quarter with solid momentum, supported by accelerating Energy Industrial project activity, stabilizing North American Thermal Barrier demand, and the continued ramp in European Thermal Barrier revenue. We believe these drivers position Aspen for sustained, profitable growth in 2027 and beyond.
Grant Thoele
Our third-quarter outlook of $65 million to $80 million in revenue and $7 million to $15 million in Adjusted EBITDA represents a meaningful improvement in financial performance. Despite elevated costs related to the East Providence incident in the second quarter, we maintained solid liquidity and plan to submit insurance claims for these costs. We remain focused on disciplined cost management and rebuilding our earnings power.
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