Aspen Aerogels Inc., an aerogel technology company, reported total revenue of $271.1 million for the year ended December 31, 2025, a 40% decrease compared to $452.7 million in 2024. This decline was attributed to reduced revenue in both its Thermal Barrier and Energy Industrial segments. The company's U.S. revenue was $172.1 million, while international revenue totaled $99.0 million. Aspen Aerogels reported a net loss of $389.6 million for 2025, compared to a net income of $13.4 million in the previous year.
The Thermal Barrier segment, which includes PyroThin aerogel thermal barriers for electric vehicle (EV) battery packs, generated revenue of $168.9 million in 2025, down from $306.8 million in 2024. This decrease was primarily due to lower demand from General Motors (GM), which accounted for $160.3 million of the segment's revenue. The Energy Industrial segment, focused on aerogel insulation for energy infrastructure, contributed $102.2 million in revenue, a decrease from $145.9 million in 2024. This decline was attributed to reduced revenue from the global petrochemical and refinery markets of North America, Europe, and Latin America, and in project-based demand in the subsea market, offset in part by an increase in revenue from the global petrochemical and refinery market of Asia.
Key operational developments included ongoing manufacturing at the East Providence, Rhode Island facility and utilization of external manufacturing capabilities in China to support the Energy Industrial segment. The company also continued to operate an automated fabrication facility in Mexico for PyroThin thermal barriers. As of December 31, 2025, Aspen Aerogels had 854 full-time employees, with 278 located in the United States and 576 located abroad. The company's research and development expenditures were $13.4 million in 2025, compared to $18.1 million in 2024.
Looking ahead, Aspen Aerogels plans to leverage its Aerogel Technology Platform in the EV market and strategically increase capacity to meet demand. The company also aims to capitalize on innovation to develop new markets and broaden energy market diversity while enhancing profit margins, operational cash flow, and return on invested capital. However, the company anticipates a decline in thermal barrier revenues in 2026 due to lower anticipated production volumes. The company expects energy industrial revenue to increase in 2026, driven by anticipated volume growth in its core petrochemical and refinery markets, project-based demand, and continued penetration into adjacent applications.
About ASPEN AEROGELS INC
Aspen Aerogels, Inc. specializes in advanced aerogel technology, producing high-performance insulation materials for the energy industrial and electric vehicle (EV) markets. Its flagship products, including PyroThin thermal barriers, enhance battery safety and efficiency. With a growing market opportunity driven by the EV sector and energy demand, Aspen targets major automotive manufacturers and energy companies. The company is focused on innovation and expanding production capabilities to meet increasing demand.
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