Aspen Aerogels Inc (NYSE: ASPN)

Aspen Aerogels, Inc. is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel materials used primarily in the energy industrial, sustainable insulation materials, and electric vehicle markets. For nearly two decades the company has supplied aerogel insulation to the energy industrial and sustainable insulation markets and has developed a proprietary line of PyroThin thermal barriers for electric vehicle battery packs.

The company generates revenue through the sale of its aerogel insulation products, including the Pyrogel and Cryogel lines, for energy industrial applications and its PyroThin thermal barriers for electric vehicle battery packs, serving customers such as automotive original equipment manufacturers, energy producers and industrial users. In 2025, revenue from PyroThin totaled $168.9 million, primarily to General Motors, while insulation product revenue reached $102.2 million. Since 2008, cumulative insulation product sales have exceeded $1.6 billion, representing an installed base of more than 525,000,000 square feet of insulation.

The company operates through the following segments: Thermal Barrier and Energy Industrial.

• The Thermal Barrier segment provides aerogel thermal barriers, principally the Pyrothin line, designed to impede thermal runaway and deliver thermal management, mechanical performance and fire protection in electric vehicle battery systems, with production supplied to customers such as General Motors, Toyota, Automotive Cells Company, Audi and Volvo Truck.

• The Energy Industrial segment designs, develops and manufactures high-performance aerogel insulation products, including Pyrogel XTE, Pyrogel HPS, Pyrogel XTF and Cryogel Z, for use in refineries, petrochemical plants, liquefied natural gas facilities and power generation installations, with sales to companies such as ExxonMobil, Reliance Industries, PTT LNG and Royal Dutch Shell.

The company holds a strong position in the aerogel insulation market, offering products that deliver two to five times the thermal performance of traditional insulation materials and benefit from a proprietary manufacturing process that yields durable, flexible blankets. Competitors include Armacell International S. A., JIOS Aerogel Pte. Ltd., Unifrax Holding Co. (Alkegen), IBIDEN Co., Ltd., Guangdong Alison Hi-Tech Co., Ltd., Nano Tech Co., Ltd., Beerenberg AS and other producers of aerogel-based insulation. Competitive advantages stem from superior product performance, a patented technology platform with over 400 issued patents, and a proven track record with major energy and automotive customers.

The company serves a diverse customer base that includes electric vehicle manufacturers such as General Motors, Toyota and Automotive Cells Company, energy industry leaders like ExxonMobil, Reliance Industries, PTT LNG and Royal Dutch Shell, as well as industrial users in the petrochemical and power generation sectors, and additional clients in markets such as marine, aerospace and transportation. Its products are used in more than 50 countries worldwide.