U.S was Aspen Aerogels’s largest region in fiscal 2025, bringing in $117.45M of $216.47M (54%).
| Geography | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| International | $60.11M | $87.68M | $112.08M | — | |||||||
| U.S | $49.27M | $52.84M | $63.76M | $117.45M | |||||||
| Asia | $34.75M | $35.70M | $29.32M | $31.13M | |||||||
| Europe | $22.24M | $42.73M | $45.03M | $17.87M | |||||||
| Latin America | $4.46M | $7.22M | $100.57M | $47.56M | |||||||
| Canada | $4.95M | $2.03M | $19.27M | $2.47M | |||||||
| Total | $175.77M | $228.20M | $370.02M | $216.47M |
Aspen Aerogels brought in $216.47M from its five regions in fiscal 2025, the year ended December 31, 2025. That is less than the $271.10M it reports by segment, so these regions do not cover all of its revenue. U.S was the largest at $117.45M (54.3%), ahead of Latin America at $47.56M (22.0%) and Asia at $31.13M (14.4%). The other two regions brought in $20.34M combined.
Compared with fiscal 2024, U.S grew fastest, up 84.2% to $117.45M, while Europe fell the most, down 60.3% to $17.87M. Some of that change comes from Aspen Aerogels regrouping its regions.
Aspen Aerogels stopped reporting International as a separate region after fiscal 2024, when it brought in $112.08M.
Thermal Barrier was Aspen Aerogels’s largest product and service line in fiscal 2025, bringing in $117.45M of $172.08M (68%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Product | — | — | — | — | ||||||
| Thermal Barrier | $49.27M | $98.20M | $194.76M | $117.45M | ||||||
| Energy Industrial | $64.70M | $75.80M | $82.11M | $54.64M | ||||||
| Product Revenue | — | — | — | — | ||||||
| Subsea Projects | — | — | — | — | ||||||
| Research Services | — | — | — | — | ||||||
| Ev Thermal Barrier | — | — | — | — | ||||||
| Total | $113.97M | $174.00M | $276.86M | $172.08M |
Aspen Aerogels brought in $172.08M from its two product and service lines in fiscal 2025, the year ended December 31, 2025. That is less than the $271.10M it reports by segment, so these lines do not cover all of its revenue. Thermal Barrier was the largest at $117.45M (68.2%), ahead of Energy Industrial at $54.64M (31.8%).
Compared with fiscal 2024, Energy Industrial fell 33.5% to $54.64M and Thermal Barrier fell 39.7% to $117.45M.
Thermal Barrier was Aspen Aerogels’s largest segment in fiscal 2025, bringing in $168.91M of $271.10M (62%).
| Segment | FY 2018 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Thermal Barrier | $55.56M | $110.08M | $306.83M | $168.91M | ||
| Energy Industrial | $124.81M | $128.64M | $145.87M | $102.20M | ||
| U.S | — | — | — | — | ||
| Asia | — | — | — | — | ||
| Europe | — | — | — | — | ||
| Canada | — | — | — | — | ||
| Latin America | — | — | — | — | ||
| Total | $180.36M | $238.72M | $452.70M | $271.10M |
Aspen Aerogels brought in $271.10M from its two segments in fiscal 2025, the year ended December 31, 2025. That was down 40.1% from $452.70M in fiscal 2024. Thermal Barrier was the largest at $168.91M (62.3%), ahead of Energy Industrial at $102.20M (37.7%).
Compared with fiscal 2024, Energy Industrial fell 29.9% to $102.20M and Thermal Barrier fell 45.0% to $168.91M. From fiscal 2022 to 2025, combined revenue from these segments grew from $180.36M to $271.10M, a compound annual growth rate of 14.5%. Thermal Barrier's share of the total rose from 30.8% to 62.3%.
Aspen Aerogels (ASPN) reports its revenue by geography, by product and service and by segment. In fiscal 2025, U.S was its largest region, bringing in $117.45M (54.3% of the total), followed by Latin America at $47.56M (22.0%).
U.S was Aspen Aerogels' largest region in fiscal 2025, bringing in $117.45M, or 54.3% of the $216.47M total across its five regions.
Thermal Barrier was Aspen Aerogels' largest product and service line in fiscal 2025, bringing in $117.45M, or 68.2% of the $172.08M total across its two product and service lines.
Thermal Barrier was Aspen Aerogels' largest segment in fiscal 2025, bringing in $168.91M, or 62.3% of the $271.10M total across its two segments.
Every figure comes from Aspen Aerogels' annual financial filings, as reported. Each line keeps the name Aspen Aerogels gives it, and years follow its fiscal calendar.
Aspen Aerogels' revenue by geography goes back to fiscal 2015, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.