Q2 2026 Aspen Aerogels Inc Earnings Call Transcript
Key Points
- Aspen Aerogels Inc (ASPN) reported a strong Q3 2026 outlook with revenue expected between $65 million and $80 million, representing 30% to 60% quarter-over-quarter growth.
- The company secured a new European OEM design award from Jaguar Land Rover, expanding its European customer base to seven OEMs and nine vehicle platforms.
- Aspen Aerogels Inc (ASPN) raised its 2026 European Thermal Barrier revenue outlook to $20 million to $30 million, up from the prior $10 million to $15 million, driven by strong first-half performance.
- Energy Industrial segment continues to target approximately 20% growth in 2026, with LNG-related activity expected to more than double compared to 2025.
- The company successfully initiated a staged restart of its East Providence plant in May, mitigating supply disruptions to customers through inventory, external manufacturing, and the partial restart.
- Aspen Aerogels Inc (ASPN) is making progress in developing Battery Energy Storage Systems (BESS) as a potential third growth segment, with initial revenue expected in the near term.
- Aspen Aerogels Inc (ASPN) reported a GAAP net loss of $23.3 million in Q2 2026, with adjusted EBITDA still negative at $6.6 million.
- The April incident at the East Providence plant resulted in $5.3 million of incremental costs in Q2, and the company expects to continue incurring incident-related charges until full production capacity is restored in the first half of 2027.
- Energy Industrial revenues declined 6% quarter-over-quarter in Q2, below expectations, due to logistics and inventory challenges tied to the conflict in Iran and some demand pushed to Q3.
- The sale of Plant 2 assets is now most likely a 2027 event after the non-binding letter of intent expired without a definitive agreement, delaying potential debt reduction.
- Refinery and petrochemical activity has lagged expectations, with customers prioritizing uptime and compressing maintenance windows, which could delay turnaround work.
- Cash used by operating activities was $8 million in Q2, and the company expects working capital to be a use of cash as it builds safety stock and inventory for upcoming production ramps.
Good morning. Thank you for attending the Aspen Aerogels Inc Q2 2026 financial results call. (Operator Instructions)
I would now like to turn the conference over to your host, Neal Baranosky, Aspen's Head of Investor Relations. Thank you. You may proceed, Mr. Baranosky.
Thank you, Holly. Good morning, and thank you for joining us for the Aspen Aerogels second-quarter financial results conference call. With us today are Don Young, President and CEO; and Grant Thoele, Chief Financial Officer and Treasurer.
The press release announcing Aspen's financial results and business developments and the slide deck that will accompany our conversation today are available on the Investors section of Aspen's website, www.aerogel.com. During this call, we will refer to non-GAAP financial measures, including adjusted EBITDA and adjusted net income. The reconciliations between GAAP and non-GAAP measures are included in the back of
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