Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Q3 2025 Earnings Presentation
12 slides from Aspen Aerogels's earnings presentation, Nov 6, 2025
Slide 1: Aspen Aerogels Q3 2025 Financial Results Call
November 6, 2025 ASPEN AEROGELS Q 3 2 0 2 5 F I N A N C I A L R E S U LT S C A L L
Slide 2: Disclaimer on Forward Looking Statements
Disclaimer on Forward Looking Statements This presentation and any related discussion contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from
Slide 3: Leveraging the Aerogel Technology Platform
Leveraging the Aerogel Technology Platform Advancing our position across EV, Energy, and adjacent markets through disciplined execution Thermal Barrier Energy Industrial Adjacent Markets Navigating US demand reset Project opportunities expected to Leveraging aerogel technology while building for EU
Slide 4: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights EV market reset driving lower near-term volumes; focus remains on cost control and operational efficiency $ in millions except EPS Q2 20251 Q3 20251 Commentary • Thermal Barrier revenues decreased 12% QoQ to $48.7M Revenues $78.0 $73.0 • Energy Industrial revenues increa
Slide 5: 2025 Financial Outlook
2025 Financial Outlook Focused on streamlining operations, driving financial discipline, and strict cash management $ in millions, except per share figures YTD 20251 Q4 Outlook FY 2025 Outlook Revenues $230 $40-50 $270-280 Key Commentary • US EV market reset and Net Income (Loss) $(317)* $(25)-(17)
Slide 6: Path to Sustainable Growth
Path to Sustainable Growth Executing a disciplined path toward growth across EV, Energy, and adjacent markets 2026 2027 Strengthen and Position Drive Sustainable Growth Demand Drivers Financial Discipline Operational Focus Growth Drivers • IHS at ~175k GM NA • Targeting break-even • Continuing to im
Slide 7: Summary
Summary Earning our right to win by leveraging the Aerogel Technology Platform®, executing, and investing for profitable growth The Road to Creating Near Term Value DEMONSTRATED OPERATING EXECUTION Streamlining operations and improving efficiency; developed flexible supply structure with EMF and US
Slide 8: Appendix
Appendix 7 Aspen Aerogels | Q3 2025 Financial Results Call | November 6, 2025
Slide 9: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Adjusted EBITDA Reconciliation 2025 Q4-25 Outlook FY-25 Outlook ($ in millions) Q1 Q2 Q3 YTD Low High Low High Net Income (Loss) (301.2) (9.1) (6.3) (316.6) (24.9) (16.9) (341.6) (333.6) Depreciation and Amortization 5.8 5.8 5.4 17.0 5.5 5.5 22.5 22.5 Stock-based Com
Slide 10: US EV Sales Market Share
US EV Sales Market Share October EV penetration declined post-incentive changes, while GM has sustained strong EV market share United States Electric Vehicle Sales Percentages 20 18.0% 16.4% 16.4% 15.7% 15.5% 15.1% 14.3% 15 13.3% 12.4% 12.2% 10.8% 11.3% % BEV 9.9% 9.9% 10 8.2% 8.6% 8.8% 8.7% 8.4% 7.
Slide 11: Demand Overview - GM IHS EV Forecast
Demand Overview - GM IHS EV Forecast Projected volume reset in 2026; production expected to stabilize and grow from lower base in 2027 Production reset underway in Q4 Broader EV lineup supports long- 2026 reset establishes foundation 2025 term platform diversity for growth in 2027 GM NA EV Productio
Slide 12: : aspen lac rogels
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