Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Investor Presentation (September 2026)
33 slides from Aspen Aerogels's investor presentation, Sep 15, 2026
Slide 1: Aspen Aerogels Investor Presentation
September 15, 2026 ASPEN AEROGELS NYSE: ASPN INVESTOR PRESENTATION r D e c k | S e p t e m b e r 1 5 , 2 0 2 6
Slide 2: Disclaimer on Forward Looking Statements
Aspen Aerogels | Investor Deck | September 15, 2026 2 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 cou
Slide 3: Aspen Aerogels at a Glance
Thermal Barrier $111M LTM Q2 ’26 Revenue Global Manufacturing & R&D Footprint Aspen Aerogels at a Glance (NYSE: ASPN) A proprietary aerogel technology platform serving energy infrastructure and electric mobility markets Aspen Aerogels | Investor Deck | September 15, 2026 3 $92M LTM Q2 ’26 Revenue En
Slide 4: Key Investment Highlights
Key Investment Highlights 4 Proprietary aerogel technology platform built over 25+ years and protected by a deep IP portfolio Energy Industrial — durable recurring maintenance revenue, with additional growth from LNG, subsea and power infrastructure projects European Thermal Barrier — increasing OEM
Slide 5: Aspen's Technology Platform
▪ Ultra - lightweight and highly porous synthetic solid ▪ Open pore structure traps air and slows heat transfer ▪ Aspen combines these properties with a proprietary manufacturing process and product engineering to create products across multiple end markets Aspen’s T ec h nolog y Platform Translatin
Slide 6: Business Segment Summary
Business Segment Summary Two established businesses with distinct end markets, business models, and growth drivers Aspen Aerogels | Investor Deck | September 15, 2026 6 Energy Industrial Historical Revenue 1 $ in millions Thermal Barrier Insulation to maintain hot and cold process equipment, piping
Slide 7: Key Historical Milestones
2019 LNG Nong Fab terminal award 2001 Predecessor spun - out of Aspen Systems Key Historical Milestones 25+ years of aerogel commercialization, from industrial insulation to high - volume EV applications Aspen Aerogels | Investor Deck | September 15, 2026 7 2014 Initial Public Offering 2008 East Pro
Slide 8: Thermal Barrier Segment Overview
Thermal Barrier Segment Overview Supporting blue - chip OEMs with proven battery thermal barrier technology at commercial scale Aspen Aerogels | Investor Deck | September 15, 2026 8 As low as 0.5mm thick PyroThin® Cell - to - Cell Thermal Barriers: Segment Description: • PyroThin® is an ultra - thin
Slide 9: PyroThin's Material Advantage
PyroThin’s Material Advantage Combining high - temperature protection and compressibility in an ultra - thin and lightweight solution Aspen Aerogels | Investor Deck | September 15, 2026 9 Thermal Barrier Li metal LFP 0 500 1000 Max Temperature ( ƒ C) 10 10² 10 ⁵ 10 ⁶ 10³ 10 ⁴ Material Compressibilit
Slide 10: North American EV Market Stabilization
North American EV Market Stabilization Demand is improving as inventories normalize, with industry production expected to recover from the 2026 trough Aspen Aerogels | Investor Deck | September 15, 2026 10 North American BEV production projected to grow at ~20% annually through 2030 North American B
Slide 11: European Awards Drive the Next Growth Leg
European Awards Drive the Next Growth Leg EU EV penetration approaches 40% by 2030, while awarded programs support significant growth potential in 2027 Aspen Aerogels | Investor Deck | September 15, 2026 11 +23% p.a. European Battery Electric Vehicle Production 1 Millions of vehicles 6.9 6.2 5.2 4.2
Slide 12: Energy Industrial Segment Overview
Hydrogen / Carbon Cap . Energy Industrial Segment Overview High - performance insulation and asset protection across critical energy infrastructure Aspen Aerogels | Investor Deck | September 15, 2026 12 Segment Description: Serving Large End Markets: • Foundational business segment since the company
Slide 13: Why Aerogel Wins in Industrial Insulation
Why Aerogel Wins in Industrial Insulation Equivalent thermal performance with ~45 – 70% less thickness in representative hot and cold applications Aspen Aerogels | Investor Deck | September 15, 2026 13 • Reduces cost of ownership over installed life vs. comparable materials • Hydrophobic structure h
Slide 14: Energy Industrial Markets & Growth Drivers
Traditional Energy Transitional Energy Energy Industrial Markets & Growth Drivers Recurring maintenance demand is complemented by LNG, subsea, and power infrastructure investment Aspen Aerogels | Investor Deck | September 15, 2026 14 Natural Gas / LNG Power Thermal protection for new hydrogen infr
Slide 15: A Record Global LNG Buildout, Led by the U.S.
A Record Global LNG Buildout, Led by the U.S. Global liquefaction capacity is projected to expand rapidly through 2030, creating project opportunities for Aspen Aspen Aerogels | Investor Deck | September 15, 2026 15 Source: IEA Gas 2025 / Global LNG Capacity Tracker (June 2026); U.S. EIA Liquefactio
Slide 16: Footprint Supports $600M+ of Revenue Capacity
Footprint Supports $600M+ of Revenue Capacity Existing manufacturing assets and external supply arrangements support growth with limited incremental capital Aspen Aerogels | Investor Deck | September 15, 2026 16 Manufacturing / Assembly Facilities R&D Labs and Corporate Offices Marlborough and North
Slide 17: A Deep and Defensible IP Portfolio
A Deep and Defensible IP Portfolio 800+ issued and pending patents protect core technology, thermal barriers, and future applications Aspen Aerogels | Investor Deck | September 15, 2026 17 Tested and proven worldwide coverage ▪ Aerogel compositions and manufacturing processes ▪ Expansive materials e
Slide 18: Lower Breakeven, Higher Operating Leverage
Lower Breakeven, Higher Operating Leverage A lower fixed - cost base positions Aspen for stronger incremental profitability Aspen Aerogels | Investor Deck | September 15, 2026 18 Breakeven revenue target has fallen ~47% Estimated Annual Revenue for Adj. EBITDA Breakeven $ in millions Targeting 50 –
Slide 19: Building Durable, Scalable Growth
Aspen Aerogels | Investor Deck | September 15, 2026 19 Building Durable, Scalable Growth Disciplined three - pillar strategy to drive operating leverage, strategic flexibility, and long - term value Drive Structural Operating Leverage Strengthen & Optimize Our Capital Structure Execute Our Growth St
Slide 20: Appendix A: Thermal Barrier
Appendix A: Thermal Barrier Aspen Aerogels | Investor Deck | September 15, 2026 20
Slide 21: What is Thermal Runaway?
What is Thermal Runaway? OEMs layer several defenses, but only cell - to - cell barriers interrupt propagation at its origin Aspen Aerogels | Investor Deck | September 15, 2026 21 • Occurs when heat generated within a battery exceeds the amount of heat that is dissipated to its surroundings. If not
Slide 22: PyroThin: Aspen's EV Thermal Barrier Solution
PyroThin®: Aspen’s EV Thermal Barrier Solution An ultra - thin, precision - fabricated drop - in part delivered directly to OEM battery assembly lines Aspen Aerogels | Investor Deck | September 15, 2026 22 Thermal Barrier • Aspen’s proprietary PyroThin® technology is an ultra - thin, lightweight and
Slide 23: PyroThin's Unique Value Proposition
C2C barrier design 1.7mm PU foam 1.7mm PU foam + 3.5 mm mica sheet 3.2mm ceramic paper 1.6mm PyroThin Area of barrier 270mm x 110mm 270mm x 110mm 270mm x 110mm 270mm x 110mm BOL stack pressure 2 40kPa 200kPa 130kPa 70kPa TRP delay 3 None >5min >5min >5min Mass per module 110g 3170g +2790% 335g +206%
Slide 24: Battery Fire Risk Remains Industry-Wide
Battery Fire Risk Remains Industry - Wide Aspen Aerogels | Investor Deck | September 15, 2026 24 2020 Hyundai Kona 90K vehicles · Folded anode tab 2021 GM Chevy Bolt ~142K vehicles · Featured example 2023 Ford F - 150 Lightning Pre - delivery battery fire; production halt 2024 – 2025 Nissan Leaf ~45
Slide 25: Durable Across Battery Technology Shifts
Durable Across Battery T ec h nolog y Shifts Volume is shifting toward the cell formats PyroThin® serves, while every chemistry carries thermal propagation risk Aspen Aerogels | Investor Deck | September 15, 2026 25 Pouch and Prismatic projected to be ~83% of 2030 NA & EU BEV volumes North America +
Slide 26: Thermal Barrier to Produced Vehicle Timeline
Thermal Barrier to Produced Vehicle Timeline Aspen’s finished PyroThin® parts can take anywhere from ~1 - 3+ months to be installed into a produced vehicle Estimated timeline for average North American PyroThin® finished part Aspen Aerogels | Investor Deck | September 15, 2026 26 Aspen creates finis
Slide 27: Appendix B: Energy Industrial
Appendix B: Energy Industrial Aspen Aerogels | Investor Deck | September 15, 2026 27
Slide 28: Key Product Hot / Cold Processes
Key Product Hot / Cold Processes: Subsea pipe - in - pipe applications with extremely low thermal conductivity Cold Process: Protects against cold splash, jet fire and acoustic attenuation Hot Process: Thermal resistance with corrosion & fire protection to protect assets for optimal yield Descriptio
Slide 29: How Aerogel Compares to Traditional Insulation
How Aerogel Compares to T r adi t iona l Insulation Flexible blanket form and broad temperature range differentiate aerogel across hot and cold applications Aspen Aerogels | Investor Deck | September 15, 2026 29 Expanded Perlite Calcium Silicate Cellular Glass Mineral Wool PUF & PIR Flexible Aerogel
Slide 30: Appendix C: Other Information and GAAP to Non-GAAP Reconciliations
Appendix C: Other Information and GAAP to Non - GAAP Reconciliations Aspen Aerogels | Investor Deck | September 15, 2026 30
Slide 31: Manufacturing & Assembly Process
Manufacturing & Assembly Process Energy products are sold as rolls, while thermal barrier parts require the roll be converted and assembled in Mexico Aspen Aerogels | Investor Deck | September 15, 2026 31 Assemble, Heat Inspection, Wrap, Press, Fold Laser Packaging Tack & Tack Die Cutting Inspection
Slide 32: GAAP to Non-GAAP Reconciliations
GAAP to Non - GAAP Reconciliations Note: Figures may not total due to rounding Aspen Aerogels | Investor Deck | September 15, 2026 32 Q3 - 26 Outlook 2026 Q1 Q2 2025 Q4 ($ in millions) High Low (6.0) (9.0) (23.3) (23.7) (72.9) Net Income (Loss) 5.0 5.0 4.3 5.4 28.2 Depreciation and Amortization 3.0
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