Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Q4 2025 Earnings Presentation
12 slides from Aspen Aerogels's earnings presentation, Feb 25, 2026
Slide 1: Aspen Aerogels Q4 & FY 2025 Financial Results Call
February 25, 2026 ASPEN AEROGELS Q 4 & F Y 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: Key Strategic Developments
Key Strategic Developments Operational momentum supported by a strengthened balance sheet Thermal Barrier Energy Industrial Liquidity & Capital Growth & Strategy • Navigating near-term U.S. • North Sea subsea pipeline • $158.6M year-end cash • $75M structural fixed cost demand reset award secured po
Slide 4: Q4 & FY 2025 Financial Highlights
Q4 & FY 2025 Financial Highlights Structural cost reset and capital discipline position Aspen for improved earnings trajectory $ in millions except EPS Q4 20251 FY 20251 Commentary • Q4 Energy Industrial revenues increased 4% QoQ Revenues $41.3 $271.1 • Q4 Thermal Barrier revenues decreased 67% QoQ
Slide 5: 2026 Financial Outlook Drivers
2026 Financial Outlook Drivers Focused on streamlining operations, driving financial discipline, and strict cash management $ in millions, except per share figures Q1 2026 Outlook Targeting $175M break-even Adj. EBITDA in 2027 Annual Estimated Revenues Required for Breakeven Adjusted EBITDA Revenues
Slide 6: Positioned for Structural EV Growth in Europe
Positioned for Structural EV Growth in Europe EV penetration projected near 40% by 2030; Aspen embedded across major OEM platforms EV share of European production projected to $220M potential opportunity in 2027 growing to $450M+ nearly triple from 2025 to 2030 in 2028 across awarded and quoted EU p
Slide 7: Building Durable, Scalable Growth
Building Durable, Scalable Growth Disciplined three-pillar strategy to drive operating leverage, strategic flexibility, and long-term value Drive Structural Operating Strengthen & Optimize Our Expand the Aerogel Platform Leverage Capital Structure & Accelerate Growth • Implemented ~$75 million fixed
Slide 8: Appendix
Appendix 7 Aspen Aerogels | Q4 & FY 2025 Financial Results Call | February 25, 2026
Slide 9: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Adjusted EBITDA Reconciliation 2025 Q1-26 Outlook FY-25 Outloo ($ in millions) Q1 Q2 Q3 Q4 YTD Low High Net Income (Loss) (301.2) (9.1) (6.3) (72.9) (389.6) (23.0) (20.0) Depreciation and Amortization 5.8 5.8 5.4 28.2 45.2 5.0 5.0 Stock-based Compensation 2.1 3.2 2.6
Slide 10: US EV Sales Market Share
US EV Sales Market Share EV penetration moderated following incentive changes, while GM maintained leading EV share United States Electric Vehicle Sales Percentages 20 18.0% 16.4% 16.4% 15.7% 15.5% 15.1% 14.3% 15 12.2% 11.3% 10.2% % BEV 9.9% 9.9% 10 8.7% 8.4% 8.7% 7.7% 7.4% 7.5% 7.5% 6.6% 7.0% 8.4%
Slide 11: Demand Overview - GM IHS EV Forecast
Demand Overview - GM IHS EV Forecast IHS forecast reflects 2026 production reset with stabilization and growth from a lower base in 2027 Near-term production moderation Broader EV lineup supports long- 2026 reset lowers base ahead of expected in 1H26 term platform diversity projected 2027 recovery G
Slide 12: Aspen Aerogels
: aspen lac rogels