Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Q1 2026 Earnings Presentation
12 slides from Aspen Aerogels's earnings presentation, May 7, 2026
Slide 1: Aspen Aerogels Q1 2026 Financial Results Call
May 7, 2026 ASPEN AEROGELS Q 1 2 0 2 6 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: Q1 2026 Business Highlights & Developments
Q1 2026 Business Highlights & Developments Navigating recent supply disruptions from a position of financial strength East Providence & Supply Liquidity & Capital Commercial Developments • Damage to a portion of the facility’s • $175.6M cash, up from $158.6M at • Second subsea pipeline award secured
Slide 4: North American EV Market Reset
North American EV Market Reset Destocking suppressed Q1 production; clearing inventory and improving sales momentum signal stabilization GM EV sales and market share gaining Rapid inventory reduction clears path for momentum production stabilization US Annualized BEV Sales & Market Share %1 US BEV F
Slide 5: European Thermal Barrier: A Growing Opportunity
European Thermal Barrier: A Growing Opportunity Aspen is winning design awards supporting leading EU OEMs as EU BEV penetration continues to grow EU BEV penetration remains structurally elevated, Aspen is well positioned to benefit, with design awards supported by infrastructure, regulation, and pol
Slide 6: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Structural cost reset and capital discipline position Aspen for improved earnings trajectory $ in millions, except per share figures Q4 2025 Q1 20261 Commentary • Q1 Energy Industrial revenues decreased 15% QoQ Revenues $41.3 $37.9 • Q1 Thermal Barrier revenues increased
Slide 7: Q2 2026 Financial Outlook
Q2 2026 Financial Outlook Focused on operational recovery and financial discipline as revenue trajectory improves through 2026 $ in millions, except per share figures Q2 2026 Outlook Targeting $175M break-even Adj. EBITDA in 2027 Annual Estimated Revenues Required for Breakeven Adjusted EBITDA Reven
Slide 8: 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 Execute Our Growth Leverage Capital Structure Strategy • On track for EBITDA break-even at • $175.6M cash p
Slide 9: Appendix
Appendix 8 Aspen Aerogels | Q1 2026 Financial Results Call | May 7, 2026
Slide 10: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Adjusted EBITDA Reconciliation 2025 2026 Q2-26 Outlook FY-25 Outlook ($ in millions) Q4 Q1 Low High Net Income (Loss) (72.9) (23.7) (20.0) (14.0) Depreciation and Amortization 28.2 5.4 5.0 5.0 Stock-based Compensation 1.2 2.3 2.5 2.5 Loss on disposal of property, pla
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 Production moderation through Broader EV lineup supports long- 2026 reset lowers base ahead of 1H26 with recovery in 2H26 term platform diversity projected 2027 re
Slide 12: : aspen lac rogels
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