Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Q1 2025 Earnings Presentation
15 slides from Aspen Aerogels's earnings presentation, May 8, 2025
Slide 1: Aspen Aerogels Q1 2025 Financial Results Call
May 8, 2025 ASPEN AEROGELS Q 1 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: Q1 2025 Developments and Highlights
Q1 2025 Developments and Highlights Accelerating commercial traction while taking proactive actions to drive long-term financial performance Q1 2025 Highlights1: Continued Focus on Driving Performance • Delivered 29% gross margins Optimizing Cost Structure • $5.6 million of operating cash flow Lower
Slide 4: Q1 2025 Financial Highlights
Q1 2025 Financial Highlights Continuing to optimize our fixed cost structure to enable operating leverage and protect near-term profitability $ in millions except EPS Q1 2024 Q1 20251 Commentary • $48.9M of Thermal Barrier revenues in Q1 25 reflects moderated production Revenues $94.5 $78.7 schedule
Slide 5: Mitigating Tariff Impacts
Mitigating Tariff Impacts Production on either side of the China / US trade block, Annex II exceptions, and USMCA minimize direct impact Value Chain Benefits ❑ Supply on both sides of the China / US trade blocks ❑ Diversified raw material supply chain across US, EU, and China Energy Industrial Therm
Slide 6: 2025 Q2 Outlook and Historical Trends
2025 Q2 Outlook and Historical Trends Well positioned to deliver breakeven Adjusted EBITDA in Q2 despite lower potential revenue run rates Q2 2025 Outlook2 Historical Financial Trajectory1 $ in millions, except per share figures Revenues Gross Profit Margin $ in millions % Revenues $70 - $80 Thermal
Slide 7: Optimizing the Fixed Cost Structure
Optimizing the Fixed Cost Structure By reducing our fixed costs, we’re prepared to continue improving performance without relying on revenue growth Target fixed cost structure ensures a minimum level of …and lowers the required revenues financial performance at lower revenues… for breakeven EBIT to
Slide 8: Path to Grow and Utilize Our Assets in 2027
Path to Grow and Utilize Our Assets in 2027 Executing our strategy has the potential to deliver meaningful growth by leveraging our existing assets and relationships Potential 2027 Revenue Buildup $ in millions 700+ Awarded Business Potential 350 Potential 50% Expansion Areas Discount 925+ New Geogr
Slide 9: Summary
Summary Earning our right to win by leveraging the Aerogel Technology Platform®, executing, and investing to grow profitably The Road to Creating Near Term Value DEMONSTRATED OPERATING EXECUTION Delivered 29% gross margins in Q1; continuing to take actions to reduce fixed cost base Reduce our Total
Slide 10: Appendix
Appendix 9 Aspen Aerogels | Q1 2025 Financial Results Call | May 8, 2025
Slide 11: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Adjusted Net Income (Loss) & EPS Reconciliation 2025 ($ in millions) Q1 Net Income (Loss) (301.2) Impairment of PP&E 286.6 Restructuring and Demobilization Costs 9.8 Adjusted Net Income (Loss) (4.8) Weighted Avg. Shares Outstanding 82.1 Reported EPS (Loss) $ (3.67) A
Slide 12: US EV Market Update – New Entrants Gaining Share
US EV Market Update – New Entrants Gaining Share GM and Honda were ~16.6% of all electric vehicles sold in the United States in YTD in 2025 GM Ultium and Honda are continuing to capture their fair share; while Tesla continues to lose market share US EV Sales Top Gainers/Losers1 (US YTD 2024 vs YTD 2
Slide 13: Demand Overview - GM IHS EV Forecast
Demand Overview - GM IHS EV Forecast 18% projected volume reduction in 2025 to more closely resemble sales rates; growth still expected in 2026/2027 Future production to more closely 2025 volumes supported by 17 Growth expected to continue in follow vehicle sales unique nameplates 2026/2027 after 20
Slide 14: Long-term EV Production Trends
Long-term EV Production Trends Global EV production is still projected to increase at a 17% CAGR through 2030; 25% CAGR in North America & Europe Global EV production outlook expected to …Europe and North America expecting modest 2025 volume growth, increase at 17% CAGR through 2030 while China mark
Slide 15: Aspen Aerogels
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