Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Q3 2026 Earnings Presentation
14 slides from Aspen Aerogels's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Financial Results Call
November 5, 2026 ASPEN AEROGELS Q 3 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: Q3 2026 Developments and Highlights
Q3 2026 Developments and Highlights Revenue and Adj. EBITDA above the high end of outlook on momentum across both segments Revenue Adj. EBITDA1 Net loss3 Cash and equivalents2 East Providence $85M $20M ($10M) $146M 1H 2027 +71% QoQ; above $65–80M 23% margin; above $7–15M Incl. ~$20M incident and ass
Slide 4: GM EV Inventory Reset as Cadillac Leads Sales
GM EV Inventory Reset as Cadillac Leads Sales Dealer inventory down more than half since year-end; monthly sales rose each month of Q3 GM-built BEV sales rose each month of Q3, led Dealer inventory down >50% since year-end by strong Cadillac performance and now stable, with Cadillac restocking GM-bu
Slide 5: European EV Demand Is Building
European EV Demand Is Building Rising EU BEV adoption and blue-chip OEM awards support a growing European Thermal Barrier business EU BEV penetration reached ~30% in Sept. European Thermal Barrier revenue to triple in 2026, with awarded supported by policy and new models programs supporting further
Slide 6: Improved Operating Leverage on Similar Revenue
Improved Operating Leverage on Similar Revenue Adj. EBITDA more than doubled vs. Q4 2023 at ~$85M revenue, with 83% lower capex Revenue by Segment Adj. EBITDA and Net Loss1 Capital Expenditures2 $ in millions $ in millions $ in millions 84 85 -83% +11M 20 (2.2X) 31 15 40 10 20 50 5 9 0 38 20 -1 -7 2
Slide 7: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights Sequential improvement and capital discipline support a strengthening earnings trajectory $ in millions, except per share figures Q2 20261 Q3 20261 Commentary • Energy Industrial up 96% QoQ on strong project demand Revenues $49.8 $85.2 • Thermal Barrier up 54% QoQ on GM
Slide 8: Q4 2026 Outlook
Q4 2026 Outlook Energy Industrial project timing and continued European ramp support the Q4 outlook $ in millions, except per share figures Q4 2026 Outlook Key drivers of the Q4 2026 outlook Revenues $60 – 75 • LNG deliveries continuing at a robust pace Energy • First data center infrastructure orde
Slide 9: 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 • Returned to positive Adjusted • $146M of cash, cas
Slide 10: Appendix
Appendix 9 Aspen Aerogels | Q3 2026 Financial Results Call | November 5, 2026
Slide 11: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Adjusted EBITDA Reconciliation 2023 2026 Q4-26 Outlook FY-25 Outlook ($ in millions) Q4 Q1 Q2 Q3 Low High Net Income (Loss) (0.5) (23.7) (23.3) (10.4) (11.0) (8.0) Depreciation and Amortization 4.6 5.4 4.3 5.0 5.0 5.0 Stock-based Compensation 3.2 2.3 3.7 2.2 3.0 3.0
Slide 12: A record global LNG buildout, led by the US
A record global LNG buildout, led by the US Global liquefaction capacity projected to grow 7% annually through 2030, led by 13% annual growth in the U.S. Strong global capacity build through 2030… …with US driving nearly half of the growth Global LNG Capacity, by year1 US LNG Capacity, by year1 Bcm
Slide 13: Demand Overview - GM IHS EV Forecast
Demand Overview - GM IHS EV Forecast Ultium production holding steady, supported by a diversified platform lineup Ultium production steady at ~30K Broader EV lineup supports long- Ultium base stabilizing at ~110K per quarter through 1H27 term platform diversity in 2027–2028 GM NA EV Production Forec
Slide 14: : aspen lac rogels
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