Aspen Aerogels, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results and Recent Business Highlights

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• As we begin 2026, our outlook reflects continued softness in thermal barrier volumes as EV demand finds a floor at lower production levels. From this base, supported by project momentum in our Energy Industrial segment, we expect topline growth going forward, with improving profitability driven by our leaner cost structure and disciplined execution.

  80% confidence

• Aspen anticipates additional EV OEM awards in 2026 following the Volvo Cars relationship expansion

  80% confidence

• The Company reduced its fixed cost structure by more than $75 million in response to market conditions

  80% confidence

• Through disciplined cash management, the expected proceeds from our signed GM agreement, and the planned monetization of Statesboro assets, we expect to further strengthen our balance sheet and increase our net cash position.

  80% confidence

• 2025 was a transitional year for Aspen. North American EV production levels decreased in response to evolving regulatory frameworks and end-market demand, while Energy Industrial results were weighted toward maintenance activity, with fewer large project awards.

  80% confidence

• We have initiated a review to evaluate our commercial growth plans and to optimize our capital structure. This review is being conducted from a position of financial strength and operational progress.

  80% confidence