Aspen Aerogels Courts Investors at Roth Amid EV Market Headwinds

NORTHBOROUGH, MA – March 16, 2026 – Aspen Aerogels, Inc. (NYSE: ASPN), a specialist in aerogel-based sustainability and electrification technology, has announced its leadership will meet with investors at the 38th Annual Roth Conference on March 23. The meeting comes at a pivotal moment for the company as it navigates a complex market landscape, balancing a recent slowdown in the North American electric vehicle sector against long-term growth opportunities in EV technology and energy infrastructure.

President & CEO Don Young and Senior Director, Head of Investor Relations & Corporate Strategy Neal Baranosky are scheduled to host one-on-one meetings at the conference in Laguna Niguel, California. This engagement offers a critical platform for Aspen to communicate its strategy and financial outlook directly to the investment community after a transitional year marked by significant market shifts and internal restructuring.

Navigating a Turbulent 2025

Aspen Aerogels is heading to the Roth Conference after a challenging 2025. The company's full-year financial results, reported in late February, reflected a significant downturn, primarily driven by a slowdown in the North American EV market. Total revenue for 2025 fell to $271.1 million from $452.7 million in the prior year. The company's Thermal Barrier segment, which supplies the PyroThin® product for EV batteries, saw its revenue nearly halve to $168.9 million from $306.8 million, a direct consequence of major automotive customers, including GM, reducing EV production rates.

This revenue decline contributed to a substantial net loss of $389.6 million for the year. A significant portion of this loss was a non-cash impairment charge of $286.6 million, linked to the company's decision to halt plans for a second manufacturing plant in Georgia. This move, along with other aggressive cost-cutting measures, was part of a broader strategy to streamline operations and lower the company's financial breakeven point. Aspen successfully reduced its annualized fixed costs by over $75 million.

Despite the headwinds, the company demonstrated disciplined cash management, generating $6.1 million in operating cash flow in the fourth quarter of 2025 and ending the year with a cash balance of $158.6 million. This liquidity is further supported by an expected $37.6 million commercial settlement payment from GM in the first quarter of 2026. Management has guided that Q1 2026 revenue will likely be the lowest of the year, projecting a sequential recovery as the year progresses.

The Dual Pillars of Aerogel Technology

At the heart of Aspen's value proposition is its proprietary Aerogel Technology Platform®, which serves two distinct but high-growth markets. The company's pitch to investors will undoubtedly center on the long-term potential of these core segments.

First is the Thermal Barrier business, driven by its flagship PyroThin® product. This material is a critical safety component in EV batteries, designed to mitigate the risk of thermal runaway—a dangerous chain reaction where a battery cell overheats. Despite the recent market softness in the U.S., the global market for aerogel in EV batteries is projected to grow significantly, from an estimated $500 million in 2024 to over $2 billion by 2030. Aspen is positioning itself to capture this growth, having secured new contracts with major European OEMs set to begin production in 2027 and 2028. It also has an award from a leading American OEM for a next-generation vehicle platform using prismatic lithium iron phosphate (LFP) batteries, with production slated for 2028. These contracts represent a crucial part of the company's future revenue pipeline, shifting its geographic focus and de-risking its reliance on the North American market.

Second is the Energy Industrial segment, featuring its Cryogel® and Pyrogel® products. This business provides high-performance insulation for the world's largest energy infrastructure companies, serving the oil and gas, LNG, and industrial sectors. This segment has proven to be a source of stability and strong profitability. In the third quarter of 2025, for instance, the Energy Industrial segment maintained a robust gross margin of 36%. The global market for aerogel insulation is forecast to expand at a compound annual growth rate of over 14%, reaching an estimated value of over $4 billion by 2034. Aspen management anticipates this segment will grow approximately 20% in 2026, providing a steady foundation while the EV market resets.

A Leader in a Competitive Field

While Aspen Aerogels is a pioneer, it operates in an increasingly competitive space. The company holds a commanding share of the global aerogel insulation market, estimated at around 35%. Its primary competitors include materials giant Cabot Corporation, which holds a 25% share, as well as specialized firms like JIOS Aerogel and established players like BASF and Armacell.

Aspen's competitive advantage lies in its deep technological expertise and the performance of its patented product lines. Pyrogel® is considered one of the most efficient industrial insulations available, allowing for superior thermal performance with significantly less thickness and weight than conventional materials. Similarly, PyroThin® is engineered specifically for the demanding environment of an EV battery pack, offering a unique combination of thermal insulation, fire protection, and mechanical integrity. The one-on-one meetings at the Roth Conference will provide an opportunity for Aspen's leadership to reinforce this technological edge with investors who are increasingly focused on companies providing unique, defensible solutions for the clean energy transition.

As Aspen Aerogels engages with the investment community, its narrative will be one of resilience and strategic repositioning. The company's ability to weather the recent EV market storm, control costs, and secure future business in Europe and with next-generation battery technologies will be central to its pitch. For investors at the Roth Conference, the key question will be whether they believe in the long-term electrification story and Aspen's crucial role in enabling it safely and efficiently.