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Aspen Aerogels (ASPN) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Aspen Aerogels (ASPN) Q3 2026 earnings results →
Q3 2026 Revenue up 17% year over year to $85.2M · 12¢ of every $1 of revenue lost · operating margin -8.4%
Aspen Aerogels made $85.2M in Q3 2026 (+17% Y/Y): Thermal Barrier $45.3M, Energy Industrial $39.9M. Operating margin -8.4%, net loss $10.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $85.2M in Q3 2026, up 17% year over year and up 71% from the previous quarter. Thermal Barrier was the largest line at 53% of revenue. Energy Industrial added $15.6M year over year (up 64%), 128% of the total change. Thermal Barrier declined 7%.
Gross margin was 24.1%, down 4.3 points from Q3 2025. Operating costs exceeded revenue by $7.1M, an operating margin of -8.4%. Operating expenses grew 15% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+194%). The quarter ended with a net loss of $10.4M, narrower than the previous quarter's $23.3M loss.
Operating cash flow was −$3.8M. Non-cash charges added back $5.0M of depreciation and $1.6M of share-based compensation. Capital expenditures of $4.7M exceeded it, leaving free cash flow of −$8.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $85.2M | +17% | -8.4% | −$10.4M | −$3.8M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $49.8M | -36% | -57.7% | −$23.3M | −$16.2M |
| Q1 2026 | 10-Q | May 8, 2026 | $37.9M | -52% | -55.0% | −$23.7M | $34.1M |
| Q4 2025 | 10-K | Mar 13, 2026 | $41.3M | -66% | -170.3% | −$72.9M | $16.1M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $73.0M | -38% | -4.6% | −$6.3M | $15.0M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $78.0M | -34% | -6.6% | −$9.1M | −$3.9M |
| Q1 2025 | 10-Q | May 8, 2025 | $78.7M | -17% | -380.2% | −$301M | $5.6M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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Customers and suppliers named in filings
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About Aspen Aerogels
Aspen is a technology leader in sustainability and electrification solutions. The Company’s aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, e-mobility and clean energy. Aspen’s PyroThin® products enable solutions to thermal runaway challenges within the electric vehicle (“EV”) market. The Company’s Cryogel® and Pyrogel® products are valued by the world’s largest energy infrastructure companies. Aspen’s strategy is to partner with world-class industry leaders to leverage its Aerogel Technology Platform® into additional high-value markets. Aspen is headquartered in Northborough, Mass. For more information, please visit www.aerogel.com.
In its own words, from its 8-K, filed Aug 6, 2026.
Aspen Aerogels against its Wholesale-Lumber & Other Construction Materials peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +17% against the peers' median +67%. Operating margin: -8.4% against the peers' median -1.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ASPN Aspen Aerogels | Q3 2026 | $85.2M | +17% | -8.4% |
| QXO QXO | Q2 2026 | $3.2B | +70% | -1.3% |
| BCC Boise Cascade | Q3 2026 | $1.8B | +8% | 3.1% |
| CAPS Capstone Holding | Q2 2026 | $21.5M | +67% | 2.0% |
| OLOX Olenox Industries | Q2 2026 | $2.1M | +194% | -138.7% |
Source: Aspen Aerogels 10-Q on SEC EDGAR · CIK 1145986 · Wholesale-Lumber & Other Construction Materials
Guidance and outlook
13F: who owns ASPN and who is buying
More on ASPN
- How Aspen Aerogels makes money: revenue by segment
- Aspen Aerogels next earnings date and what analysts expect
- Aspen Aerogels stock forecast, price target and fair value
- Who owns Aspen Aerogels stock: holders, funds and Congress trades
- Aspen Aerogels guidance and outlook
- Aspen Aerogels recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results