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Aspen Aerogels cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$8.5M in Q3 2026 · $19.9M over twelve months

Operating cash flow−$3.8M
Capital spending−$4.7M
Free cash flow−$8.5M
Cash conversion cycle55 days

Analysis

In Q3 2026, Aspen Aerogels generated −$3.8M of operating cash flow and spent $4.7M on capital projects, leaving free cash flow of −$8.5M. That is $14.4M less than in Q3 2025 ($5.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $30.3M; the largest uses were other financing ($27.9M), capital spending ($10.4M), net borrowing (+) / repaid (−) ($7.8M); besides operations, cash came from other investing ($8.9M), shares issued ($1.3M); the cash balance fell by $5.9M.

Operating cash flow was −$3.8M against net income of −$10.4M. The largest differences: receivables −$22.0M, payables +$17.0M, deferred revenue −$10.2M.

Its cash conversion cycle was 55 days (receivables 55 + inventory 41 − payables 41).

Free cash flow

Aspen Aerogels: free cash flow by quarterAspen Aerogels: free cash flow by quarter$20.9MQ4 2024−$7.4MQ1 2025−$16.8MQ2 2025$5.9MQ3 2025$13.7MQ4 2025$32.7MQ1 2026−$18.0MQ2 2026−$8.5MQ3 2026
Operating cash flow less capital spending.
Aspen Aerogels: operating cash flow against capital spendingAspen Aerogels: operating cash flow against capital spendingOperating cash flowCapital spending$35.7M$14.8MQ4 2024$5.6M$13.0MQ1 2025−$3.9M$12.9MQ2 2025$15.0M$9.1MQ3 2025$16.1M$2.5MQ4 2025$34.1M$1.4MQ1 2026−$16.2M$1.8MQ2 2026−$3.8M$4.7MQ3 2026
Latest (Q3 2026): Operating cash flow −$3.8M, Capital spending $4.7M.

Capital allocation, year by year

Aspen Aerogels: where the cash came from (up) and went (down), by fiscal yearAspen Aerogels: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$18.6MFY2021: Shares issued $2.3MFY2021: Capital spending −$13.8M$2.3MFY2021FY2022: Operating cash flow −$94.4MFY2022: Shares issued $553KFY2022: Capital spending −$178M$553KFY2022FY2023: Operating cash flow −$42.6MFY2023: Shares issued $1.7MFY2023: Capital spending −$176M$1.7MFY2023FY2024: Operating cash flow $45.5MFY2024: Net borrowing $18.0MFY2024: Shares issued $10.4MFY2024: Capital spending −$86.3M$73.9MFY2024FY2025: Operating cash flow $32.9MFY2025: Net borrowing −$28.0MFY2025: Shares issued $1.7MFY2025: Capital spending −$37.4M$34.6MFY2025
Over these 5 years operating cash flow totalled −$77.2M; the largest uses were capital spending ($491M) and operating cash flow ($156M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$146M
Debt$51.1M
Net cash$94.9M
Due within a year$22.5M
Cash runway4.3 years

Aspen Aerogels is burning cash: its operations consume cash, a free cash flow of −$34.0M a year at the current rate against $146M of cash and investments: a runway of about 4.3 years; $22.5M of debt also comes due within a year, which the cash covers before any new financing.

Where the cash came from and went

Aspen Aerogels: sources (+) and uses (−) of cash, Q3 2026Aspen Aerogels: sources (+) and uses (−) of cash, Q3 2026Other investing$8.9MOther financing−$7.6MCash drawn (+) / kept (−)$6.9MCapital spending−$4.7MOperating cash flow−$3.8MShares issued$761KNet borrowing (+) / repaid (−)−$500KTaxes on employees’ shares−$12K
Aspen Aerogels: sources (+) and uses (−) of cash, TTM to Q3 2026Aspen Aerogels: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$30.3MOther financing−$27.9MCapital spending−$10.4MOther investing$8.9MNet borrowing (+) / repaid (−)−$7.8MCash drawn (+) / kept (−)$5.9MShares issued$1.3MTaxes on employees’ shares−$309K

From profit to cash

Aspen Aerogels: net income to operating cash flow, Q3 2026Aspen Aerogels: net income to operating cash flow, Q3 2026Net income−$10.4MDepreciation & amortization$5.0MStock-based pay$1.6MDeferred taxes$276KGains on disposals$4.6MReceivables−$22.0MInventory−$1.4MPayables$17.0MAccrued liabilities−$777KDeferred revenue−$10.2MPrepaid and other assets−$657KOperating cash flow−$3.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202655414155
Q2 202670583494
Q1 2026859336142
Q4 20251165823151
Q3 2025928441135
Q2 2025909458126
Q1 20251078468123
Q4 202484585289

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$3.8M−$4.7M−$500K$761K$6.9M−$8.5M
Q2 2026−$16.2M−$1.8M−$600K—$22.2M−$18.0M
Q1 2026$34.1M−$1.4M−$8.1M—−$17.0M$32.7M
Q4 2025$16.1M−$2.5M$1.4M$302K−$6.1M$13.7M
Q3 2025$15.0M−$9.1M−$15.3M$1.2M$15.6M$5.9M
Q2 2025−$3.9M−$12.9M−$500K$231K$24.4M−$16.8M
Q1 2025$5.6M−$13.0M−$13.6M—$28.8M−$7.4M
Q4 2024$35.7M−$14.8M—−$7K−$107M$20.9M

Aspen Aerogels: income statement and cash flow

Aspen Aerogels, Q3 2026: revenue $85.2M (+17% year over year), operating margin -8.4%. The chart follows the revenue to costs, profit and cash.

Aspen Aerogels: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.