Filing Flows › Aspen Aerogels (ASPN) › Q1 2026
Aspen Aerogels (ASPN) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Aspen Aerogels (ASPN) reported revenue of $37.9M for the first quarter 2026 (Q1 2026), -52% from a year earlier and -8% from the quarter before. Operating margin was -55.0%, net loss $23.7M (62.5% of revenue).
Aspen Aerogels, Q1 2026: revenue $37.9M (-52% year over year), operating margin -55.0%, net loss $23.7M, operating cash flow $34.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $37.9M | -8% | -52% |
| Operating profit | −$20.8M | — | — |
| Net earnings | −$23.7M | — | — |
| Operating cash flow | $34.1M | +112% | +506% |
| Free cash flow | $32.7M | +140% | — |
What changed
Revenue was $37.9M in Q1 2026, down 52% year over year and down 8% from the previous quarter. Energy Industrial was the largest line at 57% of revenue. Thermal Barrier lost $32.6M year over year (down 67%), 80% of the total change.
Gross margin was 11.3%, down 17.7 points from Q1 2025. Operating costs exceeded revenue by $20.8M, an operating margin of -55.0%. Operating expenses fell 92% while revenue fell 52%. The fastest-growing cost line was General & admin (+17%). The quarter ended with a net loss of $23.7M, narrower than the previous quarter's $72.9M loss.
Operating cash flow was $34.1M (up 506% year over year). Non-cash charges added back $5.4M of depreciation and $1.9M of share-based compensation. Working capital and other items added $50.6M. Capital expenditures of $1.4M left free cash flow of $32.7M.
Questions
What was Aspen Aerogels' revenue in the first quarter 2026?
Aspen Aerogels (ASPN) reported revenue of $37.9M for the first quarter 2026 (Q1 2026), -52% from a year earlier and -8% from the quarter before.
Was Aspen Aerogels profitable in the first quarter 2026?
Operating loss was $20.8M (-55.0% of revenue) and net loss $23.7M.
Source: Aspen Aerogels 10-Q on SEC EDGAR.