Filing Flows › Aspen Aerogels (ASPN) › Q2 2025
Aspen Aerogels (ASPN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Aspen Aerogels (ASPN) reported revenue of $78.0M for the second quarter 2025 (Q2 2025), -34% from a year earlier and -0.9% from the quarter before. Operating margin was -6.6%, net loss $9.1M (11.6% of revenue).
Aspen Aerogels, Q2 2025: revenue $78.0M (-34% year over year), operating margin -6.6%, net loss $9.1M, operating cash flow −$3.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $78.0M | -0.9% | -34% |
| Operating profit | −$5.2M | — | — |
| Net earnings | −$9.1M | — | — |
| Operating cash flow | −$3.9M | -170% | — |
What changed
Revenue was $78.0M in Q2 2025, down 34% year over year and down 1% from the previous quarter. Thermal Barrier was the largest line at 71% of revenue. Thermal Barrier lost $25.6M year over year (down 32%), 64% of the total change.
Gross margin was 32.4%, down 11.3 points from a year earlier. Operating costs exceeded revenue by $5.2M, an operating margin of -6.6%. Operating expenses fell 4% while revenue fell 34%. The quarter ended with a net loss of $9.1M, narrower than the previous quarter's $301.2M loss.
Operating cash flow was −$3.9M. Non-cash charges added back $5.8M of depreciation and $2.8M of share-based compensation. Working capital and other items used $3.5M. Capital expenditures of $12.9M exceeded it, leaving free cash flow of −$16.8M.
Questions
What was Aspen Aerogels' revenue in the second quarter 2025?
Aspen Aerogels (ASPN) reported revenue of $78.0M for the second quarter 2025 (Q2 2025), -34% from a year earlier and -0.9% from the quarter before.
Was Aspen Aerogels profitable in the second quarter 2025?
Operating loss was $5.2M (-6.6% of revenue) and net loss $9.1M.
Source: Aspen Aerogels 10-Q on SEC EDGAR.