Filing Flows › Aspen Aerogels (ASPN) › Q3 2025
Aspen Aerogels (ASPN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Aspen Aerogels (ASPN) reported revenue of $73.0M for the third quarter 2025 (Q3 2025), -38% from a year earlier and -6% from the quarter before. Operating margin was -4.6%, net loss $6.3M (8.7% of revenue).
Aspen Aerogels, Q3 2025: revenue $73.0M (-38% year over year), operating margin -4.6%, net loss $6.3M, operating cash flow $15.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $73.0M | -6% | -38% |
| Operating profit | −$3.3M | — | — |
| Net earnings | −$6.3M | — | — |
| Operating cash flow | $15.0M | — | -28% |
| Free cash flow | $5.9M | — | — |
What changed
Revenue was $73.0M in Q3 2025, down 38% year over year and down 6% from the previous quarter. Thermal Barrier was the largest line at 67% of revenue. Thermal Barrier lost $41.9M year over year (down 46%), 94% of the total change.
Gross margin was 28.5%, down 13.3 points from a year earlier. Operating costs exceeded revenue by $3.3M, an operating margin of -4.6%. Operating expenses fell 24% while revenue fell 38%. The quarter ended with a net loss of $6.3M, narrower than the previous quarter's $9.1M loss.
Operating cash flow was $15.0M (down 28% year over year). Non-cash charges added back $5.4M of depreciation and $2.2M of share-based compensation. Working capital and other items added $13.8M. Capital expenditures of $9.1M left free cash flow of $5.9M.
Questions
What was Aspen Aerogels' revenue in the third quarter 2025?
Aspen Aerogels (ASPN) reported revenue of $73.0M for the third quarter 2025 (Q3 2025), -38% from a year earlier and -6% from the quarter before.
Was Aspen Aerogels profitable in the third quarter 2025?
Operating loss was $3.3M (-4.6% of revenue) and net loss $6.3M.
Source: Aspen Aerogels 10-Q on SEC EDGAR.