Filing Flows › Aspen Aerogels (ASPN) › Q4 2025
Aspen Aerogels (ASPN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 13, 2026
Aspen Aerogels (ASPN) reported revenue of $41.3M for the fourth quarter 2025 (Q4 2025), -66% from a year earlier and -43% from the quarter before. Operating margin was -170.3%, net loss $72.9M (176.4% of revenue).
Aspen Aerogels, Q4 2025: revenue $41.3M (-66% year over year), operating margin -170.3%, net loss $72.9M, operating cash flow $16.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $41.3M | -43% | -66% |
| Operating profit | −$70.4M | — | — |
| Net earnings | −$72.9M | — | — |
| Operating cash flow | $16.1M | +7% | -55% |
| Free cash flow | $13.7M | +130% | -35% |
What changed
Revenue was $41.3M in Q4 2025, down 66% year over year and down 43% from the previous quarter. Energy Industrial was the largest line at 61% of revenue.
Operating costs exceeded revenue by $70.4M, an operating margin of -170.3%. The fastest-growing cost line was Other operating costs (+2743%). The quarter ended with a net loss of $72.9M, wider than the previous quarter's $6.3M loss.
Operating cash flow was $16.1M (down 55% year over year). Non-cash charges added back $28.2M of depreciation and $1.7M of share-based compensation. Working capital and other items added $59.2M. Capital expenditures of $2.5M left free cash flow of $13.7M.
Questions
What was Aspen Aerogels' revenue in the fourth quarter 2025?
Aspen Aerogels (ASPN) reported revenue of $41.3M for the fourth quarter 2025 (Q4 2025), -66% from a year earlier and -43% from the quarter before.
Was Aspen Aerogels profitable in the fourth quarter 2025?
Operating loss was $70.4M (-170.3% of revenue) and net loss $72.9M.
Source: Aspen Aerogels 10-K on SEC EDGAR.