ASPN 8-K
Aspen Aerogels Inc (ASPN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 7.01 Regulation FD Disclosure.
On September 15, 2026, Aspen Aerogels, Inc. (the “Company”) posted an investor presentation (the “Investor Presentation”) on the investor relations section of the Company’s website. The Company may use the Investor Presentation, in whole or in part, in connection with presentations to and discussions with investors, analysts and other interested parties.
A copy of the Investor Presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |
| 99.1 | Investor Presentation, dated September 15, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
The investor presentation may contain hypertext links to information on our website. The information on our website is not incorporated by reference into this Current Report on Form 8-K and does not constitute a part of this Form 8-K.
The information contained in this Current Report on Form 8-K and Exhibit 99.1 attached hereto
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(the “Exchange Act”), or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Aspen Aerogels, Inc. | |||
| Date: | September 15, 2026 | By: | /s/ Grant Thoele |
| Name: | Grant Thoele | ||
| Title: | Chief Financial Officer and Treasurer |
Exhibit 99.1
September 15, 2026 ASPEN AEROGELS NYSE: ASPN INVESTOR PRESENTATION r D e c k | S e p t e m b e r 1 5 , 2 0 2 6
Aspen Aerogels | Investor Deck | September 15, 2026 2 Disclaimer on Forward Looking Statements This presentation and any related discussion contains “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward - looking statements, including statements relating to Aspen’s financial outlook for the third quarter of 2026 . These statements are not historical facts but rather are based on Aspen’s current expectations, estimates and projections regarding Aspen's business, operations and other factors relating thereto, including with respect to Aspen’s financial outlook for the third quarter of 2026 . Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook," “assumes,” “targets,” “opportunity,” and similar expressions are used to identify these forward - looking statements . Such forward - looking statements include statements regarding, among other things, Aspen’s beliefs and expectations about capacity, revenue, revenue capacity, backlog, costs, expenses, profitability, cash flow, gross profit, gross margin, operating margin, net income (loss), Adjusted EBITDA and related increases, decreases, trends or timing, including with respect to Aspen’s beliefs and expectations about the EV market and the Energy Industrial market ; Aspen’s target revenue capacity and gross margins ; the use of Aspen’s external manufacturing facility to meet customer demand ; current or future trends in the energy, energy infrastructure, chemical and refinery, LNG, sustainable building materials, EV thermal barrier, EV battery materials or other markets and the impact of these trends on Aspen’s business ; the strength, effectiveness, productivity, costs, profitability or other fundamentals of Aspen’s business ; beliefs about the role of Aspen’s technology and opportunities in the electric vehicle market ; beliefs about Aspen’s ability to provide and deliver products and services to electric vehicle customers ; beliefs about content per vehicle, revenue, costs, expenses, profitability, investments or cash flow associated with Aspen’s electric vehicle opportunities, including the EV thermal barrier business ; and the performance and market acceptance of Aspen’s products . All such forward - looking statements are based on management’s present expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements . These risks and uncertainties include, but are not limited to, the following : inability to execute Aspen’s growth plan, the right of EV thermal barrier customers to cancel contracts with Aspen at any time and without penalty ; any costs, expenses, or investments incurred by Aspen in excess of projections used to develop pricing under the contracts with EV thermal barrier customers ; Aspen’s inability to create customer or market opportunities for its products ; any disruption or inability to achieve expected capacity levels in any of its manufacturing or assembly facilities, including at its external manufacturing facility ; any failure to enforce any of Aspen’s patents ; the general economic conditions and cyclical demands in the markets that Aspen serves ; and the other risk factors discussed under the heading “Risk Factors” in Aspen’s Annual Report on Form 10 - K for the year ended December 31 , 2025 and filed with the Securities and Exchange Commission (“SEC”) on March 13 , 2026 , as well as any updates to those risk factors filed from time to time in Aspen’s subsequent periodic and current reports filed with the SEC . All statements contained in this presentation are made only as of the date of this presentation . Aspen does not intend to update this information unless required by law . The presentation contains information regarding certain financial targets and outlook with respect to the Company . Such financial targets and outlook constitute forward looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results . The assumptions and estimates underlying such financial targets are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties, as described above . Actual results may differ materially from the results contemplated in the financial targets contained in this presentation . This presentation includes certain non - generally accepted accounting principles (GAAP) financial measures that we use to describe our company’s performance or estimated or targeted future performance . The non - GAAP information presented provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures . Moreover, other companies may define non - GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies . We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure . The industry and market data contained in this presentation is based either on our management’s own estimates or on independent industry publications, reports by market research firms or other publicized independent sources . Although the Company believes these sources are reliable, it has not independently verified the information and cannot guarantee its accuracy and completeness, as industry and market data are subject to change and cannot always be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey or market shares . Accordingly, you should be aware that the industry and market data contained in this presentation, and estimates and beliefs based on such data, may not be reliable . Unless otherwise indicated, all information contained in this presentation concerning our industry in general or any segment thereof, including information regarding our general expectations and market opportunity, is based on management’s estimates using internal data, data from industry related publications, consumer research and marketing studies and other externally obtained data .
Thermal Barrier $111M LTM Q2 ’26 Revenue Global Manufacturing & R&D Footprint Aspen Aerogels at a Glance (NYSE: ASPN) A proprietary aerogel technology platform serving energy infrastructure and electric mobility markets Aspen Aerogels | Investor Deck | September 15, 2026 3 $92M LTM Q2 ’26 Revenue Energy Industrial Entrenched Solutions for Blue - Chip Customers East Providence, Rhode Island Aerogel Manufacturing Plant Marlborough and Northborough, Massachusetts R&D Labs and Corporate Offices Apodaca, NL, México High Volume Thermal Barrier Assembly Facility 1. LTM Q2 2026 figures include unaudited 2026 financial results. 2. Employee and patent figures as of December 31, 2025, per the Company’s 2025 Form 10 - K. 3. As of June 30, 2026; includes restricted cash. Note: Figures may not total due to rounding. China Aerogel External Manufacturing Facility Positioned to deliver long - term targets of 35% gross margin and 25% Adjusted EBITDA margin $202M LTM Q2 ’26 Revenue 1 400 Granted Patents and 430+ Pending Applications (2) $1.5B+ Cumulative EI product sales $153.4M Cash and equivalents balance 3 854 Employees 2 25+ years of aerogel innovation Key Business Statistics Existing manufacturing footprint and external supply arrangements support $600M+ of annual revenue with limited incremental capital Cars Truck
Key Investment Highlights 4 Proprietary aerogel technology platform built over 25+ years and protected by a deep IP portfolio Energy Industrial — durable recurring maintenance revenue, with additional growth from LNG, subsea and power infrastructure projects European Thermal Barrier — increasing OEM diversification as awarded programs progress from design wins and prototype parts toward SOP North American Thermal Barrier — demand stabilizing following the 2025 reset, with renewed growth potential from a lower base Capacity and operating leverage — $600M+ revenue capacity, limited incremental capital and ~50 – 60% Adj. EBITDA flow - through above breakeven 1 2 3 4 5 Aspen Aerogels | Investor Deck | September 15, 2026
▪ Ultra - lightweight and highly porous synthetic solid ▪ Open pore structure traps air and slows heat transfer ▪ Aspen combines these properties with a proprietary manufacturing process and product engineering to create products across multiple end markets Aspen’s T ec h nolog y Platform Translating the unique properties of aerogels into products for demanding applications Aspen Aerogels | Investor Deck | September 15, 2026 5 Key Requirements Aspen’s Aerogel Technology Platform ® is engineered to address the critical performance requirements of customers Aerogel Attributes The intrinsic properties of aerogel that form the foundation of our products Products & Markets Where the platform is applied today, and where we're expanding High Thermal Resistance High Fire Resistance Hydro - phobicity Nano - porous Structure Low Density Low - Dielectric Resiliency Under Mechanical Stress Environ - mental Stability Energy Industrial Thermal Barrier BESS & Adjacent Markets Thermal Isolation Pliability Thin profile Tunable Compression What is an Aerogel? Aerogels are advanced materials with exceptional insulating properties… …which Aspen leverages to provide proprietary solutions to complex problems across multiple end - markets
Business Segment Summary Two established businesses with distinct end markets, business models, and growth drivers Aspen Aerogels | Investor Deck | September 15, 2026 6 Energy Industrial Historical Revenue 1 $ in millions Thermal Barrier Insulation to maintain hot and cold process equipment, piping and storage tanks at optimal temperatures Thermal insulation that protects against thermal runaway events in lithium - ion battery systems Core Products Go - to - Market Representative End Users / Customers Segment Description 169 307 110 56 7 102 146 129 125 115 2025 2024 2023 2022 2021 2025 2024 2023 2022 2021 Sold as rolls of insulation, primarily through distribution; specified by engineering firms and asset owners Global EV production volumes, rising battery energy density, and tightening thermal propagation safety regulation Demand Drivers LNG and subsea project buildout, industrial maintenance cycles, and corrosion protection and energy efficiency needs Finished, assembled parts sold direct to OEMs under multi - year agreements tied to specific vehicle platforms and nameplates North American EV demand recovering from the 2025 reset; European programs ramping into ’26 – 27 Maintenance demand and multiyear LNG / subsea project activity support growth into ’26 – 27
2019 LNG Nong Fab terminal award 2001 Predecessor spun - out of Aspen Systems Key Historical Milestones 25+ years of aerogel commercialization, from industrial insulation to high - volume EV applications Aspen Aerogels | Investor Deck | September 15, 2026 7 2014 Initial Public Offering 2008 East Providence opens 2021 Introduction of f 2024 Wins Automotive News PACE Award 2017 Introduction of Product and Organizational Milestones Commercial Milestones 2004 Introduction of 2008 Introduction of 2006 Jackfish Oil Sands project 2004 First subsea contract 2009 multi - country contract 2017 J3 contract 2024 First EMF shipments Energy Industrial: 2001 - 2020 2021 Thermal Barrier: 2021 – Current Energy Industrial: 2021 – Current 2022 Mexico Assembly Operations Begin 2023 2025 GM Supplier of the Year 2024 - 2025 Plaquemines Parish & CP2 LNG awards 2022 Names Aspen sole high - performance insulation provider 2024 Cars Next - Gen Truck 2025 2026 2022 S7 pipeline project to replace mineral wool
Thermal Barrier Segment Overview Supporting blue - chip OEMs with proven battery thermal barrier technology at commercial scale Aspen Aerogels | Investor Deck | September 15, 2026 8 As low as 0.5mm thick PyroThin® Cell - to - Cell Thermal Barriers: Segment Description: • PyroThin® is an ultra - thin, flexible aerogel that mitigates thermal runaway and provides passive fire protection at the cell, module or pack level • Multi - year production contracts with several global automotive and commercial vehicle OEMs • Established North American position anchored by long - running OEM programs, with demand stabilizing through 2026 • European production ramping in 2026, with $20 – 30 million of expected revenue; Aspen targeting $40 - 60 million of European OEM revenue in 2027 Awards with leading OEM customers: PyroThin® Value Proposition: Thermal Runaway Protection Mitigates propagation of thermal runaway events; meeting stringent global OEM safety standards Energy Density Optimization Ultra - thin, lightweight profile supports higher cell density while maintaining passive thermal protection Mechanical Performance Acts as a compression pad to absorb cell expansion / swelling over the battery lifecycle Cars Truck Thermal Barrier
PyroThin’s Material Advantage Combining high - temperature protection and compressibility in an ultra - thin and lightweight solution Aspen Aerogels | Investor Deck | September 15, 2026 9 Thermal Barrier Li metal LFP 0 500 1000 Max Temperature ( ƒ C) 10 10² 10 ⁵ 10 ⁶ 10³ 10 ⁴ Material Compressibility Reversible strain energy at 250 kPa (J/m³) Li - NMC Cell - to cell (C2C) barriers Compression pads Metals Mica Intumescent plastics PyroThin® Silicone foams PU foams Thermal runaway events PyroThin® vs. Mica + Poron to mitigate a 700 o C runaway: Thickness vs. Other Solution: ~50% Weight vs. Other Solution: ~35% Mica Sheets + Poron Foam Product Theoretical solution Favored technology Usage Flame Resistance Heat Insulation Compression Waterproof Source: Aspen Aerogels analysis; envelopes reflect typical ranges for commercially available material grades. Battery chemistries require heat resistance and compressibility PyroThin® delivers a thinner, lighter solution 1500 Thermal/gas barriers
North American EV Market Stabilization Demand is improving as inventories normalize, with industry production expected to recover from the 2026 trough Aspen Aerogels | Investor Deck | September 15, 2026 10 North American BEV production projected to grow at ~20% annually through 2030 North American Battery Electric Vehicle Production 4 Millions of vehicles 13% 14% 12% 99 103 110 110 11 117 14 130 20 Q4 - 25 Q1 - 26 GM Brands (ex. Bolt) Q2 - 26 Honda/Acura US Annualized BEV 1 Sales & Market Share % 2 Thousands of vehicles GM EV sales have continued to increase, while inventory has been significantly depleted 1. BEV = battery electric vehicle. 2. Source: Wards Auto Intelligence, July 2026. 3. General Motors sales excluding Bolt EV plus Honda / Acura BEV sales as a percentage of total U.S. BEV sales. 4. Source: IHS August 2026 Vehicle Production Forecast. 34 22 14 Q4 - 25 Q1 - 26 Q2 - 26 Combined BEV Market Share % 3 39 6 28 6 19 5 US BEV 1 Quarter - End Inventory 2 Thousands of vehicles Thermal Barrier 0.9 2026 2027 2028 2029 2030 1.0 1.2 1.5 1.9 +20% p.a.
European Awards Drive the Next Growth Leg EU EV penetration approaches 40% by 2030, while awarded programs support significant growth potential in 2027 Aspen Aerogels | Investor Deck | September 15, 2026 11 +23% p.a. European Battery Electric Vehicle Production 1 Millions of vehicles 6.9 6.2 5.2 4.2 3.2 2.4 203 0 202 9 202 8 202 7 202 6 202 5 39% 36% 31% 25% 19% 14% European BEV production projected to nearly triple from 2025 to 2030 1. IHS August 2026 Vehicle Production Forecast. 2. Estimates based on current visibility and certain market and customer - based assumptions as of 8/6/2026. There can be no assurance that awards or quotes will convert into orders for our products or revenue. Value based on customer provided part volumes and quoted / contracted pricing. $ in millions Blue - chip OEM program awards support a substantial European revenue opportunity European Thermal Barrier Revenues 9 2025 Actual 2026 Outlook 2027 Awarded Potential 2 20 - 30 135 ~2X to ~3X increase Truck Cars Supported OEMs Targeting ~2X increase BEV Penetration Thermal Barrier
Hydrogen / Carbon Cap . Energy Industrial Segment Overview High - performance insulation and asset protection across critical energy infrastructure Aspen Aerogels | Investor Deck | September 15, 2026 12 Segment Description: Serving Large End Markets: • Foundational business segment since the company’s inception, serving global energy infrastructure • Over 500M sq. ft. installed since 2008, representing ~$1.5B in cumulative product sales • Sold as rolls of insulation in thin, durable blanket form, primarily through a global distributor network and installed by contractors or facility operators • Wrapped around industrial pipes, vessels and equipment to improve energy efficiency, provide passive fire protection, and prevent corrosion • Multiyear infrastructure cycle across LNG, subsea, and power underpinning future growth Refining / Petrochem Power Natural Gas / LNG Upstream Representative End Customers: Value Proposition: Prevents Corrosion Under Insulation (CUI) Hydrophobic, water - repellent structure resists moisture intrusion, reducing long - term maintenance costs and maximizing asset uptime Thermal Performance in a Thin Profile Superior insulation at a fraction of the thickness of traditional materials, reducing weight, space and logistics complexity Speed of Installation Flexible, durable blanket form is faster and easier to install than rigid alternatives, bringing projects and facilities online sooner Energy Industrial
Why Aerogel Wins in Industrial Insulation Equivalent thermal performance with ~45 – 70% less thickness in representative hot and cold applications Aspen Aerogels | Investor Deck | September 15, 2026 13 • Reduces cost of ownership over installed life vs. comparable materials • Hydrophobic structure helps reduce moisture ingress and corrosion under insulation (CUI) risk • ~45 – 70% thinner than alternative products across hot and cold applications • Resistant to extreme thermal temperatures at a range of - 460 ƒ F to 1,200 ƒ F • Reduces weight, space and logistics complexity, and installs faster than rigid alternatives 2.5” Mineral Wool or Fiberglass 3.5” Expanded Perlite 3” Calcium Silicate 6” Steam Line at 600 ƒ F / 315 ƒ C 0.8 in. (20 mm) 5” Cellular Glass 4.5” PIR 2.8 in. (70 mm) 8” LNG Line at (260 ƒ F) / (162 ƒ C) Alternative Materials Alternative Materials A superior alternative to traditional insulation… …proven across hot and cold applications Hot Application Cold Application Energy Industrial ~70% thinner than the alternatives ~45% thinner than the alternatives Source: Aspen analysis based on representative hot and cryogenic insulation designs.
Traditional Energy Transitional Energy Energy Industrial Markets & Growth Drivers Recurring maintenance demand is complemented by LNG, subsea, and power infrastructure investment Aspen Aerogels | Investor Deck | September 15, 2026 14 Natural Gas / LNG Power Thermal protection for new hydrogen infrastructure and other green industrial plants Hydrogen / Carbon Cap. Thin and durable for offshore, FPSO 1 , and pipe - in - pipe subsea applications Upstream Thermal resistance with corrosion & fire protection to protect assets for optimal yield Refining / Petrochemical Protecting LNG liquefaction and regasification plants from humidity and rainfall Gas, nuclear, hydro and solar power resilient facility thermal insulation Description Expected tighter investment discipline and higher average level of capacity utilization will lead to margin volatility Geopolitical landscape and increased global energy demand will result in steeper cost curve, resulting in increased infrastructure buildout LNG’s lower carbon footprint will raise its demand prompting increased supply Energy security resulting in localized supply buildouts Energy investment and growth needs reliable thermal protection Rapidly growing electrification trends to support AI infrastructure Megatrends Clean Energy 1. FPSO - Floating, production, and storage offloading vessels ESG and investment in net zero goals driven by political landscape and government regulation Energy Industrial
A Record Global LNG Buildout, Led by the U.S. Global liquefaction capacity is projected to expand rapidly through 2030, creating project opportunities for Aspen Aspen Aerogels | Investor Deck | September 15, 2026 15 Source: IEA Gas 2025 / Global LNG Capacity Tracker (June 2026); U.S. EIA Liquefaction Capacity File (Q2 2026); Aspen analysis. 2030 global capacity includes IEA - tracked additions; U.S. figures converted at ~10.3 bcm/yr per Bcf/d. bcm/yr = billion cubic meters per year. 159 172 232 243 272 296 2025 2026 2027 2028 2029 2030 +13% p.a. …with US driving nearly half of the growth US LNG Capacity, by year 1 Bcm per year 511 664 159 296 2025 2030 +7% p.a. US ROW Strong global capacity build through 2030… Global LNG Capacity, by year 1 Bcm per year Energy Industrial
Footprint Supports $600M+ of Revenue Capacity Existing manufacturing assets and external supply arrangements support growth with limited incremental capital Aspen Aerogels | Investor Deck | September 15, 2026 16 Manufacturing / Assembly Facilities R&D Labs and Corporate Offices Marlborough and Northborough, MA R&D Labs and Corporate HQ East Providence, RI Aerogel Manufacturing Plant External Manufacturing Facility Aerogel Manufacturing Plant Located in China Apodaca, NL, Mexico High Volume EV Thermal Barrier Assembly Operational Footprint Aspen Facilities Overview External Mfg. Facility Apodaca, NL, Mexico East Providence, RI 1 Marlborough and Northborough, MA Location Contract manufacturing facility that allows for supplemental supply for select energy industrial projects and EV programs Facility focuses on converting and assembling PyroThin® material into finished thermal barriers for use in battery systems Main manufacturing center for the company in North America with the ability to produce all product types Primary corporate hub, housing key departments such as executive leadership, sales & marketing and R&D teams Description New Product Development Product Focus Manufacturing Assembly Pilot R&D or Prototyping 1. Staged restart underway in East Providence following the April 2026 incident; full restoration targeted H1 2027
A Deep and Defensible IP Portfolio 800+ issued and pending patents protect core technology, thermal barriers, and future applications Aspen Aerogels | Investor Deck | September 15, 2026 17 Tested and proven worldwide coverage ▪ Aerogel compositions and manufacturing processes ▪ Expansive materials expertise with aerogel focus ▪ 150+ granted and pending patents worldwide 1 ▪ Trademark protection for Aspen brands Aerogel Core Built to pursue new applications and end - markets ▪ Polymer and organic aerogels for a variety of applications ▪ Silica aerogel adjacent markets ▪ Carbon structures as battery materials for energy storage ▪ 250+ granted and pending patents 1 Future - proofing Aspen’s technology ▪ New aerogel processes, chemistries and compositions ▪ Growth markets for aerogel technology platform ▪ Technology scouting ▪ 20 new inventions since 2023 Research Specialized IP tailored to high - growth EV market ▪ 350+ granted and pending patents specific to the thermal barrier product segment 1 ▪ PyroThin® brand is fully trademarked and validated by multi - year production contracts ▪ Portfolio developed over the last ~6 years, providing long patent runway PyroThin® Thermal Barrier New Markets Global Patent Coverage: 1 90 Issued 85 Pending 400 Issued 438 Pending 310 Issued 353 Pending 1. Patent figures as of December 31, 2025, per the Company’s 2025 Form 10 - K.
Lower Breakeven, Higher Operating Leverage A lower fixed - cost base positions Aspen for stronger incremental profitability Aspen Aerogels | Investor Deck | September 15, 2026 18 Breakeven revenue target has fallen ~47% Estimated Annual Revenue for Adj. EBITDA Breakeven $ in millions Targeting 50 – 60% Adj. EBITDA flow - through above break - even 330 270 200 175 2024 2025 H2 2026 Target 1 2027 Target 1 - 155M ( - 47%) - 18 - 13 7 15 - 9 - 6 41 38 50 65 80 - 73 - 24 - 23 Q4 - 25 Q1 - 26 Q2 - 26 - 7 Q3 guidance marks a return to positive Adj. EBITDA Quarterly Financial Trends 2 $ in millions Adjusted EBITDA Net Income Revenue 1. Breakeven targets are management estimates and assume successful execution of ongoing production and supply recovery efforts. 2. Q3 2026 figures represent Company guidance as of August 6, 2026. Adjusted EBITDA is a non - GAAP measure; see appendix for reconciliation to net income (loss). Q1 and Q2 2026 figures include unaudited 2026 financial results Low High Q3 2026 Outlook
Aspen Aerogels | Investor Deck | September 15, 2026 19 Building Durable, Scalable Growth Disciplined three - pillar strategy to drive operating leverage, strategic flexibility, and long - term value Drive Structural Operating Leverage Strengthen & Optimize Our Capital Structure Execute Our Growth Strategy • Return to positive Adjusted EBITDA expected in Q3 2026 • Targeting ~$175M revenue run - rate for Adjusted EBITDA breakeven by year - end 2027 1 • ~50 – 60% incremental EBITDA margin above break - even • $153.4M cash position supports EP recovery, financial resilience, and strategic flexibility • Existing footprint supports $600M+ of revenue capacity with limited incremental capital investment • Balance sheet supports disciplined and opportunistic capital allocation • Energy Industrial targeting 20% growth in 2026, building into 2027 • EU programs ramping, including a new Jaguar Land Rover award • North American Thermal Barrier demand stabilizing • Pursuing BESS and other high - value applications for the Aerogel Technology Platform 1. Breakeven target assumes successful execution of ongoing production and supply recovery efforts.
Appendix A: Thermal Barrier Aspen Aerogels | Investor Deck | September 15, 2026 20
What is Thermal Runaway? OEMs layer several defenses, but only cell - to - cell barriers interrupt propagation at its origin Aspen Aerogels | Investor Deck | September 15, 2026 21 • Occurs when heat generated within a battery exceeds the amount of heat that is dissipated to its surroundings. If not remedied: o Heat will continue to rise and can affect other batteries in proximity o Cause the outer casing to bulge, melt and / or rupture o Cause gases to escape, leading to fires, explosions, sudden system failure and significant risk of personal injury • Protection against thermal propagation is a key part of emerging global EV safety and testing standards • EV OEMs can mitigate thermal runaway through a variety of solutions: • Cooling System – Maintains temperature limits in the vehicle’s power electronics and battery packs (i.e. cooling loops that contain liquid coolants and electrical pumps that circulate coolant through batteries) • Pack Barriers – Contain a battery failure shield to reduce or limit chances of a thermal runaway event • Module Barriers – Barriers encapsulating the modules • Cell - to - Cell Barriers (i.e. Aspen’s PyroThin ® solution) • Barriers to prevent cell - to - cell thermal runaway propagation by cutting off the conductive pathway between cells Temperature Increase Fires or Explosions 1 Mitigation Actions: ▪ Cut current flow ▪ Cool the cell ▪ Prevent propagation 2 Mitigation Actions: ▪ Prevent spread of fire ▪ Suffocate fire at the cell level Caused By: ▪ Battery degradation ▪ Overcharging ▪ Cell crush (e.g., in an accident) ▪ External fire ▪ Manufacturing flaws Thermal Runaway Overview Potential Thermal Runaway Solutions Thermal Barrier
PyroThin®: Aspen’s EV Thermal Barrier Solution An ultra - thin, precision - fabricated drop - in part delivered directly to OEM battery assembly lines Aspen Aerogels | Investor Deck | September 15, 2026 22 Thermal Barrier • Aspen’s proprietary PyroThin® technology is an ultra - thin, lightweight and flexible thermal barrier that is able to prevent propagation of thermal runaway through cell - to - cell thermal insulation • Delivers a critical combination of attributes, including tunable compressibility to accommodate cell swelling, mechanical durability, environmental resilience and high thermal isolation • Manufactured in flexible thin rolls and precision - fabricated to OEM specifications, providing a “drop - in” solution delivered directly to battery assembly lines • Available in a range of thicknesses and resilient at temperatures up to 1,400 Σ F • Provides a number of benefits to OEMs including passive fire protection, battery performance optimization and design flexibility to withstand protrusion • Recalls associated with thermal propagation related incidents have highlighted the importance of cell - to - cell thermal barriers to OEMs • Mass adoption of EVs not possible without OEMs addressing thermal propagation risk Cell - to - Cell Barriers Barrier between batteries A C Barrier between pack and vehicle floorplan Battery Pack Barrier B Barrier between battery modules Module - to - Module Barrier A C B Product Overview Potential EV Use Cases Why OEMs Adopt PyroThin ® Thermal Barriers
C2C barrier design 1.7mm PU foam 1.7mm PU foam + 3.5 mm mica sheet 3.2mm ceramic paper 1.6mm PyroThin Area of barrier 270mm x 110mm 270mm x 110mm 270mm x 110mm 270mm x 110mm BOL stack pressure 2 40kPa 200kPa 130kPa 70kPa TRP delay 3 None >5min >5min >5min Mass per module 110g 3170g +2790% 335g +206% 112g Energy per module 7.3kWh 6.8kWh - 7% 6.8kWh - 7% 7.3kWh Loss of range - 21.0 miles - 9% 16.8 miles - 7% None PyroThin’s Unique Value Proposition Delays thermal propagation >5 Min without loss of range, while other theoretical solutions reduce range and add weight 1. Solution cost calculated using data from Aspen financials and market participant interviews for competing options. Calculated Aspen Aerogels | Investor Deck | September 15, 2026 as price per surface area * .0297 m 2 * 288 cells; Source: Aspen Aerogels analysis; market participant interviews; Morgan Advanced Materials; Lynn Manufacturing 2. BOL = Beginning of Life. 3. TRP = Thermal Runaway Propagation. 23 30 cells 28 cells 28 cells 30 cells Module control length 420mm Representative Electric Vehicle Range: 246 mi Pack size: 70.0 kWh Modules: 10 Cells: 288 C2C barriers: 138 Solution cost 1 $$ $$$$ $$$ $$$ Baseline Design Theoretical Option A Theoretical Option B PyroThin® Thermal Barrier
Battery Fire Risk Remains Industry - Wide Aspen Aerogels | Investor Deck | September 15, 2026 24 2020 Hyundai Kona 90K vehicles · Folded anode tab 2021 GM Chevy Bolt ~142K vehicles · Featured example 2023 Ford F - 150 Lightning Pre - delivery battery fire; production halt 2024 – 2025 Nissan Leaf ~45K vehicles · DC fast - charging fire risk; software remedy 3 2025 Jeep 4xe (PHEV) 320K vehicles · Cell separator damage; third campaign for the same defect 2026 Mercedes - Benz EQB 11.9K vehicles · Featured example Recent recalls show battery fire risk persists across OEMs and battery designs Selected battery fire - related recalls Featured examples Chevy Bolt GM · 2021 RECALL Battery fires led to recall of ~142K vehicles PRODUCTION IMPACT 31 weeks of disrupted production at Orion Assembly; estimated ~27K vehicles of lost output¹ COST ~$2.0B gross recall charges 2 REMEDY Full battery module replacement EQB Mercedes - Benz · 2026 RECALL 11.9K vehicles; internal battery - cell short circuit may lead to fire PRODUCTION IMPACT No production halt disclosed COST Not disclosed REMEDY Prior software remedy superseded by battery replacement 4 Software and quality controls reduce risk, but battery failures still occur — reinforcing the value of independent passive thermal protection at the cell level 1. Aspen estimate based on 31 weeks of disrupted production and 45K annual Bolt target. 2. GM press release, Oct. 12, 2021; LG agreed to reimburse $1.9B of $2.0B in recall charges. 3. NHTSA recalls 24V700 and 25V655; ~45K Nissan LEAF vehicles, DC fast - charging fire risk, software remedy. 4. NHTSA recall 26V073; 11.9K Mercedes - Benz EQB vehicles, prior software remedy superseded by battery replacement. Source: NHTSA recall filings; company disclosures; press reports; Aspen analysis. Thermal Barrier
Durable Across Battery T ec h nolog y Shifts Volume is shifting toward the cell formats PyroThin® serves, while every chemistry carries thermal propagation risk Aspen Aerogels | Investor Deck | September 15, 2026 25 Pouch and Prismatic projected to be ~83% of 2030 NA & EU BEV volumes North America + Europe BEV Production Forecast 1 (Vehicles in millions) 30% 49% 2026 4.1 21% 2030 8.8 60% 23% 17% Nickel based chemistries are ~67% of 2030 NA & EU BEV volumes North America + Europe BEV Production Forecast 1 (Vehicles in millions) 17% 83% 2026 4.1 2030 8.8 67% 32% 1% Lithium - ion Form Factors Pouch Prismatic Cylindrical Aspen has potential solutions for all form factors and chemistries Lithium - ion Cathode Chemistries Other 4 Iron Based 3 Nickel Based 2 Cylindrical Pouch Prismatic Iron Based Nickel Based Ex. LFP, LMFP Ex. NMC, NMCA, NCA In - production In - production Prototype Cylindrical’s small cell size requires far more cells per pack, making cell - to - cell barriers less suited 83 % of ’ 30 market is Pouch and Prismatic 79% 1. IHS August 2026 Vehicle Production Forecast. 2. Includes NCM, NCA, NCMA and other nickel - based chemistries. 3. Includes LFP and LMFP. 4. Includes sodium - ion and other chemistries. Thermal Barrier Iron - based cells can still experience thermal runaway, so propagation risk must still be managed
Thermal Barrier to Produced Vehicle Timeline Aspen’s finished PyroThin® parts can take anywhere from ~1 - 3+ months to be installed into a produced vehicle Estimated timeline for average North American PyroThin® finished part Aspen Aerogels | Investor Deck | September 15, 2026 26 Aspen creates finished good Part shipped to or picked up by OEM Part assembled into module / battery pack Start ~1 - 2+ months ~1 week Battery pack assembled into finished vehicle (ex. IHS production numbers) ~1 - 4 weeks (some scenarios) Production to dealer transit (OEM recognizes wholesale sale) In some instances, part is shipped to supplier (supplier may also build inventory) Thermal Barrier Source: Aspen Aerogels estimates based on typical North American customer production flows; actual timing varies by customer, supplier and vehicle program.
Appendix B: Energy Industrial Aspen Aerogels | Investor Deck | September 15, 2026 27
Key Product Hot / Cold Processes: Subsea pipe - in - pipe applications with extremely low thermal conductivity Cold Process: Protects against cold splash, jet fire and acoustic attenuation Hot Process: Thermal resistance with corrosion & fire protection to protect assets for optimal yield Description Ideal for subsea pipe - in - pipe applications in the major offshore sectors and suitable for both very hot and cooler pipelines Suitable for almost any operating unit inside petrochemical, LNG liquefaction and regasification facilities located in sub - ambient or cryogenic environments Designed for use in refining, petrochemical, and power facilities with uses that include covering pipes, valves, vessels, flanges, and turbines Uses x Mitigates thermal bridging x Resilient through high - compression events x Adapts to irregular surfaces x Hydrophobic yet breathable x Minimizes carrier sizes x Excellent long - term aging performance x Packaging available in various thicknesses x Easier and quicker installation x Easier maintenance x Accommodates EHPIP and DEH PIP (1) x Ideal for extreme cold temperatures x Protects against corrosion x Passive fire protection x Zero water vapor permeability x Suitable for pre - insulation and modular builds x Durable and flexible format x Ultra - thin and lightweight package x Easier installation x Reduces maintenance costs x Improves energy efficiency x Protects against corrosion x Passive fire protection x Improves process stability x Compatible with advanced tracing x Easier installation x Durable and flexible format x Ultra - thin and lightweight package x Reduces maintenance costs x Improves energy efficiency Advantages 28 1. EHPIP = electrically heated pipe - in - pipe; DEH PIP = direct electrical heating pipe - in - pipe. Energy Industrial Energy Industrial Product Portfolio Pyrogel, Cryogel, and Spaceloft Subsea address hot process, cryogenic, and subsea applications Aspen Aerogels | Investor Deck | September 15, 2026
How Aerogel Compares to T r adi t iona l Insulation Flexible blanket form and broad temperature range differentiate aerogel across hot and cold applications Aspen Aerogels | Investor Deck | September 15, 2026 29 Expanded Perlite Calcium Silicate Cellular Glass Mineral Wool PUF & PIR Flexible Aerogel Sample Board and pipe cover Board and pipe cover Board and pipe cover Board, blanket and pipe cover Board and pipe cover Flexible blanket (5 and 10mm) Product Form Yes No Yes No Yes Yes Water Repellent Ambient to 1,200 Σ F Ambient to 1,200 Σ F - 460 Σ F to 900 Σ F Ambient to 1,200 Σ F - 290 Σ F to 250 Σ F - 460 Σ F to 1,200 Σ F Thermal Resistance / Temperature Range ( F) High High Medium Medium Low Low Thermal Conductivity High High Medium Low to Medium Low Medium to High Density / Crush Resistance 1 Energy Industrial 1. Mechanically robust insulation can withstand foot traffic without crushing — an advantage in industrial environments. Source: Aspen analysis and representative manufacturer product data.
Appendix C: Other Information and GAAP to Non - GAAP Reconciliations Aspen Aerogels | Investor Deck | September 15, 2026 30
Manufacturing & Assembly Process Energy products are sold as rolls, while thermal barrier parts require the roll be converted and assembled in Mexico Aspen Aerogels | Investor Deck | September 15, 2026 31 Assemble, Heat Inspection, Wrap, Press, Fold Laser Packaging Tack & Tack Die Cutting Inspection Packaging Re - work Process Illustration Mexico Rhode Island / EMF Locations Cut and Inspected Aerogel Parts Aerogel Roll Ethanol, Silanes, Opacifiers, Catalyst, CO 2 and Batting Inputs Thermal Barrier Parts Cut and Inspected Aerogel Parts Aerogel Rolls Outputs n/a End Products Aerogel Manufacturing Converting Assembly
GAAP to Non - GAAP Reconciliations Note: Figures may not total due to rounding Aspen Aerogels | Investor Deck | September 15, 2026 32 Q3 - 26 Outlook 2026 Q1 Q2 2025 Q4 ($ in millions) High Low (6.0) (9.0) (23.3) (23.7) (72.9) Net Income (Loss) 5.0 5.0 4.3 5.4 28.2 Depreciation and Amortization 3.0 3.0 3.7 2.3 1.2 Stock - based Compensation - - - - 18.2 Loss on disposal of property, plant and equipment 3.0 3.0 3.4 2.9 2.5 Other (Income) Expense & Income Tax Expense - - - - 3.6 Impairment of PP&E - - - 0.4 1.2 Restructuring and Demobilization Costs - - (8.9) - - Insurance Recovery Receivable - - 8.9 - - Loss on Property Damage 10.0 5.0 5.3 - - East Providence Incident - Related Costs 15.0 7.0 (6.6) (12.7) (18.0) Adjusted EBITDA
