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ASPEN AEROGELS Q3 2 0 2 5 F I NA NCIAL R E SU LTS CA L L November 6, 2025
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Aspen Aerogels | Q3 2025 Financial Results Call | November 6, 20251 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 full year 2025. 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 full year 2025. 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 revenue, expenses, profitability, cash flow, gross profit, gross margin, operating margin, net income (loss), Adjusted EBITDA, capacity, revenue capacity, backlog, costs, and related increases, decreases, trends or timing, including with respect to Aspen’s beliefs and expectations about the EV and energy infrastructure markets, as well as adjacent markets, and how they may enable a path to profitability; Aspen’s efforts to demobilize its previously planned second manufacturing plant in Statesboro Georgia, and the use of its external manufacturing facility to meet demand customer demand; current or future trends in the energy, energy infrastructure, chemical and refinery, LNG, subsea, 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 its 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 Aspens’ 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 to any of its manufacturing or assembly facilities, including at its external manufacturing facility, and any inability to meet customer demand; any failure to enforce any of Aspen’s patents; the general economic conditions and cyclical demands in the markets that Aspen serves; the impact of changes in government and economic policies, incentives, and tariffs on Aspen's customers, production, sales, cost structure, competitive landscape and results of operations; 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, 2024 and filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025, 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.
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Leveraging the Aerogel T echnology Platform Advancing our position across EV, Energy, and adjacent markets through disciplined execution Aspen Aerogels | Q3 2025 Financial Results Call | November 6, 20252 Thermal Barrier Navigating US demand reset while building for EU growth • Lower near-term demand as U.S. OEMs rebalance production • PyroThin® award from Major EU OEM with expected SOP in 2027 • European ramp with ACC expected in 2026 Energy Industrial Project opportunities expected to drive growth in 2026 • Increasing LNG and Subsea project opportunities in ‘26 • Supplying Cryogel® to Venture Global CP2 in H1 2026 • Targeting $200M long-term Energy Industrial business Adjacent Markets Leveraging aerogel technology to penetrate new markets • Quoting BESS opportunities driven by onshoring and increasing battery energy density • Pursuing new applications to diversify and broaden our addressable market
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3 Q3 2025 Financial Highlights EV market reset driving lower near-term volumes; focus remains on cost control and operational efficiency $ in millions except EPS Q2 20251 Adj. EBITDA2 $9.7 Net Inc. (Loss) $(9.1) EPS (Loss) $(0.11) Cap Ex $12.9 • Thermal Barrier revenues decreased 12% QoQ to $48.7M • Energy Industrial revenues increased 7% QoQ to $24.3M Commentary Revenues $78.0 Q3 20251 $6.3 $(6.3) $(0.08) $9.1 $73.0 1- Unaudited interim financials for 2025 2- See slide 8 herein for a reconciliation of net income (loss), the most directly comparable GAAP measure, to Adj. EBITDA • Thermal Barrier segment gross margin of 24% burdened by fixed cost absorption and one-time scrap charges • Energy Industrial segment gross margin flat QoQ at 36%, above our company target of 35% • Reduced adjusted OPEX run-rate to $22.6M with line of sight to $20-$21M in 2026 • Net loss decreased ~30% QoQ on less revenues as cost reductions begin to show impact • Further CAPEX reductions expected in Q4 ’25 and FY ‘26 Aspen Aerogels | Q3 2025 Financial Results Call | November 6, 2025
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Key Commentary • US EV market reset and regulatory rollbacks driving lower near-term volumes • Q4 cost structure does not reflect our lower run-rate for 2026 – ability to achieve EBITDA break-even at ~$200M revenue next year • Strong liquidity position with $150M+ in cash and equivalents 2025 Financial Outlook Focused on streamlining operations, driving financial discipline, and strict cash management Aspen Aerogels | Q3 2025 Financial Results Call | November 6, 20254 Revenues Net Income (Loss) Adj. EBITDA2 EPS (Loss)3 Cap Ex (excl. Plant II) $ in millions, except per share figures 1- Unaudited interim financials for 2025 2- See slide 8 herein for a reconciliation of net income (loss), the most directly comparable GAAP measure, to Adjusted EBITDA for the presented period 3- Current outlook assumes weighted average shares outstanding of 82.3 million for the year Note: figures may not total due to rounding *YTD 2025 Net Income included a $286.6 million impairment charge in connection with the demobilization of the Company’s previously planned second aerogel manufacturing plant in Statesboro, Georgia, $ 16.3 million of demobilization and restructuring costs, and $1.0 million of other impairment charges $230 $(317)* $21 $(3.85) $20 $40-50 $(25)-(17) $(14)-(6) $(0.30)–(0.21) $5 $270-280 $(342)-(334)* $7-15 $(4.15)–(4.05) $25 YTD 20251 Q4 Outlook FY 2025 Outlook
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Path to Sustainable Growth Executing a disciplined path toward growth across EV, Energy, and adjacent markets Aspen Aerogels | Q3 2025 Financial Results Call | November 6, 20255 Growth Drivers • European OEM ramp - $150M of awarded revenue1 • North American EV growth from a reset baseline • Continued Energy Industrial growth and expansion • Revenue contribution from adjacent markets Demand Drivers • IHS at ~175k GM NA Ultium vehicles in 2026 • ACC (Stellantis) platform ramp in Europe • Expecting Energy Industrial growth, supported by a strong project pipeline Financial Discipline • Targeting break-even EBITDA at ~$200M of revenue • Expecting $0.50–0.60 of incremental EBITDA per additional revenue dollar above break-even point • Targeting <$10M of CAPEX for the year 2026 Strengthen and Position 2027 Drive Sustainable Growth Operational Focus • Continuing to improve fixed cost structure and manufacturing productivity • Optimizing supply chain and inventory • Leveraging external manufacturing partner capabilities 1. Estimates based on current visibility and certain market and customer-based assumptions as of 11/5/2025. 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. Expanding Strategic Optionality to Accelerate Growth Leveraging the Aerogel Technology Platform® into adjacent markets & broadening our portfolio offering
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6 Summary Earning our right to win by leveraging the Aerogel Technology Platform®, executing, and investing for profitable growth Aspen Aerogels | Q3 2025 Financial Results Call | November 6, 2025 Flexible and Modular Supply The Road to Creating Near T erm Value Profitable Energy Industrial Segment Growth Reduce the Fixed Cost Structure Secure additional EV Thermal Barrier awards Optimize the balance sheet / capital structure Penetrate new end markets DEMONSTRA TED OPERA TING EXECUTION Streamlining operations and improving efficiency; developed flexible supply structure with EMF and US manufacturing PENETRA TE ADDITIONAL END MARKETS Quoting near-term Battery Energy Storage System opportunities driven by onshoring and high-density battery trends SECURING NEW COMMERCIAL CONTRACTS PyroThin® award from major European OEM demonstrates technology leadership; supplying Venture Global CP2 LNG project IMPROVING CAPIT AL EFFICIENCY OF OUR MODEL Proactive fixed cost management throughout 2025; reduced long- term capital expenditure plans
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Appendix 7 Aspen Aerogels | Q3 2025 Financial Results Call | November 6, 2025
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GAAP to Non-GAAP Reconciliations Aspen Aerogels | Q3 2025 Financial Results Call | November 6, 20258 Note: Figures may not total due to rounding Adjusted EBITDA Reconciliation 2025 Q4-25 Outlook FY-25 Outlook ($ in millions) Q1 Q2 Q3 YTD Low High Low High Net Income (Loss) (301.2) (9.1) (6.3) (316.6) (24.9) (16.9) (341.6) (333.6) Depreciation and Amortization 5.8 5.8 5.4 17.0 5.5 5.5 22.5 22.5 Stock-based Compensation 2.1 3.2 2.6 7.9 2.6 2.6 10.5 10.5 Loss on Extinguishment of Debt - - - - - - - - Other (Income) Expense & Income Tax Expense 1.9 3.9 3.0 8.8 2.7 2.7 11.5 11.5 Impairment of PP&E 286.6 1.0 - 287.6 - - 287.6 287.6 Restructuring and Demobilization Costs 9.8 4.9 1.6 16.3 0.2 0.2 16.5 16.5 Adjusted EBITDA 4.9 9.7 6.3 20.9 (13.9) (5.9) 7.0 15.0
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US EV Sales Market Share October EV penetration declined post-incentive changes, while GM has sustained strong EV market share 9 8.2% 8.6% 8.8% 8.4% 7.7% 7.4% 6.6% 7.0% 7.5% 8.4% 9.9% 11.3% 13.3% 12.4% 9.9% 15.7% 15.5% 16.4% 16.4% 18.0% 4.8% 6.9% 7.4% 5.4% 4.7% 4.1% 4.3% 3.9% 4.4% 6.0% 6.8% 3.5% 1.1% 0 5 10 15 20 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 5.9% % BEV 10.8% 15.1% 8.7% 12.2% 14.3% EV Share of New Car Market General Motors EV Market Share Honda EV Market Share United States Electric Vehicle Sales P ercentages Source: Wards Automotive Data; numbers are subject to periodic revisions Aspen Aerogels | Q3 2025 Financial Results Call | November 6, 2025
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Demand Overview - GM IHS EV Forecast Projected volume reset in 2026; production expected to stabilize and grow from lower base in 2027 Aspen Aerogels | Q3 2025 Financial Results Call | November 6, 202510 GM NA EV Production Forecast1 (Vehicles in thousands) 1- IHS October 2025 vehicle production forecast 2- Per General Motors Earnings Call on 10/21/2025 Production reset underway in Q4 2025 Broader EV lineup supports long- term platform diversity 2026 GM NA EV Production Forecast1 (Vehicles in thousands) 2026 reset establishes foundation for growth in 2027 GM NA EV Production Forecast1 (Vehicles in thousands) 65 Q3-25 40 1 Q4-25 41 4 Q1-26 45 5 Q2-26 -38% +13% +9% Ultium Bolt EV 227 1 2025 176 23 2026 200 50 2027 -12% +25% Ultium Bolt EV, B-CUV, & Full-Size Van 18Lyriq 14Blazer 13Optiq 11Silverado 10Vistiq 10Sierra 7Hummer SUV 52 Escalade IQ 5Hummer Pickup 2 Equinox BrightDrop 400 2 25 BrightDrop 600 2 Prologue Escalade IQL 2 22 B-CUV 0 Bolt Celestiq 6 Note: Per Q3 earnings call, GM has decided to stop BrightDrop production at CAMI Assembly2