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August 6 , 2026 ASPEN AEROGELS Q2 2026 FINANCIAL RESULTS CALL aspen aerogels
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Aspen Aerogels | Q2 2026 Financial Results Call | August 6, 20261 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. 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. 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 energy infrastructure and EV markets, as well as adjacent markets; the financial and operational impacts from the April 2026 incident at our East Providence manufacturing facility, the recovery from the incident, and the staged restart of the East Providence manufacturing facility; use of its external manufacturing facility to meet 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 energy industrial and 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 energy industrial and 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: Aspen’s ability to complete the staged restart of its operations at the East Providence manufacturing facility; Aspen’s ability to manufacture the full array of its products at the facility and to meet expected customer demand; Aspen’s ability to mitigate the potential impacts from the disruption to its business, operations and financial performance; Aspen’s ability to execute its 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; 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 31,2025 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.
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Q2 2026 Highlights1: • Delivered total revenue of $49.8 million, up 32% QoQ • Increased Thermal Barrier revenue 81% QoQ, resulting in $29.5 million of revenue • PyroThin® award supporting two of Jaguar Land Rover's next-generation vehicle architectures • Cash and equivalents balance of $153.4 million • Staged restart of East Providence underway; customer supply maintained throughout quarter Q2 2026 Developments and Highlights Accelerating commercial traction while restoring operations and positioning for second-half growth Aspen Aerogels | Q2 2026 Financial Results Call | August 6, 20262 1- Unaudited financials for Q2 2026 2- See slide 9 herein for a reconciliation of net income (loss), the most directly comparable GAAP measure, to Adjusted EBITDA for the presented period Q3 2026 Outlook: Thermal Barrier North American demand stabilizing; European business outpacing expectations Energy Industrial Multiyear LNG and subsea infrastructure cycle driving a stronger second half and future growth Adjacent Markets Leveraging our aerogel platform in Battery Energy Storage Systems (BESS) and new applications $65 to $80M Revenue $6 to $9M Net Loss $7 to $15M Adj EBITDA2 Well positioned across multiple growth markets
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A record global LNG buildout, led by the US Global liquefaction capacity projected to grow 7% annually through 2030, led by 13% annual growth in the U.S. Aspen Aerogels | Q2 2026 Financial Results Call | August 6, 20263 Sources: IEA Gas 2025 / Global LNG Capacity Tracker (Jun 2026); U.S. EIA Liquefaction Capacity File (Q2 2026). 2030 world tot al = current IEA capacity plus IEA-tracked additions. U.S. figures converted from Bcf/d 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 year1 Bcm per year 511 664 159 296 2025 2030 +7% p.a. US ROW Strong global capacity build through 2030… Global LNG Capacity, by year1 Bcm per year
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Improving EV Demand Backdrop Sales momentum and depleting inventory in North America, alongside record BEV penetration in Europe Aspen Aerogels | Q2 2026 Financial Results Call | August 6, 20264 16% 17% 21% 19% 22% Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 European Union BEV1 P enetration4 BEVs as a % of total New Cars Registered in the EU EU BEV penetration reached an all-time high in Q2 2026 Driven by OEM year-end CO2 compliance sprint June 2026 reached a record ~24% BEV share13% 14% 12% 0 5 10 15 0 50 100 150 200 99 11 Q4-25 103 14 Q1-26 110 20 Q2-26 110 117 130 GM Brands (ex. Bolt) Honda/Acura Combined BEV Market Share %3 US Annualized BEV1 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; a vehicle powered solely by a rechargeable battery and electric motor 2 – Source: Wards Auto Intelligence, July 2026 3 – General Motors sales (excluding Bolt EV) + Honda/Acura B EV sales as a % of total US BEV sales 4 - Source: ACEA – European Automobile Manufacturers' Association Q4-25 Q1-26 Q2-26 19 14 5 28 22 6 39 34 6 US BEV1 Quarter-End Inventory2 Thousands of vehicles
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5 Q2 2026 Financial Highlights Sequential improvement and capital discipline support a strengthening earnings trajectory $ in millions, except per share figures Q1 20261 Adj. EBITDA3 $(12.7) Net Inc. (Loss) Adj. Net Inc. (Loss)2 $(23.7) $(23.3) EPS (Loss) Adj. EPS (Loss)2 $(0.29) $(0.28) Cap Ex $1.4 • Total revenue increased 32% QoQ • Q2 Thermal Barrier revenue increased 81% QoQ; Energy Industrial revenue decreased modestly on project timing Commentary Revenues $37.9 Q2 20261 $(6.6) $(23.3) $(17.9) $(0.28) $(0.22) $1.8 $49.8 1- Unaudited financials for Q1 and Q2 2026 2 - See slide 9 herein for a reconciliation of net income (loss) and earnings per share, the most directly comparable GAAP measur es, to adjusted net income (loss) and adjusted earnings per share, respectively 3 - See slide 9 herein for a reconciliation of net income (loss), the most directly comparable GAAP measure, to Adj. EBITDA • Q2 gross margin impacted by $5.3M of East Providence incident costs; adjusted gross margin of ~17% excluding these costs • Q2 Adjusted EBITDA improved ~48% QoQ; underlying performance improving as North American demand stabilizes • $8.9M property loss fully offset by a corresponding insurance recovery, with no net impact on Adjusted EBITDA • Ended Q2 with $153.4M of cash, cash equivalents, and restricted cash; substantial covenant headroom • FY 2026 capex expected below $10M (excluding EP restoration) Aspen Aerogels | Q2 2026 Financial Results Call | August 6, 2026
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Q3 2026 Outlook and European Growth Runway Financial discipline supports improving near-term performance and substantial growth potential from EU OEMs Aspen Aerogels | Q2 2026 Financial Results Call | August 6, 20266 Revenues Net Income (Loss) Adj. EBITDA1 EPS (Loss)2 CAPEX *Full Year, excluding costs related to the restoration of the East Providence facility $ in millions, except per share figures 1- See slide 9 herein for a reconciliation of net income (loss), the most directly comparable GAAP measure, to Adjusted EBITDA for the presented period 2- Current outlook assumes weighted average shares outstanding of 83.0 million for the quarter $65 - 80 $(6) – (9) $7 – 15 $(0.07) – (0.11) <$10 Q3 2026 Outlook European Thermal Barrier Revenues $ in millions Blue-chip OEM program awards support a substantial European revenue opportunity 9 2025 Actual 2026 Outlook 2027 Awarded Potential3 20-30 135 ~2X to ~3X increase Truck 3- Estimates based on current visibility and certain market and customer -based assumptions as of 8/6/2026. There can be no assura nce that awards or quotes will convert into orders for our products or revenue. Value based on customer provided part volumes and quoted / co ntracted pricing. Figures are rounded and approximate. Cars Supported OEMs T argeting ~2X increase
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Aspen Aerogels | Q2 2026 Financial Results Call | August 6, 20267 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 20271 • ~50–60% incremental EBITDA margin above break-even • $153.4M cash position supports EP recovery, financial resilience, and strategic flexibility • Capital-light and flexible manufacturing model • Balance sheet supports disciplined and opportunistic capital allocation • Energy Industrial targeting 20% growth in 2026, building into 2027 • EU programs ramping, including a new Jaguar Land Rover award • North American Thermal Barrier demand stabilizing • Pursuing adjacent applications and markets such as BESS 1- Assumes success of our ongoing production and supply mitigation efforts
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Appendix 8 Aspen Aerogels | Q2 2026 Financial Results Call | August 6, 2026
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GAAP to Non-GAAP Reconciliations Aspen Aerogels | Q2 2026 Financial Results Call | August 6, 20269 Note: Figures may not total due to rounding Adjusted EBITDA Reconciliation Adjusted Net Income (Loss) Reconciliation 2026 ($ in millions) Q1 Q2 Net Income (Loss) (23.7) (23.3) Restructuring and Demobilization Costs 0.4 - Insurance Recovery Receivable - (8.9) Loss on Property Damage - 8.9 April 2026 Incident-Related Costs - 5.3 Adjusted Net Income (Loss) (23.3) (17.9) Weighted Avg. Shares Outstanding 82.7 82.9 Reported EPS (Loss) (0.29)$ (0.28)$ Adjusted EPS (Loss) (0.28)$ (0.22)$ 2026 Q3-26 Outlook FY-25 Outlook ($ in millions) Q1 Q2 Low High Net Income (Loss) (23.7) (23.3) (9.0) (6.0) Depreciation and Amortization 5.4 4.3 5.0 5.0 Stock-based Compensation 2.3 3.7 3.0 3.0 Other (Income) Expense & Income Tax Expense 2.9 3.4 3.0 3.0 Restructuring and Demobilization Costs 0.4 - - - Insurance Recovery Receivable - (8.9) - - Loss on Property Damage - 8.9 - - April 2026 Incident-Related Costs - 5.3 5.0 10.0 Adjusted EBITDA (12.7) (6.6) 7.0 15.0
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Demand Overview - GM IHS EV Forecast Near-term production recovering, supported by a diversifying platform lineup and a return to growth by 2028 Aspen Aerogels | Q2 2026 Financial Results Call | August 6, 202610 GM NA EV Production Forecast1 (Vehicles in thousands) Note: Aspen has content on Ultium-based platforms only; Bolt EV shown for reference 1- IHS July 2026 vehicle production forecast Production moderation through 1H26 with recovery in 2H26 Broader EV lineup supports long- term platform diversity 2026 GM NA EV Production Forecast1 (Vehicles in thousands) Ultium base stabilizing in 2027, growing in 2028 GM NA EV Production Forecast1 (Vehicles in thousands) 23 7 Q2-26 28 7 Q3-26 29 6 Q4-26 Q1-27 1 33 Ultium Bolt EV 104 27 2026 99 1 2027 2028 113 Ultium Bolt EV 27Bolt 22Equinox 20Optiq 18Lyriq 16Prologue 8Vistiq 5Sierra 5Silverado 3Blazer 3Escalade IQ 2Hummer SUV 1Escalade IQL 1Hummer Pickup 0Celestiq