ASPEN AEROGELS INC — Form 8-K
Filed September 15, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 52/100
What the filing says
Aspen Aerogels reported LTM Q2 2026 revenue of $202M ($111M Thermal Barrier, $92M Energy Industrial). Q3 2026 guidance shows adjusted EBITDA of $5–10M (vs. negative $23.7M Q2, negative $72.9M Q4 2025), marking return to profitability. Company targets $175M revenue run-rate for EBITDA breakeven by end-2027, with 50–60% incremental EBITDA flow-through above breakeven. $153.4M cash, existing footprint supports $600M+ revenue capacity with limited capital. April 2026 East Providence facility incident (staged restart H1 2027) mentioned; firm pursuing European thermal barrier ramp ($20–30M 2026 revenue, targeting $40–60M 2027).
Why this rating
Q3 guidance signals critical inflection (return to positive EBITDA) for troubled company; stabilization after 2025 reset is material. However, scale relative to $480M market cap (~$200M LTM revenue, ~4% quarterly EBITDA margin) and execution risk on European ramp/facility recovery limit significance.
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