Aspen Aerogels Inc. ASPN

What this company does

Aspen Aerogels, Inc. designs, develops and manufactures aerogel materials used primarily in the energy industrial, sustainable insulation materials, and electric vehicle markets. As of December 31, 2025, it had 854 full-time employees, of whom 278 were located in the United States and 576 abroad. Its business is organized into two reportable segments, Thermal Barrier and Energy Industrial. It has entered into multi-year production contracts with automotive EV original equipment manufacturer customers, including General Motors LLC, Toyota, Scania, Automotive Cells Company, Audi and Volvo Truck, to supply fabricated, multi-part thermal barriers for use in the battery systems of their EV models. It sold $168.9 million of its PyroThin thermal barriers in 2025, $306.8 million in 2024 and $110.1 million in 2023, primarily to GM. It also designs, develops and manufactures aerogel insulation used primarily in the energy industrial market. It manufactures its products at a facility in East Providence, Rhode Island, which it has operated since 2008. GM represented 59% of its total revenue in 2025 and was its only customer representing 10% or more of revenue for that period.

Written from the business description in Aspen Aerogels, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 13 March 2026. Every sentence was checked against that document before publication.