Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $118M | $112M | $104M | $139M | $100M | $122M | $180M | $239M | $453M | $271M |
| Revenue growth | — | -5.2% | -6.5% | 33.6% | -28.1% | 21.3% | 48.3% | 32.4% | 89.6% | -40.1% |
| Gross profit | $23.3M | $18.7M | $12.7M | $26.3M | $14.6M | $9.94M | $4.98M | $56.9M | $183M | $46.0M |
| Gross margin | 19.8% | 16.7% | 12.1% | 18.9% | 14.6% | 8.2% | 2.8% | 23.8% | 40.4% | 17.0% |
| Operating income | -$11.2M | -$19.1M | -$33.9M | -$14.2M | -$21.6M | -$40.6M | -$79.2M | -$49.2M | $54.5M | -$378M |
| Operating margin | -9.5% | -17.1% | -32.5% | -10.2% | -21.5% | -33.4% | -43.9% | -20.6% | 12.0% | -139.5% |
| Net income | -$12.0M | -$19.3M | -$34.4M | -$14.6M | -$21.8M | -$37.1M | -$82.7M | -$45.8M | $13.4M | -$390M |
| Net margin | -10.2% | -17.3% | -33.0% | -10.5% | -21.7% | -30.5% | -45.9% | -19.2% | 3.0% | -143.7% |
| EPS (diluted) | -$0.52 | -$0.83 | -$1.45 | -$0.60 | -$0.83 | -$1.22 | -$2.10 | -$0.66 | $0.17 | -$4.73 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$578K | -$4.61M | -$8.65M | -$1.05M | -$9.92M | -$18.6M | -$94.4M | -$42.6M | $45.5M | $32.9M |
| Capital expenditures | $13.2M | $6.12M | $3.59M | $2.11M | $3.42M | $13.8M | $178M | $175M | $86.3M | $37.4M |
| Free cash flow | -$13.8M | -$10.7M | -$12.2M | -$3.17M | -$13.3M | -$32.4M | -$272M | -$218M | -$40.7M | -$4.58M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $18.1M | $10.7M | $3.33M | $3.63M | $16.5M | $76.6M | $281M | $140M | $221M | $157M |
| Total assets | $135M | $124M | $99.0M | $104M | $97.4M | $183M | $643M | $703M | $895M | $407M |
| Total liabilities | $19.1M | $22.9M | $28.8M | $44.5M | $29.6M | $54.5M | $196M | $215M | $280M | $171M |
| Long-term debt | — | — | — | — | $3.70M | — | — | — | $95.0M | $65.5M |
| Shareholders' equity | $116M | $101M | $70.3M | $59.0M | $67.9M | $128M | $447M | $488M | $615M | $236M |
| Retained earnings | -$418M | -$437M | -$472M | -$486M | -$508M | -$545M | -$628M | -$674M | -$660M | -$1.05B |
| Shares (wtd avg diluted) | 23.4M | 23.6M | 24.0M | 24.3M | 26.4M | 30.4M | 39.4M | 69.4M | 80.3M | 82.3M |
Every figure is extracted from ASPEN AEROGELS INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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