Aspen Aerogels, Inc. released its second quarter 2025 financial results on August 7, 2025, reporting total revenue of $78.0 million, a decrease from $117.8 million in Q2 2024. The company posted a net loss of $9.1 million, which included $5.9 million of restructuring and impairment charges. Adjusted EBITDA for the quarter was $9.7 million, down from $28.9 million in Q2 2024, but nearly doubled sequentially from Q1 2025's $4.9 million.
The consolidated gross profit margin in Q2 2025 was 32%, with the Energy Industrial segment maintaining a 36% gross margin and the EV Thermal Barrier segment's margin improving to 31%, an 8 percentage point increase quarter-over-quarter. Management highlighted that the company's streamlining and cost optimization efforts are clearly reflected in the second-half outlook, which projects significantly higher Adjusted EBITDA on consistent revenue levels.
Aspen Aerogels announced a CFO transition, with Ricardo Rodriguez stepping down at the end of Q3 2025. Grant Thoele, currently Chief of Staff to the CEO and Vice President of Corporate Strategy and Finance, has been appointed as the new CFO, ensuring continuity in strategic direction. This internal succession is expected to support the company's focus on fiscal discipline and capital efficiency.
For the second half of 2025, the company projects revenue between $140 million and $160 million, with Adjusted EBITDA anticipated to be approximately double that of the first half, ranging from $20 million to $30 million. Net income for H2 2025 is expected to range from a loss of $7 million to a positive $3 million. The company expects to maintain a net cash position through year-end, driven by a leaner fixed cost structure and reductions in net working capital, with planned asset sales in Georgia expected to reduce debt.
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