Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Investor Presentation (September 2026)
33 slides from Aspen Aerogels's investor presentation, Sep 15, 2026
Slide 1: Aspen Aerogels Investor Presentation
r D e c k | S e p t e m b e r 1 5 , 2 0 2 6 September 15, 2026 ASPEN AEROGELS NYSE: ASPN I N V E STO R P R E S E N TAT I O N
Slide 2: Disclaimer on Forward Looking Statements
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
Slide 3: Aspen Aerogels at a Glance (NYSE: ASPN)
Aspen Aerogels at a Glance (NYSE: ASPN) A proprietary aerogel technology platform serving energy infrastructure and electric mobility markets Key Business Statistics Global Manufacturing & R&D Footprint $202M 25+ years Existing manufacturing footprint and external supply arrangements LTM Q2 ’26 Reve
Slide 4: Key Investment Highlights
Key Investment Highlights Proprietary aerogel technology platform built over 25+ years and protected 1 by a deep IP portfolio Energy Industrial — durable recurring maintenance revenue, with additional 2 growth from LNG, subsea and power infrastructure projects European Thermal Barrier — increasing O
Slide 5: Aspen's Technology Platform
Aspen’s Technology Platform Translating the unique properties of aerogels into products for demanding applications Aerogels are advanced materials with …which Aspen leverages to provide proprietary solutions to complex exceptional insulating properties… problems across multiple end-markets BESS & Ad
Slide 6: Business Segment Summary
Business Segment Summary Two established businesses with distinct end markets, business models, and growth drivers Energy Industrial Thermal Barrier Insulation to maintain hot and cold process equipment, Thermal insulation that protects against thermal runaway events Segment Description piping and s
Slide 7: Key Historical Milestones
Key Historical Milestones 25+ years of aerogel commercialization, from industrial insulation to high-volume EV applications Product and Organizational Milestones 2021 2023 2024 2025 2026 Commercial Milestones Cars Next-Gen Truck 2001 2008 2014 Predecessor spun-out Introduction of Thermal Barrier: 20
Slide 8: Thermal Barrier Segment Overview
Thermal Barrier Thermal Barrier Segment Overview Supporting blue-chip OEMs with proven battery thermal barrier technology at commercial scale Segment Description: PyroThin® Cell-to-Cell Thermal Barriers: • PyroThin® is an ultra-thin, flexible aerogel that mitigates thermal runaway and provides passi
Slide 9: PyroThin's Material Advantage
Thermal Barrier PyroThin’s Material Advantage Combining high-temperature protection and compressibility in an ultra-thin and lightweight solution Battery chemistries require heat resistance and compressibility PyroThin® delivers a thinner, lighter solution 1500 Thermal/gas Mica Sheets + barriers Pro
Slide 10: North American EV Market Stabilization
Thermal Barrier North American EV Market Stabilization Demand is improving as inventories normalize, with industry production expected to recover from the 2026 trough GM EV sales have continued to increase, while inventory has been North American BEV production projected significantly depleted to gr
Slide 11: European Awards Drive the Next Growth Leg
Thermal Barrier European Awards Drive the Next Growth Leg EU EV penetration approaches 40% by 2030, while awarded programs support significant growth potential in 2027 European BEV production projected to Blue-chip OEM program awards support a substantial European nearly triple from 2025 to 2030 rev
Slide 12: Energy Industrial Segment Overview
Energy Industrial Energy Industrial Segment Overview High-performance insulation and asset protection across critical energy infrastructure Segment Description: Serving Large End Markets: • Foundational business segment since the company’s inception, Refining / Petrochem Upstream Hydrogen / Carbon C
Slide 13: Why Aerogel Wins in Industrial Insulation
Energy Industrial Why Aerogel Wins in Industrial Insulation Equivalent thermal performance with ~45–70% less thickness in representative hot and cold applications A superior alternative to traditional insulation… …proven across hot and cold applications Hot Application Cold Application • Reduces cos
Slide 14: Energy Industrial Markets & Growth Drivers
Energy Industrial Energy Industrial Markets & Growth Drivers Recurring maintenance demand is complemented by LNG, subsea, and power infrastructure investment Traditional Energy Transitional Energy Clean Energy Refining / Petrochemical Upstream Power Natural Gas / LNG Hydrogen / Carbon Cap. ◼ Thermal
Slide 15: A Record Global LNG Buildout, Led by the U.S.
Energy Industrial A Record Global LNG Buildout, Led by the U.S. Global liquefaction capacity is projected to expand rapidly through 2030, creating project opportunities for Aspen Strong global capacity build through 2030… …with US driving nearly half of the growth Global LNG Capacity, by year1 US LN
Slide 16: Footprint Supports $600M+ of Revenue Capacity
Footprint Supports $600M+ of Revenue Capacity Existing manufacturing assets and external supply arrangements support growth with limited incremental capital Operational Footprint Aspen Facilities Overview Location Marlborough and East Apodaca, External Northborough, MA Providence, RI1 NL, Mexico Mfg
Slide 17: A Deep and Defensible IP Portfolio
A Deep and Defensible IP Portfolio 800+ issued and pending patents protect core technology, thermal barriers, and future applications Aerogel Core PyroThin® Thermal Barrier New Markets Research Tested and proven worldwide Specialized IP tailored to Built to pursue new applications Future-proofing As
Slide 18: Lower Breakeven, Higher Operating Leverage
Lower Breakeven, Higher Operating Leverage A lower fixed-cost base positions Aspen for stronger incremental profitability Breakeven revenue target has fallen ~47% Q3 guidance marks a return to positive Adj. EBITDA Estimated Annual Revenue for Adj. EBITDA Breakeven Quarterly Financial Trends2 $ in mi
Slide 19: Building Durable, Scalable Growth
Building Durable, Scalable Growth Disciplined three-pillar strategy to drive operating leverage, strategic flexibility, and long-term value Drive Structural Operating Strengthen & Optimize Our Execute Our Growth Leverage Capital Structure Strategy • Return to positive Adjusted EBITDA • $153.4M cash
Slide 20: Appendix A: Thermal Barrier
Appendix A: Thermal Barrier 20 Aspen Aerogels | Investor Deck | September 15, 2026
Slide 21: What is Thermal Runaway?
Thermal Barrier What is Thermal Runaway? OEMs layer several defenses, but only cell-to-cell barriers interrupt propagation at its origin Thermal Runaway Overview Potential Thermal Runaway Solutions • Occurs when heat generated within a battery exceeds the amount of • EV OEMs can mitigate thermal run
Slide 22: PyroThin: Aspen's EV Thermal Barrier Solution
Thermal Barrier PyroThin®: Aspen’s EV Thermal Barrier Solution An ultra-thin, precision-fabricated drop-in part delivered directly to OEM battery assembly lines Product Overview Potential EV Use Cases Why OEMs Adopt PyroThin® Thermal Barriers • Aspen’s proprietary PyroThin® technology is an ultra-th
Slide 23: PyroThin's Unique Value Proposition
Thermal Barrier PyroThin’s Unique Value Proposition Delays thermal propagation >5 Min without loss of range, while other theoretical solutions reduce range and add weight Solution cost1 $$ $$$$ $$$ $$$ Baseline Design Theoretical Option A Theoretical Option B PyroThin® Module control 30 cells 28 cel
Slide 24: Battery Fire Risk Remains Industry-Wide
Thermal Barrier Battery Fire Risk Remains Industry-Wide Recent recalls show battery fire risk persists across OEMs and battery designs Selected battery fire-related recalls Featured examples 2020 Hyundai Kona 90K vehicles · Folded anode tab Chevy Bolt EQB GM · 2021 Mercedes-Benz · 2026 2021 GM Chevy
Slide 25: Durable Across Battery Technology Shifts
Thermal Barrier Durable Across Battery Technology Shifts Volume is shifting toward the cell formats PyroThin® serves, while every chemistry carries thermal propagation risk Aspen has potential solutions for all Pouch and Prismatic projected to be Nickel based chemistries are ~67% form factors and ch
Slide 26: Thermal Barrier to Produced Vehicle Timeline
Thermal Barrier Thermal Barrier to Produced Vehicle Timeline Aspen’s finished PyroThin® parts can take anywhere from ~1-3+ months to be installed into a produced vehicle Estimated timeline for average North American PyroThin® finished part ~1-4 weeks ~1 Start ~1-2+ months (some scenarios) week Aspen
Slide 27: Appendix B: Energy Industrial
Appendix B: Energy Industrial 27 Aspen Aerogels | Investor Deck | September 15, 2026
Slide 28: Energy Industrial Product Portfolio
Energy Industrial Energy Industrial Product Portfolio Pyrogel, Cryogel, and Spaceloft Subsea address hot process, cryogenic, and subsea applications Key Product Hot Process: Thermal resistance with corrosion & Cold Process: Protects against cold splash, jet fire Hot / Cold Processes: Subsea pipe-in-
Slide 29: How Aerogel Compares to Traditional Insulation
Energy Industrial How Aerogel Compares to Traditional Insulation Flexible blanket form and broad temperature range differentiate aerogel across hot and cold applications Flexible Aerogel PUF & PIR Mineral Wool Cellular Glass Calcium Silicate Expanded Perlite Sample Flexible blanket Board and Board,
Slide 30: Appendix C: Other Information and GAAP to Non-GAAP Reconciliations
Appendix C: Other Information and GAAP to Non- GAAP Reconciliations 30 Aspen Aerogels | Investor Deck | September 15, 2026
Slide 31: Manufacturing & Assembly Process
Manufacturing & Assembly Process Energy products are sold as rolls, while thermal barrier parts require the roll be converted and assembled in Mexico Aerogel Manufacturing Converting Assembly Assemble, Heat Die Cutting Press, Fold Inspection, Wrap, Packaging & Tack Laser Tack Inspection Process Illu
Slide 32: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations 2025 2026 Q3-26 Outlook ($ in millions) Q4 Q1 Q2 Low High Net Income (Loss) (72.9) (23.7) (23.3) (9.0) (6.0) Depreciation and Amortization 28.2 5.4 4.3 5.0 5.0 Stock-based Compensation 1.2 2.3 3.7 3.0 3.0 Loss on disposal of property, plant and equipment 18.2 - - - -
Slide 33: : aspen lac rogels
: aspen lac rogels
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