Home Economy Economic Activity Aspen Aerogels posts $9.1M net loss in Q2, names new CFO

Aspen Aerogels posts $9.1M net loss in Q2, names new CFO

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PBN Staff

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08/07/2025

Aspen Aerogels Inc. — ASPEN AEROGELS INC. on Thursday reported a net loss of $9.1 million for the second quarter and appointed a new chief financial officer.

PROVIDENCE – Aspen Aerogels Inc. on Thursday reported a net loss of $9.1 million in the second quarter and appointed a new chief financial officer. The loss, which included $5.9 million in restructuring and impairment charges, is a decline from the $16.8 million profit the company posted in the second quarter of 2024. Aspen Aerogels

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PROVIDENCE – Aspen Aerogels Inc. on Thursday reported a net loss of $9.1 million in the second quarter and appointed a new chief financial officer. The loss, which included $5.9 million in restructuring and impairment charges, is a decline from the $16.8 million profit the company posted in the second quarter of 2024. Aspen Aerogels reported a net loss per diluted share of 11 cents in the second quarter compared with net income per share of 22 cents the year prior. The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a net loss of 12 cents per share. The Northborough, Mass.-based company, which designs, develops and manufactures aerogel insulation and has a manufacturing facility in East Providence, said revenue totaled $78 million in the quarter, down from the $117.7 million in the second quarter of 2024. “In the first half of the year, we focused on streamlining and simplifying our organization to enhance our cost structure, improve profitability, and strengthen resilience. We also restructured the company to operate with minimal capital expenditure requirements,” CEO and President Don Young said in a statement. “Given the regulatory headwinds facing the EV [electric vehicle] market – particularly in the U.S. – and the broader volatility in the global energy sector, we’ve built our teams and operating framework to support a resilient, growth-oriented, and profitable business.” Also on Thursday, Aspen Aerogels announced Ricardo Rodriguez will step down as chief financial officer at the end of the third quarter. He will be succeeded by Grant Thoele, who currently serves as Aspen Aerogel's chief of staff to the CEO and vice president of corporate strategy and finance. “It’s been a privilege to help guide Aspen through a dynamic period," Rodriquez said in a statement. "I’m confident the Company is well-positioned for the future, and I look forward to supporting Grant through a smooth transition.” The reason for Rodriguez’s departure was not clear. Representatives from Aspen Aerogels did not immediately respond to requests for comment. Rodriguez was appointed chief financial officer in April 2022 after joining the company as chief strategy officer in November 2021. “Ricardo’s leadership has been vital through a transformative period,” Young said. “He strengthened our financial foundation and has been an invaluable partner to me. We are grateful for his many contributions and wish him continued success in his career.” Prior to joining Aspen Aerogels in August 2021, Thoele was a vice president at Providence Equity Partners and began his career at KPMG LLP. He holds both a bachelor’s degree and master’s degree in accounting from Texas Tech University. “I’m honored to take on this role at such a pivotal time and want to acknowledge Ricardo’s impact over the past few years,” Thoele said in a statement. “Thanks to our restructuring actions, Aspen is now operating from a more resilient and agile financial framework. We’ll remain focused on driving long-term sustainable value for our shareholders through fiscal discipline and capital efficiency.” Aspen Aerogels expects between a loss of $3.86 per share to a loss of $3.73 per share for the full year, with revenue in the range of $297 million to $317 million for the year. The company's shares have declined 31% since the beginning of the year, and its stock has decreased 58% in the last 12 months. Material from The Associated Press was used in this report.