ASPEN AEROGELS Business Summary

Aspen Aerogels Inc (ASPN) operates as a high-performance aerogel technology company, generating revenue primarily through the direct sale of proprietary insulation products across two core business segments: Thermal Barrier and Energy Industrial. The Thermal Barrier segment, anchored by the PyroThin® product line, provides critical thermal management and fire safety solutions for lithium-ion batteries in the electric vehicle (EV) and energy storage markets, accounting for approximately two-thirds of total revenue. The Energy Industrial segment serves global energy infrastructure, including LNG and subsea applications, through its Cryogel® and Pyrogel® brands. Aspen competes directly with specialty chemical and insulation firms such as Cabot Corporation, Armacell, and JIOS Aerogel, positioning itself as a premium technology leader with a focus on high-growth electrification megatrends and asset protection in extreme environments. Since its 2001 inception as a spin-off from Aspen Systems, the company has been led by President and CEO Donald R. Young, who brings a pedigree from Cabot Corporation and Fidelity Management & Research. The executive team includes Chief Technology Officer Dr. George L. Gould, a key figure in aerogel R&D, and Chief Financial Officer Grant Thoele, who joined from Providence Equity Partners in late 2025. Other key leaders include Chief Operating Officer Gregg Landes and Chief Administrative Officer Glenn Deegan. The company is backed by significant institutional and strategic investors, most notably Koch Inc. (formerly Koch Industries), which remains the largest shareholder, alongside major asset managers such as BlackRock and Vanguard. The board is chaired by William Noglows, former CEO of Cabot Microelectronics.