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Aspen Aerogels supplies PyroThin barriers that provide heat management and fire protection in electric-vehicle battery packs. This business brings in most of its revenue, and General Motors accounts for most of the company’s total sales. GM pays fixed annual prices for parts made to its specifications, but orders determine volumes: it has no minimum purchase obligation and can terminate the contracts at any time.
The company also makes flexible aerogel insulation blankets for energy-industrial facilities. Distributors, installation contractors and fabricators buy these materials to stock, install or customize them for plant operators; Aspen also sells directly to some end users. Refinery and petrochemical applications account for most of this business, with much of the demand tied to scheduled plant shutdowns and maintenance.
Aspen uses proprietary processes to turn fragile silica aerogels into durable insulation. It manufactures in Rhode Island and uses outside manufacturers in China for its energy-industrial products. Manufacturing depends on environmental and safety permits covering emissions and hazardous substances; failure to comply can force facilities to curtail or stop operations.
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Aspen Aerogels’ results hinge chiefly on GM’s EV production and refinery maintenance spending, while privately held Alkegen adds specialist insulation competition that this list does not show.
GM’s EV production decisions drive Aspen Aerogels’ sales: the automaker buys customized barriers that shield EV batteries from heat and accounted for 59% of Aspen’s 2025 revenue. Watch GM’s EV production plans, since it has no minimum purchase obligation under these contracts.
Toyota gives Aspen Aerogels a customer beyond GM, buying barriers that shield EV batteries from heat under multi-year production contracts. Watch the Toyota EV programs covered by those contracts for progress in broadening Aspen’s thermal-barrier customer base.
Owens Corning competes for insulation buyers with traditional materials against Aspen Aerogels’ aerogel insulation, but its broader business is more exposed to building construction than Aspen’s mainly energy-industrial insulation business. Its insulation sales are the closer comparison; roofing and doors make its overall results a less direct guide to Aspen.
General Motors Company earningsGM
General Motors’ report will show whether its EV production and purchases continue to support orders for Aspen Aerogels’ battery barriers.
Watch General Motors’ EV production plans and output. More production could support Aspen Aerogels’ barrier orders; cuts would put Aspen’s sales at risk because GM has no minimum-purchase commitment.
Owens Corning earningsOC
Owens Corning’s report can show, through insulation sales, how traditional materials are competing with Aspen Aerogels for energy-industrial insulation buyers.
Focus on Owens Corning’s insulation sales, not its overall results as a stand-in for energy-industrial demand. Stronger sales show buyers still choose conventional insulation, but do not prove Aspen is losing orders; weaker sales may also reflect its building exposure. Compare with Aspen’s own energy-industrial revenue to judge whether demand is weakening across both.
Aspen Aerogels, Inc. earningsThis company
Aspen Aerogels’ report will show whether GM’s battery-barrier orders and energy-industrial customers’ insulation purchases can together steady sales and gross margin.
Read thermal-barrier revenue and energy-industrial revenue alongside gross margin. If both businesses steady and margin improves, orders and production economics are recovering together; if revenue keeps falling and margin remains weak, pressure from GM purchases and energy-industrial projects has not eased.
