Why Did ASPN Stock Plummet 20% In Pre-Market Today?

The company reported a 66% decline in Q4 revenue to $41.3 million, which fell short of Street expectations.

Shares of Aspen Aerogels (ASPN) slumped nearly 20% in pre-market trading on Wednesday, after the company reported a sharp decline in fourth-quarter results and launched a strategic review to strengthen its long-term positioning.

Fourth-quarter (Q4) revenue crashed 66% to $41.3 million, pressured by weaker demand across Thermal Barriers and Energy Industrials business segments. Analysts, on average, had expected a revenue of $44.3 million, according to Fiscal.ai data.

Aspen posted a net loss of $72.9 million, or $0.88 per share, compared with net income of $11.4 million last year. The company said that its bottom line was impacted by restructuring, asset impairment, and other one-time charges. Excluding these items, adjusted net loss was $27.7 million, or $0.34 per share.

For the first quarter of 2026, the company forecast revenue of $35 million to $40 million and a net loss of $20 million to $23 million. 

Aspen also launched a strategic review to strengthen its long-term positioning, it said. As part of the process, the company will evaluate a wide range of strategic alternatives to ensure it is properly structured. To support the review, Aspen appointed Piper Sandler & Co. as its exclusive financial advisor.

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