Aspen cites a drop in electric vehicle demand and production as catalysts for its major net loss of 2025.
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A year after manufacturer Aspen Aerogels abandoned its plans to build a Georgia plant, the Northborough-based firm has reported a $390-million net loss in 2025, representing a more than $400 million year-over-year reversal in its earnings.
After generating $13.4 million in net income in 2024, Aspen cites a drop in electric vehicle demand and production as catalysts for its major net loss of 2025, according to the company's Wednesday filing with the U.S. Securities and Exchange Commission.
"2025 was a transitional year for Aspen," Grant Thoele, Aspen CFO and treasurer, said in the filing. "In response, we reduced our fixed cost structure by more than $75 million."
In the fourth quarter specifically, Aspen experienced a $72.9-million net loss, a stark comparison to the company's $11.4-million net income of the fourth quarter of 2024. The manufacturer credits nearly $30 million of this loss to factors including restructuring costs, loss on disposal of property, and impairment charges.
WBJ has reached out to Aspen for comment.
In 2025, Aspen recorded a $291.2-million impairment charge related to its canceled efforts to open a Statesboro, Georgia facility, intended to produce aerogel blankets. An impairment charge is not payment, but rather a term used to reflect the decreased value of an asset.
Aspen announced in February 2025 it had ditched the site's plans.
Aspen reported a 40% year-over-year decline in revenue from $452.7 million in 2024 to $271.1 million in 2025.
Aspen's revenue decrease was most severe in the fourth quarter. The manufacturer had a 66% year-over-year drop in revenue from $123.1 million in the fourth quarter of 2024 to $41.3 million in the fourth quarter of 2025.
Aspen has begun a strategic review to pinpoint opportunities to strengthen long-term stability, using Minnesota-based Piper Sandler as financial advisor.
"We have initiated a review to evaluate our commercial growth plans and to optimize our capital structure," Don Young, Aspen president and CEO, said in the filing. "This review is being conducted from a position of financial strength and operational progress. Our focus is clear — to ensure the company's strategy, capital allocation, and asset base are aligned to maximize value creation."
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare, manufacturing, and higher education industries.
