Aspen Aerogels Announces Amendment to MidCap Credit Facility
Rhea-AI Summary
Aspen Aerogels (NYSE: ASPN) announced on Dec. 17, 2025 that it entered into an amendment to its Credit, Security and Guaranty Agreement with MidCap Financial.
The amendment updates the company's financial covenant framework to provide additional flexibility and includes other technical changes intended to enhance Aspen's financial position. Aspen's CFO said liquidity is trending ahead of expectations due to operational efficiencies, working capital improvements, and prudent capital spending. The amendment will be filed with the Securities and Exchange Commission.
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News Market Reaction
On the day this news was published, ASPN declined 1.36%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Market Reality Check
Peers on Argus
ASPN fell 4.55% while peers were mixed: JELD up 0.35%, NX down 2.22%, SWIM down 0.77%, APOG down 0.51%, JBI down 0.45%, pointing to a stock‑specific move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Negative | -44.5% | Weak Q3 revenue, net loss and reduced 2025 outlook drove sharp selloff. |
| Oct 16 | Earnings call schedule | Neutral | -5.8% | Announcement of Q3 results release and conference call timing. |
| Oct 06 | Peer CFO change | Neutral | +12.1% | Amprius appoints CFO with prior Aspen roles; ASPN shares rose double digits. |
| Sep 22 | Executive appointment | Positive | +6.4% | Appointment of Chief Administrative Officer with extensive legal and HR background. |
| Aug 25 | Conference participation | Neutral | +2.7% | Planned appearance at Barclays Energy‑Power Conference and investor meetings. |
Q3 2025 earnings triggered a large negative move, while management/administrative updates have seen modest positive reactions. Neutral scheduling or external items have produced mixed, sometimes outsized, price moves.
Over the last several months, Aspen Aerogels reported Q3 2025 results on Nov 6, 2025, with revenue of $73.0M, a net loss of $6.3M, and a sharp -44.53% share reaction. Earlier, the company scheduled that earnings call for Nov 6, 2025, which preceded a -5.78% move. Organizational updates have been notable: appointing a Chief Administrative Officer on Sep 22, 2025 coincided with a 6.43% rise, and a conference participation announcement on Aug 25, 2025 saw a 2.74% gain. Today’s credit facility amendment follows this backdrop of volatile responses to both financial and corporate developments.
Market Pulse Summary
This announcement centers on amending the MidCap credit facility to enhance Aspen’s financial position and update its financial covenant framework, with management stating that liquidity is trending ahead of expectations. Recent filings show prior covenant amendments and notable Q3 losses, so the added flexibility may be important to monitor. Investors may focus on future SEC filings of the amendment, subsequent earnings, and any further balance‑sheet developments as key markers of progress.
Key Terms
credit facility financial
financial covenant financial
Securities and Exchange Commission regulatory
AI-generated analysis. Not financial advice.
NORTHBOROUGH, Mass., Dec. 17, 2025 (GLOBE NEWSWIRE) -- Aspen Aerogels, Inc. (NYSE: ASPN) (“Aspen” or the “Company”), a technology leader in sustainability and electrification solutions, today announced that it has entered into an amendment to its existing Credit, Security and Guaranty Agreement with MidCap Financial.
The amendment enhances Aspen’s financial position and includes updates to the Company’s financial covenant framework to provide additional flexibility, along with other technical changes.
“Our liquidity outlook is trending ahead of expectations, reflecting operational efficiencies, working capital improvements, and prudent capital spending,” said Grant Thoele, Aspen’s Chief Financial Officer & Treasurer. “We value MidCap’s continued partnership. This amendment provides additional financial flexibility as we look ahead to executing our strategy in 2026.”
The amendment will be filed with the Securities and Exchange Commission.
About Aspen Aerogels, Inc.
Aspen is a technology leader in sustainability and electrification solutions. The Company's aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, e-mobility and clean energy. Aspen's PyroThin® products enable solutions to thermal runaway challenges within the electric vehicle ("EV") market. The Company's Cryogel® and Pyrogel® products are valued by the world's largest energy infrastructure companies. Aspen's strategy is to partner with world-class industry leaders to leverage its Aerogel Technology Platform® into additional high-value markets. Aspen is headquartered in Northborough, Mass. For more information, please visit www.aerogel.com.
Special Note Regarding Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements, including statements relating to Aspen’s financial outlook for the full year 2025. These statements are not historical facts but rather are based on Aspen’s current expectations, estimates and projections regarding Aspen's business, operations and other factors relating thereto, including with respect to Aspen’s financial outlook for the full year 2025. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook,” “assumes,” “targets,” “opportunity,” and similar expressions are used to identify these forward-looking statements. Such forward-looking statements include statements regarding, among other things, Aspen’s beliefs and expectations about liquidity, revenue, cash flow, gross profit, gross margin, operating margin, net income (loss), Adjusted EBITDA, profitability, capacity, revenue capacity, backlog, costs, expenses, and related increases, decreases, trends or timing, including with respect to Aspen’s beliefs and expectations about the EV and energy industrial market; and; the strength, effectiveness, productivity, costs, potential profitability or other fundamentals of Aspen’s business. All such forward-looking statements are based on management’s present expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, the following: ongoing uncertainty in the EV and energy infrastructure markets and potential demand for Aspen’s products; inability to execute Aspen’s long-term growth plan; the right of EV thermal barrier customers to cancel contracts with Aspen at any time and without penalty; any costs, expenses, or investments incurred by Aspen in excess of projections used to develop pricing for Aspen’s products; Aspen’s inability to create customer or market opportunities for its products; any failure to enforce any of Aspen’s patents; the general economic conditions and cyclical demands in the markets that Aspen serves; the impact of changes in government and economic policies, incentives, and tariffs on Aspen's customers, production, sales, cost structure, competitive landscape and results of operations; and the other risk factors discussed under the heading “Risk Factors” in Aspen’s Annual Report on Form 10-K for the year ended December 31, 2024 and filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025, as well as any updates to those risk factors filed from time to time in Aspen’s subsequent periodic and current reports filed with the SEC. All statements contained in this press release are made only as of the date of this press release. Aspen does not intend to update this information unless required by law.
Investor Relations Contacts:
Neal Baranosky
nbaranosky@aerogel.com
Phone: (508) 691-1111 x 8
Georg Venturatos / Patrick Hall
Gateway Group
ASPN@gateway-grp.com
Phone: (949) 574-3860
FAQ
What did Aspen Aerogels (ASPN) announce on December 17, 2025 regarding its MidCap credit facility?
How does the MidCap amendment affect Aspen Aerogels' liquidity and financial position?
Will Aspen Aerogels (ASPN) file the MidCap amendment with the SEC and when?
What reasons did Aspen Aerogels give for improved liquidity in the Dec. 17, 2025 announcement?
Does the MidCap amendment indicate a change in Aspen Aerogels' 2026 strategy execution?
Where can investors find the full details of Aspen Aerogels' MidCap amendment (ASPN)?
