Aspen Aerogels Inc. received an amended Schedule 13G filing from Needham Investment Management L.L.C., Needham Asset Management, LLC and George A. Needham reporting their holdings of the company’s common stock. The reporting group states beneficial ownership of 3,260,800 shares of common stock, representing 3.9% of the outstanding class.
All reported shares are held with shared voting and dispositive power, and no sole voting or dispositive power is reported by any of the filers. The securities are directly owned by advisory clients of Needham Investment Management L.L.C., and each reporting person disclaims beneficial ownership except to the extent of its or his pecuniary interest. The filing notes ownership of 5 percent or less of the class.
Positive
None.
Negative
None.
Key Figures
Shares beneficially owned:3,260,800 sharesPercent of class:3.9%Sole voting power:0 shares+3 more
6 metrics
Shares beneficially owned3,260,800 sharesCommon stock of Aspen Aerogels Inc. reported by each Needham reporting person
Percent of class3.9%Portion of Aspen Aerogels common stock class reported as beneficially owned
Sole voting power0 sharesNo sole power to vote or direct the vote reported by any filer
Shared voting power3,260,800 sharesShares over which the filers report shared power to vote or direct the vote
Shared dispositive power3,260,800 sharesShares over which the filers report shared power to dispose or direct disposition
Par value$0.00001 per sharePar value of Aspen Aerogels Inc. common stock
"Each Reporting Person disclaims beneficial ownership of the reported securities"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powerfinancial
"Shared Voting Power 3,260,800.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"Shared Dispositive Power 3,260,800.00"
pecuniary interestfinancial
"except to the extent of his, her or its pecuniary interest therein"
Investment Company Act of 1940regulatory
"shareholders of an investment company registered under the Investment Company Act of 1940"
A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.
FAQ
What stake in Aspen Aerogels (ASPN) is reported in this Schedule 13G/A?
The filing reports 3,260,800 Aspen Aerogels common shares, representing 3.9% of the outstanding class. All of these shares are reported with shared voting and shared dispositive power by the Needham reporting group.
Who are the reporting persons in the Aspen Aerogels (ASPN) Schedule 13G/A?
The reporting persons are Needham Investment Management L.L.C., Needham Asset Management, LLC, and George A. Needham. Each is shown as having the same reported beneficial ownership and shared voting and dispositive power over the same block of shares.
Does the Needham group control more than 5% of Aspen Aerogels (ASPN)?
No. The filing states a beneficial ownership of 3.9% of Aspen Aerogels’ common stock. It also specifies “ownership of 5 percent or less of a class,” indicating the reported holdings are below the 5% threshold.
Who directly owns the Aspen Aerogels (ASPN) shares reported by Needham?
All reported securities are directly owned by advisory clients of Needham Investment Management L.L.C. The advisory clients hold the shares, while the reporting persons indicate shared voting and dispositive power over those positions.
Do the Needham entities and George A. Needham claim full beneficial ownership of ASPN shares?
No. Each reporting person disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest. The disclaimer states the report is not an admission of beneficial ownership for any legal purpose.
What kind of power over Aspen Aerogels (ASPN) shares does the Needham group report?
They report 0 shares with sole voting or dispositive power and 3,260,800 shares with shared voting and shared dispositive power. This means decisions on voting and disposition are shared rather than held individually.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Aspen Aerogels Inc
(Name of Issuer)
Common Stock, par value $0.00001 per share
(Title of Class of Securities)
04523Y105
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
04523Y105
1
Names of Reporting Persons
Needham Investment Management L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,260,800.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,260,800.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,260,800.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.9 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP Number(s):
04523Y105
1
Names of Reporting Persons
Needham Asset Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,260,800.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,260,800.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,260,800.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.9 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP Number(s):
04523Y105
1
Names of Reporting Persons
George A. Needham
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,260,800.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,260,800.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,260,800.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.9 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Aspen Aerogels Inc
(b)
Address of issuer's principal executive offices:
30 Forbes Road, Building B, Northborough, Massachusetts 01532
Item 2.
(a)
Name of person filing:
Needham Investment Management L.L.C.
Needham Asset Management, LLC
George A. Needham
(b)
Address or principal business office or, if none, residence:
Needham Investment Management L.L.C.
250 Park Avenue, 10th Floor
New York, New York 10117-1099
United States of America
Needham Asset Management, LLC
c/o Needham Investment Management L.L.C.
250 Park Avenue, 10th Floor
New York, New York 10117-1099
United States of America
George A. Needham
c/o Needham Investment Management L.L.C.
250 Park Avenue, 10th Floor
New York, New York 10117-1099
United States of America
(c)
Citizenship:
Needham Investment Management L.L.C. - Delaware
Needham Asset Management, LLC - Delaware
George A. Needham - United States
(d)
Title of class of securities:
Common Stock, par value $0.00001 per share
(e)
CUSIP No.:
04523Y105
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Needham Investment Management L.L.C. - 3,260,800
Needham Asset Management, LLC - 3,260,800
George A. Needham - 3,260,800
(b)
Percent of class:
Needham Investment Management L.L.C. - 3.9%
Needham Asset Management, LLC - 3.9%
George A. Needham - 3.9%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Needham Investment Management L.L.C. - 0
Needham Asset Management, LLC - 0
George A. Needham - 0
(ii) Shared power to vote or to direct the vote:
Needham Investment Management L.L.C. - 3,260,800
Needham Asset Management, LLC - 3,260,800
George A. Needham - 3,260,800
(iii) Sole power to dispose or to direct the disposition of:
Needham Investment Management L.L.C. - 0
Needham Asset Management, LLC - 0
George A. Needham - 0
(iv) Shared power to dispose or to direct the disposition of:
Needham Investment Management L.L.C. - 3,260,800
Needham Asset Management, LLC - 3,260,800
George A. Needham - 3,260,800
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
All of the securities reported in this Schedule 13G are directly owned by advisory clients of Needham Investment Management L.L.C. None of those advisory clients may be deemed to beneficially own more than 5% of the Common Stock, par value $0.00001 per share.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please see Exhibit B attached hereto.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Needham Investment Management L.L.C.
Signature:
/s/ James W. Giangrasso
Name/Title:
James W. Giangrasso, Chief Financial Officer
Date:
08/13/2026
Needham Asset Management, LLC
Signature:
/s/ James W. Giangrasso
Name/Title:
James W. Giangrasso, Authorized Person
Date:
08/13/2026
George A. Needham
Signature:
/s/ George A. Needham
Name/Title:
George A. Needham
Date:
08/13/2026
Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.
Exhibit Information
Exhibit A - Joint Filing Agreement
Exhibit B - Control Person Identification
