B.Riley Reiterates Buy Rating on Aspen Aerogels (ASPN)

B.Riley analyst Christopher Souther reiterated a Buy rating and $9.00 price target on Aspen Aerogels (NYSE: ASPN)

The analyst comments "We recently hosted the management team of Aspen Aerogels (ASPN — Buy, $9 PT), including CFO Grant Thoele and Head of IR & Corporate Strategy Neal Baranosky, for investor meetings. Key focus areas included its EV business expectations, both domestically and in Europe; Energy Industrial drivers; battery energy storage system (BESS) opportunity; and cash outlook. On 10/1, GM (ex-Bolt + Honda) reported 3Q26 U.S. EV sales of 26,490, compared to Aspen's 3Q guidance assumption of ~90-125k annualized vehicles sourced. With GM's finished vehicle inventory now lower, ASPN expects production to more closely match sales going forward. In Europe, where Aspen has won awards with seven OEMs, BEV penetration reached a record 27.7% share of total new cars registered in the month of August. This compares to 19.3% in January. For Energy Industrial, management is upbeat on the strong backlogs of both its subsea and LNG customers, providing the company with solid visibility into 2027+. On BESS, management sees a path to a segment driving tens of millions in revenue annually without meaningful capex required. Aspen remains on track to return to positive adj. EBITDA in 3Q26 and expects to maintain or grow its ~$63M net cash position exiting the year."

For an analyst ratings summary and ratings history on Aspen Aerogels click here. For more ratings news on Aspen Aerogels click here.

Shares of Aspen Aerogels closed at $5.87 yesterday.

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