Aspen Aerogels makes aerogel insulation and thermal barrier products. Aerogels are extremely low-density solids where air trapped in a nanoporous silica structure delivers the highest thermal insulation performance per unit of thickness of any widely used insulating material. Aspen operates two segments. The Thermal Barrier segment sells PyroThin, an ultra-thin, flexible aerogel sheet engineered to prevent thermal runaway propagation in lithium-ion battery packs. EV manufacturers integrate PyroThin between battery cells and modules to contain heat or fire if a cell fails; Aspen sells directly to automotive OEMs and battery manufacturers under multi-year production contracts. GM is by far the largest customer. The Energy Industrial segment sells Pyrogel and Cryogel aerogel insulation blankets to refineries, petrochemical plants, LNG facilities, and offshore platforms through a global distributor network. Aspen argues its blankets deliver 2–5x the thermal performance of traditional insulation at similar thickness. Aspen's business model depends on selling at a premium to traditional materials, justified by superior performance. Thermal Barrier revenue is tied directly to EV production volumes, and the segment's fixed manufacturing cost base makes margins highly volume-sensitive. Energy Industrial revenue splits between recurring baseload maintenance work and lumpy project activity. Aspen is pursuing growth through European OEM design wins, Battery Energy Storage Systems, LNG and subsea project recovery, and adjacent markets including building insulation and defense.