ASPN · CIK 1145986
What Aspen Aerogels, Inc. told the SEC could break it.
Aspen Aerogels' disclosures concentrate on two fragile dependencies: production and customers. It meets all demand from just three production lines in a single East Providence, Rhode Island facility plus a third-party manufacturer in China, so a disruption at either site would impair supply — and that China reliance, along with Chinese raw-material suppliers, leaves it exposed to U.S.–China tariffs that rose to a total China rate of 130% effective November 1, 2025. Its credit risk is similarly concentrated, with a single customer accounting for about 80% of accounts receivable at year-end, and its silica-aerogel production depends on silica precursors that have periodically spiked on imbalances in the silanes market.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Accounts-receivable concentration (one customer ~80% of AR)high
Credit exposure is highly concentrated — at December 31, 2024 two customers accounted for 80% and 5% of accounts receivable, so a single customer's default or delay would materially affect cash collection.
“At December 31, 2024 , the Company had two customers which accounted for 80 % and 5 % of accounts receivable, respectively.”
SEC filing →As of 2026
Geographic concentration
- Single U.S. manufacturing facility (East Providence, RI) plus China external manufacturinghigh
Aspen relies on three production lines in a single East Providence, Rhode Island facility plus a third-party external manufacturing facility in China to meet all customer demand, so a significant disruption at either site would impair its ability to supply.
“we are currently reliant on the three production lines in a single manufacturing facility located in East Providence, Rhode Island, as well as our third-party external manufacturing facility in China to meet our customers' demands.”
SEC filing →As of 2026
Regulatory & policy
- U.S.-China tariffs (130% on Chinese imports) on a China-dependent supply chainhigh
Aspen relies on China external manufacturing and Chinese raw-material suppliers; the U.S. raised the total China tariff rate to 130% effective Nov 1, 2025 (later partly struck down by the Supreme Court under IEEPA in Feb 2026), creating major cost and supply uncertainty.
“On October 10, 2025 the U.S. Government announced a 100% tariff on all product imports from China, bringing the total China tariff rate to 130% tariff effective November 1, 2025.”
Commodity & input dependence
- Silica precursors and the silanes marketmedium
Aspen's silica aerogel production depends primarily on silica precursors, fiber batting and CO2; it has periodically experienced significant price spikes in silica precursors driven by supply imbalances in the silanes market.
“from time-to-time, we have experienced a significant increase in the price of certain silica precursors due to supply imbalances in the silanes market.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Automotive Cells Company (ACC)
“Our thermal barrier products are in use today in EV battery systems of GM, Toyota and ACC, with a leading global platform.”
Cited →Distribution International, Inc.
“GM and Distribution International, Inc. (Distribution) represented 41% and 14%, respectively, of our total revenue and were our only customers representing 10% or more of our revenue for that period.”
Cited →“Our thermal barrier products are in use today in EV battery systems of GM, Toyota and ACC, with a leading global platform.”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch