HIGHOutside partyCustomer
GM
“10-K Item 1: 'During 2025, 2024 and 2023, we sold $168.9 million, $306.8 million and $110.1 million, respectively, of our PyroThin thermal barriers, primarily to GM.'”
ASPN · Concentration risk · 10-K extracted
Aspen Aerogels (ASPN) concentration risks
Updated
The most significant concentration Aspen Aerogels discloses is GM, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Aspen Aerogels’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH1
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Aspen Aerogels' concentration risk is concentrated in a single automotive customer: the company sold $168.9 million of its PyroThin thermal barriers primarily to GM in 2025, following $306.8 million in 2024 and $110.1 million in 2023. This is a high-size, dependency-type exposure — GM represents the primary buyer of a product line that has itself seen significant swings, with 2024 sales more than double 2023's figure before declining in 2025. That year-over-year volatility in dollar terms underscores that this is not a steady, structural revenue stream but one tied closely to a single customer's own program timing, order patterns, and production needs. Because GM is described as the primary purchaser across all three years and no other customer or geographic concentration is disclosed, this relationship is the single most important variable for assessing PyroThin's trajectory: further order softening from GM would directly show up in reported revenue, while a rebound would depend on the same counterparty. For an investor, the swing already visible from $110.1 million to $306.8 million to $168.9 million is itself evidence of how much one customer relationship can move results here.
For the engine’s reasoning on ASPN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Building Products & Equipment
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ARLO | Arlo Technologies, Inc. | 2 | 1 | 0 | 3 |
| AWI | Armstrong World Industries Inc | 1 | 1 | 2 | 4 |
| ASPN● | Aspen Aerogels, Inc. | 1 | 0 | 0 | 1 |
| AAON | AAON, Inc. | 0 | 1 | 0 | 1 |
| BLDR | Builders FirstSource, Inc. | 0 | 1 | 0 | 1 |
| APOG | Apogee Enterprises, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.