Form 8-K

8-K — ASPEN AEROGELS INC

Accession: 0001171843-26-005289

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001145986

SIC: 5030 (WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — f8k_080626.htm (Primary)

EX-99.1 — PRESS RELEASE (exh_991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: f8k_080626.htm · Sequence: 1

Form 8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026

_______________________________

ASPEN AEROGELS, INC.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware 001-36481 04-3559972

(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

30 Forbes Road, Building B

Northborough, Massachusetts 01532

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, Including Area Code: (508) 691-1111

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock ASPN The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 6, 2026, Aspen Aerogels, Inc. announced its financial results for the second quarter of 2026, which ended June 30, 2026, and also discussed business developments. A copy of the press release containing such announcement is attached hereto as Exhibit 99.1.

The information set forth in the press release, except for the information set forth under the headings “Financial Outlook” and “About Aspen Aerogels, Inc.,” together with the forward-looking statement disclaimer at the end of the press release, is incorporated by reference into this Item 2.02 of this Current Report on Form 8-K.

Item 7.01. Regulation FD Disclosure.

The information set forth under the headings “Financial Outlook” and “About Aspen Aerogels, Inc.,” together with the forward-looking statement disclaimer at the end of the press release, is incorporated by reference into this Item 7.01 of this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Description

99.1 Press Release issued by Aspen Aerogels, Inc. on August 6, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

The press release may contain hypertext links to information on our website. The information on our website is not incorporated by reference into this Current Report on Form 8-K and does not constitute a part of this Form 8-K.

The information contained in this Current Report on Form 8-K and Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ASPEN AEROGELS, INC.

Date: August 6, 2026 By: /s/ Grant Thoele

Name: Grant Thoele

Title: Chief Financial Officer and Treasurer

EX-99.1 — PRESS RELEASE

EX-99.1

Filename: exh_991.htm · Sequence: 2

EdgarFiling

EXHIBIT 99.1

Aspen Aerogels, Inc. Reports Second Quarter 2026 Financial Results and Recent Business Highlights

Q2 2026 Thermal Barrier revenue of $29.5 million, up 81% quarter-over-quarter

Q3 2026 expected revenue range of $65 to $80 million and adjusted EBITDA range of $7 to $15 million

European Thermal Barrier 2026 revenue outlook raised to $20 to $30 million

PyroThin® award from Jaguar Land Rover for two next-generation vehicle architectures

NORTHBOROUGH, Mass., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Aspen Aerogels, Inc. (NYSE: ASPN) (“Aspen” or the “Company”), a technology leader in sustainability and electrification solutions, today announced financial results for the second quarter of 2026, and discussed recent business developments.

Second Quarter 2026 Results

Total revenue for the second quarter of 2026 was $49.8 million, compared to $78.0 million in the prior year period. Thermal Barrier segment revenue was $29.5 million, compared to $55.2 million in the prior year period, reflecting the impact of changes to North American EV regulatory frameworks and incentive programs. Energy Industrial segment revenue was $20.4 million, compared to $22.8 million in the prior year period.

Net loss was $23.3 million, compared to net loss of $9.1 million in the prior year period. Second quarter 2026 results included an $8.9 million loss on property damage related to the April 2026 East Providence incident, offset by a corresponding receivable for an estimated $8.9 million insurance recovery recognized in other income. The Company expects to collect this receivable in the third quarter of 2026. Results also included $5.3 million of other incident-related costs, such as expedited freight and professional fees, for which the Company plans to submit claims under its business interruption insurance. Second quarter 2025 results included a $1.0 million impairment charge related to the demobilization of the Company's previously planned manufacturing facility in Statesboro, Georgia, and $4.9 million in restructuring and demobilization costs. Excluding these items, adjusted net loss for the second quarter of 2026 was $17.9 million, compared to adjusted net loss of $3.2 million in the prior year period.

Net loss per share was $0.28, compared to net loss per share of $0.11 in the prior year period. Excluding the items described above, adjusted net loss per share was $0.22, compared to adjusted net loss per share of $0.04 in the prior year period.

Adjusted EBITDA was $(6.6) million, compared to $9.7 million in the prior year period. Adjusted EBITDA for the second quarter of 2026 excludes the $5.3 million of incident-related costs described above, which the Company does not consider indicative of its core operating performance. The $8.9 million loss on property damage was offset by a corresponding receivable for an estimated insurance recovery and had no net impact on Adjusted EBITDA.

A reconciliation of non-GAAP financial results to GAAP financial results is provided in the financial schedules that are part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Non-GAAP Financial Measures.”

Recent Business Highlights & Financial Performance

Initiated a staged restart of our manufacturing facility in East Providence, Rhode Island; maintained customer supply throughout the quarter through a combination of existing inventory, production from the external manufacturing facility, and limited production from the East Providence manufacturing facility

Delivered total revenue of $49.8 million, a 32% increase quarter-over-quarter (QoQ)

Increased Thermal Barrier revenue 81% QoQ to $29.5 million, reflecting stabilizing North American program volumes and continued European OEM revenue momentum

Secured a PyroThin® award across two of Jaguar Land Rover's (JLR) next-generation vehicle architectures, supporting multiple JLR brands, with start of production expected in 2027

Ended the quarter with cash, cash equivalents, and restricted cash of $153.4 million

Continues to pursue the sale of the Statesboro, Georgia manufacturing assets. The previously disclosed non-binding letter of intent with respect to a potential sale expired without a definitive agreement, and the Company is actively marketing the assets to prospective buyers

“The second quarter demonstrated the resilience of our team and the durability of our business. As we managed through the East Providence incident, we kept our customers supplied, advanced the facility’s staged restart, and strengthened the long-term flexibility of our operations. We enter the third quarter with solid momentum, supported by accelerating Energy Industrial project activity, stabilizing North American Thermal Barrier demand, and the continued ramp in European Thermal Barrier revenue. We believe these drivers position Aspen for sustained, profitable growth in 2027 and beyond,” said Don Young, President and CEO.

Financial Outlook

Aspen issues its financial outlook as follows:

Q3 2026 Revenue is expected to range between $65 million and $80 million

Q3 2026 Net loss is expected to range between $6 million and $9 million

Q3 2026 Net loss per share is expected to range between $0.07 and $0.11

Q3 2026 Adjusted EBITDA is expected to range between $7 million and $15 million, which excludes an estimated $5 million to $10 million of costs related to the East Providence incident, including expedited freight, professional fees, and the incremental cost of temporarily sourcing certain Energy Industrial products from the Company's external manufacturing facility until the East Providence facility returns to full production capacity; the Company expects to submit claims related to these costs under its insurance policies

FY 2026 Capital Expenditures, excluding costs related to the restoration of the East Providence facility, are expected to be less than $10 million

Grant Thoele, Chief Financial Officer and Treasurer, noted, “Our third-quarter outlook of $65 million to $80 million in revenue and $7 million to $15 million in Adjusted EBITDA represents a meaningful improvement in financial performance. Despite elevated costs related to the East Providence incident in the second quarter, we maintained solid liquidity and plan to submit insurance claims for these costs. We remain focused on disciplined cost management and rebuilding our earnings power.”

The Company's Q3 2026 outlook assumes depreciation and amortization of $5.0 million, stock-based compensation expense of $3.0 million, net interest expense of $3.0 million, and diluted weighted average shares outstanding of 83.0 million for the quarter. The Adjusted EBITDA range excludes an estimated $5 million to $10 million of costs related to the East Providence incident and described above. The net loss and Adjusted EBITDA ranges do not assume any business interruption insurance recoveries related to the East Providence incident.

A reconciliation of net loss to non-GAAP Adjusted EBITDA for the Q3 2026 financial outlook is provided in the financial schedules that are part of this press release. An explanation of this non-GAAP financial measure is also included below under the heading “Non-GAAP Financial Measures.”

Aspen may incur, among other items, additional charges, realize gains or losses, incur financing costs or interest expense, or experience other events in 2026, including those related to the recovery from the East Providence incident, the staged restart of the East Providence manufacturing facility, operational disruptions, supply chain disruptions, or further cost inflation, that could cause actual results to vary materially from this outlook. See Special Note Regarding Forward-Looking and Cautionary Statements below.

Conference Call and Webcast Notification

A conference call with Aspen management to discuss second quarter 2026 results and recent business developments will be held Thursday, August 6, 2026, at 8:30 a.m. ET. During the call, management will respond to questions concerning, but not limited to, Aspen’s financial performance, business conditions, and financial outlook. Management’s discussion and responses could contain information that has not been previously disclosed.

Shareholders and other interested parties may call +1 (833) 461-5787 (domestic) or +1 (626) 884-3620 (international) and reference Meeting ID “735343488” to participate in the conference call. In addition, the conference call and an accompanying slide presentation will be available live as a listen-only webcast hosted at the Investors section of Aspen’s website, www.aerogel.com.

Following the live event, an archived version of the webcast will be available on Aspen’s website for convenient on-demand replay for approximately one year. A copy of this press release is posted in the Investors section on Aspen’s website.

Non-GAAP Financial Measures

In addition to providing financial measurements based on generally accepted accounting principles in the United States of America ("GAAP"), Aspen provides additional financial metrics that are not prepared in accordance with GAAP ("non-GAAP"). The non-GAAP financial measures included in this press release are Adjusted EBITDA, adjusted net loss and adjusted net loss per share. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measures do not include the impact of items that management does not consider indicative of Aspen's core operating performance. These excluded items include costs related to the East Providence incident, including expedited freight, professional fees, and the incremental cost of temporarily sourcing certain Energy Industrial products from the Company's external manufacturing facility until the East Providence facility returns to full production capacity. In addition, management uses Adjusted EBITDA (i) for planning purposes, including the preparation of Aspen's annual operating budget, (ii) to allocate resources to enhance the financial performance of its business, and (iii) as a performance measure under its bonus plan.

Management believes that these non-GAAP financial measures reflect Aspen's ongoing business in a manner that allows for meaningful comparisons and analysis of trends in its business, as it excludes expenses and gains not reflective of Aspen's ongoing operating results or that may be infrequent and/or unusual in nature. Management also believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating Aspen's operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. These non-GAAP measures may not be comparable to similarly titled measures presented by other companies.

The non-GAAP financial measures do not replace the presentation of Aspen's GAAP financial results and should only be used as a supplement to, not as a substitute for, Aspen's financial results presented in accordance with GAAP. In this press release, Aspen has provided a reconciliation of Adjusted EBITDA to net income (loss), adjusted net loss to net loss and adjusted net loss per share to net loss per share, in each case to the most directly comparable GAAP financial measure. Management strongly encourages investors to review Aspen's financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

About Aspen Aerogels, Inc.

Aspen is a technology leader in sustainability and electrification solutions. The Company’s aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, e-mobility and clean energy. Aspen’s PyroThin® products enable solutions to thermal runaway challenges within the electric vehicle (“EV”) market. The Company’s Cryogel® and Pyrogel® products are valued by the world’s largest energy infrastructure companies. Aspen’s strategy is to partner with world-class industry leaders to leverage its Aerogel Technology Platform® into additional high-value markets. Aspen is headquartered in Northborough, Mass. For more information, please visit www.aerogel.com.

Special Note Regarding Forward-Looking and Cautionary Statements

This press release and any related discussion contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements, including statements relating to Aspen’s financial outlook for the third quarter of 2026. These statements are not historical facts but rather are based on Aspen’s current expectations, estimates and projections regarding Aspen's business, operations and other factors relating thereto, including with respect to Aspen’s financial outlook for the third quarter of 2026. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook," “assumes,” “targets,” “opportunity,” and similar expressions are used to identify these forward-looking statements. Such forward-looking statements include statements regarding, among other things, Aspen’s beliefs and expectations about capacity, revenue, revenue capacity, backlog, costs, expenses, profitability, cash flow, gross profit, gross margin, operating margin, net income (loss), Adjusted EBITDA, adjusted net loss, adjusted net loss per share and related increases, decreases, trends or timing, including with respect to Aspen’s beliefs and expectations about the energy industrial and EV markets; Aspen’s expectations with respect to the financial and operational impacts from the East Providence incident, the recovery from the East Providence incident, and the staged restart of the East Providence manufacturing facility; Aspen’s target revenue capacity and gross margins; Aspen’s efforts to use its external manufacturing facility to meet customer demand; current or future trends in the energy, energy infrastructure, chemical and refinery, LNG, sustainable building materials, EV thermal barrier, EV battery materials or other markets and the impact of these trends on Aspen’s business; the strength, effectiveness, productivity, costs, profitability or other fundamentals of Aspen’s business; beliefs about the role of Aspen’s technology and opportunities in the energy industrial and EV markets; beliefs about Aspen’s ability to provide and deliver products and services to energy industrial and EV customers; beliefs about content per vehicle, revenue, costs, expenses, profitability, investments or cash flow associated with Aspen’s energy industrial and EV opportunities; and the performance and market acceptance of Aspen’s products. All such forward-looking statements are based on management’s present expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, the following: Aspen’s ability to continue the staged restart of the East Providence manufacturing facility; the Company’s ability to manufacture the full array of its products at the facility and to meet expected customer demand; the Company’s ability to mitigate the potential impacts from the operational disruption on the Company’s business, operations and financial performance; Aspen’s ability to execute its growth plan; the right of EV thermal barrier customers to cancel contracts with Aspen at any time and without penalty; any costs, expenses, or investments incurred by Aspen in excess of projections used to develop pricing under the contracts with EV thermal barrier customers; Aspen’s ability to create customer or market opportunities for its products; any disruption or inability to achieve expected capacity levels in any of its manufacturing or assembly facilities, including at its external manufacturing facility; any failure to enforce any of Aspen’s patents; the general economic conditions and cyclical demands in the markets that Aspen serves; and the other risk factors discussed under the heading “Risk Factors” in Aspen’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on March 13, 2026, as well as any updates to those risk factors filed from time to time in Aspen’s subsequent periodic and current reports filed with the SEC. All statements contained in this press release are made only as of the date of this press release. Aspen does not intend to update this information unless required by law.

Investor Relations Contacts

Neal Baranosky

Phone: (508) 691-1111 x 8

nbaranosky@aerogel.com

Georg Venturatos / Patrick Hall

Gateway Group

Phone: (949) 574-3860

ASPN@gateway-grp.com

ASPEN AEROGELS, INC.

Condensed Consolidated Balance Sheets

(Unaudited and in thousands)

June 30, December 31,

2026 2025

(In thousands)

Assets

Current assets:

Cash and cash equivalents $ 151,708 $ 156,857

Restricted cash 1,713 1,713

Accounts receivable, net 40,278 35,270

Inventories 27,948 38,249

Prepaid expenses and other current assets 26,847 9,964

Total current assets 248,494 242,053

Property, plant and equipment, net 83,607 98,400

Assets held for sale 32,174 32,712

Operating lease right-of-use assets 16,266 18,014

Finance lease right-of-use assets 5,546 6,131

Other long-term assets 6,848 9,369

Total assets $ 392,935 $ 406,679

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable $ 20,958 $ 13,243

Accrued expenses 19,129 12,952

Deferred revenue 25,534 1,259

Finance obligation for sale and leaseback transactions 4,875 4,443

Operating lease liabilities 2,947 3,245

Finance lease liabilities 1,860 1,768

Long term debt - current portion 23,346 25,115

Total current liabilities 98,649 62,025

Revolving line of credit 10,880 14,346

Long term debt 56,975 65,455

Deferred revenue long-term 9,738 —

Finance obligation for sale and leaseback transactions long-term 2,391 4,953

Operating lease liabilities long-term 19,548 21,138

Finance lease liabilities long-term 2,291 3,244

Total liabilities 200,472 171,161

Stockholders’ equity:

Total stockholders’ equity 192,463 235,518

Total liabilities and stockholders’ equity $ 392,935 $ 406,679

ASPEN AEROGELS, INC.

Consolidated Statements of Operations

(Unaudited and in thousands, except share and per share data)

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

(In thousands, except

share and per share data)

Revenue $ 49,849 $ 78,024 $ 87,733 $ 156,747

Cost of revenue 46,585 52,708 80,193 108,619

Gross profit 3,264 25,316 7,540 48,128

Operating expenses:

Research and development 3,195 3,794 5,919 8,127

Sales and marketing 6,959 6,948 13,627 15,332

General and administrative 12,984 13,836 28,275 26,870

Restructuring and demobilization costs — 4,938 427 14,728

Impairment of property, plant and equipment — 955 — 287,567

Loss on property damage 8,910 — 8,910 —

Total operating expenses 32,048 30,471 57,158 352,624

Loss from operations (28,784 ) (5,155 ) (49,618 ) (304,496 )

Other income (expense)

Interest expense, net (2,776 ) (3,080 ) (5,927 ) (5,042 )

Other income 8,915 — 8,956 1,130

Total other income (expense) 6,139 (3,080 ) 3,029 (3,912 )

Loss before income taxes (22,645 ) (8,235 ) (46,589 ) (308,408 )

Income tax expense (619 ) (821 ) (366 ) (1,897 )

Net loss $ (23,264 ) $ (9,056 ) $ (46,955 ) $ (310,305 )

Net loss per share:

Basic and diluted $ (0.28 ) $ (0.11 ) $ (0.57 ) $ (3.78 )

Weighted-average common shares outstanding:

Basic and diluted 82,892,195 82,179,136 82,817,905 82,122,719

Analysis of Cash Flow

The following table summarizes our cash flows for the periods indicated.

Six Months Ended

June 30,

2026 2025

(In thousands)

Net cash provided by (used in):

Operating activities $ 17,945 $ 1,702

Investing activities (3,169 ) (25,883 )

Financing activities (19,925 ) (29,063 )

Net increase (decrease) in cash (5,149 ) (53,244 )

Cash, cash equivalents and restricted cash at beginning of period 158,570 221,276

Cash, cash equivalents and restricted cash at end of period $ 153,421 $ 168,032

Three Months Ended

March 31, 2026 June 30, 2026

(In thousands)

Net cash provided by (used in):

Operating activities $ 34,145 $ (16,200 )

Investing activities (1,367 ) (1,802 )

Financing activities (15,765 ) (4,160 )

Net increase (decrease) in cash 17,013 (22,162 )

Cash, cash equivalents and restricted cash at beginning of period 158,570 175,583

Cash, cash equivalents and restricted cash at end of period $ 175,583 $ 153,421

Reconciliation of Non-GAAP Financial Measures

The following table presents a reconciliation of the non-GAAP financial measure included in this press release to the most directly comparable GAAP measure:

Reconciliation of Adjusted EBITDA to Net loss

We define Adjusted EBITDA as net income (loss) before interest expense, taxes, depreciation, amortization, stock-based compensation expense and other items, which occur from time to time and which we do not believe are indicative of our core operating performance.

For the three and six months ended June 30, 2026 and 2025:

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

(In thousands)

Net loss $ (23,264 ) $ (9,056 ) $ (46,955 ) $ (310,305 )

Depreciation and amortization 4,292 5,796 9,673 11,589

Stock-based compensation 3,689 3,211 6,003 5,284

Other (income) expense, net 2,771 3,080 5,881 3,912

Income tax expense 619 821 366 1,897

Restructuring and demobilization costs — 4,938 427 14,728

Impairment of property, plant and equipment — 955 — 287,567

Insurance recovery receivable (8,910 ) — (8,910 ) —

Loss on property damage 8,910 — 8,910 —

April 2026 incident-related costs 5,318 — 5,318 —

Adjusted EBITDA $ (6,575 ) $ 9,745 $ (19,287 ) $ 14,672

Other Information

The following table reconcile net loss and net loss per share to adjusted net loss and adjusted net loss per share for the three and six months ended June 30, 2026 and 2025:

Three Months Ended

June 30, 2026 June 30, 2025

Amount Per Share Amount Per Share

(In thousands) (In thousands)

Net loss $ (23,264 ) $ (0.28 ) $ (9,056 ) $ (0.11 )

Restructuring and demobilization costs — — 4,938 0.06

Impairment of property, plant and equipment — — 955 0.01

Insurance recovery receivable (8,910 ) (0.11 ) — —

Loss on property damage 8,910 0.11 — —

April 2026 incident-related costs 5,318 0.06 — —

Adjusted net loss $ (17,946 ) $ (0.22 ) $ (3,163 ) $ (0.04 )

Six Months Ended

June 30, 2026 June 30, 2025

Amount Per Share Amount Per Share

(In thousands) (In thousands)

Net loss $ (46,955 ) $ (0.57 ) $ (310,305 ) $ (3.78 )

Restructuring and demobilization costs 427 0.01 14,728 0.18

Impairment of property, plant and equipment — — 287,567 3.50

Insurance recovery receivable (8,910 ) (0.11 ) — —

Loss on property damage 8,910 0.11 — —

April 2026 incident-related costs 5,318 0.06 — —

Adjusted net loss $ (41,210 ) $ (0.50 ) $ (8,010 ) $ (0.10 )

For the 2026 third quarter financial outlook:

Current Outlook

Three Months Ending

September 30, 2026

Low High

(In thousands)

Net loss $ (9,000 ) $ (6,000 )

Depreciation and amortization 5,000 5,000

Stock-based compensation 3,000 3,000

Other expense, net 3,000 3,000

April 2026 incident-related costs 5,000 10,000

Adjusted EBITDA $ 7,000 $ 15,000

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Name of the state or province.

+ References

No definition available.

+ Details

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dei_EntityAddressStateOrProvince

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

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Data Type:

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityTaxIdentificationNumber

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Period Type:

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- Definition

Local phone number for entity.

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No definition available.

+ Details

Name:

dei_LocalPhoneNumber

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xbrli:normalizedStringItemType

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Name:

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Namespace Prefix:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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Data Type:

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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