Rising inflation (US at 3.3%) could increase Aspen Aerogels' raw material and operational costs, and higher interest rates from central banks (Higher for Longer) may curb customer investments in industrial and EV projects, impacting demand for its insulation products.

The electric vehicle (EV) market's performance directly affects Aspen Aerogels due to its significant focus on thermal barrier components for EVs. Fluctuations in EV production and demand, along with evolving battery technologies, pose a direct risk, as evidenced by lower Q4 2025 results and updated guidance citing reduced EV-related demand.

Oil price volatility, potentially exacerbated by geopolitical events like the Strait of Hormuz closure, influences investment and activity in the energy industrial sector. This impacts demand for Aspen Aerogels' Cryogel and Pyrogel products used in energy infrastructure applications.