Aspen Aerogels (ASPN) 10-Q4 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 04, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	ASPN
Entity Registrant Name	ASPEN AEROGELS, INC.
Entity Central Index Key	0001145986
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		70,110,751
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36481
Entity Tax Identification Number	04-3559972
Entity Address, Address Line One	30 Forbes Road
Entity Address, Address Line Two	Building B
Entity Address, State or Province	MA
Entity Address, City or Town	Northborough
Entity Address, Postal Zip Code	01532
City Area Code	508
Local Phone Number	691-1111
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 207,539	$ 281,335
Restricted cash	629	1,226
Accounts receivable, net of allowances of $346 and $255	47,280	57,350
Inventories	27,007	22,538
Prepaid expenses and other current assets	13,581	7,236
Total current assets	296,036	369,685
Property, plant and equipment, net	312,068	259,223
Operating lease right-of-use assets	10,218	11,990
Other long-term assets	2,410	2,518
Total assets	620,732	643,416
Current liabilities:
Accounts payable	52,822	54,728
Accrued expenses	9,763	16,003
Deferred revenue	3,974	5,846
Operating lease liabilities	2,267	2,368
Total current liabilities	68,826	78,945
Convertible note - related party	106,416	103,580
Operating lease liabilities long-term	12,948	13,456
Total liabilities	188,190	195,981
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2023 and December 31, 2022
Common stock, $0.00001 par value; 125,000,000 shares authorized, 70,069,160 and 69,994,963 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	0	0
Additional paid-in capital	1,077,129	1,075,226
Accumulated deficit	(644,587)	(627,791)
Total stockholders’ equity	432,542	447,435
Total liabilities and stockholders’ equity	$ 620,732	$ 643,416

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement Of Financial Position [Abstract]
Allowance for accounts receivables	$ 346	$ 255
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	70,069,160	69,994,963
Common stock, shares outstanding	70,069,160	69,994,963

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 45,586	$ 38,407
Cost of revenue	40,500	40,195
Gross profit (loss)	5,086	(1,788)
Operating expenses:
Research and development	4,099	3,592
Sales and marketing	7,713	6,018
General and administrative	12,182	7,226
Total operating expenses	23,994	16,836
Loss from operations	(18,908)	(18,624)
Other income (expense)
Interest expense, convertible note - related party	(275)	(819)
Interest income (expense), net	2,387	(41)
Total other income (expense), net	2,112	(860)
Net loss	$ (16,796)	$ (19,484)
Net loss per share:
Basic	$ (0.24)	$ (0.59)
Diluted	$ (0.24)	$ (0.59)
Weighted-average common shares outstanding:
Basic	69,162,739	32,940,040
Diluted	69,162,739	32,940,040

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	At The Market Offering [Member]	Private Placement [Member]	Common Stock 0.00001 Par Value [Member]	Common Stock 0.00001 Par Value [Member] At The Market Offering [Member]	Common Stock 0.00001 Par Value [Member] Private Placement [Member]	Additional Paid-in Capital	Additional Paid-in Capital At The Market Offering [Member]	Additional Paid-in Capital Private Placement [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2021	$ 128,408						$ 673,461			$ (545,053)
Beginning balance, shares at Dec. 31, 2021				33,218,115
Net loss	(19,484)									(19,484)
Stock compensation expense	1,828						1,828
Vesting of restricted stock units	(2,315)						(2,315)
Vesting of restricted stock units, shares				166,211
Proceeds from employee stock option exercises	38						38
Proceeds from employee stock option exercises, shares				4,681
Proceeds from offering, net		$ 23,272	$ 49,864					$ 23,272	$ 49,864
Proceeds from offering, net, shares					737,288	1,791,986
Ending balance at Mar. 31, 2022	181,611						746,148			(564,537)
Ending balance, shares at Mar. 31, 2022				35,918,281
Beginning balance at Dec. 31, 2022	447,435						1,075,226			(627,791)
Beginning balance, shares at Dec. 31, 2022				69,994,963
Net loss	(16,796)									(16,796)
Stock compensation expense	2,267						2,267
Vesting of restricted stock units	(385)						(385)
Vesting of restricted stock units, shares				71,643
Proceeds from employee stock option exercises	21						21
Proceeds from employee stock option exercises, shares				2,554
Ending balance at Mar. 31, 2023	$ 432,542						$ 1,077,129			$ (644,587)
Ending balance, shares at Mar. 31, 2023				70,069,160

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
At The Market Offering [Member]
Commissions and fees	$ 729
Issuance costs	318
Private Placement [Member]
Fees and issuance costs	$ 136

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (16,796)	$ (19,484)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	2,704	2,128
Accretion of interest on convertible note - related party		819
Amortization of debt discount due to modification of convertible note - related party	266
Provision for bad debt	99	(5)
Stock-compensation expense	2,267	1,828
Reduction in the carrying amount of operating lease right-of-use assets	632	570
Changes in operating assets and liabilities:
Accounts receivable	9,971	(4,102)
Inventories	(4,469)	(3,518)
Prepaid expenses and other assets	(5,097)	(374)
Accounts payable	(5,516)	3,063
Accrued expenses	(6,240)	(3,082)
Deferred revenue	(1,872)	(120)
Operating lease liabilities	(609)	(556)
Net cash used in operating activities	(24,651)	(22,829)
Cash flows from investing activities:
Capital expenditures	(49,378)	(14,504)
Net cash used in investing activities	(49,378)	(14,504)
Cash flows from financing activities:
Proceeds from issuance of convertible note related party		100,000
Proceeds from employee stock option exercises	21	38
Payments made for employee restricted stock tax withholdings	(385)	(2,315)
Proceeds from private placement of common stock		50,000
Fees and issuance costs from private placement of common stock		(136)
Repayment of prepayment liability		(4,728)
Net cash provided by financing activities	(364)	165,946
Net increase in cash, cash equivalents and restricted cash	(74,393)	128,613
Cash, cash equivalents and restricted cash at beginning of period	282,561	76,564	$ 76,564
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	208,168	205,177	282,561
Supplemental disclosures of cash flow information:
Interest paid		52
Supplemental disclosures of non-cash activities:
Right-of-use assets obtained in exchange for new operating lease liabilities		68
Capitalized interest	2,561		$ 2,700
Changes in accrued capital expenditures	3,610	9,566
At The Market Offering [Member]
Cash flows from financing activities:
Proceeds from at-the-market offering, net of commissions of $729		23,590
Fees and issuance costs from at-the-market offering		(318)
Convertible Note [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of convertible note issuance costs	$ 9	4
Cash flows from financing activities:
Issuance costs from convertible note		$ (185)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
At The Market Offering [Member]
Commissions and fees net	$ 729	$ 729

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Mar. 31, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business and Basis of Presentation	(1) Description of Business and Basis of Presentation Nature of Business Aspen Aerogels, Inc. (the Company) is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel insulation used primarily in the energy industrial and sustainable insulation materials markets. In addition, the Company has introduced a line of aerogel thermal barriers for use in battery packs in the electric vehicle market. The Company is also developing applications for its aerogel technology in the battery materials and a number of other high-potential markets. The Company maintains its corporate offices in Northborough, Massachusetts. The Company has three wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC, Aspen Aerogels Germany, GmbH and Aspen Aerogels Georgia, LLC. Liquidity During the three months ended March 31, 2023, the Company incurred a net loss of $ 16.8 million, used $ 24.7 million of cash in operations and used $ 49.4 million of cash for capital expenditures. The Company had unrestricted cash and cash equivalents of $ 207.5 million as of March 31, 2023. The Company is increasing investment in the research and development of next-generation aerogel products and manufacturing process technologies. In addition, the Company has developed a number of promising aerogel products and technologies for the electric vehicle market. The Company believes that the commercial potential for the Company’s products and technology in the electric vehicle market is significant. Accordingly, the Company is hiring additional personnel, incurring additional operating expenses, and incurring significant capital expenditures to expand silica aerogel manufacturing capacity, build an automated thermal barrier fabrication operation, enhance research and development laboratory facilities and equipment, and construct a battery materials facility, among other efforts. The Company expects its existing cash balance will be sufficient to support current operating requirements, current research and development activities and the capital expenditures required to support the evolving commercial opportunity in the electric vehicle market and other strategic business initiatives. However, the Company plans to supplement its cash balance with equity financings, debt financings, customer prepayments, or government grant and loan programs to provide the additional capital necessary to purchase the capital equipment, construct the new facilities, establish the operations and complete the aerogel capacity expansions required to support these evolving commercial opportunities and strategic business initiatives. Unaudited Interim Financial Information The accompanying unaudited interim consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2022 (the Annual Report), filed with the U.S. Securities and Exchange Commission on March 16, 2023. In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments that are of a normal recurring nature and necessary for the fair statement of the Company’s financial position as of March 31, 2023 and the results of its operations and stockholders’ equity for the three months ended March 31, 2023 and 2022 and the cash flows for the three-month periods then ended. The Company has evaluated subsequent events through the date of this filing. The Company’s results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or any other period.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	(2) Significant Accounting Policies Principles of Consolidation The accompanying condensed consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity (“VIE”) where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE in accordance with ASC 810, Consolidation ("ASC 810") when it is the primary beneficiary of such VIE. As primary beneficiary, the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. The Company evaluates the initial consolidation of each Consolidated VIE, which includes a determination of whether the VIE constitutes the definition of a business in accordance with ASC 805, Business Combinations ("ASC 805"), by considering if substantially all of the fair value of the gross assets within the VIE are concentrated in either a single identifiable asset or group of single identifiable assets. Upon consolidation, the Company recognizes the assets acquired, the liabilities assumed, and any third-party ownership of membership interests as non-controlling interest as of the consolidation or acquisition date, measured at their relative fair values. In April 2022, the Company engaged Prodensa Servicios de Consultora to establish OPE Manufacturer Mexico S de RL de CV, a maquiladora located in Mexico with the express purposes of manufacturing thermal barrier PyroThin products and ultimately constructing an automated fabrication facility for PyroThin. OPE is currently owned by Prodensa, which charges a management fee though there is an option for OPE to be purchased by the Company after a period of 18 months . During the period between inception and the purchase option, OPE operations are consolidated within the Company financial statements as of and for the quarter ended March 31, 2023 . Use of Estimates The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, product warranty costs, inventory valuation, the carrying amount of property and equipment, right-of-use assets, lease liabilities, stock-based compensation, and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including current economic conditions, which are believed to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances warrant. Illiquid credit markets, volatile equity markets and declines in business investment can increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts and high-quality debt securities issued by the U.S. government via cash sweep accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk. In light of the recent failure of Silicon Valley Bank and other regional banks, the Company continues to establish commercial banking relationships with additional large financial institutions. Restricted Cash As of March 31, 2023, the Company had $ 0.6 million of restricted cash to support its outstanding letters of credit to secure obligations under certain commercial contracts and other obligations. Concentration of Credit Risk Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of accounts receivable. The Company’s customers are primarily insulation distributors, insulation contractors, insulation fabricators and select energy and automotive end-users located throughout the world. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. The Company reviews the allowance for doubtful accounts quarterly. During the three months ended March 31, 2023, the Company recorded an increase for estimated customer uncollectible accounts receivable of less than $ 0.1 million. During the three months ended March 31, 2022 , the Company recorded a reduction for estimated customer uncollectible accounts receivable of less than $ 0.1 million. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606). See note 3 for further details. Stock-based Compensation The Company grants share-based awards to its employees and non-employee directors. All share-based awards granted, including grants of stock options, restricted stock and restricted stock units (RSUs), are recognized in the statement of operations based on their fair value as of the date of grant. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved, and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards. The Black-Scholes model requires the use of a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and RSUs is determined using the closing price of the Company’s common stock on the date of grant. All shares of restricted stock are not transferable until vested. Restricted stock is typically issued to non-employee directors and typically vests over a one-year period from the date of issuance. RSUs are issued to employees and typically vest over a three-year period from the date of issuance. The fair value of restricted stock and RSUs upon which vesting is solely service-based is expensed ratably over the vesting period. If the service condition for shares of restricted stock is not met for any reason, the shares of unvested restricted stock will be forfeited and returned to the Company. For stock options that contain a market condition, the Company uses the Monte-Carlo simulation option-pricing model to determine the fair value of the awards. In addition to the input assumptions used in the Black-Scholes model, the Monte-Carlo simulation option-pricing model factors the probability that the specific market condition may or may not be satisfied into the valuation. Stock-based compensation expense for awards with a market condition is recognized on a straight-line basis over the requisite service period for each such award. During the three months ended March 31, 2023, the Company granted 326,642 restricted common stock units (RSUs) with an aggregate grant date fair value of $ 3.2 million and non-qualified stock options (NSOs) to purchase 501,472 shares of common stock with an aggregate grant date fair value of $ 3.2 million to employees under the 2014 Employee, Director, and Consultant Equity Incentive Plan (the 2014 Equity Plan). The RSUs and NSOs granted to employees will vest over a three-year period. Stock-based compensation is included in cost of revenue or operating expenses, as applicable, and consists of the following: Three Months Ended March 31, 2023 2022 (In thousands) Cost of product revenue $ 134 $ 156 Research and development expenses 30 224 Sales and marketing expenses 314 324 General and administrative expenses 1,789 1,124 Total stock-based compensation $ 2,267 $ 1,828 Pursuant to the “evergreen” provisions of the 2014 Equity Plan, the number of shares of common stock authorized for issuance under the plan automatically increased by 926,219 shares to 10,121,994 shares effective January 1, 2023. As of March 31, 2023, 4,789,058 shares of common stock were reserved for issuance upon the exercise or vesting of outstanding stock-based awards granted under the 2014 Equity Plan and 2001 Equity Incentive Plan, as amended (the 2001 Equity Plan). Any cancellations or forfeitures of the options outstanding under the 2001 Equity Plan will result in the shares reserved for issuance upon exercise of such options becoming available for grant under the 2014 Equity Plan. As of March 31, 2023, the Company has either reserved in connection with statutory tax withholdings or issued a total of 4,797,111 shares under the 2014 Equity Plan. As of March 31, 2023, there were 535,825 shares of common stock available for future grant under the 2014 Equity Plan. Net Loss per Share The Company calculates net loss per share of common stock based on the weighted-average number of shares of common stock outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of shares of common stock included in the computation of diluted net loss gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and RSUs. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. Warranty The Company provides warranties for its products and records the estimated cost within cost of revenue in the period that the related revenue is recorded. The Company’s standard warranty period for energy industrial products extends to one year from the date of shipment. This standard warranty provides that the Company’s products will be free from defects in material and workmanship, and will, under normal use, conform to the specifications for the product. The Company’s thermal barrier products provide quality and warranty provisions customary in the automotive industry. The Company recorded warranty expense related to its thermal barrier products of less than $ 0.1 million during each of three months ended March 31, 2023 and 2022. Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies. Recently issued standards typically do not require adoption until a future effective date. Prior to their effective date, the Company evaluates the pronouncements to determine the potential effects of adoption to its consolidated financial statements. Standards Implemented Since December 31, 2022 The Company has not implemented any accounting standards that had a material impact on its consolidated financial statements during the three months ended March 31, 2023. Standards to be Implemented The Company believes that the impact of recently issued accounting standards that are not yet effective will not have a material impact on its consolidated financial statements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
Revenue from Contracts with Customers	Mar. 31, 2023
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers	(3) Revenue from Contracts with Customers Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (i) identification of the contract with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the separate performance obligations in the contract; and (v) recognition of the revenue associated with performance obligations as they are satisfied. The Company applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone-selling prices of the promised products or services underlying each performance obligation. The Company determines standalone-selling prices based on the price at which the performance obligation is sold separately. If the standalone-selling price is not observable through past transactions, the Company estimates the standalone-selling price considering available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph ASC 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. The Company did not have any contracts outstanding at December 31, 2022 and did not enter into any contracts during the three months ended March 31, 2023 that contained a significant financing component. The Company records deferred revenue for product sales when (i) the Company has delivered products, but other revenue recognition criteria have not been satisfied, or (ii) payments have been received in advance of the completion of required performance obligations. Shipping and Handling Costs Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in the cost of product revenue. The associated amount of revenue recognized includes the consideration to which the Company expects to be entitled to receive in exchange for incurring these shipping and handling costs. Energy Industrial The Company generally enters into contracts containing one type of performance obligation. The Company recognizes revenue when the performance obligation is satisfied, which is generally upon delivery according to contractual shipping terms within customer purchase orders. The Company also enters into rebate agreements with certain customers. These agreements may be considered an additional performance obligation of the Company or variable consideration within a contract. Rebates are recorded as a reduction of revenue in the period the related revenue is recognized. A corresponding liability is recorded as a component of deferred revenue on the consolidated balance sheets. These arrangements are primarily based on the customer attaining contractually specified sales volumes. The Company estimates the amount of its sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related revenue is recognized. The Company currently estimates return liabilities using historical rates of return, current quarter credit sales, and specific items of exposure on a contract-by-contract basis. Sales return reserves were approximately $ 0.1 million at both March 31, 2023 and December 31, 2022. The Company manufactures and sells subsea products that are designed for pipe-in-pipe applications in offshore oil production and are typically customized to meet customer specifications. Subsea products typically have no alternative use and contain an enforceable right to payment. Customer invoicing terms for subsea products are typically based on certain milestones within the production and delivery schedule. Under the provisions of ASC 606, the Company recognizes revenue at a point in time when transfer of control of the products is passed to the customer, or over time utilizing the input method. The timing of revenue recognition is assessed on a contract-by-contract basis. Thermal Barriers The Company supplies fabricated, multi-part thermal barriers for use in battery packs in the electric vehicle market. These thermal barriers are customized to meet customer specifications. Thermal barrier products typically have no alternative use and may contain an enforceable right to payment. Under the provisions of ASC 606, the Company may recognize revenue at a point in time when transfer of the control of the products is passed to the customer, or over time utilizing the input method. The timing of revenue recognition is assessed on a contract-by-contract basis. During the three months ended March 31, 2023 and 2022, the Company recognized revenue of $ 11.7 million and $ 7.6 million, respectively, from thermal barrier contracts. Disaggregation of Revenue In the following tables, revenue is disaggregated by primary geographical region and source of revenue: Three Months Ended March 31, 2023 2022 U.S. International Total U.S. International Total (In thousands) Geographical region Asia $ — $ 11,784 $ 11,784 $ — $ 7,324 $ 7,324 Canada — 324 324 — 860 860 Europe — 5,412 5,412 — 3,911 3,911 Latin America — 1,624 1,624 — 1,606 1,606 U.S. 26,442 — 26,442 24,706 — 24,706 Total revenue $ 26,442 $ 19,144 $ 45,586 $ 24,706 $ 13,701 $ 38,407 Source of revenue Energy industrial $ 16,504 $ 17,371 $ 33,875 $ 18,275 $ 12,500 $ 30,775 Thermal barrier 9,938 1,773 11,711 6,431 1,201 7,632 Total revenue $ 26,442 $ 19,144 $ 45,586 $ 24,706 $ 13,701 $ 38,407 Contract Balances The following table presents changes in the Company’s contract assets and contract liabilities during the three months ended March 31, 2023: Balance at Additions Deductions Balance at (In thousands) Contract assets Thermal barrier $ 143 $ — $ ( 143 ) $ — Total contract assets $ 143 $ — $ ( 143 ) $ — Contract liabilities Deferred revenue Energy industrial $ 5,846 $ 2,036 $ ( 3,908 ) $ 3,974 Total contract liabilities $ 5,846 $ 2,036 $ ( 3,908 ) $ 3,974 During the three months ended March 31, 2023, the Company recognized $ 2.8 million of revenue that was included in deferred revenue as of December 31, 2022. A contract asset is recorded when the Company satisfies a performance obligation by transferring a promised good or service and has earned the right to consideration from its customer. These assets may represent a conditional right to consideration and are included within accounts receivable and other current assets on the consolidated balance sheets. A contract liability is recorded when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services under the terms of the contract. Contract liabilities are recognized as revenue after control of the products or services is transferred to the customer and all revenue recognition criteria have been met.

Inventories

Inventories	3 Months Ended
Inventories	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	(4) Inventories Inventories consist of the following: March 31, December 31, 2023 2022 (In thousands) Raw materials $ 21,735 $ 19,877 Finished goods 5,272 2,661 Total $ 27,007 $ 22,538

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
Property, Plant and Equipment, Net	Mar. 31, 2023
Property Plant And Equipment [Abstract]
Property, Plant and Equipment, Net	(5) Property, Plant and Equipment, Net Property, plant and equipment consist of the following: March 31, December 31, Useful 2023 2022 life (In thousands) Construction in progress $ 259,194 $ 209,056 — Buildings 24,016 24,016 30 years Machinery and equipment 139,720 136,607 3 - 10 years Computer equipment and software 10,333 10,239 3 years Leasehold improvements 11,325 9,226 Shorter of useful life or lease term Total 444,588 389,144 Accumulated depreciation ( 132,520 ) ( 129,921 ) Property, plant and equipment, net $ 312,068 $ 259,223 Depreciation expense was $ 2.7 million and $ 2.1 million for the three months ended March 31, 2023 and 2022, respectively. Construction in progress totaled $ 259.2 million and $ 209.1 million at March 31, 2023 and December 31, 2022, respectively. The balance at March 31, 2023 and December 31, 2022 included engineering designs and construction costs totaling $ 204.2 million and $ 164.5 million, respectively, for a planned aerogel manufacturing facility in Bulloch County, Georgia. Capitalized interest totaled $ 2.6 million and $ 2.7 million at March 31, 2023 and December 31, 2022 , respectively.

Accrued Expenses

Accrued Expenses	3 Months Ended
Accrued Expenses	Mar. 31, 2023
Payables And Accruals [Abstract]
Accrued Expenses	(6) Accrued Expenses Accrued expenses consist of the following: March 31, December 31, 2023 2022 (In thousands) Employee compensation $ 6,705 $ 12,467 Other accrued expenses 3,058 3,536 Total $ 9,763 $ 16,003

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	(7) Related Party Transactions Convertible Note During the year ended December 31, 2022, the Company issued a $ 100.0 million aggregate principal amount convertible note to Wood River Capital, LLC, an entity affiliated with Koch Disruptive Technologies, LLC (the 2022 Convertible Note). Refer to note 8 for more information. During the three months ended March 31, 2023, the Company incurred $ 2.6 million of interest from the 2022 Convertible Note, and capitalized $ 2.6 million as part of the construction in progress for the planned manufacturing facility in Bulloch County, Georgia. On November 28, 2022, the Company entered into an amendment to the 2022 Convertible Note, or the Convertible Note Amendment, to reduce the initial Conversion Price (as defined in the 2022 Convertible Note) by $ 5.00 per share from $ 34.936625 per share to $ 29.936625 per share, by increasing the initial Conversion Rate (as defined in the 2022 Convertible Note) from 28.623257 shares per $ 1,000 of Capitalized Principal Amount (as defined in the 2022 Convertible Note) to 33.400100 shares per $ 1,000 of Capitalized Principal Amount under the 2022 Convertible Note, subject to customary anti-dilution and other adjustments (as described in the Indenture, which governs the 2022 Convertible Note). Other During the three months ended March 31, 2023, the Company recorded costs of $ 4.6 million as a component of construction in progress in connection with the planned aerogel manufacturing facility in Bulloch County, Georgia in fees from Koch Project Solutions, LLC, an entity affiliated with Koch Disruptive Technologies, LLC for project management service.

Convertible Note - Related Part

Convertible Note - Related Party	3 Months Ended
Convertible Note - Related Party	Mar. 31, 2023
Convertible Notes [Abstract]
Convertible Note - Related Party	(8) Convertible Note – Related Party 2022 Convertible Note On February 15, 2022 , the Company entered into a note purchase agreement (the Note Purchase Agreement) with Wood River Capital LLC, an entity affiliated with Koch Disruptive Technologies, LLC (Koch), relating to the issuance and sale to Koch of the 2022 Convertible Note in the aggregate principal amount of $ 100.0 million. The transactions contemplated by the Note Purchase Agreement closed on February 18, 2022 (the Issue Date). The maturity date of the 2022 Convertible Note is February 18, 2027 , subject to earlier conversion, redemption, or repurchase. The 2022 Convertible Note is a senior unsecured obligation of the Company and ranks equal in right of payment to all senior unsecured indebtedness of the Company, and will rank senior in right of payment to any indebtedness that is contractually subordinated to the 2022 Convertible Note. In accordance with ASU 2020-06, the 2022 Convertible Note is accounted for as a single unit of account and consists of the following: March 31, 2023 Convertible note, principal $ 100,000 Payment in-kind 7,830 Accrued interest 2,561 Discount on convertible note, net of accumulated amortization ( 3,831 ) Debt issuance costs, net of accumulated amortization ( 144 ) Convertible note $ 106,416 In general, fair values determined by Level 1 inputs utilize observable inputs such as quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are either directly or indirectly observable, such as quoted prices for similar instruments in active markets, interest rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the Company to develop its own assumptions for the asset or liability. The 2022 Convertible Note does not have current observable inputs such as recent trading prices (Level 3) and is measured at fair value using a combination of option pricing and discounted cash flow models and incorporate management’s assumptions for stock price, volatility and risk rate. The Company estimated the fair value of the 2022 Convertible Notes is approximately $ 78.4 million as of March 31, 2023. However, as the Company has not elected to utilize the fair value option, it is carried at amortized cost of $ 106.4 million. Contractual Interest Rates The 2022 Convertible Note was issued at par and bears interest at the Secured Overnight Financing Rate (SOFR) plus 5.50 % per annum if interest is paid in cash, or, if interest is paid in-kind as an increase in the principal amount of the outstanding note, at the SOFR plus 6.50 % per annum. Under the terms of the 2022 Convertible Note, SOFR has a floor of 1 % and a cap of 3 %. Interest on the 2022 Convertible Note is payable semi-annually in arrears on June 30 and December 30. The Company, at its option, is permitted to settle each semi-annual interest payment in cash, in-kind, or any combination thereof. It is expected that the Notes will mature on February 18, 2027 , subject to earlier conversion, redemption or repurchase. The Company elected to repay the contractual interest due on June 30, 2022 and December 30, 2022 in-kind as an increase to the principal amount of $ 2.9 million and $ 4.9 million, respectively. The contractual interest attributable to the 2022 Convertible Note was recorded as an addition to the convertible note – related party balance on the condensed consolidated balance sheets. Accrued interest was $ 2.6 million as of March 31, 2023, of which debt issuance costs comprised of $ 0.1 million. The effective interest rate approximated the contract interest rate for the three months ended March 31, 2023 . The Company amortized $ 0.3 million of the $ 4.1 million discount on the convertible note as of March 31, 2023 utilizing an effective interest rate of 10.7 %. Conversion Rights On November 28, 2022, the Company entered into an amendment to the 2022 Convertible Note to reduce the initial Conversion Price by $ 5.00 per share from $ 34.936625 per share to $ 29.936625 per share, by increasing the initial Conversion Rate from 28.623257 shares per $ 1,000 of Capitalized Principal Amount to 33.400100 shares per $ 1,000 of Capitalized Principal Amount under the Convertible Note. Accordingly, the 2022 Convertible Note is convertible at the option of the holder at any time prior to the business day immediately preceding the maturity date at an initial conversion rate of 33.400100 shares of the Company’s common stock per $ 1,000 of capitalized principal. The effective conversion price is approximately $ 29.936625 per share (the Conversion Price). The Conversion Price is subject to adjustment upon the occurrence of certain dilutive events such as stock splits and combinations, stock dividends, mergers and spin-off. As of March 31, 2023, 3,687,070 shares of the Company’s common stock were issuable upon conversion of the 2022 Convertible Note. The Company has the right to settle conversions in shares of common stock, cash, or any combination thereof. If the closing price per share of the Company’s common stock on the New York Stock Exchange is at least 130 % of the Conversion Price for 20 consecutive trading days , the Company may elect to convert the principal and accrued interest owing under the Notes, plus a make-whole amount equal to the sum of the present values of the remaining interest payments that would have otherwise been payable from the date of such conversion, redemption or repurchase, as applicable, through maturity (the Make-Whole Amount), into the Company’s common stock at the Conversion Price. Optional Redemption The 2022 Convertible Note is redeemable at the Company’s option at any time and in the event that the volume weighted average price of the Company’s common stock for the 10 trading days immediately preceding the date on which the Company provides the redemption notice has been at least 130 % of the Conversion Price then in effect at a redemption price of 100 % of the principal amount, plus accrued and unpaid interest (excluding the redemption date), plus the Make-Whole Amount. Contingent Redemption Upon the occurrence of certain fundamental changes described in the Indenture (each, a Fundamental Change), the Holder of the Note may require that the Company repurchase all or part of the principal amount of the Note at a purchase price of 100 % of the principal amount of such Note, plus accrued and unpaid interest to, but excluding, the Fundamental Change repurchase date, plus the Make-Whole Amount. The Indenture includes customary “events of default,” which may result in the acceleration of the maturity of the Note. Embedded Derivatives The Company determined that the Make-Whole feature of the 2022 Convertible Note requires bifurcation in accordance with Accounting Standards Codification 815, Derivatives and Hedging (ASC 815). Accordingly, the Company must separately account for the feature at fair value with changes in fair value reported in current period earnings. The fair value of the Make-Whole was determined to be immaterial as of February 18, 2022 and March 31, 2023 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(9) Commitments and Contingencies Cloud Computing Agreement The Company is party to a cloud computing agreement that is a service contract for enterprise resource planning software. During the year ended December 31, 2022, the Company amended the agreement to a new five-year term. As of March 31, 2023, the Company had $ 1.7 million of amortized costs related to implementation of the agreement that began to amortize during 2022. The capitalized implementation costs are classified on the consolidated balance sheets as follows: March 31, December 31, 2023 2022 (In thousands) Cloud computing costs included in other current assets $ 420 $ 420 Cloud computing costs included in other assets 1,590 1,590 Amortization of cloud computing costs ( 346 ) ( 242 ) Total capitalized cloud computing costs $ 1,665 $ 1,768 Thermal Barrier Contracts The Company is party to production contracts with General Motors to supply fabricated, multi-part thermal barriers (Barriers) for use in the battery system of its next-generation electric vehicles (Contracts). Pursuant to the Contracts, the Company is obligated to supply Barriers at fixed annual prices and at volumes to be specified by General Motors up to a daily maximum quantity through the respective terms of the agreements, which expire at various times from 2026 through 2034. While General Motors has agreed to purchase its requirement for Barriers from the Company for locations to be designated from time to time by General Motors, it has no obligation to purchase any minimum quantity of Barriers under the Contracts. In addition, General Motors may terminate the Contracts at any time and for any or no reason. All other terms of the Contracts are generally consistent with General Motors' standard purchase terms, including quality and warranty provisions customary in automotive industry. Federal, State and Local Environmental Regulations The Company is subject to federal, state and local environmental laws and regulations. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation. Penalties may be imposed for noncompliance. Litigation The Company is, from time to time, a party to litigation that arises in the normal course of its business operations. See Part II, Item 1 “Legal Proceedings” of this Quarterly Report on Form 10-Q for a description of certain of the Company’s current legal proceedings. The Company is not presently a party to any litigation for which it believes a loss is probable requiring an amount to be accrued or a possible loss contingency requiring disclosure.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2023
Leases [Abstract]
Leases	(10) Leases The Company leases office, laboratory, warehouse and fabrication space in Massachusetts, Rhode Island and Monterrey, Mexico under operating leases. Under these agreements, the Company is obligated to pay annual rent, real estate taxes, and certain other operating expenses. The Company also leases equipment under operating leases. The Company’s operating leases expire at various dates through 2034 . The Company determines if an arrangement is a lease at inception. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s payment obligations under the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term. To measure its lease liabilities, the Company uses its incremental borrowing rate or the rate implicit in the lease, if available. The Company calculates its incremental borrowing rate using a synthetic credit rating analysis based on Moody’s Building Materials Industry Rating Methodology. ROU assets also include any direct costs and prepaid lease payments but exclude any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elected the short-term lease recognition exemption for all leases that qualify. For leases that qualify for this exemption, the Company does not recognize ROU assets or lease liabilities. For lease agreements with lease and non-lease components, the Company accounts for each component separately. However, in the case of equipment leases, the Company accounts for lease and non-lease components as a single component. Maturities of operating lease liabilities as of March 31, 2023 are as follows: Year Operating (In thousands) 2023 (excluding the three months ended March 31, 2023) $ 2,888 2024 2,874 2025 2,638 2026 2,245 2027 1,899 Thereafter 12,042 Total lease payments 24,586 Less imputed interest ( 9,371 ) Total lease liabilities $ 15,215 The Company incurred operating lease costs of $ 1.1 million and $ 0.8 million during the three months ended March 31, 2023 and 2022, respectively. Cash payments related to operating lease liabilities were $ 1.0 million and $ 0.8 million during the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the weighted average remaining lease term for operating leases was 9.2 years. As of March 31, 2023, the weighted average discount rate for operating leases was 11.3 % . As of March 31, 2023, the Company had additional real estate leases that will commence during 2023 with total lease payments of $ 17.3 million and a weighted average lease term of 10.0 years. As of March 31, 2023 , the Company had no additional operating equipment leases that would commence during 2023 .

Net Loss Per Share

Net Loss Per Share	3 Months Ended
Net Loss Per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	(11) Net Loss Per Share The computation of basic and diluted net loss per share consists of the following: Three Months Ended March 31, 2023 2022 (In thousands, except Numerator: Net loss $ ( 16,796 ) $ ( 19,484 ) Denominator: Weighted average shares outstanding, basic and diluted 69,162,739 32,940,040 Net loss per share, basic and diluted $ ( 0.24 ) $ ( 0.59 ) Potentially dilutive common shares that were excluded from the computation of diluted net loss per share because they were anti-dilutive consist of the following: Three Months Ended March 31, 2023 2022 Common stock options 4,330,797 3,952,596 Restricted common stock units 458,262 253,691 Restricted common stock awards 857,933 476,550 Convertible note, if converted 3,687,070 2,886,426 Total 9,334,062 7,569,263 As the Company incurred a net loss for the three months ended March 31, 2023 and 2022 , the potential dilutive shares from common stock options, restricted common stock units, restricted common stock awards, and the convertible note were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented. The Company excludes the shares issued in connection with restricted stock awards from the calculation of basic weighted average common shares outstanding until the restrictions lapse.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	(12) Income Taxes The Company incurred net operating losses and recorded a full valuation allowance against net deferred tax assets for all periods presented. Accordingly, the Company has not recorded a provision for federal or state income taxes.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	(13) Segment Information Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company reports two segments: Energy Industrial and Thermal Barrier. We evaluate segment performance based on the segment profit (loss) before corporate expenses. Summarized below are the Revenue and Segment Operating Profit for each reporting segment: Three Months Ended Three Months Ended Revenue Segment Operating Profit (Loss) March 31, March 31, 2023 2022 2023 2022 (In thousands) Energy industrial $ 33,875 $ 30,775 $ 8,881 $ 2,997 Thermal barrier 11,711 7,632 ( 3,795 ) ( 4,785 ) Total $ 45,586 $ 38,407 $ 5,086 $ ( 1,788 ) Corporate expenses 23,994 16,836 Operating loss ( 18,908 ) ( 18,624 ) Other income (expense), net 2,112 ( 860 ) Net loss $ ( 16,796 ) $ ( 19,484 ) Total Assets March 31, December 31, 2023 2022 (In thousands) Energy industrial $ 99,126 $ 94,415 Thermal barrier 35,350 39,320 Total assets of reportable segments 134,476 133,735 Construction in progress 259,194 209,050 All other corporate assets 227,062 300,631 $ 620,732 $ 643,416

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	(14) Subsequent Events The Company has evaluated subsequent events through May 4, 2023, the date of issuance of the consolidated financial statements for the three months ended March 31, 2023 .

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Nature of Business	Nature of Business Aspen Aerogels, Inc. (the Company) is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel insulation used primarily in the energy industrial and sustainable insulation materials markets. In addition, the Company has introduced a line of aerogel thermal barriers for use in battery packs in the electric vehicle market. The Company is also developing applications for its aerogel technology in the battery materials and a number of other high-potential markets. The Company maintains its corporate offices in Northborough, Massachusetts. The Company has three wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC, Aspen Aerogels Germany, GmbH and Aspen Aerogels Georgia, LLC.
Liquidity	Liquidity During the three months ended March 31, 2023, the Company incurred a net loss of $ 16.8 million, used $ 24.7 million of cash in operations and used $ 49.4 million of cash for capital expenditures. The Company had unrestricted cash and cash equivalents of $ 207.5 million as of March 31, 2023. The Company is increasing investment in the research and development of next-generation aerogel products and manufacturing process technologies. In addition, the Company has developed a number of promising aerogel products and technologies for the electric vehicle market. The Company believes that the commercial potential for the Company’s products and technology in the electric vehicle market is significant. Accordingly, the Company is hiring additional personnel, incurring additional operating expenses, and incurring significant capital expenditures to expand silica aerogel manufacturing capacity, build an automated thermal barrier fabrication operation, enhance research and development laboratory facilities and equipment, and construct a battery materials facility, among other efforts. The Company expects its existing cash balance will be sufficient to support current operating requirements, current research and development activities and the capital expenditures required to support the evolving commercial opportunity in the electric vehicle market and other strategic business initiatives. However, the Company plans to supplement its cash balance with equity financings, debt financings, customer prepayments, or government grant and loan programs to provide the additional capital necessary to purchase the capital equipment, construct the new facilities, establish the operations and complete the aerogel capacity expansions required to support these evolving commercial opportunities and strategic business initiatives.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited interim consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2022 (the Annual Report), filed with the U.S. Securities and Exchange Commission on March 16, 2023. In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments that are of a normal recurring nature and necessary for the fair statement of the Company’s financial position as of March 31, 2023 and the results of its operations and stockholders’ equity for the three months ended March 31, 2023 and 2022 and the cash flows for the three-month periods then ended. The Company has evaluated subsequent events through the date of this filing. The Company’s results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or any other period.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity (“VIE”) where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE in accordance with ASC 810, Consolidation ("ASC 810") when it is the primary beneficiary of such VIE. As primary beneficiary, the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. The Company evaluates the initial consolidation of each Consolidated VIE, which includes a determination of whether the VIE constitutes the definition of a business in accordance with ASC 805, Business Combinations ("ASC 805"), by considering if substantially all of the fair value of the gross assets within the VIE are concentrated in either a single identifiable asset or group of single identifiable assets. Upon consolidation, the Company recognizes the assets acquired, the liabilities assumed, and any third-party ownership of membership interests as non-controlling interest as of the consolidation or acquisition date, measured at their relative fair values. In April 2022, the Company engaged Prodensa Servicios de Consultora to establish OPE Manufacturer Mexico S de RL de CV, a maquiladora located in Mexico with the express purposes of manufacturing thermal barrier PyroThin products and ultimately constructing an automated fabrication facility for PyroThin. OPE is currently owned by Prodensa, which charges a management fee though there is an option for OPE to be purchased by the Company after a period of 18 months . During the period between inception and the purchase option, OPE operations are consolidated within the Company financial statements as of and for the quarter ended March 31, 2023 .
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, product warranty costs, inventory valuation, the carrying amount of property and equipment, right-of-use assets, lease liabilities, stock-based compensation, and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including current economic conditions, which are believed to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances warrant. Illiquid credit markets, volatile equity markets and declines in business investment can increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts and high-quality debt securities issued by the U.S. government via cash sweep accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk. In light of the recent failure of Silicon Valley Bank and other regional banks, the Company continues to establish commercial banking relationships with additional large financial institutions.
Restricted Cash	Restricted Cash As of March 31, 2023, the Company had $ 0.6 million of restricted cash to support its outstanding letters of credit to secure obligations under certain commercial contracts and other obligations.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of accounts receivable. The Company’s customers are primarily insulation distributors, insulation contractors, insulation fabricators and select energy and automotive end-users located throughout the world. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. The Company reviews the allowance for doubtful accounts quarterly. During the three months ended March 31, 2023, the Company recorded an increase for estimated customer uncollectible accounts receivable of less than $ 0.1 million. During the three months ended March 31, 2022 , the Company recorded a reduction for estimated customer uncollectible accounts receivable of less than $ 0.1 million.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606). See note 3 for further details.
Stock-based Compensation	Stock-based Compensation The Company grants share-based awards to its employees and non-employee directors. All share-based awards granted, including grants of stock options, restricted stock and restricted stock units (RSUs), are recognized in the statement of operations based on their fair value as of the date of grant. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved, and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards. The Black-Scholes model requires the use of a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and RSUs is determined using the closing price of the Company’s common stock on the date of grant. All shares of restricted stock are not transferable until vested. Restricted stock is typically issued to non-employee directors and typically vests over a one-year period from the date of issuance. RSUs are issued to employees and typically vest over a three-year period from the date of issuance. The fair value of restricted stock and RSUs upon which vesting is solely service-based is expensed ratably over the vesting period. If the service condition for shares of restricted stock is not met for any reason, the shares of unvested restricted stock will be forfeited and returned to the Company. For stock options that contain a market condition, the Company uses the Monte-Carlo simulation option-pricing model to determine the fair value of the awards. In addition to the input assumptions used in the Black-Scholes model, the Monte-Carlo simulation option-pricing model factors the probability that the specific market condition may or may not be satisfied into the valuation. Stock-based compensation expense for awards with a market condition is recognized on a straight-line basis over the requisite service period for each such award. During the three months ended March 31, 2023, the Company granted 326,642 restricted common stock units (RSUs) with an aggregate grant date fair value of $ 3.2 million and non-qualified stock options (NSOs) to purchase 501,472 shares of common stock with an aggregate grant date fair value of $ 3.2 million to employees under the 2014 Employee, Director, and Consultant Equity Incentive Plan (the 2014 Equity Plan). The RSUs and NSOs granted to employees will vest over a three-year period. Stock-based compensation is included in cost of revenue or operating expenses, as applicable, and consists of the following: Three Months Ended March 31, 2023 2022 (In thousands) Cost of product revenue $ 134 $ 156 Research and development expenses 30 224 Sales and marketing expenses 314 324 General and administrative expenses 1,789 1,124 Total stock-based compensation $ 2,267 $ 1,828 Pursuant to the “evergreen” provisions of the 2014 Equity Plan, the number of shares of common stock authorized for issuance under the plan automatically increased by 926,219 shares to 10,121,994 shares effective January 1, 2023. As of March 31, 2023, 4,789,058 shares of common stock were reserved for issuance upon the exercise or vesting of outstanding stock-based awards granted under the 2014 Equity Plan and 2001 Equity Incentive Plan, as amended (the 2001 Equity Plan). Any cancellations or forfeitures of the options outstanding under the 2001 Equity Plan will result in the shares reserved for issuance upon exercise of such options becoming available for grant under the 2014 Equity Plan. As of March 31, 2023, the Company has either reserved in connection with statutory tax withholdings or issued a total of 4,797,111 shares under the 2014 Equity Plan. As of March 31, 2023, there were 535,825 shares of common stock available for future grant under the 2014 Equity Plan.
Net Loss per Share	Net Loss per Share The Company calculates net loss per share of common stock based on the weighted-average number of shares of common stock outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of shares of common stock included in the computation of diluted net loss gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and RSUs. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive.
Warranty	Warranty The Company provides warranties for its products and records the estimated cost within cost of revenue in the period that the related revenue is recorded. The Company’s standard warranty period for energy industrial products extends to one year from the date of shipment. This standard warranty provides that the Company’s products will be free from defects in material and workmanship, and will, under normal use, conform to the specifications for the product. The Company’s thermal barrier products provide quality and warranty provisions customary in the automotive industry. The Company recorded warranty expense related to its thermal barrier products of less than $ 0.1 million during each of three months ended March 31, 2023 and 2022.
Recently Issued Accounting Standards	Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies. Recently issued standards typically do not require adoption until a future effective date. Prior to their effective date, the Company evaluates the pronouncements to determine the potential effects of adoption to its consolidated financial statements. Standards Implemented Since December 31, 2022 The Company has not implemented any accounting standards that had a material impact on its consolidated financial statements during the three months ended March 31, 2023. Standards to be Implemented The Company believes that the impact of recently issued accounting standards that are not yet effective will not have a material impact on its consolidated financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Tables)	3 Months Ended
Significant Accounting Policies (Tables)	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Stock Based Compensation Included in Cost of Revenue or Operating Expenses	Stock-based compensation is included in cost of revenue or operating expenses, as applicable, and consists of the following: Three Months Ended March 31, 2023 2022 (In thousands) Cost of product revenue $ 134 $ 156 Research and development expenses 30 224 Sales and marketing expenses 314 324 General and administrative expenses 1,789 1,124 Total stock-based compensation $ 2,267 $ 1,828

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
Revenue from Contracts with Customers (Tables)	Mar. 31, 2023
Revenue From Contract With Customer [Abstract]
Summary of Revenue Disaggregated by Geographical Region and Source of Revenue	In the following tables, revenue is disaggregated by primary geographical region and source of revenue: Three Months Ended March 31, 2023 2022 U.S. International Total U.S. International Total (In thousands) Geographical region Asia $ — $ 11,784 $ 11,784 $ — $ 7,324 $ 7,324 Canada — 324 324 — 860 860 Europe — 5,412 5,412 — 3,911 3,911 Latin America — 1,624 1,624 — 1,606 1,606 U.S. 26,442 — 26,442 24,706 — 24,706 Total revenue $ 26,442 $ 19,144 $ 45,586 $ 24,706 $ 13,701 $ 38,407 Source of revenue Energy industrial $ 16,504 $ 17,371 $ 33,875 $ 18,275 $ 12,500 $ 30,775 Thermal barrier 9,938 1,773 11,711 6,431 1,201 7,632 Total revenue $ 26,442 $ 19,144 $ 45,586 $ 24,706 $ 13,701 $ 38,407
Summary of Changes in Contract Assets and Contract Liabilities	The following table presents changes in the Company’s contract assets and contract liabilities during the three months ended March 31, 2023: Balance at Additions Deductions Balance at (In thousands) Contract assets Thermal barrier $ 143 $ — $ ( 143 ) $ — Total contract assets $ 143 $ — $ ( 143 ) $ — Contract liabilities Deferred revenue Energy industrial $ 5,846 $ 2,036 $ ( 3,908 ) $ 3,974 Total contract liabilities $ 5,846 $ 2,036 $ ( 3,908 ) $ 3,974

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: March 31, December 31, 2023 2022 (In thousands) Raw materials $ 21,735 $ 19,877 Finished goods 5,272 2,661 Total $ 27,007 $ 22,538

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	3 Months Ended
Property, Plant and Equipment, Net (Tables)	Mar. 31, 2023
Property Plant And Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, plant and equipment consist of the following: March 31, December 31, Useful 2023 2022 life (In thousands) Construction in progress $ 259,194 $ 209,056 — Buildings 24,016 24,016 30 years Machinery and equipment 139,720 136,607 3 - 10 years Computer equipment and software 10,333 10,239 3 years Leasehold improvements 11,325 9,226 Shorter of useful life or lease term Total 444,588 389,144 Accumulated depreciation ( 132,520 ) ( 129,921 ) Property, plant and equipment, net $ 312,068 $ 259,223

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
Accrued Expenses (Tables)	Mar. 31, 2023
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following: March 31, December 31, 2023 2022 (In thousands) Employee compensation $ 6,705 $ 12,467 Other accrued expenses 3,058 3,536 Total $ 9,763 $ 16,003

Convertible Note - Related Pa_2

Convertible Note - Related Party (Tables)	3 Months Ended
Convertible Note - Related Party (Tables)	Mar. 31, 2023
Convertible Notes [Abstract]
Summary of Convertible Notes	In accordance with ASU 2020-06, the 2022 Convertible Note is accounted for as a single unit of account and consists of the following: March 31, 2023 Convertible note, principal $ 100,000 Payment in-kind 7,830 Accrued interest 2,561 Discount on convertible note, net of accumulated amortization ( 3,831 ) Debt issuance costs, net of accumulated amortization ( 144 ) Convertible note $ 106,416

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2023
Commitments And Contingencies Disclosure [Abstract]
Summary of Capitalized Implementation Costs are Classified on the Consolidated Balance Sheets	The capitalized implementation costs are classified on the consolidated balance sheets as follows: March 31, December 31, 2023 2022 (In thousands) Cloud computing costs included in other current assets $ 420 $ 420 Cloud computing costs included in other assets 1,590 1,590 Amortization of cloud computing costs ( 346 ) ( 242 ) Total capitalized cloud computing costs $ 1,665 $ 1,768

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2023
Leases [Abstract]
Summary of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of March 31, 2023 are as follows: Year Operating (In thousands) 2023 (excluding the three months ended March 31, 2023) $ 2,888 2024 2,874 2025 2,638 2026 2,245 2027 1,899 Thereafter 12,042 Total lease payments 24,586 Less imputed interest ( 9,371 ) Total lease liabilities $ 15,215

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
Net Loss Per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	The computation of basic and diluted net loss per share consists of the following: Three Months Ended March 31, 2023 2022 (In thousands, except Numerator: Net loss $ ( 16,796 ) $ ( 19,484 ) Denominator: Weighted average shares outstanding, basic and diluted 69,162,739 32,940,040 Net loss per share, basic and diluted $ ( 0.24 ) $ ( 0.59 )
Summary of Potentially Dilutive Common Shares Excluded from Computation of Diluted Net Loss Per Share	Potentially dilutive common shares that were excluded from the computation of diluted net loss per share because they were anti-dilutive consist of the following: Three Months Ended March 31, 2023 2022 Common stock options 4,330,797 3,952,596 Restricted common stock units 458,262 253,691 Restricted common stock awards 857,933 476,550 Convertible note, if converted 3,687,070 2,886,426 Total 9,334,062 7,569,263

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of Revenue and Segment Operating Profit	Summarized below are the Revenue and Segment Operating Profit for each reporting segment: Three Months Ended Three Months Ended Revenue Segment Operating Profit (Loss) March 31, March 31, 2023 2022 2023 2022 (In thousands) Energy industrial $ 33,875 $ 30,775 $ 8,881 $ 2,997 Thermal barrier 11,711 7,632 ( 3,795 ) ( 4,785 ) Total $ 45,586 $ 38,407 $ 5,086 $ ( 1,788 ) Corporate expenses 23,994 16,836 Operating loss ( 18,908 ) ( 18,624 ) Other income (expense), net 2,112 ( 860 ) Net loss $ ( 16,796 ) $ ( 19,484 ) Total Assets March 31, December 31, 2023 2022 (In thousands) Energy industrial $ 99,126 $ 94,415 Thermal barrier 35,350 39,320 Total assets of reportable segments 134,476 133,735 Construction in progress 259,194 209,050 All other corporate assets 227,062 300,631 $ 620,732 $ 643,416

Description of Business and B_3

Description of Business and Basis of Presentation - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Subsidiary	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Basis Of Presentation [Line Items]
Number of Subsidiaries \| Subsidiary	3
Net loss incurred	$ 16,796	$ 19,484
Cash used in operations	24,651	$ 22,829
Cash for capital expenditures	49,400
Unrestricted cash and cash equivalents	$ 207,539		$ 281,335

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Reduction/Charge for uncollectible accounts receivable		$ 99	$ (5)
Period of option to purchase		18 months
Restricted cash to support our outstanding letters of credit		$ 629		$ 1,226
Restricted common stock issued		70,069,160		69,994,963
Energy Industrial [Member]
Summary Of Significant Accounting Policies [Line Items]
Standard product warranty period		1 year
Non-Employee Directors [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock-based award vesting period		1 year
Restricted Stock Units [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock-based award vesting period		3 years
2014 Equity Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares reserved for issuance		4,789,058
Number of shares either issued or reserved in connection with statutory tax withholdings		4,797,111
Increased number of shares available for grant		535,825
2014 Equity Plan [Member] \| Non-Qualified Stock Options [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock-based awards granted to purchase common stock		501,472
Stock-based awards granted to purchase common stock, grant date fair value		$ 3,200
Stock-based award vesting period		3 years
2014 Equity Plan [Member] \| Restricted Stock Units [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock-based awards granted to purchase common stock		326,642
Stock-based awards granted to purchase common stock, grant date fair value		$ 3,200
Stock-based award vesting period		3 years
2014 Employee Director and Consultant Equity Incentive Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Authorized for issuance, number of shares increased by	926,219
Increased number of shares authorized for grant	10,121,994
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Reduction/Charge for uncollectible accounts receivable		$ 100	100
Maximum [Member] \| Thermal Barrier [Member]
Summary Of Significant Accounting Policies [Line Items]
Warranty expense		$ 100	$ 100

Significant Accounting Polici_4

Significant Accounting Policies - Summary of Stock Based Compensation Included in Cost of Revenue or Operating Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 2,267	$ 1,828
Cost of Product Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	134	156
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	30	224
Sales and Marketing Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	314	324
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 1,789	$ 1,124

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Agreement	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Revenue Recognition [Line Items]
Revenue	$ 45,586	$ 38,407
Deferred revenue, revenue recognized	2,800
Maximum [Member]
Revenue Recognition [Line Items]
Sales return reserves	$ 100		$ 100
Energy Industrial [Member]
Revenue Recognition [Line Items]
Number of performance obligations \| Agreement	1
Revenue	$ 33,875	30,775
EV Thermal Barrier [Member]
Revenue Recognition [Line Items]
Revenue	$ 11,700	$ 7,600

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Summary of Revenue Disaggregated by Geographical Region and Source of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenue	$ 45,586	$ 38,407
Energy Industrial [Member]
Disaggregation Of Revenue [Line Items]
Revenue	33,875	30,775
Thermal Barrier [Member]
Disaggregation Of Revenue [Line Items]
Revenue	11,711	7,632
Asia [Member]
Disaggregation Of Revenue [Line Items]
Revenue	11,784	7,324
Canada [Member]
Disaggregation Of Revenue [Line Items]
Revenue	324	860
Europe [Member]
Disaggregation Of Revenue [Line Items]
Revenue	5,412	3,911
Latin America [Member]
Disaggregation Of Revenue [Line Items]
Revenue	1,624	1,606
U.S. [Member]
Disaggregation Of Revenue [Line Items]
Revenue	26,442	24,706
U.S. [Member] \| Energy Industrial [Member]
Disaggregation Of Revenue [Line Items]
Revenue	16,504	18,275
U.S. [Member] \| Thermal Barrier [Member]
Disaggregation Of Revenue [Line Items]
Revenue	9,938	6,431
International [Member]
Disaggregation Of Revenue [Line Items]
Revenue	19,144	13,701
International [Member] \| Energy Industrial [Member]
Disaggregation Of Revenue [Line Items]
Revenue	17,371	12,500
International [Member] \| Thermal Barrier [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 1,773	$ 1,201

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Summary of Changes in Contract Assets and Contract Liabilities (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Contract assets
Beginning Balance	$ 143
Deductions	(143)
Contract liabilities
Beginning Balance	5,846
Additions	2,036
Deductions	(3,908)
Ending Balance	3,974
Thermal Barrier [Member]
Contract assets
Beginning Balance	143
Deductions	(143)
Energy Industrial [Member]
Contract liabilities
Beginning Balance	5,846
Additions	2,036
Deductions	(3,908)
Ending Balance	$ 3,974

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 21,735	$ 19,877
Finished goods	5,272	2,661
Total	$ 27,007	$ 22,538

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Property Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 444,588	$ 389,144
Accumulated depreciation	(132,520)	(129,921)
Property, plant and equipment, net	312,068	259,223
Construction in Progress [Member]
Property Plant and Equipment [Line Items]
Property, plant and equipment, gross	259,194	209,056
Buildings [Member]
Property Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 24,016	24,016
Property, plant and equipment, Useful life	30 years
Machinery and Equipment [Member]
Property Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 139,720	136,607
Machinery and Equipment [Member] \| Minimum [Member]
Property Plant and Equipment [Line Items]
Property, plant and equipment, Useful life	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property Plant and Equipment [Line Items]
Property, plant and equipment, Useful life	10 years
Computer Equipment and Software [Member]
Property Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 10,333	10,239
Property, plant and equipment, Useful life	3 years
Leasehold Improvements [Member]
Property Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 11,325	$ 9,226
Property, plant and equipment, Useful life	Shorter of useful life or lease term

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property Plant and Equipment [Line Items]
Depreciation	$ 2,704	$ 2,128
Property, plant and equipment, gross	444,588		$ 389,144
Capitalized Interest	2,561		2,700
Construction in Progress [Member]
Property Plant and Equipment [Line Items]
Property, plant and equipment, gross	259,194		209,056
Rhode Island [Member] \| Construction in Progress [Member]
Property Plant and Equipment [Line Items]
Property, plant and equipment, gross	259,200		209,100
Georgia [Member]
Property Plant and Equipment [Line Items]
Pre-construction costs	$ 204,200		$ 164,500

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities Current [Abstract]
Employee compensation	$ 6,705	$ 12,467
Other accrued expenses	3,058	3,536
Total	$ 9,763	$ 16,003

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Nov. 28, 2022 $ / shares	Nov. 27, 2022 $ / shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Accrued interest \| $			$ 2,561
Construction in Progress [Member]
Related Party Transaction [Line Items]
Costs recorded as a component of construction in progress \| $			4,600
2022 Convertible Notes [Member]
Related Party Transaction [Line Items]
Accrued interest \| $			2,600
Construction in progress \| $			$ 2,600
Conversion notes effective conversion price per share decrease	$ 5
Conversion notes effective conversion price per share	29.936625	$ 34.936625	$ 29.936625
Common stock per capitalized principal	$ 1,000	$ 1,000	$ 1,000
Initial conversion rate of convertible notes	33.400100	28.623257	33.400100
2022 Convertible Notes [Member] \| Wood River Capital, LLC [Member]
Related Party Transaction [Line Items]
Issuance and sale of convertible notes \| $				$ 100,000
Conversion notes effective conversion price per share decrease	$ 5
Conversion notes effective conversion price per share	29.936625	$ 34.936625
Common stock per capitalized principal	$ 1,000	$ 1,000
Initial conversion rate of convertible notes	33.400100	28.623257

Convertible Note - Related Pa_3

Convertible Note - Related Party - Additional Information (Detail) $ / shares in Units, $ in Thousands				3 Months Ended
	Nov. 28, 2022 $ / shares	Nov. 27, 2022 $ / shares	Feb. 15, 2022 USD ($)	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Convertible Notes [Line Items]
Issuance and sale of convertible notes				$ 100,000
Payment in-kind				$ 7,830	$ 4,900	$ 2,900
Debt instrument, interest rate terms				Interest on the 2022 Convertible Note is payable semi-annually in arrears on June 30 and December 30. The Company, at its option, is permitted to settle each semi-annual interest payment in cash, in-kind, or any combination thereof.
Accrued interest				$ 2,561
Debt issuance costs				$ 144
Purchase price of notes percentage				100%
SOFR Plus [Member]
Convertible Notes [Line Items]
Debt instrument, interest rate				5.50%
SOFR Plus [Member] \| Floor Rate [Member]
Convertible Notes [Line Items]
Debt instrument, interest rate				1%
SOFR Plus [Member] \| Cap Rate [Member]
Convertible Notes [Line Items]
Debt instrument, interest rate				3%
SOFR Plus [Member] \| PIK Interest [Member]
Convertible Notes [Line Items]
Debt instrument, interest rate				6.50%
2022 Convertible Notes [Member]
Convertible Notes [Line Items]
Convertible notes, fair value				$ 78,400
Convertible debt carried at amortized cost				106,400
Accrued interest				2,600
Amortized Debt Discount Premium				300
Debt Instrument Unamortized Discount				$ 4,100
Debt Instrument Effective Interest Rate				10.70%
Initial conversion rate of convertible notes	33.400100	28.623257		33.400100
Common stock per capitalized principal \| $ / shares	$ 1,000	$ 1,000		$ 1,000
Conversion notes effective conversion price per share \| $ / shares	29.936625	$ 34.936625		$ 29.936625
Conversion notes effective conversion price per share decrease \| $ / shares	$ 5
Common stock issuable upon conversion of convertible notes \| shares				3,687,070
Percentage of common stock closing price per share of conversion price				130%
Number of trading days on conversion price				20 consecutive trading days
Convertible notes redemption terms				The 2022 Convertible Note is redeemable at the Company’s option at any time and in the event that the volume weighted average price of the Company’s common stock for the 10 trading days immediately preceding the date on which the Company provides the redemption notice has been at least 130% of the Conversion Price then in effect at a redemption price of 100% of the principal amount, plus accrued and unpaid interest (excluding the redemption date), plus the Make-Whole Amount.
Convertible notes redemption percentage				130%
Redemption price, percentage of principal amount redeemed				100%
2022 Convertible Notes [Member] \| Wood River Capital, LLC [Member]
Convertible Notes [Line Items]
Initial conversion rate of convertible notes	33.400100	28.623257
Common stock per capitalized principal \| $ / shares	$ 1,000	$ 1,000
Conversion notes effective conversion price per share \| $ / shares	29.936625	$ 34.936625
Conversion notes effective conversion price per share decrease \| $ / shares	$ 5
2022 Convertible Notes [Member] \| Koch Strategic Platforms (KSP) [Member]
Convertible Notes [Line Items]
Issuance and sale of convertible notes			$ 100,000
Debt instrument, issuance date			Feb. 15, 2022
Existing maturity date			Feb. 18, 2027	Feb. 18, 2027

Convertible Note - Related Pa_4

Convertible Note - Related Party - Summary of Convertible Notes (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Convertible Notes [Abstract]
Convertible note, principal	$ 100,000
Payment in-kind	7,830	$ 4,900	$ 2,900
Accrued interest	2,561
Discount on convertible note, net of accumulated amortization	(3,831)
Debt issuance costs, net of accumulated amortization	(144)
Convertible note	$ 106,416

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Cloud Computing Agreement [Member] \| Enterprise Resource Planning Software [Member]
Commitments And Contingencies [Line Items]
Debt instrument, maturity term		5 years
Amortized costs related to implementation of agreement	$ 1.7
Thermal Barrier Contracts [Member] \| General Motors
Commitments And Contingencies [Line Items]
Purchase commitment, description	While General Motors has agreed to purchase its requirement for Barriers from the Company for locations to be designated from time to time by General Motors, it has no obligation to purchase any minimum quantity of Barriers under the Contracts.

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Capitalized Implementation Costs are Classified on the Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Cloud computing costs included in other current assets	$ 420	$ 420
Cloud computing costs included in other assets	1,590	1,590
Amortization of cloud computing costs	(346)	(242)
Total capitalized cloud computing costs	$ 1,665	$ 1,768

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($)	3 Months Ended
Leases - Additional Information (Detail) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Lessee Lease Description [Line Items]
Operating lease expiry year	2034
Operating lease cost	$ 1,100,000	$ 800,000
Cash payments related to operating lease liabilities	$ 1,000,000	$ 800,000
Operating lease, weighted average remaining lease term	9 years 2 months 12 days
Operating lease, weighted average discount rate, percent	11.30%
Operating lease liability payments not yet commenced	$ 0
Operating real estate lease liability payments not yet commenced	$ 17,300,000
Operating real estate lease liability payments not yet commenced, term	10 years

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (excluding the three months ended March 31, 2023)	$ 2,888
2024	2,874
2025	2,638
2026	2,245
2027	1,899
Thereafter	12,042
Total lease payments	24,586
Less imputed interest	(9,371)
Total lease liabilities	$ 15,215

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss	$ (16,796)	$ (19,484)
Denominator:
Weighted average shares outstanding, basic	69,162,739	32,940,040
Weighted average shares outstanding, diluted	69,162,739	32,940,040
Net loss per share, basic	$ (0.24)	$ (0.59)
Net loss per share, diluted	$ (0.24)	$ (0.59)

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Potentially Dilutive Common Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	9,334,062	7,569,263
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	4,330,797	3,952,596
Restricted Common Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	458,262	253,691
Restricted Common Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	857,933	476,550
Convertible Note, if Converted [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	3,687,070	2,886,426

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Mar. 31, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Summary o

Segment Information - Summary of Revenue and Segment Operating Profit (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 45,586	$ 38,407
Segment Operating Profit (Loss)	5,086	(1,788)
Corporate expenses	23,994	16,836
Operating loss	(18,908)	(18,624)
Other expense, net	2,112	(860)
Net loss	(16,796)	(19,484)
Total assets	620,732		$ 643,416
Construction in Progress [Member]
Segment Reporting Information [Line Items]
Total assets	259,194		209,050
All Other Corporate Assets [Member]
Segment Reporting Information [Line Items]
Total assets	227,062		300,631
Operating Segment
Segment Reporting Information [Line Items]
Total assets	134,476		133,735
Operating Segment \| Energy Industrial [Member]
Segment Reporting Information [Line Items]
Revenue	33,875	30,775
Segment Operating Profit (Loss)	8,881	2,997
Total assets	99,126		94,415
Operating Segment \| Thermal Barrier [Member]
Segment Reporting Information [Line Items]
Revenue	11,711	7,632
Segment Operating Profit (Loss)	(3,795)	$ (4,785)
Total assets	$ 35,350		$ 39,320