Aspen Aerogels (ASPN) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		36,080,990
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, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 205,177	$ 76,564
Accounts receivable, net of allowances of $139 and $150	24,533	20,426
Inventories	15,505	11,987
Prepaid expenses and other current assets	2,835	3,173
Total current assets	248,050	112,150
Property, plant and equipment, net	77,720	55,778
Operating lease right-of-use assets	12,996	13,531
Other long-term assets	2,240	1,495
Total assets	341,006	182,954
Current liabilities:
Accounts payable	30,069	17,440
Accrued expenses	7,737	10,819
Current portion of prepayment liability	5,000	4,728
Deferred revenue	1,201	1,321
Operating lease liabilities	2,194	2,247
Total current liabilities	46,201	36,555
Prepayment liability		5,000
Convertible note - related party	100,638
Operating lease liabilities long-term	12,556	12,991
Total liabilities	159,395	54,546
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2022 and December 31, 2021
Common stock, $0.00001 par value; 125,000,000 shares authorized, 35,918,281 and 33,218,115 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively		0
Additional paid-in capital	746,148	673,461
Accumulated deficit	(564,537)	(545,053)
Total stockholders’ equity	181,611	128,408
Total liabilities and stockholders’ equity	$ 341,006	$ 182,954

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Allowance for accounts receivables	$ 139	$ 150
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	35,918,281	33,218,115
Common stock, shares outstanding	35,918,281	33,218,115

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Total revenue	$ 38,407	$ 28,097
Cost of revenue:
Gross (loss) profit	(1,788)	3,956
Operating expenses:
Research and development	3,592	2,442
Sales and marketing	6,018	3,301
General and administrative	7,226	4,388
Total operating expenses	16,836	10,131
Loss from operations	(18,624)	(6,175)
Other income (expense)
Interest expense, convertible note - related party	(819)
Interest expense, net	(41)	(75)
Total other income (expense), net	(860)	(75)
Net loss	$ (19,484)	$ (6,250)
Net loss per share:
Basic and diluted	$ (0.59)	$ (0.22)
Weighted-average common shares outstanding:
Basic and diluted	32,940,040	27,983,470
Product [Member]
Revenue:
Total revenue	$ 38,330	$ 28,056
Cost of revenue:
Cost of revenue	40,171	24,129
Research Services [Member]
Revenue:
Total revenue	77	41
Cost of revenue:
Cost of revenue	$ 24	$ 12

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 CapitalAt The Market Offering [Member]	Additional Paid-in CapitalPrivate Placement [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2020	$ 67,852						$ 575,811			$ (507,959)
Beginning balance, shares at Dec. 31, 2020				27,821,685
Net loss	(6,250)									(6,250)
Stock compensation expense	976						976
Vesting of restricted stock units	(2,613)						(2,613)
Vesting of restricted stock units, shares				246,737
Proceeds from employee stock option exercises	463						463
Proceeds from employee stock option exercises, shares				48,056
Proceeds from offering, net		$ 6,215						$ 6,215
Proceeds from offering, net, shares					305,182
Forfeiture of performance-based restricted stock, shares				(78,125)
Ending balance at Mar. 31, 2021	66,643						580,852			(514,209)
Ending balance, shares at Mar. 31, 2021				28,343,535
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				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

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
At The Market Offering [Member]
Commissions and fees	$ 729	$ 193
Issuance costs	318	$ 17
Private Placement [Member]
Fees and issuance costs	$ 136

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (19,484)	$ (6,250)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	2,128	2,638
Accretion of interest on convertible note - related party	819
Amortization of convertible note issuance costs	4	3
Provision for bad debt	(5)	(95)
Stock-compensation expense	1,828	976
Reduction in the carrying amount of operating lease right-of-use assets	570	257
Changes in operating assets and liabilities:
Accounts receivable	(4,102)	(4,875)
Inventories	(3,518)	2,252
Prepaid expenses and other assets	(374)	630
Accounts payable	3,063	1,432
Accrued expenses	(3,082)	1,422
Deferred revenue	(120)	31
Operating lease liabilities	(556)	(293)
Net cash used in operating activities	(22,829)	(1,872)
Cash flows from investing activities:
Capital expenditures	(14,504)	(1,470)
Net cash used in investing activities	(14,504)	(1,470)
Cash flows from financing activities:
Proceeds from issuance of convertible note related party	100,000
Issuance costs from convertible note	(185)
Proceeds from employee stock option exercises	38	463
Payments made for employee restricted stock tax withholdings	(2,315)	(2,613)
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	165,946	4,065
Net increase in cash	128,613	723
Cash and cash equivalents at beginning of period	76,564	16,496
Cash and cash equivalents at end of period	205,177	17,219
Supplemental disclosures of cash flow information:
Interest paid	52	65
Income taxes paid	0	0
Supplemental disclosures of non-cash activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	68	888
Changes in accrued capital expenditures	9,566	176
At The Market Offering [Member]
Cash flows from financing activities:
Proceeds from offering, net	23,590	6,232
Fees and issuance costs from at-the-market offering	$ (318)	$ (17)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
At The Market Offering [Member]
Commissions and fees net	$ 729	$ 193

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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 infrastructure and sustainable building 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 has also conducted research related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research contracts. The Company has decided to cease efforts to secure additional funded research contracts and to wind down existing contract research activities. 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, 2022, the Company incurred a net loss of $19.5 million, used $22.8 million of cash in operations, used $14.5 million of cash for capital expenditures, received net proceeds of $23.3 million through an at-the-market (ATM) offering of the Company’s common stock from the sale of 737,288 he amount available to the Company at March 31, 2022 under the revolving line of credit was $15.8 million. 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 and the amount anticipated to be available under the existing revolving line of credit will be sufficient to support current operating requirements, current research and development activities and the initial capital expenditures required to support the evolving commercial opportunity in the electric vehicle market and other 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, 20 21 (the Annual Report), filed with the U.S. Securities and Exchange Commission on March 1, 202 2 . 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, 2022 and the results of its operations and stockholders’ equity for the three months ended March 31, 2022 and 2021 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, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or any other period. In addition, the Company is uncertain of the continued duration and severity of the COVID-19 pandemic and the impact it will have on the Company’s results of operations for the year ending December 31, 2022 or any other period.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	(2) Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements, which have been prepared in accordance with U.S. GAAP, include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. 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, convertible note, 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. 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, 2022, the Company recorded a reduction for estimated customer uncollectible accounts receivable of less than $0.1 million. During the three months ended March 31, 2021, the Company recorded a reduction for estimated customer uncollectible accounts receivable of $0.1 million and had collections of $0.1 million of previously reserved customer accounts receivables. 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. Leases The Company accounts for its leases in accordance with Accounting Standards Update (ASU) 2016-02 (Topic 842). See note 11 for further details. Stock-Based Compensation Stock-based compensation expense is measured at the grant date based on the fair value of the award. 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, which requires a number of complex and subjective assumptions including the 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 restricted stock unit grants is determined using the closing trading price of the Company’s common stock on the date of grant. The fair value of awards containing market conditions is determined using a Monte-Carlo simulation model based upon the nature of the conditions, the expected volatility of the underlying security, and other relevant factors. During the three months ended March 31, 2022, the Company granted 151,478 restricted common stock units (RSUs) with a grant date fair value of $4.0 million and non-qualified stock options (NSOs) to purchase 396,570 shares of common stock with a grant date fair value of $6.0 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 Stock-based compensation is included in cost of revenue or operating expenses, as applicable, and consists of the following: Three Months Ended March 31, 2022 2021 (In thousands) Cost of product revenue $ 156 $ 112 Research and development expenses 224 189 Sales and marketing expenses 324 168 General and administrative expenses 1,124 507 Total stock-based compensation $ 1,828 $ 976 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 664,362 shares to 9,195,775 shares effective January 1, 2022. As of March 31, 2022, 4,206,286 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, 2022, the Company has either reserved in connection with statutory tax withholdings or issued a total of 4,164,039 shares under the 2014 Equity Plan. As of March 31, 2022, there were 825,450 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 products may be utilized in systems that involve new technical demands and new configurations. Accordingly, the Company regularly reviews and assesses whether warranty reserves should be recorded in the period the related revenue is recorded. 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 the three months ended March 31, 2022. The Company did not record any warranty expense during the three months ended March 31, 2021. Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) 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, 2021 During the three months ended March 31, 2022, the Company adopted Accounting Standards Update (ASU) 2020-06, Debt-Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Topic 815): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU simplifies the accounting for convertible instruments by eliminating the cash conversion and beneficial conversion feature models used to separately account for embedded conversion features as a component of equity. Instead, the entity will account for the convertible debt or convertible preferred stock securities as a single unit of account, unless the conversion feature requires bifurcation and recognition as derivatives. Additionally, the guidance requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of potential share settlement for instruments that may be settled in cash or shares. The adoption of this standard did not have a material impact on our consolidated financial statements. 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
	Mar. 31, 2022
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, 2021 and did not enter into any contracts during the three months ended March 31, 2022 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 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, 2022 and December 31, 2021. Subsea Projects The Company manufactures and sells subsea products that are designed for pipe-in-pipe applications in offshore oil production and are typically at a point in time when transfer of control of the products is passed to the customer, or , 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, 2022 and 2021 , the Company recognized revenue of $7.6 million and $0.1 million, respectively , from thermal barrier contracts. Research Services The Company performs research services under contracts with various government agencies and other institutions. These contracts generally have one type of performance obligation associated with the provision of research services including certain licenses to any resulting intellectual property. The Company records revenue using the percentage-of-completion method in two ways: (1) for firm-fixed-price contracts, the Company accrues that portion of the total contract price that is allocable on the basis of the Company’s estimates of costs incurred to date to total contract costs; and (2) for cost-plus-fixed-fee contracts, the Company records revenue that is equal to total payroll cost incurred times a stated factor plus reimbursable expenses, to a stated upper limit. The primary cost under the Company’s service contracts is the labor expended in completing the research. Typically, the only deliverable, other than the labor hours expended, is reporting research results to the customer or delivery of research grade aerogel products. Because the input measure of labor hours expended is also reflective of the output measure, it is a reliable means to measure the extent of progress toward completion. Revisions in cost estimates and fees during the course of the contract are reflected in the accounting period in which the facts that require the revisions become known. Contract costs and rates used to allocate overhead to contracts are subject to audit by the respective contracting government agency. Adjustments to revenue as a result of audit are recorded within the period they become known. To date, adjustments to revenue as a result of contracting agency audits have been insignificant Disaggregation of Revenue In the following tables, revenue is disaggregated by primary geographical region and source of revenue: Three Months Ended March 31, 2022 2021 U.S. International Total U.S. International Total (In thousands) Geographical region Asia $ — $ 7,324 $ 7,324 $ — $ 5,588 $ 5,588 Canada — 860 860 — 964 964 Europe — 3,911 3,911 — 7,246 7,246 Latin America — 1,606 1,606 — 1,544 1,544 U.S. 24,706 — 24,706 12,755 — 12,755 Total revenue $ 24,706 $ 13,701 $ 38,407 $ 12,755 $ 15,342 $ 28,097 Source of revenue Energy industrial $ 17,650 $ 12,489 $ 30,139 $ 12,662 $ 14,887 $ 27,549 Subsea projects 548 11 559 — 407 407 Research services 77 — 77 41 — 41 Thermal barrier 6,431 1,201 7,632 52 48 100 Total revenue $ 24,706 $ 13,701 $ 38,407 $ 12,755 $ 15,342 $ 28,097 Contract Balances The following table presents changes in the Company’s contract assets and contract liabilities during the three months ended March 31, 2022: Balance at December 31, 2021 Additions Deductions Balance at March 31, 2022 (In thousands) Contract assets Subsea projects $ 1,448 $ 965 $ (1,671 ) $ 742 Research services 148 77 (209 ) 16 Thermal barrier 235 — — 235 Total contract assets $ 1,831 $ 1,042 $ (1,880 ) $ 993 Contract liabilities Deferred revenue Energy industrial $ 1,321 $ 782 $ (1,308 ) $ 795 Subsea projects — 954 (548 ) 406 Prepayment liability 9,728 — (4,728 ) 5,000 Total contract liabilities $ 11,049 $ 1,736 $ (6,584 ) $ 6,201 During the three months ended March 31, 2022, the Company recognized $1.3 million of revenue that was included in deferred revenue as of December 31, 2021. 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 or unconditional 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
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	(4) Inventories Inventories consist of the following: March 31, December 31, 2022 2021 (In thousands) Raw materials $ 10,150 $ 7,312 Finished goods 5,355 4,675 Total $ 15,505 $ 11,987

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
	Mar. 31, 2022
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 2022 2021 life (In thousands) Construction in progress $ 35,568 $ 13,456 — Buildings 24,016 24,016 30 years Machinery and equipment 132,364 130,529 3-10 years Computer equipment and software 9,580 9,457 3 years Total 201,528 177,458 Accumulated depreciation (123,808 ) (121,680 ) Property, plant and equipment, net $ 77,720 $ 55,778 Depreciation expense was $2.1 million and $2.6 million for the three months ended March 31, 2022 and 2021, respectively. Construction in progress totaled $35.6 million and $13.5 million at March 31, 2022 and December 31, 2021, respectively. The balance at March 31, 2022 and December 31, 2021 included engineering designs and other pre-construction costs totaling $23.1 million and $6.1 million, respectively for a planned aerogel manufacturing facility in Bulloch County, Georgia.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Payables And Accruals [Abstract]
Accrued Expenses	(6) Accrued Expenses Accrued expenses consist of the following: March 31, December 31, 2022 2021 (In thousands) Employee compensation $ 5,036 $ 8,991 Other accrued expenses 2,701 1,828 Total $ 7,737 $ 10,819

Revolving Line of Credit

Revolving Line of Credit	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Revolving Line of Credit	(7) Revolving Line of Credit The Company is party to an Amended and Restated Loan and Security Agreement with Silicon Valley Bank (Loan Agreement). On March 12, 2021, the Loan Agreement was amended and restated to extend the maturity date of the revolving credit facility to April 28, 2022 and to establish financial covenants on certain minimum Adjusted EBITDA levels and minimum Adjusted Quick Ratio covenants, each as defined in the Loan Agreement. At various dates in 2021, and subsequently on March 31, 2022, the Company entered into amendments to the Loan Agreement to revise certain financial covenants, among other things. On April 28, 2022, the Under the revolving credit facility, the Company is permitted to borrow a maximum of $20.0 million, subject to continued covenant compliance and borrowing base requirements. The interest rate applicable to borrowings under the revolving credit facility is based on the prime rate, subject to a minimum rate of 4.00% per annum. The rates applicable to borrowings vary from prime rate plus 0.75% per annum to prime rate plus 2.00% per annum. In addition, the Company is required to pay a monthly unused revolving line facility fee of 0.50% per annum of the average unused portion of the revolving credit facility. Under the Loan Agreement, the Company is required to comply with both non-financial and financial covenants, including a minimum Adjusted EBITDA covenant and a minimum Adjusted Quick Ratio covenant. As of March 31, 2022, the Company was in compliance with all such covenants. Obligations under the Loan Agreement are secured by a security interest in all assets of the Company, including those at the East Providence facility, except for certain exclusions. The Company intends to extend or replace the facility prior to its maturity. As of March 31, 2022 and December 31, 2021, the Company had no amounts drawn from the revolving credit facility. T he Company has provided letters of credit to secure obligations under certain commercial contracts and other obligations. The Company had outstanding letters of credit backed by the revolving credit facility of $1.3 million at both March 31, 2022 and December 31, 2021 , which reduce the funds otherwise available to the Company under the facility. As of March 31, 2022, the amount available to the Company under the revolving credit facility was $15.8 million after giving effect to the $1.3 million of outstanding letters of credit.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	(8) Related Party Transactions Convertible Note During the three months ended March 31, 2022, the Company issued a $100.0 million aggregate principal amount convertible note to Wood River Capital, LLC, an entity affiliated with Koch Strategic Platforms, LLC (the 2022 Convertible Note). Refer to note 9 for more information. During the three months ended March 31, 2022, the Company incurred $0.8 million of interest expense from the 2022 Convertible Note. Common Stock Private Placement During the three months ended March 31, 2022, the Company sold 1,791,986 shares of common stock to Wood River Capital, LLC, an entity affiliated with Koch Strategic Platforms, LLC, at a purchase price equal to $27.902 per share, for aggregate gross proceeds of approximately $50.0 million. Other During the three months ended March 31, 2022, the Company recorded costs of $0.3 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 Strategic Platforms, LLC.

Convertible Notes - Related Par

Convertible Notes - Related Party	3 Months Ended
	Mar. 31, 2022
Convertible Notes [Abstract]
Convertible Notes - Related Party	(9) 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 Strategic Platforms, 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, 2022 Convertible note, principal $ 100,000 Accrued interest 819 Debt issuance costs, net of accumulated amortization (181 ) Convertible note $ 100,638 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 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. Interest expense was $0.8 million for the three months ended March 31, 2022, of which debt issuance costs comprised less than $0.1 million. The effective interest rate approximated the contract interest rate for the for three months ended March 31, 2022 Conversion Rights 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 28.623257 shares of the Company’s common stock per $1,000 of capitalized principal. The effective conversion price is approximately $34.936625 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. For the three months ended March 31, 2022, there were no adjustments to Conversion Price. As of March 31, 2022, 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 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, 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(10) 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 three months ended March 31, 2022, the Company amended the agreement to a new five-year March 31, December 31, 2022 2021 (In thousands) Cloud computing costs included in other current assets $ 304 $ 390 Cloud computing costs included in other assets 1,314 637 Total capitalized cloud computing costs $ 1,618 $ 1,027 Thermal Barrier Contracts The Company is party to production contracts with a major U.S. automotive original equipment manufacturer (OEM) 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 the OEM up to a daily maximum quantity through the respective terms of the agreements, which expire at various times from 2026 through 2034. While the OEM has agreed to purchase its requirement for Barriers from the Company for locations to be designated from time to time by the OEM, it has no obligation to purchase any minimum quantity of Barriers under the Contracts. In addition, the OEM may terminate the Contracts at any time and for any or no reason. All other terms of the Contracts are generally consistent with the OEM’s standard purchase terms, including quality and warranty provisions customary in automotive industry. BASF Supply Agreement The Company was party to a supply agreement, as amended, with BASF Polyurethanes GmbH (BASF) (the Supply Agreement) and a joint development agreement with BASF SE (the JDA). Pursuant to the Supply Agreement, the Company agreed to sell exclusively to BASF certain of the Company’s products at annual volumes specified by BASF, subject to certain volume limits, through December 31, 2027. Through the year ended December 31, 2019, BASF made two prepayments each in the amount of $5.0 million to the Company. BASF had the right to request that 25.3% of any amount invoiced by the Company to BASF for Spaceloft A2 were to be credited against the outstanding balance of the prepayments. BASF also had the right to request that the Company repay any uncredited amount of the first prepayment to BASF following a six-week notice period on or after January 1, 2022 and the second prepayment on or after January 1, 2023. As of March 31, 2022, the Company had received $10.0 million in prepayments from BASF and applied approximately $0.3 million of credits against amounts invoiced to BASF for Spaceloft A2. During 2021, the Company and BASF jointly announced that BASF would discontinue further marketing and sale of Spaceloft A2 as of November 15, 2021. After that date, BASF customers have had the right to purchase Spaceloft A2 directly from the Company. On December 15, 2021, the Company terminated the supply arrangement and JDA with BASF and BASF SE, respectively. As part of the termination, t he Company and BASF agreed that any uncredited prepayment balances would remain outstanding and subject to repayment upon BASF’s request following the requisite six-week notice periods after January 1, 2022 and January 1, 2023, respectively. The prepayment liability consists of the following: March 31, December 31, 2022 2021 (In thousands) Prepayment liability $ 5,000 $ 9,728 Current portion of prepayment liability (5,000 ) (4,728 ) Prepayment liability, long-term $ — $ 5,000 Federal, State and Local Environmental Regulations The Company is subject to federal, state and local laws and regulations relating to the environment. 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
	Mar. 31, 2022
Leases [Abstract]
Leases	(11) Leases The Company leases office, laboratory, warehouse and fabrication space in Massachusetts and Rhode Island 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 2031. 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, 2022 are as follows: Year Operating Leases (In thousands) 2022 (excluding the three months ended March 31, 2022) $ 2,325 2023 2,654 2024 2,054 2025 1,814 2026 1,635 Thereafter 8,333 Total lease payments 18,815 Less imputed interest (4,065 ) Total lease liabilities $ 14,750 The Company incurred operating lease costs of $0.8 million and $0.4 million during the three months ended March 31, 2022 and 2021, respectively. Cash payments related to operating lease liabilities were $0.8 million and $0.4 million during the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the weighted average remaining lease term for operating leases was 8.3 years. As of March 31, 2022, the weighted average discount rate for operating leases was 5.9%. As of March 31, 2022, the Company had additional operating equipment leases that will commence during 2022 with total lease payments of less than $0.1 million and a weighted average lease term of 3.1 years. As of March 31, 2022, the Company had an additional operating real estate lease that will commence during 2022 with total lease payments of $0.1 million and a lease term of 1.5 years.

CARES Act Payroll Tax Deferral

CARES Act Payroll Tax Deferral	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
CARES Act Payroll Tax Deferral	(12) CARES Act Payroll Tax Deferral The Company elected to defer approximately $0.9 million of its employer payroll tax obligation for the period from March 27, 2020 to December 31, 2020 pursuant to the provisions of the CARES Act. The Company was required to remit 50 percent of the deferred tax balance on or before December 31, 2021 and the remaining 50 percent on or before December 31, 2022. As of December 31, 2021, the Company had remitted its initial repayment obligation. As of March 31, 2022 and December 31, 2021, a corresponding liability of $0.4 million was recorded as a component of accrued expenses on the consolidated balance sheets.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	(13) Net Loss Per Share The computation of basic and diluted net loss per share consists of the following: Three Months Ended March 31, 2022 2021 (In thousands, except share and per share data) Numerator: Net loss $ (19,484 ) $ (6,250 ) Denominator: Weighted average shares outstanding, basic and diluted 32,940,040 27,983,470 Net loss per share, basic and diluted $ (0.59 ) $ (0.22 ) 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, 2022 2021 Common stock options 3,952,596 3,846,738 Restricted common stock units 253,691 364,828 Restricted common stock awards 476,550 45,066 Convertible note, if converted 2,886,426 — Total 7,569,263 4,256,632 As the Company incurred a net loss for the three months ended, March 31, 2022 and 2021, 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
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	(14) 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
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	(15) 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, which includes subsea and research services, 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, 2022 2021 2022 2021 (In thousands) Energy industrial $ 30,775 $ 27,997 $ 2,997 $ 4,877 Thermal barrier 7,632 100 (4,785 ) (921 ) Total $ 38,407 $ 28,097 $ (1,788 ) $ 3,956 Corporate expenses 16,836 10,131 Operating loss (18,624 ) (6,175 ) Other expense, net (860 ) (75 ) Net loss $ (19,484 ) $ (6,250 )

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	(16) Subsequent Events The Company has evaluated subsequent events through May 10, 2022, the date of issuance of the consolidated financial statements for the three months ended March 31, 2022. On April 28, 2022, the Loan Agreement was amended to extend the maturity date of the revolving credit facility to June 27, 2022.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
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 infrastructure and sustainable building 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 has also conducted research related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research contracts. The Company has decided to cease efforts to secure additional funded research contracts and to wind down existing contract research activities. 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, 2022, the Company incurred a net loss of $19.5 million, used $22.8 million of cash in operations, used $14.5 million of cash for capital expenditures, received net proceeds of $23.3 million through an at-the-market (ATM) offering of the Company’s common stock from the sale of 737,288 he amount available to the Company at March 31, 2022 under the revolving line of credit was $15.8 million. 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 and the amount anticipated to be available under the existing revolving line of credit will be sufficient to support current operating requirements, current research and development activities and the initial capital expenditures required to support the evolving commercial opportunity in the electric vehicle market and other 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, 20 21 (the Annual Report), filed with the U.S. Securities and Exchange Commission on March 1, 202 2 . 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, 2022 and the results of its operations and stockholders’ equity for the three months ended March 31, 2022 and 2021 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, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or any other period. In addition, the Company is uncertain of the continued duration and severity of the COVID-19 pandemic and the impact it will have on the Company’s results of operations for the year ending December 31, 2022 or any other period.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements, which have been prepared in accordance with U.S. GAAP, include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
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, convertible note, 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.
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, 2022, the Company recorded a reduction for estimated customer uncollectible accounts receivable of less than $0.1 million. During the three months ended March 31, 2021, the Company recorded a reduction for estimated customer uncollectible accounts receivable of $0.1 million and had collections of $0.1 million of previously reserved customer accounts receivables.
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.
Leases	Leases The Company accounts for its leases in accordance with Accounting Standards Update (ASU) 2016-02 (Topic 842). See note 11 for further details.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense is measured at the grant date based on the fair value of the award. 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, which requires a number of complex and subjective assumptions including the 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 restricted stock unit grants is determined using the closing trading price of the Company’s common stock on the date of grant. The fair value of awards containing market conditions is determined using a Monte-Carlo simulation model based upon the nature of the conditions, the expected volatility of the underlying security, and other relevant factors. During the three months ended March 31, 2022, the Company granted 151,478 restricted common stock units (RSUs) with a grant date fair value of $4.0 million and non-qualified stock options (NSOs) to purchase 396,570 shares of common stock with a grant date fair value of $6.0 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 Stock-based compensation is included in cost of revenue or operating expenses, as applicable, and consists of the following: Three Months Ended March 31, 2022 2021 (In thousands) Cost of product revenue $ 156 $ 112 Research and development expenses 224 189 Sales and marketing expenses 324 168 General and administrative expenses 1,124 507 Total stock-based compensation $ 1,828 $ 976 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 664,362 shares to 9,195,775 shares effective January 1, 2022. As of March 31, 2022, 4,206,286 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, 2022, the Company has either reserved in connection with statutory tax withholdings or issued a total of 4,164,039 shares under the 2014 Equity Plan. As of March 31, 2022, there were 825,450 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 products may be utilized in systems that involve new technical demands and new configurations. Accordingly, the Company regularly reviews and assesses whether warranty reserves should be recorded in the period the related revenue is recorded. 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 the three months ended March 31, 2022. The Company did not record any warranty expense during the three months ended March 31, 2021.
Recently Issued Accounting Standards	Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) 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, 2021 During the three months ended March 31, 2022, the Company adopted Accounting Standards Update (ASU) 2020-06, Debt-Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Topic 815): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU simplifies the accounting for convertible instruments by eliminating the cash conversion and beneficial conversion feature models used to separately account for embedded conversion features as a component of equity. Instead, the entity will account for the convertible debt or convertible preferred stock securities as a single unit of account, unless the conversion feature requires bifurcation and recognition as derivatives. Additionally, the guidance requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of potential share settlement for instruments that may be settled in cash or shares. The adoption of this standard did not have a material impact on our consolidated financial statements. 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
	Mar. 31, 2022
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, 2022 2021 (In thousands) Cost of product revenue $ 156 $ 112 Research and development expenses 224 189 Sales and marketing expenses 324 168 General and administrative expenses 1,124 507 Total stock-based compensation $ 1,828 $ 976

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 2021 U.S. International Total U.S. International Total (In thousands) Geographical region Asia $ — $ 7,324 $ 7,324 $ — $ 5,588 $ 5,588 Canada — 860 860 — 964 964 Europe — 3,911 3,911 — 7,246 7,246 Latin America — 1,606 1,606 — 1,544 1,544 U.S. 24,706 — 24,706 12,755 — 12,755 Total revenue $ 24,706 $ 13,701 $ 38,407 $ 12,755 $ 15,342 $ 28,097 Source of revenue Energy industrial $ 17,650 $ 12,489 $ 30,139 $ 12,662 $ 14,887 $ 27,549 Subsea projects 548 11 559 — 407 407 Research services 77 — 77 41 — 41 Thermal barrier 6,431 1,201 7,632 52 48 100 Total revenue $ 24,706 $ 13,701 $ 38,407 $ 12,755 $ 15,342 $ 28,097
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, 2022: Balance at December 31, 2021 Additions Deductions Balance at March 31, 2022 (In thousands) Contract assets Subsea projects $ 1,448 $ 965 $ (1,671 ) $ 742 Research services 148 77 (209 ) 16 Thermal barrier 235 — — 235 Total contract assets $ 1,831 $ 1,042 $ (1,880 ) $ 993 Contract liabilities Deferred revenue Energy industrial $ 1,321 $ 782 $ (1,308 ) $ 795 Subsea projects — 954 (548 ) 406 Prepayment liability 9,728 — (4,728 ) 5,000 Total contract liabilities $ 11,049 $ 1,736 $ (6,584 ) $ 6,201

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: March 31, December 31, 2022 2021 (In thousands) Raw materials $ 10,150 $ 7,312 Finished goods 5,355 4,675 Total $ 15,505 $ 11,987

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, plant and equipment consist of the following: March 31, December 31, Useful 2022 2021 life (In thousands) Construction in progress $ 35,568 $ 13,456 — Buildings 24,016 24,016 30 years Machinery and equipment 132,364 130,529 3-10 years Computer equipment and software 9,580 9,457 3 years Total 201,528 177,458 Accumulated depreciation (123,808 ) (121,680 ) Property, plant and equipment, net $ 77,720 $ 55,778

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following: March 31, December 31, 2022 2021 (In thousands) Employee compensation $ 5,036 $ 8,991 Other accrued expenses 2,701 1,828 Total $ 7,737 $ 10,819

Convertible Notes - Related P_2

Convertible Notes - Related Party (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 Convertible note, principal $ 100,000 Accrued interest 819 Debt issuance costs, net of accumulated amortization (181 ) Convertible note $ 100,638

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 2021 (In thousands) Cloud computing costs included in other current assets $ 304 $ 390 Cloud computing costs included in other assets 1,314 637 Total capitalized cloud computing costs $ 1,618 $ 1,027
Schedule of Prepayment Liability	The prepayment liability consists of the following: March 31, December 31, 2022 2021 (In thousands) Prepayment liability $ 5,000 $ 9,728 Current portion of prepayment liability (5,000 ) (4,728 ) Prepayment liability, long-term $ — $ 5,000

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Summary of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of March 31, 2022 are as follows: Year Operating Leases (In thousands) 2022 (excluding the three months ended March 31, 2022) $ 2,325 2023 2,654 2024 2,054 2025 1,814 2026 1,635 Thereafter 8,333 Total lease payments 18,815 Less imputed interest (4,065 ) Total lease liabilities $ 14,750

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 2021 (In thousands, except share and per share data) Numerator: Net loss $ (19,484 ) $ (6,250 ) Denominator: Weighted average shares outstanding, basic and diluted 32,940,040 27,983,470 Net loss per share, basic and diluted $ (0.59 ) $ (0.22 )
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, 2022 2021 Common stock options 3,952,596 3,846,738 Restricted common stock units 253,691 364,828 Restricted common stock awards 476,550 45,066 Convertible note, if converted 2,886,426 — Total 7,569,263 4,256,632

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 2021 2022 2021 (In thousands) Energy industrial $ 30,775 $ 27,997 $ 2,997 $ 4,877 Thermal barrier 7,632 100 (4,785 ) (921 ) Total $ 38,407 $ 28,097 $ (1,788 ) $ 3,956 Corporate expenses 16,836 10,131 Operating loss (18,624 ) (6,175 ) Other expense, net (860 ) (75 ) Net loss $ (19,484 ) $ (6,250 )

Description of Business and B_3

Description of Business and Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022USD ($)Subsidiaryshares	Mar. 31, 2021USD ($)	Feb. 15, 2022USD ($)	Dec. 31, 2021USD ($)
Basis Of Presentation [Line Items]
Number of Subsidiaries | Subsidiary	3
Net loss incurred	$ 19,484,000	$ 6,250,000
Cash used in operations	22,829,000	$ 1,872,000
Cash for capital expenditures	$ 14,500,000
Common stock sold | shares	737,288
Proceeds from issuance of private placement, net	$ 49,900,000
Issuance and sale of convertible debt	100,638,000
Cash and cash equivalents	205,177,000			$ 76,564,000
Current portion of prepayment liability	5,000,000			$ 4,728,000
At The Market Offering [Member]
Basis Of Presentation [Line Items]
Proceeds from offering, net	23,300,000
Koch Strategic Platforms (KSP) [Member]
Basis Of Presentation [Line Items]
Issuance and sale of convertible debt			$ 100,000,000
Revolving Credit Facility [Member]
Basis Of Presentation [Line Items]
Outstanding borrowings under revolving line of credit	0
Letters of credit outstanding	1,300,000
Amount available under revolving line of credit	$ 15,800,000
Existing maturity date	Jun. 27, 2022

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail)	Jan. 01, 2022shares	Mar. 31, 2022USD ($)Segmentshares	Mar. 31, 2021USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of segment | Segment		2
Reduction/Charge for uncollectible accounts receivable | $		$ (5,000)	$ (95,000)
Collections of accounts receivable | $			100,000
Warranty expense | $			$ 0
Energy Industrial [Member]
Summary Of Significant Accounting Policies [Line Items]
Standard product warranty period		1 year
2014 Equity Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares reserved for issuance | shares		4,206,286
Number of shares either issued or reserved in connection with statutory tax withholdings | shares		4,164,039
Increased number of shares available for grant | shares		825,450
2014 Equity Plan [Member] | Non-Qualified Stock Options [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock-based awards granted to purchase common stock | shares		396,570
Stock-based awards granted to purchase common stock, grant date fair value | $		$ 6,000,000
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 | shares		151,478
Stock-based awards granted to purchase common stock, grant date fair value | $		$ 4,000,000
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 | shares	664,362
Increased number of shares authorized for grant | shares	9,195,775
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Reduction/Charge for uncollectible accounts receivable | $		$ 100,000
Maximum [Member] | Thermal Barrier [Member]
Summary Of Significant Accounting Policies [Line Items]
Warranty expense | $		$ 100,000

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, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 1,828	$ 976
Cost of Product Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	156	112
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	224	189
Sales and Marketing Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	324	168
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 1,124	$ 507

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Agreement	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Revenue Recognition [Line Items]
Revenue	$ 38,407	$ 28,097
Deferred revenue, revenue recognized	1,300
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	$ 30,139	27,549
Subsea Projects [Member]
Revenue Recognition [Line Items]
Revenue	559	407
EV Thermal Barrier [Member]
Revenue Recognition [Line Items]
Revenue	$ 7,600	100
Research Services [Member]
Revenue Recognition [Line Items]
Number of performance obligations | Agreement	1
Revenue	$ 77	$ 41

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, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Total revenue	$ 38,407	$ 28,097
Energy Industrial [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	30,139	27,549
Subsea Projects [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	559	407
Research Services [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	77	41
Thermal Barrier [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	7,632	100
Asia [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	7,324	5,588
Canada [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	860	964
Europe [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	3,911	7,246
Latin America [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	1,606	1,544
U.S. [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	24,706	12,755
U.S. [Member] | Energy Industrial [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	17,650	12,662
U.S. [Member] | Subsea Projects [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	548
U.S. [Member] | Research Services [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	77	41
U.S. [Member] | Thermal Barrier [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	6,431	52
International [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	13,701	15,342
International [Member] | Energy Industrial [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	12,489	14,887
International [Member] | Subsea Projects [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	11	407
International [Member] | Thermal Barrier [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 1,201	$ 48

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, 2022USD ($)
Contract assets
Beginning Balance	$ 1,831
Additions	1,042
Deductions	(1,880)
Ending Balance	993
Contract liabilities
Beginning Balance	11,049
Additions	1,736
Deductions	(6,584)
Ending Balance	6,201
Subsea Projects [Member]
Contract assets
Beginning Balance	1,448
Additions	965
Deductions	(1,671)
Ending Balance	742
Contract liabilities
Additions	954
Deductions	(548)
Ending Balance	406
Research Services [Member]
Contract assets
Beginning Balance	148
Additions	77
Deductions	(209)
Ending Balance	16
Thermal Barrier [Member]
Contract assets
Beginning Balance	235
Ending Balance	235
Energy Industrial [Member]
Contract liabilities
Beginning Balance	1,321
Additions	782
Deductions	(1,308)
Ending Balance	795
Prepayment Liability [Member]
Contract liabilities
Beginning Balance	9,728
Deductions	(4,728)
Ending Balance	$ 5,000

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 10,150	$ 7,312
Finished goods	5,355	4,675
Total	$ 15,505	$ 11,987

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, 2022	Dec. 31, 2021
Property Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 201,528	$ 177,458
Accumulated depreciation	(123,808)	(121,680)
Property, plant and equipment, net	77,720	55,778
Construction in Progress [Member]
Property Plant and Equipment [Line Items]
Property, plant and equipment, gross	35,568	13,456
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	$ 132,364	130,529
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	$ 9,580	$ 9,457
Property, plant and equipment, Useful life	3 years

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property Plant and Equipment [Line Items]
Depreciation	$ 2,128	$ 2,638
Property, plant and equipment, gross	201,528		$ 177,458
Construction in Progress [Member]
Property Plant and Equipment [Line Items]
Property, plant and equipment, gross	35,568		13,456
Rhode Island [Member] | Construction in Progress [Member]
Property Plant and Equipment [Line Items]
Property, plant and equipment, gross	35,600		13,500
Georgia [Member]
Property Plant and Equipment [Line Items]
Pre-construction costs	$ 23,100		$ 6,100

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities Current [Abstract]
Employee compensation	$ 5,036	$ 8,991
Other accrued expenses	2,701	1,828
Total	$ 7,737	$ 10,819

Revolving Line of Credit - Addi

Revolving Line of Credit - Additional Information (Detail) - USD ($)	Apr. 28, 2022	Mar. 31, 2022	Dec. 31, 2021
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Extended maturity date		Jun. 27, 2022
Line of credit facility amount withdrawn		$ 0
Letters of credit outstanding		1,300,000
Available borrowing capacity		15,800,000
Subsequent Event [Member]
Line of Credit Facility [Line Items]
Extended maturity date	Jun. 27, 2022
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member]
Line of Credit Facility [Line Items]
Maximum increased borrowing amount		$ 20,000,000
Interest rate description		The interest rate applicable to borrowings under the revolving credit facility is based on the prime rate, subject to a minimum rate of 4.00% per annum. The rates applicable to borrowings vary from prime rate plus 0.75% per annum to prime rate plus 2.00% per annum.
Percentage of unused portion of facility, monthly fee		0.50%
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Revolving credit facility, interest rate		4.00%
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Prime Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Additional interest rate per annum		0.75%
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Prime Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Additional interest rate per annum		2.00%
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Extended maturity date		Apr. 28, 2022
Line of credit facility amount withdrawn		$ 0	$ 0
Letters of credit outstanding		1,300,000	$ 1,300,000
Available borrowing capacity		$ 15,800,000
Silicon Valley Bank Credit Facility [Member] | Subsequent Event [Member] | Loan Agreement [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Extended maturity date	Jun. 27, 2022

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Related Party Transaction [Line Items]
Interest expense	$ 819
Common stock sold | shares	737,288
Construction in Progress [Member]
Related Party Transaction [Line Items]
Costs recorded as a component of construction in progress	$ 300
Common Stock [Member] | Private Placement [Member]
Related Party Transaction [Line Items]
Common stock sold | shares	1,791,986
Wood River Capital, LLC [Member] | Private Placement [Member]
Related Party Transaction [Line Items]
Common stock purchase price | $ / shares	$ 27.902
Proceeds from offering, net	$ 50,000
Wood River Capital, LLC [Member] | Common Stock [Member] | Private Placement [Member]
Related Party Transaction [Line Items]
Common stock sold | shares	1,791,986
2022 Convertible Notes [Member]
Related Party Transaction [Line Items]
Interest expense	$ 800
2022 Convertible Notes [Member] | Wood River Capital, LLC [Member]
Related Party Transaction [Line Items]
Issuance and sale of convertible notes	$ 100,000

Convertible Notes - Related P_3

Convertible Notes - Related Party - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 15, 2022	Mar. 31, 2022	Dec. 31, 2021
Convertible Notes [Line Items]
Issuance and sale of convertible notes		$ 100,000
Common stock, shares outstanding		35,918,281	33,218,115
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.
Interest expense		$ 800
Debt issuance costs		$ 181
Purchase price of notes percentage		100.00%
Maximum [Member]
Convertible Notes [Line Items]
Debt issuance costs		$ 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		1.00%
SOFR Plus [Member] | Cap Rate [Member]
Convertible Notes [Line Items]
Debt instrument, interest rate		3.00%
SOFR Plus [Member] | PIK Interest [Member]
Convertible Notes [Line Items]
Debt instrument, interest rate		6.50%
2022 Convertible Notes [Member]
Convertible Notes [Line Items]
Initial conversion rate of convertible notes		28.623257
Common stock per capitalized principal		$ 1,000
Conversion notes effective conversion price per share		$ 34.936625
Common stock issuable upon conversion of convertible notes		2,886,426
Percentage of common stock closing price per share of conversion price		130.00%
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		130.00%
Redemption price, percentage of principal amount redeemed		100.00%
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

Convertible Notes - Related P_4

Convertible Notes - Related Party - Summary of Convertible Notes (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Convertible Notes [Abstract]
Convertible note, principal	$ 100,000
Accrued interest	819
Debt issuance costs, net of accumulated amortization	(181)
Convertible note	$ 100,638

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2019	Jan. 31, 2022	Dec. 31, 2021
Commitments And Contingencies [Line Items]
Current portion of prepayment liability	$ 5,000			$ 4,728
BASF [Member]
Commitments And Contingencies [Line Items]
Current portion of prepayment liability			$ 4,700
Cloud Computing Agreement [Member] | Enterprise Resource Planning Software [Member]
Commitments And Contingencies [Line Items]
Debt instrument, maturity term	5 years
Capitalized costs related to implementation of agreement	$ 1,600
Thermal Barrier Contracts [Member] | OEM [Member]
Commitments And Contingencies [Line Items]
Purchase commitment, description	While the OEM has agreed to purchase its requirement for Barriers from the Company for locations to be designated from time to time by the OEM, it has no obligation to purchase any minimum quantity of Barriers under the Contracts.
Supply and Joint Development Agreement Amended [Member] | BASF [Member]
Commitments And Contingencies [Line Items]
Supply agreement termination date	Dec. 31, 2027
Prepayment liability		$ 5,000
Credit limit percentage on prepayment balance		25.30%
Prepayment proceeds under customer supply agreement, net	$ 10,000
Credits against amounts invoiced	$ 300

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, 2022	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Cloud computing costs included in other current assets	$ 304	$ 390
Cloud computing costs included in other assets	1,314	637
Total capitalized cloud computing costs	$ 1,618	$ 1,027

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Prepayment Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepayment Liability [Abstract]
Prepayment liability	$ 5,000	$ 9,728
Current portion of prepayment liability	$ (5,000)	(4,728)
Prepayment liability, long-term		$ 5,000

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lessee Lease Description [Line Items]
Operating lease expiry year	2031
Operating lease cost	$ 800,000	$ 400,000
Cash payments related to operating lease liabilities	$ 800,000	$ 400,000
Operating lease, weighted average remaining lease term	8 years 3 months 18 days
Operating lease, weighted average discount rate, percent	5.90%
Operating lease, lease not yet commenced, term	3 years 1 month 6 days
Operating real estate lease liability payments not yet commenced	$ 100,000
Operating real estate lease liability payments not yet commenced, term	1 year 6 months
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease liability payments not yet commenced	$ 100,000

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022 (excluding the three months ended March 31, 2022)	$ 2,325
2023	2,654
2024	2,054
2025	1,814
2026	1,635
Thereafter	8,333
Total lease payments	18,815
Less imputed interest	(4,065)
Total lease liabilities	$ 14,750

CARES Act Payroll Tax Deferral

CARES Act Payroll Tax Deferral - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Deferred employer payroll tax obligation	$ 0.9
Employer payroll tax obligation period	March 27, 2020 to December 31, 2020
Percentage of deferred tax balance	50.00%
Remittance date of deferred tax balance	Dec. 31, 2021
Remaining percentage of deferred tax balance	50.00%
Remittance date of deferred tax balance, remaining percentage	Dec. 31, 2022
Deferred compensation liability, current	$ 0.4	$ 0.4

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, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (19,484)	$ (6,250)
Denominator:
Weighted average shares outstanding, basic and diluted	32,940,040	27,983,470
Net loss per share, basic and diluted	$ (0.59)	$ (0.22)

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, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	7,569,263	4,256,632
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	3,952,596	3,846,738
Restricted Common Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	253,691	364,828
Restricted Common Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	476,550	45,066
Convertible Note, if Converted [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	2,886,426

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022Segment
Segment Reporting [Abstract]
Number of segment	2

Segment Information - Summary o

Segment Information - Summary of Revenue and Segment Operating Profit (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 38,407	$ 28,097
Segment operating profit (loss)	(1,788)	3,956
Corporate expenses	16,836	10,131
Operating loss	(18,624)	(6,175)
Other expense, net	(860)	(75)
Net loss	(19,484)	(6,250)
Operating Segment | Energy Industrial [Member]
Segment Reporting Information [Line Items]
Revenue	30,775	27,997
Segment operating profit (loss)	2,997	4,877
Operating Segment | Thermal Barrier [Member]
Segment Reporting Information [Line Items]
Revenue	7,632	100
Segment operating profit (loss)	$ (4,785)	$ (921)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Apr. 28, 2022
Subsequent Event [Member]
Subsequent Event [Line Items]
Extended maturity date	Jun. 27, 2022