10 Small Cap Stocks with Huge Upside Potential

3. Aspen Aerogels, Inc. (NYSE:ASPN)

Upside Potential: 166%

Market Capitalization: $540.25 million

Aspen Aerogels, Inc. (NYSE:ASPN) is an aerogel technology company that engages in the design, development, and marketing of aerogel materials incorporated in the energy, industrial, electric vehicle, and sustainable insulation materials markets across the United States, Canada, Asia, Europe, and Latin America. Claiming to be a technology leader in sustainability, this Massachusetts-based company promotes the adoption of EVs, energy efficiency, and the availability of cleaner fuels in conventional energy markets through its products. It is among the stocks with the biggest upside.

In its recent earnings call, the company announced an impressive 90% year-over-year growth, with the adjusted EBITDA rising to $90 million from a loss of $23 million. Many believe it to be just the beginning. The Energy Industrial segment of Aspen Aerogels, Inc. (NYSE:ASPN) is forecasted to keep rising, with a 2025 guidance of $35 million to $40 million.

The company’s PyroThin Thermal Barriers Design Award from Volvo Truck, marking it to be the second one in the commercial vehicle segment, is yet another growth catalyst. While production will begin in the second half of 2026, sales are forecasted to ramp up in 2027.

Amid Trump’s conservative trade approach, Aspen Aerogels, Inc. (NYSE:ASPN) has adopted an effective pricing strategy, achieving optimization and collaboration with the EMF partner to reduce product costs. The Energy Industrial business is actually what the stakeholders are counting on as it will promote an exacerbated focus on energy and power generation. With this in mind, the stock clearly shows signs of huge upside potential.