Cold Spray is an innovative technology to create coatings through the impact of metallic particles on substrates. Its application to composites’ surfaces is recently attracting the attention of the scientific community thanks to the possibility to functionalize and improve their thermal and wear properties. Within this context, the generation of the first metal-to-composite layer is fundamental. This work presented an experimental investigation of a composite panel, reinforced with glass fibers and coated with aluminum particles. The coating investigation was carried out through active pulsed thermography, analyzing the thermal response of single and double hatches. The thermal outputs were compared with a standard microscopic analysis, with a critical discussion supporting the identification of factors that influence the thermal response to the pulse: (1) layer’s thickness; (2) cold spray coverage; (3) layer compactness; (4) particle-substrate adhesion; (5) particle’s oxidation; and (6) surface roughness.