ASP Isotopes Inc. ASPI
We are an advanced materials company dedicated to the development of a differentiated isotope enrichment platform to strengthen global supply chain access to critical materials used in nuclear medicine, next-generation semiconductors, and nuclear energy. In addition, in January 2026, we acquired Renergen, which is South Africa's leading onshore natural gas explorer and the first integrated producer of both liquid helium and LNG (as discussed further below). Our proprietary enrichment technologies, the Aerodynamic Separation Process ("ASP technology") and Quantum Enrichment technology ("QE technology"), are designed to enable the production of isotopes for a range of industrial and advanced technology applications. Our initial focus with respect to our isotope enrichment platform is on the production and commercialization of enriched Carbon-14 ("C-14"), Silicon-28 ("Si-28") and Ytterbium-176 ("Yb-176").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $23.8M | $4.1M | $433.0K | $0 | — |
| Cost of revenue | $20.4M | $2.5M | $294.1K | $0 | — |
| Gross profit | $3.4M | $1.6M | $139.0K | $0 | — |
| R&D | $12.4M | $3.1M | $764.6K | $1.3M | — |
| SG&A | $48.2M | $24.8M | $15.4M | $3.8M | — |
| Total operating expenses | $63.3M | $28.0M | $16.2M | $5.1M | — |
| Operating income | -$59.9M | -$26.4M | -$16.0M | -$5.1M | — |
| Interest expense | $575.0K | $259.0K | $118.5K | $0 | — |
| Pre-tax income | -$159.6M | -$32.3M | -$16.3M | -$4.9M | — |
| Income tax | $282.0K | $111.0K | $6.1K | $0 | — |
| Net income | -$159.8M | -$32.4M | -$16.3M | -$4.9M | — |
| EPS, basic | -2.11 | -0.63 | -0.49 | -0.18 | — |
| EPS, diluted | -2.11 | -0.63 | -0.49 | — | — |
| Shares, diluted (wtd. avg.) | $83.0M | $55.7M | $33.1M | $26.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $285.6M | $61.9M | $7.9M | $2.4M | $3.0M |
| Short-term investments | $47.7M | $0 | — | — | — |
| Inventory | $1.1M | $66.0K | $0 | — | — |
| Total current assets | $399.9M | $65.7M | $10.5M | $3.3M | $3.2M |
| Property, plant and equipment | $33.5M | $22.4M | $10.7M | $8.2M | $3.0M |
| Goodwill | $8.6M | $3.2M | $3.3M | $0 | — |
| Other intangibles | $1.5M | — | — | — | — |
| Total assets | $498.0M | $94.3M | $27.5M | $12.5M | $7.1M |
| Accounts payable | $5.8M | $1.0M | $2.0M | $354.0K | $59.7K |
| Short-term debt | $12.9M | $939.0K | — | — | — |
| Total current liabilities | $32.7M | $7.1M | $5.7M | $1.9M | $303.4K |
| Long-term debt | $1.5M | $1.4M | — | — | — |
| Total liabilities | $235.1M | $43.2M | $8.7M | $2.7M | $1.1M |
| Retained earnings | -$231.3M | -$56.2M | -$23.8M | -$7.6M | -$2.6M |
| Total equity | $204.2M | $47.9M | $18.8M | $9.8M | $6.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$37.8M | -$16.7M | -$5.4M | -$2.9M | — |
| Depreciation and amortisation | $1.9M | $471.0K | $37.4K | $0 | — |
| Stock-based compensation | $16.0M | $8.6M | $8.7M | $2.0M | — |
| Capital expenditure | $9.7M | $9.7M | $2.3M | $4.5M | — |
| Investing cash flow | -$110.8M | -$11.4M | -$2.5M | -$4.5M | — |
| Financing cash flow | $371.6M | $82.5M | $13.4M | $6.6M | — |
| Dividends paid | $0 | $2.8M | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-197329.
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