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
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Construction services
- Specialist isotopes and related services
- Other
| Segment | FY2025 |
|---|---|
| Construction services | $18.2M |
| Specialist isotopes and related services | $5.7M |
| Other | $0 |
As the company reported it, from the “Revenue and Segment Information (Details 5)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | — | $0 | $433.0K | $4.1M | $23.8M |
| Gross profit | — | $0 | $139.0K | $1.6M | $3.4M |
| Net income | — | -$4.9M | -$16.3M | -$32.4M | -$159.8M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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