ASP Isotopes Stock ASPI
ASP Isotopes Inc. ASP Isotopes stock (ASPI): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 08/2026, quarterly reporting. Stock analysis by NadirAlpha. ASP Isotopes stock (ASPI): listed on Nasdaq. NadirAlpha has evaluated 16 original documents, cross-checked every figure automatically and linked each to its source; sources as of 08/2026. Revenue Q2 2026: USD 5 million (+325% year on year). Latest reported (Q2 2026): Opeongo investment, IsoBio investment, Total stockholders' equity. Latest reading: Revenue accelerating, Acquisition, Strategic pivot, Partnership.
Revenue accelerating strategy: Acquisition strategy: Strategic pivot strategy: Partnership
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ASP Isotopes Current Status
Summary of the most recent reporting period of ASP Isotopes (Q2 2026): core figures, drivers and management statements, every figure with a source number. NadirAlpha methodology
Assessment by NadirAlpha, as of Q2 2026.
ASP Isotopes reported total revenue from continuing operations of 5.1 million for Q2 2026, higher than the prior-year quarter, as radiopharmaceutical product sales continued to grow 16. ASP Isotopes recorded a net loss of 34 million and a diluted loss per share of 0.27 for the quarter 16. Cash and cash equivalents stood at 219.6 million as of June 30, 2026, supplemented by short-term investments of $35.3 million 16. ASP Isotopes entered the ENDRA Merger Agreement on June 25, 2026, incorporating a $50 million Noble Investment and a planned separation of the QLE segment 16.
Management commentary on the 2026-H1 results (8-K-EX99.1, 2026-08-04):
“The key distinguishing feature of 99% versus 99.995% is the use case; quantum computing requires "noise" suppression, semiconductors need heat dissipation. In a quiet room even the smallest noise can be heard, so purity is critical. Thermal conductivity improves even with small gains.”
“Engineers have achieved near-on miracles in reducing microchip components to nano-scale structures, but eventually atoms become your limiting factor. Now it is time for the particle physicists to lead the way forward in creating materials that will advance technology, and with our isotopic separation technology we are ready to step up and play our part.”
Revenue · 2026-Q25$ million+325.0 % vs. 2025-Q2
Net profit · 2026-Q2-34$ million+54.8 % vs. 2025-Q2
EPS · 2026-Q2-0.27$+73.8 % vs. 2025-Q2
Revenue trend
Guidance
For FY2026, ASP Isotopes guides PET Labs revenue ~14 $ million (initiated). 15
ProfitabilityASP Isotopes recorded an operating loss of 34.2 million in Q2 2026, with elevated selling, general and administrative expenses and research and development costs reflecting the company's acquisition-driven expansion 16. The quarterly net loss was lower than the 75.2 million recorded in Q2 2025 16. Free cash outflow was 27.4 million, comprising an operating cash outflow of 23.3 million and capital expenditures of 4.1 million.
LeverageAs of June 30, 2026, ASP Isotopes held cash and cash equivalents of 219.6 million alongside short-term investments of $35.3 million 16. Net debt stood at 38.3 million, with the fair value of convertible notes payable increasing to approximately $203.4 million as of June 30, 2026 from $199.3 million at December 31, 2025 16. No net-debt-to-EBITDA ratio is derivable from the inputs given the company's pre-profitability stage.
RecurringASP Isotopes' radiopharmaceutical segment generates ongoing product revenue through distribution subsidiaries PET Labs, ECNP, and Numed, primarily serving South African markets 16. Product revenue from this segment reached $4.5 million in Q2 2026, compared to $1.2 million in Q2 2025 16. Revenue recognized from radiopharmaceutical operations totaled $7.3 million for the six months ended June 30, 2026, compared to $2.3 million in the prior-year period 16.
Management viewASP Isotopes announced a TerraPower Loan Agreement for up to $22.0 million to finance construction of a uranium enrichment facility capable of producing HALEU in South Africa 16. ASP Isotopes holds a memorandum of understanding with the South African Nuclear Energy Corporation (Necsa) for collaboration on the commercial production of advanced nuclear fuels 16. The Virginia Gas Project Phase 2 development has been identified as a planned milestone for the helium and LNG segment established through the January 2026 Renergen acquisition 16.
ChangeSelling, general and administrative expenses increased to $50.1 million for H1 2026 from $18.4 million in H1 2025, driven by higher personnel costs, professional fees, and facility expenses related to the Renergen and ECNP acquisitions 16. Research and development expenses increased to $12.1 million for H1 2026 from $2.4 million in H1 2025, primarily reflecting higher personnel costs, manufacturing engineering expenses, and contract services 16. Discontinued operations generated income of $0.2 million for the six months ended June 30, 2026, primarily from the gain on deconsolidation of Skyline Builders Group Holding Limited, which was completed in March 2026 16.
Risks (current)ASP Isotopes carries ongoing net losses, with $60.7 million from continuing operations for the six months ended June 30, 2026, and faces extensive costs, time, and uncertainty associated with commercializing its enrichment technologies 16. Subsidiary Tetra4 is in default on certain DFC Credit Facility operating covenants and not in compliance with IDC Loan covenants effective February 15, 2026, with a waiver expected; the SBSA Loan is also subject to past default events, with discussions ongoing to extend the repayment date to August 15, 2027 16. Renergen and AIRSOL are in a legal dispute over $7.0 million in unsecured convertible debentures, and the ENDRA Merger is subject to multiple closing conditions outside the parties' control, including stockholder and regulatory approvals 16.
New this reporting periodASP Isotopes entered the ENDRA Merger Agreement on June 25, 2026, the terms of which include a $50 million Noble Investment and a planned separation of the QLE segment 16. The merger is subject to closing conditions including ENDRA stockholder approval, a minimum cash requirement of $3.8 million for ENDRA, and DFC written consent regarding Tetra4's finance agreement 16. No other M&A transactions closed within Q2 2026; the Renergen and Numed acquisitions and the Skyline Builders deconsolidation were all completed in Q1 2026 16.
ASP Isotopes Stock: Key Figures ($ million)
Revenue, margin, earnings and EPS of ASP Isotopes per fiscal year, half-year and quarter in $ million, as of Q2 2026, as reported in the filing; restatements show the most recent filing version. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Revenue ($ million) · annual basis, as reported
Net income ($ million) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($ million) · annual basis, as reported
Revenue ($ million) · quarterly basis, as reported
Net income ($ million) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($ million) · quarterly basis, as reported
Cash ($ million) · annual basis, as reported
Debt ($ million) · annual basis, as reported
Net Debt ($ million) · annual basis, as reported
Capex ($ million) · annual basis, as reported
FCF ($ million) · annual basis, as reported
Cash ($ million) · quarterly basis, as reported
Debt ($ million) · quarterly basis, as reported
Net Debt ($ million) · quarterly basis, as reported
Capex ($ million) · quarterly basis, as reported
FCF ($ million) · quarterly basis, as reported
D&A ($ million) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2021 is on record.
Fiscal years
Amounts in $ million · EPS in $ per share · as reported
| Period | Revenue | Op. income | Net income | EPS ($) | OCF | Source |
|---|---|---|---|---|---|---|
| FY2025 | 23.8 | -59.9 | -159.8 | -2.11 | -37.8 | 13 |
| FY2024 | 4.1 | -26.4 | -32.4 | -0.63 | -16.7 | 9 |
| FY2023 | 0.4 | -16 | -16.3 | -0.49 | -5.4 | 5 |
Quarters
Amounts in $ million · EPS in $ per share · as reported
| Period | Published | Revenue | Op. income | Net income | EPS ($) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-08-04 | 5.1 | -34.2 | -34 | -0.27 | -27.4 | 219.6 | 38.3 | 15 |
| 2026-Q1* | 2026-05-20 | 4.2 | -24.9 | -7.1 | -0.06 | -23.9 | 207.3 | 45.8 | 14 |
| 2025-Q4* | 2026-04-10 | 16.7 | -25 | -63.5 | -0.84*≈ | -20.2 | 279.6 | -79.7 | 13 |
| 2025-Q3* | 2025-11-19 | 4.9 | -15 | -12.9 | -0.15 | -12 | 113.9 | -3.5 | 112 |
| 2025-Q2* | 2025-08-14 | 1.2 | -12 | -75.2 | -1.03 | -9.7 | 67.7 | 30.5~ | 11 |
| 2025-Q1* | 2025-05-20 | 1.1 | -8 | -8.5 | -0.12 | -5.5 | 56 | -21.6~ | 10 |
| 2024-Q4* | 2025-03-31 | 1.2 | -7.6 | -9.2 | -0.18*≈ | -5.1 | 61.9 | -27.5 | 9 |
| 2024-Q3* | 2024-11-19 | 1.1 | -5.4 | -7.3 | -0.12 | -9.3 | 51.6 | -19.8~ | 8 |
| 2024-Q2* | 2024-08-19 | 1 | -7.5 | -8.9 | -0.24 | -7.7 | 28.3 | 0.8~ | 7 |
| 2024-Q1* | 2024-05-15 | 0.8 | -5.8 | -7 | -0.16 | -4.2 | 23.9 | -1.9~ | 6 |
| 2023-Q4* | 2024-04-10 | 0.4 | -4 | -4.2 | -0.12*≈ | -3.2 | 7.9 | -7.9~ | 5 |
| 2023-Q3* | 2023-11-14 | 0 | -3.9 | -4.2 | -0.14 | -1.3 | 2.3 | – | 4 |
| 2023-Q2* | 2023-08-14 | 0 | -4.3 | -4.3 | -0.13*≈ | -1.4 | 3.6 | – | 3 |
| 2023-Q1* | 2023-05-19 | 0 | -3.7 | -3.6 | -0.11*≈ | -1.8 | 5.1 | – | 2 |
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income (adj.), EBITDA (adj.), EPS adj. (not reported in any source for these periods).
ASP Isotopes Balance Sheet & Cash Flow ($ million)
NadirAlpha places cash, debt, operating cash flow and investments of ASP Isotopes side by side per period, balance sheet values as of the period end, flow items for the period. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
Amounts in $ million · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-04-10 | 279.6 | 199.9 | -79.7 | 1.9 | -37.8 | 9.7 | -47.4 | 13 |
| FY2024 | 2025-03-31 | 61.9 | 34.4 | -27.5 | 0.5 | -16.7 | 9.7 | -26.4 | 9 |
| FY2023 | 2024-04-10 | 7.9 | 0~ | -7.9~ | – | -5.4 | 2.3 | -7.7 | 5 |
Quarters
Amounts in $ million · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-08-14 | 219.6 | 257.9 | 38.3 | 1.2 | -23.3 | 4.1 | -27.4 | 16 |
| 2026-Q1 | 2026-05-20 | 207.3 | 253.2 | 45.8 | 3.1 | -17.8 | 6.1 | -23.9 | 14 |
| 2025-Q4 | 2026-04-10 | 279.6 | 199.9 | -79.7 | 0.9 | -17.9 | 2.4 | -20.2 | 13 |
| 2025-Q3 | 2025-11-19 | 113.9 | 110.4 | -3.5 | 0.3 | -8.9 | 3.1 | -12 | 112 |
| 2025-Q2 | 2025-08-14 | 67.7 | 98.1~ | 30.5~ | 0.5 | -7.9 | 1.8 | -9.7 | 11 |
| 2025-Q1 | 2025-05-20 | 56 | 34.4~ | -21.6~ | 0.1 | -3.2 | 2.3 | -5.5 | 10 |
| 2024-Q4 | 2025-03-31 | 61.9 | 34.4 | -27.5 | 0 | -3.8 | 1.3 | -5.1 | 9 |
| 2024-Q3 | 2024-11-19 | 51.6 | 31.8~ | -19.8~ | – | -4.8 | 4.5 | -9.3 | 8 |
| 2024-Q2 | 2024-08-19 | 28.3 | 29.1~ | 0.8~ | – | -5.1 | 2.6 | -7.7 | 7 |
| 2024-Q1 | 2024-05-15 | 23.9 | 22~ | -1.9~ | – | -3 | 1.2 | -4.2 | 6 |
| 2023-Q4 | 2024-04-10 | 7.9 | 0~ | -7.9~ | – | -2.1 | 1.1 | -3.2 | 5 |
| 2023-Q3 | 2023-11-14 | 2.3 | – | – | – | -0.7 | 0.7 | -1.3 | 4 |
| 2023-Q2 | 2023-08-14 | 3.6 | – | – | – | -1.3 | 0.1 | -1.4 | 3 |
| 2023-Q1 | 2023-05-19 | 5.1 | – | – | – | -1.4 | 0.4 | -1.8 | 2 |
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
ASP Isotopes Guidance Tracking (latest per metric/period · 1/1)
What ASP Isotopes guided for Q2 2026 and beyond and whether the targets were met; ranges count as met when the actual lies within. NadirAlpha methodology
Direction: initiated Verdict: pending
| For period | Guided on | Metric | Guided | Verdict | Direction | Source |
|---|---|---|---|---|---|---|
| FY2026 | 2026-08-04 | PET Labs revenue | ~14 | 15 |
ASP Isotopes Stock: Price & Chart
Interactive price chart of ASP Isotopes stock (TradingView) and the trend of key figures from the core tables; the chart loads only after a click and then connects to TradingView. NadirAlpha methodology
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ASP Isotopes Event Timeline
This timeline collects the material events of ASP Isotopes from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements, grouped by quarter. NadirAlpha methodology
Overview: one dot per event · click jumps to the period
2026 · 11 events
Revenue accelerating 2026-08-14
ASP Isotopes reported Q2 2026 revenue of 5.1 million versus $1.2 million in Q2 2025; six-month revenue reached $9.3 million from $2.3 million in H1 2025 16
ASP Isotopes reported Q2 2026 revenue of 5.1 million versus $1.2 million in Q2 2025; six-month revenue reached $9.3 million from $2.3 million in H1 2025 16
Strategic pivot 2026-08-14
ASP Isotopes entered ENDRA Merger Agreement on June 25, 2026 with $50 million Noble Africa investment, planning a Nasdaq-listed helium entity and separation of QLE 16
ASP Isotopes entered ENDRA Merger Agreement on June 25, 2026 with $50 million Noble Africa investment, planning a Nasdaq-listed helium entity and separation of QLE 16
Partnership 2026-08-04
QLE executed Pre-Implementation Services Contract with South African Nuclear Energy Corporation (Necsa) for HALEU collaboration and received authorization for enrichment-related activities 15
QLE executed Pre-Implementation Services Contract with South African Nuclear Energy Corporation (Necsa) for HALEU collaboration and received authorization for enrichment-related activities 15
earnings 2026-04-10
Net loss increased to $175.1M from $35.1M in 2024; primary driver was a $123.7M non-cash change in fair value of convertible notes payable, not operational deterioration 13
Net loss increased to $175.1M from $35.1M in 2024; primary driver was a $123.7M non-cash change in fair value of convertible notes payable, not operational deterioration 13
Revenue accelerating 2026-04-10
Full-year revenue grew to $23.8M from $4.1M in 2024, primarily from Skyline construction services contributions and PET/SPECT medical dose sales 13
Full-year revenue grew to $23.8M from $4.1M in 2024, primarily from Skyline construction services contributions and PET/SPECT medical dose sales 13
Acquisition 2026-04-10
Renergen acquisition completed January 6, 2026 for 14.27M common shares, adding South Africa's leading onshore natural gas explorer and first integrated liquid helium and LNG producer as a wholly owned subsidiary 13
Renergen acquisition completed January 6, 2026 for 14.27M common shares, adding South Africa's leading onshore natural gas explorer and first integrated liquid helium and LNG producer as a wholly owned subsidiary 13
revenue 2026-05-20
ASP Isotopes posted Q1 2026 revenue of 4.2 million against $1.1 million in Q1 2025, primarily reflecting the Renergen and Numed acquisitions 14
ASP Isotopes posted Q1 2026 revenue of 4.2 million against $1.1 million in Q1 2025, primarily reflecting the Renergen and Numed acquisitions 14
Divestiture 2026-05-20
QLE deconsolidated Skyline through Securities Exchange Agreement effective March 29, 2026, retaining approximately 8.6% equity stake 14
QLE deconsolidated Skyline through Securities Exchange Agreement effective March 29, 2026, retaining approximately 8.6% equity stake 14
Acquisition 2026-05-20
ASP Isotopes completed acquisition of Renergen in January 2026, adding South Africa's leading onshore helium and LNG producer as a new segment 14
ASP Isotopes completed acquisition of Renergen in January 2026, adding South Africa's leading onshore helium and LNG producer as a new segment 14
Net cash to net debt 2026-05-20
Net debt position flipped (-79.7 to +USD 45.8 million vs 2025-Q4). 14
Net debt position flipped (-79.7 to +USD 45.8 million vs 2025-Q4). 14
Revenue decelerating 2026-05-20
Revenue growth decelerated to +281.8% YoY (prior period +1291.7%). 14
Revenue growth decelerated to +281.8% YoY (prior period +1291.7%). 14
2025 · 11 events
Revenue accelerating 2026-04-10
Revenue growth accelerated to +1291.7% YoY (prior period +345.5%). 13
Revenue growth accelerated to +1291.7% YoY (prior period +345.5%). 13
Net cash build 2026-04-10
Net cash position expanded to USD 79.7 million from USD 3.5 million in 2025-Q3 (+2177%, derived from reported financial debt minus cash). 13
Net cash position expanded to USD 79.7 million from USD 3.5 million in 2025-Q3 (+2177%, derived from reported financial debt minus cash). 13
financials 2025-11-19
Two registered direct offerings raised approximately $103.1M in net proceeds ($46.8M in June and $56.3M in July 2025), shifting the balance sheet from net debt to a net cash position 12
Two registered direct offerings raised approximately $103.1M in net proceeds ($46.8M in June and $56.3M in July 2025), shifting the balance sheet from net debt to a net cash position 12
Acquisition 2025-11-19
Acquired 79% controlling interest in Skyline Builders Group Holding Limited in August 2025 for $2.5M, adding a Construction Services segment; Skyline generated $3.6M in Q3 2025 revenue 12
Acquired 79% controlling interest in Skyline Builders Group Holding Limited in August 2025 for $2.5M, adding a Construction Services segment; Skyline generated $3.6M in Q3 2025 revenue 12
Strategic pivot 2025-11-19
Board announced intent to separate Nuclear Fuels business and Specialist Isotopes business into two independent public companies; QLE confidentially submitted draft Form S-1 to SEC in November 2025 for proposed IPO 12
Board announced intent to separate Nuclear Fuels business and Specialist Isotopes business into two independent public companies; QLE confidentially submitted draft Form S-1 to SEC in November 2025 for proposed IPO 12
New market 2025-05-20
Multi-isotope and laser isotope separation plants completed March 2025 in Pretoria, South Africa, advancing commercial enriched isotope production readiness 10
Multi-isotope and laser isotope separation plants completed March 2025 in Pretoria, South Africa, advancing commercial enriched isotope production readiness 10
New market 2025-05-20
TerraPower $22.0M term loan agreement and two HALEU supply agreements executed: initial core supply for Natrium project and 10-year agreement for up to 150 metric tons commencing 2028 through 2037 10
TerraPower $22.0M term loan agreement and two HALEU supply agreements executed: initial core supply for Natrium project and 10-year agreement for up to 150 metric tons commencing 2028 through 2037 10
Acquisition 2025-05-20
Firm Intention Letter signed May 19, 2025 to acquire 100% of Renergen Limited shares in exchange for company shares; $30.0M loan provided to Renergen for operations 10
Firm Intention Letter signed May 19, 2025 to acquire 100% of Renergen Limited shares in exchange for company shares; $30.0M loan provided to Renergen for operations 10
2024 · 11 events
New market 2024-11-19
Memorandum of understanding signed with South African Nuclear Energy Corporation (Necsa) in November 2024 to collaborate on research, development and commercial production of advanced nuclear fuels (8)
Memorandum of understanding signed with South African Nuclear Energy Corporation (Necsa) in November 2024 to collaborate on research, development and commercial production of advanced nuclear fuels (8)
New market 2024-11-19
First semi-finished material of enriched Yb-176 produced during quantum enrichment facility commissioning phase in October 2024 (8)
First semi-finished material of enriched Yb-176 produced during quantum enrichment facility commissioning phase in October 2024 (8)
New market 2024-11-19
Term sheet entered with TerraPower in October 2024 for funding of HALEU production facility and 10-year offtake agreement, with facility completion anticipated in 2027 (8)
Term sheet entered with TerraPower in October 2024 for funding of HALEU production facility and 10-year offtake agreement, with facility completion anticipated in 2027 (8)
New market 2024-11-19
Quantum enrichment facility for Yb-176 completed construction in Pretoria in August 2024 and entered commissioning phase (8)
Quantum enrichment facility for Yb-176 completed construction in Pretoria in August 2024 and entered commissioning phase (8)
Net debt to net cash ◦ 2024-11-19
Public offering of 13.8 million shares at $2.50 per share raised $34.5 million gross ($32.3 million net), shifting balance sheet from net debt of $0.8 million at Q2-end to net cash of $19.8 million at Q3-end (8)
Public offering of 13.8 million shares at $2.50 per share raised $34.5 million gross ($32.3 million net), shifting balance sheet from net debt of $0.8 million at Q2-end to net cash of $19.8 million at Q3-end (8)
Revenue accelerating ◦ 2025-03-31
Purchase orders for highly enriched Silicon-28 executed in April and June 2024 with a US semiconductor company and a global industrial gas company (9)
Purchase orders for highly enriched Silicon-28 executed in April and June 2024 with a US semiconductor company and a global industrial gas company (9)
New market 2024-11-19
Carbon-14 enrichment plant in Pretoria completed June 2024; depreciation commenced July 2024 (8)
Carbon-14 enrichment plant in Pretoria completed June 2024; depreciation commenced July 2024 (8)
Revenue accelerating ◦ 2024-04-10
Signed multi-year supply agreements establishing forward revenue commitments: C-14 tolling at minimum ~$2.5M annual take-or-pay with a North American customer (completed March 2023), highly enriched metal at $9.0M/year with a U.S. customer (effective 2024), and Mo-100 with Beijing BRICEM at up to $27.0M/year over 25 years 5
Signed multi-year supply agreements establishing forward revenue commitments: C-14 tolling at minimum ~$2.5M annual take-or-pay with a North American customer (completed March 2023), highly enriched metal at $9.0M/year with a U.S. customer (effective 2024), and Mo-100 with Beijing BRICEM at up to $27.0M/year over 25 years 5
Revenue accelerating ◦ 2024-05-15
First revenue recognized from PET Labs Pharmaceuticals nuclear medical dose sales in Q1 2024 following October 2023 acquisition of 51% stake; no prior-year comparable revenue (6)
First revenue recognized from PET Labs Pharmaceuticals nuclear medical dose sales in Q1 2024 following October 2023 acquisition of 51% stake; no prior-year comparable revenue (6)
financials 2024-05-15
Quantum Leap Energy subsidiary received $20.55 million gross proceeds from Convertible Promissory Notes at 6% interest maturing March 2029, supporting a net cash position of $1.9 million at March 31, 2024 (6)
Quantum Leap Energy subsidiary received $20.55 million gross proceeds from Convertible Promissory Notes at 6% interest maturing March 2029, supporting a net cash position of $1.9 million at March 31, 2024 (6)
Strategic pivot 2024-05-15
Company reorganized into two operating segments effective beginning of 2024: nuclear fuels (Quantum Leap Energy) and specialist isotopes and related services (6)
Company reorganized into two operating segments effective beginning of 2024: nuclear fuels (Quantum Leap Energy) and specialist isotopes and related services (6)
2023 · 8 events
Acquisition 2024-04-10
Acquired 51% controlling interest in PET Labs Pharmaceuticals for total consideration of $2.0M ($500,000 initial payment, $1,500,000 deferred); began recognizing first commercial revenue from nuclear medical imaging doses in South Africa as of October 31, 2023 5
Acquired 51% controlling interest in PET Labs Pharmaceuticals for total consideration of $2.0M ($500,000 initial payment, $1,500,000 deferred); began recognizing first commercial revenue from nuclear medical imaging doses in South Africa as of October 31, 2023 5
New market 2024-04-10
Formed Quantum Leap Energy LLC subsidiary in September 2023 to focus on development and commercialization of advanced nuclear fuels, including HALEU, with belief that commercial quantities can be produced by 2027 using Quantum Enrichment technology 5
Formed Quantum Leap Energy LLC subsidiary in September 2023 to focus on development and commercialization of advanced nuclear fuels, including HALEU, with belief that commercial quantities can be produced by 2027 using Quantum Enrichment technology 5
earnings 2023-11-14
Net loss widened to $12.1M for the nine months ended September 30, 2023, compared to $3.6M for the same period in 2022, with general and administrative expenses increasing to $11.3M from $2.4M 4
Net loss widened to $12.1M for the nine months ended September 30, 2023, compared to $3.6M for the same period in 2022, with general and administrative expenses increasing to $11.3M from $2.4M 4
Net debt to net cash ◦ 2023-11-14
Issued 9,952,510 shares in October 2023 for aggregate cash consideration of $9.1M from institutional investors and directors, substantially replenishing cash from $2.3M at September 30, 2023 4
Issued 9,952,510 shares in October 2023 for aggregate cash consideration of $9.1M from institutional investors and directors, substantially replenishing cash from $2.3M at September 30, 2023 4
Margin compressing 2023-08-14
General and administrative expenses rose to $7.6M for H1 2023 from $1.2M in H1 2022, primarily due to increased personnel-related and professional services costs, driving net loss to $7.9M for the six months ended June 30, 2023 versus $1.7M in the prior-year period 3
General and administrative expenses rose to $7.6M for H1 2023 from $1.2M in H1 2022, primarily due to increased personnel-related and professional services costs, driving net loss to $7.9M for the six months ended June 30, 2023 versus $1.7M in the prior-year period 3
Strategic pivot 2023-08-14
Acquired Klydon intellectual property and assets on April 4, 2023 under the Acknowledgement of Debt Agreement, settling all amounts due and completing the asset transfer 3
Acquired Klydon intellectual property and assets on April 4, 2023 under the Acknowledgement of Debt Agreement, settling all amounts due and completing the asset transfer 3
Strategic pivot 2023-05-19
Klydon failed to complete its obligations under the Turnkey Contract by December 31, 2022; company perfected interests in Klydon pledged assets on April 4, 2023 in response 2
Klydon failed to complete its obligations under the Turnkey Contract by December 31, 2022; company perfected interests in Klydon pledged assets on April 4, 2023 in response 2
Net debt to net cash ◦ 2023-05-19
Issued 3,164,557 shares at $1.58/share for gross proceeds of $5.0M in March 2023; as of March 31, 2023, existing cash of $5.1M was estimated insufficient to fund operations for at least the next 12 months without additional financing 2
Issued 3,164,557 shares at $1.58/share for gross proceeds of $5.0M in March 2023; as of March 31, 2023, existing cash of $5.1M was estimated insufficient to fund operations for at least the next 12 months without additional financing 2
ASP Isotopes Business Model
How ASP Isotopes (ASPI) makes its money, summarised from the filings up to Q2 2026, neutral and without forecast. NadirAlpha methodology
ASP Isotopes Inc. develops and commercializes isotope enrichment technologies and operates across three segments: radiopharmaceuticals, uranium enrichment, and helium and LNG. The radiopharmaceutical segment generates product revenue through subsidiaries PET Labs (51% owned, acquired October 2023), ECNP (100% owned, acquired October 2025), and Numed (60% owned, acquired January 2026), distributing nuclear medicine products primarily in South Africa. The uranium enrichment segment is developing proprietary aerodynamic separation process technology to produce isotopes including HALEU for advanced nuclear reactors, supported by a planned 10-year supply agreement with TerraPower and backed by a TerraPower Loan Agreement of up to $22.0 million for facility construction. The helium and LNG segment was established through the January 2026 acquisition of Renergen, which gave the company indirect 94.5% equity ownership in Tetra4, a South African onshore natural gas explorer and integrated producer of liquid helium and LNG. Revenue to date is concentrated in radiopharmaceuticals, while uranium enrichment and helium and LNG operations remain in early commercialization or development stages.
ASP Isotopes Stock: Share-Price Drivers
What determines the business trajectory of ASP Isotopes according to management, summarised from the reports up to Q2 2026. NadirAlpha methodology
Commercialisation of enriched isotope production (Silicon-28, Carbon-14, Ytterbium-176)
ASP Isotopes has brought its Silicon-28, Carbon-14 and Ytterbium-176 enrichment facilities into commercial production and begun initial commercial shipments, which is lifting quarterly revenue to 5.1 million in 2026-Q2 and is the main lever that would move the company from a pre-commercial loss position toward recurring sales 14.
ASP Isotopes has brought its Silicon-28, Carbon-14 and Ytterbium-176 enrichment facilities into commercial production and begun initial commercial shipments, which is lifting quarterly revenue to 5.1 million in 2026-Q2 and is the main lever that would move the company from a pre-commercial loss position toward recurring sales 14.
Enriched isotope commercial shipments (Si-28, C-14, Yb-176)
ASP Isotopes reports that its Silicon-28 and Carbon-14 enrichment facilities reached commercial production, with initial commercial shipments of Silicon-28, Carbon-14 and Ytterbium-176 scheduled around mid-2026 to Q3 2026 14; group revenue rose to 5.1 million in 2026-Q2 from 1.2 million a year earlier, and growth is described as accelerating.
ASP Isotopes reports that its Silicon-28 and Carbon-14 enrichment facilities reached commercial production, with initial commercial shipments of Silicon-28, Carbon-14 and Ytterbium-176 scheduled around mid-2026 to Q3 2026 14; group revenue rose to 5.1 million in 2026-Q2 from 1.2 million a year earlier, and growth is described as accelerating.
Quantum Leap Energy spin-off and nuclear fuels (HALEU) programme
ASP Isotopes plans to list Quantum Leap Energy as a separate public company and is advancing a HALEU enrichment facility underpinned by a TerraPower term sheet and a Necsa collaboration; the QLE IPO and HALEU facility construction remain in the planned stage 13.
ASP Isotopes plans to list Quantum Leap Energy as a separate public company and is advancing a HALEU enrichment facility underpinned by a TerraPower term sheet and a Necsa collaboration; the QLE IPO and HALEU facility construction remain in the planned stage 13.
Renergen acquisition adding helium and LNG
ASP Isotopes completed the Renergen acquisition, adding a Helium and LNG segment and the Virginia Gas Project, with helium liquefaction at Virginia planned for H2 2026 16; the new segment broadens revenue beyond enriched isotopes 14.
ASP Isotopes completed the Renergen acquisition, adding a Helium and LNG segment and the Virginia Gas Project, with helium liquefaction at Virginia planned for H2 2026 16; the new segment broadens revenue beyond enriched isotopes 14.
Nuclear medicine footprint (East Coast Nuclear Pharmacy, ENDRA)
ASP Isotopes acquired East Coast Nuclear Pharmacy in October 2025 14 and has a planned ENDRA merger 16, extending the company toward downstream nuclear and medical isotope applications; both remain early-stage.
ASP Isotopes acquired East Coast Nuclear Pharmacy in October 2025 14 and has a planned ENDRA merger 16, extending the company toward downstream nuclear and medical isotope applications; both remain early-stage.
Capital intensity and operating losses
ASP Isotopes remains loss-making while it builds out enrichment capacity, posting an operating loss of 34.2 million and a free cash outflow of 27.4 million in 2026-Q2; cash stood at 219.6 million, down from 279.6 million at the end of 2025-Q4, keeping funding of the facility programme a central consideration.
ASP Isotopes remains loss-making while it builds out enrichment capacity, posting an operating loss of 34.2 million and a free cash outflow of 27.4 million in 2026-Q2; cash stood at 219.6 million, down from 279.6 million at the end of 2025-Q4, keeping funding of the facility programme a central consideration.
Sector trend: ASP Isotopes operates in enriched isotope and advanced nuclear fuel markets where demand indicators point higher: management is scaling Silicon-28 (semiconductor), Carbon-14 and Ytterbium-176 (medical and quantum) output and advancing HALEU for advanced reactors through the TerraPower and Necsa arrangements 13, 14. Facility utilisation is still ramping from a low base, so segment margins remain negative during the build-out phase even as shipment volumes begin.
ASP Isotopes Revenue by Type (as of 2026-Q2 · USD million · 3/3)
The segments of ASP Isotopes in the company's own definition, each row with its basis (3, 6 or 12 months), rows in grey are no longer reported separately. NadirAlpha methodology
| Segment | Since | Revenue | Source |
|---|---|---|---|
| Period 2026-Q1 (3M) | |||
| Helium and LNG | 2026-Q1 | 0.6 | 14 |
| Nuclear fuels | 2024-Q1 | – | 14 |
| Period FY2025 (12M?) | |||
| Construction services | 2025-Q3 | 18.2 | 13 |
ASP Isotopes Products & announcements (62/101 active+recent)
Product announcements of ASP Isotopes from the reports: market launches, approvals, partnerships, with first mention and source; discontinued products are shown in grey. NadirAlpha methodology
Status: PlannedLaunched
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2028 | |||
| TerraPower 10-year HALEU supply agreement (up to 150 metric tons) | 2028-01 | 16 | |
| 2027 | |||
| Alpa Theranostics clinical trial initiation | 2027-06 | 15 | |
| Uranium enrichment facility construction and HALEU commercial production | 2027 | 9 | |
| TerraPower HALEU production facility construction | 2027 | 9 | |
| Quantum Leap Energy Uranium Enrichment Facility | 2027 | 5 | |
| HALEU production facility construction at Pelindaba, South Africa | 2027 | 12 | |
| HALEU production facility construction | 2027 | 8 | |
| HALEU production facility completion at Pelindaba | 2027 | 14 | |
| HALEU production facility completion | 2027 | 9 | |
| HALEU Commercial Production | 2027 | 5 | |
| 2026 | |||
| Ytterbium-176 continuous processing enhancements | 2026-12 | 15 | |
| Silicon-28 enriched product initial shipments | 2026-12 | 15 | |
| Renergen resource estimate update completion | 2026-12 | 15 | |
| Renergen Phase 2 construction commencement | 2026-12 | 15 | |
| Renergen Phase 1 completion and production ramp-up | 2026-12 | 15 | |
| QLE uranium enrichment test-bench commissioning | 2026-12 | 15 | |
| QLE lithium enrichment equipment procurement | 2026-12 | 15 | |
| Liquefaction of helium process at Renergen Virginia Gas Project | 2026-12 | 14 | |
| Carbon-14 commercial enrichment commencement | 2026-12 | 15 | |
| Carbon-12 first sample shipments | 2026-12 | 15 | |
| Yb-176 enriched isotope commercial shipments | 2026-09 | 13 | |
| Yb-176 commercial shipments | 2026-09 | 14 | |
| TerraPower uranium enrichment facility construction | 2026-09 | 13 | |
| Renergen helium production commencement | 2026-09 | 15 | |
| Reemag subscription tranches | 2026-09 | 13 | |
| Initial commercial shipments of enriched Carbon-14 | 2026-09 | 14 | |
| Initial commercial shipments of Ytterbium-176 | 2026-09 | 14 | |
| C-14 commercial shipments | 2026-09 | 14 | |
| University of Bristol lithium laser research facility design | 2026-06 | 13 | |
| TerraPower HALEU supply agreement (initial core) | 2026-06 | 16 | |
| Si-28 enriched isotope commercial shipments | 2026-06 | 13 | |
| Si-28 commercial shipments | 2026-06 | 14 | |
| PET Labs radiopharmaceutical capacity expansion | 2026-06 | 15 | |
| First commercial batch of enriched C-14 shipment | 2026-06 | 12 | |
| Commercial shipment of Yb-176 | 2026-06 | 12 | |
| Commercial quantities of enriched Yb-176 shipment | 2026-06 | 12 | |
| First commercial batch of enriched Si-28 shipment | 2026-03 | 12 | |
| Skyline Series B Convertible Preferred Shares offering | 2026-02 | 13 | |
| Necsa Services Contract for uranium enrichment facility | 2026-02 | 13 | |
| TerraPower HALEU facility construction | 2026 | 13 | |
| Initial commercial shipments of enriched Silicon-28 | 2026 | 14 | |
| C-14 enriched isotope commercial shipments | 2026 | 13 | |
| 2025 | |||
| Proposed separation of QLE as independent public company | 2025-12 | 12 | |
| First commercial batch of enriched C-12 shipment | 2025-12 | 12 | |
| Planned listing of QLE as standalone public company | 2025-09 | 12 | |
| Ytterbium-176 enrichment facility commercial production | 2025-06 | 9 | |
| Yb-176 commercial production commencement | 2025-06 | 9 | |
| Silicon-28 enrichment facility commercial production | 2025-06 | 9 | |
| Silicon-28 commercial production | 2025-06 | 9 | |
| First commercial batch of enriched Carbon-14 | 2025-06 | 9 | |
| TerraPower HALEU Facility Supply Agreement | 2025-05 | 12 | |
| TerraPower 10-Year HALEU Supply Agreement | 2025-05 | 12 | |
| Renergen Exploration Rights amendment approval | 2025-05 | 13 | |
| Multi-isotope enrichment plant | 2025-03 | 10 | |
| Laser isotope separation plant (Quantum Enrichment technology) | 2025-03 | 10 | |
| Carbon-14 enrichment facility commercial production | 2025-03 | 9 | |
| C-14 commercial supply | 2025-03 | 8 | |
| Si-28 initial commercial supply | 2025-01 | 8 | |
| Yb-176 commercial sale | 2025 | 8 | |
| Nickel-64 quantum enrichment plant construction (3x) | 2025 | 8 | |
| First commercial batches of enriched Carbon-14 shipping | 2025 | 9 | |
| 2023 | |||
| C-14 enrichment plant commissioning | 2023 | 8 | |
| 2026 | |||
| Renergen Phase 2 Virginia Gas Project (3×) | 2026-06 | 13 | |
| 2025 | |||
| QLE IPO (4×) | 2025-12 | 13 | |
| Si-28 commercial supply initiation | 2025 | 8 | |
| 2024 | |||
| Yb-176 first commercial production | 2024-12 | 7 | |
| Quantum enrichment facility construction completion | 2024-12 | 7 | |
| C-14 enrichment plant commercial supply initiation | 2024-12 | 7 | |
| Public offering (2.75M shares at $6.75) | 2024-11 | 8 | |
| Warrant exercise (151,741 shares) | 2024-10 | 8 | |
| Terraria TerraPower term sheet execution | 2024-10 | 13 | |
| TerraPower term sheet for HALEU facility funding | 2024-10 | 9 | |
| Multi-isotope plant construction (Pretoria) (2×) | 2024-09 | 8 | |
| Public offering (13.8M shares at $2.50) | 2024-07 | 8 | |
| Multi-isotope enrichment plant commissioning | 2024-06 | 8 | |
| Multi-Isotope Enrichment Plant Completion and Commissioning | 2024-06 | 8 | |
| Carbon-14 plant | 2024-06 | 8 | |
| Carbon-14 enrichment plant | 2024-06 | 10 | |
| Warrant exercise (3,164,557 shares) | 2024-04 | 8 | |
| Warrant exercise | 2024-04 | 5 | |
| U.S. semiconductor company purchase order for Silicon-28 (2×) | 2024-04 | 9 | |
| U.S. Customer Highly Enriched Metal Supply | 2024 | 5 | |
| Si-28 enrichment facility commissioning | 2024 | 9 | |
| Quantum Enrichment technology uranium enrichment program | 2024 | 9 | |
| C-14 enrichment facility commissioning | 2024 | 9 | |
| C-14 Enrichment Production Start | 2024 | 5 | |
| ASP Technology isotope enrichment facility construction | 2024 | 9 | |
| 2023 | |||
| Molybdenum-100 enrichment plant construction (4×) | 2023-12 | 4 | |
| Mo-100 commercial production first phase (5kg capacity) | 2023-12 | 2 | |
| U-235 commercialization using quantum enrichment | 2023-09 | 4 | |
| U-235 commercialization for HALEU applications | 2023-06 | 3 | |
| Second multi-isotope enrichment plant in Pretoria, South Africa (2×) | 2023-06 | 4 | |
| Mo-100 isotope commercialization | 2023-06 | 3 | |
| Mo-100 commercial sales (2×) | 2023-06 | 4 | |
| Canadian customer tolling agreement for C-14 production | 2023-06 | 9 | |
| U-235 enriched uranium commercialization | 2023-03 | 2 | |
| Private placement - 3,164,557 shares | 2023-03 | 3 | |
| Mo-100 production expansion to 20kg capacity | 2023-03 | 2 | |
| Ytterbium-176 enrichment facility construction | 2023 | 5 | |
| Canadian customer MOU for Deuterium and Tritium separation (2×) | 2023 | 9 | |
| 2022 | |||
| IPO of common stock | 2022-11 | 7 | |
ASP Isotopes Transactions & Events (31)
31 transactions and events of ASP Isotopes from the original reports, financing measures and management changes are not listed here, cancelled items in grey. NadirAlpha methodology
Acquisitions · 19Partnerships/contracts · 7Divestitures/exits · 1older: 4 (in the table)
Acquisitions by ASP Isotopes
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2027 | |||
| PET Labs remaining 49% ownership option (3×) | 2027-01 | Announced | 5 |
| 2026 | |||
| Noble Africa reverse merger with ENDRA | 2026-12 | Announced | 15 |
| ENDRA Merger | 2026-06 | Completed | 16 |
| Renergen acquisition including 94.5% equity ownership in Tetra4 | 2026-01 | Completed | 14 |
| Numed acquisition (2×) | 2026-01 | Completed | 16 |
| 2025 | |||
| One 30 Seven acquisition (3×) | 2025-10 | Completed | 12 |
| East Coast Nuclear Pharmacy acquisition | 2025-10 | Completed | 14 |
| ECNP acquisition | 2025-10 | Completed | 16 |
| Skyline deconsolidation (7×) | 2025-08 | Completed | 14 |
| Skyline acquisition (2×) | 2025-08 | Completed | 13 |
| IsoBio investment (4×) | 2025-07 | Completed | 14 |
| Renergen acquisition (3×) | 2025-05 | Completed | 16 |
| Proposed acquisition of 100% ownership of Renergen via Firm Intention Letter | 2025-05 | Announced | 12 |
| Firm Intention Letter with Renergen for share acquisition | 2025-05 | Completed | 10 |
| Equipment and motor vehicle loans entered into | 2025-03 | Completed | 10 |
| 2024 | |||
| TerraPower term sheet signed | 2024-10 | Announced | 10 |
| TerraPower term sheet for HALEU facility | 2024-10 | Completed | 9 |
| Quantum Leap Energy spin-out and public listing (3×) | 2024-09 | Completed | 12 |
| Acquisition of assets of Molybdos (Pty) Limited in business rescue auction | 2024-09 | Completed | 8 |
| 2023 | |||
| Klydon intellectual property acquisition (4×) | 2023-04 | Completed | 9 |
| PET Labs acquisition (11×) | 2023 | Completed | 9 |
| 2022 | |||
| Klydon Silicon-28 plant acquisition (2×) | 2022-07 | Completed | 7 |
| 2021 | |||
| Molybdos asset acquisition (2×) | 2021-10 | Completed | 9 |
Divestitures and exits by ASP Isotopes
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| Promissory note payable paid in full | 2025-04 | Divested | 10 |
Partnerships and contracts of ASP Isotopes
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| TerraPower HALEU facility financing and supply agreements | 2026-09 | Agreement | 14 |
| Commitments to South Africa Competition Commission: 2-year moratorium on retrenchments and HDP and Worker Trust establishment within 12 months | 2026-01 | Agreement | 16 |
| 2025 | |||
| Supply agreements with TerraPower for HALEU production | 2025-05 | Agreement | 10 |
| Exclusivity Agreement with Renergen | 2025-03 | Agreement | 10 |
| 2024 | |||
| Necsa memorandum of understanding for HALEU collaboration | 2024-11 | Agreement | 9 |
| Klydon ASP Technology License Agreement | 2024-02 | Agreement | 5 |
| EPC Services Framework Agreement with Quantum Leap Energy LLC | 2024-02 | Agreement | 5 |
ASP Isotopes Risks (203 since the annual report of 2026-04-10, 399 tracked in total)
Risk factors ASP Isotopes itself names in its reports, merged by topic across periods, with category, first mention and source; new risks of the latest period come first. NadirAlpha methodology
Category: FinancialCustomersSupply chainLegalRegulatoryTechnologyMacroStrategyGeopoliticsCompetitionMarketCyberESGPeople
| Risk | Category | Last reported |
|---|---|---|
| ASP Isotopes: first mention in 10-Q quarterly report of 2026-08-14 (2026-Q2), source 16 | ||
| Renergen and AIRSOL in legal dispute regarding repayment terms of $7.0 million unsecured convertible debentures. | = | |
| Net losses of $60.7 million from continuing operations in six months ended June 30, 2026 | = | |
| Tetra4 in default on DFC Credit Facility operating covenants regarding Servitude Security registration and audited financial statements delivery. | = | |
| Substantial additional financing may be required to support ongoing operations and Phase 2 Virginia Gas Project development estimated at approximately $1.16 billion. | = | |
| Tetra4 not in compliance with IDC Loan covenants (a)-(d) effective February 15, 2026; company expects to receive waiver. | = | |
| Material weaknesses identified in internal control over financial reporting as of June 30, 2026; disclosure controls and procedures not effective. | = | |
| SBSA Loan subject to past default events; DFC has provided waiver; discussions ongoing to extend repayment date to August 15, 2027. | = | |
| Ability to achieve sufficient market acceptance and adequate reimbursement from third-party payors for approved products remains uncertain. | = | |
| Unforeseen plant disruptions, operational issues and cost and availability of raw materials including current supply chain issues related to Virginia Gas Project. | = | |
| ENDRA Merger subject to multiple closing conditions outside parties' control including stockholder approval and regulatory approvals. | = | |
| If permits and licenses for U-235 enrichment are obtained (highly uncertain), commercial availability expected only after several years if ever. | = | |
| Uncertain timing and outcomes of regulatory review for future isotopes and helium/LNG production during Phase 2 of Virginia Gas Project. | = | |
| Company committed to 2-year retrenchment moratorium and HDP and Worker Trust implementation within 12 months of Renergen merger closing. | = | |
| Extensive costs, time and uncertainty associated with new technology development and commercialization | = | |
| Debt financing may involve covenants limiting ability to incur additional debt, make capital expenditures or declare dividends. | = | |
| Company dependent on continued funding and capital raising; convertible notes and term loans subject to various covenants and conditions. | = | |
| Adverse global economic conditions, credit market disruptions, volatile interest rates, inflation, and unemployment uncertainty may impair ability to raise additional capital. | = | |
| Potential litigation and arbitration in ordinary course of business with uncertain outcomes and defense costs. | = | |
| Company operates early-stage nuclear fuels and helium/LNG segments with significant ongoing losses and development activities. | = | |
| ASP Isotopes: first mention in 10-K annual report of 2026-04-10 (FY2025), source 13 | ||
| Revenues related to helium and LNG sales may vary significantly due to changes in production volumes and commodity prices; natural gas prices historically volatile. | 2026-Q2 2026-08-14 16 | |
| Four derivative actions filed against board members; plaintiffs seek damages, disgorgement, corporate governance reforms; two actions stayed as of July 2, 2026. | 2026-Q2 2026-08-14 16 | |
| Molopo Energy initiated legal proceedings against Tetra4 for alleged breach of loan agreement; matter not expected to reach hearing for 2-3 years. | 2026-Q2 2026-08-14 16 | |
| ASP Isotopes: first mention in 10-Q quarterly report of 2025-05-20 (2025-Q1), source 10 | ||
| Risks from economic downturn, inflation, tariffs and geopolitical events | 2026-Q2 2026-08-14 16 | |
| ASP Isotopes: first mention in 10-K annual report of 2025-03-31 (FY2024), source 9 | ||
| Dependence on limited number of third-party suppliers for components and contractors | 2026-Q2 2026-08-14 16 | |
| ASP Isotopes: first mention in 10-Q quarterly report of 2024-11-19 (2024-Q3), source 8 | ||
| Company requires regulatory approvals for enrichment of uranium and isotope production | 2026-Q2 2026-08-14 16 | |
| ASP Isotopes: first mention in 10-K annual report of 2024-04-10 (FY2023), source 5 | ||
| Financial markets and global economy may be adversely affected by current or anticipated military conflict impacts. | 2026-Q2 2026-08-14 16 | |
| ASP Isotopes: first mention in 10-Q quarterly report of 2023-08-14 (2023-Q2), source 3 | ||
| Company will need to continue raising capital through equity and debt financings to fund operations | 2026-Q2 2026-08-14 16 | |
| ASP Isotopes: first mention in 10-Q quarterly report of 2023-05-19 (2023-Q1), source 2 | ||
| One customer represented 15% of revenues for six months ended June 30, 2026 in Helium and LNG segment | 2026-Q2 2026-08-14 16 | |
| Securities class action (Leone v. ASP Isotopes) reached settlement in principle April 3, 2026; settlement hearing scheduled December 15, 2026. | 2026-Q2 2026-08-14 16 | |
| Company operates internationally in South Africa with associated regulatory and operational risks | 2026-Q2 2026-08-14 16 | |
| ASP Isotopes: first mention in 8-K-EX99.1 earnings release of 2026-08-04 (2026-H1), source 15 | ||
| Ability to negotiate binding definitive agreements with IDFC and Standard Bank South Africa for $750M Phase 2 senior debt funding. | = | |
| Significant transaction costs and unknown liabilities related to Noble Africa/ENDRA reverse merger. | = | |
| Negative effects of reverse merger consummation on market price of Noble Africa or ASPI securities. | = | |
| US federal helium reserve tied up in legal receivership, creating supply gap. | = | |
| Geopolitical disruption to global helium supply from Qatar production impacts, Russian export restrictions, Chinese export limitations. | = | |
| Risks related to proposed Noble Africa/ENDRA reverse merger consummation, regulatory approvals, and third-party consents. | = | |
| Risks of delays in construction, commissioning of enrichment plants and commercialization of isotopes. | = | |
| Dependence on intellectual property rights and certain third-party IP rights for enrichment technologies. | = | |
| Uncertainty regarding helium market recovery timing and end-market demand shifts. | = | |
| Forward-looking statements subject to inherent uncertainties and numerous material risks affecting actual results. | = | |
| Competitive nature of isotope enrichment and nuclear fuel industries. | = | |
| ASP Isotopes: first mention in 10-Q quarterly report of 2026-05-20 (2026-Q1), source 14 | ||
| Tetra4 not in compliance with IDC Loan financial covenants; waiver sought. | = | |
| Foreign exchange transaction loss of $3.7 million for three months ended March 31 2026 due to international operations. | = | |
| SBSA Loan repayment date requires amendment; currently past scheduled maturity. | = | |
| SBSA Loan events of default previously waived; ongoing discussions on amendment. | = | |
| Initial commercial C-14 shipments targeted Q3 2026; Si-28 mid-year 2026; Yb-176 Q3 2026 with no guarantee of achievement. | = | |
| Failure of demand for isotopes produced using ASP or QE technology or helium/LNG from Virginia Gas Project | = | |
| Molopo litigation over loan agreement with Tetra4; earliest hearing December 2030. | = | |
| IRC Section 382 limitations on net operating loss carryforwards possible; study to assess change of control not completed. | = | |
| Potential Section 382 limitations on net operating loss carryforwards | = | |
| South Africa Competition Commission commitments include retrenchment moratorium through 2028 and HDP/Worker Trust equity requirements. | = | |
| Risk of alteration, suspension or cancellation of Exploration Rights and Production Right in South Africa | = | |
| Ability to comply with numerous regulatory requirements for ASP/QE technology and enrichment facilities in South Africa | = | |
| QLE has not received permission or regulatory approval to conduct U-235 enrichment testing except under Necsa Services Contract. | = | |
| Ability to complete listing of Quantum Leap Energy as standalone public company within anticipated timeframe or at all | = | |
| HALEU facility requires permits and licenses for uranium enrichment in South Africa. | = | |
| Problems with performance of ASP or QE technology in isotope enrichment | = | |
| No personnel risks identified beyond normal employment matters. | = | |
| May require substantial additional financing through equity or debt if unable to generate sufficient revenue. | = | |
| Timing and completion costs of isotope development activities cannot be determined with certainty; actual timelines may differ materially. | = | |
| Operational risks associated with company size and complexity of operations | = | |
| Phase 2 Virginia Gas Project estimated cost $1.16 billion including borrowing costs; construction timing and funding uncertain. | = | |
| Significant operations in South Africa subject to political and regulatory risks. | = | |
| Fluctuations in market price and demand for LNG, helium and natural gases | = | |
| Risks from economic environment including inflation, tariffs, financial credit disruptions and geo-political events | = | |
| Foreign exchange losses of $3.7 million in Q1 2026, primarily from ZAR exposure. | = | |
| Defense and litigation costs, management diversion, reputational harm possible. | = | |
| Future isotope commercialization dependent on obtaining applicable regulatory approvals which may not be received. | = | |
| Inability to compete effectively in advanced materials market | = | |
| ASP Isotopes: first mention in 10-K annual report of 2026-04-10 (FY2025), source 13 | ||
| POPIA compliance required for personal information processing; non-compliance could result in investigations and monetary penalties. | = | |
| Increasing climate change and water management litigation risk in South Africa affecting operations | = | |
| AIRSOL convertible debentures with $7.0 million outstanding past maturity date due to dispute over repayment terms. | = | |
| DFC Credit Facility and IDC Loan Agreements contain financial covenants placing restrictions on operations. | = | |
| Renergen's LNG sales priced in South African rand; rand depreciation increases revenues and dollar debt. | = | |
| Very limited operating history; no commercial isotope production demonstrated; accumulated deficit $231.3 million | = | |
| SBSA Loan terms being renegotiated including interest rate and maturity date changes. | = | |
| TerraPower $22.0 million loan disbursements conditional on receiving all required licenses and permits for uranium enrichment in South Africa | = | |
| IDC Loan Agreement bears interest at variable rate; increases in rates could materially raise interest expense. | = | |
| IDC Loan Agreement bears variable interest rate, vulnerable to interest rate increases | = | |
| Success depends on customers' ability to successfully commercialize products using supplied isotopes | = | |
| Two customers in construction services represent 32.2% and 13.7% of consolidated revenues for year ended December 31, 2025. | = | |
| QLE dependent on Fermi America, TerraPower, and Necsa partnerships; non-exclusive arrangements allow partners to work with competitors. | = | |
| Success depends on SMR and advanced reactor markets not yet established; developers' ability to commercialize uncertain | = | |
| Commodity price risk from LNG and helium price fluctuations, which are internationally determined in U.S. dollars. | = | |
| Ongoing United States-Israel-Iran war has further exacerbated global helium supply shortages, affecting market supply and pricing | = | |
| Historical environmental liability risk from Renergen's closed, closing or sold assets under NEMA and NWA | = | |
| Potential product liability lawsuits; litigation involving South African exploration rights ongoing | = | |
| No regulatory approval yet to conduct U-235 enrichment testing outside Necsa Services Contract activities; regulatory authorization remains pending in multiple countries | = | |
| Production Right expires September 2042; Exploration Rights amendment application under appeal, decision expected 2027 | = | |
| Renergen's exploration rights amendment application subject to appeal process ongoing; expected resolution in 2027 | = | |
| Section 20 amendment to South African Income Tax Act limits assessed loss utilization to 80% of taxable income | = | |
| Currently conducting feasibility studies and regulatory discussions with UK, South Africa, and US authorities for uranium enrichment facility construction | = | |
| May be unable to obtain, maintain or renew permits, licenses necessary for Renergen operations timely | = | |
| Prior development of ASP technology relied on Klydon; unreliable R&D processes could delay isotope production | = | |
| NMS Letter October 2022 asserting ASP technology license violated pre-existing exclusive sub-license to Radfarma; November 2023 mutual release entered | = | |
| Historically Russia sole supplier of C-14; supply chain inherently fragile with inconsistent service; company seeks to address this supply gap | = | |
| Target markets not yet established; ability to penetrate markets uncertain; smaller market opportunities than estimated could harm business | = | |
| Natural gas prices historically volatile; lower commodity prices may decrease revenues and economic production viability. | 2026-Q1 2026-05-20 14 | |
| Operations subject to risks of spills, explosions, fires, toxic releases and other environmental incidents. | = | |
| High capital costs of proprietary technology development and construction of new enrichment facilities create significant barriers to entry | = | |
| Phase 2 estimated build cost ~$1.16 billion subject to inflation, cost overruns, and economic uncertainties. | = | |
| Management has broad discretion in use of cash and may not apply funds effectively | = | |
| Cash balances may exceed FDIC insurance limits; non-US banking counterparties lack standard protections | = | |
| Natural gas price declines may adversely affect drilling economics and require re-evaluation of development programs. | = | |
| Reduced reporting requirements as emerging growth and smaller reporting company may make common stock less attractive | = | |
| No assurance of timely or acceptable financing terms for Phase 2 Virginia Gas Project; DFC and Standard Bank approvals are conditional. | = | |
| Variable-rate borrowings expose company to interest rate fluctuations, particularly Renergen's IDC borrowings. | = | |
| Company has incurred net losses and negative operating cash flows since inception; expects to continue incurring significant losses. | = | |
| No assurance of executing take-or-pay agreements with customers on favorable pricing terms. | = | |
| Skyline investment strategy involves significant future cash commitments ($20.0 million Reemag, $20.0 million critical minerals) with tranches through 2026 | = | |
| Future sales and issuances of Common Stock pursuant to equity incentive plans result in shareholder dilution | = | |
| Local communities and environmental groups may oppose projects through permitting and public participation processes. | = | |
| Ongoing U.S.-Israel-Iran war has exacerbated helium supply shortages affecting global markets. | = | |
| Public perception and opposition to nuclear energy can delay licensing, construction, or shut down operations; historical accidents increase risk. | = | |
| Russian invasion of Ukraine, US-Israel-Iran war, trade tensions may adversely affect investments and commodity prices | = | |
| U.S. export control and OFAC sanctions laws restrict operations in Cuba, Iran, Sudan; FCPA compliance required | = | |
| SMRs and advanced nuclear technologies unproven; customer adoption may progress slower than anticipated. | = | |
| Helium and LNG contracts subject to expiration; ability to replace on similar terms uncertain if commodity prices declining. | = | |
| South Africa received first LNG import in November 2021; future geographic competition possible if other companies granted exploration or import rights | = | |
| Short seller report published November 2024 followed by stock price decrease and securities class action | = | |
| High dependence on performance of sub-contractors and third parties | = | |
| Drilling in new formations with limited production history; slant well drilling techniques involve technical uncertainties. | = | |
| No commercial HALEU production in United States; domestic infrastructure for HALEU enrichments above 10% not established; dependent on international suppliers near-term | = | |
| Unplanned stoppages and operational accidents including fires, explosions and equipment failures | = | |
| Reliance on limited/single-source semiconductor suppliers; global shortage could impair operations. | = | |
| Advanced Reactor Demonstration Program companies require HALEU from late 2020s for fuel fabrication; timing dependent on regulatory approvals and facility construction | = | |
| Lack of availability or failure by third-party providers/contractors could delay development and reduce production. | = | |
| South African LNG market historically stagnant, dependent on LPG and imported Mozambique natural gas; natural gas only ~3.5% of national energy consumption | = | |
| Cannot guarantee products remain competitive with renewable energy sources as global transition to low-carbon economy continues. | = | |
| South Africa may experience high inflation increasing labor and energy costs | = | |
| Global inflation and rising interest rates increase construction and operating costs; impact on financing availability. | = | |
| Strikes and labor disruptions in South Africa may negatively impact operations and supply chain | = | |
| Consumer demand for LNG filling stations and transition from diesel to LNG may not materialize. | = | |
| Eskom power disruptions and load shedding could halt operations; electricity tariff increases raise operating costs. | = | |
| Renergen operations dependent on South African economic, environmental, social and political conditions. | = | |
| Load-shedding and electricity supply disruptions could impact operations and increase costs | = | |
| Operations in historically water-scarce areas; shifting rainfall patterns and population growth may cause water shortages. | = | |
| Target markets for HALEU, LEU+, and enriched isotopes not yet established; SMR and fusion reactor industries uncertain. | = | |
| Rising healthcare costs in South Africa could increase occupational healthcare expenses | = | |
| HIV/AIDS and tuberculosis prevalence pose risks of reduced productivity and increased medical costs | = | |
| South Africa experiences strikes and labor unrest; potential disruptions to operations | = | |
| Significant increase in personnel costs and headcount required to support growing operations. | = | |
| Intense competition for qualified personnel in biotechnology and energy sectors | = | |
| Global helium supply produced by approximately 30 liquefaction plants; location is primary competitive factor due to transportation difficulties | = | |
| QLE has non-binding MOUs with third parties for uranium enrichment that may not result in definitive agreements. | = | |
| Skyline Series B and 2026 Notes include warrants exercisable for substantial Class A shares; potential shareholder dilution from warrant exercises | = | |
| Provisions in certificate of incorporation and bylaws may delay or discourage change of control transactions | = | |
| QLE may need distinctly unique production methods for each jurisdiction (South Africa, US, UK); regulatory approval in one does not guarantee approval in another. | = | |
| Operations subject to complex environmental regulations; failure to comply could result in penalties and operational curtailments. | = | |
| South African exchange controls restrict currency conversion and may hinder financial flexibility and offshore funding | = | |
| Obtaining regulatory approvals in multiple jurisdictions costly and uncertain; approval in one region does not guarantee others | = | |
| US federal government shutdown October 2025-November 2025 disrupted regulatory approvals and services | = | |
| Failure to comply with third-party license obligations may result in damages and license termination | = | |
| Failure to maintain Nasdaq continued listing requirements could result in delisting and adverse stock price impact. | = | |
| South African government legislation changes could substantially affect competitive conditions; larger integrated competitors may absorb regulatory burden more easily | = | |
| Phase 2 requires several additional supporting authorizations, licenses and permits not yet obtained. | = | |
| Permitting and construction delays from regulatory opposition or public participation could prevent timely project execution. | = | |
| ASP technology previously demonstrated at Klydon facilities for oxygen-18 and Si-28 enrichment in South Africa; commercial scalability established | = | |
| Competing alternative enrichment technologies may render QLE technology uncompetitive or obsolete. | = | |
| Government agencies may retain rights in funded intellectual property including mandatory sublicense rights | = | |
| ASP and QE technology not protected by patents, relying solely on trade secrets and NDAs | = | |
| Pipeline construction poses risks including design flaws, technical vulnerabilities, third-party delays, corrosion, maintenance inadequacies. | = | |
| Future third parties may assert intellectual property claims regarding ASP or QE technology | = | |
| Limited patent protection compared to industry competitors with extensive patent portfolios | = | |
| Face substantial competition from established biotechnology, nuclear medicine, and technology companies | = | |
| Face competition from established biotechnology and nuclear medicine technology companies for radioisotope production and commercialization | = | |
| Established players in nuclear fuel cycle industry may expand into HALEU/LEU+ markets with greater resources. | = | |
| ASP Isotopes: first mention in 10-Q quarterly report of 2025-11-19 (2025-Q3), source 12 | ||
| Company has contingent obligation to purchase remaining 49% of PET Labs shares for $2,200,000 (exercisable until January 31, 2027) | = | |
| Ownership changes under IRC Section 382 may limit ability to utilize net operating loss carryforwards; study not completed due to complexity. | = | |
| Material weaknesses in internal control over financial reporting identified; remediation plan underway. | 2026-Q1 2026-05-20 14 | |
| ASP Isotopes: first mention in 10-Q quarterly report of 2025-05-20 (2025-Q1), source 10 | ||
| Inability to adequately protect technology infrastructure from cyber threats | 2026-Q1 2026-05-20 14 | |
| US tariffs announced April 2025 10% on most countries with uncertainty regarding duration and further tariffs | FY2025 2026-04-10 13 | |
| ASP Isotopes: first mention in 10-K annual report of 2025-03-31 (FY2024), source 9 | ||
| Ability to complete proposed transactions and realize anticipated benefits from acquisitions and integrations. | 2026-H1 2026-08-04 15 | |
| Company incurred net losses since inception with no revenue from enriched isotope sales as of March 31 2026. | 2026-Q1 2026-05-20 14 | |
| Diagnostic medical imaging technologies could render isotope products obsolete or non-competitive | FY2025 2026-04-10 13 | |
| ASP Isotopes: first mention in 10-Q quarterly report of 2024-11-19 (2024-Q3), source 8 | ||
| Reliance on third-party suppliers for equipment and technology, with prior OEM supplier performance issues. | 2026-H1 2026-08-04 15 | |
| Inability to hire or retain skilled employees and loss of key personnel | 2026-Q1 2026-05-20 14 | |
| ASP Isotopes: first mention in 10-Q quarterly report of 2024-08-19 (2024-Q2), source 7 | ||
| Inability to protect intellectual property and risk of infringing on others' IP | 2026-Q1 2026-05-20 14 | |
| ASP Isotopes: first mention in 10-Q quarterly report of 2024-05-15 (2024-Q1), source 6 | ||
| Potential worsening global economic conditions may adversely impact ability to raise capital. | 2026-Q1 2026-05-20 14 | |
| ASP Isotopes: first mention in 10-K annual report of 2024-04-10 (FY2023), source 5 | ||
| QE technology never used commercially or published; no proof uranium enrichment capability; regulatory approval uncertain | FY2025 2026-04-10 13 | |
| Debt financing may include covenants limiting ability to incur debt, make capital expenditures or declare dividends. | 2026-Q1 2026-05-20 14 | |
| Trading price of Common Stock has fluctuated significantly since IPO and may continue to be volatile | FY2025 2026-04-10 13 | |
| Reduced reporting requirements as emerging growth company may make stock less attractive to investors | FY2025 2026-04-10 13 | |
| Reliance on confidentiality agreements to protect trade secrets may be ineffective | FY2025 2026-04-10 13 | |
| ASP Isotopes: first mention in 10-Q quarterly report of 2023-11-14 (2023-Q3), source 4 | ||
| Dependent on limited number of third-party suppliers for centrifuge and enrichment plant components | FY2025 2026-04-10 13 | |
| Ability to achieve sufficient market acceptance and adequate reimbursement for approved products uncertain. | 2026-Q1 2026-05-20 14 | |
| Operations subject to foreign currency fluctuations affecting profitability and cash flows | FY2025 2026-04-10 13 | |
| Significant increased compliance costs as public company including SOX 404, Dodd-Frank, and enhanced governance requirements. | FY2025 2026-04-10 13 | |
| Timing and completion costs of development activities for future isotopes cannot be determined with certainty. | FY2025 2026-04-10 13 | |
| Patent applications may fail to issue or provide insufficient protection against competitors | FY2025 2026-04-10 13 | |
| ASP Isotopes: first mention in 10-Q quarterly report of 2023-08-14 (2023-Q2), source 3 | ||
| ASP and QE technologies may infringe third-party intellectual property rights | FY2025 2026-04-10 13 | |
| Material weakness identified in internal control over financial reporting related to lack of formal documentation, insufficient finance personnel, and IT logical security deficiencies. | FY2025 2026-04-10 13 | |
| Expansion of organization may result in operational inefficiencies and loss of business opportunities | FY2025 2026-04-10 13 | |
| Future collaborations may not realize anticipated benefits or may terminate requiring additional capital | FY2025 2026-04-10 13 | |
| ASP Isotopes: first mention in 10-Q quarterly report of 2023-05-19 (2023-Q1), source 2 | ||
| Economic, political or social instability in South Africa could disrupt operations and affect licenses | FY2025 2026-04-10 13 | |
| No patent protection for sensitive nuclear technology; relying exclusively on trade secrets and non-disclosure agreements | FY2025 2026-04-10 13 | |
| Uranium enrichment initiative requires regulatory approval not yet obtained; no permission to conduct U-235 testing except under Necsa contract. | FY2025 2026-04-10 13 | |
| Significant disruptions of IT systems or data security incidents could result in financial and reputational harm | FY2025 2026-04-10 13 | |
| Phase 2 Virginia Gas Project estimated to cost approximately $1.16 billion; capital requirements depend on many uncertain factors. | FY2025 2026-04-10 13 | |
| Risk of fraud or misconduct by employees and commercial partners regarding regulatory compliance | FY2025 2026-04-10 13 | |
| Highly dependent on senior management team with no key person life insurance | FY2025 2026-04-10 13 | |
| ASP plants can only be constructed in countries adhering to International Atomic Energy Agency protocols for dual-use technology protection | FY2025 2026-04-10 13 | |
| Research and manufacturing involve controlled use of hazardous and radioactive materials | FY2025 2026-04-10 13 | |
= last mention identical with the first mention (same source)
ASP Isotopes Reported KPIs (as disclosed) (188)
NadirAlpha collects 188 reported KPIs of ASP Isotopes from the filings up to Q2 2026; the definition comes from the company, period and source are stated at every value. NadirAlpha methodology
Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
| KPI | Value / change | Source |
|---|---|---|
| ASP Isotopes, published 2026-08-14, period 2026-Q2 | ||
| Short-term investments | 35.3 million | 16 |
| Cash and cash equivalents | 219.6 million | 16 |
| Total stockholders' equity | 274,790 | 16 |
| TerraPower Net Loan Proceeds | $20.0 million | 16 |
| TerraPower Loan | $22.0 million | 16 |
| TerraPower Collaboration Revenue | 0.8 million | 16 |
| TerraPower Collaboration Revenue | 0.6 million | 16 |
| Short-term investments | 35,300 | 16 |
| Short-term Leases Expense | 157,000 | 16 |
| Short-term Leases Expense | 64,000 | 16 |
| Short-term Leases Expense | 95,000 | 16 |
| Short-term Leases Expense | 32,000 | 16 |
| SBSA Loan Interest Expense (Jan 6 | ZAR 21.6 million ($1.3 million) | 16 |
| SBSA Loan Interest Expense | ZAR 11.5 million ($0.7 million) | 16 |
| Restricted cash | 4,120 | 16 |
| Opeongo investment | $10.0 million | 16 |
| Opeongo Series Seed 1 Shares | 4,356,918 | 16 |
| Noble Investment | $50 million | 16 |
| Motor Vehicle and Equipment Loans Interest Expense | 0.1 million | 16 |
| Motor Vehicle and Equipment Loans Interest Expense | 0.1 million | 16 |
| Motor Vehicle and Equipment Loans Interest Expense | 0.1 million | 16 |
| Motor Vehicle and Equipment Loans Interest Expense | 0.1 million | 16 |
| Molopo Loan Interest Expense | ZAR 1.8 million ($0.1 million) | 16 |
| Molopo Loan Interest Expense | ZAR 3.4 million ($0.2 million) | 16 |
| IsoBio investment | $5.0 million | 16 |
| IsoBio Series Seed 1 Shares | 2,000,000 | 16 |
| Interest income from sales-type leases | 0.3 million | 16 |
| Interest income from sales-type leases | 0.2 million | 16 |
| Interest income from sales-type leases | 22,000 | 16 |
| IDC Loan Interest Expense (Jan 6 | ZAR 9.9 million ($0.6 million) | 16 |
| IDC Loan Interest Expense | ZAR 5.1 million ($0.3 million) | 16 |
| ENDRA prefunded warrants | 511,541 | 16 |
| ENDRA investment | $3.8 million | 16 |
| ENDRA common warrants | 1,156,774 | 16 |
| ENDRA common stock | 66,846 | 16 |
| Depreciation Expense | 2.7 million | 16 |
| Depreciation Expense | 0.7 million | 16 |
| Depreciation Expense | 1.3 million | 16 |
| Depreciation Expense | 0.5 million | 16 |
| Depletion Expense (Jan 6 | 1.5 million | 16 |
| Depletion Expense | 0.7 million | 16 |
| DFC Credit Facility Interest Expense (Jan 6 | 0.6 million | 16 |
| DFC Credit Facility Interest Expense | 0.3 million | 16 |
| Cash and cash equivalents | 219,596 | 16 |
| ASP Isotopes, published 2026-08-04, period 2026-H1 | ||
| Ytterbium-176 enrichment campaign frequency | approximately every two days | 15 |
| Ytterbium-176 enrichment campaign duration | three-hour enrichment campaigns | 15 |
| Ytterbium-176 continuous processing vessel enrichment capability | approximately three months between shutdowns | 15 |
| US HALEU demand estimate by | 500 metric tons per year | 15 |
| US HALEU demand estimate by | 50 metric tons per year | 15 |
| Silicon-28 target enrichment for first batch | 99% | 15 |
| Silicon-28 maximum enrichment capability goal | 99.995% | 15 |
| Silicon-28 enrichment level achieved | 98% enrichment versus natural abundance of 92% | 15 |
| Silicon-28 enrichment facility cascade stages | 48 stages | 15 |
| Semiconductor industry GDP contribution Taiwan | approximately 20% | 15 |
| Semiconductor industry GDP contribution South Korea | approximately 10% | 15 |
| Semiconductor industry GDP contribution Singapore | approximately 7% | 15 |
| Renergen lost-time injuries in 1H | zero | 15 |
| Renergen consecutive days without incident | 325 | 15 |
| Renergen Phase 2 hydrocarbon production capacity | approximately 34,000 GJ/day | 15 |
| Renergen Phase 2 helium production capacity | 900 Mcf/day of liquid helium, equivalent to 5-7% of world helium supply | 15 |
| Renergen Phase 2 construction timeline | approximately 44 months | 15 |
| Renergen Phase 2 acreage utilization | 14% | 15 |
| Renergen Phase 1 liquid helium production capacity | 250 kg per day | 15 |
| Renergen Phase 1 helium offtake agreement volume | approximately 15% of planned Phase 1 helium production capacity | 15 |
| Renergen Phase 1 helium base price | above US$600 per Mcf | 15 |
| Renergen Phase 1 gas flow rates improvement | over 10 times those achieved in earlier wells | 15 |
| Renergen Phase 1 annualized helium and LNG revenue | approximately $27 million | 15 |
| Renergen Phase 1 LNG shipment price | $15-18 per GJ (.9478 MMBtu) | 15 |
| Renergen Phase 1 LNG production capacity | 2,500 GJ per day | 15 |
| QLE convertible notes held by third parties remaining | approximately $79.1 million | 15 |
| QLE convertible notes exchanged for ASPI stock | approximately 50% | 15 |
| PET Labs revenue | $6 million | 15 |
| PET Labs radiopharmacies globally | four | 15 |
| PET Labs radiopharmaceutical doses delivered 1H | tens of thousands | 15 |
| PET Labs forecasted FY 2026 revenue | $14 million | 15 |
| Other investors in Noble Africa | approximately $30 million | 15 |
| OEM supplied compressors upgraded | over 200 | 15 |
| Noble Africa private placement gross proceeds | approximately $50 million | 15 |
| Noble Africa free float | approximately 11% | 15 |
| Helium spot price range post-Middle East conflict | approximately $400/Mcf to over $2,000/mcf in some cases | 15 |
| Global helium supply offline | approximately 50% | 15 |
| ASPI ownership of Noble Africa post-closing | approximately 89% | 15 |
| ASPI QLE convertible notes held | approximately $140.7 million | 15 |
| ASP Isotopes investment in Noble Africa | approximately $20 million | 15 |
| ASP Isotopes, published 2026-05-20, period 2026-Q1 | ||
| Short-term investments | 83.2 million | 14 |
| Common stock outstanding | 125,903,447 | 14 |
| Cash and cash equivalents | 207.3 million | 14 |
| Skyline investment | 24.9 million | 14 |
| Opeongo investment | 10.0 million | 14 |
| IsoBio investment | 5.6 million | 14 |
| Deferred revenue (noncurrent) - LNG tokens | 0.8 million | 14 |
| Asset retirement obligation | 60.1 million | 14 |
| ASP Isotopes, published 2026-04-10, period FY2025 | ||
| Short-term investments | 47.7 million | 13 |
| Construction services customer 2 revenue pct | 13.7% | 13 |
| Construction services customer 2 revenue amount | $3.3 million | 13 |
| Construction services customer 1 revenue pct | 32.2% | 13 |
| Construction services customer 1 revenue amount | $7.7 million | 13 |
| Cash and cash equivalents | 285.6 million | 13 |
| Accounts receivable concentration customer 4 amount | $2.3 million | 13 |
| Accounts receivable concentration customer 4 | 13% | 13 |
| Accounts receivable concentration customer 3 amount | $3.2 million | 13 |
| Accounts receivable concentration customer 3 | 18% | 13 |
| Accounts receivable concentration customer 2 amount | $4.1 million | 13 |
| accounts receivable concentration customer 2 | 23% | 13 |
| accounts receivable concentration customer 1 amount | $5.0 million | 13 |
| accounts receivable concentration customer 1 | 28% | 13 |
| ASP Isotopes, published 2025-11-19, period 2025-Q3 | ||
| Terapower loan agreement fixed interest rate | 10% | 12 |
| Terapower loan agreement amount | $22,000,000 (conditional commitments with aggregate loan disbursements of $20,000,000) | 12 |
| revolving credit facilities interest rate | 3.55% to 6.47% | 12 |
| Renergen loan interest rate | South African Prime Rate (currently 10.50%) | 12 |
| Renergen loan amount | $30,000,000 | 12 |
| motor vehicle equipment loans interest rate | 9.9% to 11.75% | 12 |
| export invoice finance facility interest rate | 12% | 12 |
| depreciation expense | $567,724 | 12 |
| depreciation expense | $934,650 | 12 |
| customer concentration | Two customers in the construction services segment representing $2,622,175 and $996,693, or 37% and 14%, respectively, of the Company's consolidated revenues for the nine months ended September 30, 2025; one customer representing $400,417, or 14%, of the Company's consolidated revenues for the nine months ended September 30, 2024 | 12 |
| Cash and cash equivalents | $113.9 million | 12 |
| Weighted average common stock outstanding, basic and diluted | 88,552,309 | 12 |
| Weighted average common stock outstanding, basic and diluted | 61,532,172 | 12 |
| Weighted average common stock outstanding, basic and diluted | 75,985,507 | 12 |
| Weighted average common stock outstanding, basic and diluted | 51,779,067 | 12 |
| Net loss per share, basic and diluted | (0.15) | 12 |
| Net loss per share, basic and diluted | (0.12) | 12 |
| Net loss per share, basic and diluted | (1.27) | 12 |
| Net loss per share, basic and diluted | (0.50) | 12 |
| ASP Isotopes, published 2025-05-20, period 2025-Q1 | ||
| Total stockholders' equity | 45,727,106 | 10 |
| Total liabilities | 45,146,553 | 10 |
| Total assets | 90,873,659 | 10 |
| Short-term lease expense | 31,595 | 10 |
| Operating lease cost | 168,458 | 10 |
| Finance lease interest | 22,247 | 10 |
| Cash and equivalents | 56.0 million | 10 |
| Cash and cash equivalents | 55,965,443 | 10 |
| Amortization ROU assets | 40,549 | 10 |
| ASP Isotopes, published 2025-03-31, period FY2024 | ||
| YB176 target enrichment | 99.75% | 9 |
| Uranium enrichment facility production capacity | 20 metric tons per year | 9 |
| Uranium enrichment facility construction time | approximately 30 months | 9 |
| Terrapower HALEU purchase period | 10-year period | 9 |
| Terrapower facility planned completion | 2027 | 9 |
| Quantum enrichment levelized cost per SWU | <$50 | 9 |
| Quantum enrichment energy use per SWU | <40 | 9 |
| Quantum enrichment capital cost estimate | <$100 million | 9 |
| Plant operations employees | 32 | 9 |
| PET Labs partial payment Jan | $264,750 | 9 |
| PET Labs ownership stake | 51% | 9 |
| Pet Labs option purchase price | $2,200,000 | 9 |
| Pet Labs initial shares payment Nov | $500,000 | 9 |
| net loss | $32.4 million | 9 |
| net loss | $16.3 million | 9 |
| gas centrifuge levelized cost per SWU | $140 | 9 |
| gas centrifuge energy use per SWU | 50-240 | 9 |
| gas centrifuge capital cost | >$800 million | 9 |
| Cash and equivalents | 61.9 million | 9 |
| C14 tolling agreement minimum annual | $2.5 million | 9 |
| accumulated deficit | $56.2 million | 9 |
| ASP Isotopes, published 2024-11-19, period 2024-Q3 | ||
| Cash and cash equivalents | 51,571,540 | 8 |
| ASP Isotopes, published 2024-08-19, period 2024-Q2 | ||
| Cash and cash equivalents | $28.3 million | 7 |
| ASP Isotopes, published 2024-05-15, period 2024-Q1 | ||
| cash | 23.9 million | 6 |
| ASP Isotopes, published 2024-04-10, period FY2023 | ||
| warrant shares issued | 3,164,557 | 5 |
| warrant exercise proceeds April | $5.5 million | 5 |
| US customer contract value | $9 million | 5 |
| shares outstanding | 48,923,276 | 5 |
| promissory notes March | $20.5 million | 5 |
| Pet Labs remaining balance | $1,500,000 | 5 |
| Pet Labs option shares price | $2,200,000 | 5 |
| Pet Labs initial shares purchase price | $2,000,000 | 5 |
| Pet Labs first installment | $500,000 | 5 |
| Molybdos acquisition cost USD | $734,000 | 5 |
| molybdos acquisition cost | ZAR 11,000,000 | 5 |
| molybdenum-99 market size | approximately $3.8 billion | 5 |
| klydon supply agreement value | up to $27.0 million | 5 |
| klydon silicon-28 plant cost (USD) | $364,000 | 5 |
| klydon silicon-28 plant cost | ZAR 6,000,000 | 5 |
| cash on hand Dec | $7.9 million | 5 |
| cash | $7.9 million | 5 |
| Canadian customer tolling minimum | approximately $2.5 million | 5 |
| accumulated deficit | $23.8 million | 5 |
| Net increase in cash and cash equivalents | $5,519,908 | 5 |
| Net cash used in investing activities | $(2,453,191 ) | 5 |
| Net cash provided by financing activities | $13,385,491 | 5 |
| ASP Isotopes, published 2023-11-14, period 2023-Q3 | ||
| cash | $2,286,805 | 4 |
| accumulated deficit | $19,676,973 | 4 |
| ASP Isotopes, published 2023-08-14, period 2023-Q2 | ||
| cash | $3,626,165 | 3 |
| accumulated deficit | $14.8 million | 3 |
| ASP Isotopes, published 2023-05-19, period 2023-Q1 | ||
| stock-based compensation R&D | 92,391 | 2 |
| stock-based compensation G&A | 2,051,708 | 2 |
| cash | 5,082,290 | 2 |
| accumulated deficit | 11.2 million | 2 |
ASP Isotopes Development
A condensed summary of ASP Isotopes per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. NadirAlpha methodology
FY2026: ASP Isotopes
ASP Isotopes generated revenue of 4.2 million in Q1 2026 and 5.1 million in Q2 2026, with growth in both quarters driven principally by the January 2026 acquisitions of Renergen and Numed and the October 2025 acquisition of ECNP, which added helium, LNG, and nuclear medicine distribution to the portfolio 14 16. ASP Isotopes incurred operating losses of 24.9 million in Q1 and 34.2 million in Q2, as research and development expenses and selling, general and administrative costs rose substantially year-on-year, reflecting higher personnel costs, facility expenses, and professional fees related to recent acquisitions 16. ASP Isotopes held cash of 219.6 million and net debt of 38.3 million at June 30, 2026, as it continued funding isotope enrichment facility construction and QLE's HALEU program 16. During the first half of 2026, ASP Isotopes entered a merger agreement with ENDRA to create a Nasdaq-listed helium entity backed by a $50 million Noble Africa investment and advanced HALEU collaboration with South Africa's Nuclear Energy Corporation through QLE 15 16.
FY2025: ASP Isotopes
ASP Isotopes Inc. reported FY 2025 revenue of $23.8 million, up from $4.1 million in FY 2024, with growth driven primarily by Skyline Builders Group construction services revenue following the August 2025 acquisition and continued PET/SPECT medical dose sales through PET Labs 13. ASP Isotopes commenced commercial production of enriched isotopes at two ASP enrichment facilities in Pretoria, South Africa during the first half of 2025, with initial commercial shipments of enriched C-14, Si-28, and Yb-176 targeted for 2026 13. Operating expenses increased to $63.3 million from $28.0 million in 2024 due to increased R&D activities and higher public company costs, resulting in an operating loss of $59.9 million for FY 2025 13. Net loss increased to $175.1 million from $35.1 million in 2024, with the increase driven primarily by a $123.7 million non-cash change in fair value of convertible notes payable rather than operational deterioration 13. Cash and cash equivalents rose to $279.6 million as of December 31, 2025, supported by multiple registered direct offerings and convertible note issuances during the year, yielding a net cash position of $79.7 million at year-end 12 13.
FY2024: ASP Isotopes
ASP Isotopes Inc. reported total revenue of $4.1 million for fiscal year 2024, up from $0.4 million in 2023, with substantially all revenue derived from nuclear medical dose sales at PET Labs Pharmaceuticals following the October 2023 acquisition of a 51% ownership stake (9). ASP Isotopes recorded an operating loss of $26.4 million and a net loss of $32.4 million, compared to a net loss of $16.3 million in 2023, as research and development expenses and SG&A expanded alongside the build-out of isotope enrichment facilities in Pretoria, South Africa (9). Capital expenditures of $9.7 million funded construction of C-14, silicon-28, and quantum enrichment facilities, resulting in free cash flow of negative $26.4 million for the year (112). ASP Isotopes raised $82.5 million through equity offerings and convertible notes issued to subsidiary Quantum Leap Energy during 2024, ending the year with a cash balance of $61.9 million and a net cash position of $27.5 million (9, 112). Revenue attributable to enriched isotopes remained zero throughout FY2024; commercial production at newly constructed enrichment facilities was projected to commence in 2025 (9).
FY2023: ASP Isotopes
ASP Isotopes Inc. remained in the pre-commercial stage through most of fiscal 2023, reporting total revenue of $0.4 million, its first commercial revenue, recognized in Q4 following the October 2023 acquisition of a 51% controlling stake in PET Labs Pharmaceuticals and the commencement of nuclear medical imaging dose sales in South Africa 5. ASP Isotopes recorded a full-year operating loss of $16.0 million and a net loss of $16.3 million, or $0.49 per diluted share, with losses driven by a substantial increase in general and administrative expenses as personnel-related and professional services costs scaled significantly from prior-year levels 4. Net cash used in operating activities was $5.4 million for the year, with $2.3 million in capital expenditures directed toward machinery, equipment, and construction; financing activities provided $13.4 million, primarily from the issuance of 13.1 million shares of common stock 5. ASP Isotopes ended fiscal 2023 with $7.9 million in cash and an accumulated deficit of $23.8 million, having completed three separate equity issuances during the year to fund ongoing operations and capital spending 5. Key strategic milestones included the completion of the Klydon intellectual property acquisition in April 2023, the formation of Quantum Leap Energy LLC in September 2023 to pursue HALEU nuclear fuel commercialization, and the signing of multi-year supply agreements for Carbon-14, molybdenum-100, and highly enriched metals with customers in North America, China, and the United States 5.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
All original documents NadirAlpha used for this report on ASP Isotopes stock: quarterly and annual reports, earnings releases and investor relations documents, sorted by publication, the document type is the link. NadirAlpha methodology
16 documents · 2023 to 2026 · SEC EDGAR (USA)
| # | Document type | Published |
|---|---|---|
| #1 | 10-K annual report | 2023-03-31 |
| #2 | 10-Q quarterly report | 2023-05-19 |
| #3 | 10-Q quarterly report | 2023-08-14 |
| #4 | 10-Q quarterly report | 2023-11-14 |
| #5 | 10-K annual report | 2024-04-10 |
| #6 | 10-Q quarterly report | 2024-05-15 |
| #7 | 10-Q quarterly report | 2024-08-19 |
| #8 | 10-Q quarterly report | 2024-11-19 |
| #9 | 10-K annual report | 2025-03-31 |
| #10 | 10-Q quarterly report | 2025-05-20 |
| #11 | 10-Q quarterly report | 2025-08-14 |
| #12 / #112 | 10-Q quarterly report | 2025-11-19 |
| #13 | 10-K annual report | 2026-04-10 |
| #14 | 10-Q quarterly report | 2026-05-20 |
| #15 | 8-K-EX99.1 earnings release | 2026-08-04 |
| #16 | 10-Q quarterly report | 2026-08-14 |
ASP Isotopes Stock FAQ
Is there a management forecast (guidance) for FY2026?
Yes. Management has issued targets for FY2026, including PET Labs revenue. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Which additional key figures does ASP Isotopes report?
As reported for Q2 2026: Opeongo investment, IsoBio investment, Total stockholders' equity, TerraPower Net Loan Proceeds, TerraPower Loan, TerraPower Collaboration Revenue (6M H1 2026). The chapter Reported KPIs lists every value with its source. Revenue is broken down by Helium and LNG, Construction services, Nuclear fuels.
Where can I find the official investor relations documents of ASP Isotopes?
NadirAlpha links all 16 original filings used (SEC filings) in the sources chapter: quarterly report, annual report, earnings release, each with type, publication date and a direct link; every figure in the report carries a source number.