ASP Isotopes Inc. ASPI
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
Business Model#
What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.
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.
Current Status#
Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.
Price & Chart#
Interactive price chart (TradingView) and the trend of key figures from the core tables. The price chart loads only after a click; at that point a connection to TradingView is established.
Daily candles with news and earnings markers. Loads only on click.
Share-Price Drivers#
Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.
Silicon-28 and Carbon-14 enrichment facilities reached commercial production in Q2 2025 (9), with initial commercial shipments of Si-28, C-14 and Yb-176 guided to mid-2026/Q3 2026 (14); quarterly revenue rose to 5.1 in 2026-Q2 from 4.2 in 2026-Q1 while operating income stayed deeply negative at -34.2 (14), so the transition from facility build-out to shipped product volumes is the central value driver.
Si-28 and C-14 enrichment facilities at commercial production since Q2 2025 (9); first Si-28 commercial batch shipped in Q1 2026 and initial Si-28/C-14/Yb-176 shipments guided to mid-2026/Q3 2026 (14).
TerraPower term sheet for HALEU facility funding (October 2024, 9) with facility construction planned from mid-2026 (13); planned QLE listing/IPO as a separate public company (12, 13), all still at planning stage.
Renergen acquisition completed (closed January 6, 2026, 16) added a Helium and LNG segment (0.6 revenue in 2026-Q1, 14); Virginia Gas Project Phase 1 completion and Phase 2 development and helium liquefaction planned for H2 2026 (13, 14).
ENDRA merger announced 2026-06, status Planned (16).
Revenue accelerating (change flag) to 5.1 in 2026-Q2 (14), but operating income -34.2 and net income -34.0 in 2026-Q2 with no guidance issued; cash of 219.6 funds the build-out (14).
Sector trend: IR inputs point to demand-side expansion as multiple isotope enrichment lines move from commissioning to commercial production and first shipments across 2025-2026 (9, 14), supported by acquisitions in helium/LNG and nuclear pharmacy (16, 14). Reported margins remain deeply negative with operating income of -34.2 in 2026-Q2 as facilities scale ahead of shipped volumes (14).
Event Timeline#
This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.
2026 · 11 events
2026-Q2 · Apr – Jun 2026
Revenue $5.1M in Q2 2026 vs $1.2M in Q2 2025; H1 2026 total $9.3M vs $2.3M in H1 2025 16
ENDRA Merger Agreement entered with $50 million Noble Investment and planned separation of QLE 16
H1 2026 gross profit $3.1M vs $0.9M in H1 2025, with radiopharmaceutical revenue $7.3M vs $2.3M 16
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
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
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
2026-Q1 · Jan – Mar 2026
Revenue $4.2M in Q1 2026 vs $1.1M in Q1 2025, primarily due to Renergen and Numed acquisitions 14
QLE deconsolidated Skyline through Securities Exchange Agreement, retaining approximately 8.6% equity stake 14
Renergen acquisition completed, establishing helium and LNG segment with 94.5% indirect equity in Tetra4 14
Revenue growth decelerated to +281.8% YoY (prior period +1291.7%). 14
2025 · 12 events
2025-Q4 · Oct – Dec 2025
Revenue growth accelerated to +1291.7% YoY (prior period +345.5%). 13
Net cash position expanded to 79.7 USDm from 3.5 USDm in 2025-Q3 (+2177%, derived from reported financial debt minus cash). 13
2025-Q3 · Jul – Sep 2025
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
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
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
2025-Q2 · Apr – Jun 2025
2025-Q1 · Jan – Mar 2025
Multi-isotope and laser isotope separation plants completed March 2025 in Pretoria, South Africa, advancing commercial enriched isotope production readiness 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
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
2024-Q4 · Oct – Dec 2024
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)
First semi-finished material of enriched Yb-176 produced during quantum enrichment facility commissioning phase in October 2024 (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)
2024-Q3 · Jul – Sep 2024
Quantum enrichment facility for Yb-176 completed construction in Pretoria in August 2024 and entered commissioning phase (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)
2024-Q2 · Apr – Jun 2024
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)
Carbon-14 enrichment plant in Pretoria completed June 2024; depreciation commenced July 2024 (8)
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
2024-Q1 · Jan – Mar 2024
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)
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)
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
2023-Q4 · Oct – Dec 2023
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
2023-Q3 · Jul – Sep 2023
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
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
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
2023-Q2 · Apr – Jun 2023
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
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
2023-Q1 · Jan – Mar 2023
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
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 $5.1M was estimated insufficient to fund operations for at least the next 12 months without additional financing 2
Key Figures ($m)#
The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Fiscal years
| Period | Revenue | Op. income | Net income | EPS ($) | OCF | Source |
|---|---|---|---|---|---|---|
| FY2025 | 23.8 | -59.9 | -159.8 | -2.11 | -37.8 | 13 |
| FY2024 | 4.1 | -26.4 | -32.4 | -0.63 | -16.7 | 112 |
| FY2023 | 0.4 | -16 | -16.3 | -0.49 | -5.4 | 5 |
Quarters
| Period | Published | Revenue | Op. income | Net income | EPS ($) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-08-14 | 5.1 | -34.2 | -34 | -0.27 | -27.4 | 219.6 | 38.3 | 16 |
| 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 | -63.3 | -0.84* | -20.2 | 279.6 | -79.7 | 13 |
| 2025-Q3* | 2025-11-19 | 4.9 | -15 | -12.6 | -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 | -7.4 | -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 | -0.13* | -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 | -0.14* | -1.4 | 3.6 | – | 3 |
| 2023-Q1* | 2023-05-19 | 0 | -3.7 | -3.6 | -0.12* | -1.8 | 5.1 | – | 2 |
Balance Sheet & Cash Flow ($m)#
Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
Fiscal years
| 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
| 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 |
Revenue by Type (as of 2026-Q2 · USDm · 3/3)#
Revenue split by segment or product type, exactly as the company itself reports it. The basis is stated next to each value (3, 6 or 12 months); segment totals can deviate from group revenue (reconciliation/consolidation items). If the company changes its segment structure, older structures are kept in the expandable part. Rows in grey are no longer reported separately by the company; they show the last available figures and are never extrapolated.
| Segment | Since | Period | Basis | Revenue | Source |
|---|---|---|---|---|---|
| Helium and LNG | 2026-Q1 | 2026-Q1 | 3M | 0.6 | 14 |
| Construction services | 2025-Q3 | FY2025 | 12M? | 18.2 | 13 |
| Nuclear fuels | 2024-Q1 | 2026-Q1 | 3M | – | 14 |
Products & M&A (62/102 active+recent)#
Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.
| Product/Line | Since | Status | Source |
|---|---|---|---|
| TerraPower 10-year HALEU supply agreement (up to 150 metric tons) | 2028-01 | Stable | 16 |
| Alpa Theranostics clinical trial initiation | 2027-06 | Launched | 15 |
| Uranium enrichment facility construction and HALEU commercial production | 2027 | Launched | 9 |
| TerraPower HALEU production facility construction | 2027 | Launched | 9 |
| Quantum Leap Energy Uranium Enrichment Facility | 2027 | Launched | 5 |
| HALEU production facility construction at Pelindaba, South Africa | 2027 | Launched | 12 |
| HALEU production facility construction | 2027 | Launched | 8 |
| HALEU production facility completion at Pelindaba | 2027 | Launched | 14 |
| HALEU production facility completion | 2027 | Launched | 9 |
| HALEU Commercial Production | 2027 | Launched | 5 |
| Ytterbium-176 continuous processing enhancements | 2026-12 | Launched | 15 |
| Silicon-28 enriched product initial shipments | 2026-12 | Launched | 15 |
| Renergen resource estimate update completion | 2026-12 | Launched | 15 |
| Renergen Phase 2 construction commencement | 2026-12 | Launched | 15 |
| Renergen Phase 1 completion and production ramp-up | 2026-12 | Launched | 15 |
| QLE uranium enrichment test-bench commissioning | 2026-12 | Launched | 15 |
| QLE lithium enrichment equipment procurement | 2026-12 | Launched | 15 |
| Liquefaction of helium process at Renergen Virginia Gas Project | 2026-12 | Launched | 14 |
| Carbon-14 commercial enrichment commencement | 2026-12 | Launched | 15 |
| Carbon-12 first sample shipments | 2026-12 | Launched | 15 |
| Yb-176 enriched isotope commercial shipments | 2026-09 | Launched | 13 |
| Yb-176 commercial shipments | 2026-09 | Launched | 14 |
| TerraPower uranium enrichment facility construction | 2026-09 | Launched | 13 |
| Renergen helium production commencement | 2026-09 | Launched | 15 |
| Reemag subscription tranches | 2026-09 | Launched | 13 |
| Initial commercial shipments of enriched Carbon-14 | 2026-09 | Launched | 14 |
| Initial commercial shipments of Ytterbium-176 | 2026-09 | Launched | 14 |
| C-14 commercial shipments | 2026-09 | Launched | 14 |
| University of Bristol lithium laser research facility design | 2026-06 | Launched | 13 |
| TerraPower HALEU supply agreement (initial core) | 2026-06 | Stable | 16 |
| Si-28 enriched isotope commercial shipments | 2026-06 | Launched | 13 |
| Si-28 commercial shipments | 2026-06 | Launched | 14 |
| PET Labs radiopharmaceutical capacity expansion | 2026-06 | Launched | 15 |
| First commercial batch of enriched C-14 shipment | 2026-06 | Launched | 12 |
| Commercial shipment of Yb-176 | 2026-06 | Launched | 12 |
| Commercial quantities of enriched Yb-176 shipment | 2026-06 | Launched | 12 |
| First commercial batch of enriched Si-28 shipment | 2026-03 | Launched | 12 |
| Skyline Series B Convertible Preferred Shares offering | 2026-02 | Launched | 13 |
| Necsa Services Contract for uranium enrichment facility | 2026-02 | Launched | 13 |
| TerraPower HALEU facility construction | 2026 | Launched | 13 |
| Initial commercial shipments of enriched Silicon-28 | 2026 | Launched | 14 |
| C-14 enriched isotope commercial shipments | 2026 | Launched | 13 |
| Proposed separation of QLE as independent public company | 2025-12 | Launched | 12 |
| First commercial batch of enriched C-12 shipment | 2025-12 | Launched | 12 |
| Planned listing of QLE as standalone public company | 2025-09 | Planned | 12 |
| Ytterbium-176 enrichment facility commercial production | 2025-06 | Launched | 9 |
| Yb-176 commercial production commencement | 2025-06 | Launched | 9 |
| Silicon-28 enrichment facility commercial production | 2025-06 | Launched | 9 |
| Silicon-28 commercial production | 2025-06 | Launched | 9 |
| First commercial batch of enriched Carbon-14 | 2025-06 | Launched | 9 |
| TerraPower HALEU Facility Supply Agreement | 2025-05 | Launched | 12 |
| TerraPower 10-Year HALEU Supply Agreement | 2025-05 | Launched | 12 |
| Renergen Exploration Rights amendment approval | 2025-05 | Launched | 13 |
| Multi-isotope enrichment plant | 2025-03 | Launched | 10 |
| Laser isotope separation plant (Quantum Enrichment technology) | 2025-03 | Launched | 10 |
| Carbon-14 enrichment facility commercial production | 2025-03 | Launched | 9 |
| C-14 commercial supply | 2025-03 | Launched | 8 |
| Si-28 initial commercial supply | 2025-01 | Launched | 8 |
| Yb-176 commercial sale | 2025 | Launched | 8 |
| Nickel-64 quantum enrichment plant construction (3x) | 2025 | Launched | 8 |
| First commercial batches of enriched Carbon-14 shipping | 2025 | Launched | 9 |
| C-14 enrichment plant commissioning | 2023 | Launched | 8 |
| Renergen Phase 2 Virginia Gas Project (3×) | 2026-06 | Launched | 13 |
| QLE IPO (4×) | 2025-12 | Launched | 13 |
| Si-28 commercial supply initiation | 2025 | Launched | 8 |
| Yb-176 first commercial production | 2024-12 | Launched | 7 |
| Quantum enrichment facility construction completion | 2024-12 | Launched | 7 |
| C-14 enrichment plant commercial supply initiation | 2024-12 | Launched | 7 |
| Public offering (2.75M shares at $6.75) | 2024-11 | Launched | 8 |
| Necsa memorandum of understanding for HALEU collaboration | 2024-11 | Launched | 9 |
| Warrant exercise (151,741 shares) | 2024-10 | Launched | 8 |
| Terraria TerraPower term sheet execution | 2024-10 | Launched | 13 |
| TerraPower term sheet for HALEU facility funding | 2024-10 | Launched | 9 |
| Multi-isotope plant construction (Pretoria) (2×) | 2024-09 | Launched | 8 |
| Public offering (13.8M shares at $2.50) | 2024-07 | Launched | 8 |
| Multi-isotope enrichment plant commissioning | 2024-06 | Launched | 8 |
| Multi-Isotope Enrichment Plant Completion and Commissioning | 2024-06 | Launched | 8 |
| Carbon-14 plant | 2024-06 | Launched | 8 |
| Carbon-14 enrichment plant | 2024-06 | Launched | 10 |
| Warrant exercise (3,164,557 shares) | 2024-04 | Launched | 8 |
| Warrant exercise | 2024-04 | Launched | 5 |
| U.S. semiconductor company purchase order for Silicon-28 (2×) | 2024-04 | Launched | 9 |
| U.S. Customer Highly Enriched Metal Supply | 2024 | Launched | 5 |
| Si-28 enrichment facility commissioning | 2024 | Launched | 9 |
| Quantum Enrichment technology uranium enrichment program | 2024 | Launched | 9 |
| C-14 enrichment facility commissioning | 2024 | Launched | 9 |
| C-14 Enrichment Production Start | 2024 | Launched | 5 |
| ASP Technology isotope enrichment facility construction | 2024 | Launched | 9 |
| Molybdenum-100 enrichment plant construction (4×) | 2023-12 | Launched | 4 |
| Mo-100 commercial production first phase (5kg capacity) | 2023-12 | Launched | 2 |
| U-235 commercialization using quantum enrichment | 2023-09 | Launched | 4 |
| U-235 commercialization for HALEU applications | 2023-06 | Launched | 3 |
| Second multi-isotope enrichment plant in Pretoria, South Africa (2×) | 2023-06 | Launched | 4 |
| Mo-100 isotope commercialization | 2023-06 | Launched | 3 |
| Mo-100 commercial sales (2×) | 2023-06 | Launched | 4 |
| Canadian customer tolling agreement for C-14 production | 2023-06 | Launched | 9 |
| U-235 enriched uranium commercialization | 2023-03 | Launched | 2 |
| Private placement - 3,164,557 shares | 2023-03 | Launched | 3 |
| Mo-100 production expansion to 20kg capacity | 2023-03 | Launched | 2 |
| Ytterbium-176 enrichment facility construction | 2023 | Launched | 5 |
| Canadian customer MOU for Deuterium and Tritium separation (2×) | 2023 | Launched | 9 |
| IPO of common stock | 2022-11 | Launched | 7 |
M&A (29)#
All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.
Acquisitions
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| PET Labs remaining 49% ownership option (3×) | 2027-01 | Completed | 5 |
| Noble Africa reverse merger with ENDRA | 2026-12 | Completed | 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 |
| Commitments to South Africa Competition Commission: 2-year moratorium on retrenchments and HDP and Worker Trust establishment within 12 months | 2026-01 | Completed | 16 |
| 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 |
| Exclusivity Agreement with Renergen | 2025-03 | Announced | 10 |
| Equipment and motor vehicle loans entered into | 2025-03 | Completed | 10 |
| 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 |
| Unsecured promissory notes issuance (8×) | 2024-03 | Completed | 13 |
| Klydon ASP Technology License Agreement | 2024-02 | Announced | 5 |
| EPC Services Framework Agreement with Quantum Leap Energy LLC | 2024-02 | Announced | 5 |
| Klydon intellectual property acquisition (4×) | 2023-04 | Completed | 9 |
| PET Labs acquisition (11×) | 2023 | Completed | 9 |
| Klydon Silicon-28 plant acquisition (2×) | 2022-07 | Completed | 7 |
| Molybdos asset acquisition (2×) | 2021-10 | Completed | 9 |
Divestitures / exits
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| Promissory note payable paid in full | 2025-04 | Divested | 10 |
Reported KPIs (as disclosed) (188)#
Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.
| Date | Period | KPI | Value / change | Source |
|---|---|---|---|---|
| 2026-08-14 | 2026-Q2 | Short-term investments | 35.3 million | 16 |
| 2026-08-14 | 2026-Q2 | Cash and cash equivalents | 219.6 million | 16 |
| 2026-08-14 | 2026-Q2 | Total stockholders' equity | 274,790 (USD in thousands) | 16 |
| 2026-08-14 | 2026-Q2 | TerraPower Net Loan Proceeds | $20.0 million | 16 |
| 2026-08-14 | 2026-Q2 | TerraPower Loan | $22.0 million | 16 |
| 2026-08-14 | 2026-Q2 | TerraPower Collaboration Revenue (6M H1 2026) | 0.8 million | 16 |
| 2026-08-14 | 2026-Q2 | TerraPower Collaboration Revenue (3M H1 2026) | 0.6 million | 16 |
| 2026-08-14 | 2026-Q2 | Short-term investments | 35,300 (USD in thousands) | 16 |
| 2026-08-14 | 2026-Q2 | Short-term Leases Expense (6M H1 2026) | 157,000 (USD thousands) | 16 |
| 2026-08-14 | 2026-Q2 | Short-term Leases Expense (6M H1 2025) | 64,000 (USD thousands) | 16 |
| 2026-08-14 | 2026-Q2 | Short-term Leases Expense (3M Q2 2026) | 95,000 (USD thousands) | 16 |
| 2026-08-14 | 2026-Q2 | Short-term Leases Expense (3M Q2 2025) | 32,000 (USD thousands) | 16 |
| 2026-08-14 | 2026-Q2 | SBSA Loan Interest Expense (Jan 6 - Jun 30, 2026) | ZAR 21.6 million ($1.3 million) | 16 |
| 2026-08-14 | 2026-Q2 | SBSA Loan Interest Expense (3M Q2 2026) | ZAR 11.5 million ($0.7 million) | 16 |
| 2026-08-14 | 2026-Q2 | Restricted cash | 4,120 (USD in thousands) | 16 |
| 2026-08-14 | 2026-Q2 | Opeongo investment | $10.0 million | 16 |
| 2026-08-14 | 2026-Q2 | Opeongo Series Seed 1 Shares | 4,356,918 | 16 |
| 2026-08-14 | 2026-Q2 | Noble Investment | $50 million | 16 |
| 2026-08-14 | 2026-Q2 | Motor Vehicle and Equipment Loans Interest Expense (6M H1 2026) | 0.1 million | 16 |
| 2026-08-14 | 2026-Q2 | Motor Vehicle and Equipment Loans Interest Expense (6M H1 2025) | 0.1 million | 16 |
| 2026-08-14 | 2026-Q2 | Motor Vehicle and Equipment Loans Interest Expense (3M Q2 2026) | 0.1 million | 16 |
| 2026-08-14 | 2026-Q2 | Motor Vehicle and Equipment Loans Interest Expense (3M Q2 2025) | 0.1 million | 16 |
| 2026-08-14 | 2026-Q2 | Molopo Loan Interest Expense (6M H1 2026) | ZAR 1.8 million ($0.1 million) | 16 |
| 2026-08-14 | 2026-Q2 | Molopo Loan Interest Expense (3M Q2 2026) | ZAR 3.4 million ($0.2 million) | 16 |
| 2026-08-14 | 2026-Q2 | IsoBio investment | $5.0 million | 16 |
| 2026-08-14 | 2026-Q2 | IsoBio Series Seed 1 Shares | 2,000,000 | 16 |
| 2026-08-14 | 2026-Q2 | Interest income from sales-type leases (6M H1 2026) | 0.3 million | 16 |
| 2026-08-14 | 2026-Q2 | Interest income from sales-type leases (3M Q2 2026) | 0.2 million | 16 |
| 2026-08-14 | 2026-Q2 | Interest income from sales-type leases (3M Q2 2025) | 22,000 (USD thousands) | 16 |
| 2026-08-14 | 2026-Q2 | IDC Loan Interest Expense (Jan 6 - Jun 30, 2026) | ZAR 9.9 million ($0.6 million) | 16 |
| 2026-08-14 | 2026-Q2 | IDC Loan Interest Expense (3M Q2 2026) | ZAR 5.1 million ($0.3 million) | 16 |
| 2026-08-14 | 2026-Q2 | ENDRA prefunded warrants | 511,541 (USD thousands) | 16 |
| 2026-08-14 | 2026-Q2 | ENDRA investment | $3.8 million | 16 |
| 2026-08-14 | 2026-Q2 | ENDRA common warrants | 1,156,774 (USD thousands) | 16 |
| 2026-08-14 | 2026-Q2 | ENDRA common stock | 66,846 | 16 |
| 2026-08-14 | 2026-Q2 | Depreciation Expense (6M H1 2026) | 2.7 million | 16 |
| 2026-08-14 | 2026-Q2 | Depreciation Expense (6M H1 2025) | 0.7 million | 16 |
| 2026-08-14 | 2026-Q2 | Depreciation Expense (3M Q2 2026) | 1.3 million | 16 |
| 2026-08-14 | 2026-Q2 | Depreciation Expense (3M Q2 2025) | 0.5 million | 16 |
| 2026-08-14 | 2026-Q2 | Depletion Expense (Jan 6 - Jun 30, 2026) | 1.5 million | 16 |
| 2026-08-14 | 2026-Q2 | Depletion Expense (3M H1 2026) | 0.7 million | 16 |
| 2026-08-14 | 2026-Q2 | DFC Credit Facility Interest Expense (Jan 6 - Jun 30, 2026) | 0.6 million | 16 |
| 2026-08-14 | 2026-Q2 | DFC Credit Facility Interest Expense (3M Q2 2026) | 0.3 million | 16 |
| 2026-08-14 | 2026-Q2 | Cash and cash equivalents | 219,596 (USD in thousands) | 16 |
| 2026-08-04 | 2026-H1 | Ytterbium-176 enrichment campaign frequency | approximately every two days | 15 |
| 2026-08-04 | 2026-H1 | Ytterbium-176 enrichment campaign duration | three-hour enrichment campaigns | 15 |
| 2026-08-04 | 2026-H1 | Ytterbium-176 continuous processing vessel enrichment capability | approximately three months between shutdowns | 15 |
| 2026-08-04 | 2026-H1 | US HALEU demand estimate by 2050 | 500 metric tons per year | 15 |
| 2026-08-04 | 2026-H1 | US HALEU demand estimate by 2035 | 50 metric tons per year | 15 |
| 2026-08-04 | 2026-H1 | Silicon-28 target enrichment for first batch | 99% | 15 |
| 2026-08-04 | 2026-H1 | Silicon-28 maximum enrichment capability goal | 99.995% | 15 |
| 2026-08-04 | 2026-H1 | Silicon-28 enrichment level achieved | 98% enrichment versus natural abundance of 92% | 15 |
| 2026-08-04 | 2026-H1 | Silicon-28 enrichment facility cascade stages | 48 stages | 15 |
| 2026-08-04 | 2026-H1 | Semiconductor industry GDP contribution Taiwan | approximately 20% | 15 |
| 2026-08-04 | 2026-H1 | Semiconductor industry GDP contribution South Korea | approximately 10% | 15 |
| 2026-08-04 | 2026-H1 | Semiconductor industry GDP contribution Singapore | approximately 7% | 15 |
| 2026-08-04 | 2026-H1 | Renergen lost-time injuries in 1H 2026 | zero | 15 |
| 2026-08-04 | 2026-H1 | Renergen consecutive days without incident | 325 | 15 |
| 2026-08-04 | 2026-H1 | Renergen Phase 2 hydrocarbon production capacity | approximately 34,000 GJ/day | 15 |
| 2026-08-04 | 2026-H1 | Renergen Phase 2 helium production capacity | 900 Mcf/day of liquid helium, equivalent to 5-7% of world helium supply | 15 |
| 2026-08-04 | 2026-H1 | Renergen Phase 2 construction timeline | approximately 44 months | 15 |
| 2026-08-04 | 2026-H1 | Renergen Phase 2 acreage utilization | 14% | 15 |
| 2026-08-04 | 2026-H1 | Renergen Phase 1 liquid helium production capacity | 250 kg per day | 15 |
| 2026-08-04 | 2026-H1 | Renergen Phase 1 helium offtake agreement volume | approximately 15% of planned Phase 1 helium production capacity | 15 |
| 2026-08-04 | 2026-H1 | Renergen Phase 1 helium base price | above US$600 per Mcf | 15 |
| 2026-08-04 | 2026-H1 | Renergen Phase 1 gas flow rates improvement | over 10 times those achieved in earlier wells | 15 |
| 2026-08-04 | 2026-H1 | Renergen Phase 1 annualized helium and LNG revenue | approximately $27 million | 15 |
| 2026-08-04 | 2026-H1 | Renergen Phase 1 LNG shipment price | $15-18 per GJ (.9478 MMBtu) | 15 |
| 2026-08-04 | 2026-H1 | Renergen Phase 1 LNG production capacity | 2,500 GJ per day | 15 |
| 2026-08-04 | 2026-H1 | QLE convertible notes held by third parties remaining | approximately $79.1 million | 15 |
| 2026-08-04 | 2026-H1 | QLE convertible notes exchanged for ASPI stock | approximately 50% | 15 |
| 2026-08-04 | 2026-H1 | PET Labs revenue FY 2025 | $6 million | 15 |
| 2026-08-04 | 2026-H1 | PET Labs radiopharmacies globally | four | 15 |
| 2026-08-04 | 2026-H1 | PET Labs radiopharmaceutical doses delivered 1H 2026 | tens of thousands | 15 |
| 2026-08-04 | 2026-H1 | PET Labs forecasted FY 2026 revenue | $14 million | 15 |
| 2026-08-04 | 2026-H1 | Other investors in Noble Africa | approximately $30 million | 15 |
| 2026-08-04 | 2026-H1 | OEM supplied compressors upgraded | over 200 | 15 |
| 2026-08-04 | 2026-H1 | Noble Africa private placement gross proceeds | approximately $50 million | 15 |
| 2026-08-04 | 2026-H1 | Noble Africa free float | approximately 11% | 15 |
| 2026-08-04 | 2026-H1 | Helium spot price range post-Middle East conflict | approximately $400/Mcf to over $2,000/mcf in some cases | 15 |
| 2026-08-04 | 2026-H1 | Global helium supply offline | approximately 50% | 15 |
| 2026-08-04 | 2026-H1 | ASPI ownership of Noble Africa post-closing | approximately 89% | 15 |
| 2026-08-04 | 2026-H1 | ASPI QLE convertible notes held | approximately $140.7 million | 15 |
| 2026-08-04 | 2026-H1 | ASP Isotopes investment in Noble Africa | approximately $20 million | 15 |
| 2026-05-20 | 2026-Q1 | Short-term investments | 83.2 million | 14 |
| 2026-05-20 | 2026-Q1 | Common stock outstanding | 125,903,447 | 14 |
| 2026-05-20 | 2026-Q1 | Cash and cash equivalents | 207.3 million | 14 |
| 2026-05-20 | 2026-Q1 | Skyline investment | 24.9 million | 14 |
| 2026-05-20 | 2026-Q1 | Opeongo investment | 10.0 million | 14 |
| 2026-05-20 | 2026-Q1 | IsoBio investment | 5.6 million | 14 |
| 2026-05-20 | 2026-Q1 | Deferred revenue (noncurrent) - LNG tokens | 0.8 million | 14 |
| 2026-05-20 | 2026-Q1 | Asset retirement obligation | 60.1 million | 14 |
| 2026-04-10 | FY2025 | Short-term investments | 47.7 million | 13 |
| 2026-04-10 | FY2025 | Construction services customer 2 revenue pct | 13.7% | 13 |
| 2026-04-10 | FY2025 | Construction services customer 2 revenue amount | $3.3 million | 13 |
| 2026-04-10 | FY2025 | Construction services customer 1 revenue pct | 32.2% | 13 |
| 2026-04-10 | FY2025 | Construction services customer 1 revenue amount | $7.7 million | 13 |
| 2026-04-10 | FY2025 | Cash and cash equivalents | 285.6 million | 13 |
| 2026-04-10 | FY2025 | Accounts receivable concentration customer 4 amount | $2.3 million | 13 |
| 2026-04-10 | FY2025 | Accounts receivable concentration customer 4 | 13% | 13 |
| 2026-04-10 | FY2025 | Accounts receivable concentration customer 3 amount | $3.2 million | 13 |
| 2026-04-10 | FY2025 | Accounts receivable concentration customer 3 | 18% | 13 |
| 2026-04-10 | FY2025 | Accounts receivable concentration customer 2 amount | $4.1 million | 13 |
| 2026-04-10 | FY2025 | accounts receivable concentration customer 2 | 23% | 13 |
| 2026-04-10 | FY2025 | accounts receivable concentration customer 1 amount | $5.0 million | 13 |
| 2026-04-10 | FY2025 | accounts receivable concentration customer 1 | 28% | 13 |
| 2025-11-19 | 2025-Q3 | Terapower loan agreement fixed interest rate | 10% | 12 |
| 2025-11-19 | 2025-Q3 | Terapower loan agreement amount | $22,000,000 (conditional commitments with aggregate loan disbursements of $20,000,000) | 12 |
| 2025-11-19 | 2025-Q3 | revolving credit facilities interest rate | 3.55% to 6.47% | 12 |
| 2025-11-19 | 2025-Q3 | Renergen loan interest rate | South African Prime Rate (currently 10.50%) | 12 |
| 2025-11-19 | 2025-Q3 | Renergen loan amount | $30,000,000 | 12 |
| 2025-11-19 | 2025-Q3 | motor vehicle equipment loans interest rate | 9.9% to 11.75% | 12 |
| 2025-11-19 | 2025-Q3 | export invoice finance facility interest rate | 12% | 12 |
| 2025-11-19 | 2025-Q3 | depreciation expense three months | $567,724 | 12 |
| 2025-11-19 | 2025-Q3 | depreciation expense nine months | $934,650 | 12 |
| 2025-11-19 | 2025-Q3 | 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 |
| 2025-11-19 | 2025-Q3 | Cash and cash equivalents | $113.9 million | 12 |
| 2025-11-19 | 2025-Q3 | Weighted average common stock outstanding, basic and diluted (Three Months Ended September 30, 2025) | 88,552,309 | 12 |
| 2025-11-19 | 2025-Q3 | Weighted average common stock outstanding, basic and diluted (Three Months Ended September 30, 2024) | 61,532,172 | 12 |
| 2025-11-19 | 2025-Q3 | Weighted average common stock outstanding, basic and diluted (Nine Months Ended September 30, 2025) | 75,985,507 | 12 |
| 2025-11-19 | 2025-Q3 | Weighted average common stock outstanding, basic and diluted (Nine Months Ended September 30, 2024) | 51,779,067 | 12 |
| 2025-11-19 | 2025-Q3 | Net loss per share, basic and diluted (Three Months Ended September 30, 2025) | (0.15) | 12 |
| 2025-11-19 | 2025-Q3 | Net loss per share, basic and diluted (Three Months Ended September 30, 2024) | (0.12) | 12 |
| 2025-11-19 | 2025-Q3 | Net loss per share, basic and diluted (Nine Months Ended September 30, 2025) | (1.27) | 12 |
| 2025-11-19 | 2025-Q3 | Net loss per share, basic and diluted (Nine Months Ended September 30, 2024) | (0.50) | 12 |
| 2025-05-20 | 2025-Q1 | Total stockholders' equity | 45,727,106 | 10 |
| 2025-05-20 | 2025-Q1 | Total liabilities | 45,146,553 | 10 |
| 2025-05-20 | 2025-Q1 | Total assets | 90,873,659 | 10 |
| 2025-05-20 | 2025-Q1 | Short-term lease expense | 31,595 | 10 |
| 2025-05-20 | 2025-Q1 | Operating lease cost | 168,458 | 10 |
| 2025-05-20 | 2025-Q1 | Finance lease interest | 22,247 | 10 |
| 2025-05-20 | 2025-Q1 | Cash and equivalents | 56.0 million | 10 |
| 2025-05-20 | 2025-Q1 | Cash and cash equivalents | 55,965,443 | 10 |
| 2025-05-20 | 2025-Q1 | Amortization ROU assets | 40,549 | 10 |
| 2025-03-31 | FY2024 | YB176 target enrichment | 99.75% | 9 |
| 2025-03-31 | FY2024 | Uranium enrichment facility production capacity | 20 metric tons per year | 9 |
| 2025-03-31 | FY2024 | Uranium enrichment facility construction time | approximately 30 months | 9 |
| 2025-03-31 | FY2024 | Terrapower HALEU purchase period | 10-year period | 9 |
| 2025-03-31 | FY2024 | Terrapower facility planned completion | 2027 | 9 |
| 2025-03-31 | FY2024 | Quantum enrichment levelized cost per SWU | <$50 | 9 |
| 2025-03-31 | FY2024 | Quantum enrichment energy use per SWU | <40 | 9 |
| 2025-03-31 | FY2024 | Quantum enrichment capital cost estimate | <$100 million | 9 |
| 2025-03-31 | FY2024 | Plant operations employees | 32 | 9 |
| 2025-03-31 | FY2024 | PET Labs partial payment Jan 2024 | $264,750 | 9 |
| 2025-03-31 | FY2024 | PET Labs ownership stake | 51% | 9 |
| 2025-03-31 | FY2024 | Pet Labs option purchase price | $2,200,000 | 9 |
| 2025-03-31 | FY2024 | Pet Labs initial shares payment Nov 2023 | $500,000 | 9 |
| 2025-03-31 | FY2024 | net loss 2024 | $32.4 million | 9 |
| 2025-03-31 | FY2024 | net loss 2023 | $16.3 million | 9 |
| 2025-03-31 | FY2024 | gas centrifuge levelized cost per SWU | $140 | 9 |
| 2025-03-31 | FY2024 | gas centrifuge energy use per SWU | 50-240 | 9 |
| 2025-03-31 | FY2024 | gas centrifuge capital cost | >$800 million | 9 |
| 2025-03-31 | FY2024 | Cash and equivalents | 61.9 million | 9 |
| 2025-03-31 | FY2024 | C14 tolling agreement minimum annual | $2.5 million | 9 |
| 2025-03-31 | FY2024 | accumulated deficit | $56.2 million | 9 |
| 2024-11-19 | 2024-Q3 | Cash and cash equivalents | 51,571,540 | 8 |
| 2024-08-19 | 2024-Q2 | Cash and cash equivalents | $28.3 million | 7 |
| 2024-05-15 | 2024-Q1 | cash | 23.9 million | 6 |
| 2024-04-10 | FY2023 | warrant shares issued | 3,164,557 | 5 |
| 2024-04-10 | FY2023 | warrant exercise proceeds April 2024 | $5.5 million | 5 |
| 2024-04-10 | FY2023 | US customer contract value | $9 million | 5 |
| 2024-04-10 | FY2023 | shares outstanding | 48,923,276 | 5 |
| 2024-04-10 | FY2023 | promissory notes March 2024 | $20.5 million | 5 |
| 2024-04-10 | FY2023 | Pet Labs remaining balance | $1,500,000 | 5 |
| 2024-04-10 | FY2023 | Pet Labs option shares price | $2,200,000 | 5 |
| 2024-04-10 | FY2023 | Pet Labs initial shares purchase price | $2,000,000 | 5 |
| 2024-04-10 | FY2023 | Pet Labs first installment | $500,000 | 5 |
| 2024-04-10 | FY2023 | Molybdos acquisition cost USD | $734,000 | 5 |
| 2024-04-10 | FY2023 | molybdos acquisition cost | ZAR 11,000,000 | 5 |
| 2024-04-10 | FY2023 | molybdenum-99 market size 2020 | approximately $3.8 billion | 5 |
| 2024-04-10 | FY2023 | klydon supply agreement value | up to $27.0 million | 5 |
| 2024-04-10 | FY2023 | klydon silicon-28 plant cost (USD) | $364,000 | 5 |
| 2024-04-10 | FY2023 | klydon silicon-28 plant cost | ZAR 6,000,000 | 5 |
| 2024-04-10 | FY2023 | cash on hand Dec 2023 | $7.9 million | 5 |
| 2024-04-10 | FY2023 | cash | $7.9 million | 5 |
| 2024-04-10 | FY2023 | Canadian customer tolling minimum | approximately $2.5 million | 5 |
| 2024-04-10 | FY2023 | accumulated deficit | $23.8 million | 5 |
| 2024-04-10 | FY2023 | Net increase in cash and cash equivalents | $5,519,908 | 5 |
| 2024-04-10 | FY2023 | Net cash used in investing activities | $(2,453,191 ) | 5 |
| 2024-04-10 | FY2023 | Net cash provided by financing activities | $13,385,491 | 5 |
| 2023-11-14 | 2023-Q3 | cash | $2,286,805 | 4 |
| 2023-11-14 | 2023-Q3 | accumulated deficit | $19,676,973 | 4 |
| 2023-08-14 | 2023-Q2 | cash | $3,626,165 | 3 |
| 2023-08-14 | 2023-Q2 | accumulated deficit | $14.8 million | 3 |
| 2023-05-19 | 2023-Q1 | stock-based compensation R&D | 92,391 | 2 |
| 2023-05-19 | 2023-Q1 | stock-based compensation G&A | 2,051,708 | 2 |
| 2023-05-19 | 2023-Q1 | cash | 5,082,290 (USD millions) | 2 |
| 2023-05-19 | 2023-Q1 | accumulated deficit | 11.2 million | 2 |
Guidance Tracking (latest per metric/period · 1/1)#
All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.
| For period | Guided on | Metric | Guided | Verdict | Direction | Source |
|---|---|---|---|---|---|---|
| FY2026 | 2026-08-04 | PET Labs revenue | ~14 | pending | initiated | 15 |
Development#
A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.
FY2026
ASP Isotopes Inc. reported revenue of $4.2 million in Q1 2026 and $5.1 million in Q2 2026, bringing H1 2026 total revenue from continuing operations to $9.3 million versus $2.3 million in H1 2025, with growth driven primarily by the January 2026 acquisitions of Renergen and Numed, which added helium, LNG, and nuclear medicine distribution segments (14, 16). Operating losses expanded to $24.9 million in Q1 and $34.2 million in Q2, reflecting substantial increases in R&D expenses ($12.1 million for H1 2026 versus $2.4 million in H1 2025) and selling, general and administrative expenses ($50.1 million versus $18.4 million) related to acquisition integration and expanded development activities (16). Consolidated net loss for H1 2026 was $60.7 million compared to $83.6 million in H1 2025, while H1 2026 gross profit improved to $3.1 million from $0.9 million in the prior-year period (16). Cash and cash equivalents stood at $219.6 million as of June 30, 2026, with net debt of $38.3 million; post-period, QLE exchanged approximately 50% of its outstanding convertible notes for ASPI common stock, reducing third-party note obligations to approximately $79.1 million (15). Operationally, PET Labs achieved over 50% organic revenue growth in H1 2026 with a full-year 2026 revenue forecast of approximately $14 million, and the Si-28 enrichment facility was upgraded to 48 cascade stages at 98% enrichment, targeting initial commercial Yb-176 shipments in Q3 2026 (15).
FY2025
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. The company 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 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). The company 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). The company 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 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. The company 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. The company 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.
Sources: official investor relations documents#
All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.
| # | Document type | Published | Link |
|---|---|---|---|
| #1 | 10-K | 2023-03-31 | Open |
| #2 | 10-Q | 2023-05-19 | Open |
| #3 | 10-Q | 2023-08-14 | Open |
| #4 | 10-Q | 2023-11-14 | Open |
| #5 | 10-K | 2024-04-10 | Open |
| #6 | 10-Q | 2024-05-15 | Open |
| #7 | 10-Q | 2024-08-19 | Open |
| #8 | 10-Q | 2024-11-19 | Open |
| #9 | 10-K | 2025-03-31 | Open |
| #10 | 10-Q | 2025-05-20 | Open |
| #11 | 10-Q | 2025-08-14 | Open |
| #12 / #112 | 10-Q | 2025-11-19 | Open |
| #13 | 10-K | 2026-04-10 | Open |
| #14 | 10-Q | 2026-05-20 | Open |
| #15 | 8-K-EX99.1 | 2026-08-04 | Open |
| #16 | 10-Q | 2026-08-14 | Open |
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.
Where can I find the official investor relations documents of ASP Isotopes Inc.?
The sources chapter links all 17 original filings used (SEC filings) with type, publication date and a direct link; every figure in the report carries a source number.