ASP Isotopes Inc.

Listed Company

ASPICIK 0001921865NasdaqEmerging GrowthMiscellaneous Chemical ProductsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$23.85M

Net Income

$-159.84M

Total Assets

$498.02M

Equity

$204.15M

Shares Out

125.90M

Op. Cash Flow

$-37.78M

Business

ASP Isotopes Inc. is a development-stage advanced materials company that develops proprietary isotope enrichment technologies. It offers enrichment processes—the Aerodynamic Separation Process (ASP) and Quantum Enrichment (QE)—and produces enriched isotopes including carbon-14, silicon-28 and ytterbium-176, along with downstream radiopharmaceutical services via its PET Labs investment. The company operates two segments: nuclear fuels (HALEU and Lithium-6 R&D) and specialist isotopes and related services. It conducts enrichment and commercial production through subsidiaries and facilities in South Africa and supplies customers and strategic partners internationally.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Total revenue	24	4	433,026	0
Cost of revenue	20	3	294,056	0
Gross profit	3	2	138,970	0
Acquired in-process research and development	3	0	—	—
Research and development	12	3	764,581	1
Selling, general and administrative	48	25	15	4
Total operating expenses	63	28	16	5
Loss from operations	−60	−26	−16	−5
Foreign exchange transaction (loss) gain	−134,000	70,000	45,753	—
Change in fair value of share liability	−121,000	−132,000	−194,540	—
Change in fair value of convertible notes payable	−124	−7	0	—
Change in fair value of investments	18	0	—	—
Interest income	7	1	9,074	3,382
Interest expense	−575,000	−259,000	−118,547	—
Other income	174,000	0	—	—
Total other expense	−100	−6	−258,260	153,909
Loss before income tax expense	−160	−32	−16	−5
Income tax expense	−282,000	−111,000	6,133	0
Net loss before allocation to noncontrolling interests	−160	−32	−16	−5
Less: Net income (loss) attributable to noncontrolling interests	15	−89,000	−7,892	—
Net loss attributable to ASP Isotopes Inc. shareholders before deemed dividend on inducement warrant for common stock	−175	−32	−16	—
Deemed dividend on inducement warrant for common stock	0	−3	0	—
Net loss attributable to ASP Isotopes Inc. shareholders	−175	−35	−16	—
Net loss per share attributable to ASP Isotopes Inc. shareholders, basic	−2.11	−0.63	−0.49	−0.18
Net loss per share attributable to ASP Isotopes Inc. shareholders, diluted	−2.11	−0.63	−0.49	—
Weighted average shares of common stock outstanding, basic	83	56	33	27
Weighted average common stock outstanding, diluted	83	56	33	—
Net loss before allocation to noncontrolling interests	−160	−32	−16	−5
Foreign currency translation	5	−1	−1	—
Total comprehensive loss before allocation to noncontrolling interests	−155	−34	−17	—
Less: Comprehensive income (loss) attributable to noncontrolling interests	16	−119,000	27,255	−5
Comprehensive loss attributable to ASP Isotopes Inc.	−171	−34	−17	−5

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-03-31	FY 2023 2023-12-31	FY 2023 2023-10-31
Cash and cash equivalents	286	62	—	8	—
Short-term investments	48	0	—	—	—
Accounts receivable	18	707,000	—	217,000	460,165
Inventories	1	66,000	—	0	—
Receivable from noncontrolling interests	0	28,000	—	721,548	—
Note receivable	32	0	—	—	—
Deferred offering costs	2	0	—	—	—
Prepaid expenses and other current assets	14	3	—	2	—
Total current assets	400	66	—	11	—
Property and equipment, net	33	22	—	11	—
Operating lease right-of-use assets, net	2	1	—	1	—
Deferred tax assets	0	32,000	—	0	—
Intangible assets	1	0	—	—	—
Goodwill	9	3	—	3	3
Lease receivable - noncurrent	426,000	0	—	—	—
Equity method investments	1	0	—	—	—
Other investments	46	0	—	—	—
Other noncurrent assets	5	2	—	2	—
Total assets	498	94	—	28	—
Accounts payable	6	1	2	1	—
Accrued expenses	6	2	—	1	—
Debt - current	13	939,000	—	—	—
Finance lease liabilities - current	167,000	126,000	—	61,941	—
Operating lease liabilities - current	584,000	558,000	—	336,564	—
Deferred revenue	900,000	900,000	—	882,000	—
Due to related parties	4	0	—	—	—
Other current liabilities	2	1	—	2	—
Total current liabilities	33	7	—	6	—
Deferred tax liabilities	102,000	0	—	110,578	—
Convertible notes payable, at fair value	199	33	—	0	—
Debt - noncurrent	1	1	—	0	—
Operating lease liabilities - noncurrent	1	688,000	—	1	—
Finance lease liabilities - noncurrent	471,000	560,000	—	207,092	—
Total liabilities	235	43	—	9	—
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock, $0.01 par value; 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and 2024	0	0	—	0	—
Common stock, $0.01 par value; 500,000,000 shares authorized, 111,677,771 and 72,068,059 shares issued and outstanding as of December 31, 2025 and 2024, respectively	1	721,000	—	489,233	—
Additional paid-in capital	432	106	—	41	—
Accumulated deficit	−231	−56	—	−24	—
Accumulated other comprehensive income (loss)	3	−2	—	−920,982	—
Total stockholders' equity attributed to ASP Isotopes Inc. stockholders	204	48	—	16	—
Noncontrolling interests in consolidated subsidiaries	59	3	—	3	—
Total stockholders' equity	263	51	—	19	—
Total liabilities and stockholders' equity	498	94	—	28	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Foreign exchange transaction loss from intercompany	0	42,000	−44,649	—
Non cash in-process research and development	3	0	—	—
Depreciation and amortization	2	471,000	—	—
Allowance for credit losses	58,000	0	—	—
Loss on disposal of property and equipment	0	2,000	0	—
Non cash interest income on note receivable	−2	0	—	—
Stock-based compensation	16	9	9	2
Convertible note payable for non-cash issuance costs	0	622,000	0	—
Shares issued for non-cash consultant expense	673,000	1	669,700	—
Change in fair value of investments	−18	0	—	—
Change in right-of-use lease assets	676,000	473,000	104,528	72,570
Non-cash lease income	−69,000	0	—	—
Change in deferred taxes	−45,000	−143,000	16,655	0
Accounts receivable	−482,000	−506,000	237,952	—
Receivable from noncontrolling interest	28,000	0	—	—
Inventories	−315,000	−68,000	0	—
Prepaid expenses and other current assets	−3	−1	−546,097	−671,924
Other noncurrent assets	1	−9,000	−59,324	−146,435
Accounts payable	782,000	−877,000	−224,598	570,600
Accrued expenses	570,000	910,000	873,705	319,048
Operating lease liability	−695,000	−427,000	−85,775	−37,399
Other current liabilities	−2	−288,000	104,652	0
Net cash used in operating activities	−38	−17	−5	−3
Purchases of property and equipment	−10	−10	−2	−4
Purchases of short-term investments	−48	0	—	—
Cash advance paid for property and equipment	0	−2	0	—
Purchase of equity investments	−28	0	—	—
Principal collections from lease receivable	26,000	0	—	—
Cash advance in exchanges for note receivable	−30	0	—	—
Cash received for acquisition of businesses, net of cash paid	5	0	−121,848	—
Net cash used in investing activities	−111	−11	−2	−4
Proceeds from issuance of common stock	320	53	14	8
Payment of common stock issuance costs	−18	−4	−563,473	−1
Payment of deferred issuance costs	−169,000	0	—	—
Proceeds from exercise of warrants	5	6	0	—
Proceeds from exercise of options	6,000	0	—	—
Due to related parties	3	0	—	—
Contributions from noncontrolling interest	21	0	—	—
Proceeds from noncontrolling interest in VIE	0	920,000	0	—
Proceeds from collection of receivable from noncontrolling interest in VIE	0	707,000	0	—
Distribution to noncontrolling interest in VIE	−402,000	−98,000	0	—
Proceeds from issuance of convertible notes payable	42	26	0	—
Proceeds from issuance of debt	16	501,000	526,282	0
Payments of prinicipal portion of debt	−16	−612,000	—	—
Payment of principal portion of finance leases	−378,000	−101,000	−9,601	−13,046
Net cash provided by financing activities	372	83	13	7
Net change in cash and cash equivalents	223	54	6	−772,005
Effect of exchange rate changes on cash and cash equivalents	647,000	−484,000	−867	207,424
Cash paid for taxes	79,000	0	—	—
Derecognition of asset as a result of sales type lease	370,000	0	—	—
Lease receivable	393,000	0	—	—
Purchase of property and equipment included in accounts payable	194,000	795,000	453,985	745,628
Right-of-use assets obtained in exchange for operating lease liability	851,000	364,000	70,607	0
Right-of-use assets obtained in exchange for financing lease liability	312,000	539,000	0	0
Seller financed portion of investment in East Coast Nuclear Pharmacy	500,000	0	—	—
Unpaid financing fees	2	0	—	—
Deemed dividend on inducement warrant	0	3	0	—
Purchase of property and equipment with bank loans	0	2	0	—
Board fees settled with common stock	0	240,000	0	—
Commission fee settled with common stock warrant	0	766,000	0	—

Filings

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