18. Net Loss Per Share

The Company has reported losses since inception and has computed basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding for the period, without consideration for potentially dilutive securities. The Company computes diluted net loss per share of Common Stock after giving consideration to all potentially dilutive shares of common stock, including options to purchase common stock and warrants to purchase common stock, outstanding during the period determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Because the Company has reported net losses, these potential shares of Common Stock are anti-dilutive and basic and diluted loss per share were the same for all periods presented.

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share amounts):

 

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

Net loss attributable to ASP Isotopes
   shareholders

 

$

(175,092

)

 

$

(35,114

)

Denominator:

 

 

 

 

 

 

Weighted average common stock outstanding,
   basic and diluted

 

 

83,013,594

 

 

 

55,671,805

 

Net loss per share, basic and diluted

 

$

(2.11

)

 

$

(0.63

)

 

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive:

 

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

Options to purchase common stock

 

 

808,000

 

 

 

2,731,000

 

Restricted stock

 

 

4,169,955

 

 

 

2,814,703

 

Warrants to purchase common stock

 

 

69,778

 

 

 

1,516,297

 

Total shares of common stock equivalents

 

 

5,047,733

 

 

 

7,062,000

 

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Historical Timeline

Fiscal YearFiled
2025Apr 10, 2026Showing above
2024Mar 31, 2025
2023Apr 10, 2024

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.