Core Insights - ASP Isotopes has received all necessary regulatory approvals for the acquisition of Renergen, allowing the scheme to proceed [1][2] - The acquisition aims to create a global leader in the production of critical materials, including helium and isotopically enriched gases, with significant synergies expected from 2026 [3][4] - Positive operational progress has been reported at Renergen's Virginia Gas Project, with a production update anticipated by the end of January 2026 [4] Company Overview - ASP Isotopes is focused on developing technology for isotope production, utilizing proprietary Aerodynamic Separation Process technology [5] - The company plans to enrich isotopes for various sectors, including healthcare, technology, and nuclear energy [5][6] - There is a growing demand for specific isotopes for applications in quantum computing and green energy [6] Acquisition Details - Renergen shareholders will receive 0.09196 new ASP Isotopes shares for each share held, as part of the acquisition scheme [1] - The implementation of the scheme will commence upon receipt of a compliance certificate from the South African Takeover Regulation Panel, expected around December 18, 2025 [2] - The merger is expected to create a vertically and horizontally integrated supply chain with substantial geographic and customer overlap [3]

WASHINGTON, Dec. 02, 2025 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or the “Company”), an advanced materials company dedicated to the development of technology and processes for the production of isotopes for use in multiple industries, today announced that, effective January 19, 2026, Paul Mann, the founder and Executive Chairman of ASP Isotopes, will resume his role as the Company’s Chief Executive Officer and continue as Executive Chairman. On September 29, 2025, it was announced ...

WASHINGTON, Nov. 28, 2025 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. (NASDAQ:) (“ASP Isotopes” or the “Company”), an advanced materials company focused on developing technologies and processes for the production of isotopes for multiple industries, today announced the establishment of a new Photonics Chair at the University of Witwatersrand, Johannesburg (Wits University), through an endowment under a three-year donation agreement. Dr. Angela Dudley has been named as the inaugural incumbent of the new Photonics ...

Company Overview - Asp Isotopes (ASPI) is an advanced materials company focused on developing technology for producing enriched isotopes, utilizing a proprietary Aerodynamic Separation Process [2] - The company was incorporated in Delaware in September 2021 and has roots tracing back to the 1980s [2] Financial Performance - In Q3 2025, Asp Isotopes reported total revenues of $4.9 million, significantly up from $1.1 million in the previous year [1] - The company's losses widened to $0.15 per share from $0.12 per share, exceeding the consensus estimate of a loss of $0.10 per share [1] - Net cash used in operating activities increased to nearly $20 million from about $13 million year-over-year, but cash balance improved to $113.9 million from $61.9 million [6] Market Outlook - The nuclear energy sector is projected to grow from approximately $37 billion today to about $51.83 billion by 2035, driven by factors such as AI data center expansion and global government support for reducing fossil fuel emissions [4] - The VanEck Uranium and Nuclear ETF (NLR) has seen a 49% increase year-to-date, indicating strong market interest in nuclear energy [5] Analyst Ratings - Asp Isotopes has been assigned a "Strong Buy" rating with a mean target price of $11, suggesting an upside potential of about 83% from current levels [7] - The overall sentiment in the nuclear energy sector is positive, with analysts expressing confidence in companies like Talen Energy and Ur Energy, which also have strong ratings and growth potential [12][17] Investment Considerations - The nuclear energy theme is gaining traction, with companies like Asp Isotopes positioned as bold bets in a growing sector [18] - Talen Energy, with a diversified energy portfolio, is highlighted as particularly strong among its peers [18]

Financial Data and Key Metrics Changes - Total radiopharmaceutical revenues for Q3 2025 were $1.3 million, an 18% increase compared to Q3 2024, and year-to-date revenues reached $3.6 million, a 24% increase versus 2024 [31] - Year-to-date total operating expenses increased by $16.5 million, or 84%, from $19.7 million in 2024 to $36.2 million in 2025 [32] - Net loss from operations for year-to-date 2025 was $34.9 million, compared to $18.7 million for the same period in 2024 [32] - Cash balance as of September 30, 2025, was $113.9 million, reflecting net proceeds of approximately $56 million from common stock issuance during Q3 2025 [34] Business Line Data and Key Metrics Changes - The multi-isotope plant in South Africa is currently enriching silicon-28 and has shipped commercial samples validated for isotopic purity [4] - The nuclear medical segment has seen growth in volumes and doses sold, leading to increased revenues [9] - The carbon plant is expected to start producing carbon-14, with the first full batch anticipated in January 2026 [8] Market Data and Key Metrics Changes - The acquisition of Renergen is expected to enhance the company's capabilities in the semiconductor gas vertical, with regulatory approvals nearly complete [5] - The company has secured a contract for silicon-28 and aims to fulfill customer orders by 2026 [4] Company Strategy and Development Direction - The company aims to diversify its operations beyond South Africa and expand its radiopharmaceutical footprint globally [70] - Quantum Leap Energy (QLE) plans to secure the nuclear supply chain and has raised $64.3 million via convertible notes to support its initiatives [13][14] - The acquisition of Skyline Builders is part of a strategy to secure critical material supply chains essential for the U.S. and ASP Isotopes [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational capabilities and customer relationships, emphasizing the positive feedback from customers regarding the enrichment processes [38] - The focus for the next six months includes completing the Renergen acquisition and achieving operational de-risking by the end of Q1 2026 [39][40] - The company is committed to providing further guidance on revenue projections as clarity improves internally [52][53] Other Important Information - The company is planning to begin construction of new plants in various locations, including Iceland, the U.S., and the U.K., during 2026 [29] - The first quantum enrichment plant is producing ytterbium-176, with commercial quantities expected in the first half of 2026 [7] Q&A Session Summary Question: Can you talk about the delays in shipping Silicon-28? - Delays were due to the complexity of the production process and modifications made after customer visits, which improved the customer-supplier relationship [37][38] Question: When do you expect to achieve operational de-risking in respect of Renergen? - Operational de-risking is expected by the end of Q1 2026, focusing on completing phase 1C of the project [39][40] Question: When will the company begin to recognize revenue in its isotopes enrichment segment? - Revenue recognition for carbon is expected by the end of December, with silicon isotopes anticipated in the first half of 2026 [41][42] Question: What did the customers say about our samples of both Ytterbium and Silicon? - Customers were pleased with the results of the samples, indicating that the technology works effectively [44][47] Question: Is the $50-$70 million revenue opportunity in 2026 and 2027 still valid? - The company is not changing previous guidance and will provide updates as more clarity is achieved [49][50][52] Question: Can you help us understand the capital commitment in 2026 for new facilities? - Detailed breakdowns of capital commitments and revenue opportunities will be provided in future updates [54][55] Question: Can you discuss the opportunity for LEU Plus? - LEU Plus is a new focus based on customer inquiries, aimed at increasing power density and extending the life of existing nuclear power plants [56][60] Question: Should we model the $3 million revenue from Skyline Builders going forward? - The revenue from Skyline Builders is not expected to continue, as the focus will shift away from construction [64][66]

Financial Data and Key Metrics Changes - Total radiopharmaceutical revenues for Q3 2025 were $1.3 million, an 18% increase compared to Q3 2024, and year-to-date revenues reached $3.6 million, a 24% increase versus 2024 [31][32] - Year-to-date total operating expenses increased by $16.5 million, or 84%, from $19.7 million in 2024 to $36.2 million in 2025 [31][32] - Net loss from operations for year-to-date 2025 was $34.9 million, compared to $18.7 million for the same period in 2024 [32][33] - Cash balance as of September 30, 2025, was $113.9 million, reflecting net proceeds of approximately $56 million from common stock issuance during Q3 2025 [34] Business Line Data and Key Metrics Changes - The multi-isotope plant in South Africa is currently enriching silicon-28 and has shipped commercial samples validated for isotopic purity [4][5] - The nuclear medical segment has seen growth in volumes and doses sold, leading to increased revenues [9] - The carbon plant is expected to start producing carbon-14, with the first full batch anticipated in January 2026 [8] Market Data and Key Metrics Changes - The acquisition of Renergen is expected to enhance the company's capabilities in the semiconductor gas vertical, with regulatory approvals nearly complete [5][6] - The company is expanding its radiopharmaceutical operations globally, with the first purchase in the U.S. announced for East Coast Nuclear in Florida [10] Company Strategy and Development Direction - The company aims to secure supply chains of critical materials essential to the U.S. and ASP Isotopes, with recent acquisitions supporting this strategy [21][22] - Quantum Leap Energy (QLE) plans to produce lithium-7 and lithium-6 isotopes to meet the growing demand in the nuclear industry [15][16] - The company is focused on operational de-risking and plans to complete the Renergen acquisition and IPO of QLE in the near future [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational capabilities and customer relationships, emphasizing the positive feedback from customers regarding the silicon-28 enrichment process [38] - The company anticipates significant revenue opportunities in 2026 and 2027, particularly around ytterbium-176 and silicon-28 [49][50] Other Important Information - The company has raised $64.3 million via convertible notes, bringing pro forma cash on hand to $81.6 million [13] - The company is planning to construct new plants in various locations, including Iceland, the U.S., and the U.K., during 2026 [29][30] Q&A Session Summary Question: Can you talk about the delays in shipping Silicon-28? - Delays were due to the complexity of the production process and modifications made after customer visits, which improved the customer-supplier relationship [37][38] Question: When do you expect to achieve operational de-risking in respect of Renergen? - Operational de-risking is expected by the end of Q1 2026, focusing on completing phase 1C of the project [39][40] Question: When will the company begin to recognize revenue in its isotopes enrichment segment? - Revenue recognition for carbon is expected by the end of December 2025, with silicon isotopes anticipated in the first half of 2026 [41][42] Question: What did the customers say about our samples of both Ytterbium and Silicon? - Customers were pleased with the results of the samples, indicating that the technology works effectively [44][47] Question: Can you discuss the revenue opportunity for Ytterbium-176 and Silicon-28? - The company is maintaining previous revenue guidance of $50-$70 million for 2026 and 2027 [49][50] Question: What is the capital commitment for building new facilities in 2026? - Detailed capital commitment information will be provided in future updates [54][55] Question: Can you elaborate on the LEU Plus opportunity? - LEU Plus is a subcategory of HALEU, driven by customer inquiries, aimed at increasing power density and extending the life of nuclear power plants [56][60] Question: Should the $3 million revenue from Skyline Builders be modeled going forward? - The revenue from Skyline Builders is not expected to continue, as the focus will shift to securing the nuclear supply chain [64][66]

Financial Data and Key Metrics Changes - Total radiopharmaceutical revenues for Q3 2025 were $1.3 million, an 18% increase compared to Q3 2024, and year-to-date revenues reached $3.6 million, a 24% increase versus 2024 [31] - Year-to-date total operating expenses increased by $16.5 million, or 84%, from $19.7 million in 2024 to $36.2 million in 2025 [32] - Net loss from operations for year-to-date 2025 was $34.9 million, compared to $18.7 million for the same period in 2024 [32] - Cash balance as of September 30, 2025, was $113.9 million, reflecting net proceeds of approximately $56 million from common stock issuance during Q3 2025 [34] Business Line Data and Key Metrics Changes - The multi-isotope plant in South Africa is currently enriching silicon-28 and has shipped commercial samples validated for isotopic purity [4] - The acquisition of Renergen is nearing completion, with all but one regulatory approval received, expected imminently [5] - The first quantum enrichment plant is producing ytterbium-176, with commercial quantities expected in the first half of 2026 [7] Market Data and Key Metrics Changes - The company has secured contracts for silicon-28 and is looking to satisfy all current customer orders in 2026 [4] - The acquisition of Skyline Builders aims to secure supply chains of critical materials essential to the U.S. and ASP Isotopes [21] Company Strategy and Development Direction - The company is focused on expanding its isotope enrichment capabilities and has plans for multiple new production facilities [8][28] - Quantum Leap Energy aims to stabilize the nuclear supply chain and is developing technologies for lithium-7 and HALEU production [12][18] - The company is also investing in radiopharmaceutical operations, with plans to expand into the U.S. market [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational progress and customer relationships, emphasizing the importance of completing phase 1C for de-risking projects [39] - The company anticipates significant revenue opportunities in 2026 and 2027, particularly around ytterbium-176 and silicon-28 [49] - Management acknowledged the complexities of the isotope industry and the need for transparency with investors regarding future projections [50][52] Other Important Information - The company is preparing for the IPO of Quantum Leap Energy, with S-1 documentation filed with the SEC [13][27] - The company plans to begin construction of new plants in various locations, including Iceland, the U.S., and the U.K. during 2026 [28] Q&A Session Summary Question: Can you talk about the delays in shipping Silicon-28? - Delays were due to the complexity of starting up the plant and modifications agreed upon with customers, but operations are currently going well [37] Question: When do you expect to achieve operational de-risking in respect of Renergen? - Expected by the end of the first quarter, focusing on completing phase 1C [39] Question: When will the company begin to recognize revenue in its isotopes enrichment segment? - Revenue from carbon is expected to ship by the end of December, with silicon isotopes expected to generate revenue in 2026 [41] Question: What did the customers say about our samples of both Ytterbium and Silicon? - Customers are satisfied with the results of the samples, indicating that the technology works [43][47] Question: Is the $50-$70 million revenue opportunity in 2026 and 2027 still valid? - The company is not changing previous guidance and will provide updates as more clarity is achieved [49][53] Question: Can you help us understand the capital commitment in 2026 for new facilities? - Detailed breakdowns will be provided in future updates, but specifics are not available at this time [54][55] Question: Can you talk about the opportunity for LEU Plus? - LEU Plus is a subcategory of HALEU, driven by customer inquiries, and is expected to enhance power density and extend refueling cycles for existing plants [58][60] Question: Should we model the $3 million revenue from Skyline Builders going forward? - This revenue is not expected to continue, as the focus will shift away from construction activities [63]

Business Updates - ASP Isotopes secured its largest Silicon-28 contract to date with a new U S based customer for delivery during 2026[10] - The company expects to receive large quantities of feedstock suitable for Carbon-14 production during January 2026, with the first shipment of enriched Carbon-14 during 1H 2026[22] - Quantum Leap Energy (QLE) acquired a Nuclear Waste Processing Company and signed a Memorandum of Understanding (MOU) with Fermi America for uranium isotope enrichment[30] - QLE acquired "One30Seven" accelerated beta-decay technology and is developing cesium-137 to barium-137 Creber Units[33] Renergen Acquisition - Renergen shareholder approved the merger on July 10, 2025, with over 99% voting in favor[15] - The company is awaiting final regulatory approval for the Renergen merger, expected imminently[15] - The company listed ASP Isotopes on the Johannesburg Stock Exchange (JSE) on August 27, 2025[15] Financial Highlights - ASP Isotopes had a cash balance of $113.9 million as of September 30, 2025[66] - The company raised $41.7 million of gross proceeds to facilitate acquisitions and business growth[43] - The company received net proceeds of $199.7 million in October 2025 from the issuance of ASP Isotopes common stock[68] - Property and Equipment grew from $22.8 million as of December 31, 2024, to $33.0 million as of September 30, 2025, with approximately 70% for plant construction[68]

Core Insights - ASP Isotopes Inc. (NASDAQ:ASPI) is preparing to release its quarterly earnings on November 21, 2025, with Wall Street expecting an EPS of -$0.065 and revenue of approximately $6.1 million [1][6] - The company is transitioning to a revenue-generating stage, having recently shipped Ytterbium-176 and Silicon-28, which could potentially generate $50 to $70 million in revenues for 2026 to 2027, depending on contract wins [2] - ASPI's strategic acquisition of Renergen aims to reduce enrichment costs by 96%, potentially boosting EBITDA by 2030, despite a negative P/E ratio of -5.48 [3][6] Financial Metrics - ASPI's financial metrics indicate challenges, with an enterprise value to operating cash flow ratio of -36.79 and a negative earnings yield of -18.26%, reflecting its unprofitable status [4] - The company maintains a strong liquidity position, evidenced by a current ratio of 14.72, indicating ample current assets to cover liabilities [4][6] - A significant reliance on debt financing is highlighted by a debt-to-equity ratio of 4.03, which raises concerns as the company navigates its transition [5][6] Upcoming Events - The upcoming earnings release and business update conference call will be crucial for providing clarity on ASPI's financial health and strategic direction [5]

Isotope Production and Development - The company commenced commercial production of enriched isotopes at its ASP enrichment facilities in Pretoria, South Africa, with the first commercial batch of enriched C-12 expected to ship in Q4 2025, enriched Si-28 in Q1 2026, and enriched C-14 in the first half of 2026[262] - The company plans to develop additional isotope enrichment plants in South Africa, Iceland, and the United States, focusing on isotopes for pharmaceuticals, semiconductors, and oncology treatments[263] - The company plans to increase research and development expenses significantly in the foreseeable future to support isotope development[309] - The company has a 51% stake in PET Labs, focusing on the production of fluorinated radioisotopes, with a total payment of $2,000,000 for the acquisition[272] - Future isotopes may not achieve commercial success, and substantial additional financing may be needed to support operations and development[350] Financial Activities and Capital Raising - QLE received gross proceeds of $20,550,000 from the issuance of Convertible Promissory Notes in March 2024, with a maturity date of March 7, 2029[278] - In July 2024, the company raised approximately $32.3 million from a public offering of 13,800,000 shares at a price of $2.50 per share[280] - In October 2025, the company issued 17,167,380 shares at $12.25 per share, resulting in net proceeds of approximately $199.7 million[284] - The company expects to finance cash needs through public or private equity or debt financings, with potential collaborations and licenses[352] - The company has incurred net losses and negative cash flows from operations since inception and expects to continue incurring significant losses[344] Acquisitions and Agreements - A term sheet was signed with TerraPower in October 2024 for funding the construction of a HALEU production facility, with a 10-year purchase agreement for all HALEU produced[264] - The acquisition of Renergen Limited will result in Renergen becoming a wholly owned subsidiary, with the company offering 0.09196 shares of its common stock for each Renergen share[295] - The company entered into an Exclusivity Agreement with Renergen Limited, with an exclusivity fee of $10,000,000 paid in April 2025[364] - A Firm Intention Letter was signed to acquire 100% of Renergen's outstanding shares in exchange for the company's shares, pending regulatory approvals[364] - A Loan Agreement was established with Renergen for a total of $30,000,000, with $10,000,000 applied from the exclusivity fee and $20,000,000 to be paid before June 30, 2025[365] Financial Performance - Revenue for the three months ended September 30, 2025, was $4,889,526, a significant increase of $3,801,831 compared to $1,087,695 in 2024, representing a growth of approximately 349%[321] - For the nine months ended September 30, 2025, total revenue was $7,189,476, an increase of $4,239,128 from $2,950,348 in 2024, representing a growth of about 144%[329] - The net loss before allocation to noncontrolling interest for the three months ended September 30, 2025, was $(12,819,973), compared to $(7,363,759) in 2024, indicating a deterioration of $5,456,214[321] - The company reported a total other expense of $(61,526,185) for the nine months ended September 30, 2025, compared to $(4,538,006) in 2024, indicating a significant increase in losses of $56,988,179[331] - Headline loss for the nine months ended September 30, 2025, was $31,640,628, compared to $18,259,619 for the same period in 2024[343] Operating Expenses - Research and development expenses rose to $3,098,507 for the three months ended September 30, 2025, up by $2,064,061 from $1,034,446 in 2024, marking an increase of about 199%[326] - Selling, general and administrative expenses increased to $12,291,610 for the three months ended September 30, 2025, compared to $4,693,158 in 2024, reflecting a rise of $7,598,452 or approximately 162%[326] - Total operating expenses for the nine months ended September 30, 2025, were $36,209,977, an increase of $16,510,213 from $19,699,764 in 2024, reflecting an increase of approximately 84%[329] - Personnel-related costs increased by $8,164,458 primarily due to an increase in headcount, salaries, and related costs[340] Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2025, were $113.9 million, with no revenue generated from the sale of enriched isotopes[345] - Net cash used in operating activities for the nine months ended September 30, 2025, was $19,928,958, primarily due to a net loss of $96.5 million[354] - Net cash provided by financing activities for the nine months ended September 30, 2025, was $107,484,812, primarily from the issuance of common stock[359] - Net cash used in investing activities for the nine months ended September 30, 2025, was $35,611,979, including $30 million for a note receivable and $5 million for an investment in IsoBio[357] Regulatory and Compliance - The company does not have any off-balance sheet arrangements as defined by SEC regulations[367] - There are no long-term contractual obligations with vendors, as contracts can be terminated after a notice period[366] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[369]