Agreement between QLE’s South African subsidiary and Necsa related to the siting, design, construction, commission and operation of an enrichment facility on the Necsa site in Pelindaba, with QLE’s objective to achieve market readiness for production of nuclear fuel The collaboration leverages QLE’s in-licensed and proprietary enrichment technology and Necsa’s globally-recognized production facilities DALLAS, Feb. 23, 2026 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. (NASDAQ: ASPI) (“ASPI”) today announced that on ...

Group 1 - The U.K. is advancing its nuclear capabilities with the construction of Hinkley Point C and planning for Sizewell C, as part of a global nuclear renaissance [1] - The U.K. has introduced the Advanced Nuclear Framework to expedite the development of advanced reactor technology, learning from past experiences with large reactors [1] - Rolls-Royce has won a competition to be the first to construct a small modular reactor in the U.K., benefiting from the new regulatory framework [1] Group 2 - The U.K. government has made a £300 million investment to establish a High Assay Low Enriched Uranium (HALEU) supply chain, which is essential for advanced reactors requiring higher enrichment levels [1] - Westinghouse, owned by Cameco, is working to reopen the Springfields conversion facility in the U.K. to enhance the nuclear fuel supply chain capacity [1] - The VettaFi Nuclear Renaissance Index includes companies across the nuclear value chain, such as Rolls-Royce, Jacobs Solutions, Amentum, and Cameco, providing investment opportunities in the nuclear sector [1]

Core Insights - Fermi America has signed a Memorandum of Understanding (MOU) with ASP Isotopes Inc. and Quantum Leap Energy to develop a High Assay Low Enriched Uranium (HALEU) enrichment facility in Texas, aimed at enhancing energy security and reducing dependence on foreign sources [1][3][4] Company Overview - Fermi America is developing a private grid campus for next-generation hyperscale AI, which will include four AP1000® nuclear units and aims to integrate advanced reactor technologies in future phases [1][4] - ASP Isotopes Inc. focuses on producing enriched isotopes for various industries, including nuclear energy, and is developing Quantum Enrichment™ technology to produce HALEU fuel more efficiently [9] Industry Context - The planned HALEU facility will utilize advanced laser-based isotope separation technology, addressing the limited supply of HALEU in the Western world and supporting the deployment of advanced nuclear technologies [3][4] - The U.S. Department of Energy projects that U.S. HALEU demand could exceed 50 metric tons annually by 2035, indicating a significant market opportunity for domestic production [4]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $154.5 million, a decrease of $34.5 million compared to the same quarter last year [13] - Gross profit increased to $53.9 million, up from $36.5 million in the same quarter last year, reflecting improved gross margin of 35%, up from 19% [14] - Net income for Q2 2025 was $28.9 million, compared to $30.6 million in the same quarter last year [14] - Cash and cash equivalents stood at $833 million as of June 30, 2025, highlighting strong liquidity [15] Business Line Data and Key Metrics Changes - The LEU business generated $125.7 million in revenue, a decrease of $43.9 million compared to the same quarter last year, primarily due to a reduction in SWU sales volume [16] - Cost of sales for the LEU segment was $75 million, a 45% decrease from $136.6 million in the same quarter last year [17] - In the Technical Solutions segment, revenue totaled $28.8 million, an increase of 48% from $19.4 million in the same quarter last year [18] Market Data and Key Metrics Changes - The company reported a total backlog of approximately $3.6 billion, with the LEU segment backlog at approximately $2.7 billion [20] - The LEU segment backlog includes $600 million in future SWU and uranium deliveries, primarily under medium and long-term contracts [20] - The Technical Solutions segment backlog was approximately $900 million, including funded amounts and unexercised options [21] Company Strategy and Development Direction - The company aims to secure sufficient public and private capital to expand its enrichment capacity, emphasizing a fully American technology and supply chain [9] - A $60 million investment in supply chain readiness was launched to prepare for large-scale deployment of technology [10] - The company is focused on reducing dependence on foreign nations and increasing competition in the nuclear fuel market [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growing demand for nuclear fuel driven by government actions and private investments [6] - The company remains optimistic about the DOE's decision regarding the allocation of $3.4 billion appropriated for domestic nuclear fuel production [8] - There is a strong consensus among customers and policymakers on the need for additional enrichment capacity to meet future demand [12] Other Important Information - The company achieved a production milestone of 900 kilograms for Phase two of the HALO operation contract [11] - The Department of Energy extended the HALO operation contract through June 30, 2026, with a target cost and fee for the first option period set at approximately $99.3 million and $8.7 million respectively [20] - The company is actively pursuing initiatives to strengthen its capital structure and enhance financial flexibility [22] Q&A Session Summary Question: Expectations for federal programs stemming from May's executive orders - Management indicated no specific information on incremental federal programs but acknowledged strong support from the executive orders for the nuclear fuel industry [31][32] Question: Progress on the $60 million investment in centrifuge manufacturing - Management reported that the investment is progressing well, with efforts focused on ordering long lead items and preparing for a large centrifuge build [33][34] Question: Opportunities for additional customer commitments in LEU production - Management emphasized the importance of customer commitments for sizing up plant capabilities and indicated ongoing discussions with potential customers [40] Question: Expectations for uranium sales in the next two quarters - Management refrained from providing specific guidance on uranium sales but reiterated confidence in meeting internal revenue projections [63] Question: Insights on the HALEU operations contract and future processing capabilities - Management confirmed ongoing work with the Department of Energy and highlighted the company's unique position as the only Western HALEU producer [66] Question: Thoughts on government intervention in setting market structure for LEU - Management expressed uncertainty about potential government actions but acknowledged the relevance of the question regarding market influence [104][106]