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ASP Isotopes Inc. ASPI

SEC filings · Reporting currency USD · Quarterly reporting · Figures as of 2026-Q2 · updated 2026-09-04 · ISIN US00218A1051
Revenue accelerating Margin expanding strategy: Strategic pivot strategy: Acquisition
The new quarter, in context. · We follow every stock through its original filings: the latest figures against their history, guidance against actuals; neutral, continuously updated, every figure clickable with its source.
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Not investment adviceNeutral financial information, no recommendation, no investment research within the meaning of MiFID II.
Verify yourselfFigures are extracted automatically, errors are possible. Every figure is clickable with its source; the issuer's original documents are always authoritative.
EditorialThe texts (business model, current status, development and others) are written AI-editorially from the original reports alone, cross-checked automatically and backed with sources; the company's own account, no assessment of our own. Methodology
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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.

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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.

ASP Isotopes reported Q2 2026 revenue of $5.1 million, up from $1.2 million in Q2 2025, with product revenue from radiopharmaceutical operations reaching $4.5 million in the quarter 16. The company recorded an operating loss of $34.2 million, a net loss of $34.0 million (EPS of -$0.27 diluted), and free cash flow of -$27.4 million. As of June 30, 2026, cash and cash equivalents were $219.6 million alongside $35.3 million in short-term investments 16. On June 25, 2026, the company entered into a merger agreement with ENDRA Life Sciences, accompanied by a $50 million Noble Investment and a planned separation of its QLE subsidiary 16.
Management commentary on the 2026-H1 results (8-K-EX99.1, 2026-08-04):
„The key distinguishing feature of 99% versus 99.995% is the use case; quantum computing requires "noise" suppression, semiconductors need heat dissipation. In a quiet room even the smallest noise can be heard, so purity is critical. Thermal conductivity improves even with small gains.“ – Stefano Marani, President of ASP Isotopes' Electronics and Space division 15
„Engineers have achieved near-on miracles in reducing microchip components to nano-scale structures, but eventually atoms become your limiting factor. Now it is time for the particle physicists to lead the way forward in creating materials that will advance technology, and with our isotopic separation technology we are ready to step up and play our part.“ – Stefano Marani, President of ASP Isotopes' Electronics and Space division 15
Revenue · 2026-Q25$m+325.0 % vs. 2025-Q2
Net profit · 2026-Q2-34$m+54.8 % vs. 2025-Q2
EPS · 2026-Q2-0.27$+73.8 % vs. 2025-Q2
Revenue trend
Guidance
For FY2026, the company guides PET Labs revenue to approximately $14 million (initiated). 15.
Profitability
Q2 2026 operating loss was $34.2 million and consolidated net loss was $34.0 million ($0.27 per diluted share), compared to a net loss of $75.2 million in Q2 2025 16. Free cash flow for the quarter was -$27.4 million, comprising operating cash outflows of $23.3 million and capital expenditures of $4.1 million. For the six months ended June 30, 2026, gross profit from continuing operations was $3.1 million compared to $0.9 million in the prior-year period 16.
Leverage
As of June 30, 2026, the company held cash and cash equivalents of $219.6 million and short-term investments of $35.3 million, with net debt of $38.3 million; the fair value of convertible notes payable stood at $203.4 million, up from $199.3 million at December 31, 2025 16. Cash used in operating activities was $41.1 million for H1 2026 compared to $11.1 million in H1 2025, reflecting expanded operational losses and development spending 16. The company's liquidity is primarily supported by its cash balance, while ongoing net losses and rising operating expenditures continue to draw down that position.
Management view
The company announced a TerraPower Loan Agreement providing up to $22.0 million to finance construction of a uranium enrichment facility in South Africa capable of producing high-assay low-enriched uranium (HALEU), intended to support a planned 10-year supply agreement for up to 150 metric tons 16. The company entered into a memorandum of understanding with the South African Nuclear Energy Corporation (Necsa) for collaboration on the commercial production of advanced nuclear fuels 16. Revenue from radiopharmaceutical operations for the six months ended June 30, 2026 reached $7.3 million compared to $2.3 million in the prior-year period, reflecting growth in the nuclear medicine distribution segment following recent acquisitions 16.
Change
Selling, general and administrative expenses for H1 2026 totaled $50.1 million, compared to $18.4 million in H1 2025, with increases driven by higher personnel costs, professional fees, and facility expenses related to the Renergen and ECNP acquisitions 16. Research and development expenses rose to $12.1 million for H1 2026 from $2.4 million in H1 2025, primarily reflecting expanded personnel, manufacturing engineering, facility costs, and contract services 16. Skyline Builders Group Holding Limited was deconsolidated effective March 29, 2026 following a Securities Exchange Agreement; the company retained approximately 8.6% of Skyline's outstanding Class A ordinary and preferred shares 16.
Risks (current)
The company recorded net losses of $60.7 million from continuing operations for the six months ended June 30, 2026, and faces extensive costs and uncertainty associated with new technology development and commercialization 16. Subsidiary Tetra4 is in default on DFC Credit Facility operating covenants and not in compliance with IDC Loan covenants effective February 15, 2026; the SBSA Loan has past default events with discussions ongoing to extend the repayment date to August 15, 2027 16. Renergen and AIRSOL are in a legal dispute regarding repayment terms of $7.0 million in unsecured convertible debentures, and the ENDRA Merger is subject to multiple closing conditions outside the parties' control, including ENDRA stockholder approval and regulatory approvals 16.
New this reporting period
On June 25, 2026, the company entered into a merger agreement with ENDRA Life Sciences, accompanied by a $50 million Noble Investment and a planned separation of the QLE business into an independent entity 16. The ENDRA Merger is conditioned on ENDRA stockholder approval, a minimum cash balance of $3.8 million for ENDRA at closing, and written DFC consent for the Tetra4 finance agreement 16. Development of the Virginia Gas Project Phase 2 was indicated as a planned initiative as of the quarter end without a specific launch date assigned 16.
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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.

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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.

Commercialisation ramp of enriched isotopes (Silicon-28, Carbon-14, Ytterbium-176)
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.
Enriched isotope shipments (Si-28, C-14, Yb-176) moving from production to commercial delivery
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).
Nuclear fuel / HALEU platform via Quantum Leap Energy and TerraPower
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.
Helium and LNG segment from the Renergen acquisition
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
ENDRA merger announced 2026-06, status Planned (16).
Group revenue trajectory against sustained operating losses
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).

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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.

Overview: one dot per event · click jumps to the period
earningsrevenuemarginstrategyfinancials2023-Q12023-Q22023-Q32023-Q42024-Q12024-Q22024-Q32024-Q42025-Q12025-Q22025-Q32025-Q42026-Q12026-Q2
2026 · 11 events

2026-Q2 · Apr – Jun 2026

Revenue accelerating 2026-08-14
Revenue $5.1M in Q2 2026 vs $1.2M in Q2 2025; H1 2026 total $9.3M vs $2.3M in H1 2025 16
Strategic pivot 2026-08-14
ENDRA Merger Agreement entered with $50 million Noble Investment and planned separation of QLE 16
Margin expanding 2026-08-14
H1 2026 gross profit $3.1M vs $0.9M in H1 2025, with radiopharmaceutical revenue $7.3M vs $2.3M 16
earnings 2026-04-10
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
Revenue accelerating 2026-04-10
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
Acquisition 2026-04-10
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 2026-05-20
Revenue $4.2M in Q1 2026 vs $1.1M in Q1 2025, primarily due to Renergen and Numed acquisitions 14
Divestiture 2026-05-20
QLE deconsolidated Skyline through Securities Exchange Agreement, retaining approximately 8.6% equity stake 14
New market 2026-05-20
Renergen acquisition completed, establishing helium and LNG segment with 94.5% indirect equity in Tetra4 14
Net cash to net debt 2026-05-20
Net debt position flipped (-79.7 to +45.8 USDm vs 2025-Q4). 14
Revenue decelerating 2026-05-20
Revenue growth decelerated to +281.8% YoY (prior period +1291.7%). 14
2025 · 12 events

2025-Q4 · Oct – Dec 2025

Revenue accelerating 2026-04-10
Revenue growth accelerated to +1291.7% YoY (prior period +345.5%). 13
Net cash build 2026-04-10
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

Net debt to net cash 2025-11-19
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
Acquisition 2025-11-19
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
Strategic pivot 2025-11-19
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
Revenue accelerating 2025-11-19
Revenue growth accelerated to +345.5% YoY (prior period +20.0%). 112

2025-Q2 · Apr – Jun 2025

Net cash to net debt 2025-08-14
Net debt position flipped (-21.6 to +30.5 USDm vs 2025-Q1). 11
Revenue decelerating 2025-08-14
Revenue growth decelerated to +20.0% YoY (prior period +37.5%). 11

2025-Q1 · Jan – Mar 2025

New market 2025-05-20
Multi-isotope and laser isotope separation plants completed March 2025 in Pretoria, South Africa, advancing commercial enriched isotope production readiness 10
New market 2025-05-20
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
Acquisition 2025-05-20
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
Revenue decelerating 2025-05-20
Revenue growth decelerated to +37.5% YoY (prior period +200.0%). 10
2024 · 11 events

2024-Q4 · Oct – Dec 2024

New market 2024-11-19
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)
New market 2024-11-19
First semi-finished material of enriched Yb-176 produced during quantum enrichment facility commissioning phase in October 2024 (8)
New market 2024-11-19
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

New market 2024-11-19
Quantum enrichment facility for Yb-176 completed construction in Pretoria in August 2024 and entered commissioning phase (8)
Net debt to net cash 2024-11-19
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

Revenue accelerating 2025-03-31
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)
New market 2024-11-19
Carbon-14 enrichment plant in Pretoria completed June 2024; depreciation commenced July 2024 (8)
Revenue accelerating 2024-04-10
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

Revenue accelerating 2024-05-15
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)
Net debt to net cash 2024-05-15
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)
Strategic pivot 2024-05-15
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

Acquisition 2024-04-10
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

New market 2024-04-10
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
earnings 2023-11-14
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
Net debt to net cash 2023-11-14
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

Margin compressing 2023-08-14
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
Strategic pivot 2023-08-14
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

Strategic pivot 2023-05-19
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
Net debt to net cash 2023-05-19
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 $5.1M was estimated insufficient to fund operations for at least the next 12 months without additional financing 2
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Key Figures ($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.

Revenue ($m) · annual basis, as reported
FY2023FY2023: 00FY2024FY2024: 44FY2025FY2025: 2424
Net income ($m) · annual basis, as reported
FY2023FY2023: -16-16FY2024FY2024: -32-32FY2025FY2025: -160-160
EPS ($) · annual basis, as reported
FY2023FY2023: -0.49-0.49FY2024FY2024: -0.63-0.63FY2025FY2025: -2.11-2.11
Operating cash flow ($m) · annual basis, as reported
FY2023FY2023: -5-5FY2024FY2024: -17-17FY2025FY2025: -38-38
Revenue ($m) · quarterly basis, as reported
2024-Q32024-Q3: 112024-Q42024-Q4: 112025-Q12025-Q1: 112025-Q22025-Q2: 112025-Q32025-Q3: 552025-Q42025-Q4: 17172026-Q12026-Q1: 442026-Q22026-Q2: 55
Net income ($m) · quarterly basis, as reported
2024-Q32024-Q3: -7-72024-Q42024-Q4: -9-92025-Q12025-Q1: -8-82025-Q22025-Q2: -75-752025-Q32025-Q3: -13-132025-Q42025-Q4: -63-632026-Q12026-Q1: -7-72026-Q22026-Q2: -34-34
EPS ($) · quarterly basis, as reported
2024-Q32024-Q3: -0.12-0.122024-Q42024-Q4: -0.18-0.182025-Q12025-Q1: -0.12-0.122025-Q22025-Q2: -1.03-1.032025-Q32025-Q3: -0.15-0.152025-Q42025-Q4: -0.84-0.842026-Q12026-Q1: -0.06-0.062026-Q22026-Q2: -0.27-0.27
Operating cash flow ($m) · quarterly basis, as reported
2024-Q32024-Q3: -5-52024-Q42024-Q4: -4-42025-Q12025-Q1: -3-32025-Q22025-Q2: -8-82025-Q32025-Q3: -9-92025-Q42025-Q4: -18-182026-Q12026-Q1: -18-182026-Q22026-Q2: -23-23
Cash ($m) · annual basis, as reported
FY2023FY2023: 88FY2024FY2024: 6262FY2025FY2025: 280280
Debt ($m) · annual basis, as reported
FY2023FY2023: 00FY2024FY2024: 3434FY2025FY2025: 200200
Net Debt ($m) · annual basis, as reported
FY2023FY2023: -8-8FY2024FY2024: -28-28FY2025FY2025: -80-80
Capex ($m) · annual basis, as reported
FY2023FY2023: 22FY2024FY2024: 1010FY2025FY2025: 1010
FCF ($m) · annual basis, as reported
FY2023FY2023: -8-8FY2024FY2024: -26-26FY2025FY2025: -47-47
Cash ($m) · quarterly basis, as reported
2024-Q32024-Q3: 52522024-Q42024-Q4: 62622025-Q12025-Q1: 56562025-Q22025-Q2: 68682025-Q32025-Q3: 1141142025-Q42025-Q4: 2802802026-Q12026-Q1: 2072072026-Q22026-Q2: 220220
Debt ($m) · quarterly basis, as reported
2024-Q32024-Q3: 32322024-Q42024-Q4: 34342025-Q12025-Q1: 34342025-Q22025-Q2: 98982025-Q32025-Q3: 1101102025-Q42025-Q4: 2002002026-Q12026-Q1: 2532532026-Q22026-Q2: 258258
Net Debt ($m) · quarterly basis, as reported
2024-Q32024-Q3: -20-202024-Q42024-Q4: -28-282025-Q12025-Q1: -22-222025-Q22025-Q2: 30302025-Q32025-Q3: -4-42025-Q42025-Q4: -80-802026-Q12026-Q1: 46462026-Q22026-Q2: 3838
Capex ($m) · quarterly basis, as reported
2024-Q32024-Q3: 442024-Q42024-Q4: 112025-Q12025-Q1: 222025-Q22025-Q2: 222025-Q32025-Q3: 332025-Q42025-Q4: 222026-Q12026-Q1: 662026-Q22026-Q2: 44
FCF ($m) · quarterly basis, as reported
2024-Q32024-Q3: -9-92024-Q42024-Q4: -5-52025-Q12025-Q1: -6-62025-Q22025-Q2: -10-102025-Q32025-Q3: -12-122025-Q42025-Q4: -20-202026-Q12026-Q1: -24-242026-Q22026-Q2: -27-27
D&A ($m) · quarterly basis, as reported
2024-Q32024-Q42024-Q4: 002025-Q12025-Q1: 002025-Q22025-Q2: 002025-Q32025-Q3: 002025-Q42025-Q4: 112026-Q12026-Q1: 332026-Q22026-Q2: 11
Shown: the most recent fiscal years. Full history since FY2021 is on record.

Fiscal years

Amounts in $m · EPS in $ per share · as reported
PeriodRevenueOp. incomeNet incomeEPS ($)OCFSource
FY202523.8-59.9-159.8-2.11-37.813
FY20244.1-26.4-32.4-0.63-16.7112
FY20230.4-16-16.3-0.49-5.45

Quarters

Amounts in $m · EPS in $ per share · as reported
PeriodPublishedRevenueOp. incomeNet incomeEPS ($)FCFCashNet DebtSource
2026-Q2*2026-08-145.1-34.2-34-0.27-27.4219.638.316
2026-Q1*2026-05-204.2-24.9-7.1-0.06-23.9207.345.814
2025-Q4*2026-04-1016.7-25-63.3-0.84*-20.2279.6-79.713
2025-Q3*2025-11-194.9-15-12.6-0.15-12113.9-3.5112
2025-Q2*2025-08-141.2-12-75.2-1.03-9.767.730.511
2025-Q1*2025-05-201.1-8-8.5-0.12-5.556-21.610
2024-Q4*2025-03-311.2-7.6-9.2-0.18*-5.161.9-27.59
2024-Q3*2024-11-191.1-5.4-7.4-0.12-9.351.6-19.88
2024-Q2*2024-08-191-7.5-8.9-0.24-7.728.30.87
2024-Q1*2024-05-150.8-5.8-7-0.16-4.223.9-1.96
2023-Q4*2024-04-100.4-4-4.2-0.13*-3.27.9-7.95
2023-Q3*2023-11-140-3.9-4.2-0.14-1.32.34
2023-Q2*2023-08-140-4.3-4.3-0.14*-1.43.63
2023-Q1*2023-05-190-3.7-3.6-0.12*-1.85.12
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income (adj.), EBITDA (adj.), EPS adj., Net Debt/EBITDA (not reported in any source for these periods).
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Balance Sheet & Cash Flow ($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

Amounts in $m · as reported
PeriodPublishedCashDebtNet DebtD&AOCFCapexFCFSource
FY20252026-04-10279.6199.9-79.71.9-37.89.7-47.413
FY20242025-03-3161.934.4-27.50.5-16.79.7-26.49
FY20232024-04-107.90-7.9-5.42.3-7.75

Quarters

Amounts in $m · as reported
PeriodPublishedCashDebtNet DebtD&AOCFCapexFCFSource
2026-Q22026-08-14219.6257.938.31.2-23.34.1-27.416
2026-Q12026-05-20207.3253.245.83.1-17.86.1-23.914
2025-Q42026-04-10279.6199.9-79.70.9-17.92.4-20.213
2025-Q32025-11-19113.9110.4-3.50.3-8.93.1-12112
2025-Q22025-08-1467.798.130.50.5-7.91.8-9.711
2025-Q12025-05-205634.4-21.60.1-3.22.3-5.510
2024-Q42025-03-3161.934.4-27.50-3.81.3-5.19
2024-Q32024-11-1951.631.8-19.8-4.84.5-9.38
2024-Q22024-08-1928.329.10.8-5.12.6-7.77
2024-Q12024-05-1523.922-1.9-31.2-4.26
2023-Q42024-04-107.90-7.9-2.11.1-3.25
2023-Q32023-11-142.3-0.70.7-1.34
2023-Q22023-08-143.6-1.30.1-1.43
2023-Q12023-05-195.1-1.40.4-1.82
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
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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.

SegmentSincePeriodBasisRevenueSource
Helium and LNG2026-Q12026-Q13M0.614
Construction services2025-Q3FY202512M?18.213
Nuclear fuels2024-Q12026-Q13M14
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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/LineSinceStatusSource
TerraPower 10-year HALEU supply agreement (up to 150 metric tons)2028-01Stable16
Alpa Theranostics clinical trial initiation2027-06Launched15
Uranium enrichment facility construction and HALEU commercial production2027Launched9
TerraPower HALEU production facility construction2027Launched9
Quantum Leap Energy Uranium Enrichment Facility2027Launched5
HALEU production facility construction at Pelindaba, South Africa2027Launched12
HALEU production facility construction2027Launched8
HALEU production facility completion at Pelindaba2027Launched14
HALEU production facility completion2027Launched9
HALEU Commercial Production2027Launched5
Ytterbium-176 continuous processing enhancements2026-12Launched15
Silicon-28 enriched product initial shipments2026-12Launched15
Renergen resource estimate update completion2026-12Launched15
Renergen Phase 2 construction commencement2026-12Launched15
Renergen Phase 1 completion and production ramp-up2026-12Launched15
QLE uranium enrichment test-bench commissioning2026-12Launched15
QLE lithium enrichment equipment procurement2026-12Launched15
Liquefaction of helium process at Renergen Virginia Gas Project2026-12Launched14
Carbon-14 commercial enrichment commencement2026-12Launched15
Carbon-12 first sample shipments2026-12Launched15
Yb-176 enriched isotope commercial shipments2026-09Launched13
Yb-176 commercial shipments2026-09Launched14
TerraPower uranium enrichment facility construction2026-09Launched13
Renergen helium production commencement2026-09Launched15
Reemag subscription tranches2026-09Launched13
Initial commercial shipments of enriched Carbon-142026-09Launched14
Initial commercial shipments of Ytterbium-1762026-09Launched14
C-14 commercial shipments2026-09Launched14
University of Bristol lithium laser research facility design2026-06Launched13
TerraPower HALEU supply agreement (initial core)2026-06Stable16
Si-28 enriched isotope commercial shipments2026-06Launched13
Si-28 commercial shipments2026-06Launched14
PET Labs radiopharmaceutical capacity expansion2026-06Launched15
First commercial batch of enriched C-14 shipment2026-06Launched12
Commercial shipment of Yb-1762026-06Launched12
Commercial quantities of enriched Yb-176 shipment2026-06Launched12
First commercial batch of enriched Si-28 shipment2026-03Launched12
Skyline Series B Convertible Preferred Shares offering2026-02Launched13
Necsa Services Contract for uranium enrichment facility2026-02Launched13
TerraPower HALEU facility construction2026Launched13
Initial commercial shipments of enriched Silicon-282026Launched14
C-14 enriched isotope commercial shipments2026Launched13
Proposed separation of QLE as independent public company2025-12Launched12
First commercial batch of enriched C-12 shipment2025-12Launched12
Planned listing of QLE as standalone public company2025-09Planned12
Ytterbium-176 enrichment facility commercial production2025-06Launched9
Yb-176 commercial production commencement2025-06Launched9
Silicon-28 enrichment facility commercial production2025-06Launched9
Silicon-28 commercial production2025-06Launched9
First commercial batch of enriched Carbon-142025-06Launched9
TerraPower HALEU Facility Supply Agreement2025-05Launched12
TerraPower 10-Year HALEU Supply Agreement2025-05Launched12
Renergen Exploration Rights amendment approval2025-05Launched13
Multi-isotope enrichment plant2025-03Launched10
Laser isotope separation plant (Quantum Enrichment technology)2025-03Launched10
Carbon-14 enrichment facility commercial production2025-03Launched9
C-14 commercial supply2025-03Launched8
Si-28 initial commercial supply2025-01Launched8
Yb-176 commercial sale2025Launched8
Nickel-64 quantum enrichment plant construction (3x)2025Launched8
First commercial batches of enriched Carbon-14 shipping2025Launched9
C-14 enrichment plant commissioning2023Launched8
Renergen Phase 2 Virginia Gas Project (3×)2026-06Launched13
QLE IPO (4×)2025-12Launched13
Si-28 commercial supply initiation2025Launched8
Yb-176 first commercial production2024-12Launched7
Quantum enrichment facility construction completion2024-12Launched7
C-14 enrichment plant commercial supply initiation2024-12Launched7
Public offering (2.75M shares at $6.75)2024-11Launched8
Necsa memorandum of understanding for HALEU collaboration2024-11Launched9
Warrant exercise (151,741 shares)2024-10Launched8
Terraria TerraPower term sheet execution2024-10Launched13
TerraPower term sheet for HALEU facility funding2024-10Launched9
Multi-isotope plant construction (Pretoria) (2×)2024-09Launched8
Public offering (13.8M shares at $2.50)2024-07Launched8
Multi-isotope enrichment plant commissioning2024-06Launched8
Multi-Isotope Enrichment Plant Completion and Commissioning2024-06Launched8
Carbon-14 plant2024-06Launched8
Carbon-14 enrichment plant2024-06Launched10
Warrant exercise (3,164,557 shares)2024-04Launched8
Warrant exercise2024-04Launched5
U.S. semiconductor company purchase order for Silicon-28 (2×)2024-04Launched9
U.S. Customer Highly Enriched Metal Supply2024Launched5
Si-28 enrichment facility commissioning2024Launched9
Quantum Enrichment technology uranium enrichment program2024Launched9
C-14 enrichment facility commissioning2024Launched9
C-14 Enrichment Production Start2024Launched5
ASP Technology isotope enrichment facility construction2024Launched9
Molybdenum-100 enrichment plant construction (4×)2023-12Launched4
Mo-100 commercial production first phase (5kg capacity)2023-12Launched2
U-235 commercialization using quantum enrichment2023-09Launched4
U-235 commercialization for HALEU applications2023-06Launched3
Second multi-isotope enrichment plant in Pretoria, South Africa (2×)2023-06Launched4
Mo-100 isotope commercialization2023-06Launched3
Mo-100 commercial sales (2×)2023-06Launched4
Canadian customer tolling agreement for C-14 production2023-06Launched9
U-235 enriched uranium commercialization2023-03Launched2
Private placement - 3,164,557 shares2023-03Launched3
Mo-100 production expansion to 20kg capacity2023-03Launched2
Ytterbium-176 enrichment facility construction2023Launched5
Canadian customer MOU for Deuterium and Tritium separation (2×)2023Launched9
IPO of common stock2022-11Launched7
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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 · 24Divestitures/exits · 1older: 4 (in the table)
202520262027

Acquisitions

Transaction / stakeDateTypeSource
PET Labs remaining 49% ownership option (3×)2027-01Completed5
Noble Africa reverse merger with ENDRA2026-12Completed15
ENDRA Merger2026-06Completed16
Renergen acquisition including 94.5% equity ownership in Tetra42026-01Completed14
Numed acquisition (2×)2026-01Completed16
Commitments to South Africa Competition Commission: 2-year moratorium on retrenchments and HDP and Worker Trust establishment within 12 months2026-01Completed16
One 30 Seven acquisition (3×)2025-10Completed12
East Coast Nuclear Pharmacy acquisition2025-10Completed14
ECNP acquisition2025-10Completed16
Skyline deconsolidation (7×)2025-08Completed14
Skyline acquisition (2×)2025-08Completed13
IsoBio investment (4×)2025-07Completed14
Renergen acquisition (3×)2025-05Completed16
Proposed acquisition of 100% ownership of Renergen via Firm Intention Letter2025-05Announced12
Firm Intention Letter with Renergen for share acquisition2025-05Completed10
Exclusivity Agreement with Renergen2025-03Announced10
Equipment and motor vehicle loans entered into2025-03Completed10
TerraPower term sheet signed2024-10Announced10
TerraPower term sheet for HALEU facility2024-10Completed9
Quantum Leap Energy spin-out and public listing (3×)2024-09Completed12
Acquisition of assets of Molybdos (Pty) Limited in business rescue auction2024-09Completed8
Unsecured promissory notes issuance (8×)2024-03Completed13
Klydon ASP Technology License Agreement2024-02Announced5
EPC Services Framework Agreement with Quantum Leap Energy LLC2024-02Announced5
Klydon intellectual property acquisition (4×)2023-04Completed9
PET Labs acquisition (11×)2023Completed9
Klydon Silicon-28 plant acquisition (2×)2022-07Completed7
Molybdos asset acquisition (2×)2021-10Completed9

Divestitures / exits

Transaction / stakeDateTypeSource
Promissory note payable paid in full2025-04Divested10
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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.

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
DatePeriodKPIValue / changeSource
2026-08-142026-Q2Short-term investments35.3 million16
2026-08-142026-Q2Cash and cash equivalents219.6 million16
2026-08-142026-Q2Total stockholders' equity274,790 (USD in thousands)16
2026-08-142026-Q2TerraPower Net Loan Proceeds$20.0 million16
2026-08-142026-Q2TerraPower Loan$22.0 million16
2026-08-142026-Q2TerraPower Collaboration Revenue (6M H1 2026)0.8 million16
2026-08-142026-Q2TerraPower Collaboration Revenue (3M H1 2026)0.6 million16
2026-08-142026-Q2Short-term investments35,300 (USD in thousands)16
2026-08-142026-Q2Short-term Leases Expense (6M H1 2026)157,000 (USD thousands)16
2026-08-142026-Q2Short-term Leases Expense (6M H1 2025)64,000 (USD thousands)16
2026-08-142026-Q2Short-term Leases Expense (3M Q2 2026)95,000 (USD thousands)16
2026-08-142026-Q2Short-term Leases Expense (3M Q2 2025)32,000 (USD thousands)16
2026-08-142026-Q2SBSA Loan Interest Expense (Jan 6 - Jun 30, 2026)ZAR 21.6 million ($1.3 million)16
2026-08-142026-Q2SBSA Loan Interest Expense (3M Q2 2026)ZAR 11.5 million ($0.7 million)16
2026-08-142026-Q2Restricted cash4,120 (USD in thousands)16
2026-08-142026-Q2Opeongo investment$10.0 million16
2026-08-142026-Q2Opeongo Series Seed 1 Shares4,356,91816
2026-08-142026-Q2Noble Investment$50 million16
2026-08-142026-Q2Motor Vehicle and Equipment Loans Interest Expense (6M H1 2026)0.1 million16
2026-08-142026-Q2Motor Vehicle and Equipment Loans Interest Expense (6M H1 2025)0.1 million16
2026-08-142026-Q2Motor Vehicle and Equipment Loans Interest Expense (3M Q2 2026)0.1 million16
2026-08-142026-Q2Motor Vehicle and Equipment Loans Interest Expense (3M Q2 2025)0.1 million16
2026-08-142026-Q2Molopo Loan Interest Expense (6M H1 2026)ZAR 1.8 million ($0.1 million)16
2026-08-142026-Q2Molopo Loan Interest Expense (3M Q2 2026)ZAR 3.4 million ($0.2 million)16
2026-08-142026-Q2IsoBio investment$5.0 million16
2026-08-142026-Q2IsoBio Series Seed 1 Shares2,000,00016
2026-08-142026-Q2Interest income from sales-type leases (6M H1 2026)0.3 million16
2026-08-142026-Q2Interest income from sales-type leases (3M Q2 2026)0.2 million16
2026-08-142026-Q2Interest income from sales-type leases (3M Q2 2025)22,000 (USD thousands)16
2026-08-142026-Q2IDC Loan Interest Expense (Jan 6 - Jun 30, 2026)ZAR 9.9 million ($0.6 million)16
2026-08-142026-Q2IDC Loan Interest Expense (3M Q2 2026)ZAR 5.1 million ($0.3 million)16
2026-08-142026-Q2ENDRA prefunded warrants511,541 (USD thousands)16
2026-08-142026-Q2ENDRA investment$3.8 million16
2026-08-142026-Q2ENDRA common warrants1,156,774 (USD thousands)16
2026-08-142026-Q2ENDRA common stock66,84616
2026-08-142026-Q2Depreciation Expense (6M H1 2026)2.7 million16
2026-08-142026-Q2Depreciation Expense (6M H1 2025)0.7 million16
2026-08-142026-Q2Depreciation Expense (3M Q2 2026)1.3 million16
2026-08-142026-Q2Depreciation Expense (3M Q2 2025)0.5 million16
2026-08-142026-Q2Depletion Expense (Jan 6 - Jun 30, 2026)1.5 million16
2026-08-142026-Q2Depletion Expense (3M H1 2026)0.7 million16
2026-08-142026-Q2DFC Credit Facility Interest Expense (Jan 6 - Jun 30, 2026)0.6 million16
2026-08-142026-Q2DFC Credit Facility Interest Expense (3M Q2 2026)0.3 million16
2026-08-142026-Q2Cash and cash equivalents219,596 (USD in thousands)16
2026-08-042026-H1Ytterbium-176 enrichment campaign frequencyapproximately every two days15
2026-08-042026-H1Ytterbium-176 enrichment campaign durationthree-hour enrichment campaigns15
2026-08-042026-H1Ytterbium-176 continuous processing vessel enrichment capabilityapproximately three months between shutdowns15
2026-08-042026-H1US HALEU demand estimate by 2050500 metric tons per year15
2026-08-042026-H1US HALEU demand estimate by 203550 metric tons per year15
2026-08-042026-H1Silicon-28 target enrichment for first batch99%15
2026-08-042026-H1Silicon-28 maximum enrichment capability goal99.995%15
2026-08-042026-H1Silicon-28 enrichment level achieved98% enrichment versus natural abundance of 92%15
2026-08-042026-H1Silicon-28 enrichment facility cascade stages48 stages15
2026-08-042026-H1Semiconductor industry GDP contribution Taiwanapproximately 20%15
2026-08-042026-H1Semiconductor industry GDP contribution South Koreaapproximately 10%15
2026-08-042026-H1Semiconductor industry GDP contribution Singaporeapproximately 7%15
2026-08-042026-H1Renergen lost-time injuries in 1H 2026zero15
2026-08-042026-H1Renergen consecutive days without incident32515
2026-08-042026-H1Renergen Phase 2 hydrocarbon production capacityapproximately 34,000 GJ/day15
2026-08-042026-H1Renergen Phase 2 helium production capacity900 Mcf/day of liquid helium, equivalent to 5-7% of world helium supply15
2026-08-042026-H1Renergen Phase 2 construction timelineapproximately 44 months15
2026-08-042026-H1Renergen Phase 2 acreage utilization14%15
2026-08-042026-H1Renergen Phase 1 liquid helium production capacity250 kg per day15
2026-08-042026-H1Renergen Phase 1 helium offtake agreement volumeapproximately 15% of planned Phase 1 helium production capacity15
2026-08-042026-H1Renergen Phase 1 helium base priceabove US$600 per Mcf15
2026-08-042026-H1Renergen Phase 1 gas flow rates improvementover 10 times those achieved in earlier wells15
2026-08-042026-H1Renergen Phase 1 annualized helium and LNG revenueapproximately $27 million15
2026-08-042026-H1Renergen Phase 1 LNG shipment price$15-18 per GJ (.9478 MMBtu)15
2026-08-042026-H1Renergen Phase 1 LNG production capacity2,500 GJ per day15
2026-08-042026-H1QLE convertible notes held by third parties remainingapproximately $79.1 million15
2026-08-042026-H1QLE convertible notes exchanged for ASPI stockapproximately 50%15
2026-08-042026-H1PET Labs revenue FY 2025$6 million15
2026-08-042026-H1PET Labs radiopharmacies globallyfour15
2026-08-042026-H1PET Labs radiopharmaceutical doses delivered 1H 2026tens of thousands15
2026-08-042026-H1PET Labs forecasted FY 2026 revenue$14 million15
2026-08-042026-H1Other investors in Noble Africaapproximately $30 million15
2026-08-042026-H1OEM supplied compressors upgradedover 20015
2026-08-042026-H1Noble Africa private placement gross proceedsapproximately $50 million15
2026-08-042026-H1Noble Africa free floatapproximately 11%15
2026-08-042026-H1Helium spot price range post-Middle East conflictapproximately $400/Mcf to over $2,000/mcf in some cases15
2026-08-042026-H1Global helium supply offlineapproximately 50%15
2026-08-042026-H1ASPI ownership of Noble Africa post-closingapproximately 89%15
2026-08-042026-H1ASPI QLE convertible notes heldapproximately $140.7 million15
2026-08-042026-H1ASP Isotopes investment in Noble Africaapproximately $20 million15
2026-05-202026-Q1Short-term investments83.2 million14
2026-05-202026-Q1Common stock outstanding125,903,44714
2026-05-202026-Q1Cash and cash equivalents207.3 million14
2026-05-202026-Q1Skyline investment24.9 million14
2026-05-202026-Q1Opeongo investment10.0 million14
2026-05-202026-Q1IsoBio investment5.6 million14
2026-05-202026-Q1Deferred revenue (noncurrent) - LNG tokens0.8 million14
2026-05-202026-Q1Asset retirement obligation60.1 million14
2026-04-10FY2025Short-term investments47.7 million13
2026-04-10FY2025Construction services customer 2 revenue pct13.7%13
2026-04-10FY2025Construction services customer 2 revenue amount$3.3 million13
2026-04-10FY2025Construction services customer 1 revenue pct32.2%13
2026-04-10FY2025Construction services customer 1 revenue amount$7.7 million13
2026-04-10FY2025Cash and cash equivalents285.6 million13
2026-04-10FY2025Accounts receivable concentration customer 4 amount$2.3 million13
2026-04-10FY2025Accounts receivable concentration customer 413%13
2026-04-10FY2025Accounts receivable concentration customer 3 amount$3.2 million13
2026-04-10FY2025Accounts receivable concentration customer 318%13
2026-04-10FY2025Accounts receivable concentration customer 2 amount$4.1 million13
2026-04-10FY2025accounts receivable concentration customer 223%13
2026-04-10FY2025accounts receivable concentration customer 1 amount$5.0 million13
2026-04-10FY2025accounts receivable concentration customer 128%13
2025-11-192025-Q3Terapower loan agreement fixed interest rate10%12
2025-11-192025-Q3Terapower loan agreement amount$22,000,000 (conditional commitments with aggregate loan disbursements of $20,000,000)12
2025-11-192025-Q3revolving credit facilities interest rate3.55% to 6.47%12
2025-11-192025-Q3Renergen loan interest rateSouth African Prime Rate (currently 10.50%)12
2025-11-192025-Q3Renergen loan amount$30,000,00012
2025-11-192025-Q3motor vehicle equipment loans interest rate9.9% to 11.75%12
2025-11-192025-Q3export invoice finance facility interest rate12%12
2025-11-192025-Q3depreciation expense three months$567,72412
2025-11-192025-Q3depreciation expense nine months$934,65012
2025-11-192025-Q3customer concentrationTwo 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, 202412
2025-11-192025-Q3Cash and cash equivalents$113.9 million12
2025-11-192025-Q3Weighted average common stock outstanding, basic and diluted (Three Months Ended September 30, 2025)88,552,30912
2025-11-192025-Q3Weighted average common stock outstanding, basic and diluted (Three Months Ended September 30, 2024)61,532,17212
2025-11-192025-Q3Weighted average common stock outstanding, basic and diluted (Nine Months Ended September 30, 2025)75,985,50712
2025-11-192025-Q3Weighted average common stock outstanding, basic and diluted (Nine Months Ended September 30, 2024)51,779,06712
2025-11-192025-Q3Net loss per share, basic and diluted (Three Months Ended September 30, 2025)(0.15)12
2025-11-192025-Q3Net loss per share, basic and diluted (Three Months Ended September 30, 2024)(0.12)12
2025-11-192025-Q3Net loss per share, basic and diluted (Nine Months Ended September 30, 2025)(1.27)12
2025-11-192025-Q3Net loss per share, basic and diluted (Nine Months Ended September 30, 2024)(0.50)12
2025-05-202025-Q1Total stockholders' equity45,727,10610
2025-05-202025-Q1Total liabilities45,146,55310
2025-05-202025-Q1Total assets90,873,65910
2025-05-202025-Q1Short-term lease expense31,59510
2025-05-202025-Q1Operating lease cost168,45810
2025-05-202025-Q1Finance lease interest22,24710
2025-05-202025-Q1Cash and equivalents56.0 million10
2025-05-202025-Q1Cash and cash equivalents55,965,44310
2025-05-202025-Q1Amortization ROU assets40,54910
2025-03-31FY2024YB176 target enrichment99.75%9
2025-03-31FY2024Uranium enrichment facility production capacity20 metric tons per year9
2025-03-31FY2024Uranium enrichment facility construction timeapproximately 30 months9
2025-03-31FY2024Terrapower HALEU purchase period10-year period9
2025-03-31FY2024Terrapower facility planned completion20279
2025-03-31FY2024Quantum enrichment levelized cost per SWU<$509
2025-03-31FY2024Quantum enrichment energy use per SWU<409
2025-03-31FY2024Quantum enrichment capital cost estimate<$100 million9
2025-03-31FY2024Plant operations employees329
2025-03-31FY2024PET Labs partial payment Jan 2024$264,7509
2025-03-31FY2024PET Labs ownership stake51%9
2025-03-31FY2024Pet Labs option purchase price$2,200,0009
2025-03-31FY2024Pet Labs initial shares payment Nov 2023$500,0009
2025-03-31FY2024net loss 2024$32.4 million9
2025-03-31FY2024net loss 2023$16.3 million9
2025-03-31FY2024gas centrifuge levelized cost per SWU$1409
2025-03-31FY2024gas centrifuge energy use per SWU50-2409
2025-03-31FY2024gas centrifuge capital cost>$800 million9
2025-03-31FY2024Cash and equivalents61.9 million9
2025-03-31FY2024C14 tolling agreement minimum annual$2.5 million9
2025-03-31FY2024accumulated deficit$56.2 million9
2024-11-192024-Q3Cash and cash equivalents51,571,5408
2024-08-192024-Q2Cash and cash equivalents$28.3 million7
2024-05-152024-Q1cash23.9 million6
2024-04-10FY2023warrant shares issued3,164,5575
2024-04-10FY2023warrant exercise proceeds April 2024$5.5 million5
2024-04-10FY2023US customer contract value$9 million5
2024-04-10FY2023shares outstanding48,923,2765
2024-04-10FY2023promissory notes March 2024$20.5 million5
2024-04-10FY2023Pet Labs remaining balance$1,500,0005
2024-04-10FY2023Pet Labs option shares price$2,200,0005
2024-04-10FY2023Pet Labs initial shares purchase price$2,000,0005
2024-04-10FY2023Pet Labs first installment$500,0005
2024-04-10FY2023Molybdos acquisition cost USD$734,0005
2024-04-10FY2023molybdos acquisition costZAR 11,000,0005
2024-04-10FY2023molybdenum-99 market size 2020approximately $3.8 billion5
2024-04-10FY2023klydon supply agreement valueup to $27.0 million5
2024-04-10FY2023klydon silicon-28 plant cost (USD)$364,0005
2024-04-10FY2023klydon silicon-28 plant costZAR 6,000,0005
2024-04-10FY2023cash on hand Dec 2023$7.9 million5
2024-04-10FY2023cash$7.9 million5
2024-04-10FY2023Canadian customer tolling minimumapproximately $2.5 million5
2024-04-10FY2023accumulated deficit$23.8 million5
2024-04-10FY2023Net increase in cash and cash equivalents$5,519,9085
2024-04-10FY2023Net cash used in investing activities$(2,453,191 )5
2024-04-10FY2023Net cash provided by financing activities$13,385,4915
2023-11-142023-Q3cash$2,286,8054
2023-11-142023-Q3accumulated deficit$19,676,9734
2023-08-142023-Q2cash$3,626,1653
2023-08-142023-Q2accumulated deficit$14.8 million3
2023-05-192023-Q1stock-based compensation R&D92,3912
2023-05-192023-Q1stock-based compensation G&A2,051,7082
2023-05-192023-Q1cash5,082,290 (USD millions)2
2023-05-192023-Q1accumulated deficit11.2 million2
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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 periodGuided onMetricGuidedVerdictDirectionSource
FY20262026-08-04PET Labs revenue~14pendinginitiated15
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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.

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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.

16 documents · 2023 – 2026 · SEC EDGAR (USA)
#Document typePublishedLink
#110-K2023-03-31Open
#210-Q2023-05-19Open
#310-Q2023-08-14Open
#410-Q2023-11-14Open
#510-K2024-04-10Open
#610-Q2024-05-15Open
#710-Q2024-08-19Open
#810-Q2024-11-19Open
#910-K2025-03-31Open
#1010-Q2025-05-20Open
#1110-Q2025-08-14Open
#12 / #11210-Q2025-11-19Open
#1310-K2026-04-10Open
#1410-Q2026-05-20Open
#158-K-EX99.12026-08-04Open
#1610-Q2026-08-14Open

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.

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