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ASP Isotopes Inc., a development stage advanced materials company, engages in the production, distribution, marketing, and sale of isotopes in South Africa,Hong Kong, and United States. It operates in two segments, Nuclear Fuels, and Specialist Isotopes and Related Services. The Nuclear Fuels segment focuses on the research and development of technologies and methods used to produce high-assay low-enriched uranium (HALEU) and Lithium-6 for the advanced nuclear fuels target end market. Its Specialist Isotopes and Related Services segment engages in the research and development of technologies and methods used to separate high-value, low-volume isotopes, such as C-14, Mo-100 and Si-28, for target end markets, including pharmaceuticals and agrochemicals, nuclear medical imaging, and semiconductors; provision of related services; and operation of PET labs. The company offers the Aerodynamic Separation Process (ASP) technology, which separates gas species and isotopes in a volatile state; and the Quantum Enrichment (QE) technology, which separates isotopes. It also produces and commercializes Molybdenum-100, Molybdenum-98, and Ytterbium-176 for the nuclear medical industry. In addition, the company develops Zinc-68, Nickel-64, and Xenon-129/136 for the nuclear medical industry; Lithium-7, Uranium-235, and Chlorine-37 for the energy industry; and Germanium-70/72/74 for semiconductor markets. The company was incorporated in 2021 and is based in Dallas, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $24M | $-157M | $-175M | $-47M | -85.8% | 475.5% | 441.5% |
| 2024 | $4M | $-32M | $-32M | $-28M | -67.5% | 857.0% | 98.5% |
| 2023 | $0M | $-16M | $-16M | $-8M | -99.9% | - | 229.3% |
| 2022 | $0M | $-5M | $-5M | $-7M | -50.4% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0 | 0.43 | 4.14 | 23.85 |
| Operating Revenue | - | 0 | 0.43 | 4.14 | 23.85 |
| Cost Of Revenue | - | 0 | 0.29 | 2.54 | 20.44 |
| Gross Profit | - | 0 | 0.14 | 1.60 | 3.40 |
| Operating Expense | - | 5.10 | 16.18 | 27.95 | 60.60 |
| Research And Development | - | 1.27 | 0.76 | 3.14 | 12.36 |
| Selling General And Administration | - | 3.83 | 15.42 | 24.81 | 48.24 |
| Total Expenses | - | 5.10 | 16.48 | 30.50 | 81.04 |
| Operating Income | - | -5.10 | -16.04 | -26.35 | -57.19 |
| Total Operating Income As Reported | - | -5.10 | -16.04 | -26.35 | -59.91 |
| EBITDA | - | -4.95 | -16.14 | -31.58 | -157.07 |
| Normalized EBITDA | - | -5.10 | -16.19 | -31.65 | -172.16 |
| EBIT | - | -4.95 | -16.18 | -32.05 | -158.99 |
| Interest Income | - | 0 | 0.01 | 1.24 | 6.79 |
| Interest Expense | - | 0 | 0.12 | 0.26 | 0.57 |
| Net Interest Income | - | 0 | -0.11 | 0.98 | 6.22 |
| Other Non Operating Income Expenses | - | 0.15 | -0.19 | -7.01 | -123.67 |
| Other Income Expense | - | 0.15 | -0.15 | -6.94 | -108.58 |
| Interest Income Non Operating | - | 0 | 0.01 | 1.24 | 6.79 |
| Interest Expense Non Operating | - | 0 | 0.12 | 0.26 | 0.57 |
| Net Non Operating Interest Income Expense | - | 0 | -0.11 | 0.98 | 6.22 |
| Pretax Income | - | -4.95 | -16.30 | -32.31 | -159.56 |
| Tax Provision | - | 0 | -0.01 | 0.11 | 0.28 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0.01 | 3.17 |
| Net Income Continuous Operations | - | -4.95 | -16.29 | -32.42 | -159.84 |
| Net Income From Continuing And Discontinued Operation | - | -4.95 | -16.29 | -32.33 | -175.09 |
| Net Income From Continuing Operation Net Minority Interest | - | -4.95 | -16.29 | -32.33 | -175.09 |
| Net Income | - | -4.95 | -16.29 | -32.33 | -175.09 |
| Net Income Common Stockholders | - | -4.95 | -16.29 | -35.11 | -175.09 |
| Net Income Including Noncontrolling Interests | - | -4.95 | -16.29 | -32.42 | -159.84 |
| Normalized Income | - | -5.10 | -16.33 | -32.39 | -187.01 |
| Diluted NI Availto Com Stockholders | - | -4.95 | -16.29 | -35.11 | -175.09 |
| Basic Average Shares | - | 26.79 | 33.07 | 55.67 | 83.01 |
| Diluted Average Shares | - | 26.79 | 33.07 | 55.67 | 83.01 |
| Reconciled Depreciation | - | 0 | 0.04 | 0.47 | 1.91 |
| Reconciled Cost Of Revenue | - | 0 | 0.29 | 2.54 | 20.44 |
| Total Unusual Items | - | 0.15 | 0.05 | 0.07 | 15.08 |
| Total Unusual Items Excluding Goodwill | - | 0.15 | 0.05 | 0.07 | 15.08 |
| Minority Interests | - | 0 | 0.01 | 0.09 | -15.25 |
| Special Income Charges | - | - | - | 0 | -2.72 |
| Other Special Charges | - | - | - | - | 2.72 |
| Gain On Sale Of Security | - | 0.15 | 0.05 | 0.07 | 17.80 |
| General And Administrative Expense | - | 3.83 | 15.42 | 24.81 | 48.24 |
| Other Gand A | - | 3.83 | 15.42 | 24.81 | 48.24 |
| Otherunder Preferred Stock Dividend | - | - | 0 | 2.78 | 0 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| ASP Isotopes Inc.this co. | ASPI | $1.0B | - | 4.92 | -85.8% | - |
| NWPX Infrastructure, Inc. | NWPX | $1.2B | 33.37 | 2.99 | 9.0% | 18.71 |
| Stepan Company | SCL | $1.2B | 24.97 | 0.94 | 3.8% | 8.08 |
| Ramaco Resources, Inc. | METC | $1.1B | - | 2.30 | -10.6% | 82.52 |
| Green Plains Inc. | GPRE | $1.1B | -8.71 |
| - |
| - |
| - |
| - |
| 1.38 |
| -15.8% |
| 42.51 |
| LSB Industries, Inc. | LXU | $927M | 37.67 | 1.78 | 4.7% | 9.63 |
| NioCorp Developments Ltd. | NB | $858M | -49.27 | 30.28 | -61.5% | -46.40 |
| Metallus Inc. | MTUS | $838M | -698.65 | 1.22 | -0.2% | 11.55 |
| Koppers Holdings Inc. | KOP | $811M | 14.48 | 1.41 | 9.8% | 8.13 |
| Peer Median | - | 14.48 | 1.60 | 1.8% | 10.59 | |