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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 | -66.6% | 475.5% | - |
| 2024 | $4M | $-32M | $-32M | $-28M | -63.2% | 857.0% | - |
| 2023 | $0M | $-16M | $-16M | $-8M | -86.5% | - | - |
| 2022 | $0M | $-5M | $-5M | $-7M | -50.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | -5.10 | -16.04 | -26.35 | -57.19 |
| EBITDA | -4.95 | -16.14 | -31.58 | -157.07 |
| EBIT | -4.95 | -16.18 | -32.05 | -158.99 |
| Pretax Income | -4.95 | -16.30 | -32.31 | -159.56 |
| Tax Provision | 0 | -0.01 | 0.11 | 0.28 |
| Net Income | -4.95 | -16.29 | -32.33 | -175.09 |
| Net Income Common Stockholders | -4.95 | -16.29 | -35.11 | -175.09 |
| Total Expenses | 5.10 | 16.48 | 30.50 | 81.04 |
| Interest Expense | 0 | 0.12 | 0.26 | 0.57 |
| Interest Income | 0 | 0.01 | 1.24 | 6.79 |
| Research And Development | 1.27 | 0.76 | 3.14 | 12.36 |
| Selling General And Administration | 3.83 | 15.42 | 24.81 | 48.24 |
| Normalized EBITDA | -5.10 | -16.19 | -31.65 | -172.16 |
| Normalized Income | -5.10 | -16.33 | -32.39 | -187.01 |
| Basic EPS | -0.18 | -0.49 | -0.63 | -2.11 |
| Diluted EPS | -0.18 | -0.49 | -0.63 | -2.11 |
| Tax Effect Of Unusual Items | 0 | 0 | 0.01 | 3.17 |
| Tax Rate For Calcs | 0 | 0 | 0.21 | 0.21 |
| Total Unusual Items | 0.15 | 0.05 | 0.07 | 15.08 |
| Total Unusual Items Excluding Goodwill | 0.15 | 0.05 | 0.07 | 15.08 |
| Net Income From Continuing Operation Net Minority Interest | -4.95 | -16.29 | -32.33 | -175.09 |
| Reconciled Depreciation | 0 | 0.04 | 0.47 | 1.91 |
| Reconciled Cost Of Revenue | 0 | 0.29 | 2.54 | 20.44 |
| Net Interest Income | 0 | -0.11 | 0.98 | 6.21 |
| Net Income From Continuing And Discontinued Operation | -4.95 | -16.29 | -32.33 | -175.09 |
| Total Operating Income As Reported | -5.10 | -16.04 | -26.35 | -59.91 |
| Diluted Average Shares | 26.79 | 33.07 | 55.67 | 83.01 |
| Basic Average Shares | 26.79 | 33.07 | 55.67 | 83.01 |
| Diluted NI Availto Com Stockholders | -4.95 | -16.29 | -35.11 | -175.09 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 2.78 | 0 |
| Minority Interests | 0 | 0.01 | 0.09 | -15.25 |
| Net Income Including Noncontrolling Interests | -4.95 | -16.29 | -32.42 | -159.84 |
| Net Income Continuous Operations | -4.95 | -16.29 | -32.42 | -159.84 |
| Other Income Expense | 0.15 | -0.15 | -6.94 | -108.58 |
| Other Non Operating Income Expenses | 0.15 | -0.19 | -7.01 | -123.67 |
| Special Income Charges | 0 | 0 | 0 | -2.72 |
| Other Special Charges | 0 | 0 | 0 | 2.72 |
| Gain On Sale Of Security | 0.15 | 0.05 | 0.07 | 17.80 |
| Net Non Operating Interest Income Expense | 0 | -0.11 | 0.98 | 6.21 |
| Interest Expense Non Operating | 0 | 0.12 | 0.26 | 0.57 |
| Interest Income Non Operating | 0 | 0.01 | 1.24 | 6.79 |
| General And Administrative Expense | 3.83 | 15.42 | 24.81 | 48.24 |
| Other Gand A | 3.83 | 15.42 | 24.81 | 48.24 |
| Operating Revenue | 0 | 0.43 | 4.14 | 23.85 |
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 | $622M | - | 2.70 | -66.6% | -10.06 |
| Dakota Gold Corp. | DC | $708M | - | 5.38 | -26.3% | -22.19 |
| Contango Silver & Gold Inc. | CTGO | $668M | - | 12.73 | -143.8% | -17.00 |
| AdvanSix Inc. | ASIX | $657M | 13.58 | 0.81 | 6.0% | 7.29 |
| Rayonier Advanced Materials Inc. | RYAM | $633M | - |
| 1.99 |
| -128.8% |
| 9.78 |
| Idaho Strategic Resources, Inc. | IDR | $630M | 34.96 | 5.79 | 15.1% | 32.20 |
| SunCoke Energy, Inc. | SXC | $568M | - | 0.95 | -7.1% | 5.67 |
| Intrepid Potash, Inc. | IPI | $517M | 45.31 | 1.03 | 2.3% | 6.92 |
| Gevo, Inc. | GEVO | $461M | - | 0.96 | -7.2% | 83.72 |
| Peer Median | - | 34.96 | 1.51 | -7.1% | 7.10 | |