ASP Isotopes Inc.

What they do

ASPI develops and operates enrichment facilities using its ASP technology to produce stable isotopes such as Silicon-28 and Ytterbium-176 for semiconductor and healthcare uses. It also owns a global PET Labs radiopharmaceutical group, the Renergen helium and LNG business, and Quantum Leap Energy (QLE), its nuclear fuels subsidiary. The company is headquartered in Dallas, Texas.

Revenue drivers

• PET Labs (medical isotopes) — Global PET Labs group generated organic revenue growth of over 50% in 1H 2026 versus 1H 2025; management forecasts FY 2026 revenues of approximately $14 million, up from $6 million in 2025.
• Renergen (helium and LNG) — Helium production at Renergen is expected to commence before September 30, 2026; at current expected prices, annualized helium and LNG revenues are forecast at approximately $27 million after Phase 1 completion.
• Stable isotope enrichment (Silicon-28, Ytterbium-176) — Facilities are in the final stages of commercial production, with initial product shipments expected in 2H 2026; no revenue figure was given for this line in the provided excerpts.
• Quantum Leap Energy (nuclear fuels) — QLE is pursuing a separate public listing and commercial production of nuclear fuels; the excerpts do not disclose current QLE revenue.

Recent performance

Annual revenue grew from $4.1 million in 2024 to $23.8 million in 2025, while net loss widened to $159.8 million from $32.4 million. Quarterly revenue was $4.9 million in 2025-09-30, $16.7 million in 2025-12-31, $4.2 million in 2026-03-31 and $5.1 million in 2026-06-30. Operating cash flow was negative $37.8 million for 2025. At June 30, 2026, total assets were $572.0 million, total liabilities $297.3 million, shareholder equity $264.7 million and cash $219.6 million.

Strategy

Management says three business units are at an inflection point and are expected to make substantial contributions to near-term profitability. It is prioritizing helium production at Renergen and negotiating 5-15 year take-or-pay helium and hydrocarbon supply contracts with potential large global customers. Renergen is expected to become Nasdaq-listed through a reverse merger with ENDRA Life Sciences, with ASPI initially owning approximately 89% of the combined company. QLE continues to pursue a separate public listing, and Alpa Theranostics is expected to advance its first clinical candidates into human trials within 12 months.

Risks

• Persistent losses and cash burn — Net loss widened to $159.8 million in 2025 and operating cash flow was negative $37.8 million, so continued losses would require additional funding.
• Stable isotope production delays — Silicon-28 and Ytterbium-176 facilities remain in final stages of commercial production and initial shipments are now expected in 2H 2026, after prior delays management attributed to former OEM equipment performance.
• Early-stage helium and LNG execution — Renergen helium production has not yet commenced and forecasted annualized revenues of approximately $27 million depend on completing Phase 1.
• Subsidiary listing and distribution uncertainty — Both the Renergen reverse merger into ENDRA and a potential QLE listing and future tax-efficient QLE share distribution to ASPI holders are described as expected or potential, not completed.

Outlook

Management expects to commence helium production at Renergen before September 30, 2026, and to ship initial Silicon-28 and Ytterbium-176 product in 2H 2026. It forecasts FY 2026 PET Labs revenues of approximately $14 million and a 2031 group EBITDA target of greater than $300 million. Closing of the Renergen reverse merger is expected in 2H 2026, and QLE is expected to continue toward commercial nuclear fuel production.