ASP Isotopes (ASPI) Q4 2025 earnings summary

Executive summary

• Transitioned from infrastructure build-out and R&D to commercial product delivery, building three enrichment facilities in South Africa using proprietary technologies and serving high-value markets including nuclear medicine, electronics, and nuclear fuels.

• Expanding radiopharmaceutical operations into the U.S. and internationally, with acquisitions in Florida and North Carolina and record demand in South Africa.

• Acquired significant helium and LNG assets, with Phase 1 production ahead of schedule and nameplate capacity expected in Q3 2026.

• Quantum Leap Energy (QLE) nuclear fuel subsidiary advancing toward a public spin-out, with major partnerships, regulatory progress, and a $3.5B, 10-year fuel contract.

• First commercial shipments of Silicon-28, Ytterbium-176, and Carbon-14 expected in 2026.

Financial highlights

• 2025 revenue reached $23.8 million, up 480% from $4.1 million in 2024, with $5.7 million from radiopharmaceuticals and $18.1 million from construction services.

• Product revenue for 2025 grew 46% year-over-year, driven by radiopharmacy growth.

• Cash, cash equivalents, and marketable securities totaled $333 million at year-end 2025.

• Over $345 million in capital raised during 2025 through stock issuance and convertible notes.

• Net loss attributable to shareholders was $175.1 million for 2025, compared to $32.3 million in 2024.

Outlook and guidance

• First commercial shipments of Silicon-28 expected in Q2 2026; Ytterbium-176 and Carbon-14 shipments targeted for mid to Q3 2026, contingent on feedstock delivery.

• Radiopharmaceuticals targeting $10 million or more in 2026 revenue, nearly double 2025, driven by U.S. expansion.

• Helium Phase 1 nameplate capacity expected in Q3 2026, with Phase 2 construction to follow.

• Greater than $300 million EBITDA targeted for 2031, with segment-level targets: $150–$300 million from electronic gases, $100–$200 million from natural gas, $40–$100 million each from medical isotopes and radiopharmaceuticals.

• QLE aims to meet accelerating nuclear energy needs, with a $3.5B, 10-year fuel contract.