ASP Isotopes Inc.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Whoever buys today pays a smaller hope premium than in July but is still betting that at least two of the five stories deliver before dilution and the cost base eat through the war chest — while carrying key contracts the customer can cancel at will, a certified control weakness, loans with breached covenants and a group in permanent rebuild. Whoever waits checks four pieces of evidence in the next quarterly report (10-Q): the first invoiced C-14/Si-28 shipments, first helium revenue, the Renergen lenders' waivers by November 30, 2026, and the trajectory of the share count. As long as that evidence is missing, the stock is a bundle of hopes. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
A betting slip with five fields: the cash still lasts ($254.9 million on June 30, 2026), but none has paid out — not one dollar of isotope revenue, shipments postponed again, a share count tripled since the end of 2023. Not investment advice.
Liquidity & access to capital
$219.6 million in cash plus $35.3 million in short-term investments (June 30, 2026), down from $290.5 million three months earlier. Per the 10-Q, funds last more than twelve months from the issuance of the financial statements (August 14, 2026) — but the $35.6 million drop in liquidity during the second quarter shows how fast the cash pile is shrinking.
Core business & commercialization
Both Pretoria plants have been producing since the first half of 2025 and offtake agreements for Si-28 and C-14 are signed — yet there was no isotope revenue through June 30, 2026, and first shipments have slipped to the second half of 2026 (compressors, missing feedstock, laser failure).
Revenue quality & group rebuild
76 percent of 2025 revenue came from Hong Kong construction acquisition Skyline (deconsolidated March 29, 2026); Renergen was acquired in January 2026 and is to be spun out again via a merger with ENDRA. The continuing business is growing (Q2 2026: $5.1 million) but remains small against the cost base.
Losses & dilution
"Headline loss" of $30.1 million in the second quarter of 2026 after $11.2 million a year earlier; share count up from 48.9 million to 153.3 million (+213 percent since the end of 2023), including 23.2 million new shares from the exchange of QLE convertible notes in July 2026.
Governance, debt & reporting quality
An ongoing material weakness in internal controls; breached covenants on Renergen loans from the DFC and the IDC (formally "in default"), a bank loan with a November 30, 2026 waiver deadline and a cross-default clause reaching the parent; a class action in settlement proceedings and four derivative suits against board members (10-Q as of 06/30/2026; 8-K of 08/20/2026).
Valuation & burden of expectations
Roughly $414 million of market value (close of $2.70 on October 1, 2026); net of June 30 liquidity, roughly $159 million for the operating package — at about 33 times continuing revenue. The helium start, the Renergen spin-out and the QLE listing could make value visible; none of it is proven yet.
Worth Noting
ASPI reached the research list in July 2026 via the Reddit hype scanner: just 2 mentions in 24 hours, but a jump from rank 785 to rank 233 of the most-discussed stocks (ApeWisdom, as of July 17, 2026). In our in-house stock scanner, the stock appeared in no ranking filter at the time (data as of July 10, 2026).
Update of October 2, 2026: incorporates the quarterly report (10-Q) as of June 30, 2026, and all SEC filings through October 2, 2026, including ENDRA’s registration statement (S-4) for the Renergen merger. There was no earnings call; management commentary comes from the shareholder letter of August 4, 2026, and the transcript of the Capital Markets Day of September 8, 2026.
Price and valuation figures are dated to the close of October 1, 2026 ($2.70; market value roughly $414 million on 153,309,380 shares per the 10-Q cover of August 14, 2026); analyses are evergreen, daily prices are not a buy argument. The Noble Africa/ENDRA merger was still subject to approvals and closing conditions as of this writing.
Stock Watch
This analysis is as of October 3, 2026. Stock Watch will tell you what's changed at ASPI since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.90 $ to 10.80 $ · Last price: 2.00 $ (As of: October 30, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/30/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Chemicals
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| ASP Isotopes Inc. ASPI | 0.3 | – | -12.2 | 18.3 | – | 475.5 | -79.5 |
| Dow Inc DOW | 25.4 | – | 12.0 | 11.0 | 0.0 | -7.0 | 53.0 |
| Nippon Sanso Holdings Corp. NPXYY | 15.1 | 19.1 | 8.6 | 43.1 | 14.6 | 3.9 | 5.4 |
| Celanese Corporation CE | 5.4 | – | 35.5 | 21.4 | 8.5 | -7.2 | 20.7 |
| Olin Corporation OLN | 2.0 | – | 12.3 | 6.9 | -4.2 | 3.7 | -22.2 |
| Huntsman Corporation HUN | 1.7 | – | 12.5 | 13.5 | -0.4 | -5.9 | 6.5 |
| REX American Resources Corporation REX | 1.3 | 14.4 | 7.5 | 18.4 | 11.8 | 1.2 | 22.2 |
| Green Plains Renewable Energy Inc GPRE | 1.0 | – | 5.6 | 16.0 | – | -14.9 | 32.1 |
| Lsb Industries Inc LXU | 0.8 | – | 6.5 | 17.3 | – | 17.8 | 21.0 |
| Median of companies shown | 1.7 | – | 8.6 | 17.3 | 4.2 | 1.2 | 20.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 23 | -10 | -10 | -0.30 | – | – | – |
| 2021 | – | -3 | -3 | -0.08 | -1 | 6 | 7 |
| 2022 | 0 | -5 | -5 | -0.14 | -3 | 10 | 13 |
| 2023 | 0 | -16 | -16 | -0.49 | -5 | 16 | 30 |
| 2024 | 4 | -26 | -32 | -0.58 | -17 | 48 | 94 |
| 2025 | 24 | -57 | -175 | -2.11 | -38 | 204 | 513 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.16 | – | 1 | 175.80 | -768.90 | -4 | -7 |
| 2025: Q1 | -0.12 | – | 1 | 31.20 | -766.40 | -3 | -6 |
| 2025: Q2 | -1.03 | – | 1 | 17.20 | -6,265.70 | -8 | -10 |
| 2025: Q3 | -0.15 | – | 5 | 349.40 | -263.30 | -9 | -12 |
| 2025: Q4 | -0.70 | – | 17 | 1,295.30 | -472.40 | -18 | -20 |
| 2026: Q1 | -0.06 | – | 4 | 279.30 | -164.50 | -18 | -24 |
| 2026: Q2 | -0.27 | 73.80 | 5 | 325.00 | -666.70 | -23 | -27 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.70 | -0.84 – -0.56 | 20 | 32.5% | 2 |
| 12/31/2027 | -0.84 | -1.34 – -0.33 | 58 | -26.2% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Fortgeschrieben am 02.10.2026 mit dem Quartalsbericht (10-Q) zum 30.06.2026 (eingereicht 14.08.2026): Auch dieser Bericht enthält keinen einzigen Treffer zu „artificial intelligence“, „AI“ oder „machine learning“ — die Einstufung bleibt „neutral“. Erstprüfung am 17.07.2026 gegen den Geschäftsbericht (10-K) für 2025 (eingereicht 10.04.2026), den 10-K für 2024 (31.03.2025) und die vier jüngsten Quartalsberichte (10-Q, zuletzt zum 31.03.2026): In den ausgewerteten SEC-Filings von ASP Isotopes findet sich kein wesentlicher KI-Bezug. Die einzige Erwähnung von „artificial intelligence“ steht im Si-28-Kapitel des 10-K 2025 als Zukunftsprognose über Quantencomputer („Quantum computers are expected to be thousands or millions of times more powerful …, opening new frontiers and opportunities in many industries, including medicine, artificial intelligence, cybersecurity, global logistics and global financial systems.“) — KI ist dort ein möglicher Endmarkt der Quantencomputer, für die ASP Isotopes angereichertes Si-28 liefern will, nicht mehr. Weder KI-Umsatzquelle noch operativer KI-Einsatz noch konkretes KI-Geschäftsrisiko fürs eigene Modell; die vier 10-Q und der 10-K 2024 enthalten überhaupt keine KI-Treffer. Endmarkt-Nähe (Halbleiter/Quantencomputing) allein begründet nach dem Kriterienkatalog kein „verkauft“ — es bleibt bei „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-08-14 · 10-Q 2026-05-20 · 10-Q 2025-11-19 · 10-Q 2025-08-14 · 10-Q 2025-05-20 · 10-K 2026-04-10 · 10-K 2025-03-31
Rated on October 2, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years no data
- More than 10% revenue growth is expected for the coming year 180.3%
- Share count grows by less than 3% a year 32.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 276.6%
- Gross margin at 40% or higher and without meaningful erosion 14.3%
- Goodwill from acquisitions does not grow faster than revenue 1.7%
- Net debt below twice EBITDA 117 m net cash
- Operating cash flow covers the profits of the last three years 164 m
- Return on capital at 15% or higher, or up versus two years ago -11.9%
- Insiders hold at least 10% or are net buyers 13.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 0.9%
- Exp. sales growth 3Y > 5% 55.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 55.7%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% -90.2%
- ROCE > 15% -11.9%
- Expected return > 10% 27.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 16, 2026 | Kiessling Heather | Chief Financial Officer | Sell | 21,830 | 2.19 | 47,808 |
| Oct 14, 2026 | Ainscow Robert | COO | Sell | 22,500 | 2.11 | 47,565 |
| Sep 30, 2026 | Ryan Robert John Andrew | Director | Buy | 15,000 | 2.68 | 40,200 |
| Sep 28, 2026 | Ryan Robert John Andrew | Director | Buy | 8,000 | 2.70 | 21,600 |
| Sep 8, 2026 | Ainscow Robert | COO | Sell | 8,438 | 4.29 | 36,216 |
| Sep 4, 2026 | Mann Paul Elliot | Chairman and CEO | Sell | 83,759 | 4.10 | 343,412 |
| Sep 3, 2026 | Mann Paul Elliot | Chairman and CEO | Sell | 83,758 | 3.92 | 328,331 |
| Sep 2, 2026 | Ainscow Donald George | EVP, Gen Counsel, Secretary | Sell | 23,678 | 3.89 | 92,107 |
| Sep 2, 2026 | Ainscow Robert | COO | Sell | 25,000 | 3.91 | 97,625 |
| Sep 2, 2026 | Mann Paul Elliot | Chairman and CEO | Sell | 83,758 | 3.91 | 327,494 |
The company
About the Company
ASP Isotopes Inc., ein Unternehmen für fortschrittliche Materialien in der Entwicklungsphase, beschäftigt sich mit der Produktion, dem Vertrieb, der Vermarktung und dem Verkauf von Isotopen in Südafrika, Hongkong und den USA.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 271
- Headquarters
- Dallas, TX
- Address
- 2200 Ross Avenue, 75201 Dallas, United States
- Phone
- 214 432 8219
- Website
- aspisotopes.com
- IPO Date
- 11/10/2022
- ISIN
- US00218A1051
Management
| Name | Title | Birth Year |
|---|---|---|
| Paul Elliot Mann C.F.A. | Executive Chairman & CEO | 1976 |
| Heather Kiessling | Chief Financial Officer | 1965 |
| Robert Ainscow | Chief Operating Officer | 1977 |
| Nicholas Michael Mitchell | Co-Chief Operating Officer | 1980 |
| Hendrik Strydom B. Sc, M. Sc, Ph.D. | Chief Technology Officer | 1961 |
| Shveta Vilas Dighe | Head of Investor Relations | – |
| Donald George Ainscow | EVP, General Counsel & Secretary | 1981 |
| Stefano Marani | President of Electronics & Space | 1978 |
| Gerdus Kemp M.D., Ph.D. | Medical Director & CEO of Pet Labs | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/26/2026 ASP Isotopes Inc. (ASPI): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 10/15/2026 ASP Isotopes Inc. (ASPI): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 10/02/2026 ASP Isotopes Inc. (ASPI): Regulation FD Disclosure SEC ↗
- 09/08/2026 ASP Isotopes Inc. (ASPI): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/20/2026 ASP Isotopes Inc. (ASPI): Entry into a Material Definitive Agreement; Termination of a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
- 08/20/2026 ASP Isotopes Inc. (ASPI): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/18/2026 ASP Isotopes Inc. (ASPI): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/06/2026 ASP Isotopes Inc. (ASPI): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: October 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.