ASP Isotopes, Inc. (ASPI) AI Stock Analysis

• Market Cap: $939.58M
• Dividend Yield: N/A
• Average Volume (3M): 4.79M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.13
• Revenue Growth: 147.78%
• EPS Growth: -137.42%
• Country: US
• Employees: 136
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals
• EPS (TTM): -0.64
• Shares Outstanding: 125,110,120
• 10 Day Avg. Volume: 4,052,783
• 30 Day Avg. Volume: 4,791,663
• PEG Ratio: -0.27
• Price to Book (P/B): 5.27
• Price to Sales (P/S): 60.85
• P/FCF Ratio: -8.99
• Enterprise Value/Market Cap: 0.33
• Enterprise Value/Revenue: 37.17
• Enterprise Value/Gross Profit: 161.62
• Enterprise Value/Ebitda: -2.92
• 1Y Price Target: $13.00
• Price Target Upside: 73.56% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.31
• Revenue Forecast (FY): $38.17M

• Rating: 52 Neutral
• Price Target: $7.50 ▲(0.13% Upside)

The score is held back primarily by weak financial fundamentals—net losses and high leverage—despite rapid revenue growth. Technicals are supportive in the near term, but valuation remains challenged due to lack of profitability. Earnings-call and recent corporate events add moderate upside potential (new facilities, contracts, and acquisition integration), but execution and regulatory risks keep the overall rating in the mid-range.

Positive Factors

Strong revenue growth & healthy gross margin

Sustained top-line expansion and a ~39% gross margin indicate durable demand and pricing power in isotopes and related services. Over months this supports scaling of production, improves leverage on fixed costs as new plants come online, and underpins long-term commercial viability.

Contracted minimum revenue (Carbon-14 take‑or‑pay)

A take‑or‑pay agreement provides predictable, recurring revenue that de-risks commercialization of new capacity. This structural contract supports plant utilization forecasts, enhances cash flow visibility for financing and operations, and anchors commercial adoption over the medium term.

Acquisition adds helium/LNG assets and diversification

Acquiring Renergen materially diversifies revenue streams into helium and LNG, bringing asset-backed supply and new market exposure (electronics, space, industrial). This vertical integration can secure critical inputs, create cross‑selling synergies, and provide additional long‑term cash flow sources.

Negative Factors

High financial leverage

A debt-to-equity ratio above 4x creates structural refinancing and interest‑coverage pressure; it reduces flexibility for capital-intensive plant builds and R&D. If production or regulatory timing slips, high leverage amplifies liquidity risk and can force dilutive or costly financing solutions.

Persistent negative net and EBIT margins

Despite healthy gross margins, continued negative EBIT/net margins show operating and overhead inefficiencies. This structural profitability gap means ongoing cash burn and dependence on external financing until cost structure or higher-margin product mix sustainably converts revenue into operating profits.

Operational and permitting delays risk project timelines

Permitting hurdles and recurring manufacturing setbacks create durable execution risk for new enrichment plants. Delays extend capital deployment, postpone revenue realization from new products, increase carrying costs, and can undermine contractual commitments and financing assumptions over a multi‑month horizon.

ASP Isotopes, Inc. Business Overview & Revenue Model

Company Description

ASP Isotopes Inc., a pre-commercial stage advanced materials company, focuses on the production, distribution, marketing, and sale of isotopes. It develops Molybdenum-100, a non-radioactive isotope for the medical industry; Carbon-14; and Silicon-28. The company also Uranium-235, an isotope of uranium for carbon-free energy industry. ASP Isotopes Inc. was incorporated in 2021 and is based in Boca Raton, Florida.

How the Company Makes Money

ASP Isotopes, Inc. generates revenue through multiple streams, including the sale of isotopes to hospitals and medical facilities for use in imaging and therapeutic procedures. The company also earns income from contracts with research institutions and universities that require isotopes for experimental purposes. Additionally, ASPI partners with industrial firms for the use of isotopes in various applications, such as quality control and testing. Significant revenue is derived from long-term contracts and agreements that ensure a steady supply of isotopes, while ongoing research and development initiatives allow the company to innovate and expand its product offerings, further contributing to its profitability.

ASP Isotopes, Inc. Financial Statement Overview

Summary

ASP Isotopes, Inc. shows strong revenue growth but faces significant profitability and leverage challenges. The high debt levels and negative profitability margins pose risks, while the positive free cash flow growth provides a glimmer of hope for future cash generation. Overall, the company needs to focus on improving operational efficiency and managing financial leverage to enhance its financial health.

Income Statement

ASP Isotopes, Inc. shows strong revenue growth with an 82.98% increase in TTM, indicating a positive trajectory. However, the company struggles with profitability, as evidenced by negative net and EBIT margins. The gross profit margin is relatively healthy at 39.26%, but the high negative net profit margin of -21.82% highlights significant challenges in cost management and operational efficiency.

Balance Sheet

The balance sheet reflects high leverage with a debt-to-equity ratio of 4.03, indicating potential financial risk. The return on equity is negative, suggesting inefficiencies in generating returns on shareholder investments. However, the equity ratio of 32.77% shows a moderate level of equity financing, providing some stability.

Cash Flow

The cash flow statement reveals a positive free cash flow growth rate of 8.57%, indicating improved cash generation capabilities. However, the operating cash flow to net income ratio is negative, reflecting challenges in converting earnings into cash. The free cash flow to net income ratio of 1.59 suggests some ability to generate cash relative to net losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.38M	4.14M	433.03K	0.00	0.00
Gross Profit	1.93M	1.60M	138.97K	-72.57K	-19.38K
EBITDA	-106.65M	-31.58M	-16.14M	-4.87M	-2.59M
Net Income	-105.56M	-32.33M	-16.29M	-4.79M	-2.61M
Balance Sheet
Total Assets	225.89M	94.35M	30.19M	12.50M	7.14M
Cash, Cash Equivalents and Short-Term Investments	113.94M	61.89M	7.91M	2.39M	2.95M
Total Debt	113.66M	37.75M	2.14M	822.20K	926.60K
Total Liabilities	129.29M	43.18M	11.36M	2.68M	1.14M
Stockholders Equity	74.07M	47.90M	16.30M	9.82M	6.00M
Cash Flow
Free Cash Flow	-33.96M	-28.07M	-7.74M	-7.41M	-3.57M
Operating Cash Flow	-23.69M	-16.70M	-5.41M	-2.94M	-577.69K
Investing Cash Flow	-38.63M	-11.37M	-2.45M	-4.47M	-2.99M
Financing Cash Flow	125.15M	82.53M	13.39M	6.64M	6.50M

ASP Isotopes, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.49
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASPI, the sentiment is Positive. The current price of 7.49 is above the 20-day moving average (MA) of 6.08, above the 50-day MA of 6.84, and below the 200-day MA of 7.87, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 63.94 is Neutral, neither overbought nor oversold. The STOCH value of 77.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ASPI.

ASP Isotopes, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
LXU	58 Neutral	$669.08M	-893.40	-0.13%	―	12.49%	95.48%
ASIX	58 Neutral	$496.72M	9.62	6.62%	3.81%	-5.05%	35.01%
TROX	57 Neutral	$892.65M	-2.77	-18.65%	8.27%	-7.81%	-334.15%
ASPI	52 Neutral	$939.58M	-5.26	-187.23%	―	147.78%	-137.42%
RYAM	52 Neutral	$491.82M	-1.21	-78.11%	―	-9.75%	-386.63%
BAK	47 Neutral	$1.21B	-1.38	―	―	-10.68%	36.31%

ASP Isotopes, Inc. Corporate Events

ASP Isotopes strengthens leadership following Renergen acquisition closing

On January 7, 2026, ASP Isotopes announced new leadership appointments tied to the January 6, 2026 closing of its acquisition of Renergen Limited, naming Renergen CEO and co-founder Stefano Marani as President, Electronics and Space, and Renergen COO Nick Mitchell as Co-Chief Operating Officer. The company outlined compensation packages for both executives, including base salaries of $550,000 for Marani and $400,000 for Mitchell, performance-based annual bonuses partly payable in stock, and inducement grants of 700,000 restricted shares each that will vest in eight equal installments over four years, reinforcing their long-term alignment with ASP Isotopes. These appointments bring extensive structured finance, operational and gas-industry expertise into ASP Isotopes as it integrates Renergen and its Virginia Gas Project, while also formalizing equity-based incentives and indemnification arrangements that underscore the strategic importance and financial interdependence of the two businesses, including prior bridge financing and related-party considerations.

The most recent analyst rating on (ASPI) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on ASP Isotopes, Inc. stock, see the ASPI Stock Forecast page.

ASP Isotopes Completes Renergen Acquisition and Integration

On January 6, 2026, ASP Isotopes Inc. completed its previously announced all-stock acquisition of South Africa-based Renergen Limited, a producer of liquefied helium and liquefied natural gas, via a court-approved scheme of arrangement under South African company law. ASP Isotopes acquired all issued Renergen ordinary shares in exchange for ASP Isotopes common stock at a 0.09196-for-1 exchange ratio, issuing roughly 14.27 million new shares, with Renergen becoming a direct, wholly owned subsidiary and its shares delisted from the Johannesburg Stock Exchange, the Australian Securities Exchange and A2X, while ASP Isotopes’ stock remains listed on Nasdaq and the JSE; the deal also brings Renergen’s senior executives into key leadership roles at ASP Isotopes, underscoring a strategic move to integrate helium and LNG assets and expertise into its portfolio and potentially broaden its role in electronics and space-related markets.

The most recent analyst rating on (ASPI) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on ASP Isotopes, Inc. stock, see the ASPI Stock Forecast page.

ASP Isotopes Reaffirms Board Leadership and Auditor Appointment

ASP Isotopes Inc. held its 2025 Annual Meeting of Stockholders on December 18, 2025, at which shareholders addressed director elections and the appointment of the company’s external auditor. At the meeting, stockholders re-elected two Class III directors, Sipho N. Maseko and Todd Wider, M.D., to serve until the 2028 annual meeting or until their successors are chosen, and ratified the appointment of EisnerAmper LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, reinforcing continuity in both board leadership and financial oversight for the company and its investors.

The most recent analyst rating on (ASPI) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on ASP Isotopes, Inc. stock, see the ASPI Stock Forecast page.

ASP Isotopes advances Renergen acquisition after compliance approval

On December 18, 2025, ASP Isotopes Inc. confirmed that South Africa’s Takeover Regulation Panel had issued a compliance certificate for its scheme of arrangement to acquire all issued ordinary shares of Renergen Limited, under which Renergen shareholders would receive 0.09196 new ASP Isotopes shares for each Renergen share, allowing the transaction to proceed toward implementation. The timetable sets out key milestones through mid‑January 2026, including suspension and eventual termination of Renergen’s listings on the JSE, A2X and ASX, the listing and settlement of new ASP Isotopes shares to former Renergen shareholders in South Africa and Australia, and the handling of fractional cash entitlements, underscoring the complexity of the cross‑border settlement structure and marking a significant step in ASP Isotopes’ expansion via the full acquisition and delisting of Renergen.

The most recent analyst rating on (ASPI) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on ASP Isotopes, Inc. stock, see the ASPI Stock Forecast page.

ASP Isotopes Announces CEO Role Change

ASP Isotopes Inc. announced that effective January 19, 2026, Paul Mann, the founder and Executive Chairman, will resume his role as Chief Executive Officer while continuing as Executive Chairman. Robert Ainscow, who served as Interim CEO during Mann’s medical leave, will remain as Chief Operating Officer. The company has not made any new contractual arrangements related to Mann’s re-appointment.

The most recent analyst rating on (ASPI) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on ASP Isotopes, Inc. stock, see the ASPI Stock Forecast page.

ASP Isotopes Announces $64.3M Convertible Note Agreement

On November 7, 2025, Quantum Leap Energy LLC, a subsidiary of ASP Isotopes Inc., announced a Convertible Note Purchase Agreement to issue and sell $64.3 million in convertible promissory notes to accredited investors. The proceeds will be used to develop laser enrichment production facilities and for general corporate purposes. The offering, expected to close around November 17 or 18, 2025, will also see the automatic conversion of existing 2024 Convertible Notes into new 2025 Notes. This move positions QLE to enhance its operational capabilities and potentially impact its market standing.

The most recent analyst rating on (ASPI) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on ASP Isotopes, Inc. stock, see the ASPI Stock Forecast page.