ASPIMEDIUM SIGNALOPERATIONAL10-K
ASP Isotopes has evolved from describing itself as a "development stage" company to positioning as an operational "advanced materials company" while expanding its business scope to include helium and LNG alongside its isotope platform.
The removal of "development stage" language suggests ASPI is signaling a transition toward commercial operations, which could indicate meaningful progress in bringing its isotope enrichment technologies to market. The expanded focus beyond isotopes to include helium and LNG markets represents a notable broadening of the company's addressable market opportunity, though investors should monitor execution capabilities across these diverse energy and materials segments.
Comparing 2026-04-10 vs 2025-03-31View on EDGAR →
LANGUAGE CHANGES
NEW — 2026-04-10
PRIOR — 2025-03-31
ADDED
There were 125,903,447 shares of the registrant s common stock, $0.01 par value, outstanding as of April 6, 2026.
This Annual Report on Form 10-K also contains estimates, projections, and other information concerning our industry, our business, and the potential markets for certain isotopes and for helium and LNG, including data regarding the estimated size of those respective markets, their respective projected growth rates, and, in the case of our isotope enrichment platform, the incidence of certain medical conditions.
4 Note Regarding Company References Unless the context otherwise requires, references to the Company, our Company, ASPI, we, us and our refer to ASP Isotopes Inc.
and its direct and indirect subsidiaries; references to ASP Isotopes refer to ASP Isotopes Inc.
and not to any of its subsidiaries; references to QLE refer to Quantum Leap Energy, LLC; references to Renergen refer to Renergen Limited, a public corporation incorporated in 2014 and existing under the South African Companies Act 71 of 2008, as amended, together with its subsidiaries unless the context dictates otherwise; references to Tetra4 refer to Tetra4 Proprietary Limited; references to Skyline refer to Skyline Builders Group Holding Limited, together with its subsidiaries.
Business Overview We are an advanced materials company dedicated to the development of a differentiated isotope enrichment platform to strengthen global supply chain access to critical materials used in nuclear medicine, next-generation semiconductors, and nuclear energy.
In addition, in January 2026, we acquired Renergen, which is South Africa s leading onshore natural gas explorer and the first integrated producer of both liquid helium and LNG (as discussed further below).
Our proprietary enrichment technologies, the Aerodynamic Separation Process ( ASP technology ) and Quantum Enrichment technology ( QE technology ), are designed to enable the production of isotopes for a range of industrial and advanced technology applications.
Our initial focus with respect to our isotope enrichment platform is on the production and commercialization of enriched Carbon-14 ( C-14 ), Silicon-28 ( Si-28 ) and Ytterbium-176 ( Yb-176 ).
Our first ASP enrichment facility is designed to enrich light isotopes, such as C-14 and C-12.
REMOVED
There were 72,068,059 shares of the registrant s common stock, $0.01 par value, outstanding as of March 31, 2025.
This Annual Report on Form 10-K also contains estimates, projections, and other information concerning our industry, our business, and the potential markets for certain isotopes, including data regarding the estimated size of those markets, their projected growth rates, and the incidence of certain medical conditions.
Except where the context otherwise requires, in this Annual Report on Form 10-K, we, us, our, ASP Isotopes, and the Company refer to ASP Isotopes Inc.
Business Overview We are a development stage advanced materials company dedicated to the development of technology and processes that, if successful, will allow for the enrichment of natural isotopes into higher concentration products, which could be used in several industries.
Our proprietary technologies, the Aerodynamic Separation Process ( ASP technology ) and Quantum Enrichment 4 technology ( QE technology ), are designed to enable the production of isotopes used in several industries.
Our initial focus is on the production and commercialization of enriched Carbon-14 ( C-14 ), Silicon-28 ( Si-28 ) and Ytterbium-176 ( Yb-176 ).
We have completed the commissioning phase and are commencing commercial production at our C-14 and Si-28 enrichment facilities in Pretoria, South Africa.
We are in the process of commissioning and commencing commercial production at our Yb-176 enrichment facility in Pretoria, South Africa.
Our C-14 and Si-28 enrichment facilities utilize the ASP technology and our Yb-176 enrichment facility utilizes QE technology.
We expect our first three enrichment facilities to generate commercial product during 2025.
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