ASPIHIGH SIGNALFINANCIAL10-K

ASPI underwent dramatic business expansion with revenue growing 476% while losses quintupled to $159.8M amid massive balance sheet growth.

The company has transformed from a development-stage isotope technology company to an operational advanced materials business, evidenced by substantial inventory buildup and revenue generation. However, the quintupling of net losses alongside revenue growth suggests significant operational scaling challenges or heavy investment in growth that has not yet translated to profitability.

Comparing 2026-04-10 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

ASPI experienced explosive growth across all balance sheet categories, with total assets expanding 428% to $498M driven by a 361% increase in cash to $285.6M and inventory surging 1,572% to $1.1M, while total liabilities increased 445% to $235.1M. Revenue jumped 476% to $23.8M indicating successful commercialization, but net losses ballooned from $32.4M to $159.8M as SG&A expenses increased 399%. The dramatic expansion suggests either major acquisitions, significant capital raises, or rapid organic growth, but the deteriorating loss profile amid revenue growth raises questions about operational efficiency and path to profitability.

FINANCIAL STATEMENT CHANGES
Inventory
Balance Sheet
+1572.4%
$66K→$1.1M

Inventory surged 1572.4% — growing significantly faster than typical sales pace; potential demand softening or supply chain overcorrection.

Current Assets
Balance Sheet
+508.3%
$65.7M→$399.9M

Current assets grew 508.3% — improving short-term liquidity or inventory/receivables build.

Total Debt
Balance Sheet
+503.2%
$2.4M→$14.4M

Debt increased 503.2% — substantial leverage increase; assess whether deployed for growth or covering losses.

Revenue
P&L
+475.5%
$4.1M→$23.8M

Strong top-line growth of 475.5% — accelerating demand or successful expansion into new markets.

Total Liabilities
Balance Sheet
+444.5%
$43.2M→$235.1M

Liabilities grew 444.5% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Assets
Balance Sheet
+427.9%
$94.3M→$498.0M

Asset base grew 427.9% — expansion through organic growth, acquisitions, or capital deployment.

SG&A Expense
P&L
+398.6%
$521K→$2.6M

SG&A up 398.6% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Net Income
P&L
-393%
-$32.4M→-$159.8M

Net income declined 393% — review whether driven by operations, interest costs, or non-recurring items.

Current Liabilities
Balance Sheet
+363.2%
$7.1M→$32.7M

Current liabilities surged 363.2% — significant near-term obligations; verify ability to meet short-term debt.

Cash & Equivalents
Balance Sheet
+361.4%
$61.9M→$285.6M

Cash position surged 361.4% — strong cash generation or capital raise providing significant financial cushion.

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.
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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.
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