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.
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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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