ASP Isotopes

Refresh delta (since 2026-06-18)

1. Q2-2026 results (continuing operations). Revenue $5.1M (Q2-2025: $1.2M); six-month revenue $9.3M ($2.3M). Q2 gross profit $1.5M ($0.6M). Q2 operating loss $(34.2)M ($(12.0)M), with SG&A $28.9M and R&D $6.8M. Q2 net loss attributable to ASP Isotopes $(33.6)M (Q2-2025: $(75.1)M); six-month $(40.5)M ($(83.5)M). [sec.gov: 10-QForm 10-QThe quarterly version of the annual report. Lighter, and not audited. 2026-08-14, https://www.sec.gov/Archives/edgar/data/1921865/000119312526352603/aspi-20260630.htm; three and six months ended 2026-06-30]
2. Balance sheet and cash. At 2026-06-30: cash $219.6M, short-term investments $35.3M, restricted cash $4.1M; convertible notes payable at fair value $203.4M ($199.3M at 2025-12-31); total liabilities $297.3M; accumulated deficit $(272.8)M. Net cash used in operating activities was $41.1M for the six months ($11.1M a year earlier). Cash and short-term investments together were $254.9M, against $327.3M at 2025-12-31. [sec.gov: 10-Q 2026-08-14, https://www.sec.gov/Archives/edgar/data/1921865/000119312526352603/aspi-20260630.htm; as of 2026-06-30]
3. Share count. 130,148,698 shares outstanding at 2026-06-30 (111,677,771 at 2025-12-31). About 23.2M further shares were issued on 2026-07-16 in the exchange described in item 4. [sec.gov: 10-Q 2026-08-14, https://www.sec.gov/Archives/edgar/data/1921865/000119312526352603/aspi-20260630.htm]
4. QLE convertible notes exchanged for ASPI stock. On 2026-07-15 (closed 2026-07-16) holders of about $109.2M principal of QLE's 2025 Convertible Notes (about 50% of those outstanding), plus accrued interest, exchanged them for about 23.2M ASPI common shares. Third-party holders now hold about $80.6M principal; ASPI holds about $139.2M. [sec.gov: 10-Q 2026-08-14, Note 22 Subsequent Events, https://www.sec.gov/Archives/edgar/data/1921865/000119312526352603/aspi-20260630.htm; event dated 2026-07-16]
5. Litigation. Securities class action (S.D.N.Y.): after mediation the parties reached an agreement-in-principle (stay filed 2026-04-03); on 2026-07-07 plaintiffs moved for preliminary approval, and on 2026-07-09 the court preliminarily approved the settlement and set a settlement hearing for 2026-12-15. The 10-Q gives no settlement amount in the text I read. Four derivative actions are now disclosed (N.D. Tex. Jenis, filed 2026-01-30; S.D.N.Y. Stewart, 2026-03-02; N.D. Tex. Albers, 2026-06-10; S.D.N.Y. Manrique, 2026-07-01); Stewart and Jenis were stayed on 2026-07-02 and 2026-07-07. [sec.gov: 10-Q 2026-08-14, Legal Proceedings, https://www.sec.gov/Archives/edgar/data/1921865/000119312526352603/aspi-20260630.htm]
6. Material weakness. The 10-Q repeats that remediation of the material weaknesses from the 10-KForm 10-KA company’s audited annual report to the US regulator. The most complete thing it publishes. is under way and says management cannot estimate how long it will take. [sec.gov: 10-Q 2026-08-14, Item 4, https://www.sec.gov/Archives/edgar/data/1921865/000119312526352603/aspi-20260630.htm]
7. Management's commercial update (CEO letter, 8-K item 2.02, 2026-08-04; management statements, not audited figures). First Silicon-28 and Ytterbium-176 product shipments are now expected in 2H 2026, with delays attributed to equipment from former OEM suppliers; the Yb-176 plant is waiting on a continuous processing vessel expected in 2H 2026; Carbon-14 enrichment awaits feedstock from a Canadian take-or-pay customer in 2H 2026. PET Labs: 1H-2026 organic revenue growth over 50%, FY2026 revenue forecast about $14M ($6M in 2025). Renergen: helium production expected before 2026-09-30; an offtake for about 15% of Phase 1 helium at over $600/Mcf; Phase 2 construction expected to start in 2H 2026 with about $750M of senior debt from the U.S. DFC and Standard Bank, "subject to entering into binding definitive agreements". A 2031 EBITDA target above $300M is restated. [sec.gov: 8-KForm 8-KA filing for something that happened between reports and matters enough to tell shareholders now. 2026-08-04 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1921865/000119312526331596/aspi-ex99_1.htm]
8. Renergen / Tetra4 helium. On 2026-08-20 ASPI announced that Tetra4 began commissioning the Phase 1 liquid helium plant. The 2026-08-06 8-K announced a five-year take-or-pay LNG contract priced above $16/GJ, with Phase 1 completion still targeted for Q3 2026. [sec.gov: 8-K 2026-08-20 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1921865/000119312526358072/aspi-ex99_1.htm; sec.gov: 8-K 2026-08-06 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1921865/000119312526336859/aspi-ex99_1.htm]
9. Renergen debt. On 2026-08-14 Renergen signed a Second Amendment with Standard Bank: a secured ZAR 230.5M term loan (about $14.2M at the 8-K's exchange rate), made of the prior ZAR 155M principal plus capitalised interest; maturity 2027-08-14; effective rate 8.31%. [sec.gov: 8-K 2026-08-20 (items 1.01, 1.02, 2.03), https://www.sec.gov/Archives/edgar/data/1921865/000147793226005196/aspi_8k.htm]
10. Renergen listing route. ASPI's 8-K of 2026-10-02 says ENDRA Life Sciences filed an S-4 on 2026-10-02 for the merger (agreement dated 2026-06-25) that would put Renergen's parent Noble Africa under a Nasdaq-listed ENDRA. The 2026-08-04 letter says ASPI would initially own about 89% of the combined company. [sec.gov: 8-K 2026-10-02, https://www.sec.gov/Archives/edgar/data/1921865/000147793226005971/aspi_8k.htm; sec.gov: 8-K 2026-08-04 exhibit 99.1, as above]
11. QLE HALEU joint venture (newest filing). On 2026-10-15 QLE signed a binding Heads of Agreement with Necsa for a joint venture to build a HALEU test bench and commercial-scale facility at Pelindaba, South Africa; QLE would hold about 80% and Necsa about 20%. The release says QLE has offtake supply agreements with TerraPower and that South Africa's energy ministry approved QLE's source-material activities in July 2026. Earlier 7.01 items: Texas A&M uranium-conversion research agreement (2026-07-21); Namibia metal-conversion evaluation (2026-08-18); first Capital Markets Day held 2026-09-08 (summary not read in detail). [sec.gov: 8-K 2026-10-15 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1921865/000119312526422325/aspi-ex99_1.htm; sec.gov: 8-K 2026-07-21, 2026-08-18, 2026-09-08 exhibits 99.1, under https://www.sec.gov/Archives/edgar/data/1921865/]
12. Earlier filings in the same window. (a) 8-K 2026-06-23: Tetra4 (Renergen) signed its first take-or-pay contract for contained helium with an Asian industrial gases company. (b) 8-K 2026-06-25, merger agreement: Noble Africa LLC, the holding company for Renergen, would merge with a subsidiary of ENDRA Life Sciences; concurrently Noble sells about 4,594,218 Class A units or pre-funded warrantsPre-funded warrantA right to buy shares that has already been paid for, bar a token penny. It behaves like a share the investor already owns, so leaving it out of a share count understates the company’s real size. to outside investors and 3,054,185 Class B units to ASPI at $6.57 per unit, for about $50M gross proceeds, closing immediately before the merger; ASPI contributes its Renergen equity for 55,500,000 Class B units, whose shares carry 10 votes each in ENDRA. (c) 8-K 2026-07-16 (item 8.01): recast of the FY2025 10-K financials to show the construction-services business as discontinued operations; stated not to be an amendment or restatement. (d) 8-K 2026-07-16 (exchange agreements): the QLE note exchange described in item 4. [sec.gov: 8-K 2026-06-23, https://www.sec.gov/Archives/edgar/data/1921865/000147793226003952/aspi_ex991.htm; sec.gov: 8-K 2026-06-25, https://www.sec.gov/Archives/edgar/data/1921865/000147793226004020/aspi_8k.htm; sec.gov: 8-K 2026-07-16, https://www.sec.gov/Archives/edgar/data/1921865/000119312526306136/aspi-20260716.htm]

Bearing on the position seed (facts only; the seed is unchanged). The seed's catalysts include "First commercial Yb-176/Si-28 shipment revenue, mid–H2 2026"; the 2026-08-04 letter now places first shipments in 2H 2026, and no filing I read reports a shipment. The seed names the class-action settlement terms as a catalyst; item 5 gives the court dates. It names the QLE S-1 and "next equity raise"; item 4 reports an exchange of QLE notes for 23.2M ASPI shares.

What held

• Core enrichment output is still pre-commercial: Q2 revenue of $5.1M comes from PET Labs/product and collaboration revenue (item 1), and the isotope plants have not shipped (item 7).
• The company still funds itself from its balance sheet: operating cash use of $41.1M in six months (item 2).
• The ICFR material weakness is not remediated (item 6) and securities-fraud litigation is still live, now at settlement stage (item 5).