# ASP Isotopes Inc. (ASPI)

> Source: Nexqual · https://nexqual.com/ASPI · data as of 2026-11-09 21:00 UTC · cite as "Nexqual, ASP Isotopes Inc. (ASPI), nexqual.com/ASPI" · informational, not investment advice.

## What changed for ASPI since Aug 31, 2025
The built-in knowledge of several widely used AI models ends around Aug 31, 2025. Everything below is newer, dated and sourced (as of Nov 9, 2026).

- ASP Isotopes Inc. (ASPI) stock went from USD 9.28 (close of the week of Aug 25, 2025, split-adjusted) to USD 2.14, a -76.9% price change; the S&P 500 (SPY) moved +18.3% over the same period.
- ASPI revenue over the last four reported quarters (through Jun 30, 2026) was $30.9M, +644.5% vs $4.1M in fiscal year 2024 (ended Dec 31, 2024), the last full year filed before September 2025; net income -$32.4M → -$117M (SEC 10-K / 10-Q).
- In the latest 13F period (Q2 2026), 1 of 80 superinvestors tracked by Nexqual hold ASPI; 0 opened new positions, 1 added and 0 reduced.

**Price:** USD 2.14 (+3.13% on the day) · last close of Nov 9, 2026; US market pre market, not a live price. Prev close 2.08 · day 2.02–2.19 · 52w 1.66–9.24 · market cap $328M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $30.9M, net income -$117M (-380.3% margin), free cash flow -$83.6M (SEC filings).
- 1 of 80 tracked superinvestors hold ASPI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $4.9M; 5 not under a Rule 10b5-1 plan ($1.6M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $62K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (3 analysts), mean target USD 13 (range 11–15).
- Total return with dividends: 1Y -76.0% vs S&P 500 +11.7%; 5Y -23.6% vs S&P 500 +72.2%.
- Next earnings: 2026-11-12 (date not yet confirmed by the company), EPS estimate USD -0.13, revenue estimate $4.5M. All companies reporting that day: https://nexqual.com/earnings/2026-11-12
- Dividend: ASPI paid no cash dividend in the last five years.
- Short interest: 20.70% of float (as of 2026-10-15), 5.8 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $0K | $433K | $4.1M | $23.8M | $30.9M |
| Gross profit | $0K | $139K | $1.6M | $3.4M | — |
| Operating income | -$5.1M | -$16.0M | -$26.4M | -$59.9M | -$99.1M |
| Net income | -$4.9M | -$16.3M | -$32.4M | -$160M | -$117M |
| EPS (diluted) | — | -$0.49 | -$0.63 | -$2.11 | — |
| Free cash flow | -$7.4M | -$7.7M | -$26.4M | -$47.4M | -$83.6M |
| Gross margin | — | 32.1% | 38.6% | 14.3% | — |
| Operating margin | — | -3704.6% | -636.0% | -251.2% | -321.1% |
| Net margin | — | -3762.9% | -782.4% | -670.2% | -380.3% |
| Revenue growth | — | — | +857.0% | +475.5% | — |
| Cash + short-term investments | $2.4M | $7.9M | $61.9M | $327M | — |
| Total debt | — | $0K | $2.4M | $2.1M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 10.6x · EV/Sales 4.3x · P/B 1.2x · FCF yield -25.47% · Earnings yield -35.76% · Net cash $195M · EV $133M

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ASPI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.01% | $930K | Added +21.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-16-05:00 | Kiessling Heather | Chief Financial Officer | 21,830 | $48K | 1.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-14-05:00 | Ainscow Robert | COO | 22,500 | $48K | 1% | Yes (adopted June 9, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-08-05:00 | Ainscow Robert | COO | 8,438 | $36K | 0.4% | Yes (adopted June 9, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-02-05:00…2026-09-04-05:00 | Mann Paul Elliot | Chairman and CEO | 251,275 | $999K | 2.6% | Yes (adopted December 30, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-02-05:00 | Ainscow Donald George | EVP, Gen Counsel, Secretary | 23,678 | $92K | 3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-02-05:00 | Ainscow Robert | COO | 25,000 | $98K | 1.1% | Yes (adopted December 13, 2024) | Too little history (no open-market trades in 2023) |
| 2026-07-01-05:00 | Kiessling Heather | Chief Financial Officer | 23,124 | $145K | 1.5% | Yes (adopted December 19, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-30-05:00 | Ainscow Donald George | EVP, Gen Counsel, Secretary | 100,000 | $614K | 11.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-29-05:00…2026-06-30-05:00 | Wider Todd | Director | 100,000 | $619K | 12.9% | No | Too little history (no open-market trades in 2024) |
| 2026-06-30-05:00 | Gorley Michael | Director | 30,000 | $188K | 25.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-08-05:00 | Ainscow Robert | COO | 8,438 | $59K | 0.4% | Yes (adopted June 9, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-01-05:00…2026-06-03-05:00 | Mann Paul Elliot | Chairman and CEO | 251,275 | $2.0M | 2.6% | Yes (adopted December 30, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $62K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-30-05:00 | Ryan Robert John Andrew | Director | 15,000 | $40K | 2.68 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-28-05:00 | Ryan Robert John Andrew | Director | 8,000 | $22K | 2.7 | Too little history (no open-market trades in 2023 or 2025) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 3 analysts; mean target USD 13 (low 11, high 15).

## Total return (dividends reinvested)
|  | 1Y (from 2025-11-10) | 5Y (from 2022-11-07) |
|---|---|---|
| Total return | -76.0% | -23.6% |
| S&P 500 (SPY) | +11.7% | +72.2% |
| Per year | -76.1% | -6.5% |
| Volatility (annualized) | 98.7% | 106.2% |
| Max drawdown | -80.7% (Nov 2025→Nov 2026) | -88.2% (Nov 2022→May 2023) |

## Dividends
ASPI paid no cash dividend in the last five years.

## Short interest
29,048,703 shares sold short, 20.70% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 26,069,790 shares (+11.4%). Days to cover: 5.8 (short shares ÷ average daily volume).

## Peers (Specialty Chemicals)
BCPC (Balchem Corporation) USD 175.99 +0.89% · NEU (NewMarket Corp) USD 692.14 -0.31% · EMN (Eastman Chemical Company) USD 65.39 +1.52% · ESI (Element Solutions Inc.) USD 32.96 +5.14% · AXTA (Axalta Coating Systems Ltd.) USD 37.53 +2.96% · WLK (Westlake Corporation) USD 64.13 +1.01%

## More
Full page: https://nexqual.com/ASPI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ASPI's own 10-K filed 2026-04-10 (https://www.sec.gov/Archives/edgar/data/1921865/000119312526151294/aspi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | South Africa | "In furtherance of our uranium enrichment initiative in South Africa, we have entered into certain definitive agreements with TerraPower, LLC ("TerraPower"), including a term loan subject to conditions to support construc…" |
| Supplier | TerraPower | "In furtherance of our uranium enrichment initiative in South Africa, we have entered into certain definitive agreements with TerraPower, LLC ("TerraPower"), including a term loan subject to conditions to support construc…" |
| Supplier | SASOL LTD (SSL) | "Sasol Limited is one of the country's largest energy suppliers and operator of the natural gas pipeline supplying gas from Mozambique into Johannesburg." |
| Customer | Renergen | "We categorize Phase 2 as the expansion of Renergen's existing, authorized operations through the drilling of additional wells, the construction of additional natural gas gathering pipelines and the construction of a sign…" |
| Partner | Quantum Leap Energy | "We entered into a number of agreements with QLE, including a License Agreement, pursuant to which QLE has licensed from us the rights to technologies and methods used to separate U-235 and Lithium-6 (including but not li…" |
| Partner | The South African Nuclear Energy | "In November 2024, we entered into a Memorandum of Understanding ("MOU") with Necsa to collaborate on the research, development and ultimately the commercial production of advanced nuclear fuels." |
| Partner | Engineering | "We entered into a number of agreements with QLE, including a License Agreement, pursuant to which QLE has licensed from us the rights to technologies and methods used to separate U-235 and Lithium-6 (including but not li…" |

## Company outlook (8-K filed 2026-08-04)

- "All of our business units are making considerable progress, group revenues are increasing, and three of our business units appear at an inflection point and are expected to make substantial contributions to achieving profitability in the near term: • During 1H 2026, our global PET Labs group demonstrated organic revenue growth of over 50% as compared to 1H 2025."
- "We forecast that PET Labs is on track to deliver FY 2026 revenues of approximately $14 million, up from $6 million in 2025."
- "We believe our projected growth is on track to deliver an annual $50-100m of EBITDA in 2031. 1 • We expect to commence helium production at Renergen prior to September 30, 2026."
- "ASPI will initially own approximately 89% of the combined company, after giving effect to the private placement financing that is expected to close immediately prior to completion of the reverse merger. • Quantum Leap Energy (QLE), our nuclear fuels subsidiary, continues to pursue a public listing as a separate company."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.13 | $-0.29 | +$0.16 | $4.5M | 1 |
| Next quarter (ends 2026-12-31) | $-0.11 | $-0.27 | +$0.16 | $6.1M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.70 | $-1.44 | +$0.74 | $19.9M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.83 | $-1.16 | +$0.32 | $57.8M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-12): ±14.3%; last 1 reports averaged ±2.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-13 | 3 | 170.2% | ±14.3% |
| 2026-11-20 | 10 | 131.1% | ±17.3% |
| 2026-11-27 | 17 | 117.7% | ±20.7% |
| 2026-12-24 | 44 | 105.9% | ±28.8% |
| 2027-01-15 | 66 | 98.0% | ±32.3% |
| 2027-04-16 | 157 | 119.1% | ±57.6% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 4, 2026 | Quarter ended Jun 30, 2026 | −$0.25 | −$0.31 | Beat +19.4% | -2.2% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-11-06 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/1921865/000147793226006754/0001477932-26-006754-index.htm |
| 2026-11-05 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/1921865/000147793226006711/0001477932-26-006711-index.htm |
| 2026-10-26 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/1921865/000147793226006456/0001477932-26-006456-index.htm |
| 2026-10-26 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1921865/000119312526431084/0001193125-26-431084-index.htm |
| 2026-10-15 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1921865/000119312526422325/0001193125-26-422325-index.htm |
| 2026-10-08 | Schedule 13D | Reported a 15.1% stake in ENDRA Life Sciences Inc. | https://www.sec.gov/Archives/edgar/data/1921865/000147793226006128/0001477932-26-006128-index.htm |
| 2026-10-02 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1921865/000147793226005971/0001477932-26-005971-index.htm |
| 2026-09-09 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/1921865/000147793226005473/0001477932-26-005473-index.htm |
| 2026-09-09 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/1921865/000147793226005472/0001477932-26-005472-index.htm |
| 2026-09-08 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1921865/000119312526384527/0001193125-26-384527-index.htm |
| 2026-08-21 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/1921865/000147793226005199/0001477932-26-005199-index.htm |
| 2026-08-20 | 8-K | Entered a material agreement; Ended a material agreement; New debt or off-balance-sheet obligation — “On August 14, 2026, Renergen Limited (the "Borrower"), a wholly-owned subsidiary of ASP Isotopes Inc. (the "Company"), entered into a Second Amendment and Restatement Agreement (the "Second Amendment") with The Standard Bank of South Africa Limited (the "Lender"). Capitalized terms which are not defined herein shall have the meanings ascribed to such terms in the Second Amendment. The Second Amendment replaced the Amended and Restated Secured Term Loan Facility Agreement (the "Prior Agreement"), dated December 12,…” | https://www.sec.gov/Archives/edgar/data/1921865/000147793226005196/0001477932-26-005196-index.htm |
| 2026-08-20 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/1921865/000119312526358082/0001193125-26-358082-index.htm |
| 2026-08-20 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1921865/000119312526358072/0001193125-26-358072-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.