$ASPI

ASP Isotopes Inc.

CIK:0001921865|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 5,123	$ 1,198	$ 9,303	$ 2,300
Cost of revenue	3,643	626	6,157	1,401
Gross profit	1,480	572	3,146	899
Operating expenses:
Research and development	6,824	880	12,088	2,410
Selling, general and administrative	28,851	11,661	50,142	18,410
Total operating expenses	35,675	12,541	62,230	20,820
Loss from operations	(34,195)	(11,969)	(59,084)	(19,921)
Other (expense) income:
Foreign exchange transaction gain (loss)	2,628	(37)	(1,098)	(99)
Change in fair value of share liability	0	(142)	0	(129)
Change in fair value of convertible notes payable	(3,460)	(63,757)	(4,028)	(64,715)
Change in fair value of equity investments	0	0	1,126	0
Interest income	2,711	925	5,759	1,439
Interest expense	(1,774)	(82)	(3,502)	(169)
Total other income (expense)	105	(63,093)	(1,743)	(63,673)
Loss before income tax benefit (expense)	(34,090)	(75,062)	(60,827)	(83,594)
Income tax benefit (expense)	97	(95)	128	(25)
Net loss from continuing operations	(33,993)	(75,157)	(60,699)	(83,619)
Income from discontinued operations, net of taxes	0		19,585	0
Net loss	(33,993)	(75,157)	(41,114)	(83,619)
Less: Net loss attributable to noncontrolling interests	(408)	(95)	(652)	(110)
Net loss attributable to ASP Isotopes Inc. shareholders	$ (33,585)	$ (75,062)	$ (40,462)	$ (83,509)
Net (loss) income per share, basic and diluted
Net (loss) income per share, basic, Continuing operations	$ (0.28)	$ (1.03)	$ (0.5)	$ (1.17)
Net (loss) income per share, diluted, Continuing operations	(0.28)	(1.03)	(0.5)	(1.17)
Net (loss) income per share, basic, Discontinued operations	0	0	0.16	0
Net (loss) income per share, diluted, Discontinued operations	0	0	0.16	0
Net (loss) income per share, attributable to ASP Isotopes Inc. shareholders, basic	(0.27)	(1.03)	(0.33)	(1.17)
Net (loss) income per share, attributable to ASP Isotopes Inc. shareholders, diluted	$ (0.27)	$ (1.03)	$ (0.33)	$ (1.17)
Weighted average shares of common stock outstanding, basic	122,715,677	73,009,938	121,860,483	71,256,809
Weighted average shares of common stock outstanding, diluted	122,715,677	73,009,938	121,860,483	71,256,809
Comprehensive loss:
Net loss before allocation to noncontrolling interests	$ (33,993)	$ (75,157)	$ (41,114)	$ (83,619)
Foreign currency translation	5,325	1,023	(1,363)	2,194
Less: reclassification to earnings	0	0	1,496	0
Total comprehensive loss before allocation to noncontrolling interests	(28,668)	(74,134)	(40,981)	(81,425)
Less: Comprehensive (loss) income attributable to noncontrolling interests	(312)	1	(614)	0
Total comprehensive loss	(28,356)	(74,135)	(40,367)	(81,425)
Product [Member]
Revenue
Total revenue	4,523	1,198	8,503	2,300
Collaboration Revenue [Member]
Revenue
Total revenue	$ 600	$ 0	$ 800	$ 0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from Operating activities
Net loss	$ (41,114)	$ (83,619)
Adjustments to reconcile net loss to cash used in operating activities:
Income from discontinued operations	(249)	0
Foreign exchange transaction loss from intercompany	1,031	0
Depreciation and amortization	4,259	679
Gain on deconsolidation	(19,336)	0
Gain on sale of property and equipment	(58)	0
Non cash interest income on note receivable	0	(364)
Non cash interest expense on debt	3,688	0
Stock-based compensation	8,954	6,319
Shares issued for non-cash consultant expense	0	674
Change in fair value of share liability	0	129
Change in fair value of convertible notes payable	4,028	64,715
Change in fair value of equity investments	(1,126)	0
Change in right-of-use lease asset	542	268
Non-cash lease income	(199)	(22)
Change in deferred taxes	(193)	0
Changes in operating assets and liabilities, net of acquisition amounts:
Accounts receivable	(1,383)	89
Receivable from noncontrolling interest	0	28
Inventories	(264)	(946)
Prepaid expenses and other current assets	2,248	1,318
Other noncurrent assets	(1,200)	103
Accounts payable	286	1,107
Accrued expenses	557	(507)
Operating lease liabilities	(604)	(275)
Other current liabilities	(311)	(767)
Other noncurrent liabilities	471	0
Net cash used in operating activities - continuing operations	(39,973)	(11,071)
Cash used for operating activities - discontinued operations	(1,121)	0
Net cash used in operating activities	(41,094)	(11,071)
Cash flows from investing activities
Purchases of property and equipment	(10,227)	(4,108)
Purchases of short-term investments	(35,425)	0
Proceeds from maturity of short-term investments	47,870	0
Principal collections from lease receivable	279	0
Proceeds from sale of property and equipment	122	0
Purchase of equity investments	(14,067)	0
Cash received for acquisition of business, net of cash paid	4,919	0
Cash disposed of upon deconsolidation of subsidiary	(50,699)	0
Cash advance in exchanges for note receivable	0	(30,000)
Net cash used in investing activities - continuing operations	(57,228)	(34,108)
Net cash used in investing activities	(57,228)	(34,108)
Cash flows from financing activities
Proceeds from issuance of common stock	0	50,000
Payment of common stock issuance costs	0	(3,239)
Proceeds from exercise of warrants	0	4,915
Proceeds from exercise of options	139	0
Distribution to noncontrolling interest in VIE	(472)	(79)
Distribution to noncontrolling interest of Renergen	(1,109)	0
Proceeds from issuance of debt	53	47
Payment of principal portion of debt	(3,719)	(802)
Payment of principal portion of finance leases	(106)	(61)
Net cash (used in) provided by financing activities - continuing operations	(5,214)	50,781
Cash provided by financing activities - discontinued operations	45,886	0
Net cash provided by financing activities	40,672	50,781
Net change in cash, cash equivalents and restricted cash	(57,650)	5,602
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,461)	187
Cash, cash equivalents and restricted cash - beginning of period	285,563	61,890
Cash, cash equivalents and restricted cash - end of period	225,452	67,679
Components of cash, cash equivalents, and restricted cash
Cash and cash equivalents	219,596	67,679
Restricted cash	5,856	0
Total cash, cash equivalents, and restricted cash	225,452	67,679
Supplemental cash flow information:
Cash paid for Interest	1,829	0
Supplemental disclosures of non-cash investing and financing activities:
Derecognition of asset as a result of sales-type lease	1,689	0
Lease receivable	1,689	393
Unpaid financing fees	663	0
Purchase of property and equipment included in accounts payable	282	412
Purchase of property and equipment with bank loans	53	0
Right-of-use asset obtained in exchange for operating lease liability	4,600	102
Right-of-use asset obtained in exchange for finance lease liability	53	0
Common stock issued in acquisition of Renergen	92,897	0
Contingent consideration for acquisition of Numed	$ 358	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 219,596	$ 279,572
Short-term investments	35,300	47,745
Restricted cash	4,120	0
Accounts Receivable	3,042	1,078
Inventories	1,527	1,098
Note receivable	0	32,005
Deferred offering costs	663	1,782
Prepaid expenses and other current assets	7,917	4,949
Current assets of discontinued operations	0	31,690
Total current assets	272,165	399,919
Property and equipment, net	42,131	33,291
Natural gas properties	192,962	0
Operating lease right-of-use assets, net	5,593	1,464
Intangible assets	634	409
Goodwill	6,466	5,177
Lease receivable - noncurrent	4,044	426
Restricted cash	1,736	0
Equity method investments	24,855	0
Other investments	19,380	5,580
Other noncurrent assets	2,080	866
Noncurrent assets of discontinued operations	0	50,888
Total assets	572,046	498,020
Current liabilities:
Accounts payable	5,704	3,814
Accrued expenses	8,074	4,414
Debt - current	54,513	584
Finance lease liabilities - current	178	167
Operating lease liabilities - current	920	544
Deferred revenue	882	882
Other current liabilities	9	501
Current liabilities of discontinued operations	0	21,790
Total current liabilities	70,280	32,696
Deferred tax liabilities	8,011	0
Convertible notes payable, at fair value	203,351	199,323
Debt - noncurrent	5,256	1,471
Finance lease liabilities - noncurrent	385	471
Operating lease liabilities - noncurrent	4,941	1,059
Deferred revenue - noncurrent	914	0
Other noncurrent liabilities	4,118	0
Noncurrent liabilities of discontinued operations	0	102
Total liabilities	297,256	235,122
Commitments and contingencies (Note 11)
Stockholders' equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 130,284,092 shares issued and 130,148,698 shares outstanding as of June 30, 2026 and 111,677,771 shares issued and outstanding as of December 31, 2025	1,301	1,117
Treasury stock at cost	1	0
Additional paid-in capital	533,562	431,757
Accumulated deficit	(272,837)	(231,265)
Accumulated other comprehensive income	2,666	2,542
Total stockholders' equity attributed to ASP Isotopes Inc. stockholders	264,693	204,151
Noncontrolling interests in consolidated subsidiaries	10,097	58,747
Total stockholders' equity	274,790	262,898
Total liabilities and stockholders' equity	$ 572,046	$ 498,020