ASPI ASP Isotopes Inc.

Overview and Growth

Fiscal 2025 results for ASP Isotopes Inc. combined $23.85M of revenue with net loss of $159.84M and an operating cash outflow of $37.78M. At $23.85M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 475.5% above fiscal 2024 revenue of $4.14M, marking a year-over-year increase. Diluted earnings per share were -$2.11, translating the period’s attributable earnings into the amount reported for each diluted share. Total assets stood at $498.02M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.05x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $3.40M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 14.3%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced a $59.91M operating loss before non-operating and tax effects. The operating loss equaled 251.2% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $159.84M for the fiscal year. Net margin was -670.2%, reflecting a loss equal to 670.2% of reported revenue. Before income taxes, the company recorded a loss of $159.56M, bridging the operating result to the final net loss. The pretax loss equaled 669.0% of revenue, measuring the pre-tax deficit against sales. The company recognized $282.00K of income tax for the period, completing the transition from pretax income to net income. Relative to period-end equity, the net loss represented 60.8%. Relative to total assets, the net loss represented 32.1%. The net loss widened to $159.84M from $32.42M in fiscal 2024.

Liquidity and Capital Structure

At period end, the $498.02M asset base was financed through $235.12M of liabilities and $262.90M of equity. At period end, current assets of $399.92M compared with current liabilities of $32.70M, defining the company’s short-term resource position. Current assets covered current liabilities by 12.23x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $285.60M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 873.5% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $14.36M of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 0.05x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 2.9%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 47.2%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 57.3% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 427.9% higher than fiscal 2024 assets of $94.35M, measuring the company’s own balance-sheet change. Book equity was 413.8% higher than fiscal 2024 equity of $51.17M, showing how shareholder capital changed year over year. Compared with $61.89M in fiscal 2024, the current cash balance moved 361.5% and finished higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $37.78M, rather than cash generation from operations. Capital spending of $9.65M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $47.43M cash deficit after capital spending for the period. The free-cash-flow deficit equaled 198.9% of revenue, showing the post-investment cash shortfall relative to sales. Relative to total assets, the post-investment cash deficit measured 9.5%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.