ASP Isotopes (NASDAQ:ASPI) outlined plans to begin commercial deliveries from multiple enrichment and production assets in 2026, positioning the company as it transitions from infrastructure buildout to product shipments across nuclear medicine, electronic gases, and helium and LNG, executives said on the company’s business update call.
Executive Chairman and CEO Paul Mann said ASP Isotopes has built three enrichment facilities in South Africa using its proprietary Aerodynamic Separation Process and Quantum Enrichment technologies. “We are no longer a development stage company,” Mann said, describing the company as “a critical materials platform with revenue potential across all business lines.”
2026 commercialization timeline across isotope products
- Silicon-28: ASP Isotopes expects to ship its first Silicon-28 product during the second quarter of 2026. Mann said the company has signed three purchase orders—one with a major U.S. semiconductor company, one with a large global industrial gas company, and one with a large U.S. buyer—and shipped first enriched samples in August 2025. He said enrichment has tracked “exactly in line” with theoretical calculations. After customer visits in October and November, the company agreed to plant modifications for “safety, operational efficiency, and long-term plant robustness,” Mann said.
- Ytterbium-176: ASP Isotopes expects initial commercial shipments of Ytterbium-176 around mid-year or the third quarter of 2026, Mann said. The first sample shipment occurred in September 2025, followed by a “brief operational pause” in October 2025 that Mann said has been resolved. The plant is “back in operation and enriching product,” he said.
- Carbon-14: The company anticipates initial Carbon-14 commercial shipments around mid-year 2026, contingent on receiving feedstock from its Canadian supplier. Mann said feedstock has shipped out of Canada, is being processed in the United States, and is expected to arrive in South Africa by the end of the month. He said revenue timing depends on Carbon-14 concentration in the feedstock: at 0.5% concentration, revenue would be booked in Q3; at 1% or higher, in Q2.
Mann emphasized that Carbon-14 timing is “a timing issue, not a science issue,” adding, “The plant works. The contract is signed.”
Nuclear medicine and radiopharmaceutical expansion
Mann highlighted isotope supply constraints as a key driver for ASP Isotopes’ nuclear medicine strategy. Ytterbium-176 is used as feedstock for Lutetium-177, which Mann described as the active ingredient in Novartis’ Pluvicto for metastatic prostate cancer. “Supply today runs predominantly through Russia,” Mann said, adding that ASP Isotopes aims to provide a “credible Western alternative at commercial scale.”
On pricing and demand, Mann told analysts that Ytterbium-176 does not have a widely quoted market price and is typically contracted directly between parties. He said the company is “told in the marketplace” that Russian Ytterbium-176 trades between $20,000 and $35,000 per gram and that ASP Isotopes plans to price at about $20,000 per gram, “actually priced at a slight discount to Russia,” to be a reliable supplier while still earning “exceptionally high gross margin.”
Mann said the current Ytterbium-176 plant is believed capable of enriching roughly 1 kg per year with about 2 kg of indicated customer demand. He also outlined efforts to increase throughput via a continuous vessel that he said should enable 24/7 processing for about three months, compared with the current limited processing cadence. Mann said one procurement item remained for the continuous vessel, which he expects to arrive in Q2, and added that the company is already procuring equipment for a second plant.
In radiopharmaceuticals, Mann said PET Labs revenue grew to $5.7 million in 2025 from $3.9 million in 2024, driven by capacity expansion and pricing. The first cyclotron is at peak utilization and the second came online in July 2025, he said. In the U.S., Mann said the company acquired East Coast Nuclear in Florida, initially focused on SPECT with PET capability planned for 2027, and acquired a second site in North Carolina with PET expansion planned for 2028. He said the company has additional acquisition targets in due diligence and is targeting $10 million or more in radiopharmacy revenue in 2026.
Silicon-28 demand discussions and customer testing
During Q&A, Mann described sample testing with a customer, saying there are “probably only two” labs capable of measuring Silicon-28 purity at the levels required, including one at ASP Isotopes. He said the customer’s measurements matched the company’s analytics, confirming enrichment performance and measurement methods. Mann noted that early contracted demand is primarily tied to quantum computing-grade purity (around 99.995%), while the company is also in discussions for lower enrichment products (99.9% to 99.99%) aimed at advanced semiconductors. Mann characterized quantum computing as “very much a niche market” relative to the larger semiconductor opportunity.
Helium and LNG ramp with Renergen acquisition
Mann said the company completed its acquisition of Renergen on Jan. 6, 2026, and called helium “central” to its strategy. He cited helium concentrations in the company’s Free State wells averaging over 3% and reaching as high as 12%, compared with lower concentrations in Qatar, Russia, and the U.S.
For Phase I of the Virginia Gas Project, Mann said drilling is complete “four months ahead of schedule,” with flow rates up to 16 times earlier wells. ASP Isotopes expects to reach Phase I nameplate capacity in the third quarter of 2026. At nameplate, Phase I is expected to produce about 2,500 GJ per day of LNG and 58 MCF per day of helium, Mann said. He added that 60% of Phase I LNG is contracted and that the company expects positive operational cash flow before year-end 2026.
Mann also described Phase II as a larger expansion, projecting 34,000 GJ per day of LNG and about 895 MCF per day of helium, which he said would represent roughly 7% of projected global supply. He said Phase II financing includes $750 million of committed debt—$0.5 billion from the U.S. DFC and $250 million from Standard Bank—unlocked by a $170 million capital commitment. Mann said the U.S. government has designated the facility as critical national infrastructure.
Asked about monetization options for helium, Mann said the company has seen heightened customer and investor interest and would consider ways to “extract some value” and “put a market value on that,” including a potential “market debut or listing or spin out.”
Financial results and capital position
CFO Heather Kiessling reported total 2025 revenue of $23.8 million, up from $4.1 million in 2024. She attributed the increase to a full year of radiopharmacy operations and investment in Skyline, including $5.7 million from Specialist Isotopes and Services and $18.1 million in construction services revenue from Skyline.
Kiessling said cash, cash equivalents, and marketable securities totaled $333 million as of Dec. 31, 2025. She said the company raised over $345 million in total capital during 2025 through common stock and convertible notes, including $199.7 million net proceeds from a stock issuance in October 2025 and $42.2 million from a private placement of Quantum Leap Energy convertible notes in November 2025.
In response to an analyst question about 2026 revenue, Mann said it is “quite challenging” to provide exact guidance given uncertainty around startup and shipment timing. He provided annualized estimates based on production assumptions: low single-digit millions for Silicon-28; over $10 million for PET Labs; $2.5 million annually under the Carbon-14 take-or-pay contract (with potential up to $5 million); about $20 million annualized for Ytterbium-176 based on 1 kg per year at $20,000 per gram; about $12 million annualized LNG revenue at $13-$14 per gigajoule for Phase I; and helium revenue that could range materially depending on pricing, citing prior expectations around $400 per MCF and recent contract discussions “well over $1,000 per MCF.”
Mann also confirmed that the company’s greater than $300 million EBITDA target in 2031 excludes Quantum Leap Energy (QLE). He said QLE, the nuclear fuel subsidiary, submitted a confidential S-1 in November 2025 and that a spin-out is expected to be a 2026 event, though he noted limitations on disclosures due to the SEC process.
About ASP Isotopes (NASDAQ:ASPI)
ASP Isotopes Inc, a development stage advanced materials company, focuses on the production, distribution, marketing, and sale of isotopes. It engages in the production and commercialization of Molybdenum-100, a non-radioactive isotope for the medical industry; Carbon-14; and Silicon-28. The company is also developing Quantum Enrichment technology to produce Ytterbium-176, Nickel-64, Lithium 6, Lithium7, and Uranium-235. ASP Isotopes Inc was incorporated in 2021 and is headquartered in Washington, District Of Columbia.
