ASP Isotopes Inc (NASDAQ: ASPI) is a specialty isotopes company that enriches and sells selected isotopes using Aerodynamic Separation Process (ASP) technology, with enrichment plants under construction in South Africa. Revenue comes from transactional sales of specialist isotopes and related services, nuclear medical doses for PET scanning (through its majority-owned PET Labs and ECNP subsidiaries acquired in October 2025), and construction services for roads and drainage (through its majority-owned Skyline subsidiary acquired in August 2025). The company also holds petroleum exploration and production rights in South Africa's Free State Province, where subsidiary Renergen operates as the country's only LNG supplier. ASPI operates across three reported segments as of the year ended December 31, 2025: specialist isotopes and related services, nuclear fuels, and construction services. The company is pre-revenue on its core isotope enrichment operations and relies on external financing, having raised capital through equity offerings and convertible promissory notes. Two derivative lawsuits were filed against board members in early 2026 arising from a related securities class action.

Revenue model

Transactional sales of nuclear medical doses for PET scanning (recognized from October 2025 acquisition of PET Labs and ECNP), transactional revenue from construction services including roads and drainage (recognized from August 2025 acquisition of Skyline), and planned future transactional sales of enriched specialist isotopes once South Africa enrichment plants reach production.

Products and services

Enriched specialist isotopes (including selected isotopes of silicon, molybdenum, and uranium) produced via ASP technology; nuclear medical doses for PET scanning; LNG supply in South Africa (through Renergen); helium and natural gas resources (Free State Province, South Africa); construction services including roads and drainage (Skyline); minority equity investment in IsoBio Inc. (purchased July 28, 2025).

Customers and end markets

End markets include nuclear medicine (PET scanning), isotope research and industrial applications, South African energy market (LNG and natural gas), and South African infrastructure construction. Specific customer names are not disclosed in the filing excerpts.

Value-chain role

Upstream isotope enrichment producer using proprietary ASP centrifuge technology; holder of South African government-granted Production Rights and Exploration Rights for petroleum resources; LNG producer and supplier; construction services contractor through Skyline subsidiary.

Geographic exposure

Primary operations in South Africa (isotope enrichment plants, Virginia Gas Project, Renergen LNG, Skyline construction, Free State Province petroleum rights). Nuclear medical dose operations through PET Labs and ECNP (jurisdictions not specified in excerpts). Company incorporated and listed in the United States.

Source: SEC 10-K, filed 2026-04-10

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