Earnings call transcript: ASP Isotopes Q3 2025 highlights growth

ASP Isotopes Inc. (ASPI) reported its third-quarter 2025 earnings, showcasing a year-to-date revenue increase of 24% in its radiopharmaceutical segment. Despite a net loss from operations amounting to $34.9 million, the company has made significant strides in product development and facility expansion. The stock saw a premarket rise of 0.83%, trading at $6.70, following a previous session decline of 5.64%.

Key Takeaways

• ASP Isotopes reported a 24% increase in year-to-date radiopharmaceutical revenues.
• The company received $200 million from a stock issuance after Q3.
• Regulatory approvals were secured for four new production facilities.
• ASP Isotopes is planning an IPO for Quantum Leap Energy in Q4 2025.
• The stock price experienced a 0.83% increase in premarket trading.

Company Performance

ASP Isotopes demonstrated growth in its radiopharmaceutical revenues, reporting a year-to-date increase of 24% compared to 2024. The company is expanding its footprint in the isotope production market, focusing on critical isotopes for the semiconductor, nuclear, and medical sectors. This strategic focus positions ASP Isotopes as a competitive player in these specialized markets.

Financial Highlights

• Revenue: $3.6 million year-to-date, a 24% increase from 2024.
• Q3 radiopharmaceutical revenues: $1.3 million, up 18% from Q3 2024.
• Operating expenses: $36.2 million year-to-date, an 84% increase from 2024.
• Cash balance: $113.9 million as of September 30, 2025.
• Additional $200 million received from stock issuance post-Q3.

Outlook & Guidance

ASP Isotopes is targeting significant revenue opportunities of $50-$70 million in 2026-2027. The company plans to commence construction of new isotope plants in 2026 and aims to expand its radiopharmaceutical operations internationally. The expected IPO of Quantum Leap Energy in Q4 2025 marks a strategic move to enhance its market presence.

Executive Commentary

• "2026 promises to be just as exciting and fast-paced a year," stated Robert Ainscow, CEO.
• Michael Kniff, CFO of Quantum Leap Energy, emphasized the company’s mission: "QLE is more than just an enrichment company. Our mission is the stabilization of a dysfunctional nuclear supply chain."
• Dr. Rhino Pretorius, QLE CEO, declared, "We want to be the world’s leading supplier of lithium-6."

Risks and Challenges

• Regulatory constraints in the isotope industry could impact production timelines.
• The significant increase in operating expenses may pressure profit margins.
• Supply chain disruptions could affect the timely completion of new facilities.
• Market competition in the isotope sector could challenge ASP Isotopes’ growth objectives.

ASP Isotopes is positioning itself as a leader in the isotope enrichment market, with strategic expansions and product innovations. However, the company must navigate industry-specific challenges and manage its growing operational costs to achieve its ambitious growth targets.

Full transcript - ASP Isotopes Inc (ASPI) Q3 2025:

Conference Operator: Greetings. Welcome to the ASP Isotopes investor update call. At this time, all participants are in a listen-only mode. Please note that this conference is being recorded. After the speaker’s remarks, there will be a question-and-answer session. If you are listening via the webcast, you may submit questions over the web via the Q&A box on your screen. If you have dialed in and would like to ask a question over the phone, please press star one on your telephone keypad. Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. During this call, we may use words like anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions, which indicate forward-looking statements.

For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC available on sec.gov and in the investors’ section of our website. I’ll now turn the call over to CEO Robert Ainscow.

Robert Ainscow, Interim Chief Executive Officer and Chief Operating Officer, ASP Isotopes: Good morning, everybody, and welcome to ASP Isotopes third quarter update call. I’d ask everybody to take a moment to look at these forward-looking statements. My name is Robert Ainscow. I’m the Interim Chief Executive Officer and Chief Operating Officer. I’m joined on the call today with Paul Mann, who’s the co-founder, along with myself and the Executive Chairman of ASP Isotopes. Also present is Heather Keesling, the Chief Financial Officer of ASP Isotopes. I’ve also asked to join this call Dr. Rhino Pretorius, who’s the Chief Executive Officer of our nuclear energy subsidiary, Quantum Leap Energy, and his CFO, Michael Kniff. I’ll begin with taking you through an update on our operational isotope enrichment plants in South Africa, starting with our multi-isotope plant, which is currently enriching silicon-28 and electronic semiconductor gas. This plant is enriching silicon-28 for our initial two customers for that product.

We shipped commercial samples of silicon-28. These samples have been validated for isotopic purity with our customers. Our customers were, in fact, visiting the plant in September for a very, very constructive visit with their senior engineers and our senior engineers. That led to some agreed modifications to that plant, which are nearly complete and will have the effect of improving the enrichment rate and also smoothing transition through to the next semiconductor gas that we wish to enrich after silicon-28, which is germanium. The modifications, as I said, are largely complete, and the plant is continuing to process the first commercial batch. We also secured another silicon-28 contract during the quarter, and we’re looking to deliver and satisfy all the current customer orders in 2026. The other important update on our semiconductor gas vertical is the acquisition of Renergen.

This was announced earlier in the year, and we have been working on completing the acquisition as well as overseeing the all-important phase 1C, which is defined as bringing the initial plant up to the nameplate capacity. In terms of the acquisition process, we are approved on all but one of the conditions precedent, which is one regulatory approval left to receive, which is the exchange control, which is expected pretty imminently. All other approvals, such as shareholder support, which was nearly unanimous, and competition commission approval have been received, and we successfully listed on the Johannesburg Stock Exchange earlier this year in preparation for the share exchange and completion of the transaction. In terms of phase 1C, which has been the majority focus for provenance of the reserve and commercial delivery of the expected product, that’s going incredibly well.

The differences that we’ve seen since the restart following our investment are a larger number of drilling rigs operating in series and the contracting of Kimley Exploration, whose experience in gas drilling is enormous, and they have provided a lot of insight into reservoir modeling and the targeted drilling in locations to improve the effective flowing of gas. Also important to note is the compressor station, which brings gas from the further fields. It is now nearly complete. The inclusion of the ASP Isotopes engineering team who have been adding their support to the maintenance and running of the plant. Now I’ll take you through the nuclear medical updates. Our first quantum enrichment plant, which those of you who are familiar with the company will recall, is our proprietary technology related to the laser enrichment of isotopes.

The first plant has now been in production following commissioning earlier this year and is currently producing ytterbium-176. We shipped a commercial sample of ytterbium to a customer for independent analysis, and we’re awaiting the results of that. The delivery of commercial quantities is expected to take place over the course of the first half of 2026. We’ve also started procurement for, in total, four new production facilities for QE. The first new one will be a second ytterbium production plant, and we’ve also secured the regulatory approvals for all four of the plants. During the course of 2026, we expect those to be delivered, commissioned, and we hope to start enriching gadolinium, nickel, and zinc. We’ve also signed a purchase order for barium-130 through 137.

Our carbon plant is expected to start producing carbon-14 prior to encountering feedstock delivery delays with our partners in North America. These started off being regulatory-based delays, which have now been resolved, but there have been some feedstock concentration issues encountered, which are now largely being resolved, and our first full batch, so that we can continue processing, is expected to be in January 2026. We continue to expect to ship the first commercial batch in the first half of 2026. In the meantime, we have been utilizing the asset, which has been commissioned since the middle of last year, and have been enriching carbon-12 for our global gas company. We sent a sample of commercial carbon-12, and the initial feedback has been positive, and we expect to ship commercial products still in December.

Otherwise, on the nuclear medical update, in terms of PET Labs, we have been investing in a capital-efficient manner into the growth of our South African radiopharmacy. The equipment that we’ve installed in the cyclotron and PET-CT scanners have been commissioned and are fully operational. This has led to the anticipated growth in volumes and doses sold, and therefore revenues. We have also commissioned and received regulatory approval for our SPECT pharmacy, which is now fully operational, and the delivery of SPECT doses is increasing ahead of the scheduled uptick in delivery that was predicted. Of note also is the very exciting part of PET, which is the therapeutics update, where we shipped the first lutetium-177 first in South Africa. We are very excited about that and expect the demand for that to grow.

Otherwise, on the global scale of PET Labs, South Africa having been the proving ground, showing our ability to purchase, install, commission, and get regulated the radiopharmaceutical equipment and start delivering doses. We have made our first purchase in the United States of America. We announced the purchase of East Coast Nuclear in Florida, and we will be growing that radiopharmacy. More details to follow. We also have a second radiopharmacy under term sheet, which we expect to close in the very near future, and we have a number of others in due diligence. At this point, I will pass over to Dr. Rhino Pretorius to talk about the opportunity in nuclear energy at the quarterly.

Dr. Rhino Pretorius, Chief Executive Officer, Quantum Leap Energy: Thank you, Robbie. I’d like to share some updates and progress at QLE. QLE has acquired cesium-137 to commercialize the cutting-edge KUBE unit technology that provides a modular system to address beta decay-related nuclear waste treatment at the source of emission. QLE plans to convert hazardous cesium-137 to commercially viable barium-137 by reducing the three-and-a-half-year half-life to mere minutes, thus converting a liability into a revenue source feeding to the semiconductor industry. Other beta emitters such as strontium-90 and carbon-14 from nuclear waste will be integrated into our nuclear medicine supply chain or tracer chemical vertical respectively. QLE has made progress on our MOU with Fermi and is providing requisite information to utilize the 11-gigawatt data center complex in Amarillo, Texas, as a location for uranium enrichment to produce LEU Plus and HALEU.

The QLE technology is based on the foundational ASP Isotopes stable isotope separation technology that is in commercial operation today. Pending regulatory approval, these technologies will be developed to produce isotopes vital to the nuclear supply chain. Progress has been made towards operation of the existing test batteries at Nexa Bellendawa to produce helium for TerraPower. Early engagement with the U.K. Office for Nuclear Regulation, or ONR, shows progress towards U.K. operation. Along with recruiting our CFO, Michael Kniff, QLE has raised $64.3 million via convertible note, bringing our pro forma cash on hand to $81.6 million. QLE has also filed S-1 documentation with the SEC, highlighting our commitment to the stated ASP Isotopes goals of spinning out QLE in quarter four 2025. Over to you, Michael.

Michael Kniff, CFO, Quantum Leap Energy: Thanks, Rhino. QLE is more than just an enrichment company. Our mission is the stabilization of a dysfunctional nuclear supply chain by providing novel technical solutions to key risk areas, thus providing a pathway to a robust, domestic, secure nuclear fuel supply chain. We’re starting strong with commercial momentum through partnerships with industry leaders for commercial supply and funding, and also led by a strong executive leadership team supported by our fast-growing execution-focused team. We have exclusive and continued access to ASP Isotopes’ team of 150 people and infrastructure, and we’re building our own team internationally. We will apply our scalable, modular, and demonstrated technology to enrichment of the critical materials required to support the nuclear fuel supply chain. Looking forward, we’re going to continue to develop the foundational technology with support from ASP Isotopes while engaging with regulators and expanding our commercial product offerings.

Paul Mann, Executive Chairman, ASP Isotopes: At Quantum Leap Energy, we aim to provide the world with future-ready solutions. We have assessed the current, emerging, and future need of the nuclear industry and identified several key chemicals in the form of high-purity isotopes required for stable operation. Current generation two and three reactors are dependent on NEU, but also dependent on lithium-7, which was produced historically and is currently being consumed from stockpile. There is only one producer of lithium-7 commercially in the world today, and they sit outside of the Western secure supply chain. It is therefore critical to start producing lithium-7 to ensure the continued operation of the approximately 80% of nuclear reactors worldwide requiring lithium-7 for pH control, but also looking forward to the massive uptake and demand required by molten salt reactors, which will require kilotons of lithium-7 in the form of fly and fly NAC to function and demonstrate their capability.

As part of producing lithium-7, we will also produce high-purity lithium-6 isotopes that will feed into the growing demand by the fusion industry for lithium-6. Lithium-6 is used in fusion to produce tritium, and by fusing tritium with deuterium, the fusion industry has now demonstrated double digits in seconds of continuous exothermic production of fusion power. We therefore believe that there will be a massive requirement for lithium-6 moving forward, and we want to be the world’s leading supplier of lithium-6. The emerging and future demands for nuclear fuel is an interesting use case and opportunity for QLE to feature in terms of how generation three reactors can be advanced to generation three plus reactors by switching to LEU plus, which is a high-enriched form of LEU between 5% and 10%.

By going to this high-enriched fuel, these reactors can increase their energy output or energy density, as well as decrease the time between refueling cycles. Currently, there is no secure supply chain, either domestically or worldwide, for LEU Plus, and that is an opportunity for QLE to feature. That is a critical step towards our path to become the world’s leading producer of HALEU, as HALEU is between 10%-20% enrichment, which is, of course, the end goal of Quantum Leap Energy, to become the world’s leading supplier of HALEU fuel. Over to Michael.

Michael Kniff, CFO, Quantum Leap Energy: Thanks, Rhino. Thinking about our future and our expected company development roadmap, we intend to start our engineering design work in South Africa with our first demonstration plants to be operational there, focusing on lithium and uranium. Our plan is to have demonstration plants in the U.S. and the U.K. that will follow soon after. Our global headquarters will be in Austin, Texas, as home to our Laser Center of Excellence, with Amarillo, Texas, targeted for commercial U.S. operations for helium production. We envisage that our U.K. plant will produce for the U.K. and European consumption as well. We think about our organization in three distinct stages. We will invest through 2025 and 2027 in multiple demonstration and commercial plants that will focus on lithium and uranium enrichment. We then deliver through optimization to achieve nameplate output of enriched lithium and uranium.

Finally, we’ll accelerate our business as our revenues associated from our various products are repurposed through the business, enabling further rounds of capital investment and output production. Over to you, Paul.

Paul Mann, Executive Chairman, ASP Isotopes: Thanks. I’m now going to explain the acquisition of Skyline Builders and where this fits into the ASP Isotopes broader strategy. During late August, we acquired a controlling stake in a Cayman Islands entity listed on NASDAQ called Skyline Builders. This is historic to being a construction company. We consider those assets largely non-core. Obviously, it’s up to the board of directors of Skyline Builders, but we’d likely view those as being divested somewhat in the future. The goal of this entity is to secure supply chains of critical materials that are both essential to the United States and to ASP Isotopes and Quantum Leap Energy. Shortly after we took control, we raised about $41.7 million of capital into the business to facilitate acquisitions and growth. I’ve become the Executive Chairman of the company, and Quantum Leap Energy has two board members out of three on the entity.

We expect to announce a CEO during the next two months. We’ve already chosen the CEO. He’s just finishing off duties elsewhere. We’ve made two acquisitions to date, which we think are highly strategic to both the United States at large and also ASP and QLE. The first acquisition took place in late October, and we acquired a 20% stake in a privately held Delaware company that has essential critical materials in Asia. These are extremely important to both the United States and ASP. We expect to disclose the exact nature of these assets before the end of the year. We’ve had a lot of support from multiple governments to get this asset, and we’re extremely proud by what this asset can do. We’re very excited by the future of this asset.

I think more importantly, we announced a couple of weeks ago that we proposed acquisition of a company called Supercritical. Supercritical is a very unique US company, US technology developed by the DOE to extract uranium and other critical metals from seawater cost-competitively and at an industrial scale. Now, it utilizes technology that’s been developed by the US government. The US government spent about $20 million over 10 years developing this technology, and we’re very excited by what this can bring to our supply chain. Obviously, you know this fits in with a number of executive orders that have been signed over the last several months, and we’re very excited about bringing this to market over the next several months or years. I’m going to let the Supercritical CEO talk about this more in due course once the deal has been finalized.

What this acquisition does for QLE is it means we’ve become a soup-to-nuts nuclear fuel company. Supercritical Technologies will focus on securing the feedstocks that our customers will need to make nuclear fuel. QLE will then plan to supply the conversion surfaces, also enrichment and deconversion. All of these are very much needed by Western world today. In addition to that, QLE will supply lithium-7 and lithium-6 that are used in molten salt reactors and also for pH control in pressure water reactors. Finally, the KUBE technology, which Rhino described earlier, will help deal with cleaning up a lot of the nuclear waste that comes out of a nuclear reactor.

I think this puts QLE in a really unique position to capitalize on every part of the nuclear fuel supply chain and really become a nuclear reactor’s company of choice or partner of choice to supply those fuels. I’ll now hand back to Robert to talk about future milestones.

Robert Ainscow, Interim Chief Executive Officer and Chief Operating Officer, ASP Isotopes: Thanks very much, Paul. I’m now going to give an update on milestones on the corporate events that we can expect now and during the course of next year. In terms of the corporate transactional events that we have upcoming, there are two in number. The first in time will be the completion of the Renergen acquisition. As I explained earlier, we are waiting off one further regulatory approval that we will then enact the scheme of arrangement and complete the acquisition. This is going to be an excellent investment. We’re very pleased with it. We’re very pleased with the progress that’s being made, and the products are going to add to the stable of critical material products that ASP Isotopes is able to offer in quite a unique fashion to the semiconductor market.

Secondly is the IPO of Quantum Leap Energy, the subsidiary which you heard about earlier. We will update the market on the detailed timing for this transaction. Those of you following the stock will have noted that we confidentially filed the S-1 in preparation. Other than that, the important job of work that we have in front of us is to complete the initial production runs of the operational plants that you’ve just heard about and across the three plants and fulfill the customer contracts that we have in front of us now. We also have had a number of discussions with our customers about their needs ongoing into the medium term, both in terms of quantums of the existing product mix and isotopes that they will be requiring in the future.

We will update the market in terms of this in as much detail as we can when we can. In terms of construction of new plants, we will be, during the course of 2026, commencing construction of a number of plants in a number of locations. Namely, we have signed a lease on Isotope Supercenter, as we call it, in Iceland, on the location there. We expect to break ground on that for ASP technology-based plants during 2026. We also expect to begin plants and facilities in the U.S. and the U.K. with the goal to enrich isotopes during the course of 2026. In terms of quantum enrichment, laser-based isotope enrichment plants, we would like to begin construction of plants during 2026 for plants which will deliver xenon, gadolinium, nickel, and zinc isotope products for which we have demand from customers.

We will also continue the expansion of our radiopharmaceutical footprint through our subsidiary PET Labs Global. For me, this is a very exciting business where there’s a lot of growth that’s latent. I intend to deliver a thorough update to the market in the near future of the steps that we’ve taken to realize this and build off our very successful base case in South Africa, which has demonstrated our ability to commission, regulate, and put to service radiopharmaceutical equipment and deliver doses to patients ultimately. Look out for more details on that in due course. At this point, I will hand over to Heather Keesling, the Chief Financial Officer for the financial update.

Heather Keesling, Chief Financial Officer, ASP Isotopes: Thank you, Robbie. Good morning, everyone. I’m delighted to introduce myself. I am Heather Keesling, CFO of ASP Isotopes. I will be presenting key operation metrics for the period ending September 2025. Starting with revenue, revenues include sales from our radiopharmaceutical operations in South Africa, and beginning in September 2025, it also includes the revenues from Skyline. Excluding the Skyline revenues of $3.6 million results in total radiopharmaceutical revenues of $1.3 million in the third quarter of 2025, or an 18% increase versus the third quarter of 2024, and total radiopharmaceutical revenues of $3.6 million for year-to-date 2025, or a 24% increase versus 2024, due to both an increase in doses produced driven by additional capacity and an increase in pricing. Next is operating expenses. Year-to-date total operating expenses increased by $16.5 million, or 84%, from $19.7 million in 2024 to $36.2 million in 2025.

Non-cash stock compensation makes up approximately 30% of the total operating expenses and the increase. Significant drivers of the increases are from the approximately 66% increase in headcount during 2025, supporting our research, development, plant activity, and general operations, as well as a significant increase in professional fees. Next, we have net loss from operations. Net loss from operations is $34.9 million for year-to-date 2025 versus $18.7 million for the same period in 2024. Due to the relative low volume of radiopharmaceutical revenue and low margin of Skyline revenue, the effect on net loss from operations is directly impacted by the operating expenses activity just mentioned. Next, we have net loss before non-controlling interest from our non-wholly-owned subsidiaries, which is $96.5 million for year-to-date 2025 versus $23.2 million for year-to-date 2024, which reflects our other income and expense items on the statement of operations.

The two largest contributors of this other income and expense activity is the over 300% increase in interest income in 2025 versus 2024, mainly due to investing our funds received from stock issuances over the last year and the impact of GAAP accounting for the fair value of the convertible notes. Guidance and activity of the fair value accounting of these convertible notes is further explained in the footnotes to our condensed consolidated financial statements included in our recently filed 10-Q. Year-to-date cash used in operations increased by $6.5 million, or 50%, from $12.9 million in 2024 to $19.4 million in 2025, mainly due to increases in research and development pertaining to next-generation production technology for our current plants and future isotope production.

The 66% increase in personnel in 2025 due to initiating commercial production increased R&D and business development and global operations and professional fees as we increase corporate activities. Further analysis is provided in the MD&A portion of our recently filed 10-Q. We have cash of $113.9 million as of September 30, 2025. This balance reflects the net proceeds of approximately $56 million received during the third quarter of 2025 from the issuance of common stock and the $108 million year-to-date 2025, which was from the issuance of common stock and the exercise of warrants. Subsequent to September 30, 2025, we have received net proceeds of approximately $200 million from the issuance of common stock. Quantum Leap Energy issued convertible notes in November 2025, totaling $72.2 million, of which $30 million is from ASP Isotopes.

Property and equipment showed growth from approximately $23 million as of December 31, 2024, to $33 million as of September 30, 2025, mainly due to our plant construction, which has taken place in South Africa. We expect our cash burn from operations and continued growth of our planned plant and global radiopharmaceutical operations to increase as we bring more isotope enrichment plants online and acquire and expand our radiopharmaceutical targets. Further details will be made available in due course. Operator, this concludes our presentation of our third quarter update call, and we are now accepting questions from our attendees.

Conference Operator: Thank you. We will now begin the question and answer session. If you are listening via the webcast, you may submit questions over the web via the Q&A box on your screen. If you have dialed in and would like to ask a question over the phone, please press star one on your telephone keypad. Your first submitted question is as follows. Can you talk about the delays in shipping Silicon-28?

Robert Ainscow, Interim Chief Executive Officer and Chief Operating Officer, ASP Isotopes: Yeah, Robert Ainscow here again. I suppose delays refer to our previously sort of announced anticipated shipping dates. This has to be seen within the context of the starting up and first production run of the nuclear engineering part, isotope enrichment part, which is an extremely complex chemical procedure and an extremely complex physical procedure. The first production runs have taken longer than we would have anticipated when we made those estimations previously. The big change that’s happened for me this quarter was the visit that I previously mentioned from our initial two customers for Silicon-28. I can’t emphasize how incredibly positive that was and really changed the dynamic of the customer-supplier relationship.

It enabled a lot of sort of collaboration in terms of the modifications that I discussed and for us to be able to better gauge the demand that we can expect from those customers in the future and their other isotope requirements. The modifications and the general complexity involved in starting up a plant of this nature. Currently, operations are going very well, everything to touch. I am very happy with it. I am continuously amazed by the capabilities of our engineering staff. More importantly, our customers are very happy with the way that we are doing things. I am very pleased about that. Those are the things that have caused the delays, so it is going to be answered in question. Next question, please.

Conference Operator: Your next submitted question. When do you expect to achieve operational de-risking in respect of Renergen? What are the major milestones for the next six months?

Robert Ainscow, Interim Chief Executive Officer and Chief Operating Officer, ASP Isotopes: Yeah, thank you. Again, de-risking, end of the first quarter is the simple answer to that question. What that involves is the completion of phase 1C, which I referred to earlier. That is defined as the bringing of the initial chemical plant that is currently already operational and producing both LNG and helium, but in smaller quantities than is required by the nameplate capacity. That will be completed during current rate of progress by the end of the first quarter. At that point, I will consider the project de-risked. There are discussions about what the arrangements for phase 2 are and work is going on in front of that. For me, with my Chief Operating Officer hat on, my mantra is phase 1C, phase 1C, phase 1C, nothing else matters.

I make sure everybody is very focused on that to achieve permanence of the plant and the de-risking that you’re asking about. That’s the focus for me, and I make sure that’s the focus for the people on the ground. The major milestones for the next six months, I mean, it’s two. It’s very simple. It’s completion of the transaction so that we perform the share swap over the company. And as I said, the aforementioned completion of phase 1C. Those are the two things that are the key focus for me. Next question, please.

Conference Operator: Your next submitted question. When will the company begin to recognize revenue in its isotopes enrichment segment?

Robert Ainscow, Interim Chief Executive Officer and Chief Operating Officer, ASP Isotopes: Revenue recognition, I think, is an accounting term. I think the purpose of the question is to ask what we’re going to be actually delivering commercial batch that customers are going to pay for. First of all, it will be carbon by BioMaster Ventures. That can be expected to ship still before the end of December. Probably in the end, the bill gets paid and the revenue is recognized. That would be a subsidiary question for Heather, who’s sitting here with me now, if she wants to ask that. In terms of silicon isotopium, as I said, during the first quarter and first half of next year. Those will be the initial revenue, but we will be supplying with just the current purchase orders and supply contracts that we have in front of us, will be supplying during the course of 2026.

Two times of the question, end of the year for the first revenue. Next question.

Conference Operator: Your next written question. What did the customers say about our samples of both Ytterbium and Silicon?

Robert Ainscow, Interim Chief Executive Officer and Chief Operating Officer, ASP Isotopes: Yeah, I think they get a lot of questions of its nature. I think there might be even some confusion about it. People seem to be hanging on commercial samples to say, "Does the technology work or not?" For those people who will we ever be able to produce product, or will we not? The samples sort of indicate that. For people who are in that position, let me just make it clear that the technology does work. I should say, so repeat, already being enriched, have been across the three plants. We’ve been testing them at our own analytical facilities, and then they’ve been, as we’ve announced, tested independently by customers and counterparties. We also have obviously multiple customers for the same isotope. All of them at some stage will require or have required samples.

We do not intend to announce every time we send a sample to a customer. It’s an iterative process. When we’ve shipped the first samples, we were advised that that was a material event that we should inform the market of. That’s why we’ve made those announcements. In terms of the products that we make, there are two key features that are important to the products. That is isotope enrichment and the chemical purity. Those are, simply put, the two requirements that our customers have. In terms of isotopic enrichment, it varies between the two technologies that we use. Basically, it’s simple, you keep going until the enrichment level you require is reached. In terms of ASP, for example, you’re using the force of gravity in the form of centrifugal force.

That remains active on the gas that goes through the plant, and we keep enriching until the enrichment level is achieved. Some of the modifications, as I said earlier, in the thing are designed to increase the rate of enrichment. Those are, without beginning too technical, the replacement of one type of valve with another, one of the diameter of pipe with another to control better speed of gas through the ASP plant. That optimizes, if you like, the operating philosophy of the plant that is now being, has been brought into service and is busy with the first product line. It is an ongoing initiative process seeking to achieve perfection. In terms of the samples, our customers that analyze the samples, they are, I use the phrase, tied out in terms of isotopic enrichment and chemical purity.

I’m told by engineers and analysts that that’s not the right phrase, but it’s what I know. The customers are very happy with the results, which is the most important thing. And so are we. We will not expect to repeat this. We will not expect to be making announcements every time we ship a sample to a customer. It’s an ongoing process. They’re very specialized products. There’s a strong working relationship between ASP Isotopes and our customers for the different isotopes. That is the nature of the isotope business. Next question, please.

Conference Operator: We will take our first phone question from the line of George Giannarcus from Canaccord. Your line is open.

Heather Keesling, Chief Financial Officer, ASP Isotopes: Good morning, everyone. Good afternoon. Thank you so much for taking my questions, and thanks for this incredibly robust update. We appreciate it. I have several questions. Maybe to start, you’ve sort of talked about and quantified a $50-$70 million revenue opportunity in 2026 and 2027 around Ytterbium-176 and Silicon-28. Is that still a number we should think about and sort of model for the next two years?

Robert Ainscow, Interim Chief Executive Officer and Chief Operating Officer, ASP Isotopes: Hi, George. First of all, thanks very much for asking the question. We’re not at this stage changing guidance that we’ve given before. I’m very aware that the market is keen to have the guidance and also a detailed explanation of the bridging to the 2030 revenue anticipation that we’ve done. We are, as we’ve said, things have taken slightly longer than our initial estimations to bring into service and so on, which is not a big issue for us from an operational point of view. What it does mean is that we’re not in a position to, shall I say, perfect or amend our forecasts or the revenue indications that have been given yet. I repeat, I’m very, very aware that the market requires that and is looking for that.

I can promise that we’ll do our best to give the information that we can. As soon as certain things, sort of corporate events, are concluded, and we have the confidence to give that updated projections and be prepared to be held to them. I just want to say at this point, I’ve got a lot of sympathy for investors and for fund managers, and particularly research analysts, investment analysts. The isotope industry is a pretty opaque business. Not only do we have the financial regulations, which everyone’s sort of familiar with and which governs our day-to-day, in our industry, we also govern because we deal with controlled technology with the global and national nuclear regulators who are extremely keen to understand and that’s what we plan to tell people about our operations.

Once you’ve got those through past those two things, you’ve then got our customers. The customers, I would love to be shouting from the rooftops as to who our customers are across the spectrum of the stable isotope enrichment verticals. I’d love to be able to explain the detail behind relationships. In the agreements that we have with them, it’s right up at the top of them that confidentiality is key. They don’t want their competitors knowing where they’re buying their isotopic products from, what enrichment levels they are, what they’re paying for them. It does make it difficult to give sort of the kind of data that I know that investment analysts like to feed their projected models. You have my sympathy. To answer your question, George, I’m not changing any, making any fresh alterations to prior indications today.

As we get a higher level of clarity internally, we will seek to provide further guidance on projections as soon as we possibly can.

Heather Keesling, Chief Financial Officer, ASP Isotopes: I do have a couple more, and they’re about numbers. On slide 20, you have a list here of four or five isotopes, excuse me, where you plan to not only build facilities by the end of 2026, but also, I’m assuming, begin shipments probably the year following. Can you help us, number one, understand the capital commitment in 2026, like how much money you need to build those facilities? Second, what the revenue opportunity and revenue and EBITDA opportunity look like for those four, just so we can understand sort of return on invested capital? Thank you.

Robert Ainscow, Interim Chief Executive Officer and Chief Operating Officer, ASP Isotopes: George, I hear you saying. I’m going to have to disappoint you. I’m sorry. We are going to give a full update to the market, but we’re not in a position to give that detailed breakdown against what we’ve already sort of disclosed to the market on this call. We have the nerve to supply those details as soon as we possibly can.

Heather Keesling, Chief Financial Officer, ASP Isotopes: Fair enough. I’ll just switch gears with just a couple more here before I pass the mic. For QLE, you did mention, I think, if I heard this correctly, an opportunity for LEU Plus. I think that’s new. Can you sort of talk about maybe what appears to be a shift in strategy, if we heard that correctly, and what sort of mechanics we should expect to bring capacity for LEU Plus up and running?

Robert Ainscow, Interim Chief Executive Officer and Chief Operating Officer, ASP Isotopes: I couldn’t do George, but I think you’d probably rather hear it from Dr. Riley. You’ll get a much better answer.

Heather Keesling, Chief Financial Officer, ASP Isotopes: Thank you.

Robert Ainscow, Interim Chief Executive Officer and Chief Operating Officer, ASP Isotopes: Dr. Riley, are you on the line?

Dr. Rhino Pretorius, Chief Executive Officer, Quantum Leap Energy: Yes. Hi. All right. LEU Plus, great question. I think depending on who you speak to, they’ll say LEU Plus is just HALEU. We try to classify LEU Plus as a special subcategory of HALEU. Within that subcategory, it is between 5-10% enrichment. The reason that we’re actually looking at LEU Plus was due to customer inquiry. We can’t reveal more about who that customer is or why they want or what they want LEU Plus for. I think I’ve stated in the presentation that it increases the power density of a power plant. It can be retrofitted without major technical modifications into an existing nuclear power plant of generation three to make a generation three plus. It increases the time between refueling. In other words, it extends the life of these power plants.

They can provide power for much longer. It means we do not have to replace them. It is an important shift in modernizing the existing nuclear fleet. I would not call LEU Plus a modification or a shift in what we plan to do. It is on the way towards LEU production, and some would even say it is HALEU production. For us to get to HALEU, which is provisionally up to 19.75% uranium-235 enrichment, LEU Plus would be 5-10%. As we progress from natural uranium with our enrichment technology at 0.7% uranium-235, we will go incrementally through the LEU space, which is 0.7-2.5% enrichment, nominally 4.8%. Then as we progress to HALEU, which is 19.75%, we will go through the LEU Plus space, which is 5-10%.

We can then provide clients with products that they can use, that they’re willing to pay for, that there’s no secure supply chain for. We’ll be one of the only producers of LEU Plus in the world on the way to get to HALEU, generating revenue early as we de-risk and scale our technology. I hope that answers the question.

Heather Keesling, Chief Financial Officer, ASP Isotopes: No, thank you so much. Maybe is it fair to say that this customer, is this in addition to the customer with whom you’ve already revealed an MoU, or is it the same?

Dr. Rhino Pretorius, Chief Executive Officer, Quantum Leap Energy: Yes. I can say that it’s not TerraPower. We stand firmly committed to our ongoing great relationship with TerraPower to produce HALEU in South Africa. We’re still looking at meeting the timelines made public. This is other customers driving forward.

Heather Keesling, Chief Financial Officer, ASP Isotopes: Is this US or South Africa, Dr. Riley?

Dr. Rhino Pretorius, Chief Executive Officer, Quantum Leap Energy: I can’t provide more information on that. We’ll update in future.

Heather Keesling, Chief Financial Officer, ASP Isotopes: Last question. I’m sorry to ask so many, but you did have a pretty significant revenue recognition item in the third quarter from Skyline Builders. Is that something we should model going forward? How should we think about this $3 million plus in revenue?

Dr. Rhino Pretorius, Chief Executive Officer, Quantum Leap Energy: Yes. I think Paul answered that question pretty well, but I’ll reiterate some of the important talking points there. The goal of QLE is to secure the nuclear supply chain, which is pretty dysfunctional right now. Skylan Builders is an acquisition that will secure the supply chain in terms of raw material, critical raw materials. Even though there is a construction business at this moment, we don’t foresee that moving forward.

Heather Keesling, Chief Financial Officer, ASP Isotopes: Okay. So that $3 million should basically go away in the future?

Dr. Rhino Pretorius, Chief Executive Officer, Quantum Leap Energy: Yes. We’ll reveal more in the future, but that is our stated goal.

Heather Keesling, Chief Financial Officer, ASP Isotopes: Okay. Thanks so much for all the questions, all the answers to my questions, excuse me, and for the robust update. Have a good day.

Conference Operator: That is all the time we have for our question and answer session. I will now turn the call back over to Robert Ainscow for closing remarks.

Robert Ainscow, Interim Chief Executive Officer and Chief Operating Officer, ASP Isotopes: Thank you very much, Prater. I’d just like to thank everybody for joining and for their interest in the company. This year of 2025 has been a phenomenal year, having brought the three plants that we’ve been working on into operation. We’ve hosted a lot of investors and our investor access events, a lot of customers, a lot of counterparties. Everybody who comes to visit, it’s an enlightening experience for them. Anybody who can, as we announce more investor access events, I know there’s people if they can come, it gives the opportunity to really quantify something and take away some of the mysticism about what sort of isotope enrichment is and what ASP Isotopes is actually doing. We’re looking forward to diversifying a broad way from just operational assets in South Africa.

It might make it easier for other people or more people to visit us as those come online. Seeing the plants really gives somebody an easy way to visualize how the company can grow in terms of its operations and hence its revenue. That is what a lot of people get out of those visits. 2026 promises to be just as exciting and fast-paced a year. We are looking forward to getting stuck into that and look forward to updating everyone post-year-end. Thank you very much indeed.

Conference Operator: This concludes today’s conference call. Thank you for your participation, and you may now disconnect.

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