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ASP Isotopes Inc. (ASPI-2.23%) has submitted its Form 10-K filing for the year ended December 31, 2024.
The filing details the company's focus on the development of isotope enrichment technologies, specifically the Aerodynamic Separation Process (ASP) and Quantum Enrichment (QE) technology.
ASP Isotopes Inc. reported a net loss of $32.4 million for the year, compared to a net loss of $16.3 million in the previous year. The increase in loss is attributed to higher research and development expenses and selling, general, and administrative expenses.
The company has completed the commissioning phase of its C-14 and Si-28 enrichment facilities in Pretoria, South Africa, and is in the process of commissioning its Yb-176 enrichment facility.
ASP Isotopes Inc. is pursuing the enrichment of Uranium-235 in South Africa and has entered into agreements with TerraPower, LLC and The South African Nuclear Energy Corporation to develop a HALEU production facility.
The company operates through subsidiaries, including ASP Isotopes Guernsey Limited and Quantum Leap Energy LLC, and has a 51% ownership stake in PET Labs Pharmaceuticals Proprietary Limited.
Revenue for the year was $4.1 million, primarily from the sale of nuclear medical doses for PET scanning and collaboration revenue with TerraPower, LLC.
The company raised significant capital during the year through the issuance of common stock and convertible notes, resulting in cash and cash equivalents of $61.9 million as of December 31, 2024.
ASP Isotopes Inc. faces risks related to its limited operating history, need for additional capital, and dependence on a few large customers for future isotope sales.
The company is subject to various regulatory requirements, including those related to the development and commercialization of isotopes and compliance with international nuclear non-proliferation agreements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ASP Isotopes Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.