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Classification

Company Name

ASP Isotopes

Publish Date

2025-11-21

Industry Classification

Industry: Advanced Materials

Sub-industry: Isotope Production and Enrichment

Document Topic

Q3 FY2025 earnings call transcript

Summarization

Business Developments

Three enrichment plants operational (multi-isotope/semi gas, carbon, and quantum enrichment) and producing commercial samples (silicon-28, ytterbium-176, carbon-12).
Acquisition of Renergen nearing completion pending one regulatory approval (exchange control); phase 1C progress to nameplate capacity.
Quantum Leap Energy (QLE) secured $64.3M in convertible note funding, filed S-1 confidentially, and progressing toward spin-out.
Acquisition/control of Skyline Builders (Cayman/NASDAQ) and proposed acquisition of Supercritical Technologies to secure critical material feedstocks; $41.7M capital raise into Skyline.
Expansion of radiopharmacy footprint: PET Labs growth in South Africa, acquisition of East Coast Nuclear (Florida), another radiopharmacy under term sheet, and SPECT pharmacy commissioning.

Financial Performance

Radiopharmaceutical revenues (ex-Skyline) of $1.3M in Q3 2025 — an 18% increase YoY; YTD radiopharma revenues $3.6M, +24% YoY.
Total operating expenses YTD increased 84% to $36.2M (driven ~30% by non-cash stock comp, 66% headcount increase, higher professional fees).
Cash of $113.9M as of September 30, 2025; subsequent net proceeds of ~ $200M from issuance of common stock (post-Q3).

Outlook

Commence construction of multiple new isotope enrichment plants in 2026 (Iceland "Isotope Supercenter", U.S., and U.K.) targeting enrichment of xenon, gadolinium, nickel, zinc, etc.
Expect delivery of initial commercial quantities in H1 2026 for certain products (ytterbium-176, carbon-14) and shipment of carbon-12 in December 2025.
QLE aims to spin out (IPO) and scale enrichment roadmap toward LEU Plus and HALEU production, with U.S. HQ (Austin) and commercial operations planned (Amarillo) and demonstration plants targeting lithium and uranium.

Quotes:

"phase 1C, phase 1C, phase 1C, nothing else matters." - Robert Ainscow, Interim CEO and COO, ASP Isotopes
"LEU Plus is just HALEU." - Rhino Pretorius, CEO, Quantum Leap Energy
"Our mission is the stabilization of a dysfunctional nuclear supply chain by providing novel technical solutions to key risk areas..." - Michael Kniff, CFO, Quantum Leap Energy
"We have cash of $113.9 million as of September 30, 2025." - Heather Keesling, CFO, ASP Isotopes

Sentiment Breakdown

Positive Sentiment

Business Achievements:
ASP Isotopes reports tangible operational progress: three enrichment plants are live, the radiopharmaceutical business delivered an 18% YoY increase in Q3 radiopharmacy revenue (ex‑Skyline Q3 radiopharma revenue $1.3M; YTD radiopharma $3.6M), commercial samples of silicon‑28, ytterbium‑176 and carbon‑12 have been shipped and validated by customers, and PET/SPECT radiopharmacy equipment in South Africa is commissioned and producing increased dose volumes, including a first lutetium‑177 therapeutic shipment in South Africa. The company also completed key construction and procurement work (compressor station nearing completion, procurement for four QE production facilities) and has begun executing M&A and capital allocation (Renergen acquisition near completion subject to one regulatory approval).

Strategic Partnerships:
Management highlights constructive customer engagements and technical validation with early silicon‑28 and other isotope customers, strategic operational partnerships (e.g., Kimley Exploration for drilling), the Renergen transaction to support semiconductor gas feedstock, an MoU / engagement with Fermi and TerraPower relationships referenced by QLE, and the Skyline/Supercritical moves intended to secure critical‑materials supply chains. Quantum Leap Energy (QLE) has attracted outside capital and filed S‑1 documentation, signaling investor interest in the subsidiary’s enrichment and nuclear‑fuel roadmap.

Future Growth:
The company reiterated 2026 revenue visibility and an aggressive expansion roadmap: planned construction starts in 2026 (Iceland “Isotope Supercenter,” U.S., U.K.), plans to commission additional laser enrichment plants (xenon, gadolinium, nickel, zinc), build multiple QE demonstration/commercial plants targeting lithium and uranium enrichment, and pursue HALEU/LEU‑Plus market opportunities. QLE’s stated aim to produce lithium‑7/6 and HALEU and the intended IPO spin‑out are forward catalysts linked to substantial addressable markets.

Neutral Sentiment

Financial Performance:
Reported figures are mixed and presented as factual metrics. Excluding Skyline, radiopharmaceutical revenue was $1.3M in Q3 2025 and $3.6M YTD (a 24% YTD increase vs. 2024); Skyline contributed roughly $3.6M of revenue beginning in September. Year‑to‑date operating expenses rose to $36.2M (up $16.5M, +84% vs. 2024), with non‑cash stock compensation ~30% of operating expense increase and headcount up ~66% year‑to‑date. Net loss from operations was $34.9M YTD (vs. $18.7M prior year), and net loss before non‑controlling interest was $96.5M YTD (vs. $23.2M prior year), with other income/expense volatility driven by higher interest income from invested proceeds and fair‑value accounting on convertible notes (details in the 10‑Q footnotes). Cash used in operations increased to $19.4M YTD (vs. $12.9M), cash on hand was $113.9M as of Sept 30, 2025 (management disclosed subsequent net proceeds of ~ $200M from equity issuance), and QLE convertible financings were reported ($64.3M raised via convertible note per management; later filings cite convertible notes totaling $72.2M, of which $30M from ASP).

Negative Sentiment

Financial Challenges:
The company is still early revenue‑stage with low absolute radiopharma revenues relative to elevated operating expenses, producing sizable operating losses and significant net loss magnitudes YTD. Operating expense growth (driven by R&D, personnel increases and professional fees) materially increased cash burn and depressed current margins. Skyline’s recent revenue is described as low margin and management expects its construction revenue to be non‑core or divested, which reduces predictability of recurring revenue contribution. Convertible note fair‑value accounting and continued equity raises introduce dilution and accounting volatility.

Potential Risks:
Key execution and regulatory risks are explicitly noted: one remaining regulatory approval (exchange control) is required to close Renergen; feedstock concentration and delivery delays affected anticipated carbon‑14 timing; many projects rely on successful commissioning and de‑risking (phase 1C for Renergen, multiple new plants in 2026) and on additional regulatory clearances for nuclear applications. Customer confidentiality limits revenue visibility and timing clarity, increasing forecasting uncertainty. QLE and enrichment expansions depend on further financing, successful S‑1/IPO execution, regulatory approvals for uranium enrichment, and commercialization of novel technologies (KUBE, seawater extraction via Supercritical), any of which could delay milestones or increase capital needs.

Named Entities Recognized in the Document

Organizations

ASP Isotopes Inc. (ASPI, "ASP Isotopes")
Quantum Leap Energy (QLE)
Yahoo Finance AI
U.S. Securities and Exchange Commission (SEC)
sec.gov
Renergen
Kimley Exploration
BioMaster Ventures
PET Labs Global
East Coast Nuclear
Skyline Builders (Cayman Islands entity listed on NASDAQ)
Supercritical (Supercritical Technologies)
NASDAQ
Johannesburg Stock Exchange (JSE)
TerraPower
Nexa Bellendawa
Fermi
U.K. Office for Nuclear Regulation (ONR)
U.S. Department of Energy (DOE)
Canaccord (Canaccord Genuity; referenced analyst firm)
U.S. government
Multiple unnamed governments (referenced collectively)

People

Robert Ainscow (Interim Chief Executive Officer and Chief Operating Officer, ASP Isotopes)
Paul Mann (Co-Founder; Executive Chairman, ASP Isotopes; board member involvement with Skyline Builders/QLE)
Heather Keesling (Chief Financial Officer, ASP Isotopes)
Dr. Rhino Pretorius (Chief Executive Officer, Quantum Leap Energy)
Michael Kniff (Chief Financial Officer, Quantum Leap Energy)
George Gianarikas / George Giannarcus (Managing Director & Senior Analyst, Canaccord) — transcript shows variant spellings
Unnamed Operator (conference call facilitator)
Unnamed CEO of Supercritical (referenced; not named)

Locations

South Africa (operational isotope enrichment plants; radiopharmacy operations)
North America
United States of America (U.S.; multiple references)
Florida (East Coast Nuclear acquisition location)
Austin, Texas (planned global headquarters / Laser Center of Excellence)
Amarillo, Texas (targeted location for uranium enrichment / 11-gigawatt data center complex)
Iceland (Isotope Supercenter lease location)
United Kingdom (U.K.; planned plant and regulatory engagement)
Johannesburg (listing on Johannesburg Stock Exchange; JSE)
Delaware (privately held Delaware company in which Skyline acquired a 20% stake)
Cayman Islands (Skyline Builders Cayman Islands entity)
Amarillo, Texas (11-gigawatt data center complex location; noted twice in transcript)

Financial Terms

$64.3 million (QLE raised via convertible note — referenced as funding secured by QLE)
$81.6 million (QLE pro forma cash on hand after $64.3M raise)
$72.2 million (Quantum Leap Energy issued convertible notes in November 2025 — alternate figure; transcript notes $72.2M total, of which $30M from ASP Isotopes)
$30 million (portion of QLE convertible notes funded by ASP Isotopes)
$3.6 million (Skyline revenues included beginning September 2025; also total radiopharmaceutical revenues YTD referenced)
$1.3 million (radiopharmaceutical revenues in Q3 2025 excluding Skyline; 18% YoY increase vs Q3 2024)
$3.6 million (total radiopharmaceutical revenues year-to-date 2025; 24% increase vs 2024)
$16.5 million (increase in year-to-date total operating expenses)
$19.7 million (operating expenses in 2024 baseline)
$36.2 million (operating expenses in 2025 year-to-date)
Non-cash stock compensation ≈ 30% of total operating expenses (percentage)
66% (increase in headcount during 2025)
$34.9 million (net loss from operations year-to-date 2025)
$18.7 million (net loss from operations year-to-date 2024)
$96.5 million (net loss before non-controlling interest year-to-date 2025)
$23.2 million (net loss before non-controlling interest year-to-date 2024)
Interest income (over 300% increase in 2025 vs 2024 — percentage change)
$6.5 million (increase in cash used in operations year-to-date)
$12.9 million (cash used in operations in 2024)
$19.4 million (cash used in operations in 2025)
$113.9 million (cash balance as of September 30, 2025)
~$56 million (net proceeds received during Q3 2025 from issuance of common stock)
$108 million (year-to-date 2025 proceeds from issuance of common stock and exercise of warrants)
~$200 million (net proceeds received subsequent to September 30, 2025 from issuance of common stock)
~$41.7 million (capital raised into Skyline shortly after ASP took control)
Property and equipment growth: ~$23 million (Dec 31, 2024) to ~$33 million (Sep 30, 2025)
$50–$70 million (previously quantified revenue opportunity referenced for 2026–2027 around Ytterbium-176 and Silicon-28 — guidance-related figure)
Quarter references/dates: Nov 21, 2025; Q3 FY2025; Sept 30, 2025; Jan 2026; 2026; 2027; Q4 2025; 2030 (guidance horizon)

Products and Technologies

Silicon-28 (enriched isotope; semiconductor application; commercial samples shipped)
Germanium (next semiconductor gas target for enrichment)
Ytterbium-176 (produced by first quantum enrichment plant; commercial sample shipped)
Gadolinium (planned enrichment in 2026)
Nickel (planned enrichment)
Zinc (planned enrichment)
Barium-130 through Barium-137 (purchase order signed)
Carbon-14 (carbon plant expected to produce; nuclear tracer/isotope)
Carbon-12 (enriched for a global gas company; commercial sample sent)
Lutetium-177 (lutetium-177 therapeutic shipped — nuclear medicine therapeutic isotope)
Cyclotron (installed equipment in PET Labs)
PET-CT scanners (installed in radiopharmacy)
SPECT pharmacy (commissioned and regulatory approved)
KUBE unit technology (modular system to treat beta-decay-related nuclear waste; converts cesium-137 to barium-137)
Cesium-137 (acquired by QLE for KUBE technology application)
Barium-137 (commercializable product via KUBE conversion)
Strontium-90 (beta emitter planned for integration into supply chain)
Xenon (planned laser enrichment product)
Helium (test batteries at Nexa Bellendawa to produce helium for TerraPower)
Laser-based isotope enrichment (Quantum Enrichment / ASP proprietary laser enrichment technology)
LEU Plus (high-enriched LEU between 5%–10% enrichment; product category)
HALEU (High-Assay Low-Enriched Uranium; 10%–20% enrichment target)
Lithium-7 (critical isotope for reactor pH control and molten salt reactors)
Lithium-6 (high-purity isotope for fusion industry/tritium production)
Tritium (fusion fuel produced from lithium-6)
Deuterium (fusion reactant)
Seawater uranium extraction technology (Supercritical Technologies' DOE-derived tech to extract uranium and critical metals from seawater)
Uranium enrichment (planned capability for LEU Plus and HALEU)
Modular scalable enrichment demonstration plants (engineering/design plans in South Africa, U.S., U.K.)
Laser Center of Excellence (planned HQ function in Austin, Texas)

Management Commitments

1. Continue silicon-28 enrichment and fulfill customer orders

Commitment: Deliver and satisfy current silicon-28 customer orders using the multi-isotope plant (after plant modifications).
Timeline: Deliveries expected in 2026.
Metric: Not provided
Context: Plant shipped commercial samples and secured another silicon-28 contract; modifications to improve enrichment rate nearly complete.

2. Complete acquisition of Renergen

Commitment: Complete the announced acquisition (share exchange/scheme of arrangement) of Renergen.
Timeline: Pending one remaining regulatory approval (exchange control) expected imminently; completion thereafter.
Metric: Not provided
Context: Other approvals received (shareholder, competition); listed on JSE in preparation; acquisition supports semiconductor gas vertical and phase 1C work.

3. Complete Phase 1C at Renergen (bring plant to nameplate)

Commitment: Finish phase 1C to bring Renergen’s initial plant to nameplate capacity (de-risk project).
Timeline: End of first quarter (end Q1) — de-risking target.
Metric: Nameplate capacity achievement
Context: Work includes increased drilling, reservoir modeling, compressor station near completion, ASP engineering support.

4. Deliver commercial quantities of ytterbium-176

Commitment: Deliver commercial quantities of ytterbium-176 from the first quantum enrichment plant.
Timeline: Expected during first half of 2026.
Metric: Commercial quantity shipments
Context: First plant producing Yb-176; commercial sample shipped and awaiting independent analysis.

5. Procure and bring four new QE production facilities online

Commitment: Procure four additional production facilities for Quantum Enrichment (QE) and commission them to expand isotope portfolio (Yb second plant, then gadolinium, nickel, zinc).
Timeline: Procurement started; regulatory approvals secured for all four; expected delivery, commissioning, and start of enrichment during 2026.
Metric: Number of plants delivered/commissioned (4)
Context: Expansion of QE capacity to serve customer demand for multiple isotopes.

6. Purchase order for barium-130 through 137

Commitment: Fulfill signed purchase order for barium isotopes (130–137).
Timeline: Not provided
Metric: Not provided
Context: Part of nuclear isotope product pipeline.

7. Start carbon-14 production and ship first commercial carbon-14 batch

Commitment: Resolve feedstock issues and commence production of carbon-14; ship first commercial carbon-14 batch.
Timeline: First full batch expected January 2026; first commercial batch expected in first half of 2026.
Metric: First full batch; first commercial shipment
Context: Regulatory delays resolved; feedstock concentration issues largely resolved; asset commissioned since mid-last year.

8. Continue carbon-12 enrichment and ship commercial carbon-12

Commitment: Utilize carbon plant to enrich carbon-12 for a global gas customer and ship commercial product.
Timeline: Expect commercial carbon-12 shipments in December 2025.
Metric: Shipments (commercial)
Context: Carbon plant commissioned and used for carbon-12 while carbon-14 feedstock issues are resolved.

9. Expand PET Labs radiopharmacy operations (South Africa and U.S.)

Commitment: Invest capital-efficiently to grow South African radiopharmacy (PET and SPECT), expand therapeutics (e.g., lutetium-177), and acquire/expand U.S. radiopharmacies (East Coast Nuclear and additional term-sheet acquisition).
Timeline: Ongoing; U.S. purchase announced (East Coast Nuclear); second under term sheet expected to close in very near future.
Metric: Dose volumes/doses sold (implied growth); number of radiopharmacies acquired/operational
Context: South Africa proving ground; equipment installed and commissioned; therapeutics shipments initiated (first lutetium-177 in South Africa).

10. Commercialize KUBE technology to convert cesium-137 to barium-137

Commitment: Commercialize KUBE unit tech to convert hazardous Cs-137 to commercially viable Ba-137 (reduce effective half-life).
Timeline: Pending regulatory approval; timeline not provided
Metric: Not provided
Context: QLE-acquired Cs-137 to convert waste into revenue-stream isotopes; integrate other beta emitters into medicine/tracer supply chains.

11. Advance MOU with Fermi for Amarillo (uranium enrichment location)

Commitment: Provide information and progress MOU to use Amarillo, TX (11 GW data center complex) for uranium enrichment to produce LEU Plus and HALEU.
Timeline: Not provided
Metric: Not provided
Context: QLE leveraging ASP technology; engagement ongoing to utilize Amarillo site.

12. Raise capital and spin out Quantum Leap Energy (QLE)

Commitment: Spin out QLE (IPO) and continue capital raises to fund QLE operations; maintain S-1 filing and proceed with QLE IPO.
Timeline: Targeted spinout in Q4 2025 (S-1 filed confidentially); convertible note raise completed (referenced November 2025).
Metric: Capital raised ($64.3M noted; pro forma cash $81.6M; convertible notes $72.2M later cited)
Context: QLE positioning to stabilize nuclear supply chain; S-1 filed; fundraising supports development and regulatory engagement.

13. Become leading supplier of lithium-7 and lithium-6 and HALEU

Commitment: Produce lithium-7 and lithium-6 (for reactor pH control and fusion) and pursue HALEU (10–20% U-235) production to be a leading global supplier.
Timeline: Development/investment through 2025–2027; staged demonstration and commercial plants thereafter (demonstration plants in SA, then US/UK).
Metric: Not provided (targets implied: kilotons for molten salt reactors; HALEU production capacity)
Context: Only one current commercial lithium-7 producer exists outside Western secure supply chain; QLE intends to secure domestic supply.

14. Engineering design and demonstration plants for lithium and uranium (QLE)

Commitment: Start engineering design in South Africa for first demonstration plants (lithium and uranium), then build demonstration plants in U.S. and U.K.; establish HQ in Austin and commercial ops in Amarillo.
Timeline: Engineering to start (immediate); invest through 2025–2027; demonstrations to follow soon after initial SA plants.
Metric: Number/location of demonstration plants
Context: Build Laser Center of Excellence in Austin; scale via staged investment, optimization, and reinvestment of revenues.

15. Begin construction of isotope Supercenter in Iceland and other plants

Commitment: Commence construction of multiple plants (Isotope Supercenter in Iceland, U.S., U.K.) and start enrichment of isotopes in those locations.
Timeline: Break ground in Iceland and begin plants in U.S./U.K. during 2026; aim to enrich isotopes during 2026.
Metric: Plant construction start; enrichment start in 2026
Context: Expand global footprint and diversify from South Africa; laser-based plants planned for xenon, gadolinium, nickel, zinc.

16. Begin construction of laser-based isotope enrichment plants for xenon, gadolinium, nickel, zinc

Commitment: Start construction of laser-based quantum enrichment plants to produce xenon, gadolinium, nickel, and zinc isotope products.
Timeline: Begin construction during 2026.
Metric: Plant construction commencement; product delivery (implied post-construction)
Context: Customer demand exists for these isotope products; regulatory approvals in place for QE plants.

17. Use Skyline Builders to secure critical material supply chains and divest non-core construction assets

Commitment: Use controlling stake in Skyline Builders to secure supply chains of critical materials; divest non-core construction assets in future.
Timeline: CEO announcement expected within two months; specific divestiture timing not provided.
Metric: Not provided
Context: Raised ~$41.7M into Skyline to facilitate acquisitions; Skyline to support ASP/QLE supply chain needs.

18. Acquire Supercritical Technologies to extract uranium from seawater

Commitment: Acquire Supercritical (U.S. DOE-developed tech) to secure feedstock by extracting uranium and other critical metals from seawater at industrial scale.
Timeline: Deal proposed; bring to market over the next several months or years (no precise dates).
Metric: Not provided
Context: Complements QLE’s vertical integration (feedstock → conversion → enrichment → deconversion) to secure Western supply chains.

19. Complete initial production runs across three operational plants and fulfill customer contracts

Commitment: Complete initial production runs of the three operational plants and fulfill current customer contracts.
Timeline: Ongoing through 2026 (priority near-term).
Metric: Completion of initial production runs; contract fulfillment
Context: Operational plants commissioned in 2025; focus on delivering contracted product volumes.

20. Provide updated guidance and projections as corporate events conclude

Commitment: Update market with detailed timing, revenue projections, and milestones once sufficient clarity and completed corporate events allow.
Timeline: As soon as corporate events are concluded and management has confidence (Not provided precise date).
Metric: Not provided
Context: Timing depends on regulatory approvals, customer confidentiality, and operational clarity; management acknowledges need but not ready to provide detailed numeric guidance yet.

Advisory Insights for Retail Investors

Investment Outlook

Cautious: While three enrichment plants are operational and radiopharmaceutical revenue grew 18% YoY in Q3 (YTD +24% to $3.6M), operating expenses rose 84% YTD to $36.2M and net loss from operations widened to $34.9M YTD. Commercial shipments for key isotopes (Si-28, Yb-176, C-14) are largely targeted for 1H 2026, leaving execution and timing risk.

Key Considerations

Revenue Mix and Scale: Radiopharmaceutical revenue remains small ($1.3M in Q3 2025; $3.6M YTD), while Skyline contributed $3.6M in Q3 but is described as low-margin and non-core, limiting near-term profitability impact.
Rising Operating Costs: YTD operating expenses up 84% to $36.2M (≈30% non-cash stock comp), with 66% headcount growth and higher professional fees, pressuring losses (YTD operating loss $34.9M).
Cash and Funding: Cash was $113.9M at 9/30/25 plus ≈$200M equity proceeds post-quarter; QLE issued convertible notes ($72.2M per CFO). Strong liquidity but potential dilution and fair value accounting volatility.
Commercialization Timing: Initial carbon-12 shipment targeted for December; Si-28 and Yb-176 commercial deliveries expected 1H 2026; C-14 first half 2026 following feedstock delays—near-term revenue cadence remains back-end loaded.
Renergen Acquisition/De-risking: One regulatory approval pending; phase 1C completion targeted by end of Q1 (de-risking milestone). Any slippage could impact helium/LNG-related plans.
Regulatory Complexity: Multiple new plants planned across SA, U.S., U.K., Iceland; regulatory approvals are cited as progressing but remain a material execution dependency.
QLE Strategic Scope: Pursuit of LEU Plus/HALEU and lithium-6/7 addresses critical supply gaps, but requires demonstration plants, regulatory approvals, and scale-up, extending timelines and risk.
Radiopharmacy Expansion: PET Labs SA growth (+volumes, SPECT operational, first Lu-177 shipped) and U.S. entry (East Coast Nuclear acquisition) support diversification but add integration and capex needs.

Risk Management

Milestone Tracking: Monitor 1H 2026 shipment milestones for Si-28, Yb-176, and C-14 to validate commercialization timelines and revenue conversion.
Renergen Execution: Track receipt of final regulatory approval and phase 1C completion by end of Q1 to assess de-risking of helium/LNG output and synergy potential.
Cash Runway and Dilution: Review quarterly cash burn (YTD ops cash use $19.4M, +50%) versus cash on hand and new raises (~$200M post-quarter) to gauge dilution and funding sufficiency.
Convertible Notes Accounting: Watch 10-Q/10-K footnotes for fair value impacts and terms of QLE notes ($72.2M) to understand P&L volatility and potential conversion overhang.
Regulatory/Permitting: Follow updates on U.S./U.K./Iceland facility approvals and ONR engagement to manage timing risk for expansion.
Portfolio Simplification: Expect Skyline’s non-core construction revenue to decline; monitor asset divestiture progress to reduce noise and focus on core isotopes/nuclear fuel strategy.

Growth Potential

Semiconductor Isotopes (Si-28, future Ge): Validated samples and plant modifications aimed at higher enrichment rates; multiple contracts with deliveries planned through 2026.
Ytterbium-176 and Additional Isotopes: First QE plant producing Yb-176; four new plants approved targeting gadolinium, nickel, zinc—broadening product set.
Radiopharmacy Footprint: PET Labs SA growth (SPECT live, Lu-177 milestone) and U.S. expansion (East Coast Nuclear, more under term sheet) can lift recurring revenue.
Carbon Isotopes: Carbon-12 shipments expected in December; C-14 1H 2026 after feedstock issues resolve—adds near-term revenue ramp.
QLE Nuclear Fuel Chain: LEU Plus and HALEU ambitions address scarce Western supply; early revenue potential from LEU Plus while progressing toward HALEU.
Lithium-6/7 Production: Plans to supply lithium-7 (PWR pH control, molten salt reactors) and lithium-6 (fusion tritium pathway) target high-need markets with limited suppliers.
Waste-to-Value (KUBE): Converting Cs-137 to Ba-137 and integrating other beta emitters into commercial streams could unlock novel revenue and supply chain resilience.
Global Capacity Buildout: Leased Iceland “Isotope Supercenter” and planned U.S./U.K. facilities support multi-region scaling and customer proximity.

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