ASPI

1. Key Historical Highlights

• December 02, 2025: The Company announced Paul Mann will resume CEO duties on January 19, 2026 while continuing as Executive Chairman.
• November 28, 2025: The Company endowed a new Photonics Chair at Wits University and named Dr. Angela Dudley as the inaugural chair.
• November 21, 2025: Management reported three enrichment plants operational and producing commercial samples of silicon-28, ytterbium-176, and carbon-12.
• November 21, 2025: The Company disclosed cash of $113.9 million as of September 30, 2025 and subsequent net proceeds of approximately $200 million from an equity issuance.
• November 12, 2025: Subsidiary Quantum Leap Energy confidentially submitted a draft S-1 to the SEC for a proposed IPO.
• November 07, 2025: Quantum Leap Energy commenced a private placement and signed for an initial $64.3 million of convertible notes.
• November 05, 2025: The UK subsidiary entered Early Engagement with nuclear regulators, positioning to be the first UK HALEU producer.
• October 23, 2025: Quantum Leap Energy acquired assets of One 30 Seven Inc. to develop nuclear waste decontamination solutions and modular Creber Units.
• October 15, 2025: The Company priced an underwritten public offering of 17,167,380 common shares for approximately $210.3 million in gross proceeds.
• October 13, 2025: The Company signed its largest enriched silicon-28 supply contract with a U.S. customer and acquired a Florida radiopharmacy.
• September 30, 2025: The Company received a purchase order from a U.S. customer for enriched Barium-137 with delivery scheduled for Q1 2026.
• September 29, 2025: Robert Ainscow was appointed Interim CEO while Paul Mann took a temporary medical leave and continued as Executive Chairman.
• September 08, 2025: Nuclear industry veteran Ralph L. Hunter, Jr. joined the boards of ASP Isotopes and Quantum Leap Energy.
• August 27, 2025: The Company commenced secondary trading on the Johannesburg Stock Exchange while retaining its primary Nasdaq listing.
• August 15, 2025: The Company entered a joint venture MOU with Fermi America to develop HALEU and critical materials production at the HyperGrid Campus in Texas.
• July 25, 2025: The Company obtained South African Competition Commission approval for the proposed acquisition of Renergen Limited.
• July 11, 2025: Renergen shareholders approved ASP Isotopes’ proposed acquisition with 99.80% support.
• June 04, 2025: The Company signed a four-year supply agreement to provide enriched Gadolinium-160 to Isotopia starting in 2026 with a minimum $1 million per year.
• May 19, 2025: The Company entered definitive agreements with TerraPower including a loan to build a HALEU facility in South Africa and a long-term HALEU supply agreement.
• February 26, 2025: The Company began commercial production of enriched Carbon-14 and announced a multi-year take-or-pay contract of at least $2.4 million per year.

2. Financial Performance Overview

• Early revenue base is growing from radiopharmaceuticals, with Q3 2025 radiopharma revenue of $1.3 million (+18% YoY) and YTD revenue of $3.6 million (+24% YoY), while broader segment revenues remain emerging.
• Operating expenses are scaling ahead of revenues, with YTD OpEx up 84% to $36.2 million driven by non-cash stock comp (~30% of increase), a 66% headcount rise, and higher professional fees; profitability remains negative.
• Liquidity strengthened materially: cash was $113.9 million as of September 30, 2025, followed by ~ $200 million net proceeds from an October equity issuance, plus earlier raises ($50 million in June, $60 million in July) and $64.3 million of QLE convertible notes.
• Visibility from commercial agreements is improving: multi-year Carbon-14 contracts ($2.4–$2.5 million per year), a Gd-160 agreement ($1 million per year from 2026), management-indicated $50–$70 million of potential 2026–2027 revenues from Yb-176 and Si-28, and at least $20 million of 2026 revenue expected from Renergen post-acquisition.
• Capital deployment emphasizes capacity expansion and new plants, including ~$4 million invested to expand Si-28 capacity, procurement for four new laser plants, and planned multi-region construction in 2026; Gap: gross margin profile, cash burn rate, and segment EBITDA detail are not disclosed.

3. Management Effectiveness

• Execution has accelerated with three enrichment plants operational, initial commercial samples shipped (Si-28, Yb-176, C-12), and Carbon-14 in commercial production, indicating strong project delivery and commercialization progress.
• Capital allocation has been aggressive and opportunity-driven, combining sizable equity raises and QLE notes with M&A (Renergen, radiopharmacies) and IP acquisitions (nuclear waste processing) to build vertical integration.
• Regulatory navigation and partnerships are proactive, evidenced by TerraPower loan/supply agreements, UK Early Engagement for HALEU, and a JV MOU in Texas, positioning the company within key nuclear fuel markets.
• Organizational resilience appears solid, with interim leadership covering a temporary CEO leave, targeted board additions with deep nuclear expertise, and academic partnerships to cultivate a photonics talent pipeline.
• Evidence lacking: disclosed ROIC on growth investments, realized acquisition synergies, plant-level uptime metrics, and a clear margin trajectory by product line.

4. Key Quotes from Management

• "With strong foundations in place, we believe 2026 has the potential to be a highly transformative year for the Company." — Paul Mann, Executive Chairman and Chief Executive Officer, ASP Isotopes Inc. (ASP Isotopes Inc. Announces Paul Mann to Return from Temporary Leave of Absence as Executive Chairman and Chief Executive Officer, December 02, 2025)
• "Nuclear fuel has one of the most severely compromised supply chains of any material in the world." — Paul Mann, Chairman and CEO, ASP Isotopes Inc. (Definitive Agreements with TerraPower for Loan and Supply of HALEU, May 19, 2025)
• "While our investor base has been created in the USA and Europe, the beating heart of our company is clearly currently in South Africa, with 97% of our employees and all our operating assets being located in South Africa." — Paul Mann, Chairman and CEO, ASP Isotopes Inc. (Proposed Secondary Listing on the Johannesburg Stock Exchange, April 24, 2025)
• "To create faster, smaller next-generation semiconductors, the world is likely going to require materials that are currently not available in commercial quantities." — Paul Mann, Chairman and Chief Executive Officer, ASP Isotopes Inc. (Commencement of Commercial Production of Enriched Silicon-28, March 27, 2025)
• "Currently, there exist significant supply-side challenges for many essential radioisotopes used in various oncology treatments." — Paul Mann, Executive Chairman and CEO, ASP Isotopes Inc. (Completion of Commissioning of First Quantum Enrichment Laser System and Start of Production of Commercial Samples of Ytterbium-176, April 01, 2025)
• "The ASP Process is ideally suited to enriching a wide range of isotopes, particularly light isotopes, such as Carbon-14." — Paul Mann, Chairman and CEO, ASP Isotopes Inc. (Commencement of Commercial Production of Enriched Carbon-14, February 26, 2025)
• "By supplying Gd-160, we are eliminating a major bottleneck in the development of Tb-161 therapies." — Paul Mann, CEO, ASP Isotopes Inc. (Supply Agreement for Gadolinium-160 to Accelerate Terbium-161 Production for Advanced Cancer Therapies, June 04, 2025)