ASP Isotopes Q4 2025 Earnings Call - Transitioning from development to a commercial supplier with 2026 shipments for Silicon-28, Yb-176, C-14 and a helium ramp

Operator/Moderator, ASP Isotopes: Good day, and welcome to the ASP Isotopes business update call. Please note this event is being recorded. I would now like to turn the conference over to Shweta Dige, Head of Investor Relations. Shweta, your line is open. Please go ahead.

Shweta Dige, Head of Investor Relations, ASP Isotopes: Good morning, and thank you for joining ASP Isotopes business update call. I am Shweta Dige, Head of Investor Relations at ASP Isotopes. Joining me today are Paul Mann, Executive Chairman and Chief Executive Officer, Heather Kiessling, Chief Financial Officer, and Dr. Ryno Pretorius, Chief Executive Officer of our nuclear energy subsidiary, Quantum Leap Energy. Our remarks today include forward-looking statements, which are subject to risks and uncertainties that can cause actual results to differ materially from those discussed today. We encourage you to view the forward-looking statements disclosures included on slide two. Additional information on relevant risk factors is described in our filings with the SEC. We undertake no obligation to update forward-looking statements except as required by law. With that, I’ll turn the call over to Paul.

Paul Mann, Executive Chairman and Chief Executive Officer, ASP Isotopes: Thank you. Good morning, everyone, and thanks for joining us today. Here’s how we’ll structure today’s call. I’ll begin with a corporate overview and our key themes for 2026. I will then walk through each of our product and business segments. Heather will cover our financial performance and capital position. We will close out with upcoming milestones and EBITDA outlook before opening the line for questions. We are transitioning from a company that has built infrastructure to one that will be delivering commercial product across multiple high-value end markets. Over the past four years, we’ve built three enrichment facilities in South Africa using our proprietary Aerodynamic Separation Process and Quantum Enrichment technologies. These technologies span nuclear medicine, electronics, and nuclear energy. Let me walk you through our 2026 plan. First, we expect first commercial shipments of Silicon-28, Ytterbium-176, and Carbon-14 this year.

Each of these products serves a different critical end market, electronics, nuclear medicine, nuclear fuels, and each has a limited global supply. Second, on radiopharmaceuticals, our business continues to grow, and we are expanding operations beyond South Africa into the United States and other jurisdictions to meet increasing demand for radiotherapeutics. Third, our helium and LNG operations at the Virginia Gas Project are progressing towards nameplate capacity, with cooling now complete approximately four months ahead of schedule. This positions us as a meaningful contributor to global helium supply at a time when approximately 25%-30% of the world’s supply is offline. Fourth, Quantum Leap Energy continues its path towards becoming an independent public company with the confidential S-1 submitted. The key takeaway here is that we are no longer a development stage company. We are a critical materials platform with revenue potential across all business lines.

We have built one integrated critical materials platform serving three multi-billion-dollar end markets. In each one, supply chains are constrained, geographically concentrated, or strategically vulnerable. In each one, no credible Western alternative exists at commercial scale today. That position we have built is what makes this platform differentiated. Now, nuclear medicine. We are at an intersection of two powerful trends, the global shift towards targeted cancer therapies and a critical shortage of isotopes that make those therapies possible. Ytterbium-176 is the feedstock for Lutetium-177, a medical isotope used in targeted therapy for neuroendocrine tumors and prostate cancer. That supply runs predominantly through Russia. We are building a Western alternative. Carbon-14 is a separate but equally critical market, a regulatory requirement in pharmaceutical drug development globally with an acute supply shortage.

Through radiopharmaceuticals, we close the loop, producing isotopes and delivering finished doses direct to patients across South Africa and the United States. In electronics, we’re building the next-generation electronic gases company. Supplying a semiconductor fabrication facility means delivering a full suite of high-purity materials, Silicon-28, helium, and fluorinated gases. The semiconductor industry has exhausted what traditional silicon can deliver. The next generation of chips requires isotopically pure materials for superior thermal conductivity, and quantum computing requires them for qubit stability. There is no commercial supplier of Silicon-28 at scale anywhere in the world today. We are it, with three signed purchase orders, and every semiconductor fab on Earth needs helium to operate. We own the most concentrated helium resource in the world. Nuclear fuels for Quantum Leap Energy. Nuclear power is back on the global agenda, but the fuel supply chain is not ready.

HALEU, LEU+, Lithium-7, the materials next-generation reactors depend on have no secure Western supply today. QLE exists to fix that. Let me take you through our near-term milestones for each segment. Let me start with our nuclear medicine update, beginning with our first Quantum Enrichment plant. This plant uses our proprietary laser-based Quantum Enrichment technology and is currently producing Ytterbium-176. Ytterbium-176 is the feedstock for Lutetium-177, the active ingredient in Novartis’ Pluvicto, one of the most important radiopharmaceutical therapies for metastatic prostate cancer. Demand is growing rapidly. Supply today runs predominantly through Russia. We are building a credible Western alternative at commercial scale. We shipped our first Ytterbium-176 sample in September 2025. In October 2025, we experienced a brief operational pause, which has been fully resolved. The plant is back in operation and enriching product.

We believe our plant is capable of enriching approximately one kilogram per year, with approximately two kilograms of indicated customer demand. We’re entering this market with demand ahead of our initial capacity. We expect first commercial shipments around mid-year or third quarter 2026. Our carbon plant has been enriching Carbon-12 and building operational confidence throughout its time in service. Science is not in question. Carbon-14 is our near-term commercial priority from this plant. Carbon-14 is used to trace how drugs metabolize in the body. It is not optional. It’s a regulation requirement in drug development. Global supply is acutely constrained. We’ve signed a take-or-pay contract with a North American customer, minimum of $2.5 million per year, with a potential upside to $5 million or more. Contracted recurring revenue. The feedstock has now shipped out of Canada and is being processed in the United States.

We expect delivery to South Africa by the end of this month. The concentration of Carbon-14 in that feedstock will determine our revenue timing. At 0.5% concentration, we expect to book revenue in Q3. At 1% or higher, we book in Q2. We’ll know once we receive it. To be direct, this is a timing issue, not a science issue. The plant works. The contract is signed. PET Labs is our radiopharmaceutical platform and a business that is scaling fast. Revenue grew from $3.9 million in 2024 to $5.7 million in 2025, driven by capacity expansion and favorable pricing. Our first cyclotron is at peak utilization, and our second came online in July 2025. South Africa is no longer a proof of concept. It is a fully operational radiopharmacy delivering record doses, and the play that we built there is exactly what we are replicating in the United States.

On U.S. expansion, we acquired East Coast Nuclear in Florida, our first U.S. entry, a SPECT focus initially with PET capability planned for 2027. We subsequently acquired a second site in North Carolina, now delivering SPECT services with PET expansion planned 2028. We have an active pipeline of additional radiopharmacy acquisition targets in due diligence. 2026 revenue target is $10 million or more, roughly double that of 2025. Now let me turn to Silicon-28 and where we stand on commercial delivery. Isotopically pure Silicon-28 is a key material in the development of solid-state quantum computing and advanced semiconductor architectures. By removing the nuclear spin noise present in natural silicon, enriched Silicon-28 provides a pristine environment for qubits, dramatically improving coherence times and overall device performance. This unique material advantage is crucial for building scalable, fault-tolerant quantum processors that can operate reliably at industrial scale.

We have signed three purchase orders, one with a major U.S. semiconductor company, one with a large global industrial gas company, and one with a large U.S. buyer. We shipped the first enriched samples in August 2025. Enrichment is tracking exactly in line with our theoretical calculations. Technology is working precisely as designed. Two customers visited the plant in October and November, and those visits were constructive and collaborative. We jointly agreed to make modifications to the plant for safety, operational efficiency, and long-term plant robustness. We’re implementing them because we want this plant to run reliably for years, not just for the first batch. We expect to ship the first Silicon-28 product during the second quarter of 2026. We completed the Renergen acquisition on January 6th, 2026. Let me explain why helium is central to our strategy and why the timing of this acquisition matters.

We own the most concentrated helium resource in the world. Qatar averages 0.05% helium concentration. Russia is 0.06%, and the US averages 0.35%. Our free state wells average over 3%, and we have seen concentrations as high as 12%. Now phase one status. Well drilling is complete, four months ahead of schedule, with flow rates up to 16 times those of earlier wells. We’re ramping to nameplate capacity expected in the third quarter of 2026. At nameplate, phase one produces approximately 2,500 gigajoules per day of LNG. One gigajoule is approximately equal to one MMBTU, and 58 MCF per day of helium. 60% of phase one LNG is already contracted, and we expect a positive operational cash flow before year-end 2026. Phase two is the transformational step. 34,000 gigajoules of LNG per day and approximately 895 MCF per day of helium, representing roughly 7% of projected global supply.

Phase II financing benefits from $750 million of committed debt, half a billion dollars from the U.S. DFC and $250 million from Standard Bank, unlocked by our $170 million capital commitment. The U.S. government has designated this facility as critical to national infrastructure. Quantum Leap Energy is our nuclear fuel subsidiary. I want to note up front, we are limited in some of what we can say today because QLE is in the S-1 registration process with the SEC. Our comments will be consistent with publicly disclosed information. The confidential S-1 was submitted in November 2025. The QLE spin-out is a 2026 event. I’ll ask you to watch for updates as we work through the SEC process. With that, I’ll turn the call over to Heather.

Heather Kiessling, Chief Financial Officer, ASP Isotopes: Thank you, Paul. Good morning, everyone. I’ll walk you through our key financial metrics for the year ended December 31, 2025. At this stage, we consider our key metrics to be revenue, cash, and our capital position. Total 2025 revenue was $23.8 million, compared to $4.1 million in 2024, an increase of 480%. This reflects our full year of radiopharmacy operations in 2025 and the investment in Skyline, which is comprised of $5.7 million from Specialist Isotopes and Services and $18.1 million from construction services, which is from Skyline. Looking at just product revenues, 2025 was $5.7 million from our radiopharmacies, an increase of 46% compared to the $3.9 million in 2024, reflecting our growth in radiopharmacy operations and expansion into the United States. As of December 31st, 2025, ASP Isotopes had cash equivalents, and marketable securities of $333 million.

During 2025, the company significantly strengthened its balance sheet, raising over $345 million in total capital through the issuance of common stock and convertible notes. This included $199.7 million in net proceeds from a stock issuance in October 2025 and $42.2 million from a private placement of Quantum Leap Energy convertible notes in November 2025. We are well-positioned for executing our plans. With that, I will hand it back to Paul.

Paul Mann, Executive Chairman and Chief Executive Officer, ASP Isotopes: Thank you, Heather. Let me walk through our 2026 milestones. The company expects the first enriched Silicon-28 product to ship in the second quarter of 2026. The company anticipates initial Carbon-14 commercial shipments around mid-year, contingent on the timely receipt of feedstock from our Canadian supplier. The company expects initial commercial shipments for Ytterbium-176 around mid-year or the third quarter of 2026. The company expects to obtain helium phase I nameplate capacity during the third quarter of 2026. For radiopharmaceuticals, we expect continued growth of the radiopharmacy operations, and we expect to advance four pipeline assets into phase I human clinical trials. Today, we are sharing a segment-level range of how we get to a greater than $300 million EBITDA target in 2031. Starting with electronic gases, we’re targeting between $150 million and $300 million.

This is driven by silicon-28, helium, and a broader enriched electronic gases portfolio that is building behind them. Demand here is structural, not cyclical. It grows as chips get smaller, data centers scale, and quantum computing moves towards commercialization. There’s no credible Western supplier of silicon-28 at commercial scale today, and we’re building that. Natural gas contributes between $100 million and $200 million. This is the LNG that comes up alongside the helium in the Virginia gas project. At wellhead costs of $30 to $35 per MMBtu, the economics are compelling. This is not our core business, but at this cost structure, the returns are exceptional. On medical isotopes, this should contribute between $40 million and $100 million, ytterbium-176 and carbon-14. Both products address acute supply shortages in their respective markets. Ytterbium-176 supply today runs predominantly through Russia, and carbon-14 supply is equally constrained.

We are building the Western alternative for both. Radiopharmaceuticals contributes between $40 million and $100 million. PET Labs, a business that’s already generating revenues, is growing and expanding internationally. It delivered greater than 40% revenue growth in 2025, is targeting $10 million in 2026. Taken together, these four segments get us to greater than $300 million in EBITDA in 2031. Let me close with a few brief remarks. When we listed on Nasdaq, we made a set of commitments. Build the technology and prove it works. We have done that. Our science works, our customers are engaged, and our milestones ahead of us are defined and achievable. The world needs what we are building. We have the platform, the capital, and the team to deliver, and I’m confident in what this year holds. Thank you all for your continued interest and support.

Operator, we’re ready to open the line for questions.

Operator/Moderator, ASP Isotopes: Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star one on your telephone keypad. As a reminder, please limit yourself to one question at a time. We will now take our first question, which comes from the line of George Gianarikas from Canaccord Genuity. Your line is open.

George Gianarikas, Analyst, Canaccord Genuity: Hi, everyone. Thank you for taking my questions. Maybe first set of questions just to focus on quantifying some things. For 2026, you talked about operationalizing several of your assets. Can you help us at least understand a range of revenue that we should expect for the firm for the full year, particularly as you’re bringing to life, as we said, helium, natural gas, and a few of the isotopes? Also, as an add-on to that, the $300 million in EBITDA you discussed, just to be clear, does not include anything regarding QLE. Thank you.

Paul Mann, Executive Chairman and Chief Executive Officer, ASP Isotopes: Thanks, George. I’ll take, first of all, the range of revenues for the firm for full year 2026, and then regarding the $300 million guidance and QLE. It’s quite challenging to give you exact guidance for 2026, given we don’t know exactly which month or which quarter that the plants will start up and start shipping in. Let me kind of give you an idea of what the annualized number may look like. For Silicon-28, my guess is low single digits, millions of dollars. Again, it depends on when it starts up and demand. As I said, we’ve signed three contracts with customers. There’s lots more customers potentially interested. We haven’t signed those contracts yet, a number of uncertainties for Silicon-28. As I said earlier, we’d expect over $10 million for PET Labs this year. For Carbon-14, we said annualized.

The contract is about $2.5 million a year. Perhaps they might want as much as $5 million a year. Depending on exactly what month we start up in, you can prorate that number for the year. For Ytterbium-176, as kind of said that we think that plant can do about a kilogram a year at about $20,000 a gram. That’d be $20 million of annualized revenues. I don’t know, we think that plant starting up around mid-year, that kind of timeframe, 2023. Again, you can pro forma that for the year. Importantly, as we start the plants up and we ship our first commercial productions, we can tell you that date, and then you can pro forma those numbers. For LNG and helium, we said LNG is about 2,500 gigajoules per day, and I would assume a price of $13-$14 per gigajoule.

Annualized, that’d be about slightly over $12 million a year. Liquid helium, it was said 58 MCF per day. Now, right now we’re seeing extreme tightness in that market. If you’d asked me three months ago, I’d have said assume maybe average price of a mixture of spot and contract, call it $400 per MCF, and that would give you $8 million in revenue. Right now, if we’re signing contracts, we could be signing them well over $1,000 per MCF, and that’s more like $20 million a year. Obviously our costs are fixed on that business as well, so $1 of incremental helium revenue drops straight to the bottom line. There’s a lot of operating leverage there.

Yes, just to confirm the $300 million EBITDA target for 2031 excludes any contribution from QLE, which we expect to spin out this year.

George Gianarikas, Analyst, Canaccord Genuity: Thank you. Maybe as a follow-up, I want to ask about your helium business. I know you just acquired it, but any thoughts on potentially monetizing that or highlighting the value to the market in the future? Thank you.

Paul Mann, Executive Chairman and Chief Executive Officer, ASP Isotopes: Thanks for the question. Yeah, so it’s a very good time to be involved in the helium market. We’ve actually had customers fly to South Africa from Asia to visit us to try and secure helium. That trip to South Africa wasn’t on their travel plans three months ago. We’ve had a lot of interest from investors who would like to invest specifically in the helium business. I’ve always said that our look is four verticals here, and helium is one of them. It’s obviously a very fine time for us to try and extract some value from that helium business and also maybe put a market value on that. We’d certainly look to doing a market debut or listing or spin out or whatever the right terminology is, the right phrases for that helium business.

I think it’d be a lot of interest from investors in it right now.

George Gianarikas, Analyst, Canaccord Genuity: Great. Thank you so much.

Operator/Moderator, ASP Isotopes: Again, if you’d like to ask a question, it’s star one on your telephone keypad. Your next question comes from a line of Alex Fuhrman from Lucid Capital Markets. Your line is open.

Alex Fuhrman, Analyst, Lucid Capital Markets: Hey, guys. Thanks very much for taking my questions. A lot of exciting milestones that you’re hitting this year. Wanted to ask about the first commercial shipments of Silicon-28 that you have coming this year. It sounds like some of these customers have already been testing your silicon. Can you give us a sense of what they’re doing with it and potentially what the timeline might be for these to turn into larger orders?

Paul Mann, Executive Chairman and Chief Executive Officer, ASP Isotopes: Great. Thanks for the question. We shipped some samples of Silicon-28 to customers or to a customer. Well, arguably, it was representing two customers, but to one customer to test that Silicon-28. There aren’t many labs in the world, we think there are probably only two that can measure Silicon-28 to the kind of purity we need to measure it to. We have one. That particular customer has another. We tested it. The samples looked like our analytics and their analytics measured exactly the same measurements, which is exactly what we wanted. You can’t buy a standard for Silicon-28, so we’re having to invent the process as we’re doing it. That confirmed, first of all, our analytics were correct and that the enrichment was going exactly in line with our theoretical calculations. That was encouraging as well.

Right now, we’ve signed 3 contract customers, but we had a lot of interest from other customers. The customers we’ve signed right now are more for the quantum computing side, so looking at 99.995% isotopically pure. There’s a lot of interest as well from lower enriched product, maybe 99.9% or 99.99%, more for normal computing or next generation semiconductors, so faster semiconductors. Semiconductors that can transmit heat better than current semiconductors can. We’d expect as we go into production to get more interest from those customers and would expect quantum computing to remain very much a niche market whereas lower levels of enrichment for advanced semiconductors would be a much larger market. We’re in discussions with all those customers today. Many of them have flown out to visit our plants in South Africa, and we’re very excited to service them.

Alex Fuhrman, Analyst, Lucid Capital Markets: Okay. That’s really helpful. Thanks for that. Paul, if I could ask about Ytterbium. Nice to see there’s a lot of demand there. It sounds like particularly you indicated pretty strong demand in non-Russian supply. Curious if you’re seeing non-Russian Ytterbium starting to be contracted at a premium price. It also sounds like you’ve got line of sight to production of 1 kilogram, but potentially demand for 2 kilograms or more. Is there a strategy to get production up to that 2-kilogram level?

Paul Mann, Executive Chairman and Chief Executive Officer, ASP Isotopes: Yeah. There isn’t a clear spot price or market price for ytterbium. It’s all done customer to customer. You can’t log on to your Bloomberg screen and see a forward curve or a futures curve for ytterbium or what the market’s paying for it. We’re told in the marketplace that typically Russian Ytterbium-176 trades between $20,000-$35,000 a gram. Our plan is to try and charge $20,000 a gram, so actually priced at a slight discount to Russia. We would like to be a reliable, low-cost supplier of these very valuable isotopes, and we can still pick up an exceptionally high gross margin. The geography of the customer as well as the price never comes into question with the customer.

In terms of the second part of your question as to expanding the plant from 1 kilogram to a larger quantity. Right now we are procuring the equipment for the continuous vessel. We’ve got one item left to procure. We’re expecting that arrive during the second quarter, and then we can start increasing the processing throughput for the plant. Right now, we’re processing for about sort of 3 hours a day, 3-4 times a week. That’s not how you produce a commercial large quantity product. The continuous vessel should allow us to process 24/7 for about 3 months, and that’s where we get to really large scale. I’d expect us to build a second vessel and a second plant straight away, and we’re already procuring the equipment for the second plant.

We can expand our capacity from 1 kilogram to 2 kilograms, and that’s work in progress right now.

Alex Fuhrman, Analyst, Lucid Capital Markets: Okay. That’s really helpful. Thank you very much.

Operator/Moderator, ASP Isotopes: That concludes our question and answer session. I will now turn the call back over to Paul for some final closing remarks.

Paul Mann, Executive Chairman and Chief Executive Officer, ASP Isotopes: Thanks for your interest in our company. 2026 is a transformational year for the company. It’s a lot going on, a lot to happen, and we look forward to reporting on these events as and when they happen over the next several months and becoming a major supplier of isotopic and critical materials to the world, by the end of this year. Thank you all for your interest. If you have any questions, please contact our investor relations department and they’ll be sure to answer them. Thank you very much.

Operator/Moderator, ASP Isotopes: This concludes today’s ASP Isotopes business update call. Thank you for your participation. You may now disconnect.