ASP Isotopes makes and sells rare isotopes like Molybdenum-100 and Uranium-235 for medical imaging and carbon-free energy, but it's still pre-commercial with almost no revenue yet. Think of it as a startup lab trying to become a specialty chemical supplier.
No real profit yet: annual revenue was USD 0.02B in 2025, with gross margin around 14% but net losses of USD 0.18B. The business burns cash heavily, and every dollar of sales costs far more to generate, so money comes only from investor funding, not operations
Hard to copy because isotope enrichment requires specialized technology and regulatory approvals, but competitors like Centrus Energy and Rosatom already dominate uranium enrichment at scale. ASP Isotopes has no proven commercial track record, so its edge is u
Key events, in time order
Strategy to become a publicly traded helium platform
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