ASP Isotopes Inc.

Well-funded but pre-commercial isotope enrichment platform with deep losses and no isotope revenue yet.

Strengths

• Large cash/investments balance ($333M, 87th pct) with ~28 quarters runway (89th pct) and minimal debt (12th pct D/E)
• Top-percentile current/quick ratios (100th) give ample near-term liquidity

Risks

• Deeply negative returns and margins (ROE -78% 11th pct, net margin -670%, operating margin 12th pct) with no enriched-isotope sales
• Material weakness in internal controls, binary commercialization/funding risk, and concentrated South Africa/early-customer exposure

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Net lossNet loss (net margin -670.2%)
• Cash burnNegative free cash flow (-47.4M)
• Material weakness• We have identified a material weakness in our internal control over financial reporting
• Strong balance sheetStrong balance sheet — $333M cash & investments, ~28 quarters of runway
• Revenue declineRevenue -74.9% YoY