10-Q · May 20, 2026
ASP Isotopes reported a significant increase in revenue for Q4 2026, posting $17.9 million compared to $5 million in Q3 2025, showcasing a bullish trend. However, the company recorded an EPS of -0.84, falling short of…
Earnings analysis · 10-Q
ASPI earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
The provided 10-Q extract does not contain current-period income statement, balance-sheet or cash-flow figures, so revenue, margin, EPS and cash-generation trends cannot be assessed from the filing text supplied. The…
Read full summary
The provided 10-Q extract does not contain current-period income statement, balance-sheet or cash-flow figures, so revenue, margin, EPS and cash-generation trends cannot be assessed from the filing text supplied. The principal developments are ongoing material weaknesses as of June 30, 2026 and the proposed ENDRA merger, which carries substantial closing conditions including $3.8 million of ENDRA cash, approximately $50 million of Noble Investment proceeds and a December 24, 2026 termination date. The unresolved controls issues and transaction-execution dependencies are negative signals despite the expected approximately 89% ownership of the combined company.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Material weakness remediation underway
The company is pursuing remediation of previously disclosed material weaknesses by enhancing control documentation and management infrastructure and hiring additional accounting, finance and information-technology resources or consultants with public-company experience.
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Merger financing conditions specified
The proposed ENDRA merger includes a requirement for ENDRA to have cash of at least $3.8 million and is subject to receipt of approximately $50 million of Noble Investment proceeds.
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Expected majority ownership after merger
Upon closing of the merger, ASP Isotopes expects to own approximately 89% of the combined company after the planned private placement financing.
What to watch
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Merger completion remains uncertain
The ENDRA merger may not close because it requires multiple conditions, including ENDRA stockholder approval, an effective Form S-4 registration statement, Nasdaq listing approval, at least $3.8 million of ENDRA cash, approximately $50 million of Noble Investment proceeds and required consent from the U.S. International Development Finance Corporation. The agreement may be terminated if it has not closed by December 24, 2026.
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Merger benefits and Renergen execution risk
Even if the merger closes, anticipated benefits may not be realized or may be delayed because of integration, retention, customer and financing risks, as well as Renergen's Phase 2 financing, permitting, commodity-price and South African political and regulatory exposures. ASP Isotopes expects to own approximately 89% of the combined company, increasing its exposure to these outcomes.
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Material weaknesses remain unresolved
Disclosure controls and procedures were ineffective as of June 30, 2026 due to previously identified material weaknesses. Management cannot currently estimate how long remediation will take and warns that additional material weaknesses may be discovered, requiring additional time and resources.
Management's outlook
The provided 10-Q extract does not include quantitative revenue or EPS guidance. No formal company-wide guidance was identified; the prior shareholder letter's outlook was not reaffirmed or revised in the provided filing.
Earlier filings 4
10-K · April 30, 2026
ASP Isotopes reported ongoing challenges with negative net margins and significant cash burns despite recent milestones in commercial production and strategic acquisitions. The company achieved $17 million in revenue…
10-K · April 10, 2026
ASP Isotopes reports that it commenced commercial production at its ASP enrichment facilities in the first half of 2025 and is targeting initial commercial shipments of C-14, Si-28 and Yb-176 in mid-2026 (Si-28 in Q2…
10-Q · November 19, 2025
ASP Isotopes reported Q3 revenue of $4,889,526 and EPS of $(0.15). Revenue increased materially versus the prior-year quarter ($1,087,695) but gross margin compressed to ~8.7% and operating loss widened to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.