10-Q

PART I-FINANCIAL INFORMATION

Item 1. Financial Statements.

ASP Isotopes Inc.

Condensed Consolidated Balance Sheets

(unaudited)


	September 30, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	113,942,156		$	61,890,048
Accounts receivable		17,425,680			706,925
Inventories		1,371,738			65,655
Receivable from noncontrolling interests		—			27,556
Note receivable		31,189,144			—
Lease receivable - current		16,733			—
Prepaid expenses and other current assets		10,099,525			3,053,478
Total current assets		174,044,976			65,743,662
Property and equipment, net		30,930,235			22,354,377
Operating lease right-of-use assets, net		971,658			1,122,134
Deferred tax assets		68,008			31,847
Intangible assets		1,190,562			—
Goodwill		6,849,119			3,168,101
Lease receivable - noncurrent		410,223			—
Equity method investments		1,322,900			—
Other investments		5,000,000			—
Other noncurrent assets		5,102,480			1,927,867
Total assets	$	225,890,161		$	94,347,988

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	3,424,698		$	1,021,393
Accrued expenses		3,655,761			2,275,681
Debt - current		12,401,279			939,110
Finance lease liabilities – current		166,459			125,862
Operating lease liabilities – current		468,569			557,676
Deferred revenue		882,000			882,000
Due to related parties		3,438,275			—
Other current liabilities		3,666,092			1,256,549
Share liability		220,635			—
Total current liabilities		28,323,768			7,058,271
Deferred tax liabilities		307,807			—
Convertible notes payable, at fair value		97,975,479			33,433,184
Debt - noncurrent		1,534,686			1,441,286
Finance lease liabilities – noncurrent		492,103			560,328
Operating lease liabilities – noncurrent		617,988			688,479
Other noncurrent liabilities		34,353			—
Total liabilities		129,286,184			43,181,548
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, no shares issued and outstanding as of September 30, 2025 and December 31, 2024		—			—
Common stock, $0.01 par value; 500,000,000 shares authorized, 93,376,629 and 72,068,059 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		933,766			720,681
Additional paid-in capital		224,740,838			105,515,005
Accumulated deficit		(152,555,942	)		(56,172,881	)
Accumulated other comprehensive income (loss)		949,855			(2,164,313	)
Total stockholders’ equity attributed to ASP Isotopes Inc. stockholders		74,068,517			47,898,492
Noncontrolling interests in consolidated subsidiaries		22,535,460			3,267,948
Total stockholders’ equity		96,603,977			51,166,440
Total liabilities and stockholders’ equity	$	225,890,161		$	94,347,988

The accompanying notes are an integral part of these condensed consolidated financial statements.

ASP Isotopes Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue
Product revenue	$	1,270,658		$	1,087,695		$	3,570,608		$	2,950,348
Construction services revenue		3,618,868			—			3,618,868			—
Total revenue		4,889,526			1,087,695			7,189,476			2,950,348
Cost of revenue		4,466,348			793,714			5,867,360			1,956,473
Gross profit		423,178			293,981			1,322,116			993,875
Operating expenses:
Research and development		3,098,507			1,034,446			5,508,227			1,722,882
Selling, general and administrative		12,291,610			4,693,158			30,701,750			17,976,882
Total operating expenses		15,390,117			5,727,604			36,209,977			19,699,764
Loss from operations		(14,966,939	)		(5,433,623	)		(34,887,861	)		(18,705,889	)
Other (expense) income:
Foreign exchange transaction loss		(41,906	)		(131,247	)		(140,423	)		(129,443	)
Change in fair value of share liability		(70,869	)		381,969			(200,138	)		327,969
Change in fair value of convertible notes payable		172,836			(2,692,073	)		(64,542,295	)		(5,220,599	)
Interest income		1,844,114			602,181			3,282,834			657,899
Interest expense		(146,056	)		(90,966	)		(315,010	)		(173,832	)
Other income		388,847			—			388,847			—
Total other income (expense)		2,146,966			(1,930,136	)		(61,526,185	)		(4,538,006	)
Loss before income tax (expense) benefit		(12,819,973	)		(7,363,759	)		(96,414,046	)		(23,243,895	)
Income tax (expense) benefit		(73,629	)		8,370			(98,147	)		42,220
Net loss before allocation to noncontrolling interests		(12,893,602	)		(7,355,389	)		(96,512,193	)		(23,201,675	)
Less: Net (loss) income attributable to noncontrolling interests		19,595			84,150			129,132			49,426
Net loss attributable to ASP Isotopes Inc. shareholders before deemed dividend on inducement warrant for common stock	$	(12,874,007	)	$	(7,271,239	)	$	(96,383,061	)	$	(23,152,249	)
Deemed dividend on inducement warrant for common stock		—			—			—			(2,779,659	)
Net loss attributable to ASP Isotopes Inc. shareholders	$	(12,874,007	)	$	(7,271,239	)	$	(96,383,061	)	$	(25,931,908	)
Net loss per share, attributable to ASP Isotopes Inc. shareholders, basic and diluted	$	(0.15	)	$	(0.12	)	$	(1.27	)	$	(0.50	)
Weighted average shares of common stock outstanding, basic and diluted		88,552,309			61,532,172			75,985,507			51,779,067

Comprehensive loss:
Net loss before allocation to noncontrolling interests	$	(12,893,602	)	$	(7,355,389	)	$	(96,512,193	)	$	(23,201,675	)
Foreign currency translation		959,232			1,297,026			3,152,693			1,516,717
Total comprehensive loss before allocation to noncontrolling interests		(11,934,370	)		(6,058,363	)		(93,359,500	)		(21,684,958	)
Less: Comprehensive income (loss) attributable to noncontrolling interests		150,929			(18,430	)		150,929			26,343
Total comprehensive loss	$	(12,085,299	)	$	(6,039,933	)	$	(93,510,429	)	$	(21,711,301	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

ASP Isotopes Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(unaudited)


	Common Stock				Additional Paid-in			Accumulated Other Comprehensive			Accumulated			Noncontrolling			Total Stockholders'
	Shares		Amount		Capital			(Loss) Income			Deficit			Interests			Equity
Balance as of December 31, 2024		72,068,059	$	720,681	$	105,515,005		$	(2,164,313	)	$	(56,172,881	)	$	3,267,948		$	51,166,440
Stock-based compensation expense		—		—		1,889,701			—			—			—			1,889,701
Distribution to noncontrolling interest of VIE		—		—		—			—			—			(38,304	)		(38,304	)
Foreign currency translation		—		—		—			1,170,701			—			—			1,170,701
Net loss		—		—		—			—			(8,446,197	)		(15,235	)		(8,461,432	)
Balance as of March 31, 2025		72,068,059	$	720,681	$	107,404,706		$	(993,612	)	$	(64,619,078	)	$	3,214,409		$	45,727,106
Issuance of common stock from public offering, net of issuance costs of $3,238,630		7,518,797		75,188		46,686,182			—			—			—			46,761,370
Issuance of common stock from exercise of warrants		1,294,778		12,948		4,902,364			—			—			—			4,915,312
Issuance of restricted common stock		2,923,783		29,237		(29,237	)		—			—			—			—
Settlement of liabilities with consultant		100,000		1,000		652,000			—			—			—			653,000
Stock-based compensation expense		—		—		4,429,677			—			—			—			4,429,677
Distribution to noncontrolling interest of VIE		—		—		—			—			—			(41,006	)		(41,006	)
Foreign currency translation		—		—		—			1,022,760			—			—			1,022,760
Net loss		—		—		—			—			(75,062,857	)		(94,302	)		(75,157,159	)
Balance as of June 30, 2025		83,905,417	$	839,054	$	164,045,692		$	29,148		$	(139,681,935	)	$	3,079,101		$	28,311,060
Issuance of common stock from public offering, net of issuance costs of $3,693,950		7,500,000		75,000		56,231,050			—			—			—			56,306,050
Issuance of common stock from cashless exercise of warrants		123,497		1,235		(1,235	)		—			—			—			—
Issuance of common stock from cashless exercise of options		1,337,245		13,372		(13,372	)		—			—			—			—
Issuance of restricted common stock		510,470		5,105		(5,105	)		—			—			—			—
Stock-based compensation expense		—		—		4,483,808			—			—			—			4,483,808
Fair value of noncontrolling interest at acquisition of Skyline		—		—		—			—			—			19,761,799			19,761,799
Distribution to noncontrolling interest of VIE		—		—		—			—			—			(324,370	)		(324,370	)
Foreign currency translation		—		—		—			920,707			—			38,525			959,232
Net loss		—		—		—			—			(12,874,007	)		(19,595	)		(12,893,602	)
Balance as of September 30, 2025		93,376,629	$	933,766	$	224,740,838		$	949,855		$	(152,555,942	)	$	22,535,460		$	96,603,977

The accompanying notes are an integral part of these condensed consolidated financial statements.

ASP Isotopes Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(unaudited)


	Common Stock						Additional Paid-in			Accumulated Other Comprehensive			Accumulated			Noncontrolling			Total Stockholders'
	Shares			Amount			Capital			(Loss) Income			Deficit			Interests			Equity
Balance as of December 31, 2023		48,923,276		$	489,233		$	40,567,003		$	(920,982	)	$	(23,839,300	)	$	2,534,677		$	18,830,631
Retired unvested restricted shares		(325,000	)		(3,250	)		3,250			—			—			—			—
Stock-based compensation expense		—			—			1,713,654			—			—			—			1,713,654
Distribution to noncontrolling interest of VIE		—			—			—			—			—			(8,694	)		(8,694	)
Foreign currency translation		—			—			—			(543,729	)		—			—			(543,729	)
Net loss		—			—			—			—			(6,948,085	)		(16,759	)		(6,964,844	)
Balance as of March 31, 2024		48,598,276		$	485,983		$	42,283,907		$	(1,464,711	)	$	(30,787,385	)	$	2,509,224		$	13,027,018
Issuance of common stock from warrant exercise		3,164,557			31,646			5,506,329			—			—			—			5,537,975
Issuance of restricted common stock		250,000			2,500			(2,500	)		—			—			—			—
Issuance of common stock to consultant		60,000			600			183,000			—			—			—			183,600
Settlement of liabilities with consultants		60,000			600			183,000			—			—			—			183,600
Board fee liabilities to be settled with shares		—			—			240,000			—			—			—			240,000
Stock-based compensation expense		—			—			2,518,016			—			—			—			2,518,016
Contribution from noncontrolling interest of VIE		—			—			—			—			—			807,975			807,975
Distribution to noncontrolling interest of VIE		—			—			—			—			—			(18,422	)		(18,422	)
Foreign currency translation		—			—			—			763,420			—			—			763,420
Net loss		—			—			—			—			(8,932,925	)		51,483			(8,881,442	)
Balance as of June 30, 2024		52,132,833		$	521,329		$	50,911,752		$	(701,291	)	$	(39,720,310	)	$	3,350,260		$	14,361,740
Issuance of common stock net of issuance costs of $2,194,041		13,800,000			138,000			32,167,959			—			—			—			32,305,959
Issuance of restricted common stock		1,678,466			16,785			(16,785	)		—			—			—			—
Issuance of common stock to consultants		150,000			1,500			327,750			—			—			—			329,250
Issuance of common stock to board members		497,817			4,978			(4,978	)		—			—			—			—
Settlement of liabilities with consultants		150,000			1,500			(1,500	)		—			—			—			—
Commission fee liability to be settled with cash and common stock warrant		—			—			(1,045,529	)		—			—			—			(1,045,529	)
Stock-based compensation expense		—			—			2,068,090			—			—			—			2,068,090
Contribution from noncontrolling interest of VIE		—			—			—			—			—			83,504			83,504
Distribution to noncontrolling interest of VIE		—			—			—			—			—			(33,176	)		(33,176	)
Foreign currency translation		—			—			—			1,297,026			—			—			1,297,026
Net loss		—			—			—			—			(7,271,239	)		(84,150	)		(7,355,389	)
Balance as of September 30, 2024		68,409,116		$	684,092		$	84,406,759		$	595,735		$	(46,991,549	)	$	3,316,438		$	42,011,475

The accompanying notes are an integral part of these condensed consolidated financial statements.

ASP Isotopes Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flows from Operating activities
Net loss	$	(96,512,193	)	$	(23,201,675	)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization		975,275			425,630
Loss on disposal of property and equipment		—			1,666
Non cash interest income on note receivable		(1,189,144	)		—
Stock-based compensation		10,803,186			6,299,760
Convertible note payable for non-cash issuance costs		—			621,915
Shares issued for non-cash consultant expense		673,497			783,200
Change in fair value of share liability		200,138			(327,969	)
Change in fair value of convertible notes payable		64,542,295			5,220,599
Change in right-of-use lease asset		450,453			343,473
Non-cash lease income		(44,540	)		—
Change in deferred taxes		33,175			(31,149	)
Changes in operating assets and liabilities, net of acquisition amounts:
Accounts receivable		1,103,993			(309,762	)
Receivable from noncontrolling interest		28,706			—
Inventories		(696,759	)		(79,395	)
Prepaid expenses and other current assets		(1,190,095	)		(2,062,720	)
Other noncurrent assets		1,186,095			(11,000	)
Accounts payable		37,633			(286,173	)
Accrued expenses		887,712			329,489
Operating lease liabilities		(448,320	)		(354,663	)
Other current liabilities		(770,065	)		(296,780	)
Net cash used in operating activities		(19,928,958	)		(12,935,554	)
Cash flows from investing activities
Purchases of property and equipment		(7,255,776	)		(8,352,422	)
Purchase of equity investments		(5,000,000	)		—
Cash received for acquisition of business, net of cash paid		6,643,797			—
Cash advance in exchanges for note receivable		(30,000,000	)		—
Net cash used in investing activities		(35,611,979	)		(8,352,422	)
Cash flows from financing activities
Proceeds from issuance of common stock		110,000,000			34,500,000
Payment of common stock issuance costs		(6,932,580	)		(2,194,041	)
Proceeds from exercise of warrants		4,915,312			5,537,975
Due to related parties		590,195			—
Proceeds from noncontrolling interest in VIE		—			891,479
Proceeds from collection of receivable from noncontrolling interest in VIE		—			706,774
Distribution to noncontrolling interest in VIE		(403,581	)		(60,292	)
Proceeds from issuance of convertible notes payable		—			25,936,228
Proceeds from issuance of debt		2,804,466			—
Payment of principal portion of debt		(3,384,553	)		(438,569	)
Payment of principal portion of finance leases		(104,447	)		(38,347	)
Net cash provided by financing activities		107,484,812			64,841,207
Net change in cash and cash equivalents		51,943,875			43,553,231
Effect of exchange rate changes on cash and cash equivalents		108,233			110,128
Cash and cash equivalents - beginning of period		61,890,048			7,908,181
Cash and cash equivalents - end of period	$	113,942,156		$	51,571,540
Supplemental disclosures of non-cash investing and financing activities:
Derecognition of asset as a result of sales-type lease	$	369,825		$	—
Lease receivable	$	392,586		$	—
Purchase of property and equipment included in accounts payable	$	218,864		$	952,035
Right-of-use asset obtained in exchange for operating lease liability	$	114,444		$	364,458
Right-of-use asset obtained in exchange for finance lease liability	$	47,630		$	1,732,464
Commission fee liability to be settled with cash and common stock warrant	$	—		$	1,045,529
Deemed dividend on inducement warrant	$	—		$	2,779,659
Board fees settled with common stock	$	—		$	240,000

The accompanying notes are an integral part of these condensed consolidated financial statements.

ASP Isotopes Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

1. Organization

Description of Business

ASP Isotopes Inc. was incorporated in the state of Delaware on September 13, 2021 and has its principal operations in Washington, DC. ASP Isotopes Inc.’s subsidiary, ASP Isotopes Guernsey Limited (“ASP Guernsey”), has its principal operations in Guernsey. ASP Guernsey’s subsidiary, ASP Isotopes South Africa Proprietary Limited (“ASP South Africa”), has its principal operations in South Africa. ASP Rentals Proprietary Limited (“ASP Rentals”), a variable interest entity (“VIE”) of ASP South Africa, has its principal operations in South Africa. Enlightened Isotopes (Pty) Ltd (“Enlightened Isotopes”), a 80% owned subsidiary of ASP South Africa, was formed in March 2023 and began operations in January 2024. ASP Isotopes UK Ltd (“ASP UK”), a subsidiary of ASP Guernsey, was incorporated in July 2022. ASP Isotopes Services (UK) Limited (“ASP Services UK”), a subsidiary of ASP Guernsey, was incorporated in September 2025. ASPI South Africa Asset Finance ("ASP SA Asset Finance”), a subsidiary of ASP South Africa, was incorporated in July 2024. ASP Isotopes efh, a subsidiary of ASP Guernsey, was incorporated in 2024 in Iceland. PET Labs Global Nuclear Medicine SEZC (“PET Labs Global”), a subsidiary of ASP Guernsey, was incorporated in June 2024 in the Cayman Islands. PET Labs Pharmaceuticals Proprietary Limited (“PET Labs”), a 51% owned subsidiary of ASP Isotopes Inc., operates in South Africa. ASP Isotopes Inc.’s subsidiary, Quantum Leap Energy LLC (“QLE”), was formed in the state of Delaware in September 2023 and began operations in February 2024. QLE’s direct wholly owned subsidiary Quantum Leap Energy Limited (“QLE UK”), has its operations in the United Kingdom. QLE’s indirect wholly owned subsidiary Quantum Leap Energy Proprietary Limited (“QLE South Africa”), has its operations in South Africa. QLE also formed QLE TP Funding SPE LLC, a Delaware limited liability company, as a wholly owned subsidiary to act as a special purpose borrower for a loan transaction with TerraPower (the “QLE SPE Borrower”). The QLE SPE Borrower has formed a subsidiary in South Africa to act as the project company for a proposed new uranium enrichment facility at Pelindaba, South Africa. Skyline Builders Group Holding Limited (“Skyline”), a 79% controlled subsidiary of QLE, operates in Hong Kong. ASP Isotopes Inc., its subsidiaries and ASP Rentals are collectively referred to as “the Company” throughout these consolidated statements.

The Company is a development stage advanced materials company dedicated to the development of technology and processes that, if successful, will allow for the enrichment of natural isotopes into higher concentration products, which could be used in several industries. The Company’s proprietary technologies, the Aerodynamic Separation Process (“ASP technology”) and Quantum Enrichment technology (“QE technology”), are designed to enable the production of isotopes used in several industries. The Company’s initial focus is on the production and commercialization of enriched Carbon-14 (“C-14”), Silicon-28 (“Si-28”) and Ytterbium-176 (“Yb-176”).

The Company commenced commercial production of enriched isotopes at both of our ASP enrichment facilities located in Pretoria, South Africa during the first half of 2025. Our first ASP enrichment facility is designed to enrich light isotopes, such as C-14 and C-12. The second ASP enrichment facility, which is substantially larger than the first, should have the potential to enrich kilogram quantities of relatively heavier isotopes, including but not limited to Si-28. We anticipate shipping the first commercial batch of enriched C-12 during the fourth quarter of 2025. We anticipate shipping the first commercial batch of enriched Si-28 during the first quarter of 2026. We anticipate shipping the first commercial batch of enriched C-14 in the first half of 2026. We have also completed the commissioning phase and are producing commercial samples of highly enriched Yb-176 at our third enrichment facility, a QE technology facility, which is our first laser-based enrichment plant. The customer acceptance process for Yb-176 is relatively lengthy and we expect to ship commercial quantities of Yb-176 during the first half of 2026.

In addition, the Company has started planning additional isotope enrichment plants both in South Africa and in other jurisdictions, including Iceland and the United States. The Company believes the C-14 it may produce using the ASP technology may be used in the development of new pharmaceuticals and agrochemicals. The Company believes the Si-28 it may produce using the ASP technology may be used to develop advanced semiconductors and in quantum computing. The Company believes the Yb-176 we may produce using the QE technology may be used to create radiotherapeutics that treat various forms of oncology. The Company is considering the future development of the ASP technology for the separation of Zinc-68, Xenon-129/136 for potential use in the healthcare end market, Germanium 70/72/74 for possible use in the semiconductor end market, and Chlorine-37 for potential use in the nuclear energy end market.

The Company is also considering the future development of QE technology for the separation of Nickel-64, Gadolinium-160, Ytterbium-171, Lithium 6 and Lithium-7. The Company is also pursuing an initiative to apply our enrichment technologies to the enrichment of Uranium-235 (“U-235”). The Company believes the U-235 that it may produce using quantum enrichment technology may be commercialized as a nuclear fuel component for use in the new generation of high-assay low-enriched uranium ("HALEU")-fueled small modular reactors that are now under development for commercial and government uses.

Skyline is a holding company, and its operations are conducted through its wholly owned operating subsidiary, Kin Chiu Engineering Limited. Operations primarily consist of construction activities which include public civil engineering works, such as road and drainage works, in Hong Kong. Skyline mostly undertakes civil engineering works in the role as a subcontractor but is fully qualified to undertake such works in the capacity of a main contractor. QLE intends to pursue opportunities to acquire assets in the critical materials supply chain such as uranium and rare earth recovery from diluted water sources such as ocean water, mineral rich brines, waste water streams and industrial effluent.

As previously announced, the Company's board of directors intends to pursue the separation of its Nuclear Fuels business and Specialist Isotopes and Related Services business in two independent companies. The regulatory landscape and supply chain for nuclear fuel production differs significantly from that of medical isotopes, hence the Company and QLE have different business models and the Company believes that both companies would benefit if QLE is independently managed and financed. The Company plans to effect the separation through a listing of QLE in a transaction that results in QLE as a separate public company with shares listed on a U.S. national securities exchange and a portion of QLE’s common equity to be distributed to the Company’s stockholders as of a to-be-determined future record date and, although no assurance can be given, the Company is aiming to initiate the process for listing of QLE as a separate public company during the fourth quarter of 2025, subject to market conditions and obtaining applicable approvals and consents and complying with applicable rules and regulations and public market trading and listing requirements. In November 2025, the Company announced that QLE had confidentially submitted a draft registration statement on Form S-1 to the SEC relating to the proposed initial public offering of QLE’s Class A common stock. While the Company currently expects that a listing of QLE as a separate public company is the most likely separation transaction, the Company's board of directors remains committed to maximizing shareholder value creation, and will continue to evaluate other options for separation to maximize shareholder value.

Liquidity

The Company has experienced net losses and negative cash flows from operating activities since its inception. The Company incurred net losses of $96.5 million and $23.2 million for the nine months ended September 30, 2025 and 2024, respectively. On June 3, 2025, the Company sold 7,518,797 shares of its common stock in a registered direct offering at the offering price of $6.65 per share, for net proceeds of approximately $46.8 million, after deducting underwriting discounts and commissions and estimated offering expenses. On July 25, 2025, the Company raised an additional $56,300,000 in net proceeds from issuing 7,500,000 shares of its common stock at a price of $8.00 per share. The Company currently expects that its cash and cash equivalents of $113.9 million as of September 30, 2025 and the net proceeds of approximately $199.7 million raised in October 2025 and gross proceeds of $72.2 million raised by QLE through the issuance of convertible notes in November 2025, of which $30.0 million was from ASP Isotopes (see Note 19), will be sufficient to fund its operating expenses and capital requirements for more than 12 months from the date the financial statements are issued.

There can be no assurance that the Company will achieve or sustain positive cash flows from operations or profitability. The Company anticipates it will need to continue to raise capital through additional equity and/or debt financings and/or collaborative development agreements to fund its operations beyond the next year. However, such funding may not be available on a timely basis on terms acceptable to the Company, or at all. If the Company is unable to raise additional capital when required or on acceptable terms, the Company may be required to scale back or discontinue the advancement of product candidates, reduce headcount, reorganize, merge with another entity, or cease operations.

2. Basis of Presentation and Summary of Significant Accounting Policies

Unaudited Financial Information

The Company’s unaudited condensed consolidated financial statements included herein have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), and pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. In the Company’s opinion, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2024.

Basis of Presentation and Use of Estimates

The Company’s condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and disclosure in the Company’s condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to stock-based compensation, fair value of convertible notes, allowance for expected credit losses, loss contingencies and accounting for acquisitions, including goodwill. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.

Principles of consolidation

The Company’s condensed consolidated financial statements include the accounts of ASP Isotopes Inc., its wholly-owned subsidiaries, the 80% owned Enlightened Isotopes, the 79% owned Skyline, the 51% owned PET Labs and the 42% owned VIE ASP Rentals. All intercompany balances and transactions have been eliminated in consolidation.

Currency and currency translation

The condensed consolidated financial statements are presented in U.S. dollars, the Company’s reporting currency. The functional currency of ASP Isotopes Inc. and ASP Guernsey is the U.S. dollar. The functional currency of the Company’s subsidiaries ASP South Africa and Quantum Leap Energy South Africa is the South African Rand. The functional currency of the 80% owned Enlighted Isotopes, the 51% owned PET Labs and the 42% owned VIE ASP Rentals is the South African Rand. The functional currency of the 79% owned Skyline is the Hong Kong Dollar. Adjustments that arise from exchange rate changes on transactions of each group entity denominated in a currency other than the functional currency are included in other income and expense in the consolidated statements of operations and comprehensive loss. Assets and liabilities of the entities with functional currency of South African Rand or Hong Kong Dollar are recorded in South African Rand or Hong Kong Dollar, respectively, and translated into the U.S. dollar reporting currency of the Company at the exchange rate on the balance sheet date. Revenue and expenses of the entities with functional currency of South African Rand or Hong Kong Dollar are recorded in South African Rand or Hong Kong Dollar, respectively, and translated into the U.S. dollar reporting currency of the Company at the average exchange rate prevailing during the reporting period. Resulting translation adjustments are recorded separately in stockholders’ equity as a component of accumulated other comprehensive (loss) income.

Concentration of Credit Risk and other Risks

Cash balances are maintained at U.S. financial institutions and may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250,000 per depositor, per insured bank for each account ownership category. Although the Company currently believes that the financial institutions with whom it does business, will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so. The Company has not experienced any credit losses associated with its balances in such accounts for the nine months ended September 30, 2025 and 2024.

The Company's foreign subsidiaries held cash of approximately $12,563,233 and $1,512,000 as of September 30, 2025 and December 31, 2024, respectively, which is included in cash and cash equivalents on the condensed consolidated balance sheets. The Company's strategic plan does not require the repatriation of foreign cash in order to fund its operations in the U.S., and it is the Company's current intention to indefinitely reinvest its foreign cash outside of the U.S. If the Company were to repatriate foreign cash to the U.S., the Company would be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation.

The Company is potentially subject to concentrations of credit risk in accounts receivable as the following customer balances exceed 10% of accounts receivable in the consolidated balance sheet as September 30, 2025 and December 31, 2024.


	As of September 30, 2025					As of December 31, 2024
	Accounts Receivable		% of Total Accounts Receivable			Accounts Receivable		% of Total Accounts Receivable
Customer A	$	—		—		$	200,000		28	%
Customer B	$	4,270		—		$	144,590		20	%
Customer C	$	3,161,978		18	%	$	—		—
Customer D	$	3,822,869		22	%	$	—		—
Customer E	$	4,489,499		26	%	$	—		—
Customer F	$	1,905,676		11	%	$	—		—

Although the Company is directly affected by the financial condition of its customers, management does not believe significant credit risks exist at September 30, 2025. Generally, we do not require collateral or other securities to support its accounts receivable.

There were two customers in the construction services segment representing $2,622,175 and $996,693, or 37% and 14%, respectively, of the Company's consolidated revenues for the nine months ended September 30, 2025 and one customer representing $400,417, or 14%, of the Company's consolidated revenues for the nine months ended September 30, 2024.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents are stated at fair value and may include money market funds, U.S. Treasury and U.S. government-sponsored agency securities, corporate debt, commercial paper and certificates of deposit. The Company had cash equivalents totaling $98,004,110 and $0 as of September 30, 2025 and December 31, 2024, respectively.

Fair Value of Financial Instruments

Accounting guidance defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The Company’s share liability (Note 14) is measured as a Level 1 fair value on a recurring basis. The Company’s share liability was $220,635 as of September 30, 2025. There was no share liability as of December 31, 2024. The Company’s convertible notes payable (Note 7) is measured as a Level 3 fair value on a recurring basis and was $97,975,479 as of September 30, 2025 (Note 7). There were no transfers among Level 1, Level 2 or Level 3 categories in the nine months ended September 30, 2025. The following table provides a reconciliation of the Company’s liabilities measured as a Level 3 at fair value on a recurring basis using significant unobservable inputs:


	Convertible Notes Payable
Balance as of December 31, 2023	$	—
Fair value at issuance		26,558,143
Fair value adjustment		6,875,041
Balance as of December 31, 2024		33,433,184
Fair value adjustment		64,542,295
Balance as of September 30, 2025	$	97,975,479

The carrying amounts of accounts payable, accrued expenses and debt are considered to be representative of their respective fair values because of the short-term nature of those instruments.

Equity Investments

The Company accounts for investments in entities over which it has significant influence, but not control, using the equity method of accounting in accordance with ASC 323, Investments - Equity Method and Joint Ventures ("ASC 323"). Significant influence is generally presumed when the Company owns 20% to 50% of the voting interests in the investee, unless other factors indicate otherwise. The Company's equity method investments include the Company's investment in Skyline's joint ventures with KC-Glory JV, KC-Geotech JV and KC-CRFG JV.

Under the equity method, the Company initially records the investment at cost and subsequently adjusts the carrying amount to reflect its share of the investee’s earnings or losses, which are recognized in the consolidated statements of income. Dividends received from equity method investees reduce the carrying amount of the investment. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

The Company also holds investments in equity securities without readily determinable fair values. These investments are accounted for under the measurement alternative in accordance with ASC 321, Investments - Equity Securities ("ASC 321"), which allows the Company to record the investments at cost, less impairments, plus or minus observable price changes in orderly transactions for the identical or similar investment. The Company's investments recorded at cost include IsoBio.

If the Company determines that an impairment is other-than-temporary, it recognizes a loss equal to the difference between the investment’s carrying amount and its fair value. Equity method investments and investments at cost are included in “Equity investments” and "Other investments", respectively, on the consolidated balance sheet.

Accounts Receivable

Accounts receivable are stated at the amount management expects to collect from outstanding balances. An allowance for expected credit losses is estimated for those accounts receivable considered to be uncollectible based upon historical experience and management's evaluation of outstanding accounts receivable. The Company maintains an allowance for expected credit losses for accounts receivable, which is recorded as an offset to accounts receivable, and changes in such are classified as selling, general and administrative expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for expected credit losses, the Company considers historical collectability based on past due status and make judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company also considers customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions. Bad debts are written off against the allowance when identified. As of September 30, 2025 there was an allowance for expected credit losses of $303,847. As of December 31, 2024 there was no allowance for expected credit losses.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets primarily consist of amounts paid in advance for goods and services that will be consumed within twelve months. These assets are recorded at historical cost and expensed in the period in which the related benefits are realized. Prepaid expenses and other current assets mainly compromised the prepayment for advertising, insurance, deposits, and advance payments to subcontractors. The Company reviews prepaid expenses and other current assets for impairment or non-recoverability at each reporting date.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first in, first out inventory method. Inventory cost includes materials, labor, and applicable overhead incurred in bringing the inventories to their present location and condition. Net realizable value represents the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventories are primarily located in facilities in South Africa and are not pledged as collateral for any debt arrangements

The components of inventories as of September 30, 2025 and December 31, 2024 were as follows:


	September 30, 2025		December 31, 2024
Raw material	$	273,052	$	65,655
Work in process		1,098,686		—
Finished goods		—		—
Total inventories	$	1,371,738	$	65,655

No significant write-downs to net realizable value or reversals of write-downs occurred in the three and nine months ended September 30, 2025 and 2024.

Property and Equipment

Property and equipment include costs of assets constructed, purchased or leased under a finance lease, related delivery and installation costs and interest incurred on significant capital projects during their construction periods. Expenditures for renewals and betterments also are capitalized, but expenditures for normal repairs and maintenance are expensed as incurred. Costs associated with yearly planned major maintenance are generally deferred and amortized over 12 months or until the same major maintenance activities must be repeated, whichever is shorter. The cost and accumulated depreciation applicable to assets retired or sold are removed from the respective accounts, and gains or losses thereon are included in the statement of operations and comprehensive loss.

The Company assigns the useful lives of its property and equipment based upon its internal engineering estimates, which are reviewed periodically. The estimated useful lives of the Company's property and equipment range from 3 to 10 years, or the shorter of the useful life or remaining life of the lease for leasehold improvements. Depreciation is recorded using the straight-line method.

Construction in progress (Note 4) is carried at cost and consists of specifically identifiable direct and indirect development and construction costs. While under construction, costs of the property are included in construction in progress until the property is placed in service, at which time costs are transferred to the appropriate property and equipment account, including, but not limited to, leasehold improvements or other such accounts.

Business Combination and Asset Acquisitions

The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen is met, the transaction is accounted for as an asset acquisition. If the screen is not met, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs, which would meet the requirements of a business. If determined to be a business combination, the Company accounts for the transaction under the acquisition method of accounting in accordance with ASC Topic 805 Business Combinations ("ASC 805"), which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest in the acquiree and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities, and non-controlling interest in the acquiree based on the fair value estimates as of the date of acquisition. In accordance with ASC 805, the Company recognizes and measures goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired.

The consideration for the Company’s business acquisitions may include future payments that are contingent upon the occurrence of a particular event or events. The obligations for such contingent consideration payments are recorded at fair value on the acquisition

date. The contingent consideration obligations are then evaluated each reporting period. Changes in the fair value of contingent consideration, other than changes due to payments, are recognized as a gain or loss and recorded within change in the fair value of deferred and contingent consideration liabilities in the consolidated statements of comprehensive loss.

If determined to be an asset acquisition, the Company accounts for the transaction under ASC 805-50, which requires the acquiring entity in an asset acquisition to recognize assets acquired and liabilities assumed based on the cost to the acquiring entity on a relative fair value basis, which includes transaction costs in addition to consideration given. No gain or loss is recognized as of the date of acquisition unless the fair value of non-cash assets given as consideration differs from the assets’ carrying amounts on the acquiring entity’s books. Consideration transferred that is non-cash will be measured based on either the cost (which shall be measured based on the fair value of the consideration given) or the fair value of the assets acquired and liabilities assumed, whichever is more reliably measurable. Goodwill is not recognized in an asset acquisition and any excess consideration transferred over the fair value of the net assets acquired is allocated to the identifiable assets based on relative fair values.

Contingent consideration payments in asset acquisitions are recognized when the contingency is resolved and the consideration is paid or becomes payable (unless the contingent consideration meets the definition of a derivative, in which case the amount becomes part of the basis in the asset acquired). Upon recognition of the contingent consideration payment, the amount is included in the cost of the acquired asset or group of assets.

Goodwill and Identifiable Intangible Assets

Goodwill represents the amount of consideration paid in excess of the fair value of net assets acquired as a result of the Company’s business acquisitions accounted for using the acquisition method of accounting. Identifiable intangible assets recognized in conjunction with acquisitions are recorded at fair value. Significant unobservable inputs are used to determine the fair value of the identifiable intangible assets based on the income approach valuation model whereby the present worth and anticipated future benefits of the identifiable intangible assets are discounted back to their net present value.

Goodwill and identifiable intangible assets with indefinite lives are not amortized and are subject to impairment testing at a reporting unit level on an annual basis or when a triggering event occurs that may indicate the carrying value of the goodwill or identifiable intangible assets are impaired. An entity is permitted to first assess qualitative factors to determine if a quantitative impairment test is necessary. Further testing is only required if the entity determines, based on the qualitative assessment, that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. The Company performs its annual test for goodwill or identifiable intangible assets as of October 31.

Identifiable intangible assets with definite lives are amortized over their estimated useful lives, ranging from 2 to 4 years. The Company's intangible assets include trademarks and customer-related intangible assets related to the Skyline acquisition. The Company uses the straight-line method of amortization for identifiable intangible assets with definite lives. Amortization expense was $40,665 for the three and nine months ended September 30, 2025. There was no amortization expense related to identifiable intangible assets recorded in 2024.

The changes to the carrying value of intangible assets, which is included in the construction services segment, is as follows:


Balance as of August 29, 2025 (acquisition date)	$	1,230,000
Translation adjustment		1,227
Amortization		(40,665	)
Balance as of September 30, 2025	$	1,190,562

Variable Interest Entities

The Company accounts for the investments it makes in certain legal entities in which equity investors do not have (1) sufficient equity at risk for the legal entity to finance its activities without additional subordinated financial support, or (2) as a group, the holders of the equity investment at risk do not have either the power, through voting or similar rights, to direct the activities of the legal entity that most significantly impact the entity’s economic performance, or (3) the obligation to absorb the expected losses of the legal entity or the right to receive expected residual returns of the legal entity. These certain legal entities are referred to as variable interest entities (“VIEs”).

The Company would consolidate the results of any such entity in which it determined that it had a controlling financial interest. The Company would have a “controlling financial interest” in such an entity if the Company had both the power to direct the activities that most significantly affect the VIE’s economic performance and the obligation to absorb the losses of, or right to receive benefits from, the VIE that could be potentially significant to the VIE. On a quarterly basis, the Company will reassess whether it has a controlling financial interest in any investments it has in these certain legal entities.

Leases

Leases are accounted for in accordance with ASC Topic 842, Leases ("ASC 842"). The Company enters into lease arrangements both as lessee and a lessor for office, laboratories and production facilities, vehicles and equipment. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances, the existence of an identified asset(s), if any, and the Company’s control over the use of the identified asset(s), if applicable.

Lessee arrangements

Operating lease liabilities and their corresponding right-of-use ("ROU") assets are recorded based on the present value of future lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company will utilize the incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment, and considering the region in which the ROU asset and liabilities are located.

The Company has elected to combine lease and non-lease components as a single component. Operating leases are recognized on the balance sheet as ROU lease assets, lease liabilities current and lease liabilities non-current. Fixed rents are included in the calculation of the lease balances, while variable costs paid for certain operating and pass-through costs are excluded. Lease expense is recognized over the expected term on a straight-line basis.

Finance leases are recognized on the balance sheet as property and equipment, finance lease liabilities current and finance lease liabilities non-current. Finance lease ROU assets and the related lease liabilities are recognized based on the present value of the future

minimum lease payments over the lease term at commencement date. The finance lease ROU assets are amortized on a straight-line basis over the lease term with the related interest expense of the lease liability payment recognized over the lease term using the effective interest method.

Lessor arrangements

For leases where the Company retains ownership of the underlying asset, the Company classifies the lease as an operating lease. Lease revenue is recognized on a straight-line basis and the associated asset is depreciated.

When control of the underlying asset is transferred to the lessee, the Company classifies the lease as sales-type lease. The Company derecognizes the asset, recognizes a net investment in the lease, and recognizes selling profit and interest income over the lease term. This classification applies if certain criteria are met, including transfer of ownership, a purchase option, a lease term covering a major part of the asset's life, the present value of payments covering substantially all of the asset's fair value, or the asset being specialized.

For all other leases that do not meet the sales-type criteria and meet conditions related to the sum of payments/residual value covering substantially all of the asset's fair value and the lessor's likelihood of collecting payments, the Company classifies as direct financing leases. Similar to sales-type leases, the Company recognizes a net investment. Selling profit is recognized as interest income using the effective interest method.

Impairment of Long-lived Assets

Long-lived assets consist primarily of property and equipment. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset is not recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the asset exceeds the fair value of the assets. The Company did not recognize any impairment losses for the three and nine months ended September 30, 2025 or 2024.

Secured Borrowing

Transfers of financial assets are accounted for under Accounting Standards Codification (ASC) 860, "Transfers and Servicing." The accounting treatment under ASC 860 depends on whether the transfer qualifies as a sale or a secured borrowing. A transfer is recognized as a sale only if the assets are legally isolated from the transferor, the transferee has the unrestricted right to pledge or exchange the assets, and the transferor does not retain effective control through repurchase agreements or other arrangements. When the transfer qualifies as a sale, the financial assets are derecognized from the transferor's balance sheet, and any resulting gain or loss on the sale is recognized in other income. In certain transactions, servicing responsibilities may be retained, which would represent continuing involvement. If the criteria for sale accounting are not met, the transaction is accounted for as a secured borrowing and the financial assets remain on the transferor's balance sheet.

In August 2025, the Company acquired Skyline (Note 12). Skyline previously entered into a discounting and factoring agreement to sell its customers’ accounts receivable on a recourse basis to a third-party financial institution. The aggregate amount available under the agreement is $2,570,033 as of September 30, 2025. This transaction is accounted for as a secured borrowing and the accounts receivable remain on the Company’s condensed consolidated balance sheets. Since the Skyline acquisition date through September 30, 2025, there were no accounts receivable designated as sold and derecognized.

Convertible Notes Payable

Convertible notes payable are accounted for in accordance with ASC Topic 825, Financial Instruments ("ASC 825"). Upon issuance the Company has elected the fair value option to account for the convertible notes payable. Changes in fair value during the reporting period are recognized in other income (expense) in the consolidated statement of operations and comprehensive loss.

Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standard Codification ("ASC") Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine the appropriate amount of revenue to be recognized for arrangements determined to be within the scope of ASC 606, the Company performs the following five steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect consideration it is entitled to in exchange for the goods or services it transfers to the customer.

The Company evaluates a transaction’s performance obligations to determine if promised goods or services in a contract to transfer a distinct good or service to the customer and are considered distinct when (i) the customer can benefit from the good or service on its own or together with other readily available resources and (ii) the promised good or service is separately identifiable from other promises in the contract. In assessing whether promised goods or services are distinct, the Company considers whether the goods or services are integral or dependent to other goods or services in the contract. The Company determines the transaction price based on the agreed government rates for the promised goods in the contract. The consideration is recognized as revenue when control is transferred for the related goods.

The Company enters into revenue generating transactions with radiopharmacy companies that include payment for delivery of nuclear medical doses for PET scanning in South Africa.

The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The Company receives payments from its customers based on billing schedules established in each contract. Upfront payments and fees are recorded as deferred revenue upon receipt or when due until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional.

In August 2025, the Company acquired Skyline (Note 12). Skyline performs public civil engineering works, including road and drainage works, under master construction agreements and other contracts with customer-specified requirements. These construction services are provided solely for the benefit of the Company’s customers, as the assets being created or maintained are controlled by them, and the services Skyline provide have no alternative use.

The performance obligation is satisfied when control of the promised goods or services is transferred to the customer over time, aligning with the ongoing services provided, with customers simultaneously receiving and benefiting from Skyline’s work. Contracts which include construction services are generally accounted for as a single deliverable (a single performance obligation). Skyline has not bundled any goods or services that are not considered distinct.

Revenue from public civil engineering works is recognized over time, using the output method based on surveys of completed work. These surveys are certified by architects, surveyors, or other customer-appointed representatives, or are estimated with reference to the progress payment applications submitted by Skyline to the customer.

Skyline’s cost of revenue is primarily comprised of the subcontracting costs, staff costs and materials costs. These costs are expensed as incurred. As part of ongoing work orders, Skyline may advance payments to subcontractors primarily due to projects that necessitate substantial cash flows for the procurement of materials required to achieve milestone and the set up of new work stages, which is included in prepaid expenses and other current assets. The cost of revenue associated with these advances is recognized upon the completion of the respective milestones and work stages, in accordance with Skyline ’s revenue recognition policy.

Skyline has enforceable rights to consideration from customers for the provision of roads and drainage services. Contract assets arise when Skyline has performed work under these contracts but has not yet received certification from independent surveyors appointed by customers. These assets represent Skyline ’s right to consideration for work completed but not yet billable. Skyline classifies these assets within “Prepaid expenses and other current assets” and ‘Other noncurrent assets’ on Skyline ’s condensed consolidated balance sheets. Contract assets are converted to accounts receivable on an ongoing basis upon certification surveyors. Retention receivables, included in contract assets, represent the amounts withheld from billings pursuant to provisions in the contracts and may not be paid until the completion of specific tasks or the completion of the project. Retention receivables may also be subject to restrictive conditions such as performance guarantees.

When consideration is received from a customer prior to transferring goods or services to the customer under the terms of a construction contract, a contract liability is recorded. The Company classifies these liabilities within “Other current liabilities” on the Company’s condensed consolidated balance sheets. Contract liabilities are recognized as revenue after control of the goods and services are transferred to the customer and all revenue recognition criteria have been met.

Research and Development Costs

Research and development costs consist primarily of fees paid to consultants, license fees and facilities costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. All research and development costs are expensed as incurred.

Selling, General and Administrative Costs

Selling, general and administrative expenses consist primarily of salaries and related benefits, including stock-based compensation expense, related to the Company's executive, finance, business development, legal, human resources and support functions. Other general and administrative expenses include professional fees for auditing, tax, consulting and patent-related services, rent and utilities and insurance.

Stock-based Compensation Expense

Stock-based compensation expense represents the cost of the grant date fair value of employee stock awards recognized over the requisite service period of the awards (usually the vesting period) on a straight-line basis. The Company estimates the fair value of each stock-based award on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model incorporates various assumptions, such as the value of the underlying common stock, the risk-free interest rate, expected volatility, expected dividend yield, and expected life of the options. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur.

The Company also awards restricted stock to employees and directors. Restricted stock is generally subject to forfeiture if employment terminates prior to the completion of the vesting restrictions. The Company expenses the cost of the restricted stock, which is determined to be the fair market value of the shares of common stock underlying the restricted stock at the date of grant, ratably over the period during which the vesting restrictions lapse.

Stock-based compensation expense is classified in the condensed consolidated statements of operations and comprehensive loss in the same manner in which the award recipients’ payroll costs are classified or in which the award recipients’ service payments are classified.

Income Taxes

Deferred income tax assets and liabilities arise from temporary differences associated with differences between the financial statements and tax basis of assets and liabilities, as measured by the enacted tax rates, which are expected to be in effect when these differences reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

The Company records the provision for income taxes for the activity from PET Labs and Skyline's operations.

The Company follows the provisions of ASC 740-10, Uncertainty in Income Taxes, or ASC 740-10. The Company has not recognized a liability for any uncertain tax positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there is no unrecognized benefit since the date of adoption. The Company has not recognized interest expense or penalties as a result of the implementation of ASC 740-10. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefits and penalties in income tax expense.

The Company has identified the United States, South Africa, Hong Kong and Guernsey as its major tax jurisdictions. Refer to Note 17 for further details.

Comprehensive Loss

Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s comprehensive loss is comprised of net loss and the effect of currency translation adjustments.

Related Parties

Parties, either an entity or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation

Recently Issued Accounting Pronouncements

The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. The Company does not expect the adoption of any recently issued pronouncements to have a material impact on its results of operations or financial position.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires an annual tabular effective tax rate reconciliation disclosure including information for specified categories and jurisdiction levels, as well as, disclosure of income taxes paid, net of refunds received, disaggregated by federal, state/local, and significant foreign jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption will have an impact on disclosures and not impact the Company’s consolidated results of operations, cash flows, nor financial position. The Company plans to adopt the ASU for the annual reporting period ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”) and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The Company is still assessing the impact of adopting this standard.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05") and is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted. ASU 2025-05 provides a practical expedient that allows entities to assume that conditions existing at the balance sheet date will remain unchanged over the remaining life of current accounts receivable and contract assets arising from revenue transactions under ASC 606. Additionally, entities other than public business entities that elect the practical expedient may also make an accounting policy election to consider subsequent collection activity occurring after the balance sheet date when estimating expected credit losses. The Company is still assessing the impact of adopting this standard.

In August 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans (“ASU 2024-08”) and is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years with early adoption permitted. ASU 2025-08 clarifies the accounting for purchased loans under the current expected credit loss (CECL) model, including guidance on recognizing and measuring expected credit losses and presentation of related amounts. The Company is still assessing the impact of adopting this standard.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06") and is effective January 1, 2028 with early adoption permitted. ASU 2025-06 modernizes the accounting for internal use software costs and requires entities to start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance can be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. The Company is still assessing the impact of adopting this standard.

3. Revenue and Segment Information

In connection with the Company's acquisition of 51% ownership of PET Labs in October 2023, the Company manufactures and sells nuclear medical doses for PET scanning in South Africa. In August 2025, the Company acquired 79% of Skyline, a Hong Kong-based company that generates revenue primarily through the provision of civil engineering services, including road and drainage construction for public infrastructure projects.

The following table presents revenue from continuing operations disaggregated by geography based on the Company’s locations:


	Revenues
	Three Months Ended September 30,				Nine Months Ended September 30,
Segment	2025		2024		2025		2024
South Africa	$	1,270,658	$	1,087,695	$	3,570,608	$	2,950,348
Hong Kong		3,618,868	—			3,618,868	—
Total Revenue	$	4,889,526	$	1,087,695	$	7,189,476	$	2,950,348

The following table presents changes in the Company’s accounts receivable for the nine months ended September 30, 2025:


	Balance as of December 31, 2024		Additions (a)		Deductions			Balance as of September 30, 2025
Accounts receivable	$	706,925	$	21,521,887	$	(4,803,132	)	$	17,425,680

(a)

The Company assumed a total of $17,734,627 of accounts receivable as part of the Skyline acquisition (Note 12).

Prior to the acquisition of Skyline, the Company did not recognize any contract assets or contract liabilities. Upon completion of the acquisition, the Company assumed a contract asset balance of $1,738,257 and a contract liability balance of $2,146,076 (Note 12).

As of September 30, 2025, contract assets, which are included in prepaid expenses and other current assets and other noncurrent assets on the condensed consolidated balance sheets, consisted of the following:


	September 30, 2025
Retention receivables of construction contracts	$	2,107,457
Less: Allowance for expected credit losses		(96,733	)
Total		2,010,724
Less: Contract assets noncurrent		(1,028,813	)
Contract assets current	$	981,911

As of September 30, 2025 there was an allowance for expected credit losses of $96,733. As of December 31, 2024 there was no allowance for expected credit losses.

As of September 30, 2025, contract liabilities, which are included in other current liabilities on the condensed consolidated balance sheets, consisted of the following:


	Contract Liabilities
Balance as of acquisition date of Skyline	$	2,146,076
Decrease as a result of recognizing revenue during the period		(1,507,999	)
Increase as a result of billings in advance of performance obligations under contracts		967,963
Foreign exchange impact		174,028
Balance as of September 30, 2025	$	1,780,068

Segment Information

Beginning in 2024, primarily as a result of increased business activities of its subsidiary, Quantum Leap Energy LLC, the Company had two operating segments: (i) nuclear fuels, and (ii) specialist isotopes and related services. Beginning in August 2025, primarily as a result of the acquisition of Skyline, the Company has three operating segments: (i) nuclear fuels, (ii) specialist isotopes and related services, and (iii) construction services.

The nuclear fuels segment is focused on research and development of technologies and methods used to produce high-assay low-enriched uranium (HALEU) and Lithium-6 for the advanced nuclear fuels target end market.

The specialist isotopes and related services segment is focused on research and development of technologies and methods used to separate high-value, low-volume isotopes (such as C-14, Mo-100 and Si-28) for highly specialized target end markets other than advanced nuclear fuels, including pharmaceuticals and agrochemicals, nuclear medical imaging and semiconductors, as well as services related to these isotopes, and this segment includes PET Labs.

The construction services segment is focused on public civil engineering services in Hong Kong, such as road and drainage works which includes construction of footway, drain, ducts, and pipelines. In executing these projects, the Company may be required to perform a range of activities including to (i) clear the construction site and make demolition of existing structures; (ii) install concrete and reinforcing steel bars; (iii) conduct excavation, deposition, disposal and compaction of fill material; and (iv) plant trees, plants, irrigation system and general establishment works.

The Company’s chief operating decision maker (“CODM”) is its chief executive officer. The segment revenue and segment net loss is regularly reviewed by the CODM in deciding how to allocate resources. Prior to the acquisition of Skyline, the Company managed assets on a total company basis, not by operating segment, as the assets are shared or commingled. After the acquisition of Skyline, the CODM regularly reviews any asset information by operating segment and, accordingly, asset information is reported on a segment basis.

The following table shows total assets by segment and a reconciliation to the condensed consolidated financial statements as of September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
Segment assets:
Specialist isotopes and related services	$	160,180,596	$	71,770,788
Nuclear fuels		23,226,493		22,577,200
Construction services		42,483,072		—
Total assets	$	225,890,161	$	94,347,988

Select information from the consolidated statements of operations and comprehensive loss as of the three months ended September 30, 2025 and 2024 is as follows:


	Revenues				Net Income (Loss) Before Allocation to Noncontrolling Interest
	Three Months Ended September 30,				Three Months Ended September 30,
Segment	2025		2024		2025			2024
Specialist isotopes and related services	$	1,270,658	$	1,087,695	$	(10,333,462	)	$	(3,722,764	)
Nuclear fuels		—		—		(2,850,669	)		(3,632,625	)
Construction services		3,618,868		—		290,529			—
	$	4,889,526	$	1,087,695	$	(12,893,602	)	$	(7,355,389	)

Select information from the consolidated statements of operations and comprehensive loss as of the nine months ended September 30, 2025 and 2024 is as follows:


	Revenues				Net Income (Loss) Before Allocation to Noncontrolling Interest
	Nine Months Ended September 30,				Nine Months Ended September 30,
Segment	2025		2024		2025			2024
Specialist isotopes and related services	$	3,570,608	$	2,950,348	$	(25,146,756	)	$	(14,637,771	)
Nuclear fuels		—		—		(71,655,966	)		(8,563,904	)
Construction services		3,618,868		—		290,529			—
	$	7,189,476	$	2,950,348	$	(96,512,193	)	$	(23,201,675	)

A reconciliation of total segment revenue to total consolidated revenue and of total segment gross profit and segment operating income to total consolidated income before income taxes, for the three months ended September 30, 2025 and 2024, is as follows:


	Three Months Ended September 30, 2025
	Specialist isotopes and related services			Nuclear fuels			Construction services			Total
Sales from external customers	$	1,270,658		$	—		$	3,618,868		$	4,889,526
Less: cost of sales		(1,028,695	)		—			(3,437,653	)		(4,466,348	)
Segment gross profit		241,963			—			181,215			423,178
Personnel expenses		5,454,155			2,511,535			69,838			8,035,528
Professional fees		2,426,377			409,663			42,397			2,878,437
Other segment expenses		4,125,667			301,954			48,531			4,476,152
Segment operating (loss) income		(11,764,236	)		(3,223,152	)		20,449			(14,966,939	)
Foreign exchange transaction loss		(14,855	)		(109	)		(26,942	)		(41,906	)
Change in fair value of share liability		(70,869	)		—			—			(70,869	)
Change in fair value of convertible notes payable		—			172,836			—			172,836
Interest income (expense), net		1,568,639			199,755			(70,336	)		1,698,058
Other income		—			—			388,847			388,847
Loss before income tax expense	$	(10,281,321	)	$	(2,850,670	)	$	312,018		$	(12,819,973	)


	Three Months Ended September 30, 2024
	Specialist isotopes and related services			Nuclear fuels			Corporate			Total
Sales from external customers	$	1,087,695		$	—		$	—		$	1,087,695
Less: cost of sales		(793,714	)		—			—			(793,714	)
Segment gross profit		293,981			—			—			293,981
Personnel expenses		2,989,446			364,812			—			3,354,258
Professional fees		780,953			598,800			—			1,379,753
Other segment expenses		792,234			201,359			—			993,593
Segment operating loss		(4,268,652	)		(1,164,971	)		—			(5,433,623	)
Foreign exchange transaction loss		—			—			(131,247	)		(131,247	)
Change in fair value of share liability		—			—			381,969			381,969
Change in fair value of convertible notes payable		—			(2,692,073	)		—			(2,692,073	)
Interest income (expense), net		511,215			—			—			511,215
Loss before income tax expense	$	(3,757,437	)	$	(3,857,044	)	$	250,722		$	(7,363,759	)

A reconciliation of total segment revenue to total consolidated revenue and of total segment gross profit and segment operating income to total consolidated income before income taxes, for the nine months ended September 30, 2025 and 2024, is as follows:


	Nine Months Ended September 30, 2025
	Specialist isotopes and related services			Nuclear fuels			Construction services			Total
Sales from external customers	$	3,570,608		$	—		$	3,618,868		$	7,189,476
Less: cost of sales		(2,429,707	)		—			(3,437,653	)		(5,867,360	)
Segment gross profit		1,140,901			—			181,215			1,322,116
Personnel expenses		13,367,793			5,557,173			69,838			18,994,804
Professional fees		6,657,502			1,062,807			42,397			7,762,706
Other segment expenses		8,333,749			1,070,187			48,531			9,452,467
Segment operating (loss) income		(27,218,143	)		(7,690,167	)		20,449			(34,887,861	)
Foreign exchange transaction loss		(112,954	)		(527	)		(26,942	)		(140,423	)
Change in fair value of share liability		(200,138	)		—			—			(200,138	)
Change in fair value of convertible notes payable		—			(64,542,295	)		—			(64,542,295	)
Interest income (expense), net		2,461,137			577,023			(70,336	)		2,967,824
Other income		—			—			388,847			388,847
Loss before income tax expense	$	(25,070,098	)	$	(71,655,966	)	$	312,018		$	(96,414,046	)


	Nine Months Ended September 30, 2024
	Specialist isotopes and related services			Nuclear fuels			Corporate			Total
Sales from external customers	$	2,950,348		$	—		$	—		$	2,950,348
Less: cost of sales		(1,956,473	)		—			—			(1,956,473	)
Segment gross profit		993,875			—			—			993,875
Personnel expenses		8,896,512			825,620			—			9,722,132
Professional fees		3,969,317			1,242,101			—			5,211,418
Other segment expenses		3,232,460			1,533,754			—			4,766,214
Segment operating loss		(15,104,414	)		(3,601,475	)		—			(18,705,889	)
Foreign exchange transaction loss		—			—			(129,443	)		(129,443	)
Change in fair value of share liability		—			—			327,969			327,969
Change in fair value of convertible notes payable		—			(5,220,599	)		—			(5,220,599	)
Interest income (expense), net		484,067			—			—			484,067
Loss before income tax expense	$	(14,620,347	)	$	(8,822,074	)	$	198,526		$	(23,243,895	)

4. Property and Equipment

Property and equipment as of September 30, 2025 and December 31, 2024 consisted of the following:


	Useful Lives (Years)	September 30, 2025			December 31, 2024
Construction in progress	-	$	4,463,904		$	13,969,784
Tools, machinery and equipment	3 - 10		7,443,457			5,898,618
Plant	10		19,083,569			2,269,204
Computer equipment	3 - 4		274,490			145,225
Vehicles	5		729,675			292,498
Software	5		612,693			1,590
Office furniture	5 - 10		264,965			147,079
Leasehold improvements	Lesser of estimated useful life or the remaining lease term		132,093			115,890
Property and equipment, at cost			33,004,846			22,839,888
Less accumulated depreciation			(2,074,611	)		(485,511	)
Property and equipment, net		$	30,930,235		$	22,354,377

The Company has three plants in Pretoria, South Africa: a Carbon-14 plant, a multi-isotope plant and a laser isotope separation plant using quantum enrichment technology. The multi-isotope plant and the laser isotope separation plant were completed in March 2025 and depreciation began in April 2025. The Carbon-14 plant was completed in June 2024 and depreciation began in July 2024. As of December 31, 2024, costs incurred for the multi-isotope plant and the laser isotope separation plant were considered construction in progress because the work was not complete. Depreciation expense was $567,724 and $175,916 for the three months ended September 30, 2025 and 2024, respectively. Depreciation expense was $934,650 and $425,630 for the nine months ended September 30, 2025 and 2024, respectively. Depreciation expense included as part of inventory costs was $217,950 and $543,160 for the three and nine months ended September 30, 2025, respectively.

5. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of September 30, 2025 and December 31, 2024 consisted of the following:


	September 30, 2025		December 31, 2024
Advances to subcontractors and suppliers	$	6,340,908	$	—
Advertising		999,743		—
Contract assets		981,911		—
Value-added tax refund receivable		521,115		1,575,368
Deferred offering costs		173,240		—
Deposits		96,231		—
Other		986,377		1,478,110
Total prepaid expenses and other current assets	$	10,099,525	$	3,053,478

6. Accrued Expenses

Accrued expenses as of September 30, 2025 and December 31, 2024 consisted of the following:


	September 30, 2025		December 31, 2024
Accrued salaries and other employee costs	$	2,847,526	$	1,584,273
Accrued professional		557,912		671,314
Accrued other		250,323		20,094
Total accrued expenses	$	3,655,761	$	2,275,681

7. Debt

Debt consisted of the following as of September 30, 2025 and December 31, 2024:


	September 30,			December 31,
	2025			2024
Promissory notes	$	—		$	409,696
Motor vehicle and equipment loans		1,976,438			1,970,700
Revolving credit facility		8,184,609			—
Secured term loans		690,878			—
Receivables financing facility (secured borrowing)		2,570,033			—
Other borrowings		514,007			—
Total debt		13,935,965			2,380,396
less current portion of debt		(12,401,279	)		(939,110	)
Long term portion of debt	$	1,534,686		$	1,441,286

There is no material covenant stated for all debt outstanding. Credit facility and term loans contain a repayment on demand clause. Management believes the carrying values of debt outstanding approximates fair value based on the interest rates and scheduled maturities applicable to the outstanding borrowings.

Promissory Note Payable

During 2021, the Company executed a promissory note payable with an aggregate principal balance of $33,500 (25,000 GBP). The note was due after a period of two months, followed by mutually agreed upon monthly extensions, and does not bear interest. As of September 30, 2025 and December 31, 2024, the promissory note payable balance was $0 and $31,380, respectively. This note was paid in full on April 2, 2025.

In November 2024, the Company executed a promissory note payable with a finance company to fund its directors and officers’ insurance policy for $500,923. This note bears interest at an annual rate of 8.45% with seven monthly payments beginning in December 31, 2024. The note was repaid in full in June 2025. In November 2023, the Company executed a promissory note payable with a finance company to fund its directors and officers' insurance policy for $526,282. This note bore interest at an annual rate of 8.74% with six monthly payments beginning in December 2023. The note was repaid in full in May 2024. No interest expense was recorded for the three months ended September 30, 2025 and 2024. For the nine months ended September 30, 2025 and 2024, the Company recorded interest expense of $9,378 and $11,247, respectively. As of September 30, 2025 and December 31, 2024, the promissory note payable balance was $0 and $378,316, respectively.

Motor Vehicle and Equipment Loans

Periodically, the Company enters into loans to purchase motor vehicles and certain equipment. For the nine months ended September 30, 2025, the Company entered into new loans totaling $306,691. For the year ended December 31, 2024, the Company entered into loans totaling $2,020,511. These loans are secured by the underlying assets included in property and equipment. The loans have variable interest rates ranging from 9.9% to 11.75% and mature from September 2028 to March 2030. Minimum monthly payments total $53,378. For the three months ended September 30, 2025 and 2024, interest expense under the outstanding loans was $49,516 and $0, respectively. For the nine months ended September 30, 2025 and 2024, interest expense under the outstanding loans was $165,302 and $0, respectively. As of September 30, 2025 and December 31, 2024, motor vehicle and equipment loans totaled $1,976,438 and $1,970,700, respectively.

Revolving Credit Facilities

Skyline has several secured revolving credit facilities to provide working capital with total commitments of up to $8,184,609 (HK$63,608,752) with maturities ranging from October 2025 through March 2030. Since the credit facilities contain a repayment on demand clause, they are included in debt - current in the condensed consolidated balance sheets. These credit facilities bear interest at an annual interest rate indexed to Hong Kong Interbank Offered Rate (“HIBOR”) ranging from 3.55% to 6.47%. The credit facilities are secured by personal guarantees from Mr. Ngo Chiu Lam and Mr. Wong Chak Lam and the entire life insurance policy from Mr. Ngo Chiu Lam and Mrs. Po Lok Sze. The cash surrender value is US$1,381,153 as of date of transfer to bank in March 2025. As of September 30, 2025, the outstanding principal balance on these credit facilities was $8,184,609 with a weighted average interest of 4.91%. For the three and nine months ended September 30, 2025, interest expense under the credit facilities was $33,397. There was no interest expense under the credit facilities for the three and nine months ended September 30, 2024.

Secured Term Loans

Skyline has several term loans with original principal amount of totaling $1,156,515 (HK$9,000,000), with maturity ranging from April 2031 through June 2033. Since the term loans contain a repayment on demand clause, they are included in debt - current in the condensed consolidated balance sheets. The term loans bear interest at an annual interest rate of HSBC Prime Lending Rate minus 2.25%. As of September 30, 2025, the outstanding principal balance on these term loans were $690,878 with weighted-average interest rate of 3%. The term loans are secured by Mr. Ngo Chiu Lam. For the three and nine months ended September 30, 2025, interest expense under the term loans was $1,720. There was no interest expense under the term loans for the three and nine months ended September 30, 2024.

Receivables financing facility (secured borrowing)

Skyline maintains a receivables financing facility with a maximum borrowing capacity of $2,570,033 (HK$20,000,000). Under the facility, Skyline pledges certain trade receivables as collateral and may obtain advances up to the lesser of the facility limit or the borrowing base. The arrangement does not meet the criteria for sale accounting under ASC 860 and is accounted for as a secured borrowing. Accordingly, the pledged receivables remain in trade receivables, and advances are recorded as receivables financing facility within debt. The interest rate for the factoring agreement is 2% per annum over 1-month HIBOR on such day. The loan is repayable 90 days from the date of drawdown and secured by personal guarantees from Mr. Ngo Chiu Lam and Mr. Wong Chak Lam. As of September 30, 2025 and December 31, 2024, outstanding borrowings under the facility were $2,570,033 and $0, respectively. The weighted-average interest rate on outstanding borrowings was 5.21%. Trade receivables pledged as collateral totaled $2,570,033 (Note 2). Borrowings and repayments under the receivables financing facility are presented as financing activities in the condensed consolidated statements of cash flows. Interest and service charge are included within “Interest expense” in the condensed consolidated

statements of operations. For the three and nine months ended September 30, 2025, interest expense under the receivable financing facility was $14,162. There was no interest expense under the receivable financing facility for the three and nine months ended September 30, 2024.

Other Debt

Skyline has an export invoice finance facility for borrowing against outstanding accounts receivables in an aggregate amount not to exceed $514,007 (HK$4,000,000). The loan is secured by an assignment of receivables. The interest rate for the export invoice finance facility is 12% per annum. The loan is repayable 9 months from the date of drawdown. As of September 30, 2025, the outstanding principal balance on the export invoice finance facility was $514,007. For the three and nine months ended September 30, 2025, interest expense under the export invoice finance facility was $9,621. There was no interest expense under the export invoice finance facility for the three and nine months ended September 30, 2024.

Scheduled maturities of the Company’s debt as of September 30, 2025 are as follows:


2025 (remaining three months)	$	10,058,292
2026		1,308,656
2027		759,368
2028		788,321
2029		626,630
Thereafter		394,698
Total notes payable	$	13,935,965
Less debt - current		(12,401,279	)
Debt -noncurrent	$	1,534,686

Convertible Notes Payable

In March 2024, QLE issued convertible notes payable (“March 2024 Convertible Notes”) totaling $21,063,748 and received aggregate cash of $20,550,000. One of the notes totaling $513,748 was issued to the placement agent in lieu of cash issuance costs. Issuance costs paid in cash totaling $521,423 and the value of the note issued to the placement agent were expensed in selling, general and administrative costs in the condensed consolidated statement of operations and comprehensive loss for the nine months ended September 30, 2024.

In June 2024, QLE issued additional convertible notes payable (“June 2024 Convertible Notes”) totaling $5,494,395 and received aggregate cash of $5,386,228. One of the notes totaling $108,167 was issued to the placement agent in lieu of cash issuance costs and was expensed in selling, general and administrative costs in the condensed consolidated statement of operations and comprehensive loss for the three and nine months ended September 30, 2024. Issuance costs paid in cash were negligible. The March 2024 Convertible Notes and the June 2024 Convertible Notes are collectively the “Convertible Notes”.

The Convertible Notes are payable on demand in March 2029 and bear an annual interest rate of 6% through March 7, 2025 and 8% thereafter. Upon a qualified financing event the Convertible Notes convert into the shares issued in that qualified financing event at a price per share equal to 80% of the share price issued subject to a valuation cap. Upon a qualified transaction, the noteholders may elect to receive either 1.5x the principal and accrued interest balance in cash or convert into common shares.

The Convertible Notes are recorded on the condensed consolidated balance sheet at their fair values. The fair value of the March Convertible Notes on the date of issuance was $21,063,748. The fair value of the June Convertible Notes on the date of issuance was $5,494,395. The fair value of the Convertible Notes as of September 30, 2025 has been determined to be $97,975,479 and the resultant change in fair value of $172,836 and $64,542,295 has been recorded in other income and expense in the condensed consolidated statement of operations and comprehensive loss for the three and nine months ended September 30, 2025. The change in fair value of $2,692,073 and $5,220,599 has been recorded in other income and expense in the condensed consolidated statement of operations and comprehensive loss for the three and nine months ended September 30, 2024. As of September 30, 2025, the total principal and accrued interest of the Convertible Notes is $29,275,281 of which $2,717,138 relates to the interest portion. The Company announced plans to list QLE as a standalone public company in the second half of 2025. The Company has also announced QLE and certain of its subsidiaries have entered into a loan agreement with TerraPower, a US nuclear innovation company, for a multiple advance term loan of up to $22,000,000 related to financing support for the construction of a new uranium enrichment facility capable of producing HALEU in South Africa. Per the terms of the loan agreement and subject to the satisfaction of various conditions precedent to each disbursement (including receiving all required licenses and permits to perform uranium enrichment in South Africa), the borrower could receive aggregate loan disbursements of $20,000,000.

8. Deferred Revenues

In June 2023, the Company entered into a Supply Agreement with a customer for the delivery of Molybdenum-100 and Molybdenum-98. In conjunction with the Supply Agreement, the Company received $882,000 in September 2023, as an advance towards future revenue. The Company has recorded $882,000 as deferred revenue on the balance sheet as of September 30, 2025 and December 31, 2024.

9. Commitments and Contingencies

Commitments

Share Purchase Agreement relating to PET Labs

On October 31, 2023, the Company entered into a Share Purchase Agreement with Nucleonics Imaging Proprietary Limited, a company incorporated in the Republic of South Africa (the “Seller”), relating to the purchase and sale of ordinary shares in the issued share capital of Pet Labs. PET Labs is a South African radiopharmaceutical operations company, dedicated to nuclear medicine and the science of radiopharmaceutical production.

Under the Purchase Agreement, the Company has agreed to purchase from the Seller 51 ordinary shares in the issued share capital of PET Labs (the “Initial Sale Shares”) (representing 51% of the issued share capital of PET Labs) and has an option to purchase from the Seller the remaining 49 ordinary shares in the issued share capital of PET Labs (the “Option Shares”) (representing the remaining 49% of the issued share capital of PET Labs). The Company agreed to pay to the Seller an aggregate of $2,000,000 for the Initial Sale Shares, of which aggregate amount of $500,000 was payable on the completion of the sale of the Initial Sale Shares and $1,500,000 is

payable on demand after one calendar year from the agreement date. In January 2024, the Company agreed to pay $264,750 to the Seller. The Company paid an additional $750,000 in January 2025, leaving a balance due for the Initial Sale Shares as of September 30, 2025 of $485,250, which is recorded in other current liabilities on the condensed consolidated balance sheet. If the Company exercises its option to purchase the Option Shares (which option is exercisable from the agreement date until January 31, 2027, provided that the Initial Sale Shares have been paid for in full), the Company has agreed to pay $2,200,000 for the Option Shares upon exercise.

PET Labs Global

In August 2024, PET Labs Global entered into a three-year service agreement with Cayman Enterprise City and is licensed to operate from within the Cayman Islands’ Special Economic Zone (“SEZ”). The service fee includes among other things the right to use certain office space and associated facilities within the SEZ. The Company has applied the guidance in ASC 842 and determined that this agreement is not a leasing arrangement. Management has determined that based on the nature of the combined services the expense should be recognized as incurred.

Renergen Firm Intention Letter and Loan Agreement

On March 31, 2025, after the annual report on Form 10-K was filed, the Company entered into an Exclusivity Agreement with Renergen Limited (“Renergen”) an entity in South Africa listed on the Johannesburg Stock Exchange (“JSE”) and the Australian Stock Exchange. On May 18, the Exclusivity Agreement was amended. Per the terms of the amended Exclusivity Agreement, the Company received the rights to negotiate the terms of the acquisition of Renergen during an exclusive negotiation period that ends on May 31, 2025. In April 2025, the Company paid an exclusivity fee of $10,000,000 to Renergen.

As contemplated in the Exclusivity Agreement signed on March 31, 2025 and amended on May 18, 2025, the Company entered into a Firm Intention Letter with Renergen on May 19, 2025. The Firm Intention Letter sets the acquisition terms for the Company to purchase 100% of the outstanding shares of Renergen in exchange for shares of the Company. The completion of the acquisition is subject to several closing conditions including Renergen shareholder approval, which was obtained on July 10, 2025.

In addition, the Company entered into a loan agreement with Renergen ("Renergen Loan") in which a total of $30,000,000 will be provided by the Company in periodic payments for the purpose of funding Renergen’s operations. In conjunction with the Rengergen Loan, the full amount of the previously paid exclusivity fee of $10,000,000 is applied to the Renergen Loan. The remaining $20,000,000 available under the Renergen Loan was paid by the Company to Renergen in June 2025. The Renergen Loan matured and repayment was due on September 30, 2025 and bears interest at the South African Prime Rate which is currently 10.50%. The Loan Agreement was amended to extend the repayment date to November 28, 2025. Interest income accrued under the Renergen Loan was $825,346 and $1,189,144 for the three and nine months ended September 30, 2025

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues liabilities for such matters when future expenditures are probable and such expenditures can be reasonably estimated.

On December 4, 2024, a purported stockholder of the Company filed a putative securities class action on behalf of purchasers of the Company’s securities between October 30, 2024 through November 26, 2024 against ASP Isotopes Inc. and certain of its executive officers in the United States District Court for the Southern District of New York (Corredor v. ASP Isotopes Inc., et al., Case No. 1:24-cv-09253 (S.D.N.Y)) (the “Securities Class Action”). The Securities Class Action alleges that the Company, its chief executive officer and chief financial officer (“Defendants”) made materially misleading or false statements or omissions regarding the Company’s business and asserts purported claims under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated thereunder. The complaint seeks unspecified compensatory damages, attorney’s fees and costs. On May 2, 2025, the Court appointed Mark Leone (“Leone”) as lead plaintiff and directed the Clerk of court to amend the caption to substitute Leone for Alexander Corredor as plaintiff. On May 2, 2025, the Court also appointed lead counsel and set deadlines for filing an amended consolidated class action complaint and briefing schedules for a motion to dismiss, if any, and class certification. On May 27, 2025, Leone and two additional named plaintiffs (“Plaintiffs”) filed the amended class action complaint (“Amended Complaint”), that asserts the same causes of action and seeks the same relief as the initial complaint and is based upon substantially similar factual allegations as the initial complaint. On June 27, 2025, Defendants filed a motion to dismiss the Amended Complaint. Also on June 27, 2025, Plaintiffs filed a motion for class certification. On July 25, 2025, Plaintiffs filed an opposition to Defendants’ motion to dismiss. Also on July 25, 2025, Defendants filed an opposition to Plaintiffs’ motion for class certification. Defendants intend to vigorously defend against the Securities Class Action; however, the Company cannot be certain of the outcome and, if decided adversely to us, our business and financial condition may be adversely affected.

In addition to the matters described above, from time to time, we may become subject to arbitration, litigation or claims arising in the ordinary course of business. The results of any current or future claims or proceedings cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and litigation costs, diversion of management resources, reputational harm and other factors.

10. Leases

Operating leases

The Company is party to several facility leases in South Africa and Hong Kong for office, manufacturing and laboratory space. Dr. Gerdus Kemp, an officer of PET Labs and an employee of ASP UK, is the sole owner of a leased office and production facility in Pretoria, South Africa. A lease for production space in Pretoria, South Africa is being accounted for as a short-term lease effective with the acquisition of 51% of PET Labs.

Quantitative information regarding the Company’s operating lease liabilities is as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Operating Lease Cost
Operating lease cost	$	209,484		$	173,231		$	552,126		$	489,823
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities	$	201,746		$	169,241		$	534,410		$	474,616
Operating lease liabilities arising from obtaining right-of- use assets	$	14,761		$	—		$	114,444		$	364,458
Weighted average remaining lease term (years)		3.45			3.69			3.45			3.69
Weighted average discount rate		8.80	%		9.99	%		8.80	%		9.99	%

Future lease payments under noncancelable operating lease liabilities as of September 30, 2025 are as follows:


	Operating Leases
Future Lease Payments
2025 (remaining three months)	$	222,628
2026		380,063
2027		183,300
2028		166,577
2029		157,372
Thereafter		169,175
Total lease payments	$	1,279,115
Less: imputed interest		(192,558	)
Total operating lease liabilities	$	1,086,557
Less current portion	$	(468,569	)
Operating lease liability - noncurrent	$	617,988

The Company records the expense from short-term leases as incurred. Lease expense from short-term leases was $95,766 and $59,562 for the nine months ended September 30, 2025 and 2024, respectively, and $32,316 and $15,750 for the three months ended September 30, 2025 and 2024, respectively.

Financing leases

The Company is party to several ongoing finance leases in South Africa and Hong Kong for vehicles and equipment. Some of these finance leases include arrangements with variable interest rates indexed to the prime interest rate in South Africa. The variable interest expense was $1,798 and $0 for the nine months ended September 30, 2025 and 2024, respectively. There was no variable interest expense for the three months ended September 30, 2025 and 2024. The Company elects to include finance lease right-of-use assets in property and equipment, net.

Quantitative information regarding the Company’s finance lease liabilities is as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Finance Lease Cost
Interest on lease liabilities	$	21,446		$	138,652		$	65,407		$	162,858
Other Information
Operating cash flows paid for amounts included in the measurement of finance lease liabilities	$	42,704		$	291,546		$	104,447		$	330,392
Amortization of right-of-use assets	$	26,797		$	54,347		$	85,351		$	73,659
Weighted average remaining lease term (years)		3.5			4.7			3.5			4.7
Weighted average discount rate		12.7	%		12.5	%		12.7	%		12.5	%

Future lease payments under noncancelable finance lease liabilities are as follows as of September 30, 2025:


	Finance Leases
Future Lease Payments
2025 (remaining three months)	$	68,165
2026		231,049
2027		225,841
2028		185,968
2029		72,273
Thereafter		70,851
Total lease payments	$	854,147
Less: imputed interest		(195,585	)
Total lease liabilities	$	658,562
Less current portion	$	(166,459	)
Finance lease liability - noncurrent	$	492,103

Lease receivable

The Company leases certain equipment to customers under sales-type leases and records the leases within lease receivables on the Company’s condensed consolidated balance sheets and records interest income in the Company’s condensed consolidated statements of

operations and comprehensive loss. The Company does not have significant variable lease payments or residual value guarantees associated with these leases. Credit risk is monitored regularly, and no allowance for credit losses was recorded as of the reporting date.

The Company’s net investment in sales-type leases were comprised of the following:


	September 30, 2025
Total undiscounted cash flows	$	1,027,450
Present value discount		(600,494	)
Net investment in sales-type leases	$	426,956
Less current portion	$	(16,733	)
Net investment in sales-type leases - noncurrent	$	410,223

Future minimum lease payments to be collected under sales-type leases, excluding lease payments that are not fixed and determinable, as of September 30, 2025 are as follows:


	Sales-type Leases
Future Lease Payments To Be Collected
2025 (remaining three months)	$	27,038
2026		108,153
2027		108,153
2028		108,153
2029		108,153
Thereafter		567,800
Total undiscounted cash flows	$	1,027,450

Interest income recognized from sales-type leases during the three and nine months ended September 30, 2025 was $22,784 and $44,540.

11. License Agreements

Klydon Proprietary Ltd (“Klydon”)

In July 2022, ASP UK entered into a license agreement with Klydon, as licensor, pursuant to which ASP Isotopes UK Ltd acquired from Klydon an exclusive license to use, develop, modify, improve, subcontract and sublicense certain intellectual property rights relating to the ASP technology for the production, distribution, marketing and sale of all isotopes produced using the ASP technology (the “Klydon license agreement”). The Klydon license agreement is royalty-free, has a term of 999 years and is worldwide for the development of the ASP technology and the distribution, marketing and sale of isotopes. Future production of isotopes is limited to member countries of the Nuclear Suppliers Group. In connection with the Klydon license agreement, the Company agreed to make an upfront payment of $100,000 (to be included within the payments the Company makes under the Turnkey Contract) and deferred payments of $300,000 over 24 months, which was expensed to research and development expense.

TerraPower, LLC

TerraPower Agreement

On April 4, 2024, the Company entered into an agreement with TerraPower LLC (“TerraPower”) to develop a conceptual design, refined cost/schedule/financing, risk register, and term sheet for a High Assay Low Enriched Uranium (“HALEU”) facility (the “TerraPower Agreement”). The TerraPower Agreement may be terminated for (a) breach or default, (b) the Company’s convenience or (c) TerraPower’s convenience. TerraPower is obligated to make all payments for milestones completed by the Company and these payments are nonrefundable.

On October 18, 2024, the Company and TerraPower signed a term sheet (the “TerraPower Term Sheet”) that provides for the execution of two definitive agreements: (1) an agreement pursuant to which TerraPower will provide funding for the Company’s construction of a uranium enrichment facility capable of producing HALEU using the Company’s proprietary aerodynamic separation process technology to be located in the Republic of South Africa and (2) An agreement pursuant to which the Company will deliver to TerraPower the full capacity of the enrichment facility.

The Company accounts for the TerraPower Agreement in accordance with ASC 808. The Company has concluded that other authoritative accounting literature does not apply directly to these payments from TerraPower, either directly or by analogy, including ASC 606 because TerraPower is not a customer. The Company has concluded that TerraPower is not a customer because TerraPower has not contracted with the Company to obtain goods or services that are an output of the Company’s ordinary activities in exchange for consideration. The Company also has concluded that there is no other authoritative accounting literature that is appropriate to apply by analogy, and, accordingly, its accounting policy is to evaluate the income statement classification for presentation of amounts associated with each separate activity. As a result, the Company concludes that all portions of the net receivable from TerraPower are directly related to the conceptual design of the HALEU facility. Furthermore, the Company and TerraPower will jointly develop criteria for optimization of the HALEU facility’s operations. TerraPower shares the risks and rewards of designing the HALEU facility since its successful completion will enable TerraPower to purchase output from the HALEU facility in the future.

For the three and nine months ended September 30, 2025, no collaboration revenue was recognized in the condensed consolidated statements of operations and comprehensive loss.

TerraPower Loan Agreement and HALEU Supply Agreements

In May 2025, the Company entered into a Loan Agreement with TerraPower, which provides conditional commitments from TerraPower to the Company through one of its wholly-owned U.S.-based subsidiaries (“Borrower”) for a multiple advance term loan totaling $22,000,000 for the purpose of partially funding the construction of a proposed new uranium enrichment facility in South Africa. The total loan amount is inclusive of a 10% original issue discount on each disbursement and carries a fixed interest rate of 10% per annum. Per the terms of the Loan Agreement and subject to the satisfaction of various conditions precedent to disbursements (including receiving all required licenses and permits to perform uranium enrichment in South Africa), the Company will receive aggregate loan disbursements of $20,000,000. The Loan Agreement matures on May 16, 2032. Interest will begin accruing upon each milestone disbursement received by the Company and will be added to the principal balance until November 2027. Principal and interest

payments will be made in 60 equal installments beginning in November 2027. The Company does not plan to request a drawdown on this loan until early 2026 when construction of the uranium enrichment facility is expected to begin.

In addition to a loan agreement, the Company and TerraPower have entered into two supply agreements for the HALEU expected to be produced at the Company’s uranium enrichment facility. The initial core supply agreement is intended to support the supply of the required first fuel cores for the initial loading of TerraPower’s Natrium project in Wyoming. The long-term supply agreement is a 10-year supply agreement of up to a total of 150 metric tons of HALEU, commencing in 2028 through end of 2037.

12. Acquisitions

PET Labs

In October 2023, the Company completed the acquisition of PET Labs. The acquisition is intended to accelerate the distribution of the Company’s pipeline.

Pursuant to the terms of the agreement, the Company acquired 51% of the common shares issued and outstanding for total purchase consideration of $2,000,000 in cash of which $500,000 was paid up front. In January 2025 and 2024, the Company made a partial payment of $750,000 and $264,750, respectively. The balance as of September 30, 2025 and December 31, 2024 was $485,250 and $1,235,250, respectively, and is expected to be paid in December 2025. It is recorded in other current liabilities on the condensed consolidated balance sheet.

In addition to the purchase consideration, the Company has an option to purchase the remaining 49% of the issued and outstanding shares for an agreed consideration totaling $2,200,000. No consideration or value relating to this option was recognized as it was not considered probable at the time of acquisition and as of September 30, 2025.

Dr. Gerdus Kemp is an officer of PET Labs and, effective November 1, 2023, an employee of ASP Guernsey. In addition, Dr. Kemp controls the remaining 49% ownership of PET Labs.

The Company accounts for business combinations in accordance with ASU No. 2015-16, Business Combinations (Topic 805), which requires an acquirer to retrospectively adjust provisional amounts recognized in a business combination during the measurement period (which represents a period not to exceed one year from the date of the acquisition), in the reporting period in which the adjustment is determined, as well as present separately on the face of the income statement or as a disclosure in the notes to the consolidated financial statements, the portion of the amount recorded in current period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date.

The changes to the carrying value of goodwill, which is included in the nuclear fuels segment, is as follows:


Balance as of December 31, 2023	$	3,267,103
Translation adjustment		(99,002	)
Balance as of December 31, 2024	$	3,168,101
Translation adjustment		289,694
Balance as of September 30, 2025	$	3,457,795

ASP Rentals

In December 2023, ASP South Africa entered into a Shareholders Agreement (“ASP Rentals Shareholders Agreement”) with ASP Rentals, a newly formed equipment financing service provider formed for the sole purpose of providing financing to ASP South Africa for its significant asset purchases in South Africa. In accordance with the terms of the ASP Rentals Shareholders Agreement, ASP Rentals issued 24% of its capital stock to ASP South Africa for total consideration of ZAR 3,300,829 (which at the exchange rate as of December 31, 2023 was $180,387) and the remaining 76% of its capital stock was issued to two third party entities for combined consideration of ZAR 13,203,317 (which at the exchange rate as of December 31, 2023 was $721,548).

In June 2024, ASP Rentals issued additional capital stock to support additional financing to ASP South Africa and PET Labs. Per the terms of the ASP Rentals Shareholder Agreement, ASP Rentals issued 20% of the new capital to ASP South Africa for total consideration of ZAR 3,671,412 (which at the exchange rate as of June 30, 2024 was $201,994) and the remaining 80% of the new capital to one of the two original third party entities for a combined consideration of ZAR 18,357,063 (which at the exchange rate as of June 30, 2024 was $1,009,969).

In August 2024, ASP Rentals issued additional capital stock to support additional financing to PET Labs. Per the terms of the ASP Rentals Shareholder Agreement, ASP Rentals issued 20% of the new capital to ASP South Africa for total consideration of ZAR 369,965 (which at the exchange rate as of August 23, 2024 was $21,421) and the remaining 80% of the new capital to one of the two original third party entities for a combined consideration of ZAR 1,849,826 (which at the exchange rate as of August 23, 2024 was $104,925).

In December 2024, ASP Rentals issued additional capital stock to support additional financing to ASP South Africa. Per the terms of the ASP Rentals Shareholder Agreement, ASP Rentals issued 20% of the new capital to ASP South Africa for total consideration of ZAR 130,000 (which at the exchange rate as of December 31, 2024 was $6,889) and the remaining 80% of the new capital to one of the two original third party entities for a combined consideration of ZAR 650,000 (which at the exchange rate as of December 31, 2024 was $35,746).

As a result of the additional financings in 2024, ASP South Africa now controls 42% of ASP Rentals.

In addition to issuance of these shares, future ASP South Africa and PET Labs Pharmaceutical equipment purchases may also be financed by ASP Rentals through the issuance of additional shares. ASP South Africa will only be entitled to dividend distributions upon the two third party entities receiving a designated return on their investment.

In conjunction with the ASP Rental Shareholders Agreement, ASP South Africa and PET Labs have both entered into an Asset Sale Agreement and an Asset Rental Agreement with ASP Rentals in order to facilitate the financing of equipment recently purchased by ASP South Africa and PET Labs. As a result of the transactions contemplated by these agreements, collectively, ASP Rentals is considered a variable interest entity. In addition, since the only function of ASP Rentals is to provide financing to ASP South Africa and PET Labs, ASP Isotopes is considered to be the primary beneficiary of ASP Rentals. Therefore, ASP Rentals has been consolidated in accordance with ASC 810.

Skyline Builders Group Holding Ltd.

In August 2025, Skyline closed a private placement (the “Skyline Private Placement”) pursuant to which Skyline issued and sold (i) 1,359,314 Class A Ordinary Shares, (ii) prefunded warrants to purchase 22,990,000 Class A Ordinary Shares, at an exercise price of $0.0001 per share (“Prefunded Warrants”) (iii) Class A Ordinary Share Purchase Warrant As to purchase up to 24,349,314 Class A Ordinary Shares, at an exercise price of $0.60 per share (“A Warrants”), (iv) Class A Ordinary Share Purchase Warrant Bs to purchase up to 24,349,314 Class A Ordinary Shares, at an exercise price of $0.65 per share (“B Warrants” and together with the Prefunded Warrants and A Warrants, “Warrants”), and (v) placement agent warrants to purchase 1,947,945 Class A Ordinary Shares issued to the placement agents of the Private Placement as compensation. Skyline received aggregate gross proceeds of $17,775,000 from the Private Placement, before deducting fees and offering expenses. Approximately $7,000,000 of the proceeds from the Private Placement was used to retire 18,500,000 Class A Ordinary Shares owned by Supreme Development (BVI) Holdings Limited, Skyline’s previous controlling shareholder.

In August 2025, QLE completed an acquisition of Skyline. QLE entered into a Stock Purchase Agreement to purchase all 1,995,000 of Skyline's Class B Ordinary Shares for the aggregate purchase price of $1,000,000 ("Skyline Stock Agreement"). Additionally, QLE entered into a Securities Purchase Agreement to purchase (i) 454,794 Class A Ordinary Shares, (ii) a Prefunded Warrant to purchase 1,600,000 Class A Ordinary Shares at an exercise price of $0.0001 per share, (iii) a Class A Ordinary Share Purchase Warrant A to purchase up to 2,054,794 Class A Ordinary Shares at an exercise price of $0.60 per share , and (iv) a Class A Ordinary Share Purchase Warrant B to purchase 2,054,794 Class A Ordinary Shares at an exercise price of $0.65 per share, for the aggregate purchase price of $1,500,000 ("Skyline Purchase Agreement").

In addition, on August 29, 2025, Paul Mann, Executive Chairman of the Company and Chairman of the Board of Managers of QLE, purchased, as an individual investor: (i) 454,657 Class A Ordinary Shares, (ii) Prefunded Warrant to purchase 2,970,000 Class A Ordinary Shares, (iii) A Warrant to purchase 3,424,657 Class A Ordinary Shares, and (iv) B Warrant to purchase 3,424,657 Class A Ordinary Shares, for the aggregate purchase price of $2,500,000, pursuant to the Purchase Agreement. Further, on October 28, 2025, Mr. Mann purchased, as an individual investor: (i) 727,272 Class A Ordinary Shares and (ii) A Warrant to purchase 727,272 Class A Ordinary Shares.

Each Class A Ordinary Share shall entitle the holder thereof to one (1) vote on all matters subject to vote at general meetings of Skyline, and each Class B Ordinary Share shall entitle the holder thereof to twenty (20) votes on all matters subject to vote at general meetings of Skyline. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares. In no event shall Class B Ordinary Shares be convertible into Class A Ordinary Shares. On the acquisition date, QLE became the holder of 79.14% of the aggregate voting power represented by all of Skyline's outstanding Class A ordinary shares and Class B ordinary shares and thereby gaining control over Skyline.

Effective September 18, 2025, Dr. Ryno Pretorius, Chief Executive Officer of QLE LLC, was appointed as an independent director of Skyline. In addition, an employee of ASP Isotopes was appointed as an independent director of Skyline. On November 5, 2025, the board of directors of Skyline appointed Paul E. Mann (Executive Chairman of the Company and Chairman of the Board of Managers of QLE) as Executive Chairman of Skyline, effective January 1, 2026. In connection with his appointment, Skyline entered into an executive employment agreement with Mr. Mann, effective January 1, 2026.

The following table summarizes the consideration transferred to acquire Skyline and the amounts of identified assets acquired and liabilities assumed, as well as the fair value of the noncontrolling interest in Skyline at the acquisition date:


Fair value of business combination
Cash consideration	$	2,500,000
Identifiable assets acquired and liabilities assumed
Cash and cash equivalents		9,137,076
Accounts receivable		17,734,627
Prepaid expenses and other current assets		5,725,879
Property and equipment, net		487,547
Operating lease right-of-use asset, net		88,544
Deferred tax assets		67,414
Identifiable intangible assets		1,230,000
Equity method investments		1,320,355
Other non-current assets		4,247,008
Accounts payable		(2,289,253	)
Debt - current		(11,940,389	)
Finance lease liability - current		(17,961	)
Operating lease liability - current		(75,501	)
Due to related partiets		(2,842,263	)
Other current liabilities		(3,657,441	)
Deferred tax liabilities		(307,500	)
Other noncurrent liabilities		(34,287	)
Total identifiable assets acquired and liabilities assumed		18,873,855
Goodwill		3,387,944
Noncontrolling interest		(19,761,799	)
Total purchase consideration	$	2,500,000

The initial allocation of the purchase price is based upon a preliminary valuation, and accordingly, our estimates and assumptions are subject to change as we obtain additional information during the measurement period. QLE anticipates finalizing the purchase price allocation within 12 months from the acquisition date.

Goodwill arising from the acquisition as of August 29, 2025 of $3,387,944 was attributable mainly to the further acquisition opportunities of Skyline. QLE expects that no goodwill from this acquisition will be deductible for income tax purposes. QLE considered the contractual value of accounts receivable to approximate fair value. A credit reserve has been established to account for estimated uncollectible amounts. The net realizable value reflects QLE's best estimate of the amount expected to be collected. The results of Skyline have been included in the condensed consolidated financial statements from the date of the acquisition.

Skyline contributed revenues of $3,618,868 and net income of $290,529 to QLE for the period from August 29, 2025 to September 30, 2025, excluding the effect of net income attributable to noncontrolling interests.

The changes to the carrying value of goodwill, which is included in the construction services segment, is as follows:


Balance as of August 29, 2025 (acquisition date)	$	3,387,944
Translation adjustment		3,380
Balance as of September 30, 2025	$	3,391,324

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information shows the results of QLE ’s operations for the three and nine months ended September 30, 2025 and 2024 as if the acquisition had occurred on January 1, 2024. The unaudited pro forma financial information is presented for information purposes only and is not necessarily indicative of QLE’s performance had the acquisition occurred as of that date. The unaudited pro forma information is also not intended to be a projection of future results due to the integration of the acquired operations of Skyline. The unaudited pro forma information reflects the effects of applying QLE’s accounting policies to the combined historical financial information of QLE and Skyline.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net revenues	$	12,543,156		$	15,422,340		$	39,168,996		$	40,653,246
Net loss	$	(12,569,130	)	$	(6,922,176	)	$	(95,577,758	)	$	(25,161,400	)
Net loss per common share	$	(0.14	)	$	(0.11	)	$	(1.26	)	$	(0.49	)

On October 28, 2025, Skyline entered into a securities purchase agreement with certain accredited investors in a brokered private placement of (i) 17,370,909 Class A ordinary shares, par value $0.00001 per share (and/or prefunded warrants in lieu of Class A Ordinary Shares, and (ii) 17,370,909 Class A Ordinary Share Purchase Warrants to purchase Class A Ordinary Shares. The private placement closed on November 3, 2025. The gross proceeds of the private placement were approximately $23,885,000, before deducting placement agent fees and other offering expenses payable by Skyline.

On October 31, 2025, Skyline entered into a subscription and unit purchase agreement with a limited liability company engaged in the critical minerals space, pursuant to which Skyline subscribed for an approximate 20% membership interest in such company for a subscription price of $20,000,000.

13. Investments

Investment in IsoBio, Inc.

On July 28, 2025, the Company purchased 2,000,000 shares of IsoBio, Inc. (“IsoBio”) Series Seed-1 Preferred Stock at $2.50 per share for a total aggregate purchase price of $5,000,000. IsoBio is a U.S.-based radiotherapeutic development company focused on developing a broad pipeline of mAb-based radioisotope therapeutics targeting both derisked and novel tumor antigens for patients in need of new cancer therapies.

As the owner of the Series Seed-1 Preferred Stock, the Company has the right to designate one board member. An officer and director of the Company was designated to fill that board seat. In addition, another board member of the Company is a board member, executive officer and shareholder of IsoBio.

The investment in IsoBio does not have a readily determinable fair value and is therefore measured at cost, adjusted for observable price changes and impairments, in accordance with ASC 321. The Company has not identified any observable price changes in orderly transactions for identical or similar investments and did not recognize any impairment losses. As of September 30, 2025, the carrying value of the investment was $5,000,000. This investment is included in “Other investments” on the consolidated balance sheet. The Company does not include this investment in the fair value hierarchy disclosure as it is not measured at fair value on a recurring basis.

The Company monitors the investment for indicators of impairment and observable price changes on a quarterly basis. If indicators of impairment exist, the Company performs a qualitative assessment to determine whether the investment is impaired and adjusts the carrying value accordingly. During the three and nine months ended September 30, 2025, the Company did not identify any observable price changes or impairment indicators related to this investment.

Skyline joint ventures

Skyline acquired a 51% ownership of KC-Glory JV, 51% ownership of KC-Geotech JV and 35% ownership of KC-CRFG JV (the "Joint Ventures). Skyline does not control Joint Ventures but has the ability to exercise significant influence over its operating and financial policies. Skyline’s exposure to loss is limited to its investment in each joint venture. Accordingly, the investments are accounted for under the equity method of accounting in accordance with ASC 323. Accordingly, Skyline accounted for the transaction under the equity method and recorded the carrying value of Skyline’s investment in joint ventures’ common shares at cost, including the transaction costs incurred to obtain the equity method investment, in the condensed consolidated balance sheets.

The Company recorded the initial carrying amount of the investments in the Joint Ventures of $1.3 million, representing the fair value of the interest acquired as of the acquisition date. As of September 30, 2025, the carrying amount of the investments in the Joint Ventures was $1.3 million and is included in equity investments on the condensed consolidated balance sheet.

14. Stockholders’ Equity

Preferred stock

The Company has 10,000,000 shares of preferred stock authorized, of which no shares were issued and outstanding as of September 30, 2025 and December 31, 2024.

Common stock

The Company has 500,000,000 shares of common stock authorized, of which 93,376,629 and 72,068,059 shares were issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. Common stockholders are entitled to one vote for each share of outstanding common stock held at all meetings of stockholders and written actions in lieu of meetings. Common stockholders are entitled to receive dividends for each share of outstanding common stock, if and when declared by the Board. No dividends have been declared or paid by the Company through September 30, 2025.

In June 2025, the Company issued 7,518,797 shares of common stock at $6.65 per share resulting in net proceeds of approximately $46.8 million after deducting underwriting discounts, commissions and offering expenses.

In July 2025, the Company issued 7,500,000 shares of common stock at a public offering price of $8.00 per share resulting in net proceeds of approximately $56.3 million after deducting underwriting discounts, commissions and offering expenses.

The following shares were issued to consultants and vendors for the nine months ended September 30, 2025:


Description	Origination Date	Shares		Fair Value		Settlement Date	Fair Value at Settlement		Change in Fair Value
Settlement of liability with consultants	January 2025		50,000	$	247,000	April 2025	$	326,500	$	79,500
Issuance of common stock to consultant	April 2025		50,000		326,500	April 2025		326,500		—
Issuance of restricted common stock to consultants	April 2025		180,000		1,175,400	April 2025		1,175,400		—
			280,000	$	1,748,900		$	1,828,400	$	79,500

The following shares were issued to consultants and vendors for the nine months ended September 30, 2024:


Description	Origination Date	Shares		Fair Value		Settlement Date	Fair Value at Settlement		Change in Fair Value
Settlement of liability with consultants	January 2024		100,000	$	195,000	September 2024	$	219,500	$	(24,500	)
Settlement of liability with consultants	April 2024		60,000		240,600	June 2024		183,600	$	57,000
Issuance of common stock to consultant	June 2024		60,000		183,600	June 2024		183,600	$	—
Settlement of liability with consultants	July 2024		50,000		164,000	September 2024		109,750	$	54,250
Issuance of restricted common stock to consultants	September 2024		150,000		—	September 2024		—	$	—
			420,000	$	783,200		$	696,450	$	86,750

During the nine months ended September 30, 2025 and 2024, the Company issued shares of common stock to consultants and vendors to settle share liabilities. The fair value of these shares is recorded to share liability in the consolidated balance sheet and the change in fair value upon settlement of the share liability is recorded to change in fair value of share liability in the consolidated statements of operations and comprehensive loss.

Activity of the share liabilities for the nine months ended September 30, 2025 is as follows:


	Share Liability as of December 31, 2024		New Share Liabilities in 2025		Mark to Market Adjustments in 2025		Liabilities Settled in 2025			Share Liabilities as of September 30, 2025
Share liabilities	$	—	$	346,997	$	200,138	$	(326,500	)	$	220,635

Activity of the share liabilities for the nine months ended September 30, 2024 is as follows:


	Share Liability as of December 31, 2023		New Share Liabilities in 2024		Mark to Market Adjustments in 2024			Liabilities Settled in 2024			Share Liabilities as of September 30, 2024
Share liabilities originated in 2024	$	—	$	599,600	$	(86,750	)	$	(512,850	)	$	—
Commission fee liability to be settled in common stock warrants		—		657,871		(241,219	)		-			416,652
	$	—	$	1,257,471	$	(327,969	)	$	(512,850	)	$	416,652

Common Stock Warrants

In May 2025, a warrant to purchase 1,294,778 shares of common stock was exercised and the Company received gross proceeds of $4,915,312. In July and September 2025, cashless exercises of warrants to purchase 151,741 shares of common stock were executed, resulting in the issuance of 123,497 shares of common stock. As of September 30, 2025 and December 31, 2024, there were warrants to purchase shares of common stock outstanding of 69,778 and 1,516,297 shares, respectively.

15. Stock Compensation Plan

Equity Incentive Plans

In October 2021, the Company adopted the 2021 Stock Incentive Plan (“2021 Plan”) that provided for the issuance of common stock to employees, nonemployee directors, and consultants. Recipients of incentive stock options are eligible to purchase shares of

common stock at an exercise price equal to no less than the estimated fair market value of such stock on the date of grant. The 2021 Plan provided for the grant of incentive stock options, non-statutory stock options, restricted stock, restricted stock units, stock awards and stock appreciation rights. The maximum contractual term of options granted under the 2021 Plan is ten years. The maximum number of shares initially available for issuance under the 2021 Plan was 6,000,000. No further options are available to be issued under the 2021 Plan.

In November 2022, the Company adopted the 2022 Equity Incentive Plan (“2022 Plan”) that provides for the issuance of common stock to employees, nonemployee directors, and consultants. Recipients of incentive stock options are eligible to purchase shares of common stock at an exercise price equal to no less than the estimated fair market value of such stock on the date of grant. The 2022 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock, restricted stock units, stock awards and stock appreciation rights. The maximum contractual term of options granted under the 2022 Plan is ten years. The number of shares of the Company’s common stock initially reserved for issuance under the 2022 Plan is equal to 5,000,000, subject to an annual increase, to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2023 and continuing until, and including, the fiscal year ending December 31, 2033, equal to the lesser of 5% of the number of shares of the Company’s common stock outstanding on such date or an amount determined by the Company’s board of directors. On January 1, 2025, the Company added 3,603,403 shares to the 2022 Plan. As of September 30, 2025, 1,324,685 shares remain available for future grant under the 2022 Plan.

In June 2024, the Company adopted the 2024 Inducement Equity Incentive Plan (“2024 Plan”). The 2024 Plan will be used exclusively for the grant of equity awards to individuals who were not previously employees or directors of the Company, or following a bona fide period of non-employment, as an inducement material to such individuals entering into employment with the Company, pursuant to Nasdaq Listing Rule 5635(c)(4). Recipients of stock options are eligible to purchase shares of common stock at an exercise price equal to no less than the estimated fair market value of such stock on the date of grant. The 2024 Plan provides for the grant of non-statutory stock options, restricted stock, restricted stock units, stock awards and stock appreciation rights. The maximum contractual term of options granted under the 2024 Plan is ten years. The number of shares of the Company’s common stock initially reserved for issuance under the 2024 plan is equal to 2,500,000. As of September 30, 2025, 1,045,000 shares remain available for future grant under the 2024 Plan.

2025 Inducement Equity Incentive Plan

On July 16, 2025, upon recommendation of the Compensation Committee of the Company’s Board, the Board approved and adopted the Company’s 2025 Inducement Equity Incentive Plan (the “Inducement Equity Plan”), and subject to the adjustment provisions of the Inducement Equity Plan, reserved 2,000,000 shares of Common Stock for issuance of equity awards under the Inducement Equity Plan. The Company expects to issue awards under the Inducement Equity Plan to new hires from Renergen, assuming the Company completes the acquisition.

The Inducement Equity Plan was approved and adopted without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Equity Plan provides for grants of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards (consisting of performance shares or performance units) and other cash-based or stock-based awards (each, an “Inducement Award”). In addition, the Board also approved and adopted forms of Notice of Grant of Restricted Stock and Restricted Stock Agreement, and Notice of Grant of Stock Option and Stock Option Agreement for use with the Inducement Equity Plan. The terms and conditions of the Inducement Equity Plan are intended to comply with the Nasdaq inducement award rules.

In accordance with Nasdaq Listing Rule 5635(c)(4), the only persons eligible to receive grants of Inducement Awards are individuals who were not previously employees or directors of the Company (or following a bona fide period of non-employment), as an inducement material to the individuals’ entry into employment with the Company.

QLE 2024 Equity Incentive Plan

In March 2024, the Company adopted the QLE 2024 Equity Incentive Plan (“QLE 2024 Plan”). The QLE 2024 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock, restricted stock units, stock awards, performance awards and stock appreciation rights to employees, nonemployee directors, and consultants. The maximum contractual term of options granted under the QLE 2024 Plan is ten years and incentive stock options granted under the QLE 2024 Plan shall not exceed 50% of the maximum number of shares or units of common equity that may be issued under the QLE 2024 Plan. The maximum number of shares or units of QLE’s common equity that may be issued under the QLE 2024 Plan is equal to 15% of the common equity deemed outstanding as of the effective date of the QLE 2024 Plan. As of September 30, 2025, 4% of the common equity deemed outstanding remain available for future grant under the QLE 2024 Plan.

In September 2025, QLE granted restricted stock units (“RSUs”) totaling 11% of the common equity deemed outstanding to certain officers, employees and directors of QLE. The RSUs will vest subject to the occurrence of a Listing Event and, if applicable, an additional service-based vesting condition. A Listing Event shall mean the consummation of any of the following transactions by QLE, a corporate successor to QLE or a holding company established with respect to QLE’s equity securities in connection with any of the following transactions (a “Public Issuer”): (i) a listing of common equity of QLE (or the common equity of such Public Issuer) through acquisition by or merger of such Public Issuer with a special purpose acquisition company or another entity listed on the NYSE or NASDAQ, (ii) a firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act and in connection with such offering the common equity of QLE is listed for trading on the Nasdaq, the NYSE or another exchange or marketplace approved by the Board, or (iii) a direct listing of common equity of QLE (or the common equity securities of the Public Issuer) on the NYSE or Nasdaq.

Since the vesting of the RSUs is based on a liquidity event, no compensation cost will be recognized until the Performance Goal (Listing Event) is consummated. However, the fair value of the awards is calculated at the date of grant, which results in a total fair value of approximately $27.0 million.

Stock Options

The following table sets forth the activity for the Company’s stock options during the periods presented:


	Number of Options			Weighted- Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2024		2,731,000		$	1.90		7.4	$	7,171,930
Exercised		(1,705,000	)	$	1.85
Forfeited		(420,000	)	$	2.00
Outstanding as of September 30, 2025		606,000		$	2.00		6.7	$	4,617,720
Exercisable as of September 30, 2025		606,000		$	2.00		6.7	$	4,617,720
Vested or expected to vest as of September 30, 2025		606,000		$	2.00		6.7	$	4,617,720

No options were granted for the nine months ended September 30, 2025. In September 2025, cashless exercises of options to purchase 1,705,000 shares of common stock were executed, resulting in the issuance of 1,337,245 shares of common stock and proceeds of $41 resulting from the rounding of shares that were issued.

The Company recorded stock-based compensation expense from options of $(1,239) and $196,987 for the three months ended September 30, 2025 and 2024, respectively. The Company recorded stock-based compensation expense from options of $315,514 and $588,018 for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, there was no unrecognized stock-based compensation expense related to non-vested stock-based compensation arrangements granted under the Plan.

Stock Awards

In October 2021, the Company issued 1,500,000 shares of restricted common stock to its Chief Executive Officer. The number of shares that vest is dependent on achieving certain performance conditions and dependent market conditions upon the third anniversary from the date of grant. The Company determined that the fair value of this award was $0.25 per share for a total value of $375,000. The Company determined the performance condition probable and recognized stock-based compensation expense of $375,000 for the year ended December 31, 2024.

The Company recorded stock-based compensation expense from stock awards totaling $4,485,047 and $1,871,103 for the three months ended September 30, 2025 and 2024, respectively. The Company recorded stock-based compensation expense from stock awards totaling $10,487,672 and $5,711,742 for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, there is $21,133,348 of unrecognized stock-based compensation expense related to the non-vested portion of restricted stock awards that is expected to be recognized over 2.2 years.

The following table summarizes vesting of restricted common stock:


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested as of December 31, 2024		2,814,703		$	3.24
Granted		3,434,253		$	6.88
Vested		(1,564,670	)	$	4.88
Unvested as of September 30, 2025		4,684,286		$	5.36

Stock-based Compensation Expense

Stock-based compensation expense for all stock awards recognized in the accompanying consolidated statements of operations and comprehensive loss is as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025		2024
Selling, general and administrative	$	4,485,047		$	1,985,471	$	10,683,235	$	6,052,357
Research and development		(1,239	)		82,619		119,951		247,403
Total	$	4,483,808		$	2,068,090	$	10,803,186	$	6,299,760

16. Net Loss Per Share

The Company has reported losses since inception and has computed basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding for the period, without consideration for potentially dilutive securities. The Company computes diluted net loss per share of Common Stock after giving consideration to all potentially dilutive shares of common stock, including options to purchase common stock and warrants to purchase common stock, outstanding during the period determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Because the Company has reported net losses since inception, these potential shares of Common Stock have been anti-dilutive and basic and diluted loss per share were the same for all periods presented.

The following table sets forth the computation of basic and diluted net loss per share for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Net loss attributable to ASP Isotopes Inc. shareholders before deemed dividend on warrant to purchase common stock	$	(12,874,007	)	$	(7,271,239	)	$	(96,383,061	)	$	(23,152,249	)
Deemed dividend on warrant to purchase common stock		—			—			—			(2,779,659	)
Net loss attributable to ASP Isotopes Inc. shareholders		(12,874,007	)		(7,271,239	)		(96,383,061	)		(25,931,908	)
Denominator:
Weighted average common stock outstanding, basic and diluted		88,552,309			61,532,172			75,985,507			51,779,067
Net loss per share, basic and diluted		(0.15	)		(0.12	)		(1.27	)		(0.50	)

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive:


	As of September 30,
	2025		2024
Options to purchase common stock		606,000		2,731,000
Restricted stock		4,684,286		3,739,232
Warrants to purchase common stock		69,778		1,446,519
Total shares of common stock equivalents		5,360,064		7,916,751

17. Income Taxes

The Company’s effective tax rate for the three months ended September 30, 2025 and 2024 was -0.6% and 0.2%. The effective tax rate for the three months ended September 30, 2025 and 2024 varied from the federal statutory rate primarily due to losses in jurisdictions for which a valuation allowance is recorded.

The Company’s effective tax rate for the nine months ended September 30, 2025 and 2024 was -0.1% and 0.2%, respectively. The effective tax rate for the nine months ended September 30, 2025 and 2024 varied from the federal statutory rate primarily due to losses in jurisdictions for which a valuation allowance is recorded.

The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more likely than not recognition threshold to be recognized. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest and penalties on the Company’s balance sheets and has not recognized interest and/or penalties in the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2025. Uncertain tax positions are evaluated based upon the facts and circumstances that exist at each reporting period. Subsequent changes in judgment based upon new information may lead to changes in recognition, derecognition, and measurement. Adjustments may result, for example, upon resolution of an issue with the taxing authorities or expiration of a statute of limitations barring an assessment for an issue. As of September 30, 2025 and December 31, 2024, there were no uncertain tax positions.

As of September 30, 2025, the Company did not recognize any interest and penalties associated with unrecognized tax benefits. Due to net operating losses incurred, tax years from inception remain open to examination by the Federal and State taxing jurisdictions to which the Company is subject. The Company is not currently under Internal Revenue Services (IRS), state or local tax examination.

Ownership changes, as defined in the Internal Revenue Code (“IRC”), may limit the amount of net operating loss carryforwards that can be utilized annually to offset future taxable income pursuant to IRC Section 382 or similar provisions. Subsequent ownership changes could further affect the limitation in future years. The Company has not completed a study to assess whether a change of control has occurred or whether there have been multiple changes of control since the Company’s formation due to the significant complexity and cost associated with such study and because there could be additional changes in control in the future. As a result, the Company is not able to estimate the effect of the change in control, if any, on the Company’s ability to utilize net operating loss and research and development credit carryforwards in the future.

On July 4, 2025, the “One Big Beautiful Bill Act” ("OBBBA") was enacted into law. The legislation includes a number of significant tax-related provisions, including changes affecting corporate tax incentives, international tax provisions, and various business credits and deductions. The Company has evaluated the impact of the new tax provision and determined there will be an immaterial impact to the tax provision.

18. Related Party Transactions

Skyline, acquired in the third quarter of fiscal year 2025, has certain transactions with parties affiliated with a director and joint ventures which are investments accounted for under the equity method. The transactions with these parties continued following the acquisition date and are summarized as follows:


Name of related parties		Relationship with Skyline
Ngo Chiu Lam		Director of Skyline
Kin Chiu Development Company Limited		An entity controlled by Ngo Chiu Lam
Kin Chiu-China Railway First Group Joint Venture		An equity method investment of Skyline
Kin Chiu-Glory Joint Venture		An equity method investment of Skyline
Kin Chiu-Geotech Joint Venture		An equity method investment of Skyline

Due to related parties as of September 30, 2025 and December 31, 2024 consisted of the following:


	September 30, 2025		December 31, 2024
Ngo Chiu Lam	$	2,714,914	$	—
Kin Chiu-China Railway First Group Joint Venture		165,444		—
Kin Chiu-Glory Joint Venture		320,195		—
Kin Chiu-Geotech Joint Venture		237,722		—
Total due to related parties	$	3,438,275	$	—

The balances represented advances from the director and amounts due to joint ventures for operation purposes. All amounts were unsecured, interest-free and repayable on demand.

Accounts receivable, net from joint ventures as of September 30, 2025 and December 31, 2024 consisted of the following:


	September 30, 2025		December 31, 2024
Kin Chiu-Glory Joint Venture	$	1,363,188	$	—

Balances of contract assets, net from joint ventures as of September 30, 2025 and December 31, 2024 consisted of the following:


	September 30, 2025		December 31, 2024
Kin Chiu-China Railway First Group Joint Venture	$	295,835	$	—
Kin Chiu-Glory Joint Venture		193,448		—
Kin Chiu-Geotech Joint Venture		41,166		—
Total balances of contract assets, net from joint ventures	$	530,449	$	—

Balances of contract liabilities, net from joint ventures as of September 30, 2025 and December 31, 2024 consisted of the following:


	September 30, 2025		December 31, 2024
Kin Chiu-China Railway First Group Joint Venture	$	359,536	$	—

PET Labs has an operating lease for office and production space in Pretoria, South Africa with the initial term set to expire in March 2026. The sole owner of the facility under the lease agreement is Dr. Gerdus Kemp, an officer of PET Labs and an employee of ASP UK.

19. Subsequent Events

The Company has evaluated subsequent events through November 19, 2025, the date on which the accompanying condensed consolidated financial statements were issued and concluded that no subsequent events have occurred that require disclosure except as described below.

Issuance of Common Stock

On October 16, 2025, the Company issued 17,167,380 shares of its common stock in a registered offering at the offering price of $12.25 per share, for net proceeds of approximately $199.7 million, after deducting underwriting discounts and commissions and estimated offering expenses.

East Coast Nuclear Pharmacy, LLC ("ECNP") Acquisition

In October 2025, the Company acquired ECNP for $2,500,000, payable in cash totaling $2,000,000 and notes totaling $500,000. The notes bear interest at the rate of four percent per annum and mature on July 1, 2026. ECNP is an independent radiopharmacy dedicated to nuclear medicine and the science of radiopharmaceutical production.

One 30 Seven Inc. ("One 30 Seven") Acquisition

In October 2025, QLE acquired substantially all of the assets, including an international patent application and its related rights, from One 30 Seven Inc., a Canadian company engaged in the business of researching and developing decontamination solutions for nuclear waste, particularly radioactive waste from radioactive materials from nuclear power plants, radiopharmaceuticals, and military sources. QLE made an initial cash payment of $150,000 and issued 266,113 shares of the Company’s common stock. The Company may be required to make additional payments, in cash or shares of the Company’s common stock, totaling $17.0 million upon completion of certain milestones.

In connection with the acquisition of assets from One 30 Seven, QLE entered into a consulting agreement with B-Con Engineering Inc., led by inventor Brian Creber, to develop and validate the functional operation of a Creber Mini Unit at an estimated cost of $4.5 million over 18 months, followed by either a Midi or Maxi Unit at approximately $12.5 to $13.0 million over another 18 months. QLE has agreed to fund the project through quarterly advances, with acceptance testing and monthly reporting to ensure milestones are met. In addition, QLE entered into a royalty agreement with One 30 Seven pursuant to which QLE agreed to pay a 6.0% royalty on net revenues from product sales or licensing for 15 years per product, starting from the first commercial sale. The royalty agreement will terminate if the commercialization of a Creber Unit is not achieved by the fourth anniversary of closing of the acquisition of assets from One 30 Seven.

Issuance and Conversion of Convertible Notes

On November 19, 2025, QLE received gross proceeds of $72.2 million through the issuance of convertible promissory notes with a stated interest rate of 8% (the “2025 Notes”). The maturity date of the 2025 Notes is November 19, 2030. The 2025 Notes automatically convert into common shares upon QLE’s closing of an IPO or other qualifying public transaction at 80% of the share price taking into consideration a valuation cap. In connection with the issuance of the 2025 Notes, QLE’s outstanding convertible promissory notes originally issued in March 2024 and June 2024 automatically converted into 2025 Notes with a value of $147,657,020,

as of November 12, 2025. QLE received $10.0 million in gross proceeds from American Ventures LLC, Series IX Quantum Leap, a related party, and $30.0 million in gross proceeds from ASP Isotopes, its parent.

American Ventures Advisory Agreement

On October 28, 2025, QLE entered into an Advisory Agreement (“Advisory Agreement”) with American Ventures LLC, a Delaware limited liability company (“American Ventures”). Under the Advisory Agreement, American Ventures will provide various services to the Company related to QLE and its present and future subsidiaries’ business and operations and is considered a related party.

In October 2025, pursuant to the Advisory Agreement, QLE issued RSUs representing a right to receive a number of units or shares of common equity of QLE equal to 4.0% of the common equity of QLE deemed outstanding as of the date of grant, treating as outstanding only (i) ASP Isotopes’ membership interest in the Company and (ii) the shares or units of common equity issuable upon conversion of the 2024 Convertible Notes (or any securities issued upon conversion or exchange thereof). The total number of such RSUs cannot yet be calculated because the precise number of these units is based on a percentage of common equity deemed outstanding, which is contingent, in part, on the amount of securities issuable upon the conversion of QLE’s 2024 Convertible Notes. Such RSUs will vest as follows: (x) 50% upon the completion of the listing event, provided that such listing event occurs within 24 months of October 28, 2025, and (y) 50% on the six-month anniversary of such listing event.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the section entitled “Risk Factors,” our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. You should carefully read the section entitled “Risk Factors” to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section entitled “Special Note Regarding Forward-Looking Statements.”

Overview

We are a development stage advanced materials company dedicated to the development of technology and processes that, if successful, will allow for the enrichment of natural isotopes into higher concentration products, which could be used in several industries. Our proprietary technologies, the Aerodynamic Separation Process (“ASP technology”) and Quantum Enrichment technology (“QE technology”), are designed to enable the production of isotopes used in several industries. Our initial focus is on the production and commercialization of enriched Carbon-14 (“C-14”), Silicon-28 (“Si-28”) and Ytterbium-176 (“Yb-176”).

We commenced commercial production of enriched isotopes at both of our ASP enrichment facilities located in Pretoria, South Africa during the first half of 2025. Our first ASP enrichment facility is designed to enrich light isotopes, such as C-14 and C-12. The second ASP enrichment facility, which is substantially larger than the first, should have the potential to enrich kilogram quantities of relatively heavier isotopes, including but not limited to Si-28. We anticipate shipping the first commercial batch of enriched C-12 during the fourth quarter of 2025. We anticipate shipping the first commercial batch of enriched Si-28 during the first quarter of 2026. We anticipate shipping the first commercial batch of enriched C-14 in the first half of 2026. We have also completed the commissioning phase and are producing commercial samples of highly enriched Yb-176 at our third enrichment facility, a QE technology facility, which is our first laser-based enrichment plant. The customer acceptance process for Yb-176 is relatively lengthy and we expect to ship commercial quantities of Yb-176 during the first half of 2026.

In addition, we have started planning additional isotope enrichment plants both in South Africa and in other jurisdictions, including Iceland and the United States. We believe the C-14 we may produce using the ASP technology could be used in the development of new pharmaceuticals and agrochemicals. We believe the Si-28 we may produce using the ASP technology may be used to create advanced semiconductors and in quantum computing. We believe the Yb-176 we may produce using the QE technology may be used to create radiotherapeutics that treat various forms of oncology. We are considering the future development of the ASP technology for the separation of Zinc-68 and Xenon-129/136 for potential use in the healthcare end market, Germanium 70/72/74 for potential use in the semiconductor end market, and Chlorine -37 for potential use in the nuclear energy end market. We are also considering the future development of QE technology for the separation of Nickel-64, Gadolinium-160, Ytterbium-171, Lithium 6 and Lithium7.

We are currently pursuing an initiative to apply our enrichment technologies to the enrichment of Uranium-235 (“U-235”) in South Africa. We believe that the U-235 we may produce using quantum enrichment technology may be commercialized as a nuclear fuel component for use in the new generation of high-assay low-enriched uranium (“HALEU”)-fueled small modular reactors that are now under development for commercial and government uses. In furtherance of our uranium enrichment initiative, in October 2024, we entered into a term sheet with TerraPower, LLC (“TerraPower”) which contemplates the parties entering into definitive agreements pursuant to which TerraPower would provide funding for the construction of a HALEU production facility and agree to purchase all HALEU produced at the facility over a 10-year period after the planned completion of the facility in 2027. In addition, in November 2024, we entered into a memorandum of understanding with The South African Nuclear Energy Corporation (“Necsa”), a South African state-owned company responsible for undertaking and promoting research and development in the field of nuclear energy and radiation sciences, to collaborate on the research, development and ultimately the commercial production of advanced nuclear fuels. Subject to the receipt of funding and all required permits and licenses to begin enrichment of U-235 in South Africa, it is anticipated that the research, development and ultimate construction of a HALEU production facility will take place at South Africa’s main nuclear research center at Pelindaba in Pretoria. See the section captioned “TerraPower” below for disclosures regarding certain definitive agreements entered into between TerraPower and us and/or our subsidiaries, including a term loan subject to conditions to support construction of a new uranium enrichment facility at Pelindaba, South Africa and supply agreements for the future supply of HALEU to TerraPower, as a customer.

QLE acquired Skyline in August 2025. Skyline is a holding company, and its operations are conducted through its wholly owned operating subsidiary, Kin Chiu Engineering Limited. Operations primarily consist of construction activities which include public civil engineering works, such as road and drainage works, in Hong Kong. Skyline mostly undertakes civil engineering works in the role as a subcontractor but is fully qualified to undertake such works in the capacity of a main contractor. QLE intends to pursue opportunities to acquire assets in the critical materials supply chain such as uranium and rare earth recovery from diluted water sources such as ocean water, mineral rich brines, waste water streams and industrial effluent.

Our Subsidiaries and Segments

We operate principally through our subsidiaries. ASP Isotopes Guernsey Limited (the holding company for subsidiaries in the Cayman Islands, South Africa, Iceland and the United Kingdom) is focused on the development and commercialization of high-value, low-volume isotopes for highly specialized end markets (such as C-14, Mo-100, and Si-28). ASP Isotopes UK Ltd is the owner of our technology.

Beginning in 2024, primarily as a result of increased business activities of our subsidiary, QLE, we had two operating segments: (i) nuclear fuels, and (ii) specialist isotopes and related services. Beginning in August 2025, primarily as a result of the acquisition of Skyline, we have three operating segments: (i) nuclear fuels, (ii) specialist isotopes and related services, and (iii) construction services.

QLE. In September 2023, we formed Quantum Leap Energy LLC (“QLE”), which also has subsidiaries in the United Kingdom (Quantum Leap Energy Limited) and South Africa (Quantum Leap Energy (Pty) Limited), to focus on the development and commercialization of advanced nuclear fuels such as HALEU and Lithium-6.

As previously announced, our board of directors intends to pursue the separation of our Nuclear Fuels business and Specialist Isotopes and Related Services business in two independent companies. The regulatory landscape and supply chain for nuclear fuel production differs significantly from that of medical isotopes, hence we and QLE have different business models and we believe that both companies would benefit if QLE is independently managed and financed. We plan to effect the separation through a listing of QLE in a transaction that results in QLE as a separate public company with shares listed on a U.S. national securities exchange and a portion of QLE’s common equity to be distributed to the Company’s stockholders as of a to-be-determined future record date and, although no assurance can be given, we are aiming to initiate the process for listing of QLE as a separate public company during the fourth quarter of 2025, subject to market conditions and obtaining applicable approvals and consents and complying with applicable rules and regulations and public market trading and listing requirements. In November 2025, we announced that QLE had confidentially submitted a draft registration statement on Form S-1 to the SEC relating to the proposed initial public offering of QLE’s Class A common stock. While we currently expect that a listing of QLE as a separate public company is the most likely separation transaction, our board of directors remains committed to maximizing shareholder value creation, and will continue to evaluate other options for separation to maximize shareholder value.

We entered into a number of agreements with QLE, including a License Agreement, pursuant to which QLE has licensed from us the rights to technologies and methods used to separate Uranium 235 and Lithium 6 (including but not limited to the quantum enrichment and ASP technologies) in exchange for a perpetual royalty in the amount of 10% of all future QLE revenues, and an EPC Services Framework Agreement, pursuant to which we will provide services for the engineering, procurement and construction of one or more turnkey Uranium-235 and Lithium-6 enrichment facilities in locations to be identified by QLE and owned or leased by QLE, and commissioning, start-up and test services for each such facility, subject to the receipt of all applicable regulatory approvals, permits, licenses, authorizations, registrations, certificates, consents, orders, variances and similar rights. In addition, in February 2024, we assigned to QLE certain existing memoranda of understanding with U.S.-based small modular reactor companies for the use of Quantum Enrichment for the production of HALEU. The MOUs provide for substantial financial support for the development of HALEU production facilities that should be capable of supplying metric ton quantities of HALEU by 2027.

PET Labs. We have a 51% ownership stake in PET Labs Pharmaceuticals Proprietary Limited (“PET Labs”), a South African radiopharmaceutical operations company focused on the production of fluorinated radioisotopes and active pharmaceutical ingredients, through which we entered the downstream medical isotope production and distribution market. Under the terms of the Share Purchase Agreement pursuant to which we acquired the shares in PET Labs, we agreed to pay a total of $2,000,000 for the shares in two installments. The first installment of $500,000 was paid in November 2023. In January 2025 and 2024, we paid $750,000 and $264,750, respectively, towards the balance due. The remaining balance of $485,250 is due upon demand any time after October 31, 2024, and is expected to be paid in December 2025.

Skyline Builders Group Holding Ltd.

In August 2025, QLE completed an acquisition of Skyline Builders Group Holding Ltd. ("Skyline"). QLE entered into a Stock Purchase Agreement to purchase all 1,995,000 of Skyline's Class B Ordinary Shares for the aggregate purchase price of $1,000,000. Additionally, QLE entered into a Securities Purchase Agreement to purchase (i) 454,794 Class A Ordinary Shares, (ii) a Prefunded Warrant to purchase 1,600,000 Class A Ordinary Shares at an exercise price of $0.0001 per share ("Prefunded Warrants"), (iii) a Class A Ordinary Share Purchase Warrant A to purchase up to 2,054,794 Class A Ordinary Shares at an exercise price of $0.60 per share ("A Warrant"), and (iv) a Class A Ordinary Share Purchase Warrant B to purchase 2,054,794 Class A Ordinary Shares at an exercise price of $0.65 per share ("B Warrant" and together with Prefunded Warrant and A Warrant, "Warrants"), for the aggregate purchase price of $1,500,000 ("Skyline Purchase Agreement").

Financings

In March 2024, our wholly owned subsidiary QLE received gross proceeds of $20,550,000 through the issuance of Convertible Promissory Notes. These convertible notes have a stated interest rate of 6% for the first year and 8% thereafter. The maturity date of these convertible promissory notes is March 7, 2029. These convertible promissory notes automatically convert into common shares upon Quantum Leap Energy’s closing of an IPO or other qualifying public transaction at 80% of the share price taking into consideration a valuation cap.

In June 2024, our wholly owned subsidiary QLE received gross proceeds of $5,386,228 through this issuance of additional Convertible Promissory Notes with a stated interest rate of 6% for the first year and 8% thereafter. One of the notes totaling $108,167 was issued to the placement agent in lieu of cash issuance costs. The maturity date of the Convertible Promissory Notes is March 7, 2029. The Convertible Promissory Notes automatically convert into common shares upon Quantum Leap Energy’s closing of an IPO or other qualifying public transaction at 80% of the share price taking into consideration a valuation cap.

In April 2024, we received approximately $5.5 million from the issuance of 3,164,557 shares of common stock upon the exercise of warrants.

In July 2024, we issued 13,800,000 in a public offering at a public offering price of $2.50 per share resulting in net proceeds of approximately $32.3 million after deducting underwriting discounts, commissions and offering expenses.

In October 2024, a warrant to purchase 151,741 shares of common stock was exercised and the Company received gross proceeds of $299,688.

In November 2024, we issued 2,754,250 shares of common stock at a public offering price of $6.75 per share resulting in net proceeds of approximately $17.1 million after deducting underwriting discounts, commissions and offering expenses.

In June 2025, we issued 7,518,797 shares of common stock at $6.65 per share in a registered direct offering resulting in net proceeds of approximately $46.8 million after deducting underwriting discounts, commissions and offering expenses.

In July 2025, we issued 7,500,000 shares of common stock at $8.00 per share in a registered direct offering resulting in net proceeds of approximately $56.3 million after deducting underwriting discounts, commissions and offering expenses.

In October 2025, we issued 17,167,380 shares of common stock in a registered offering at the offering price of $12.25 per share, for net proceeds of approximately $199.7 million, after deducting underwriting discounts and commissions and estimated offering expenses.

TerraPower

On April 4, 2024, we entered into an agreement with TerraPower to develop a conceptual design, refined cost/schedule/financing, risk register, and term sheet for a HALEU facility (the “TerraPower Agreement”). The TerraPower Agreement may be terminated for (a) breach or default, (b) our convenience or (c) TerraPower’s convenience. TerraPower is obligated to make all payments for milestones completed by us and these payments are nonrefundable.

On October 18, 2024, we signed a term sheet with TerraPower (the “TerraPower Term Sheet”) that provides for the execution of two definitive agreements: (1) an agreement pursuant to which TerraPower will provide funding for our construction of a uranium enrichment facility capable of producing HALEU using our proprietary aerodynamic separation process technology to be located in the Republic of South Africa and (2) An agreement pursuant to which we will deliver to TerraPower the full capacity of the enrichment facility.

For the nine months ended September 30, 2025, no collaboration revenue has been recognized in the consolidated statements of operations and comprehensive loss.

In May 2025, we entered into a Loan Agreement with TerraPower, which provides conditional commitments from TerraPower to us through one of our wholly-owned U.S.-based subsidiaries (“Borrower”) for a multiple advance term loan totaling $22,000,000 for the purpose of partially funding the construction of a proposed new uranium enrichment facility in South Africa. The total loan amount is inclusive of a 10% original issue discount on each disbursement and carries a fixed interest rate of 10% per annum. Per the terms of the Loan Agreement and subject to the satisfaction of various conditions precedent to disbursements (including receiving all required licenses and permits to perform uranium enrichment in South Africa), we will receive aggregate loan disbursements of $20,000,000. The Loan Agreement matures on May 16, 2032. Interest will begin accruing upon each milestone disbursement we receive and will be added to the principal balance until November 2027. Principal and interest payments will be made in 60 equal installments beginning in November 2027. The Company does not plan to request drawdown on this loan until early 2026 when construction of the uranium enrichment facility is expected to begin.

In addition to a loan agreement, in May 2025, we and TerraPower have entered into two supply agreements for the HALEU expected to be produced at our uranium enrichment facility. The initial core supply agreement is intended to support the supply of the required first fuel cores for the initial loading of TerraPower’s Natrium project in Wyoming. The long-term supply agreement is a 10-year supply agreement of up to a total of 150 metric tons of HALEU, commencing in 2028 through end of 2037.

Renergen Acquisition and Financing

On May 20, 2025, we entered into an agreement (the “Firm Intention Agreement”) with Renergen Limited, a public company incorporated under the laws of the Republic of South Africa focused on production of liquefied helium (LHe) and liquefied natural gas (LNG) (“Renergen”), pursuant to which, subject to the terms and conditions thereof, the Company will make an offer to acquire all of the issued ordinary shares of Renergen (“Renergen Ordinary Shares”), in exchange for shares of common stock, par value $0.01 per share, of the Company (the “Company Common Stock”), as described below (the “Offer”). The Company intends to implement the Offer through the implementation of a scheme of arrangement (the “Scheme”) in accordance with Sections 114 and 115 of the South African Companies Act, No. 71 of 2008 (the “Companies Act”). As a result of the implementation of the Scheme, Renergen will become a wholly owned subsidiary of the Company. If the Scheme lapses or fails, solely due to one or more Scheme conditions not being fulfilled or, where applicable, not being waived, the Company, as part of the same Offer, will make an offer to acquire up to 100% of the Renergen Ordinary Shares from Renergen shareholders by way of general standby offer, which will not be subject to any condition as to acceptances (the “Standby Offer”).

The implementation of the Scheme will result in the delisting of the Renergen Ordinary Shares from the Johannesburg Stock Exchange (the “JSE”), the Australian Securities Exchange and A2X. The Company Common Stock will continue to be listed on The Nasdaq Capital Market and will additionally be listed on the JSE by way of a secondary inward listing (the “Company Secondary Listing”).

Offer Consideration. On the implementation date of the Scheme (the “closing date of the acquisition”), the holders of record of Renergen Ordinary Shares, who are registered as such in Renergen’s securities register as of the applicable record date for purposes of the listing requirements of the JSE (the “Scheme Record Date”), will exchange 100% of the issued Renergen Ordinary Shares as of the Scheme Record Date, excluding treasury shares, in exchange for consideration consisting of 0.09196 shares of Company Common Stock

for each Renergen Ordinary Share (the “Scheme Consideration” and the shares of Company Common Stock to be issued as the Scheme Consideration or in the Standby Offer, the “Consideration Shares”). Any entitlements to fractions of shares of Company Common Stock that otherwise would be issuable pursuant to the Scheme will be rounded down to the nearest whole number of shares and a cash payment will be made for any fractional shares resulting from such rounding. In no event will the Company issue more than 14,270,000 Consideration Shares.

As of November 14, 2025, the implementation of the Scheme and the issuance of the Consideration Shares is expected to result in current securityholders of Renergen and current securityholders of the Company owning approximately 11% and 89%, respectively, of the outstanding shares of Company Common Stock immediately following the closing date of the acquisition.

Governance. The Firm Intention Agreement provides that, in the event that either the Scheme or the Stand-by Offer results in the Company acquiring at least 51% of the issued Renergen Ordinary Shares, after such event, Renergen will become an operating subsidiary of the Company and will continue to be led by Stefano Marani, the current Chief Executive Officer of Renergen, who will join the board of directors of the Company and become the Chief Executive Officer of the Electronics and Space Division of ASP Isotopes. Nick Mitchell, the Chief Operating Officer of Renergen, will become Co-Chief Operating Officer of ASP Isotopes.

Conditions to Closing. The Offer (including the Scheme and the Standby Offer) will be subject to the fulfilment or, where permissible, waiver of the following Offer conditions that, by no later than September 30, 2025: (i) the written consent for the transfer of the Renergen Ordinary Shares in terms of the Offer is obtained from the Industrial Development Corporation of South Africa and the United States International Development Finance Corporation (“Renergen Lenders”) in terms of the change of control provisions under their respective loan and/or funding arrangements with Renergen and subsidiaries of Renergen and that the Renergen Lenders agree not to proceed in foreclosing on outstanding debt due by those subsidiaries, as a result of any breach of covenants, event of default or otherwise, prior to July 31, 2027; (ii) the written consent for the transfer of the Renergen Ordinary Shares in terms of the Offer is obtained from The Standard Bank of South Africa (“SBSA”) in terms of the change of control provisions under its respective loan(s) and/or funding arrangement(s) with Renergen and SBSA agrees to extend the repayment date for the loan(s) and/or funding arrangement(s) to at least March 31, 2026; (iii) AIRSOL SRL agrees to extend the maturity date for the convertible debentures that it holds in Renergen, to at least March 31, 2026; (iv) receipt of required regulatory approvals required to implement the Offer are obtained (except for the requirement that Takeover Panel issue a compliance certificate to Renergen in terms of section 121(b) of the Companies Act); (v) receipt of all regulatory approvals required for the Company Secondary Listing; (vi) approval of applicable competition authorities to implement the Offer; (vii) approval by Renergen’s shareholders of the Shareholder Ratification resolution and the Scheme resolution to be descried in the combined circular to be distributed to Renergen’s shareholders (the “Renergen shareholder Approval”); and (viii) absence of a material adverse change with respect to Renergen. The Renergen shareholder Approval was obtained at a general meeting of shareholders of Renergen held on July 10, 2025.

Exclusivity Agreement and Bridge Loan. On March 31, 2025, the Company and Renergen entered into an exclusivity agreement (as subsequently amended, the “Exclusivity Agreement”), pursuant to which the parties agreed to discuss and negotiate the proposed transaction on an exclusive basis for a limited period ending on May 31, 2025. Renergen received a refundable exclusivity payment of the ZAR equivalent amount of $10 million, which amount has since been converted into and credited as an advance under a $30 million bridge loan agreement, dated May 19, 2025, by and among the Company, ASP Isotopes South Africa Proprietary Limited, as lender, and Renergen, as borrower (the “Bridge Loan Agreement”). Under the Bridge Loan Agreement, the Company agreed to advance two tranches of loan amounts of the ZAR equivalent amount of $10 million, each of which was advanced to Renergen in the second quarter of 2025, such that the total advanced amounts advanced to Renergen as of September 30, 2025 is the ZAR equivalent of $30 million, to enable Renergen to meet key lender payment deadlines and avoid a default by Renergen under its existing loan/funding arrangements. The Bridge Loan Agreement was amended to extend the repayment date to November 28, 2025.

Investment in IsoBio, Inc.

On July 28, 2025, we purchased 2,000,000 shares of IsoBio, Inc. (“IsoBio”) Series Seed-1 Preferred Stock at $2.50 per share for a total aggregate purchase price of $5,000,000. IsoBio is a U.S.-based radiotherapeutic development company focused on developing a broad pipeline of mAb-based radioisotope therapeutics targeting both derisked and novel tumor antigens for patients in need of new cancer therapies.

As the owner of the Series Seed-1 Preferred Stock, we have the right to designate one board member. An officer and director of ours was designated to fill that board seat. In addition, another board member of ours is a board member and executive officer of IsoBio.

Other Contractual Obligations

We enter into contracts in the normal course of business for testing, manufacturing and other services and products for operating purposes. These contracts do not contain any minimum purchase commitments and are cancelable by us upon prior notice. For additional details regarding our contractual obligations, see Note 9 "Commitments and Contingencies" and Note 10 “Leases” to our condensed consolidated financial statements appearing elsewhere in this Quarterly Report on Form 10-Q.

Components of Results of Operations

Revenue

Effective with the acquisition of 51% of PET Labs, the Company recognizes revenue from the sale of nuclear medical doses for PET scanning. Effective with the acquisition of 79% of Skyline, we recognize revenue from performing construction services, including roads and drainage.

Cost of Revenue

Cost of revenue associated with the sale of nuclear medical doses for PET scanning consist of labor, delivery and materials. Cost of revenue associated with performing construction services is primarily comprised of subcontracting costs, staff costs and materials costs, which are expensed as incurred.

Operating Expenses

Our operating expenses consist of (i) research and development expenses and (ii) selling, general and administrative expenses.

Research and Development

Our research and development expenses consist primarily of direct and indirect costs incurred in connection with the development activities for our future isotopes.

Direct costs include:

•

external research and development expenses; and

•

costs related to designing the development processes of isotope production.

Indirect costs include:

•

personnel-related costs, which include salaries, payroll taxes, employee benefits, and other employee-related costs, including stock-based compensation expense, for personnel engaged in research and development functions; and

•

facilities and other various expenses.

Research and development expenses are recognized as incurred and payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received.

We expect that our research and development expenses will increase substantially for the foreseeable future as we continue the development of our future isotopes. We cannot determine with certainty the timing of initiation, the duration or the completion costs of development activities. Actual development timelines, the probability of success and development costs can differ materially from expectations.

We will need to raise substantial additional capital in the future. In addition, we cannot forecast which future isotopes may be subject to future collaborations, when such arrangements will be secured, if at all, and to what degree such arrangements would affect our development plans and capital requirements.

Our research and development expenses may vary significantly based on a variety of factors, such as:

•

the scope, rate of progress, expense and results of our development activities;

•

the phase of development of our future isotopes;

•

the timing, receipt, and terms of any approvals from applicable regulatory authorities including the FDA and foreign regulatory authorities;

•

significant and changing government regulation and regulatory guidance;

•

the cost and timing of designing the development processes of isotope production;

•

the extent to which we establish additional strategic collaborations or other arrangements; and

•

the impact of any business interruptions to our operations or to those of the third parties with whom we work.

A change in the outcome of any of these variables with respect to the development of any of our future isotopes could significantly change the costs and timing associated with the development of that future isotope.

Selling, General and Administrative

Selling, general and administrative expenses consist primarily of personnel-related costs, which include salaries, payroll taxes, employee benefits, and other employee-related costs, including stock-based compensation expense, for personnel in executive, sales, finance and other administrative functions. Other significant costs include legal fees relating to corporate matters, professional fees for accounting and consulting services and facility-related costs.

We expect that our ongoing selling, general and administrative expenses will increase substantially for the foreseeable future to support our increased research and development activities and increased costs of operating as a public company and in building our internal resources. These increased costs will include increased expenses related to audit, legal, regulatory and tax-related services associated with maintaining compliance with exchange listing and SEC requirements, director and officer insurance premiums and investor and public relations costs associated with operating as a public company.

Segment Information

The nuclear fuels segment is focused on research and development of technologies and methods used to produce HALEU and Lithium-6 for the advanced nuclear fuels target end market.

The construction services segment is focused on performing public civil engineering, including roads and drainage, to its customers in Hong Kong.

The financial information is regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources. Our CODM is our chief executive officer.

We manage assets on a total company basis, not by operating segment, as the assets are shared or commingled. Therefore, the chief operating decision maker does not regularly review any asset information by operating segment and, accordingly, asset information is not reported on a segment basis.

Select information from the consolidated statements of operations and comprehensive loss as of the three months ended September 30, 2025 and 2024 is as follows:


	Revenues				Net Loss Before Allocation to Noncontrolling Interest
	Three Months Ended September 30,				Three Months Ended September 30,
Segment	2025		2024		2025			2024
Specialist isotopes and related services	$	1,270,658	$	1,087,695	$	(10,333,462	)	$	(3,722,764	)
Nuclear fuels		—		—		(2,850,669	)		(3,632,625	)
Construction services		3,618,868		—		290,529			—
	$	4,889,526	$	1,087,695	$	(12,893,602	)	$	(7,355,389	)

Select information from the consolidated statements of operations and comprehensive loss as of the nine months ended September 30, 2025 and 2024 is as follows:


	Revenues				Net Income (Loss) Before Allocation to Noncontrolling Interest
	Nine Months Ended September 30,				Nine Months Ended September 30,
Segment	2025		2024		2025			2024
Specialist isotopes and related services	$	3,570,608	$	2,950,348	$	(25,146,756	)	$	(14,637,771	)
Nuclear fuels		—		—		(71,655,966	)		(8,563,904	)
Construction services		3,618,868		—		290,529			—
	$	7,189,476	$	2,950,348	$	(96,512,193	)	$	(23,201,675	)

Results of Operations

Comparison of the Three Months Ended September 30, 2025 and 2024

The following table summarizes our results of operations for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30,
	2025			2024			Change
Revenue	$	4,889,526		$	1,087,695		$	3,801,831
Cost of revenue		4,466,348			793,714			3,672,634
Gross profit		423,178			293,981			129,197
Operating expenses:
Research and development		3,098,507			1,034,446			2,064,061
Selling, general and administrative		12,291,610			4,693,158			7,598,452
Total operating expenses		15,390,117			5,727,604			9,662,513
Other (expense) income:
Foreign exchange transaction loss		(41,906	)		(131,247	)		89,341
Change in fair value of share liability		(70,869	)		381,969			(452,838	)
Change in fair value of convertible notes payable		172,836			(2,692,073	)		2,864,909
Interest income		1,844,114			602,181			1,241,933
Interest expense		(146,056	)		(90,966	)		(55,090	)
Other income		388,847			—			388,847
Total other (expense) income		2,146,966			(1,930,136	)		4,077,102
Loss before income tax expense	$	(12,819,973	)	$	(7,363,759	)	$	(5,456,214	)

Revenue and Cost of Revenue

We have recognized revenue of PET Labs from the sale of nuclear medical doses for PET scanning for the three months ended September 30, 2025 and 2024. With the acquisition of Skyline in August 2025, we also recognized revenue from performing construction services, including roads and drainage for the three months ended September 30, 2025. In addition, we have recognized the related cost of revenue, operating expenses and other income and expenses of PET Labs and Skyline for the same periods.

Research and Development Expenses

The following table summarizes our research and development expenses for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30,
	2025		2024		Change
Personnel-related costs	$	1,114,411	$	368,515	$	745,896
Manufacturing engineering		1,120,855		—		1,120,855
Consulting and professional		41,966		316,157		(274,191	)
Facility and depreciation expenses		793,004		169,798		623,206
Other expenses		28,271		179,976		(151,705	)
Total research and development expenses	$	3,098,507	$	1,034,446	$	2,064,061

Research and development expenses were $3,098,507 for the three months ended September 30, 2025, compared to $1,034,446 for the three months ended September 30, 2024. The overall increase of $2,064,061 was primarily due to the following:

•

an increase in personnel-related costs of $745,896 due to an increase in headcount and salaries;

•

an increase in facility and depreciation expenses of $623,206 due to an increase in space dedicated to development, noncapitalized expenses and repairs and maintenance; and

•

an increase in manufacturing engineering testing expenses of $1,120,855 in order to optimize commercial production.

This increase is partially offset by:

•

a decrease in consulting and professional fees of $274,191 due to decreased outsourced development activity for new specialty isotopes; and

•

a decrease in other expenses of $151,705 primarily related to other general research and development expenses.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $12,291,610 for the three months ended September 30, 2025, compared to $4,693,158 for the three months ended September 30, 2024. The overall increase of $7,598,452 was primarily due to the following:

•

an increase in personnel-related costs of $3,935,373 primarily due to an increase in headcount and salaries;

•

an increase in professional fees of $1,742,728 primarily due to corporate development activity and consulting costs related to new general ledger system;

•

an increase in facility and depreciation expenses of $692,164 due to an increase in space dedicated to development, noncapitalized expenses and repairs and maintenance;

•

an increase in employee travel and related expenses of $352,320; and

•

an increase in other general and administrative office expenses of $763,968.

Other (Expense) Income

Other income for the three months ended September 30, 2025 was $2,146,966, which includes interest income of $1,844,114, other income of $388,847 primarily related to distribution fee income from Skyline and income of $172,836 due to change in fair value of the convertible notes payable issued in March and June 2024, partially offset by a change in fair value of share liability of $70,869 related to the share issued to consultants, interest expense of $146,056 and a foreign exchange transaction loss of $41,906.

Other expense for the three months ended September 30, 2024 was $1,930,136, which includes a $2,692,073 change in fair value of the convertible notes payable issued in March and June 2024, interest expense of $90,966 and a foreign exchange transaction loss of $131,247, partially offset by a $381,969 change in the fair value of the share liability related to the shares issuable to a consultant and interest income of $602,181.

Results of Operations

Comparison of the Nine Months Ended September 30, 2025 and 2024

The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30,
	2025			2024			Change
Revenue	$	7,189,476		$	2,950,348		$	4,239,128
Cost of revenue		5,867,360			1,956,473			3,910,887
Gross profit		1,322,116			993,875			328,241
Operating expenses:
Research and development		5,508,227			1,722,882			3,785,345
Selling, general and administrative		30,701,750			17,976,882			12,724,868
Total operating expenses		36,209,977			19,699,764			16,510,213
Other (expense) income:
Foreign exchange transaction loss		(140,423	)		(129,443	)		(10,980	)
Change in fair value of share liability		(200,138	)		327,969			(528,107	)
Change in fair value of convertible notes payable		(64,542,295	)		(5,220,599	)		(59,321,696	)
Interest income		3,282,834			657,899			2,624,935
Interest expense		(315,010	)		(173,832	)		(141,178	)
Other income		388,847			—			388,847
Total other (expense) income		(61,526,185	)		(4,538,006	)		(56,988,179	)
Loss before income tax expense	$	(96,414,046	)	$	(23,243,895	)	$	(73,170,151	)

Revenue and Cost of Revenue

We have recognized revenue of PET Labs from the sale of nuclear medical doses for PET scanning for the nine months ended September 30, 2025 and 2024. With the acquisition of Skyline in August 2025, we also recognized revenue from performing public civil engineering, including roads and drainage for the nine months ended September 30, 2025. In addition, we have recognized the related cost of revenue, operating expenses and other income and expenses of PET Labs and Skyline for the same periods.

Research and Development Expenses

The following table summarizes our research and development expenses for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30,
	2025		2024		Change
Personnel-related costs	$	1,781,352	$	673,140	$	1,108,212
Manufacturing engineering		1,246,029		—		1,246,029
Consulting and professional		151,555		490,647		(339,092	)
Facility and depreciation expenses		2,029,547		329,425		1,700,122
Other expenses		299,744		229,670		70,074
Total research and development expenses	$	5,508,227	$	1,722,882	$	3,785,345

Research and development expenses were $5,508,227 for the nine months ended September 30, 2025, compared to $1,722,882 for the nine months ended September 30, 2024. The overall increase of $3,785,345 was primarily due to the following:

•

an increase in personnel-related costs of $1,108,212 primarily due to the increase in headcount, salaries and related costs;

•

an increase in manufacturing engineering testing expenses of $1,246,029 in order to optimize commercial production.

•

an increase in facility and depreciation expenses of $1,700,122 due to an increase in space dedicated to development, noncapitalized expenses and repairs and maintenance; and

•

an increase in other expenses of $70,074 primarily related to other general research and development expenses.

This increase is partially offset by a decrease in consulting and professional fees of $339,092 due to decreases in outsourced development activity.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $30,701,750 for the nine months ended September 30, 2025, compared to $17,976,882 for the nine months ended September 30, 2024. The overall increase of $12,724,868 was primarily due to the following:

•

an increase in personnel-related costs of $8,164,458 primarily due to the increase in headcount, salaries and related costs;

•

an increase in facility and depreciation expenses of $481,429 due to an increase in space dedicated to commercialization;

•

an increase in professional fees of $2,808,232 primarily due to corporate development activity and consulting costs related to new general ledger system; and

•

an increase in other general and administrative office expenses of $1,532,625.

Other (Expense) Income

Other expense for the nine months ended September 30, 2025 was $61,526,185, which includes an expense of $64,542,295 due to change in fair value of the convertible notes payable issued in March and June 2024, a change in fair value of share liability related to the shares issuable to consultants of $200,138, interest expense of $315,010 and a foreign exchange transaction loss of $140,423, partially offset by interest income of $3,282,834 and other income of $388,847 primarily related to distribution fee income from Skyline.

Other expense for the nine months ended September 30, 2024 was $4,538,006, which includes a $5,220,599 change in fair value of the convertible notes payable issued in March and June 2024, a foreign exchange transaction loss of $129,443 and interest expense of $173,832, partially offset by a $327,969 change in the fair value of the share liability related to the shares issuable to a consultant and interest income of $657,899.

Non-GAAP Financial Information

We use certain measures to assess the financial performance of our business, as well as to comply with the reporting requirements of the JSE. Certain of these measures are termed “non-GAAP measures” because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with GAAP, or are calculated using financial measures that are not calculated in accordance with GAAP. These non-GAAP measures include headline loss, and headline loss per common share.

An explanation of the relevance of the non-GAAP measure, a reconciliation of the non-GAAP measure to the most directly comparable measure calculated and presented in accordance with GAAP and a discussion of its limitations are set out below. We do not regard these non-GAAP measures as a substitute for, or superior to, the equivalent measure calculated and presented in accordance with GAAP or that calculated using financial measures that are calculated in accordance with GAAP.

Headline Loss per Share

In connection with our secondary listing on the JSE, we are required to calculate and publicly disclose headline loss per share and diluted headline loss per share. Headline loss per share is calculated using net loss which has been determined in accordance with GAAP. Headline loss for the period represents the loss for the period attributable to our common stockholders adjusted for the remeasurements that are more closely aligned to the operating or trading results as set forth below, and headline loss per share represents headline loss divided by the weighted average number of shares of common stock outstanding.

The table below presents a reconciliation between net loss attributable to common stockholders to headline loss.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net loss attributable to ASP Isotopes Inc. shareholders	$	(12,874,007	)	$	(7,271,239	)	$	(96,383,061	)	$	(25,931,908	)
Adjusted for:
Deemed dividend on inducement warrant for common stock		—			—			—			2,779,659
Change in fair value of share liability		70,869			(381,969	)		200,138			(327,969	)
Change in fair value of convertible notes payable		(172,836	)		2,692,073			64,542,295			5,220,599
Headline loss	$	(12,975,974	)	$	(4,961,135	)	$	(31,640,628	)	$	(18,259,619	)
Weighted average common shares outstanding on which the net loss attributable to ASP Isotopes Inc. shareholders per share and headline loss per share has been calculated - basic and diluted		88,552,309			61,532,172			75,985,507			51,779,067
Net loss per share, attributable to ASP Isotopes Inc. shareholders, basic and diluted	$	(0.15	)	$	(0.12	)	$	(1.27	)	$	(0.50	)
Headline loss per share, attributable to ASP Isotopes Inc. shareholders, basic and diluted	$	(0.15	)	$	(0.08	)	$	(0.42	)	$	(0.35	)

The above disclosure was prepared for the purpose of complying with the reporting requirements of the JSE and includes certain non-GAAP measures, such as headline loss and headline loss per common share, and related reconciliations.

Liquidity and Capital Resources

Sources of Liquidity

We have incurred net losses and negative cash flows from operations since our inception, and we expect to continue to incur significant and increasing net losses for the foreseeable future. We have principally financed our operations to date through the issuance of our common stock, including our IPO, and the issuance of convertible notes payable.

As of September 30, 2025, we had cash and cash equivalents of $113.9 million. We have not generated any revenue from the sale of our enriched isotopes, and our ability to generate product revenue from the sale of enriched isotopes sufficient to achieve profitability will depend on the successful development and eventual commercialization of one or more of our current or future enriched isotopes.

We recognize revenue from the sale of nuclear medical doses for PET scanning in South Africa. Our ability to generate product revenue from the sale of nuclear medical doses for PET scanning sufficient to achieve profitability will depend on the successful expansion of production capabilities and commercialization of the results of that expansion. Effective with the acquisition of 79% of Skyline in August 2025, we also recognize revenue from performing construction services, including roads and drainage.

Future Funding Requirements

Based on our current operating plan, we estimate that our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements through at least the next 12 months from the date the financial statements are issued. However, our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary materially. We have based this estimate on assumptions that may prove to be wrong, and we could deplete our capital resources sooner than we expect. Additionally, the process of developing isotopes is costly, and the timing of progress and expenses in these development activities is uncertain.

Our future capital requirements will depend on many factors, including:

•

the type, number, scope, progress, expansions, results, costs and timing of, our development activities for our future isotopes;

•

the outcome, timing and costs of regulatory review of our future isotopes;

•

the costs and timing of manufacturing for our future isotopes;

•

our efforts to enhance operational systems and hire additional personnel to satisfy our obligations as a public company, including enhanced internal controls over financial reporting;

•

the costs associated with hiring additional personnel and consultants as our preclinical and clinical activities increase;

•

the costs and timing of establishing or securing sales and marketing and distribution capabilities, whether alone or with third parties, to commercialize future isotopes for which we may obtain regulatory approval, if any;

•

our ability to achieve sufficient market acceptance, coverage and adequate reimbursement from third-party payors and adequate market share and revenue for any approved products;

•

the terms and timing of establishing and maintaining collaborations, licenses and other similar arrangements;

•

the costs of obtaining, expanding, maintaining and enforcing our patent and other intellectual property rights;

•

the costs to list QLE as a separate public company; and

•

costs associated with any products or technologies that we may in-license or acquire.


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01per share	ASPI	The Nasdaq Stock Market LLC


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒


		Page
PART I.	FINANCIAL INFORMATION	5
Item 1.	Financial Statements (Unaudited)	5
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	5
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Month Periods ended September 30, 2025 and 2024	6
	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Month Periods ended September 30, 2025 and 2024	7
	Condensed Consolidated Statements of Cash Flows for the Nine Month Periods ended September 30, 2025 and 2024	9
	Notes to Unaudited Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46
Item 4.	Controls and Procedures	46

PART II.	OTHER INFORMATION	47
Item 1.	Legal Proceedings	47
Item 1A.	Risk Factors	47
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	48
Item 4.	Mine Safety Disclosures	48
Item 5.	Other Information	48
Item 6.	Exhibits	49
Signatures		50


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Exhibit Number		Description
10.1*		Series Seed-1 Preferred Stock Purchase Agreement, dated as of July 28, 2025, by and between IsoBio, Inc. and ASP Isotopes Inc.
10.2*		Investors’ Rights Agreement, dated as of July 28, 2025, by and among IsoBio, Inc. and the Investors named therein
10.3*		Voting Agreement, dated as of July 28, 2025, by and among IsoBio, Inc., ASP Isotopes Inc. and the Key Holders named therein
10.4*		Right of First Refusal and Co-Sale Agreement, dated as of July 28, 2025, by and among IsoBio, Inc. ASP Isotopes Inc. and the Key Holders named therein
10.5*		Letter, dated as of November 6, 2025, to the Term Loan Facility Agreement by and among ASP Isotopes Inc., Renergen Limited and ASP Isotopes South Africa Proprietary Limited
31.1*		Certification of Principal Executive Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*		Certification of Principal Financial Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended.
32.1**		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


	ASP Isotopes Inc.

Date: November 19, 2025	By:	/s/ Robert Ainscow
		Robert Ainscow
		Interim Chief Executive Officer and Chief Operating Officer
		(Principal Executive Officer)

Date: November 19, 2025	By:	/s/ Heather Kiessling
		Heather Kiessling
		Chief Financial Officer
		(Principal Financial and Accounting Officer)