ASP Isotopes (NASDAQ:ASPI) outlined plans to expand its isotope production, radiopharmacy and helium businesses during Canaccord Genuity’s 46th Annual Growth Conference, with commercial deliveries of several stable isotopes targeted for the second half of 2026.
Chief Commercial Officer Viktor Petkov said the company is using proprietary enrichment technologies to serve electronics, nuclear medicine and nuclear-fuel markets. ASP Isotopes currently operates three production facilities in Pretoria, South Africa, focused on Silicon-28 for semiconductor applications and Carbon-14 and Ytterbium-176 for nuclear medicine.
Technology and supply-chain focus
The company has publicly identified two enrichment technologies. Its Aerodynamic Separation Process, or ASP, uses stationary-wall centrifuges to enrich gaseous elements, including silicon, methane and xenon. Petkov said the approach is modular, can be sized to meet plant requirements and has lower capital expenditures than traditional centrifuge systems.
Its Quantum Enrichment technology is a laser-based process intended for metals and other elements that do not exist in gaseous form. Under the process described by Petkov, metal feedstock is vaporized, laser energy is used to excite targeted isotopes, and the material is collected on a charged plate. The technology could be applied to uranium, lithium, ytterbium and gadolinium, among other materials.
Helium project targets September production
ASP Isotopes’ Renergen platform owns the Virginia Gas Project, which is intended to produce helium and liquefied natural gas. Petkov said Phase 1 helium production is expected to begin by the end of September, with revenue recognition anticipated in 2026.
He said helium demand spans semiconductor manufacturing, MRI systems, fiber optics and aerospace. In particular, he cited helium’s role in semiconductor manufacturing because of its thermal conductivity and inert properties.
Petkov also pointed to supply concerns following damage to Qatar’s Ras Laffan facility during strikes, saying Qatar supplies more than 30% of the global helium market and that the facility’s disruption had taken a significant portion of supply offline. He said industrial-gas companies have been using reserves to maintain supply but expects those strategic inventories to become depleted in the coming months.
The company has signed a contract with an Asian industrial-gases customer covering about 15% of Phase 1 capacity, Petkov said, while discussions continue with other prospective customers. He said ASP Isotopes does not see a shortage of helium demand and expects pricing pressure to intensify as inventories decline.
Following Phase 1, the company plans a Phase 2 expansion that Petkov said would increase capacity by roughly 12 to 13 times. ASP Isotopes has secured approximately $750 million of funding from the U.S. government and Standard Bank for the expansion, according to Petkov. The project is expected to take about 44 months to complete and is targeted to come online by 2031.
Radiopharmacy expansion and stable isotopes
Petkov said the company’s PET Labs platform is South Africa’s largest producer of Fluorine-18-based radionuclides. The radiopharmacy business produces radioactive isotopes for nuclear medicine and has generated revenue for several years, he said.
The company expects the business to generate approximately $14 million in fiscal 2026, based on a previously issued shareholder letter. Petkov attributed recent growth to investments in its Pretoria radiopharmacy, including installation of a cyclotron and related equipment, as well as increased demand from hospitals adding PET scanners.
ASP Isotopes recently acquired radiopharmacy sites in Florida and South Carolina. The current U.S. sites produce products used in SPECT diagnostics, including technetium, Petkov said. The company plans to invest in those locations and install cyclotrons to begin producing PET isotopes. He also said the company is evaluating additional opportunities in the U.S. and Europe.
Petkov said the company’s stable-isotope and radiopharmacy operations provide vertical integration. ASP Isotopes aims to enrich stable isotopes such as nickel and ytterbium, which can then serve as feedstock for radioactive isotopes produced by PET Labs. He said this structure could reduce supply-chain risk and improve economics relative to radiopharmacies that must source feedstock externally.
Production milestones and longer-term targets
The company expects to begin commercial deliveries of Silicon-28, Carbon-14 and Ytterbium-176 during the second half of 2026. Petkov acknowledged delays at the South African stable-isotope facilities, citing inherited engineering issues involving components such as valves, heat exchangers and compressors.
For Silicon-28, he said the company is processing silane and observing enrichment but needs the full 48-stage plant and roughly 200 service compressors operating to achieve final product grades. The company expects the plant to be fully operational by year-end. Carbon-14 production has also been constrained by the availability and quality of specialized feedstock from a Canadian partner, he said.
ASP Isotopes reported approximately $290 million on its balance sheet as of March 2026. Petkov said the company’s midterm target is EBITDA exceeding $300 million in 2031, excluding its nuclear business. Its Quantum Leap Energy subsidiary, which is being spun out, is developing conversion, enrichment and deconversion services for uranium as well as Lithium-6 and Lithium-7 production technologies.
About ASP Isotopes (NASDAQ:ASPI)
ASP Isotopes Inc, a development stage advanced materials company, focuses on the production, distribution, marketing, and sale of isotopes. It engages in the production and commercialization of Molybdenum-100, a non-radioactive isotope for the medical industry; Carbon-14; and Silicon-28. The company is also developing Quantum Enrichment technology to produce Ytterbium-176, Nickel-64, Lithium 6, Lithium7, and Uranium-235. ASP Isotopes Inc was incorporated in 2021 and is headquartered in Washington, District Of Columbia.
