ASP Isotopes Targets $300M EBITDA as Helium, Silicon-28 and Radiopharmacy Plans Advance

Key Points

• ASP Isotopes is targeting more than $300 million in EBITDA by 2031 as it expands across isotope enrichment, helium, radiopharmacy, semiconductor materials and nuclear fuels. It had more than $250 million in cash as of June 30 and plans to spin out or separately list several businesses.
• The company is moving toward commercial milestones, including an expected first silicon-28 shipment by year-end and initial international liquid-helium shipments in December and January, pending customer acceptance. Noble Africa’s first helium phase is projected to generate approximately $28 million–$33 million in annual revenue at capacity.
• ASP Isotopes plans to build a vertically integrated nuclear-medicine business, expanding from two U.S. radiopharmacies to about 10 in five years and potentially 30 in 10 years. Its Alpa Theranostics unit expects multiple cancer-treatment candidates to enter human trials within the next six to nine months, with initial Phase I data targeted for the first half of 2027.

ASP Isotopes NASDAQ: ASPI CEO Paul Mann outlined the company’s plans to expand its isotope-enrichment, radiopharmacy and helium businesses, while targeting more than $300 million in EBITDA by 2031.

Speaking at the Emerging Growth Conference, Mann said the company has built three manufacturing plants in South Africa for carbon-14, silicon-28 and ytterbium-176. The facilities are operating but have not yet generated commercial revenue, he said. Carbon-14 is intended for use in medicine development, silicon-28 is designed for next-generation semiconductor applications, and ytterbium-176 can be used as a feedstock in producing lutetium-177, a radioisotope used in Novartis’ prostate-cancer therapy PLUVICTO.

Mann said ASP Isotopes is pursuing several business verticals, including nuclear medicine, semiconductor-related gases, helium and nuclear fuels. The company expects to spin out Quantum Leap Energy, its nuclear-fuels business, into a separately listed company when practical. It also intends to list Noble Africa, its helium and liquefied natural gas asset, on Nasdaq.

Nuclear Medicine and Radiopharmacy Expansion

The company’s PET Labs unit supplies nuclear-medicine doses in South Africa and operates two U.S. radiopharmacies, NuMed and East Coast Nuclear Pharmacy, according to Mann. ASP Isotopes’ strategy is to build a vertically integrated radiopharmacy business that produces stable isotopes, converts them into radioisotopes and distributes radiopharmaceutical products.

Mann said the company is focusing on higher-value cancer-treatment isotopes rather than more commoditized products. He estimated the future global market for ytterbium and gadolinium at approximately $100 million. He also cited estimates of a $33 billion global nuclear-medicine market, including a $13.5 billion radiopharmaceutical market and a roughly $6 billion commercial radiopharmacy market.

According to Mann, ASP Isotopes aims to acquire basic radiopharmacies and invest in equipment and expertise needed to manufacture more advanced molecules. The company’s goal is to expand to about 10 radiopharmacies in five years and potentially 30 within 10 years.

Within PET Labs, subsidiary Alpa Theranostics is developing radiotheranostic candidates using VHH nanobodies derived from camelid immune systems. Mann said the nanobodies are smaller than traditional monoclonal antibodies, potentially allowing deeper tumor penetration and access to cellular areas that larger antibodies may not reach. The company expects its first drug candidates to enter human trials later this year, with initial Phase I data anticipated during the first half of 2027.

Alpa Theranostics has three assets expected to enter the clinic over the next six to nine months, including candidates for triple-negative breast cancer and osteosarcoma, Mann said. ASP Isotopes expects to conduct Phase I work in South Africa and file its first U.S. investigational new drug application in 2027.

Production and Commercial Milestones

Mann said the company recently began liquid-helium production at Noble Africa and plans to build inventory before initial commercial shipments. He expects the first international iso-container shipment in December and a second shipment in January, subject to customer testing and acceptance.

Phase I of the helium project is designed to produce approximately 70 MCF per day of helium and 2,500 gigajoules per day of LNG, Mann said. Based on price assumptions discussed with customers, he estimated that the project could generate roughly $28 million to $33 million in annual revenue and $8 million to $13 million in gross profit after reaching planned capacity. He added that potential Phase II financing could include debt, customer prepayments or equity investment.

The company also expects to make its first silicon-28 shipment by year-end. Mann said that milestone had been delayed by technical issues, but the plant is now operating and has completed more than half of the batch runs needed for the first shipment. He said silicon enrichment becomes more time-consuming at higher purity levels, though the underlying process remains linear.

For ytterbium-176, Mann said the company’s continuous processing vessel has been installed, vacuum-tested and entered commissioning. He expects results in the coming weeks. Each vessel could produce about 330 grams annually, and the company anticipates deploying about three vessels per system, or approximately one kilogram of annual output.

Uranium-Enrichment Plans

In response to questions about Quantum Leap Energy’s proposed joint venture with South Africa’s Nuclear Energy Corporation of South Africa, or Necsa, Mann said the Pelindaba site is already permitted for uranium enrichment. Remaining steps include completing definitive documentation, reconditioning the test bench, building a laser test bench and sourcing uranium hexafluoride feedstock.

Mann said ASP Isotopes had more than $250 million of cash as of June 30 and believes it has sufficient resources to pursue its near-term operating milestones. He characterized the company’s next phase as a transition from plant construction to scaling operations across helium, electronic gases, medical isotopes and radiopharmacy services.

About ASP Isotopes (NASDAQ:ASPI)

ASP Isotopes Inc is a materials and technology company developing isotope-enrichment processes for use in the medical, semiconductor and nuclear-energy industries. Its primary technology is the Aerodynamic Separation Process, a proprietary method designed to separate isotopes based on differences in molecular mass and aerodynamic behavior.

The company is pursuing the production of enriched isotopes, including materials intended for applications such as semiconductor manufacturing, medical diagnostics and treatment, advanced nuclear fuels, and other industrial and scientific uses.

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