The company has rapidly increased its total debt from $2.1M in 2023Q4 to $261.8M in 2026Q1 to fund the construction of specialized enrichment facilities.
| Total Current Assets | 308.74M | 398.14M | 65.74M | 10.51M | 3.3M | 3.22M |
| Cash & Short-Term Investments | 290.52M | 333.31M | 61.89M | 7.91M | 2.39M | 2.95M |
| Cash Only | 207.35M | 285.56M | 61.89M | 7.91M | 2.39M | 2.95M |
| Short-Term Investments | 83.17M | 47.74M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 4.59M | 51.71M | 734.48K | 938.05K | 0 | 0 |
| Days Sales Outstanding | 465.83 | 791.4 | 64.69 | 790.69 | - | - |
| Inventory | 1.37M | 8.49M | 65.66K | 0 | 0 | 0 |
| Days Inventory Outstanding | 50.51 | 151.65 | 9.42 | - | - | - |
| Other Current Assets | 12.27M | 2.64M | 3.05M | 1.66M | 913K | 0 |
| Total Non-Current Assets | 278.93M | 114.74M | 28.6M | 19.68M | 9.19M | 3.92M |
| Property, Plant & Equipment | 94.66M | 34.96M | 23.48M | 11.97M | 9.05M | 3.92M |
| Fixed Asset Turnover | 0.57x | 0.68x | 0.18x | 0.04x | - | - |
| Goodwill | 6.39M | 8.57M | 3.17M | 3.27M | 0 | 0 |
| Intangible Assets | 675K | 1.48M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 81.99M | 49M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 152.27M | 5.87M | -3.81M | 4.44M | 139.64K | 0 |
| Total Assets | 587.67M | 512.88M | 94.35M | 30.19M | 12.5M | 7.14M |
| Asset Turnover | 0.07x | 0.05x | 0.04x | 0.01x | - | - |
| Asset Growth % | 1307.01% | 443.61% | 212.54% | 141.57% | 74.95% | - |
| Total Current Liabilities | 70.37M | 32.7M | 7.06M | 5.67M | 1.94M | 303.35K |
| Accounts Payable | 6.87M | 5.75M | 1.02M | 1.11M | 1.35M | 59.68K |
| Days Payables Outstanding | 76.71 | 102.75 | 146.49 | 1.38K | - | 1.12K |
| Short-Term Debt | 54.22M | 13.64M | 939.11K | 470.4K | 33.85K | 84.97K |
| Deferred Revenue (Current) | 3.53M | 882K | 882K | 882K | 0 | 0 |
| Other Current Liabilities | 8.4M | 8.84M | 1.26M | 1.97M | 140.46K | 158.7K |
| Current Ratio | 4.39x | 12.18x | 9.31x | 1.85x | 1.71x | 10.62x |
| Quick Ratio | 4.37x | 11.92x | 9.31x | 1.85x | 1.71x | 10.62x |
| Cash Conversion Cycle | 439.64 | 840.3 | -72.38 | - | - | - |
| Total Non-Current Liabilities | 218.28M | 217.29M | 41.87M | 5.68M | 742.44K | 841.62K |
| Long-Term Debt | 204.95M | 200.79M | 34.87M | 0 | 0 | 0 |
| Capital Lease Obligations | 6.47M | 1.53M | 1.25M | 1.27M | 742.44K | 841.62K |
| Deferred Tax Liabilities | 21.25M | 14.96M | 0 | 110.58K | 0 | 0 |
| Other Non-Current Liabilities | 3.87M | 0 | 5.74M | 4.3M | 0 | 0 |
| Total Liabilities | 288.65M | 249.98M | 43.18M | 11.36M | 2.68M | 1.14M |
| Total Debt | 261.84M | 215.96M | 37.75M | 2.14M | 822.2K | 926.6K |
| Net Debt | 54.49M | -69.6M | -24.14M | -5.77M | -1.57M | -2.03M |
| Debt / Equity | 0.88x | 0.82x | 0.74x | 0.11x | 0.08x | 0.15x |
| Debt / EBITDA | -3.78x | - | - | - | - | - |
| Net Debt / EBITDA | -0.79x | - | - | - | - | - |
| Interest Coverage | -79.13x | -276.50x | -123.82x | -136.50x | - | - |
| Total Equity | 299.02M | 262.9M | 51.17M | 18.83M | 9.82M | 6M |
| Equity Growth % | 1194.8% | 413.81% | 171.72% | 91.81% | 63.69% | - |
| Book Value per Share | 2.47 | 3.17 | 0.92 | 0.57 | 0.27 | 0.17 |
| Total Shareholders' Equity | 289M | 204.15M | 47.9M | 16.3M | 9.82M | 6M |
| Common Stock | 1.26M | 1.12M | 720.68K | 489.23K | 359.07K | 206.53K |
| Retained Earnings | -238.52M | -231.26M | -56.17M | -23.84M | -7.55M | -2.61M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.66M | 2.54M | -2.16M | -920.98K | 255.03K | 18.72K |
| Minority Interest | 10.02M | 58.75M | 3.27M | 2.53M | 0 | 0 |
Capital Intensive Scale-up Risk
According to recent financial statements, ASPI's total assets have surged from $30.2M in 2023Q4 to $587.7M in 2026Q1, reflecting an aggressive infrastructure build-out that significantly alters the company's risk profile as it attempts to transition from R&D to commercial-scale isotope production.
The rapid growth in the asset base appears driven by capital raises rather than organic operational success, as evidenced by the widening gap between total assets and retained earnings. Investors should monitor whether this asset accumulation translates into tangible production capacity or if it represents an over-capitalization relative to current market demand.
Based on reported figures, ASPI's total debt has climbed from $2.1M in 2023Q4 to $261.8M in 2026Q1, indicating a strategic shift toward debt-financed growth to support the construction of specialized enrichment facilities required for its proprietary aerodynamic separation process.
While the debt-to-equity ratio of 0.88 remains manageable, the rapid increase in leverage warrants caution given the company's lack of consistent operating cash flow. The reliance on debt to fund capital-intensive projects suggests that refinancing risk could become a material concern if commercialization timelines are delayed.
As reported in recent SEC filings, ASPI maintains a robust cash position of $207.3M as of 2026Q1, providing a substantial liquidity buffer that appears designed to sustain the company's high cash burn rate through the critical upcoming phase of facility commissioning and regulatory certification.
The current ratio of 4.39 suggests that the company is well-positioned to meet its short-term obligations, effectively mitigating immediate insolvency risks. However, this liquidity is clearly a product of external financing rather than internal cash generation, meaning the company remains vulnerable to capital market volatility.
Based on the provided financial data, equity has grown to $289.0M in 2026Q1, yet this expansion is heavily influenced by capital raising activities that have likely resulted in significant shareholder dilution to support the company's ongoing, loss-making R&D and infrastructure development efforts.
The persistent accumulation of negative retained earnings, which reached -$238.5M in 2026Q1, highlights the high cost of the company's growth strategy. Investors should evaluate whether the potential for future isotope production justifies the ongoing dilution and the erosion of equity value caused by sustained operational losses.
Quick answers to the most common questions about buying ASPI stock.
As of 2025, ASP Isotopes Inc. Common Stock (ASPI) had total assets of $512.9M including $398.1M in current assets.
ASP Isotopes Inc. Common Stock (ASPI) carries total debt of $216.0M, offset by $333.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ASP Isotopes Inc. Common Stock (ASPI) has total shareholders' equity (book value) of $204.2M ($3.17 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ASP Isotopes Inc. Common Stock (ASPI) reported a current ratio of 12.18x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.