Free cash flow remains deeply negative with a $23.9M quarterly burn in 2026Q1, reflecting a capital-intensive business model that relies heavily on non-cash adjustments like $4.4M in stock-based compensation to manage liquidity.
| Cash from Operations | -52.37M | -37.78M | -16.7M | -5.41M | -2.94M | -577.69K |
| Operating CF Margin % | - | -158.41% | -402.88% | -1249.9% | - | - |
| Operating CF Growth % | -972.22% | -126.29% | -208.47% | -84.1% | -408.9% | - |
| Net Income | -173.52M | -175.09M | -32.42M | -16.29M | -4.95M | -2.61M |
| Depreciation & Amortization | 4.82M | 1.91M | 471.42B | 37.43K | 72.57K | 19.38K |
| Stock-Based Compensation | 13.33M | 0 | 8.56M | 8.74M | 2M | 0 |
| Deferred Taxes | -40.16K | -45K | -143.28K | 16.66K | -72.57K | 0 |
| Other Non-Cash Items | 115.13M | 139.07M | -471.41B | 924.12K | -27.96K | 2.23M |
| Working Capital Changes | -11.73M | -3.63M | -2.62M | 1.16M | 33.89K | -238.21K |
| Change in Receivables | -1.01M | -454K | -505.95K | 237.95K | 0 | 0 |
| Change in Inventory | -523K | -315K | -67.64K | 0 | 0 | 0 |
| Change in Payables | -452.22K | 782K | -877.47K | -224.6K | 570.6K | 59.68K |
| Cash from Investing | -184.82M | -90M | -11.37M | -2.45M | -4.47M | -2.99M |
| Capital Expenditures | -13.43M | -9.65M | -11.37M | -2.33M | -4.47M | -2.99M |
| CapEx % of Revenue | 49.88% | 40.48% | 274.43% | 538.38% | - | - |
| Acquisitions | 30.29M | 25.37M | 0 | -121.85K | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -80.51M | -29.97M | 0 | 0 | 0 | 0 |
| Cash from Financing | 394.19M | 350.8M | 82.53M | 13.39M | 6.64M | 6.5M |
| Debt Issued (Net) | 42.51M | 44.11M | 25.72M | -180.53K | -13.05K | 46.9K |
| Equity Issued (Net) | 306.82M | 307.09M | 53.09M | 14.13M | 8.12M | 6.45M |
| Dividends Paid | 0 | 0 | -2.78T | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 44.86M | -402K | 2.78T | -563.47K | -1.47M | 0 |
| Net Change in Cash | 154.15M | 223.67M | 53.98M | 5.52M | -564.58K | 2.93M |
| Free Cash Flow | -65.8M | -47.43M | -28.07M | -7.74M | -7.41M | -3.57M |
| FCF Margin % | -244.37% | -198.89% | -677.31% | -1788.28% | - | - |
| FCF Growth % | -123.96% | -69% | -262.46% | -4.46% | -107.89% | - |
| FCF per Share | -0.54 | -0.57 | -0.50 | -0.23 | -0.21 | -0.10 |
| FCF Conversion (FCF/Net Income) | 0.38x | 0.22x | 0.52x | 0.33x | 0.59x | 0.22x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Commercialization and Scale-up Execution
According to the provided financial data, ASPI exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio reaching 2.58 in 2026Q1, suggesting that reported losses are being significantly mitigated by non-cash adjustments rather than underlying operational cash generation.
The wide variance between net income and operating cash flow indicates that the company's accounting losses do not fully capture the cash-intensive nature of its current development phase. Investors should interpret this divergence as a sign that the firm is heavily reliant on non-cash expenses to manage its reported bottom line while actual cash burn remains elevated.
As reported in financial statements, ASPI's free cash flow trajectory remains deeply negative, with a quarterly burn of $23.9M in 2026Q1, reflecting a business model that is currently consuming capital at an accelerating rate to fund its transition toward commercial isotope production.
The consistent negative FCF margins, which reached -5.7% in the most recent quarter, underscore the company's reliance on external financing to sustain operations. This trend suggests that until the company achieves significant revenue scale, the cash burn will likely remain a primary constraint on its financial flexibility.
Based on reported figures, ASPI's capital expenditure remains highly volatile, with CapEx/Revenue ratios fluctuating wildly from 2.1% to 148.2%, indicating that the company is in a heavy investment cycle to build out its proprietary aerodynamic separation facilities rather than maintaining existing assets.
The high capital intensity suggests that the company is prioritizing the construction of new production capacity over immediate profitability. This strategy appears to be a necessary, albeit expensive, requirement to validate the scalability of the ASP technology in a competitive industrial market.
As indicated by the quarterly cash flow data, working capital changes have been inconsistent, swinging from a $2.0M inflow in 2025Q1 to a $6.1M outflow in 2026Q1, which suggests that the company is struggling to manage its cash conversion cycle during this early commercialization phase.
The erratic nature of these working capital movements may imply challenges in inventory management or the timing of customer payments for specialized isotope orders. Such fluctuations warrant further investigation to determine if they represent temporary operational friction or a more systemic difficulty in scaling the supply chain.
Based on the provided cash flow statements, stock-based compensation has consistently added back millions to the cash flow profile, with $4.4M in 2026Q1, effectively obscuring the true magnitude of the company's operational cash requirements and the dilutive cost of talent acquisition.
By relying on equity-based incentives to manage cash outflows, the company is effectively shifting the burden of its high operating costs onto shareholders. This practice suggests that the reported cash flow figures may be flattering the company's underlying operational efficiency by excluding significant non-cash compensation expenses.
Quick answers to the most common questions about buying ASPI stock.
ASP Isotopes Inc. Common Stock (ASPI) generated $-37.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ASP Isotopes Inc. Common Stock (ASPI) reported negative free cash flow of $47.4M in 2025, indicating capital requirements exceeded cash from operations.
ASP Isotopes Inc. Common Stock (ASPI) spent $9.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.