ASP Isotopes Inc. Common Stock Q4 FY2024 earnings call

• Fourth quarter results were as expected, with PET Labs a stable business at $4.2 million annual revenue.
• Three manufacturing plants started commercial production: Carbon-14 plant had feedstock issue resolved in early February, Silicon-28 plant overcame commissioning challenges with engineering team's work, and Ytterbium-176 plant resolved mass spectrometer and vacuum pump issues and now enriches for commercial samples.
• Ytterbium-176 production is expected to be ~1 kilogram per year at ~$20,000 per gram.
• Carbon-14 has a take-or-pay contract for a minimum of $2.5 million per year, with potential for more as feedstock shipments have exceeded this amount.
• Silicon-28 has small orders currently, with expectations of more orders from three to four additional customers and existing customers increasing their order sizes.
• PET Labs, which did $4 million in revenue last year, is expected to grow nicely due to heavy investment in the business.

PET Labs had $4.2 million in revenue for the year, a stable business. The Carbon-14 plant faced feedstock issues but is now enriching, with a take-or-pay contract for a minimum of $2.5 million per year. Ytterbium-176 plant has started enriching for commercial samples, with expected production of ~1 kilogram per year at ~$20,000 per gram. Silicon-28 plant had commissioning challenges but resolved, with small orders and potential for more from additional customers and existing customers increasing orders. PET Labs, which did $4 million in revenue last year, is expected to grow due to investments.

• No guidance was given for 2024, and no first-quarter guidance was provided on the call.
• Ytterbium production is expected to be ~1 kilogram per year at ~$20,000 per gram.
• Carbon-14 has a take-or-pay contract for a minimum of $2.5 million per year, potentially with more as customers can take more product.
• Silicon-28 expects more orders from additional customers and existing customers increasing their order sizes.
• PET Labs is expected to grow nicely this year due to investments in the business.

• Feedstock issues for the Carbon-14 plant, with the second batch of feedstock needed by the end of March.
• Commissioning challenges for the Silicon-28 plant, such as cryogenic pump and impeller problems.
• Mass spectrometer and vacuum pump issues for the Ytterbium-176 plant.
• Licensing and regulation challenges in various countries, including obtaining export permits for lasers and complying with local regulations.
• Dependence on government permits and approvals for plant construction and operations.

Q: In layman's terms, can you explain what the relevance of enriching Ytterbium is to enriching Uranium?

A: Hendrik Strydom and Paul E. Mann discussed similarities and differences in enrichment processes, noting laser usage, spectroscopy, and material requirements for different isotopes.

Q: What are your expected revenues for ASPI in 2025?

A: Paul E. Mann mentioned Ytterbium production (~$20,000 per gram for ~1 kg/year), Carbon-14 take-or-pay contract min $2.5 million/year (potentially more), Silicon-28 expected orders from additional customers and existing customers increasing orders, and PET Labs growing nicely due to investments.

Q: Can you give guidance on the timing of construction of Nickel-64, Gadolinium-160, and Lithium-6 plants?

A: Paul E. Mann said timing depends on government and permits, with the first plant potentially coming into action later in the year, but waiting on export permits and government approvals.

Q: Any progress on the QLE spinout?

A: Paul E. Mann talked about spinout timing related to identifying plant location, securing licenses, and SEC review, expecting to do it as soon as possible.

Q: Are there any new emerging competitors?

A: Paul E. Mann stated no new emerging competitors are seen in the market opportunity ex-Russia.