Ascent Solar Technologies Inc
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
ASTI$1.45-1.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-06.
0000950170-24-091911
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-14.
0000950170-24-127076
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 64 previous paragraphs and 64 current paragraphs.
41 unchanged; 21 reworded; 2 added; 1 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
Other Income/Expense. Other income was $571,324 for the three months ended September 30, 2024. This includes a gain on settlement of liabilities, interest income, and the reversal of a Swiss liability which were partially offset by interest expense. In comparison, other income for the same period in 2023 was $468,750, primarily due to a one-time employee retention credit, partially offset by interest expense, resulting in an increase of $102,574 between the two periods.
Current report
Comparison of the Nine Months Ended September 30, 2024 and 2023
Removed paragraphs (1)
Previous report
Comparison of the Six Months Ended June 30, 2024 and 2023
Reworded paragraphs (21)
Previous wording
We target high-volume production and high-value specialty solar markets. These include agrivoltaics, space, aerospace and high-value niche manufacturing/construction sectors. This strategy enables us to fully leverage what we believe are the unique advantages of our technology, including flexibility, durability and attractive power to weight and power to area performance. It further enables us to offer unique, differentiated solutions in large markets with less competition, and more attractive pricing.
Current wording
We target high-volume production and high-value specialty solar markets. These include terrestrial and space power beaming, space, aerospace, agrivoltaics, and high-value niche manufacturing/construction sectors. This strategy enables us to fully leverage what we believe are the unique advantages of our technology, including flexibility, durability and attractive power to weight and power to area performance. It further enables us to offer unique, differentiated solutions in large markets with less competition, and more attractive pricing.
Previous wording
For the six months ended June 30, 2024, we generated $33,343 of total revenue. As of June 30, 2024, we had an accumulated deficit of $488,462,005.
Current wording
For the nine months ended September 30, 2024, we generated $41,893 of total revenue. As of September 30, 2024, we had an accumulated deficit of $490,152,872.
Previous wording
We manufacture our products by affixing a thin CIGS layer to a flexible, plastic substrate using a large format, roll-to-roll process that permits us to fabricate our flexible PV modules in an integrated sequential operation. We use proprietary monolithic integration techniques which enable us to form complete PV modules with little to no back-end assembly cost of inter- cell connections. Traditional PV manufacturers assemble PV modules by bonding or soldering discrete PV cells together. This manufacturing step typically increases manufacturing costs and at times proves detrimental to the overall yield and reliability of the finished product. By reducing or eliminating this added step using our proprietary monolithic integration techniques, we believe we can achieve cost savings in, and increase the reliability of, our PV modules.
Current wording
We manufacture our products by affixing a thin Copper-Indium-Gallium-diSelenide ("CIGS") layer to a flexible, plastic substrate using a large format, roll-to-roll process that permits us to fabricate our flexible PV modules in an integrated sequential operation. We use proprietary monolithic integration techniques which enable us to form complete PV modules with little to no back-end assembly cost of inter- cell connections. Traditional PV manufacturers assemble PV modules by bonding or soldering discrete PV cells together. This manufacturing step typically increases manufacturing costs and at times proves detrimental to the overall yield and reliability of the finished product. By reducing or eliminating this added step using our proprietary monolithic integration techniques, we believe we can achieve cost savings in, and increase the reliability of, our PV modules.
Previous wording
Basis of Presentation: The accompanying unaudited condensed financial statements have been derived from the accounting records of Ascent Solar Technologies, Inc. as of June 30, 2024 and December 31, 2023, and the results of operations for the three and six months ended June 30, 2024 and 2023.
Current wording
Basis of Presentation: The accompanying unaudited condensed financial statements have been derived from the accounting records of Ascent Solar Technologies, Inc. as of September 30, 2024 and December 31, 2023, and the results of operations for the three and nine months ended September 30, 2024 and 2023.
Previous wording
Total Revenues. Our total revenues decreased by $73,558, or 73%, for the three months ended June 30, 2024 when compared to the same period in 2023. This is primarily due to a large customer order and engineering revenue in the prior period that was not repeated in the current period.
Current wording
Total Revenues. Our total revenues decreased by $221,404, or 96%, for the three months ended September 30, 2024 when compared to the same period in 2023. This is primarily due to a large customer order and engineering revenue in the prior period that was not repeated in the current period.
Previous wording
Cost of revenue. Cost of revenues is primarily comprised of repair and maintenance, material costs, and direct labor and overhead expenses. Our Cost of revenues decreased by $604,745, or 91%, for the three months ended June 30, 2024 when compared to the same period in 2023. This decrease is primarily due to a decrease in manufacturing activities as the Company continued to focused on product and technology improvements in the current period.
Current wording
Cost of revenue. Cost of revenues is primarily comprised of repair and maintenance, material costs, and direct labor and overhead expenses. Our Cost of revenues decreased by $615,956, or 89%, for the three months ended September 30, 2024 when compared to the same period in 2023. This decrease is primarily due to a decrease in manufacturing activities and sales as the Company continued to focus on product and technology improvements in the current period.
Previous wording
Research, development and manufacturing operations. Research, development and manufacturing operations costs include costs incurred for product development, pre-production and production activities in our manufacturing facility. It also includes costs related to technology development. Research, development and manufacturing operations costs decreased by $316,320, or 38%, for the three months ended June 30, 2024 when compared to the same period in 2023. This is primarily due to a decrease in preproduction and manufacturing operations cost as the Company continued to focused on product and technology improvements in the current period.
Current wording
Research, development and manufacturing operations. Research, development and manufacturing operations costs include costs incurred for product development, pre-production and production activities in our manufacturing facility. It also includes costs related to technology development. Research, development and manufacturing operations costs increased by $258,592, or 75%, for the three months ended September 30, 2024 when compared to the same period in 2023. This is primarily due to the Company continued to focused on product and technology improvements in the current period.
Previous wording
Selling, general and administrative. Selling, general and administrative expenses increased by $432,606, or 37%, for the three months ended June 30, 2024 when compared to the same period in 2023. The increase in costs is due primarily to increased employee expenses. The increase is also due to the annual shareholders' meeting costs and other administrative costs.
Current wording
Selling, general and administrative. Selling, general and administrative expenses decreased by $190,517, or 14%, for the three months ended September 30, 2024 when compared to the same period in 2023. The decrease in costs is due primarily to decreased professional services and other administrative expenses incurred during the current period.
Previous wording
Share-based compensation. Share-based compensation expense decreased by $1,520,383 or 77% for the six months ended June 30, 2024 when compared to the same period in 2023. The decrease is due to the termination of our former CEO in April 2023. This is partially offset with the Company's RSU grant to employees, directors, and advisory board in 2024.
Current wording
Share-based compensation. Share-based compensation expense increased by $215,343 or 155% for the three months ended September 30, 2024 when compared to the same period in 2023. The increase is due to the Company's RSU and option grant to employees, directors, and advisory board in 2024.
Previous wording
Net Loss. Our Net Loss decreased by $467,645, or 12%, for the three months ended June 30, 2024 compared to the same period in 2023 due primarily to the items mentioned above.
Current wording
Net Loss. Our Net Loss decreased by $218,406, or 11%, for the three months ended September 30, 2024 compared to the same period in 2023 due primarily to the items mentioned above.
Previous wording
Total Revenues. Our total revenues decreased by $192,183, or 85%, for the six months ended June 30, 2024 when compared to the same period in 2023. This is primarily due to a large customer order and engineering revenue in the prior period that was not repeated in the current period.
Current wording
Total Revenues. Our total revenues decreased by $413,587, or 91%, for the nine months ended September 30, 2024 when compared to the same period in 2023. This is primarily due to a large customer order and engineering revenue in the prior period that was not repeated in the current period.
Previous wording
Cost of revenue. Cost of revenues is primarily comprised of repair and maintenance, material costs, and direct labor and overhead expenses. Our Cost of revenues decreased by $(1,057,152), or 94%, for the six months ended June 30, 2024 when compared to the same period in 2023. This decrease is primarily due to a decrease in manufacturing activities as the Company continued to focused on product and technology improvements in the current period.
Current wording
Cost of revenue. Cost of revenues is primarily comprised of repair and maintenance, material costs, and direct labor and overhead expenses. Our Cost of revenues decreased by $1,673,108, or 92%, for the nine months ended September 30, 2024 when compared to the same period in 2023. This decrease is primarily due to a decrease in manufacturing activities and sales as the Company continued to focused on product and technology improvements in the current period.
Previous wording
Research, development and manufacturing operations. Research, development and manufacturing operations costs include costs incurred for product development, pre-production and production activities in our manufacturing facility. Research, development and manufacturing operations costs also include costs related to technology development. Research, development and manufacturing operations costs decreased by $1,374,785, or 55%, for the six months ended June 30, 2024 when compared to the same period in 2023. This is primarily due to a decrease in preproduction and manufacturing operations cost as the Company continued to focused on product and technology improvements in the current period.
Current wording
Research, development and manufacturing operations. Research, development and manufacturing operations costs include costs incurred for product development, pre-production and production activities in our manufacturing facility. Research, development and manufacturing operations costs also include costs related to technology development. Research, development and manufacturing operations costs decreased by $1,116,190, or 39%, for the nine months ended September 30, 2024 when compared to the same period in 2023. This is primarily due to a decrease in preproduction and manufacturing operations cost as the Company continued to focused on product and technology improvements in the current period.
Previous wording
Selling, general and administrative. Selling, general and administrative expenses decreased by $99,163, or 4% for the six months ended June 30, 2024 when compared to the same period in 2023. This decrease is primarily due to lower personnel and administrative costs incurred during the first quarter in the current period when compared to the prior period partially offset by higher personnel and administrative costs incurred during the second quarter in the current period when compared to the prior period.
Current wording
Selling, general and administrative. Selling, general and administrative expenses decreased by $289,691, or 7% for the nine months ended September 30, 2024 compared to the same period in 2023. This decrease is primarily due to lower personnel and administrative costs incurred during the first quarter of the current year compared to the prior period. This decrease is partially offset by higher personnel, professional services and other administrative costs incurred during the second and third quarter of the current year.
Previous wording
Share-based compensation. Share-based compensation expense decreased by $375,159 or 67% for the three months ended June 30, 2024 when compared to the same period in 2023. The decrease is due to the termination of our former CEO in April 2023. This is partially offset with the Company's RSU grant to employees, directors, and advisory board in 2024.
Current wording
Share-based compensation. Share-based compensation expense decreased by $1,305,033 or 62% for the nine months ended September 30, 2024 when compared to the same period in 2023. The decrease is due to the termination of our former CEO in April 2023. This is partially offset with the Company's RSU and options granted to employees, directors, and advisory board in 2024.
Previous wording
Other Income/Expense. Other expense was $1,150,761 for the six months ended June 30, 2024, compared to other expense of $1,819,913 for the same period in 2023, a decrease of $669,152. The decrease is due primarily to a decrease in interest expense resulting from the conversions and payoff of the December 2022 convertible debt partially offset by the interest on the bridge loans and the warrant settlement expense.
Current wording
Other Income/Expense. Other expense was $579,439 for the nine months ended September 30, 2024, compared to other expense of $1,351,164 for the same period in 2023, a decrease of $771,725. The decrease is due primarily to a decrease in interest expense resulting from the conversions and payoff of the December 2022 convertible debt and other income recognized, partially offset by the warrant settlement expense incurred in 2024. Other income in 2024 included a gain on settlement of liabilities, interest income, and the reversal of a Swiss liability. Other income in 2023 included a one-time employee retention credit.
Previous wording
Net Loss. Our Net Loss decreased by $4,013,255, or 40%, for the six months ended June 30, 2024 compared to the same period in 2023 due primarily to the items mentioned above.
Current wording
Net Loss. Our Net Loss decreased by $4,231,661, or 36%, for the nine months ended September 30, 2024 compared to the same period in 2023 due primarily to the items mentioned above.
Previous wording
The Company currently has limited PV production at its manufacturing facility. The Company does not expect that sales revenue and cash flows will be sufficient to support operations and cash requirements until it has fully restarted its production at industrial scale and achieved desired improvements to its PV products. During the six months ended June 30, 2024 the Company used $4,846,465 in cash for operations.
Current wording
The Company currently has limited PV production at its manufacturing facility. The Company does not expect that sales revenue and cash flows will be sufficient to support operations and cash requirements until it has fully restarted its production at industrial scale and achieved desired improvements to its PV products. During the nine months ended September 30, 2024 the Company used $6,897,159 in cash for operations.
Previous wording
Additionally, projected total revenues are not anticipated to result in a positive cash flow position for the year overall and, as of June 30, 2024, while the Company has working capital of $2,197,842., Management does not believe cash liquidity is sufficient for the next twelve months and will require additional financing.
Current wording
Additionally, projected total revenues are not anticipated to result in a positive cash flow position for the year overall and, as of September 30, 2024, while the Company has working capital of $1,362,847, Management does not believe cash liquidity is sufficient for the next twelve months and will require additional financing.
Previous wording
Statements of Cash Flows Comparison of the Six Months Ended June 30, 2024 and 2023
Current wording
Statements of Cash Flows Comparison of the Nine Months Ended September 30, 2024 and 2023
Previous wording
For the six months ended June 30, 2024, our cash used in operations was $4,846,465 compared to $6,577,826 for the six months ended June 30, 2023, a decrease of $1,731,361. This decrease is due primarily to decreases in manufacturing activities as the Company continues to focus on product and technology improvements. For the six months ended June 30, 2024, cash used in investing activities was $0 compared to $3,849,542 used in investing activities for the six months ended June 30, 2023. This change was primarily the result of the asset acquisition in Zurich, Switzerland in the prior period. During the six months ended June 30, 2024, net cash used in operations of $4,846,465 were primarily funded from 2023 and 2024 financing agreements.
Current wording
For the nine months ended September 30, 2024, our cash used in operations was $6,897,159 compared to $7,329,398 for the nine months ended September 30, 2023, a decrease of $432,239. This decrease is due primarily to decreases in manufacturing activities as the Company continues to focus on product and technology improvements. For the nine months ended September 30, 2024, cash used in investing activities was $421 compared to $3,863,963 used in investing activities for the nine months ended September 30, 2023. This change was primarily the result of the asset acquisition in Zurich, Switzerland in the prior period. During the nine months ended September 30, 2024, net cash used in operations of $6,897,159 were primarily funded from 2023 and 2024 financing agreements.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Other Income/Expense. Other expense was $1,088,528 for the three months ended June 30, 2024, compared to other expense of $761,877 for the same period in 2023, an increase of $326,651. The increase is due primarily to the warrant settlement expense incurred in the current period and interest on the bridge loans partially offset by a decrease in interest expense resulting from the conversions and payoff of the December 2022 convertible debt.