Ascent Solar Technologies, Inc.
For the period ended Mar 31, 2025. Filed May 14, 2025.
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.
Mar 31, 2025 · Filed May 14, 2025
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 2024-09-30; filed 2024-11-14.
0000950170-24-127076
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-14.
0000950170-25-071487
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 51 current paragraphs.
17 unchanged; 22 reworded; 12 added; 22 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 1 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 (12)
Current report
We are a solar technology company that manufactures and sells PV solar modules that are flexible, durable, and possess attractive power to weight and power to area performance. Our technology provides renewable power solutions to high-value production and specialty solar markets where traditional rigid solar panels are not suitable, including space power beaming, aerospace, satellites, near earth orbiting vehicles, fixed wing UAV, and agrivoltaics. We operate in these target markets because they have highly specialized needs for power generation and offer attractive pricing due to the significant technological requirements.
Current report
Our ability to generate customer acceptance of and demand for our products;
Current report
Successful ramping up of commercial production on the equipment installed;
Current report
The substantial doubt about our ability to continue as a going concern due to our history of operating losses;
Current report
Our products are successfully and timely certified for use in our target markets;
Current report
Successful operating of production tools to achieve the efficiencies, throughput and yield necessary to reach our cost targets;
Current report
The products we design are saleable at a price sufficient to generate profits;
Current report
Our ability to raise sufficient capital to enable us to reach a level of sales sufficient to achieve profitability on terms favorable to us;
Current report
Effective management of the planned ramp up of our domestic and international operations;
Current report
Our ability to enter into commercially viable licensing, joint venture, or other commercial arrangements; and
Current report
Availability of raw materials.
Current report
For the three months ended March 31, 2025, our cash used in operations was $1,550,030 compared to $1,197,861 for the three months ended March 31, 2024, an increase of $352,169. This increase is due primarily to timing of cash outflows. The three months ended March 31, 2025 net cash used in operations of $1,550,030 were primarily funded from 2024 and 2025 financing agreements. In 2024, the Company was raising capital and deferred payments. For the three months ended March 31, 2025, cash used in investing activities was $483 compared to $0 used in investing activities for the three months ended March 31, 2024. For the three months ended March 31, 2025, our cash provided by financing activities was $635,585 compared to $336,602 for the three months ended March 31, 2024, an increase of $298,983. Cash provided by financing activities in 2025 was primarily derived from the ATM agreement partially offset by the bridge loan repayments. During the three months ended March 31, 2024, cash provided by financing activities were primarily attributable to bridge loan proceeds partially offset by the bridge loan repayments.
Removed paragraphs (22)
Previous report
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 report
Specifically, we focus on commercializing our proprietary solar technology in two high-value PV verticals:
Previous report
I. Aerospace: Space, Near-space and Fixed Wing UAV
Previous report
II. Agrivoltaics
Previous report
Our operating history and lack of profitability;
Previous report
Our ability to develop demand for, and sales of, our products;
Previous report
Our ability to attract and retain qualified personnel to implement our business plan and corporate growth strategies;
Previous report
Our ability to develop sales, marketing and distribution capabilities;
Previous report
The accuracy of our estimates and projections;
Previous report
Our ability to secure additional financing to fund our short-term and long-term financial needs;
Previous report
The commencement, or outcome, of legal proceedings against us, or by us, including ongoing litigation proceedings;
Previous report
Changes in our business plan or corporate strategies;
Previous report
The extent to which we are able to manage the growth of our operations effectively, both domestically and abroad, whether directly owned or indirectly through licenses;
Previous report
The supply, availability and price of equipment, components and raw materials, including the elements needed to produce our photovoltaic modules;
Previous report
Our ability to expand and protect the intellectual property portfolio that relates to our photovoltaic modules and processes;
Previous report
General economic and business conditions, and in particular, conditions specific to the solar power industry.
Previous 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.
Previous report
Comparison of the Nine Months Ended September 30, 2024 and 2023
Previous report
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 report
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 report
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 report
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.
Reworded paragraphs (22)
Previous wording
We believe the value proposition of Ascent’s proprietary solar technology not only aligns with the needs of customers in these verticals, but also overcomes many of the obstacles other solar technologies face in these unique markets. Ascent has the capability to design and develop finished products for end users in these areas as well as collaborate with strategic partners to design and develop custom integrated solutions for products like airships and fixed-wing UAVs. Ascent sees significant overlap in the needs of end users across some of these verticals and believes it can achieve economies of scale in sourcing, development, and production in commercializing products for these customers.
Current wording
We believe the value proposition of Ascent’s proprietary solar technology not only aligns with the needs of customers in our target markets, but also overcomes many of the obstacle’s other solar technologies face in space, aerospace and other markets. Ascent designs and develops finished products for end users in these areas and collaborates with strategic partners to design and develop integrated solutions for products like satellites, spacecraft, airships and UAV. Ascent sees significant overlap in the needs of end users across some of these markets and believes it can achieve economies of scale in sourcing, development, and production in commercializing products for these customers.
Previous wording
The integration of Ascent's solar modules into space, near space, and aeronautic vehicles with ultra-lightweight and flexible solar modules is an important market opportunity for the Company. Customers in this market have historically required a high level of durability, high voltage and conversion efficiency from solar module suppliers, and we believe our products are well suited to compete in this premium market.
Current wording
The integration of Ascent's solar modules into space, near space, and aeronautic vehicles with ultra-lightweight and flexible solar modules is an important market opportunity for the Company. Customers in this market have historically required a high level of durability, high voltage and conversion efficiency from solar module suppliers, and we believe our products are well suited to compete in this premium market and will fill a void in the satellite market with a lower cost, lighter module and a product that, if struck by an object in space, will create limited space debris.
Previous 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.
Current wording
For the three months ended March 31, 2025, we generated $15,624 of total revenue. As of March 31, 2025, we had an accumulated deficit of $493,283,006.
Previous wording
Due to the high durability enabled by the monolithic integration employed by our technology, the capability to customize modules into different form factors and what we believe is the industry leading light weight and flexibility provided by our modules, we believe that the potential applications for our products are extensive, including integrated solutions anywhere that may need power generation such as vehicles in space or in flight, or dual-use installations on agricultural land.
Current wording
Due to the high durability enabled by the monolithic integration employed by our technology, the capability to customize modules into different form factors and what we believe is the industry leading light weight and flexibility provided by our modules, we believe that the potential applications for our products are extensive, including integrated solutions anywhere that may need power generation such as power beaming solutions, vehicles in space or in flight or dual-use installations on agricultural land.
Previous 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.
Current 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 costly back-end assembly 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
We plan to continue the development of our current PV technology to increase module efficiency, improve our manufacturing tooling and process capabilities and reduce manufacturing costs. We also plan to continue to take advantage of research and development contracts to fund a portion of this development.
Current wording
We plan to continue the development of our current PV technology to increase module efficiency, improve our manufacturing tooling and process capabilities and reduce manufacturing costs.
Previous wording
Our ability to successfully develop and maintain strategic relationships with key partners;
Current wording
Our ability to successfully develop and maintain strategic relationships with key partners, including OEMs, system integrators, and distributors, who deal directly with end users in our target markets;
Previous wording
Our ability to achieve projected operational performance and cost metrics; and
Current wording
Our ability to achieve projected operational performance and cost metrics;
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 September 30, 2024 and December 31, 2023, and the results of operations for the three and nine months ended September 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 March 31, 2025 and December 31, 2024, and the results of operations for the three months ended March 31, 2025 and 2024.
Previous 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.
Current wording
Total Revenues. Our total revenues increased by $10,024, or 179%, for the three months ended March 31, 2025 when compared to the same period in 2024. This is primarily due to the Company receiving more purchase orders in 2025 compared to 2024.
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 $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.
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 increased by $14,727, or 157%, for the three months ended March 31, 2025 when compared to the same period in 2024. This increase is primarily due to the increase in sales.
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 $1,116,190, 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.
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 $48,489, or 8%, for the three months ended March 31, 2025 when compared to the same period in 2024. 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 $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.
Current wording
Selling, general and administrative. Selling, general and administrative expenses decreased by $109,270, or 10% for the three months ended March 31, 2025 compared to the same period in 2024. This decrease is primarily due to lower personnel and professional service costs incurred in the current period compared to the prior period.
Previous 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.
Current wording
Share-based compensation. Share-based compensation expense decreased by $47,721 or 18% for the three months ended March 31, 2025 when compared to the same period in 2024. The decrease is due to less RSU awards being expensed for the three months ended March 31, 2025, partially offset by stock option grant expenses.
Previous 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.
Current wording
Other Income/Expense. Other income was $72,134 for the three months ended March 31, 2025, compared to other expense of $62,232 for the same period in 2024, an increase of $134,366. The increase is due primarily to a decrease in interest expense resulting from the conversions and payoff of the December 2022 convertible debt and bridge loans and other income recognized during 2025.
Previous 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.
Current wording
Net Loss. Our Net Loss decreased by $863,446, or 34%, for the three months ended March 31, 2025 compared to the same period in 2024 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 nine months ended September 30, 2024 the Company used $6,897,159 in cash for operations.
Current wording
The Company has continued 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 implemented its strategy of selling high value PV products and manufacturing at full industrial scale. During the three months ended March 31, 2025 the Company used $1,550,030 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 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.
Current wording
Additionally, projected total revenues are not anticipated to result in a positive cash flow position for the year overall and, as of March 31, 2025, while the Company has working capital of $567,612, Management believes that additional financing will be required for the Company to reach a level of sufficient sales to achieve profitability.
Previous wording
The Company continues activities related to securing additional financing through strategic or financial investors, but there is no assurance the Company will be able to raise additional capital on acceptable terms or at all. If the Company’s revenues do not increase rapidly, and/or additional financing is not obtained, the Company will be required to significantly curtail operations to reduce costs and/or sell assets. Such actions would likely have an adverse impact on the Company's future operations.
Current wording
The Company continues to accelerate sales and marketing efforts related to its specialty PV application strategies through expansion of its sales and distribution channels. The Company continues activities to secure additional financing through strategic or financial investors, but there is no assurance the Company will be able to raise additional capital on acceptable terms or at all. If the Company's revenues do not increase rapidly, and/or additional financing is not obtained, the Company will be required to significantly curtail operations to reduce costs and/or sell assets. Such actions would likely have an adverse impact on the Company's future operations.
Previous wording
As a result of the Company’s recurring losses from operations, and the need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the Company’s ability to maintain liquidity sufficient to operate its business effectively, which raises doubt as to the Company’s ability to continue as a going concern.
Current wording
As a result of the Company’s recurring losses from operations, and the need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the Company’s ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt as to the Company’s ability to continue as a going concern.
Previous wording
Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These condensed financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
Current wording
Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
Previous wording
Statements of Cash Flows Comparison of the Nine Months Ended September 30, 2024 and 2023
Current wording
Statements of Cash Flows Comparison of the Three Months Ended March 31, 2025 and 2024
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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 report — wording carried elsewhere
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.