Ascent Solar Technologies, Inc.
For the period ended Jun 30, 2025. Filed Aug 12, 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.
Jun 30, 2025 · Filed Aug 12, 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 2025-03-31; filed 2025-05-14.
0000950170-25-071487
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001193125-25-179058
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 51 previous paragraphs and 59 current paragraphs.
38 unchanged; 13 reworded; 3 added; 0 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 1 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 (3)
Current report
Comparison of the Six Months Ended June 30, 2025 and 2024
Current report
Total Revenues. Our total revenues decreased by $758, or 2%, for the six months ended June 30, 2025 when compared to the same period in 2024. This is primarily due to smaller orders in the current period compared to prior period.
Current report
Share-based compensation. Share-based compensation expense increased by $170,798 or 38% for the six months ended June 30, 2025 when compared to the same period in 2024. The increase is primarily due to Company's option grant to employees, directors, and advisory board in August 2024 and June 2025, partially offset by less RSU expenses in current period.
Reworded paragraphs (13)
Previous 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.
Current wording
For the six months ended June 30, 2025, we generated $32,585 of total revenue. As of June 30, 2025, we had an accumulated deficit of $495,348,403.
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 March 31, 2025 and December 31, 2024, and the results of operations for the three months ended March 31, 2025 and 2024.
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 June 30, 2025 and December 31, 2024, and the results of operations for the three and six months ended June 30, 2025 and 2024.
Previous 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.
Current wording
Total Revenues. Our total revenues decreased by $10,782, or 39%, for the three months ended June 30, 2025 when compared to the same period in 2024. This is primarily due to smaller orders in the current period compared to prior 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 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.
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 $32,916, or 54%, for the three months ended June 30, 2025 when compared to the same period in 2024. This decrease is primarily due to the decrease 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 $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.
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 increased by $116,920, or 23%, for the three months ended June 30, 2025 when compared to the same period in 2024. This is primarily due to an increase in research and development 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 $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.
Current wording
Selling, general and administrative. Selling, general and administrative expenses decreased by $578,613, or 36% for the three months ended June 30, 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 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.
Current wording
Share-based compensation. Share-based compensation expense increased by $218,517 or 118% for the three months ended June 30, 2025 when compared to the same period in 2024. The increase is primarily due to Company's option grant to employees, directors, and advisory board in August 2024 and June 2025, partially offset by less RSU expenses in current period.
Previous 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.
Current wording
Other Income/Expense. Other income was $25,236 for the three months ended June 30, 2025, compared to other expense of $1,088,528 for the same period in 2024, an increase of $1,113,764. 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. The Company also recognized warrant settlement expense to terminate warrant agreements with certain investors in 2024.
Previous 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.
Current wording
Net Loss. Our Net Loss decreased by $1,380,430, or 40%, for the three months ended June 30, 2025 compared to the same period in 2024 due primarily to the items mentioned above.
Previous 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.
Current wording
The Company continues to build industrial scale production capabilities in its Thornton facility and focus on its research and development activities to improve its PV products. 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 six months ended June 30, 2025 the Company used $3,361,544 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 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.
Current 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, 2025, while the Company has working capital of $1,385,596, Management believes that additional financing will be required for the Company to reach a level of sufficient sales to achieve profitability.
Previous wording
Statements of Cash Flows Comparison of the Three Months Ended March 31, 2025 and 2024
Current wording
Statements of Cash Flows Comparison of the six months ended June 30, 2025 and 2024
Previous wording
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.
Current wording
For the six months ended June 30, 2025, our cash used in operations was $3,361,544 compared to $4,846,465 for the six months ended June 30, 2024, a decrease of $1,484,921. This decrease is due primarily to timing of cash outflows. The six months ended June 30, 2025 net cash used in operations of $3,361,544 were primarily funded from 2024 and 2025 financing agreements. During six months ended June 30, 2024, the Company was raising capital, deferred payments, and resumed payments after raising capital. For the six months ended June 30, 2025, cash used in investing activities was $2,515 compared to $0 used in investing activities for the six months ended June 30, 2024. For the six months ended June 30, 2025, our cash provided by financing activities was $3,148,175 compared to $9,582,790 for the six months ended June 30, 2024, a decrease of $6,434,615. Cash provided by financing activities in 2025 was primarily derived from the ATM agreement and public offering partially offset by the bridge loan repayments. During the six months ended June 30, 2024, cash provided by financing activities was primarily derived from public offering, a series of bridge loans, and common stock sales from our ATM agreement partially offset by the loan repayments, warrant repurchase, and repayment of conversions payables associated with a December 2022 offering.
Rearranged current paragraphs (5)
Current report — wording carried from 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 $18,189, or 26%, for the six months ended June 30, 2025 when compared to the same period in 2024. This decrease is primarily due to the decrease in sales.
Current report — wording carried from 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. Research, development and manufacturing operations costs also include costs related to technology development. Research, development and manufacturing operations costs increased by $61,362, or 6%, for the six months ended June 30, 2025 when compared to the same period in 2024. This is primarily due to a increase in research and development cost as the Company continued to focused on product and technology improvements in the current period.
Current report — wording carried from elsewhere
Selling, general and administrative. Selling, general and administrative expenses decreased by $680,813, or 25% for the six months ended June 30, 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.
Current report — wording carried from elsewhere
Other Income/Expense. Other income was $97,371 for the six months ended June 30, 2025, compared to other expense of $1,150,761 for the same period in 2024, an increase of $1,248,132. 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. The Company also recognized warrant settlement expense to terminate warrant agreements with certain investors in 2024.
Current report — wording carried from elsewhere
Net Loss. Our Net Loss decreased by $2,243,876, or 38%, for the six months ended June 30, 2025 compared to the same period in 2024 due primarily to the items mentioned above.