Ascent Solar Technologies, Inc.

Previous wording

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 wording

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, aquatic terrestrial, 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.

Previous 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.

Current wording

For the nine months ended September 30, 2025, we generated $61,134 of total revenue. As of September 30, 2025, we had an accumulated deficit of $497,370,043.

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, 2025 and December 31, 2024, and the results of operations for the three and six months ended June 30, 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 September 30, 2025 and December 31, 2024, and the results of operations for the three and nine months ended September 30, 2025 and 2024.

Previous 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.

Current wording

Total Revenues. Our total revenues increased by $19,999, or 234%, for the three months ended September 30, 2025 when compared to the same period in 2024. This is primarily due to more 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 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.

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 $12,195, or 16%, for the three months ended September 30, 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 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.

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 $17,038, or 3%, for the three months ended September 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 $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.

Current wording

Selling, general and administrative. Selling, general and administrative expenses decreased by $213,580, or 18% for the three months ended September 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 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.

Current wording

Share-based compensation. Share-based compensation expense decreased by $94,968 or 27% for the three months ended September 30, 2025 when compared to the same period in 2024. The decrease is primarily due to less RSU awards and stock option being expensed for the three months ended September 30, 2025.

Previous 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.

Current wording

Net Loss. Our Net Loss increased by $330,773, or 20%, for the three months ended September 30, 2025 compared to the same period in 2024 due primarily to the items mentioned above.

Previous wording

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 wording

Total Revenues. Our total revenues increased by $19,241, or 46%, for the nine months ended September 30, 2025 when compared to the same period in 2024. This is primarily due to more 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 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 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 $5,993, or 4%, for the nine months ended September 30, 2025 when compared to the same period in 2024. This decrease is primarily due to lower overhead expenses in the current year.

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 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 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 $78,397, or 5%, for the nine months ended September 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 $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 wording

Selling, general and administrative. Selling, general and administrative expenses decreased by $894,383, or 23% for the nine months ended September 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 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.

Current wording

Share-based compensation. Share-based compensation expense increased by $75,823 or 9% for the nine months ended September 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 $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.

Current wording

Other Income/Expense. Other income was $42,789 for the nine months ended September 30, 2025, compared to other expense of $579,439 for the same period in 2024, an increase of $622,228. The increase is due primarily to the warrant settlement expense to terminate warrant agreements with certain investors in prior period that did not repeat in current period and decreased interest expense as the December 2022 convertible debt and bridge loans were repaid in 2024. These changes were partially offset by decreased other income in the current year as, during the nine months ended September 30, 2024, other income included a gain on settlement of liabilities, and the reversal of a Swiss liability.

Previous wording

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.

Current wording

Net Loss. Our Net Loss decreased by $1,913,103, or 25%, for the nine months ended September 30, 2025 compared to the same period in 2024 due primarily to the items mentioned above.

Previous 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.

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 nine months ended September 30, 2025 the Company used $5,097,082 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, 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.

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, 2025, and while the Company has working capital of $504,071, 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 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.

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 also 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

Statements of Cash Flows Comparison of the six months ended June 30, 2025 and 2024

Current wording

Statements of Cash Flows Comparison of the nine months ended September 30, 2025 and 2024

Previous 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.

Current wording

For the nine months ended September 30, 2025, our cash used in operations was $5,097,082 compared to $6,897,159 for the nine months ended September 30, 2024, a decrease of $1,800,077. This decrease is due primarily to timing of cash outflows and decreased expenses. The nine months ended September 30, 2025 net cash used in operations of $5,097,082 were primarily funded from 2024 and 2025 financing agreements. For the nine months ended September 30, 2025, cash used in investing activities was $107,015 compared to $421 used in investing activities in the prior period. The increase was primarily due to the purchase of a cost investment and fixed assets. For the nine months ended September 30, 2025, our cash provided by financing activities was $4,127,372 compared to $9,570,393 in the prior period, a decrease of $5,443,021. Cash provided by financing activities in 2025 was primarily derived from the selling common stock under the ATM agreement and a public offering partially offset by the bridge loan repayments. During the nine months ended September 30, 2024, cash provided by financing activities was primarily derived from a 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.

Previous wording

We are a “smaller reporting company” meaning that the market value of our stock held by non-affiliates is less than $700 million and our annual revenue was less than $100 million during the most recently completed fiscal year. We may continue to be a smaller reporting company if either (i) the market value of our stock held by non-affiliates is less than $250 million or (ii) our annual revenue was less than $100 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700 million. As a smaller reporting company, we may rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and smaller reporting companies have reduced disclosure obligations regarding executive compensation.

Current wording

(ii) our annual revenue was less than $100 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700 million. As a smaller reporting company, we may rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and smaller reporting companies have reduced disclosure obligations regarding executive compensation.