Ascent Solar Technologies, Inc.
For the period ended Dec 31, 2025. Filed Mar 20, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 20, 2026
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-K
Period ended 2024-12-31; filed 2025-03-31.
0000950170-25-047692
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-20.
0001193125-26-117839
Item 7. 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 56 previous paragraphs and 47 current paragraphs.
32 unchanged; 10 reworded; 5 added; 14 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 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 (5)
Current report
Significant Accounting Policies and Estimates
Current report
For information regarding the Company’s critical and significant accounting policies, as well as recent accounting pronouncements, see Note 2 the financial statements within Item 15 of this Form 10-K.
Current report
The Company considers certain accounting estimates to be critical, as their application is made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had, or are reasonably likely to have, a material impact on the financial condition or results of operations. Detailed below is a discussion of why, to the extent the estimate is material, these estimates are subject to uncertainty and the sensitivity of the reported amounts to the methods and assumptions underlying the estimate’s calculation.
Current report
Revenues. Total revenues increased by $34,880, or by 83%, for the year ended December 31, 2025, when compared to the same period in 2024. This is primarily due to more customer orders in the current period compared to prior period.
Current report
Other Income/(Expense). Other expense decreased by $632,943 or 107%, for the year ended December 31, 2025 when compared to the same period in 2024. During December 31, 2024, other expense was primarily comprised of other income of approximately $541,000 for the reversal of liabilities related to the Flisom assets (see Note 4) and approximately $165,500 in other income for the settlement of a note payable to a vendor (see Note 8) that were not repeated in the current period. This income was offset by a one-time warrant settlement expense for the repurchase of fully ratcheting warrants sold to investors and higher interest expense due to more debt in the previous year compared to the current year.
Removed paragraphs (14)
Previous report
Significant Accounting Policies
Previous report
Convertible Debt: The Company evaluates its convertible debt instruments to determine if there is an embedded derivative or other feature that requires bifurcation from the host contract. Please refer to Note 11 for further discussion on convertible debt.
Previous report
Derivatives: The Company evaluates its financial instruments under FASB ASC 815,"Derivatives and Hedging" to determine whether the instruments contain an embedded derivative. When an embedded derivative is present, the instrument is evaluated for a fair value adjustment upon issuance and at the end of every period. Any adjustments to fair value are treated as gains and losses in fair values of derivatives and are recorded on the Statement of Operations.
Previous report
Revenue Recognition:
Previous report
Product revenue. We recognize revenue for the sale of PV product sales at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. For product sales contracts that contain multiple performance obligations, we allocate the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognize the related revenue as control of each individual product is transferred to the customer.
Previous report
Milestone and engineering revenue. Each milestone and engineering arrangement is a separate performance obligation. The transaction price is estimated using the most likely amount method and revenue is recognized as the performance obligation is satisfied through achieving manufacturing or cost targets and engineering targets.
Previous report
Government contract revenue. Revenue from government research and development contracts is generated under terms that are cost plus fee or firm fixed price. We generally recognize this revenue over time using cost-based input methods, which recognize revenue and gross profit as work is performed based on the relationship between actual costs incurred compared to the total estimated costs of the contract. In applying cost-based input methods of revenue recognition, we use the actual costs incurred relative to the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue to recognize.
Previous report
Cost based input methods of revenue recognition are considered a faithful depiction of our efforts to satisfy long-term government research and development contracts and therefore reflect the performance obligations under such contracts. Costs incurred that do not contribute to satisfying our performance obligations are excluded from our input methods of revenue recognition as the amounts are not reflective of our transferring control under the contract. Costs incurred towards contract completion may include direct costs plus allowable indirect costs and an allocable portion of the fixed fee. If actual and estimated costs to complete a contract indicate a loss, provision is made currently for the loss anticipated on the contract.
Previous report
Research, Development and Manufacturing Operations Costs: Research, development and manufacturing operations expenses include: 1) technology development costs, which include expenses incurred in researching new technology, improving existing technology and performing federal government research and development contracts, 2) product development costs, which include expenses incurred in developing new products and lowering product design costs, and 3) pre-production and production costs, which include engineering efforts to improve production processes, material yields and equipment utilization, and manufacturing efforts to produce saleable product. Research, development and manufacturing operations costs are expensed as incurred, with the exception of costs related to inventoried raw materials, work-in-process and finished goods, which are expensed as Cost of revenue as products are sold.
Previous report
Recently Issued Accounting Standards
Previous report
In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvement to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 improves segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The amendments in ASU 2023-07 are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-07 did not have a material impact on the Company's financial statements.
Previous report
Management is evaluating the impact of other new pronouncements issued but not effective as of December 31, 2024. See Note 2 for additional information.
Previous report
Revenues. Total revenues decreased by $416,367, or by 91%, for the year ended December 31, 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. Additionally, in 2023, the Company recognized revenue from fulfilling a supply agreement under an Asset Purchase Agreement executed in April 2023 that did not repeat in the current period.
Previous report
Other Income/(Expense). Other expense decreased by $835,920 or 59%, for the year ended December 31, 2024 when compared to the same period in 2023. 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 also included gain on settlement of liabilities, interest income, and the reversal of Swiss liability. Other income in 2023 included a one-time employee retention credit.
Reworded paragraphs (10)
Previous wording
We are a company formed to commercialize flexible PV modules using our proprietary technology. For the year ended December 31, 2024 we generated $41,893 of total revenue, all of which, were from product sales. As of December 31, 2024, we had an accumulated deficit of approximately $491,608,710.
Current wording
We are a company formed to commercialize flexible PV modules using our proprietary technology. For the year ended December 31, 2025, we generated $76,773 of total revenue, all of which, were from product sales. As of December 31, 2025, we had an accumulated deficit of approximately $499,441,465.
Previous wording
Cost of revenues. Cost of revenues is comprised primarily of repair and maintenance, direct labor and overhead expenses. Our cost of revenues decreased by $1,743,965, or 92% for the year ended December 31, 2024 when compared to the same period in 2023. The decrease in cost of revenues is primarily due to the decrease in manufacturing activities and sales as the Company continued to focused on product and technology improvements.
Current wording
Cost of revenues. Cost of revenues is comprised primarily of material costs, repair and maintenance, direct labor and overhead expenses. Our cost of revenues increased by $47,956, or 32% for the year ended December 31, 2025, when compared to the same period in 2024. The increase in cost of revenues is primarily due to the increase in product revenue.
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 $921,335 or 29%, for the year ended December 31, 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 2024.
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 $142,246 or 6%, for the year ended December 31, 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 focus on product and process improvements in the current period.
Previous wording
Selling, general and administrative. Selling, general and administrative expenses decreased by $858,186, or 16%, for the year ended December 31, 2024 when compared to the same period in 2023. This decrease is primarily due to lower personnel incurred during the current year compared to the prior period.
Current wording
Selling, general and administrative. Selling, general and administrative expenses decreased by $408,333, or 9%, for the year ended December 31, 2025, when compared to the same period in 2024. This decrease is primarily due to lower personnel and professional service costs incurred during the current year compared to the prior period.
Previous wording
Share-based compensation. Share-based compensation expense decreased by $1,218,687 or 54%, for the year ended December 31, 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.
Current wording
Share-based compensation. Share-based compensation expense decreased by $109,205 or 11%, for the year ended December 31, 2025, when compared to the same period in 2024. The increase is primarily due to the Company's stock option grant to employees, directors, and advisory board in August 2024 and June 2025, partially offset by lower restricted stock unit expenses in current period.
Previous wording
Impairment loss. The impairment loss decreased by $2,759,234 or 84%. The Company recognized an impairment loss of $3,283,715 during the year ended December 31, 2023 for the manufacturing assets purchased from Flisom. During the current period, the Company recognized an additional impairment loss of $524,481 on these manufacturing assets as part of the Company's agreement to sell these assets.
Current wording
Impairment loss. The impairment loss decreased by $524,481 or 100%. The Company recognized an impairment loss of $524,481 as part of the agreement to sell the manufacturing assets purchased in Switzerland (see Note 4) during the year ended December 31, 2024. During the current period, no impairment loss was recognized.
Previous wording
Net Income/(Loss). Our Net Loss was $9,130,274 for the year ended December 31, 2024, compared to Net Loss of $17,069,896 for the year ended December 31, 2023, a decrease of $7,939,622. The decrease is due to the reasons described above.
Current wording
Net Income/(Loss). Our Net Loss was $7,832,755 for the year ended December 31, 2025, compared to Net Loss of $9,130,274 for the year ended December 31, 2024, a decrease of $1,297,519. The decrease is primarily due to the reasons described 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 product strategy. During the year ended December 31, 2024 the Company used $8,423,569 in cash for operations.
Current wording
The Company has limited industrial scale production capabilities in its Thornton facility and continues to 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 our strategy of focusing on selling high value PV products and manufacturing at full industrial scale. During the year ended December 31, 2025, the Company used $6,903,966 in cash for operations.
Previous wording
Additional projected revenues are not anticipated to result in a positive cash flow position for the year 2024 overall and, although as of December 31, 2024, the Company has working capital of $1,432,912, 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 revenues are not anticipated to result in a positive cash flow position for the year 2025 overall and, although as of December 31, 2025, the Company has working capital of $1,178,902, Management believes that additional financing will be required for the Company to reach a level of sufficient sales to achieve profitability.
Previous wording
For the year ended December 31, 2024, our cash used in operations was $8,423,569 compared to $9,536,879 for the year ended December 31, 2023, a decrease of $1,113,310. The decrease is due primarily to decreases in manufacturing activities as the Company continues to focus on product and technology improvements. For the year ended December 31, 2024, cash used in investing activities was $421 compared to cash used in investing activities of $3,877,366 for the year ended December 31, 2023. This change was primarily the result of the asset acquisition in Zurich, Switzerland in the prior period. During the year ended December 31, 2024, cash used in operations of $8,423,569 were primarily funded from 2023 and 2024 financing agreements. For the year ended December 31, 2024, our cash provided by financing activities was $10,546,000 compared to $2,962,720 for the year ended December 31, 2023, an increase of $7,583,280. Cash provided by financing activities in 2024 was primarily derived from public and private offering and a series of bridge loans partially offset by the loan repayments, warrant repurchase, and repayment of conversions payables associated with a 2022 offering. During 2023, cash provided by financing activities were primarily attributable to public and private offerings partially offset by repayment of conversion payables and Series 1B preferred stock.
Current wording
For the year ended December 31, 2025, our cash used in operations was $6,903,966 compared to $8,423,569 for the year ended December 31, 2024, a decrease of $1,519,603. The decrease is due primarily to timing of cash flows and decreased expenses. For the year ended December 31, 2025, cash used in investing activities was $107,015 compared to cash used in investing activities of $421 for the year ended December 31, 2024. The increase was primarily due to the purchase of a cost investment and fixed assets. During the year ended December 31, 2025, cash used in operations of $6,903,966 were primarily funded from 2025 and 2024 financing agreements. For the year ended December 31, 2025, our cash provided by financing activities was $6,626,731 compared to $10,546,000 for the year ended December 31, 2024, a decrease of $3,919,269. Cash provided by financing activities in 2025 was primarily derived from common stock sales under an at the market agreement, public and private stock offerings, and warrant exercises. Cash provided by financing activities in 2024 was primarily derived from common stock sales under an at the market agreement, public and private equity offerings and a series of bridge loans partially offset by loan and debt repayments and the repurchase of fully ratcheting warrants.