Ascent Solar Technologies, Inc.
For the period ended Mar 31, 2026. Filed May 8, 2026.
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, 2026 · Filed May 8, 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-Q
Period ended 2025-09-30; filed 2025-11-10.
0001193125-25-274376
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001193125-26-214748
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 60 previous paragraphs and 52 current paragraphs.
35 unchanged; 15 reworded; 2 added; 3 removed; 7 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 (2)
Current report
Our ability to successfully design, manufacture, market, distribute and sell our products;
Current report
Other Income/Expense. Other income was $86,914 for the three months ended March 31, 2026, compared to other income of $72,134 for the same period in 2025, an increase of $14,780, or 20%. The increase is due primarily to increased other income which in the current period, is primarily comprised of interest income and decreased interest expense in current period.
Removed paragraphs (3)
Previous report
Other Income/Expense. Other expense was $54,582 for the three months ended September 30, 2025, compared to other income of $571,324 for the same period in 2024, a decrease of $625,906. This decrease is primarily due to a decrease in other income, partially offset by decreased interest expense. During three months ended September 30, 2024, the other income included gain on settlement of liabilities, and the reversal of a Swiss liability.
Previous report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Previous report
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.
Reworded paragraphs (15)
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, 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.
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 unmanned aerial vehicles UAV, aquatic, terrestrial, and other weight-sensitive markets (including DoD drone and space operations) with transformational high quality, value added product applications. 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 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.
Current wording
For the three months ended March 31, 2026, we generated $51,944 of total revenue. As of March 31, 2026, we had an accumulated deficit of $501,618,627.
Previous wording
Effective management of the planned ramp up of our domestic and international operations;
Current wording
Effective management of the planned ramp up of our operations;
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, 2025 and December 31, 2024, and the results of operations for the three and nine months ended September 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 March 31, 2026 and December 31, 2025, and the results of operations for the three months ended March 31, 2026 and 2025.
Previous 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.
Current wording
Total Revenues. Our total revenues increased by $36,320, or 232%, for the three months ended March 31, 2026 when compared to the same period in 2025. This is primarily due to more orders and engineering revenue 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 $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.
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 $46,622, or 193%, for the three months ended March 31, 2026 when compared to the same period in 2025. The increase in cost of revenues is primarily due to the increase in 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 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.
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 $135,477, or 24%, for the three months ended March 31, 2026 when compared to the same period in 2025. This increase is primarily due to the Company continuing to focus on product and technology improvements in the current period.
Previous 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.
Current wording
Selling, general and administrative. Selling, general and administrative expenses increased by $489,703, or 52% for the three months ended March 31, 2026 compared to the same period in 2025. This increase is primarily due to increased 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 $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.
Current wording
Share-based compensation. Share-based compensation expense decreased by $124,027, or 59% for the three months ended March 31, 2026 when compared to the same period in 2025. The decrease is primarily due to the remaining RSUs fully vesting on January 1, 2026, which was partially offset by the Company's option grant to employees, directors, and advisory board in June 2025.
Previous 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.
Current wording
Net Loss. Our Net Loss increased by $502,866, or 30%, for the three months ended March 31, 2026 compared to the same period in 2025 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 nine months ended September 30, 2025 the Company used $5,097,082 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 three months ended March 31, 2026 the Company used $2,020,240 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, 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.
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, 2026, and while the Company has working capital of $14,378,204, 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 nine months ended September 30, 2025 and 2024
Current wording
Statements of Cash Flows Comparison of the three months ended March 31, 2026 and 2025
Previous 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.
Current wording
For the three months ended March 31, 2026, our cash used in operations was $2,020,240 compared to $1,550,030 for the three months ended March 31, 2025, an increase of $470,210. This increase is due primarily to increased personnel and professional cost in current period. The three months ended March 31, 2026 net cash used in operations of $2,020,240 were primarily funded from 2025 and 2026 financing agreements. For the three months ended March 31, 2026, cash used in investing activities was $200,000 compared to $483 used in investing activities in the prior period. The increase was primarily due to the additional investment in a cost investment. For the three months ended March 31, 2026, our cash provided by financing activities was $15,506,141 compared to $635,585 in the prior period, an increase of $14,870,556. Cash provided by financing activities in 2026 was primarily derived from the selling common stock under a PIPE agreement and the excise of warrants. Cash provided by financing activities in 2025 was primarily derived from the ATM agreement partially offset by the bridge loan repayments.
Previous 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.
Current 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.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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 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 $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 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. 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 report — wording carried elsewhere
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 report — wording carried elsewhere
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 report — wording carried elsewhere
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