Ascent Solar Technologies, Inc.
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-06.
0001193125-26-338219
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-451929
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 60 current paragraphs.
38 unchanged; 21 reworded; 1 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 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 (1)
Current report
Comparison of the Nine Months Ended September 30, 2026 and 2025
Removed paragraphs (1)
Previous report
Comparison of the Six Months Ended June 30, 2026 and 2025
Reworded paragraphs (21)
Previous wording
For the six months ended June 30, 2026, we generated $147,147 of total revenue. As of June 30, 2026, we had an accumulated deficit of $503,445,211.
Current wording
For the nine months ended September 30, 2026, we generated $322,522 of total revenue. As of September 30, 2026, we had an accumulated deficit of $506,363,100.
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, 2026 and December 31, 2025, and the results of operations for the three and six months ended June 30, 2026 and 2025.
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, 2026 and December 31, 2025, and the results of operations for the three and nine months ended September 30, 2026 and 2025.
Previous wording
Total Revenues. Our total revenues increased by $114,562, or 352%, for the six months ended June 30, 2026 when compared to the same period in 2025. This is primarily due to more orders and nonrecurring engineering revenue in the current period.
Current wording
Total Revenues. Our total revenues increased by $146,826 or 514%, for the three months ended September 30, 2026 when compared to the same period in 2025. This is primarily due to an increase in sales and nonrecurring engineering revenue recognized in the current 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 $132,187, or 462%, for the three months ended June 30, 2026 when compared to the same period in 2025. 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 $129,376, or 145%, for the three months ended September 30, 2026 when compared to the same period in 2025 primarily due to an increase in revenue recognized in the current period.
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 $74,376, or 12%, for the three months ended June 30, 2026 when compared to the same period in 2025. 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 $99,291, or 16%, for the three months ended September 30, 2026 when compared to the same period in 2025. 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 increased by $39,233, or 4% for the three months ended June 30, 2026 compared to the same period in 2025. This increase is primarily due to increased personnel costs incurred in the current period.
Current wording
Selling, general and administrative. Selling, general and administrative expenses increased by $108,366, or 11% for the three months ended September 30, 2026 compared to the same period in 2025. This increase is primarily due to increased personnel costs incurred in the current period.
Previous wording
Share-based compensation. Share-based compensation expense decreased by $314,614 or 78% for the three months ended June 30, 2026 when compared to the same period in 2025. The decrease is primarily due to less RSU awards and stock options being expensed for the three months ended June 30, 2026.
Current wording
Share-based compensation. Share-based compensation expense increase by $899,775 or 347% for the three months ended September 30, 2026 when compared to the same period in 2025. The increase is primarily due to options granted to employees, directors, and advisory board in July 2026, partially offset by less RSU expenses in current period.
Previous wording
Other Income/Expense. Other income was $118,358 for the three months ended June 30, 2026, compared to other income of $25,236 for the same period in 2025, an increase of $93,122. This increase is primarily due to an increase in interest income.
Current wording
Other Income/Expense. Other income was $134,623 for the three months ended September 30, 2026, compared to other expense of $54,582 for the same period in 2025, an increase of $189,205. This increase is primarily due to an increase in interest income.
Previous wording
Net Loss. Our Net Loss decreased by $238,813, or 12%, for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to the items mentioned above.
Current wording
Net Loss. Our Net Loss increased by $896,249, or 44%, for the three months ended September 30, 2026 compared to the same period in 2025 due primarily to the items mentioned above.
Previous wording
Total Revenues. Our total revenues increased by $78,242, or 461%, for the three months ended June 30, 2026 when compared to the same period in 2025. This is primarily due to more orders in the current period.
Current wording
Total Revenues. Our total revenues increased by $261,388, or 428%, for the nine months ended September 30, 2026 when compared to the same period in 2025. This is primarily due an increase in sales and nonrecurring engineering revenue recognized in the current 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 $178,809, or 339%, for the six months ended June 30, 2026 when compared to the same period in 2025. 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 $308,184, or 217%, for the nine months ended September 30, 2026 when compared to the same period in 2025 primarily due to an increase in revenue recognized in the current period.
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 $216,932, or 18%, for the six months ended June 30, 2026 when compared to the same period in 2025. 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 $316,226, or 18%, for the nine months ended September 30, 2026 when compared to the same period in 2025. 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 increased by $521,849, or 26% for the six months ended June 30, 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.
Current wording
Selling, general and administrative. Selling, general and administrative expenses increased by $630,213, or 21% for the nine months ended September 30, 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.
Previous wording
Share-based compensation. Share-based compensation expense decreased by $438,635 or 71% for the six months ended June 30, 2026 when compared to the same period in 2025. The decrease is primarily due to less RSU awards and stock options being expensed for the six months ended June 30, 2026.
Current wording
Share-based compensation. Share-based compensation expense increased by $461,140 or 53% for the nine months ended September 30, 2026 when compared to the same period in 2025. The increase is primarily due to options granted to employees, directors, and advisory board in July 2026, partially offset by less RSU expenses in current period.
Previous wording
Other Income/Expense. Other income was $205,273 for the six months ended June 30, 2026, compared to other income of $97,371 for the same period in 2025, an increase of $107,902. 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.
Current wording
Other Income/Expense. Other income was $339,895 for the nine months ended September 30, 2026, compared to other income of $42,789 for the same period in 2025, an increase of $297,106. 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.
Previous wording
Net Loss. Our Net loss increased by $264,053, or 7%, for the six months ended June 30, 2026 compared to the same period in 2025 due primarily to the items mentioned above.
Current wording
Net Loss. Our Net loss increased by $1,160,302, or 20%, for the nine months ended September 30, 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 six months ended June 30, 2026, the Company used $3,809,122 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 while continuing to increase sales. 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, 2026, the Company used $5,356,315 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, 2026, and while the Company has working capital of $12,875,343, 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, 2026, and while the Company has working capital of $11,093,530, 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 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.
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 and hiring of a new sales director. 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, 2026 and 2025
Current wording
Statements of Cash Flows Comparison of the Nine Months Ended September 30, 2026 and 2025
Previous wording
For the six months ended June 30, 2026, our cash used in operations was $3,809,122 compared to $3,361,544 for the six months ended June 30, 2025, an increase of $447,578. This increase is due primarily to timing of cash outflows and increased expenses. The six months ended June 30, 2026 net cash used in operations of $3,809,122 were primarily funded from 2025 and 2026 financing agreements. For the six months ended June 30, 2026, cash used in investing activities was $200,000 compared to $2,515 used in investing activities in the prior period. The increase was primarily due to the additional investment in a cost method investment. For the six months ended June 30, 2026, our cash provided by financing activities was $15,760,855 compared to $3,148,175 in the prior period, an increase of $12,612,680. 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 and public offering partially offset by the bridge loan repayments.
Current wording
For the nine months ended September 30, 2026, our cash used in operations was $5,356,315 compared to $5,097,082 for the nine months ended September 30, 2025, an increase of $259,233. This increase is due primarily to timing of cash outflows and increased expenses. The nine months ended September 30, 2026 net cash used in operations of $5,356,315 were primarily funded from 2025 and 2026 financing agreements. For the nine months ended September 30, 2026, cash used in investing activities was $200,000 compared to $107,015 used in investing activities in the prior period. The increase was primarily due to the additional investment in a cost method investment. For the nine months ended September 30, 2026, our cash provided by financing activities was $15,760,855 compared to $4,127,372 in the prior period, an increase of $11,633,483. Cash provided by financing activities in 2026 was primarily derived from the selling common stock and warrants under a PIPE agreement and the excise of warrants. Cash provided by financing activities in 2025 was primarily derived from the ATM agreement and public offering partially offset by the bridge loan repayments.