Ascent Solar Technologies, Inc.

The grade, in three tenses

Headline 2.2 out of ten, 8 of 9 metrics filed and 1 estimated: past 1.1 out of ten, present 1.3 out of ten, future 4.9 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 1.3 out of ten. 22 warning events since 2017; the latest 2024-08-19. 13th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 1.2 out of ten. -23.3% a year over 9 filed years; profitable in 1 of 9. 12th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 0.4 out of ten. CrossAssetData estimate 0.4/10, confidence 35 of 100 (one part). 4th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Financial health (present): 1.2 out of ten. ROE -235%: lost 235¢ per shareholder dollar. Leverage 47%: owes 47¢ per asset dollar. 12th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 0.2 out of ten. bottom 2% of 97 in its family; net margin -10202.5%. 2nd percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 3.1 out of ten. bottom 31% of 66 in its family for leadership; chief executive since 2023. 31st percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 6.2 out of ten. top 38% of 94 in its family for room to expand. 62nd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 2.6 out of ten. bottom 26% of 93 in its family for growth drivers. 26th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.8 out of ten. top 42% of 88 in its family for expectations against reality. 58th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-03-20 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-06 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2022-08-12 (on EDGAR). Newest filing: Form 4, 2026-09-15. Filings on record since 2006. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-03-20.

The people

Paul Warley has been chief executive of Ascent Solar since May 2, 2023. He arrived as chief financial officer in December 2022, moved up in May 2023, and was elected to the board in December 2023. His background is corporate turnarounds and restructuring rather than solar manufacturing: he was president of the advisory firm Warley & Company LLC from 2015 to 2022, a managing director and region manager at GE Capital from 1997 to 2011, and before that a senior vice president at Bank of America and Bankers Trust from 1984 to 1997. [1, 2, 3]

Jin Jo has been chief financial officer since May 2023, having joined in June 2021 as financial controller with more than 20 years in accounting behind her, including a spell as an inspection specialist at the Public Company Accounting Oversight Board, the body that inspects auditors. Bobby Gulati has been chief operating officer since May 2023 and has been in the building far longer, arriving in February 2012 as head equipment engineer with more than 30 years in engineering and manufacturing. The company is small enough that the chief operations officer also leads the cybersecurity function and reports to the chief executive. Both officers first appear on the insider record in 2023. [4, 5, 6, 7, 8]

The board has five members, four of them independent under Nasdaq's listing standards: David Peterson, Forrest Reynolds, Louis Berezovsky and Gregory Thompson. Peterson has been a director since December 2020 and chairman since September 2022, and since January 2024 has been chief executive of Clean H2, Inc., a distributor of hydrogen electrolyzers in Colorado. Reynolds and Berezovsky joined in September 2022, Thompson in April 2023. Reynolds is a restructuring specialist who managed a 1.0 billion dollar Chapter 11 bankruptcy reorganization for a gaming company and now runs an investment firm; Berezovsky and Thompson are career finance officers, Thompson a four-time public company chief financial officer. [9, 10, 11, 12, 13, 14]

As of December 31, 2025 the company had 14 full-time and 4 part-time employees. It has filed with the SEC since 2006, and seventeen people appear on its insider record, seven of whom have filed in the last fifteen months. [15, 8, 16]

How it operates

Ascent Solar Technologies makes and sells photovoltaic solar modules, meaning panels that turn sunlight into electricity. Its modules are flexible and durable, built to carry a lot of power for their weight and their area. The markets it aims at are the ones where a rigid glass panel will not serve: space power beaming, aerospace, satellites, near earth orbiting vehicles, fixed wing unmanned aerial vehicles, aquatic and terrestrial uses, and other weight-sensitive work including drone and space operations for the Department of Defense, which the filing shortens to DoD. It designs and develops finished products for end users in those areas and works with strategic partners on integrated solutions for satellites, spacecraft, airships and unmanned aerial vehicles. [17, 18, 19]

How it earns is simple to state and small to measure. For the year ended December 31, 2025 it generated $76,773 of total revenue, all of it from product sales, against an accumulated deficit of approximately $499,441,465, the sum of the losses it has run up since it began. Its accounting keeps three revenue lines: product sales, milestone and engineering work, and government research contracts. Only the first produced anything. Sales sit with one buyer: one customer represented 52% of product revenue in 2025 and one represented 53% in 2024. At the end of both years the company had no accounts receivable at all. [20, 21, 22, 23, 24]

It makes the modules itself, in one building. The principal business office and manufacturing plant sit in leased space at 12300 Grant Street in Thornton, Colorado, with approximately 25,000 square feet of office space and 50,000 square feet of manufacturing space. The process is roll-to-roll: a thin layer of copper-indium-gallium-diselenide, which the filing shortens to CIGS, is affixed to a flexible plastic substrate in one integrated sequential operation, and proprietary monolithic integration techniques form complete modules with little to no costly back-end assembly of the connections between cells. The plant divides into a front end that makes the module and a back end that packages it, so the company can ship finished unpackaged rolls of CIGS material worldwide for customers to encapsulate and build into their own products. [25, 26, 27, 28]

Raw materials come from several unaffiliated companies, bought on a purchase order basis with no long term purchase quantity commitments. All of the high temperature plastic comes from one supplier, though the filing says alternative suppliers of similar materials exist, and the component molybdenum, copper, indium, gallium, selenium and indium tin oxides come from a variety of suppliers. The company states that most of its key raw materials are either sole sourced or sourced by a limited number of third-party suppliers. The manufacturing equipment and tools were bought from various suppliers in Europe, the United States and Asia. [29, 30, 31]

The specifics

What is particular to Ascent is the combination it has bet on: CIGS laid on a flexible plastic substrate, with monolithic integration doing the wiring. To the best of its knowledge, the company says, it is the only company in the world currently focused on commercial scale production of modules made that way. It chose CIGS because at the laboratory level it converts more sunlight into electricity than amorphous silicon or cadmium telluride, and it argues that cadmium telluride has never been successfully applied to a flexible substrate on a commercial scale. Efficiency is the running score: the filing reports consistent gains in device efficiency since September 2023, with its latest achievement at 15.7%. The technology is held by a mix of trade secrets and patents, and the company owns several patents that protect its manufacturing process. [32, 33, 34, 35, 36]

The company exists because of a spin-out. It was formed in October 2005 when ITN Energy Systems separated its Advanced Photovoltaic Division, with that division's key personnel and core technologies; ITN, a private incubator, was incorporated in 1994, and the technology was first developed there from that year. In early 2006 ITN assigned Ascent certain CIGS-specific technologies and granted a perpetual, exclusive, royalty free, worldwide license to use them in making CIGS solar power, and in January 2007, once government approvals arrived, it assigned its government funded research and development contracts across and moved the people working on them. Ascent was incorporated in Delaware in October 2005 and has filed with the SEC since 2006. [37, 38, 39, 40, 16]

The sharpest recent episode is a factory it bought and never ran. On April 17, 2023 Ascent agreed to buy assets for thin-film photovoltaic manufacturing and production from Flisom, a Swiss seller, and with them a transition services agreement, a sublease of the manufacturing facility and a revocable, non-exclusive licence to some of the seller's intellectual property. The assets were never put into operations, and in that same year the company wrote them down by $3,283,715. In September 2023 Flisom filed for bankruptcy in Switzerland. On April 1, 2024 Ascent sold the assets to the landlord in exchange for forgiveness of $221,519 of payables, after a further impairment loss of $524,481. [41, 42, 43, 44, 45]

In the wider solar market the company says large makers of crystalline silicon dominate grid connected products, with thin film on glass beginning to emerge among the major players, and it describes the thin film field itself as a broad mix of technology platforms at various stages of development made up of a number of medium and small companies. It names no competing company anywhere in the filing. Its shares have been on the Nasdaq Capital Market since August 24, 2022. During 2023 and 2024 Nasdaq told the company it did not meet the rules that require a minimum of stockholders' equity and a minimum bid price for continued listing; in September 2024 Nasdaq wrote that it had regained compliance with both, and it was subjected to a one year Nasdaq Listing Panel Monitor. [46, 47, 48, 49, 50]

What drives growth, line by line

Product revenue. The only line that produced anything. Revenue was $76,773 for the year ended December 31, 2025 against $41,893 the year before, an increase of $34,880 or 83%, which the company puts down to more customer orders in the current period compared with the prior period. One customer represented 52% of that revenue, and in 2024 one customer represented 53%. The cost of producing it, which is material costs, repair and maintenance, direct labor and overhead, was $196,332 against $148,376 the year before, up $47,956 or 32% with the higher product revenue, and larger than the revenue it supported. [21, 51, 52, 53, 54]

Milestone and engineering revenue. The company keeps a line for milestone and engineering work, where each arrangement is its own performance obligation and revenue is recognized as it achieves the manufacturing, cost or engineering targets written into the contract. No milestone revenue was recognized during the years ended December 31, 2025 and 2024. [22, 55]

Government contracts revenue. It keeps a third line for government research and development contracts, on cost plus fee, cost share or firm fixed price terms, recognized over time as the work is performed. No government contract revenue was recognized for the years ended December 31, 2025 and 2024. That is so even though the markets it aims at are space, defense drones and power beaming, and even though its own origins lie in the government funded research and development contracts ITN assigned to it in January 2007. [23, 56, 18, 40]

The costs that produced the loss barely followed the revenue. Research, development and manufacturing operations costs, which cover product development, pre-production and production activity in the plant, rose by $142,246 or 6%. Selling, general and administrative expenses fell by $408,333 or 9% on lower personnel and professional service costs. The net loss was $7,832,755 for the year ended December 31, 2025 against $9,130,274 the year before, a decrease of $1,297,519. [57, 58, 59]

Behind the revenue lines, the year was paid for by selling shares rather than modules. Cash used in operations was $6,903,966. Cash provided by financing activities was $6,626,731, down from $10,546,000 the year before, and in 2025 it came primarily from common stock sales under an at the market agreement, public and private stock offerings, and warrant exercises. The company ended the year with $2,786,493 in cash and equivalents and working capital of $1,178,902. On January 23, 2026, weeks after the year ended, it agreed to sell shares and warrants to institutional and accredited investors in a private placement. [60, 61, 62, 63, 64, 65]

What comes next, in the company's own words: it does not expect sales revenue and cash flows to 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. It says it continues to accelerate sales and marketing efforts through an expansion of its sales and distribution channels, and continues activities to secure additional funding through strategic or financial investors, with no assurance it can raise capital on acceptable terms or at all. The filing states that its recurring losses from operations and its need for additional financing raise substantial doubt as to its ability to continue as a going concern. [66, 67, 68]

What the desk infers (inferred, not filed)

• The customer that took 52% of product revenue is buying at development or qualification scale rather than in production volume: on a revenue line this small, half of it is a handful of modules for someone testing them. Because: Total product revenue for the year ended December 31, 2025 was $76,773, so a customer at 52% of it bought a very small quantity. [21] The company says it is currently producing products in quantities necessary to meet current demand, which is the language of a plant that makes to order. [69] It describes the markets it aims at, power beaming, space and near space among them, as having started to develop in certain areas while some of them are in their infancy. [70] It says the strategic alliances it has formed are in early stages and gives no assurance that those relationships produce the results it wants. [71] Confidence 70 of 100. Wrong if: A filing that names a customer under a multi-year supply agreement, or a product revenue line in which one customer's purchases run to millions of dollars.
• The pace of this business is set by what it can raise from investors, not by what it sells; the sales line is closer to a research output than to a source of funds. Because: Cash used in operations for the year ended December 31, 2025 was $6,903,966, while total revenue for the same year was $76,773. [60, 20] Cash provided by financing activities in the same year was $6,626,731, primarily from common stock sales under an at the market agreement, public and private stock offerings, and warrant exercises. [61, 62] The company says it continues activities to secure additional funding through strategic or financial investors, with no assurance it can raise additional capital on acceptable terms or at all. [67] Weeks after the year ended it agreed a private placement of shares and warrants with institutional and accredited investors. [65] Confidence 88 of 100. Wrong if: A year in which operations generate cash, or one funded without issuing shares, warrants or convertible instruments.
• The Thornton plant runs far below the scale it was equipped for: the cost of what it sold came to more than the sales did, and most of the factory's running cost sits in the research, development and manufacturing operations line rather than in cost of revenue. Because: Cost of revenue was $196,332 for 2025 while product revenue was $76,773. [54, 21] The research, development and manufacturing operations line, which the company says covers pre-production and production activities in its manufacturing facility, came to $2,443,194 for 2025. [57, 72] The plant has approximately 50,000 square feet of fully equipped manufacturing space, and at the end of 2025 the company had 14 full-time and 4 part-time employees. [25, 15] The company states that it currently has limited industrial scale production capacities and continues to focus on research and development activities to improve its products. [73] Confidence 80 of 100. Wrong if: A year in which cost of revenue falls below product revenue while the research, development and manufacturing operations line holds steady, or a filing that reports the plant running at industrial scale.

Sources

1. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Paul Warley has been Chief Executive Officer of the Company since May 2, 2023. Prior to then, Mr. Warley served as our Chief Financial Officer from December 2022 to May 2023 and was elected to our Board in December 2023.”
2. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Mr. Warley has significant experience in corporate turnarounds, restructuring, cross-border trade and capital advisory work. From 2015 to 2022, Mr. Warley was president of Warley & Company LLC, a strategic advisory firm providing executive management, capital advisory and M&A services to middle-market companies in the service, construction, technology, oil & gas, clean energy, food, retail and green-building sectors.”
3. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “From 1997 to 2011, Mr. Warley was Managing Director and Region Manager for GE Capital. From 1984 to 1997, Mr. Warley was with Bank of America and Bankers Trust as a Senior Vice President.”
4. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Jin Jo has been Chief Financial Officer of the Company since May 2023. Ms. Jo joined the Company in June 2021 as Financial Controller. Ms. Jo has over 20 years of experience in accounting.”
5. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “From 2011 to 2015, Ms. Jo was an Inspection Specialist at the Public Company Accounting Oversight Board where she assessed auditor compliance with audit professional standards.”
6. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Bobby Gulati has been Chief Operating Officer since May 2023. He has over 30 years of executive leadership experience in engineering and manufacturing roles. Mr. Gulati joined the Company in February 2012 as Head Equipment Engineer.”
7. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “The Chief Operations Officer ("COO"), who reports to the CEO, leads our cybersecurity function and is responsible for managing our cybersecurity risk and the protection of our networks, systems, and data.”
8. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
9. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “David Peterson has served on our Board since December 2020, and has been Chairman of the Board since September 2022.”
10. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “From January 2024 to present, Mr. Peterson has worked for Clean H2, Inc., a distributor of hydrogen electrolyzers, where he serves as the CEO for the Centennial, Colorado based company.”
11. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Our Board of Directors currently consists of five members. The Board has determined that the following directors are “independent” as required by the listing standards of the Nasdaq Capital Market and by our corporate governance guidelines: Mr. Peterson, Mr. Reynolds, Mr. Berezovsky and Mr. Thompson.”
12. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Forrest Reynolds has served on our Board since September 2022. He has over 30 years of business and management experience and is currently the Managing Partner of CalTex Capital, LLC, a privately held, Texas based, investment firm. Previously, Mr. Reynolds served as the Chief Restructuring Officer for Centaur Gaming, LLC, a gaming development company located in Indianapolis, Indiana. In this capacity, Mr. Reynolds managed a $1.0 billion Chapter 11 bankruptcy reorganization for the company.”
13. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Louis Berezovsky has served on our Board since September 2022. He joined Eagle Infrastructure Services in July 2013 and leads the Finance and Accounting, M&A, Human Resources, Legal and IT functions.”
14. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Gregory Thompson has served on our Board since April 2023. He is a four-time public company CFO with extensive global experience across several industries including technology, manufacturing, chemicals, building products, medical equipment, software and services, and public accounting.”
15. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “As of December 31, 2025, we had 14 full-time and 4 part-time employees.”
16. The record on this page: the filing record (the EDGAR submissions feed)
17. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Ascent Solar Technologies, Inc. (“Ascent” or the "Company") is a solar technology company that manufactures and sells photovoltaic ("PV") solar modules that are flexible, durable, and possess attractive power to weight and power to area performance.”
18. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “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.”
19. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Ascent designs and develops finished products for end users in these areas and collaborates with strategic partners to design and develop integrated solutions for products like satellites, spacecraft, airships and UAV.”
20. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “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.”
21. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “During the years ended December 31, 2025 and 2024, the Company recognized product revenue of $76,773 and $41,893, respectively. For the year ended December 31, 2025, one customer represented 52% of total product revenue. For the year ended December 31, 2024, one customer represented 53% of total product revenue.”
22. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “No milestone revenue was recognized during the years ended December 31, 2025 and 2024.”
23. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “No government contract revenue was recognized for the years ended December 31, 2025 and 2024.”
24. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “As of December 31, 2025 and 2024, the Company had no accounts receivable, net balance and no allowance for doubtful accounts.”
25. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Our principal business office and manufacturing facility is located in a leased space at 12300 Grant Street, Thornton, Colorado 80241. We have approximately 25,000 square feet of fully equipped office space and 50,000 square feet of fully equipped manufacturing space.”
26. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “We manufacture our products by affixing a thin CIGS layer to a flexible, plastic substrate using a large format, roll-to-roll process that permits us to fabricate our flexible PV modules in an integrated sequential operation. We use proprietary monolithic integration techniques which enable us to form complete PV modules with little to no costly back-end assembly of inter-cell connections.”
27. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Our manufacturing process can be differentiated into two distinct functions; a front-end module manufacturing process and a back-end packaging process. Our ability to produce finished unpackaged rolls of CIGS material for shipment worldwide to customers for encapsulation and integration into various products enhances our ability to work with partners internationally and domestically.”
28. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “The Company continues to focus on cell and aerial efficiency improvements on our Copper-Indium-Gallium-diSelenide ("CIGS")-based solar cells.”
29. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “We rely on several unaffiliated companies to supply certain raw materials used during the fabrication of our PV modules and PV integrated electronics. We acquire these materials on a purchase order basis and do not have long term purchase quantity commitments with the suppliers, although we may enter into such contracts in the future. We currently acquire all of our high temperature plastic from one supplier, although alternative suppliers of similar materials exist. We purchase component molybdenum, copper, indium, gallium, selenium and indium tin oxides from a variety of suppliers.”
30. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Most of our key raw materials are either sole sourced or sourced by a limited number of third-party suppliers.”
31. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “The manufacturing equipment and tools used in our production process have been purchased from various suppliers in Europe, the United States and Asia.”
32. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “To the best of our knowledge, we believe we are the only company in the world currently focused on commercial scale production of PV modules using CIGS on a flexible, plastic substrate with monolithic integration.”
33. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “We utilize CIGS as a semiconductor material because, at the laboratory level, it has a higher demonstrated cell conversion efficiency than amorphous silicon (“a-Si”) and cadmium telluride (“CdTe”).”
34. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Although CdTe modules have achieved conversion efficiencies that are generally comparable to CIGS in production, we believe CdTe has never been successfully applied to a flexible substrate on a commercial scale.”
35. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “These efforts resulted in Ascent’s engineering and production teams consistently achieving increases in device efficiency and overall performance since September 2023, with its latest achievement at 15.7%.”
36. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “We protect our intellectual property through a combination of trade secrets and patent protections and own several patents that protect our manufacturing process.”
37. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Our technology was initially developed at ITN beginning in 1994. In early 2006, ITN assigned to us certain CIGS PV-specific technologies, and granted to us a perpetual, exclusive, royalty free, worldwide license to use these technologies in connection with the manufacture, development, marketing and commercialization of CIGS PV to produce solar power.”
38. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “We were formed in October 2005 from the separation by ITN of its Advanced Photovoltaic Division and all of that division’s key personnel and core technologies. ITN, a private company incorporated in 1994, is an incubator dedicated to the development of thin film, PV, battery, fuel cell and nanotechnologies.”
39. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “We were incorporated under the laws of Delaware in October 2005.”
40. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Upon receipt of the necessary government approvals in January 2007, ITN assigned government funded research and development contracts to us and also transferred the key personnel working on the contracts to us.”
41. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “On April 17, 2023, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Flisom (the “Seller”), pursuant to which, among other things, the Company purchased certain assets relating to thin-film photovoltaic manufacturing and production from the Seller (collectively, the “Assets”).”
42. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “At the Closing, the Company and Seller also entered into (i) a Transition Services Agreement requiring the Seller to provide transition support for the Company’s operation of the Assets, with fees to be paid by the Company for performing defined support services, (ii) a Sublease Agreement allowing the Company’s to use the Manufacturing Facility where the Assets are located, and (iii) a Technology License Agreement, pursuant to which Seller granted the Company a revocable, non-exclusive license to certain intellectual property rights of the Seller used in the operation of the Assets (the “Licensed IP”)”
43. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “These Assets were not put into operations and during the year ended December 31, 2023, as the purchased Assets were no longer being utilized for its intended purpose, the Company recorded an impairment loss of $3,283,715, representing the difference between the estimated fair value and the carrying value of the Assets.”
44. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “In September, 2023, Flisom filed for bankruptcy in Switzerland.”
45. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “As the estimated fair value of $221,519, the selling price of the Assets, was less than their carrying value, the Company recorded an impairment loss of $524,481. On April 1, 2024, the Company sold the Assets to the Landlord in exchange for forgiveness of its $221,519 payables to the Landlord.”
46. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “The market for traditional, grid connected PV products is dominated by large manufacturers of c-Si technology, although thin film technology on glass has begun to emerge among the major players.”
47. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “The landscape of thin film manufacturers encompasses a broad mix of technology platforms at various stages of development and consists of a number of medium and small companies.”
48. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “On August 24, 2022, our common stock began trading on the Nasdaq Capital Market. Our trading symbol is “ASTI.””
49. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “During 2023 and 2024, the Company received notices from Nasdaq indicating that the Company was not in compliance with (i) Nasdaq Listing Rule 5550(b)(1), which requires companies listed on The Nasdaq Stock Market to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing, and (ii) Nasdaq Listing Rule 5550(a)(2) which requires companies listed on The Nasdaq Stock Market to maintain a minimum of a $1.00 bid price for continued listing.”
50. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “In September 2024, the Company received written notice from Nasdaq indicating that the Company had regained compliance with the bid price requirement and the equity requirement. The Company was subjected to a one year Nasdaq Listing Panel Monitor.”
51. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “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.”
52. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Cost of revenues is comprised primarily of material costs, repair and maintenance, direct labor and overhead expenses.”
53. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “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.”
54. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Cost of Revenue 196,332 148,376 47,956”
55. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “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, costs or engineering targets.”
56. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Revenue from government research and development contracts is generated under terms that include cost plus fee, cost share, or firm fixed price.”
57. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “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.”
58. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “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.”
59. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “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.”
60. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “During the year ended December 31, 2025, the Company used $6,903,966 in cash for operations.”
61. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “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.”
62. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “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.”
63. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “At December 31, 2025, we had cash and equivalents on hand of $2,786,493.”
64. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “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.”
65. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “On January 23, 2026, the Company entered into a securities purchase agreement (the “2026 PIPE Purchase Agreement”) with certain institutional and accredited investors (the “2026 PIPE Investors”) for the issuance and sale in a private placement (the “2026 Private Placement”) of (i) 454,546 shares of the Company’s common stock”
66. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “As a result of the Company’s recurring losses from operations, and the need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the Company’s ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt as to the Company’s ability to continue as a going concern.”
67. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “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 funding 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.”
68. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “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.”
69. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Currently we are producing products in quantities necessary to meet current demand.”
70. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “Our target markets include power beaming, space, near space, and other markets that require durable specialty solar products. Although certain areas of these markets have started to develop, some of them are in their infancy.”
71. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “While we have formed some strategic alliances and will continue expand our partnership base, these strategic alliances are in early stages and we can give no assurances that these relationships will generate our desired results.”
72. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “During the years ended December 31, 2025 and 2024, we incurred approximately $2,443,194 and $2,300,948, respectively, in research, development and manufacturing operations costs, which include research and development incurred in customizing products for customers, as well as manufacturing costs incurred while developing our product lines and manufacturing process.”
73. Ascent Solar Technologies, Inc., Form 10-K filed 2026-03-20: “We currently have limited industrial scale production capacities and we continue to focus on research and development activities to improve our PV products.”

Who runs it

Warley, Paul P. (Chief Executive Officer); Jo, Jin H. (Chief Financial Officer); Gulati, Bobby (Chief Operating Officer); Forrest, Reynolds T. (director); Berezovsky, Louis C. (director); Peterson, David Theodore Jr (director); Thompson, Gregory C (director). 7 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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