FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION or Washington, D.C. 20549 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File No. 001-32919 Ascent Solar Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 20-3672603 (State or other jurisdict ...

About Ascent Solar Technologies, Inc. Backed by 40 years of R&D, 15 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. is a leading provider of innovative, high-performance, flexible thin-film solar panels optimized for use in space, military and defense, and other applications where mass, performance, reliability, and resilience are paramount. Ascent's photovoltaic (PV) modules have been deployed on space missions, multiple airbo ...

THORNTON, Colo., July 08, 2025 (GLOBE NEWSWIRE) -- Ascent Solar Technologies (“Ascent” or the “Company”) (Nasdaq: ASTI), the leading U.S. innovator in the design and manufacturing of featherweight, flexible thin-film photovoltaic (PV) solutions, today commented on its commercial progress and solar material development in the first half of 2025, as the Company looks ahead to continued growth and advancement in the second half of the year. “At the outset of the year, we sought to enter into a series of new pr ...

Core Viewpoint - Ascent Solar Technologies, Inc. has successfully closed a public offering of 1,000,000 shares of common stock and warrants, raising a total of $2.0 million for various corporate purposes [1][2]. Group 1: Offering Details - The public offering price was set at $2.00 per share, with the same price for the accompanying warrants, which have an exercise price of $2.00 and are exercisable immediately [1]. - The offering was facilitated by H.C. Wainwright & Co. as the exclusive placement agent [2]. - The gross proceeds from the offering amounted to $2.0 million before deducting fees and expenses [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated for working capital, product development activities, general administrative expenses, and other corporate purposes [2]. Group 3: Company Background - Ascent Solar Technologies is recognized for its innovative, high-performance, flexible thin-film solar panels, supported by 40 years of research and development and 15 years of manufacturing experience [5]. - The company's photovoltaic modules have been utilized in various applications, including space missions and agrivoltaic installations, showcasing their versatility and reliability [5]. - The company's research and development center and production facility are located in Thornton, Colorado [5].

Core Viewpoint - Ascent Solar Technologies, Inc. has announced a public offering of 1,000,000 shares of common stock and warrants, aiming to raise approximately $2.0 million for various corporate purposes [1][2]. Group 1: Offering Details - The public offering price is set at $2.00 per share, with the same price for pre-funded warrants and accompanying warrants [1]. - The warrants will have an exercise price of $2.00 per share, are immediately exercisable, and will expire five years from the issuance date [1]. - The closing of the offering is anticipated around June 30, 2025, pending customary closing conditions [1]. Group 2: Financial Aspects - The expected gross proceeds from the offering are $2.0 million before deducting fees and expenses [2]. - The net proceeds will be allocated for working capital, product development, general administrative expenses, and other corporate purposes [2]. Group 3: Company Background - Ascent Solar Technologies is recognized for its innovative, high-performance, flexible thin-film solar panels, supported by 40 years of R&D and 15 years of manufacturing experience [5]. - The company's photovoltaic modules have been utilized in various applications, including space missions and commercial construction [5]. - The research and development center, along with a 5-MW production facility, is located in Thornton, Colorado [5].

Company Overview - Ascent Solar Technologies is a leading U.S. innovator in the design and manufacturing of lightweight, flexible thin-film photovoltaic (PV) solutions [1][3] - The company has 40 years of R&D and 15 years of manufacturing experience, supported by a comprehensive IP and patent portfolio [3] - Ascent's PV modules have been deployed in various applications, including space missions, airborne vehicles, and agrivoltaic installations [3] Recent Developments - Ascent Solar Technologies announced a Teaming Agreement to supply thin-film solar technology solutions to a U.S.-based defense solutions provider for upcoming orbital applications [1] - The company's thin-film solar technology is noted for its ability to deliver power solutions on short timelines, making it suitable for defense tech agreements [2] - Ascent's CIGS PV product line is developed with spaceflight heritage, allowing for mission-optimized solar array solutions [2] Competitive Advantage - Ascent's production facility in Thornton, CO, has a capacity of 5 MW, enabling array deliveries in just six to eight weeks, significantly faster than competitors who often require nine to twelve months [2] - The lightweight, flexible, and durable design of Ascent's technology helps mitigate challenges in space environments, providing a market-ready solution for long-term applications [2]

Core Insights - Ascent Solar Technologies is collaborating with NASA to advance capabilities for receiving beamed power using CIGS PV modules, aiming to enhance mission architectures and reduce costs and complexities in space missions [1][2][7] Group 1: Collaborative Agreement with NASA - The Collaborative Agreement Notice (CAN) involves a public-private partnership where Ascent will provide design and prototyping services while NASA offers technical expertise and testing [2][6] - The 12-month technology maturation program aims to develop commercial products for distributed space power infrastructure, significantly lowering the cost and risk of NASA missions [2][4] Group 2: Technological Advancements - The CAN evaluates Ascent's CIGS PV modules' ability to generate power from energy-dense beams of light, with the goal of converting more usable power than traditional solar methods [4][6] - Ascent's technology could allow for a tenfold increase in power reception while reducing the mass and volume of solar arrays needed for missions, thus optimizing spacecraft design [4][5] Group 3: Impact on Space Missions - The advancements in power generation are crucial for NASA's Commercial Lunar Payload Services (CLPS) missions and the Artemis campaign, enabling operations in challenging environments like the lunar night [6][7] - The potential reduction in downmass for lunar landers could lead to significant cost savings, estimated in the tens of millions per mission, enhancing the feasibility of space exploration [6][7] Group 4: Company Background - Ascent Solar Technologies has 40 years of R&D and 15 years of manufacturing experience, specializing in flexible thin-film solar panels for various applications, including space missions [9] - The company’s products are designed for environments where mass, performance, and reliability are critical, positioning Ascent as a leader in innovative solar solutions [9]

Core Insights - Ascent Solar Technologies has achieved a record efficiency of 15.7% for its thin-film CIGS technology at production scale, aligning with its 2025 strategy to enhance material quality and technological efficiency for space market applications [1][3]. Group 1: Technology and Performance - The Titan™ module, measuring approximately one square foot, can now produce 15.7 watts of power per unit, with a thickness of 0.03mm and a weight of just over eight grams, resulting in a power density of 1960W/kg before encapsulation [2]. - Since September 2023, Ascent's engineering and production teams have consistently improved device efficiency, with the latest achievement of 15.7% representing a significant increase from 14.0 watts in Q1 2024 [3][7]. Group 2: Market Position and Applications - Ascent Solar Technologies has a strong background with 40 years of R&D and 15 years of manufacturing experience, positioning itself as a leading provider of flexible thin-film solar panels for various applications, including space missions and airborne vehicles [4]. - The advancements in efficiency and performance enhance Ascent's technology readiness for the space market, making it an ideal choice for satellite power systems and other spacecraft [3].

Core Insights - Ascent Solar Technologies has signed a Master Services Agreement with NOVI Space, Inc. to provide rollable photovoltaic (PV) array blankets for real-time Earth Observation from space [1][2] - NOVI plans to utilize Ascent's lightweight solar technology in their AI-powered satellite constellation, set for launch in early 2026 [2][4] - Ascent's CIGS PV products can be delivered in 6-8 weeks, significantly faster than competitors who typically have 9-12 month lead times [3] Company Overview - Ascent Solar Technologies is a leader in flexible thin-film solar panels, backed by 40 years of R&D and 15 years of manufacturing experience [5] - The company’s products have been deployed in various environments, including space missions and airborne vehicles, showcasing their versatility and reliability [5] Partner Insights - NOVI Space, Inc. is developing a constellation of multi-sensor edge-processing satellites for Earth Observation, utilizing Ascent's solar technology [6] - The partnership allows NOVI to launch its first set of commercial satellites in Q1 of 2026, enhancing their operational capabilities [4][6]

Financial Performance - Revenues for Q1 2025 were $15,624, compared to $5,600 in Q1 2024, representing a 179% increase[15] - Total costs and expenses for Q1 2025 were $1,762,054, down from $2,481,134 in Q1 2024, a decrease of 29%[15] - Net loss for Q1 2025 was $1,674,296, compared to a net loss of $2,537,742 in Q1 2024, reflecting an improvement of 34%[15] - For the three months ended March 31, 2025, Ascent Solar Technologies reported a net loss of $1,674,296, compared to a net loss of $2,537,742 for the same period in 2024, representing a 33.9% improvement in net loss[21] - Net loss decreased by $863,446, or 34%, for the three months ended March 31, 2025, compared to the same period in 2024, due to improved revenues and reduced expenses[111] Cash and Liquidity - Cash and cash equivalents decreased to $2,255,815 as of March 31, 2025, down from $3,170,743 as of December 31, 2024[14] - The company had cash and cash equivalents of $2,255,815 at the end of the period, compared to $187,474 at the end of March 2024, indicating a substantial increase in liquidity[21] - Net cash used in operating activities for the three months ended March 31, 2025, was $1,550,030, compared to $1,197,861 for the same period in 2024, reflecting a 29.5% increase in cash outflow[21] - The Company had working capital of $567,612 as of March 31, 2025, but does not believe cash liquidity is sufficient for the next twelve months[42] - The company has working capital of $567,612 as of March 31, 2025, but additional financing will be required to achieve profitability[113] Assets and Liabilities - Total assets decreased to $6,172,992 as of March 31, 2025, from $7,146,426 as of December 31, 2024[14] - Total liabilities decreased to $3,595,674 as of March 31, 2025, compared to $3,766,503 as of December 31, 2024, a reduction of 5%[14] - The company’s accumulated deficit increased to $493,283,006 as of March 31, 2025, from $491,608,710 as of December 31, 2024[14] - As of March 31, 2025, the company had an accumulated deficit of $493,283,006[97] Revenue and Sales Strategy - Product revenue for the three months ended March 31, 2025, was $15,624, a significant increase from $5,600 in the same period of 2024, marking a 178.6% growth[30] - Total revenues increased by $10,024, or 179%, for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to more purchase orders received[105] - The company continues to accelerate sales and marketing efforts related to specialty PV application strategies through expansion of sales and distribution channels[114] - The company does not expect sales revenue and cash flows to be sufficient to support operations until it fully implements its strategy of selling high-value PV products[112] Operational Focus and Future Growth - The company is focused on developing demand for its products and maintaining strategic relationships with key partners to drive future growth[11] - Ascent Solar Technologies has focused on integrating its photovoltaic products into high-value markets such as aerospace and agrivoltaics, aiming to overcome obstacles faced by other solar technologies[24] - The company recognized no government contract revenue during the three months ended March 31, 2025, and 2024, indicating a potential area for future growth[34] - The company anticipates that the at-the-market offering will continue throughout the next reporting period[80] Accounting and Reporting - The company is evaluating the impact of recently issued accounting standards on its financial statements, which may affect future disclosures and reporting practices[38][39] Capital Structure and Financing - The company entered into a loan agreement for an aggregate principal amount of $375,000, with total repayment of $543,750[58] - The Company issued $15,000,000 in aggregate Convertible Notes at a purchase price of $13,500,000, maturing on June 19, 2024[62] - The company entered into a securities purchase agreement for approximately $1.9 million of gross proceeds from the issuance of Series 1C Preferred Stock[72] - The company expects to receive the remaining balance of approximately $1.1 million from the Series 1C Preferred Stock financing by June 30, 2025[72] Impairments and Asset Management - The Company recorded an impairment loss of $3,283,715 on certain assets, leaving a carrying value of $786,000 as of December 31, 2023[47] - The Company purchased assets related to thin-film photovoltaic manufacture for $4,083,926, including $1,283,926 in transaction costs[46] - Total property, plant, and equipment as of March 31, 2025, was $19,101,096, down from $19,679,918 as of December 31, 2024[51] Concerns and Risks - There is substantial doubt regarding the company's ability to continue as a going concern due to recurring losses and the need for additional financing[115]