THORNTON, Colo., Nov. 12, 2025 (GLOBE NEWSWIRE) -- Ascent Solar Technologies (“Ascent”), the leading U.S. innovator in the design and manufacturing of featherweight, flexible thin-film photovoltaic (PV) solutions, today announced the signing of a teaming agreement with NovaSpark Energy (“NovaSpark”), a pioneer in mobile hydrogen generation systems for fueling long-range drones and powering critical infrastructure. The agreement brings the two companies’ technologies together to achieve mutually beneficial g ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 September 30, 2025 or ☐ 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 juri ...

THORNTON, Colo., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Ascent Solar Technologies (“Ascent”), the leading U.S. innovator in the design and manufacturing of featherweight, flexible thin-film photovoltaic (PV) solutions, today announced the signing of a teaming agreement with CisLunar Industries (“CisLunar”), a leader in developing advanced hardware and embedded control software for power conversion and conditioning. The agreement aims to bring each of the Colorado-based companies’ technologies together to achieve ...

Core Insights - Ascent Solar Technologies has delivered test samples of its thin-film photovoltaic technology to companies in ocean monitoring and space power lasing, indicating a strategic expansion into extreme environment applications [1][2][3] Company Overview - Ascent Solar Technologies is recognized as a leading innovator in the design and manufacturing of lightweight, flexible thin-film photovoltaic solutions, with 40 years of R&D and 15 years of manufacturing experience [4] - The company has a comprehensive intellectual property and patent portfolio, positioning it as a key player in high-performance solar technology for various applications [4] Technology Applications - The ocean monitoring technology company will assess the functionality and durability of Ascent's PV technology for persistent operation in aquatic environments [2] - The space power lasing company will evaluate the technology's capabilities for power transmission between satellites, highlighting its potential in space applications [2][3] - Ascent's thin-film PV technology is designed to withstand extreme conditions, making it suitable for underwater and space applications [3] Market Position - Ascent Solar's photovoltaic modules have been utilized in diverse applications, including space missions, airborne vehicles, and agrivoltaic installations, showcasing the versatility of its solar technology [5] - The company operates a research and development center and a 5-MW production facility in Thornton, Colorado, reinforcing its commitment to innovation and production capacity [5]

Core Insights - Ascent Solar Technologies Inc. has formed a strategic partnership with Defiant Space Corporation to enhance its presence in the defense and national security markets [1][2] - The collaboration aims to leverage Ascent's solar technology and Defiant's platform development expertise to meet the increasing demand for resilient space-based solutions [2][4] - The partnership will also explore international opportunities with allied nations, including NATO and Five Eyes partners, to promote American-developed solar solutions [3][4] Company Strategy - Ascent Solar's CEO emphasized that the partnership aligns with the company's mission to provide lightweight and durable solar solutions for demanding markets [4] - Defiant Space's strategy focuses on developing scalable solutions that meet critical mission needs in the defense sector [4] Market Context - The partnership highlights the growing importance of dual-use technologies in both defense and commercial applications within the space sector [4] - The global space economy is projected to reach $1 trillion by 2040, indicating significant growth potential for companies like Ascent and Defiant [4] Stock Performance - Following the announcement of the partnership, Ascent Solar's stock price increased by 3.08%, reaching $2.010 [5]

Core Insights - Ascent Solar Technologies has announced a strategic partnership with Defiant Space Corporation to pursue opportunities in the U.S. defense and national security sectors, combining their respective technologies and capabilities [1][2][4] Company Overview - Ascent Solar Technologies is a leading innovator in the design and manufacturing of lightweight, flexible thin-film photovoltaic solutions, with 40 years of R&D and 15 years of manufacturing experience [5][6] - The company has a comprehensive IP and patent portfolio and has deployed its photovoltaic modules in various applications, including space missions and military vehicles [5][6] Partnership Details - The collaboration aims to address the increasing demand for resilient and cost-effective solutions in defense and security, leveraging Ascent's solar technology and Defiant's mission-focused space solutions [2][4] - The partnership will also explore opportunities in allied and international space markets, including NATO and Five Eyes partner nations, to enhance shared defense and security initiatives [3][4] Market Context - The partnership reflects the growing significance of dual-use space technologies in both government and commercial sectors, positioning the companies to capitalize on the projected $1 trillion global space economy by 2040 [4]

Core Insights - Ascent Solar Technologies has signed a teaming agreement with Emtel Energy USA to enhance energy storage capabilities and promote thin-film photovoltaic solutions in space environments [1][3] Company Overview - Ascent Solar Technologies specializes in lightweight, flexible thin-film photovoltaic solutions, backed by 40 years of R&D and 15 years of manufacturing experience [4] - The company has a comprehensive IP and patent portfolio and has deployed its PV modules in various applications, including space missions and airborne vehicles [5] Technology Collaboration - Emtel Energy has developed a solid-state graphene battery that addresses energy density and degradation issues found in traditional flow batteries, making it suitable for powering satellites and spacecraft [2] - The combination of Ascent's thin-film PV and Emtel's energy storage technology is positioned as an ideal solution for the Department of Defense and Space Force, which require durable energy production and storage technologies for space [3]

Core Insights - Ascent Solar Technologies has signed a memorandum of understanding (MOU) with Star Catcher Industries to promote the use of thin-film photovoltaic solutions in space environments [1][3] Company Overview - Ascent Solar Technologies is a leading innovator in flexible thin-film photovoltaic solutions, with 40 years of R&D and 15 years of manufacturing experience [4] - The company has a comprehensive IP and patent portfolio and has deployed its PV modules in various applications, including space missions and commercial construction [5] Partnership Details - The partnership with Star Catcher aims to enhance power availability for satellite operators by providing up to five to ten times more power through a space-to-space power beaming service [2][7] - Ascent will explore joint customer objectives and mission goals, leveraging the combined technologies to meet the growing demand for next-generation power solutions [3][7] Technological Integration - The collaboration will integrate Star Catcher's beamed energy with Ascent's thin-film PV technology to provide continuous power, even during outages [7] - Joint demonstration missions will be conducted to showcase the capabilities of the combined technologies [7]

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed financial statements and management's discussion and analysis [Item 1. Unaudited Condensed Financial Statements](index=5&type=section&id=Item%201.%20Unaudited%20Condensed%20Financial%20Statements) This section presents the unaudited condensed financial statements and accompanying notes for the periods ended June 30, 2025, and December 31, 2024 [Unaudited Condensed Balance Sheets](index=5&type=section&id=Unaudited%20Condensed%20Balance%20Sheets) The balance sheets show a slight decrease in total assets and liabilities, with an increase in stockholders' equity from December 2024 to June 2025 Balance Sheet Metrics | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :--------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Cash and cash equivalents | $2,954,859 | $3,170,743 | $(215,884) | -6.81% | | Total current assets | $3,606,176 | $3,713,318 | $(107,142) | -2.89% | | Total Assets | $6,791,313 | $7,146,426 | $(355,113) | -4.97% | | Total current liabilities | $2,220,580 | $2,280,406 | $(59,826) | -2.62% | | Total liabilities | $3,357,249 | $3,766,503 | $(409,254) | -10.86% | | Total stockholders' equity | $3,434,064 | $3,379,923 | $54,141 | 1.60% | [Unaudited Condensed Statements of Operations and Comprehensive Income](index=6&type=section&id=Unaudited%20Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Income) The company experienced a decreased net loss for both the three and six months ended June 30, 2025, compared to the same periods in 2024 Statements of Operations and Comprehensive Income (Three Months Ended June 30) | Metric (Three Months Ended June 30) | 2025 | 2024 | Change ($) | Change (%) | | :---------------------------------- | :------------ | :------------ | :------------ | :--------- | | Revenues (Products) | $16,961 | $27,743 | $(10,782) | -38.80% | | Total Costs and Expenses | $2,106,015 | $2,383,316 | $(277,301) | -11.64% | | Loss from Operations | $(2,089,054) | $(2,355,573) | $266,519 | -11.31% | | Total Other Income/(Expense) | $25,236 | $(1,088,528) | $1,113,764 | 1023.19% | | Net Income/(Loss) | $(2,065,397) | $(3,445,827) | $1,380,430 | -40.06% | | Net Income/(Loss) Per Share | $(1.17) | $(6.76) | $5.59 | -82.69% | Statements of Operations and Comprehensive Income (Six Months Ended June 30) | Metric (Six Months Ended June 30) | 2025 | 2024 | Change ($) | Change (%) | | :---------------------------------- | :------------ | :------------ | :------------ | :--------- | | Revenues (Products) | $32,585 | $33,343 | $(758) | -2.27% | | Total Costs and Expenses | $3,868,070 | $4,864,449 | $(996,379) | -20.48% | | Loss from Operations | $(3,835,485) | $(4,831,106) | $995,621 | -20.61% | | Total Other Income/(Expense) | $97,371 | $(1,150,761) | $1,248,132 | 1084.61% | | Net Income/(Loss) | $(3,739,693) | $(5,983,569) | $2,243,876 | -37.50% | | Net Income/(Loss) Per Share | $(2.33) | $(21.46) | $19.13 | -89.14% | [Unaudited Condensed Statements of Changes in Stockholders' Equity (Deficit) - For the Three and Six Months Ended June 30, 2025](index=7&type=section&id=Unaudited%20Condensed%20Statements%20of%20Changes%20in%20Stockholders'%20Equity%20(Deficit)%20-%20For%20the%20Three%20and%20Six%20Months%20Ended%20June%2030,%202025) For the six months ended June 30, 2025, total stockholders' equity increased due to common stock sales and share-based compensation, partially offset by net losses Stockholders' Equity Activity (Six Months Ended June 30, 2025) | Activity (Six Months Ended June 30, 2025) | Amount ($) | | :---------------------------------------- | :--------- | | Balance at January 1, 2025 | 3,379,923 | | Proceeds from sale on ATM facility | 1,826,598 | | ATM facility costs | (68,781) | | Share-based compensation | 615,492 | | Proceeds from Public Offering (Common Stock) | 633,208 | | Proceeds from Public Offering (Prefunded warrants) | 355,722 | | Proceeds from Public Offering (Warrants) | 751,070 | | Public Offering Costs | (327,303) | | Net Loss | (3,739,693) | | Foreign Currency Translation Adjustment | 7,832 | | Balance at June 30, 2025 | 3,434,064 | [Unaudited Condensed Statements of Changes in Stockholders' Equity (Deficit) - For the Three and Six Months Ended June 30, 2024](index=8&type=section&id=Unaudited%20Condensed%20Statements%20of%20Changes%20in%20Stockholders'%20Equity%20(Deficit)%20-%20For%20the%20Three%20and%20Six%20Months%20Ended%20June%2030,%202024) For the six months ended June 30, 2024, total stockholders' equity significantly increased due to common stock sales and warrant settlements, despite a substantial net loss Stockholders' Equity Activity (Six Months Ended June 30, 2024) | Activity (Six Months Ended June 30, 2024) | Amount ($) | | :---------------------------------------- | :--------- | | Balance at January 1, 2024 | (1,526,611) | | Conversion of L1 Note into Common Stock | 1,256,692 | | Sale of common stock | 5,087,844 | | Common stock offering costs | (632,604) | | Proceeds from sale on ATM facility | 8,958,914 | | ATM facility costs | (617,694) | | Warrant repurchase | (3,600,000) | | Warrant settlement | 743,459 | | Share-based compensation | 444,983 | | Net Loss | (5,983,569) | | Foreign Currency Translation Adjustment | (2,234) | | Balance at June 30, 2024 | 4,152,680 | [Unaudited Condensed Statements of Cash Flow](index=9&type=section&id=Unaudited%20Condensed%20Statements%20of%20Cash%20Flow) For the six months ended June 30, 2025, cash and cash equivalents decreased due to operating activities, partially offset by financing activities Cash Flow Activity (Six Months Ended June 30) | Cash Flow Activity (Six Months Ended June 30) | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------------------- | :------------ | :------------ | :------------ | :--------- | | Net cash used in operating activities | $(3,361,544) | $(4,846,465) | $1,484,921 | -30.64% | | Net cash used in investing activities | $(2,515) | $0 | $(2,515) | N/A | | Net cash provided by financing activities | $3,148,175 | $9,582,790 | $(6,434,615) | -67.15% | | Net change in cash and cash equivalents | $(215,884) | $4,736,325 | $(4,952,210) | -104.56% | | Cash and cash equivalents at end of period | $2,954,859 | $5,785,058 | $(2,830,199) | -48.92% | [Notes to the Unaudited Condensed Financial Statements](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Financial%20Statements) This section provides detailed notes to the unaudited condensed financial statements, covering organization, accounting policies, liquidity, and specific asset and liability details [NOTE 1. ORGANIZATION](index=10&type=section&id=NOTE%201.%20ORGANIZATION) Ascent Solar Technologies, Inc. focuses on integrating PV products into high-value markets and recently decreased its authorized common stock shares - Ascent Solar Technologies, Inc. specializes in integrating PV products into high-value markets like space, aerospace, satellites, UAVs, and agrivoltaics, utilizing its proprietary solar technology for specialized needs[25](index=25&type=chunk) - On June 4, 2025, the Company decreased the number of authorized shares of Common Stock from **500 million to 200 million**[26](index=26&type=chunk) [NOTE 2. BASIS OF PRESENTATION](index=10&type=section&id=NOTE%202.%20BASIS%20OF%20PRESENTATION) The unaudited condensed financial statements are prepared in accordance with U.S. GAAP for interim financial information and Form 10-Q instructions - The unaudited condensed financial statements are prepared in accordance with U.S. GAAP for interim financial information and Form 10-Q instructions[28](index=28&type=chunk) - Management's estimates and assumptions are used in financial statement preparation, and actual results may differ[29](index=29&type=chunk) [NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=10&type=section&id=NOTE%203.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) The company's significant accounting policies remain consistent with 2024, with product revenue decreasing and no milestone or government contract revenue recognized - No significant changes to accounting policies as of June 30, 2025, from the 2024 Annual Report on Form 10-K[30](index=30&type=chunk) Revenue by Type | Revenue Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Product Revenue | $16,961 | $27,743 | $32,585 | $33,343 | | Milestone/Engineering Revenue | $0 | $0 | $0 | $0 | | Government Contracts Revenue | $0 | $0 | $0 | $0 | - The Company has one reportable segment, PV, primarily selling in North America, with the CEO acting as the chief operating decision maker[38](index=38&type=chunk)[39](index=39&type=chunk) [NOTE 4. LIQUIDITY, CONTINUED OPERATIONS, AND GOING CONCERN](index=12&type=section&id=NOTE%204.%20LIQUIDITY,%20CONTINUED%20OPERATIONS,%20AND%20GOING%20CONCERN) Ascent Solar Technologies, Inc. faces significant liquidity challenges, requiring additional financing and raising substantial doubt about its ability to continue as a going concern - The Company used **$3,361,544 in cash for operations** during the six months ended June 30, 2025[45](index=45&type=chunk) Working Capital | Metric | Value (as of June 30, 2025) | | :--------------- | :-------------------------- | | Working Capital | $1,385,596 | - Management does not believe cash liquidity is sufficient for the next twelve months and will require additional financing or committed purchase orders[46](index=46&type=chunk) - Recurring losses from operations and the need for additional financing raise substantial doubt about the Company's ability to continue as a going concern[48](index=48&type=chunk) [NOTE 5. SWITZERLAND ASSETS](index=14&type=section&id=NOTE%205.%20SWITZERLAND%20ASSETS) The company purchased thin-film photovoltaic manufacturing assets in Switzerland in 2023, which were subsequently impaired and sold in 2024 - Company purchased thin-film photovoltaic manufacturing assets in Switzerland for **$4,083,926** in April 2023[50](index=50&type=chunk) - An impairment loss of **$3,283,715** was recognized on these assets during 2023[51](index=51&type=chunk) - On April 1, 2024, most of the assets were sold to the landlord for **1 CHF** and forgiveness of **$221,519 in payables**, leading to an additional impairment loss of **$524,481**[51](index=51&type=chunk)[53](index=53&type=chunk) [NOTE 6. PROPERTY, PLANT AND EQUIPMENT](index=14&type=section&id=NOTE%206.%20PROPERTY,%20PLANT%20AND%20EQUIPMENT) The net value of property, plant, and equipment decreased from December 2024 to June 2025, primarily due to depreciation Property, Plant and Equipment | Category | June 30, 2025 | December 31, 2024 | | :---------------------------------------- | :------------ | :---------------- | | Manufacturing machinery and equipment | $18,586,459 | $19,122,828 | | Depreciable property, plant and equipment | $19,103,128 | $19,679,918 | | Less: Accumulated depreciation | $(18,901,124) | $(19,446,262) | | Net property, plant and equipment | $202,004 | $233,656 | - Depreciation expense for the three months ended June 30, 2025, was **$17,442** (2024: $17,045), and for the six months ended June 30, 2025, was **$34,167** (2024: $34,091)[54](index=54&type=chunk) [NOTE 7. OPERATING LEASE](index=14&type=section&id=NOTE%207.%20OPERATING%20LEASE) The company's primary operating lease for manufacturing and office space was amended in 2023, with a remaining term until December 2027 - The Company's main operating lease is for manufacturing and office space, with a term until **December 31, 2027**, and rent increasing annually by **3%**[55](index=55&type=chunk) - Effective September 1, 2023, the lease was amended to reduce rentable square feet from **100,000 to 75,000**, proportionally decreasing rent and expenses[56](index=56&type=chunk) Operating Lease Metrics | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Operating lease right-of-use assets, net | $1,615,029 | $1,880,372 | | Current portion of operating lease liability | $625,906 | $578,153 | | Non-current portion of operating lease liability | $1,136,669 | $1,464,872 | | Total lease payments | $2,052,520 | N/A | | Present value of lease liability | $1,762,575 | N/A | [NOTE 8. INVENTORIES](index=15&type=section&id=NOTE%208.%20INVENTORIES) Inventories, primarily raw materials, slightly increased from December 2024 to June 2025, with a small amount of work in process appearing Inventories | Category | June 30, 2025 | December 31, 2024 | | :-------------- | :------------ | :---------------- | | Raw materials | $456,370 | $453,103 | | Work in process | $1,511 | $0 | | Finished goods | $0 | $0 | | Total | $457,881 | $453,103 | [NOTE 9. BRIDGE LOAN](index=15&type=section&id=NOTE%209.%20BRIDGE%20LOAN) All bridge loans from 2024 were fully repaid by January 1, 2025, resulting in no outstanding balance as of June 30, 2025 - Bridge Loan balance was **$22,335** at January 1, 2025, and was fully repaid by June 30, 2025, resulting in a **$0 balance**[60](index=60&type=chunk) - In 2024, the Company entered into Loan 1 (**$375,000**) and Loan 2 (**$685,000**) with a lender, both repaid by November 2024[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - Two additional loans totaling **$180,800** from a second lender in April 2024 were repaid by January 1, 2025[63](index=63&type=chunk) [NOTE 10. CONVERTIBLE NOTES](index=17&type=section&id=NOTE%2010.%20CONVERTIBLE%20NOTES) The $15,000,000 Convertible Notes matured and were fully repaid by June 2024, with warrant repurchases and settlements also occurring in April 2024 - The **$15,000,000 Convertible Notes**, issued in December 2022, matured on June 19, 2024, and the remaining principal and interest were paid[65](index=65&type=chunk)[67](index=67&type=chunk) - During the six months ended June 30, 2024, **$400,000 of principal** was converted into **6,184 shares of common stock**[67](index=67&type=chunk) - On April 18, 2024, approximately **67,000 Warrants** were repurchased for **$3.6 million cash** and cancelled, and new warrants were issued, leading to a **$743,459 warrant settlement expense**[69](index=69&type=chunk)[70](index=70&type=chunk) [NOTE 11. SERIES A PREFERRED STOCK](index=19&type=section&id=NOTE%2011.%20SERIES%20A%20PREFERRED%20STOCK) Series A Preferred Stock holders are entitled to 8% cumulative annual dividends, with 48,100 shares outstanding and $587,354 in accrued dividends as of June 30, 2025 - Series A Preferred Stock holders are entitled to cumulative dividends at an **8% annual rate**, payable in cash or common stock[71](index=71&type=chunk) - As of June 30, 2025, there were **48,100 shares of Series A Preferred Stock outstanding** with **$587,354 in accrued and unpaid dividends**[74](index=74&type=chunk) [NOTE 12. SERIES 1C PREFERRED STOCK](index=19&type=section&id=NOTE%2012.%20SERIES%201C%20PREFERRED%20STOCK) In October 2024, the company issued Series 1C Preferred Stock with a 10% annual dividend, convertible into common stock at $2.50 per share - In October 2024, the Company initiated a convertible preferred stock financing for approximately **$1.9 million**, issuing Series 1C Preferred Stock[75](index=75&type=chunk) - Series 1C Preferred Stock holders are entitled to **10% annual dividends** (**15% after October 2027**) and can convert to common stock at **$2.50 per share** after April 17, 2025, subject to a **4.99% beneficial ownership limit**[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - As of June 30, 2025, accrued dividends for Series 1C Preferred Stock were **$135,528**, with a stated value of approximately **$2,015,528**[76](index=76&type=chunk) [NOTE 13. STOCKHOLDERS' EQUITY (DEFICIT)](index=21&type=section&id=NOTE%2013.%20STOCKHOLDERS'%20EQUITY%20(DEFICIT)) As of June 30, 2025, the company had 2,684,651 common shares outstanding, with recent public and ATM offerings generating approximately $3.8 million in gross proceeds - As of June 30, 2025, the Company had **2,684,651 shares of Common Stock outstanding** from **200 million authorized shares**[82](index=82&type=chunk) - A public offering on June 30, 2025, generated approximately **$2.0 million in gross proceeds** by issuing common stock, pre-funded warrants, and warrants[83](index=83&type=chunk) - During the six months ended June 30, 2025, the Company sold **720,936 shares of common stock** through an ATM offering, generating approximately **$1.8 million in gross proceeds**[88](index=88&type=chunk) - As of June 30, 2025, there are approximately **1,706,000 outstanding warrants** with exercise prices between **$0.0001 and $74,086 per share**[90](index=90&type=chunk) [NOTE 14. SHARE-BASED COMPENSATION](index=23&type=section&id=NOTE%2014.%20SHARE-BASED%20COMPENSATION) The company granted RSUs and stock options in 2024 and 2025, with significant unrecognized compensation expense remaining as of June 30, 2025 - In January 2024, the Company granted **4,590 shares of restricted stock units (RSUs)** to employees and directors[93](index=93&type=chunk) - As of June 30, 2025, there were **1,532 unvested RSUs** with approximately **$336,000 in total unrecognized share-based compensation expense**[94](index=94&type=chunk)[95](index=95&type=chunk) - In August 2024 and June 2025, the Company granted **124,850 and 506,000 stock options**, respectively, to employees, directors, and advisory board members[96](index=96&type=chunk)[97](index=97&type=chunk) - As of June 30, 2025, there were **420,550 unvested options** with approximately **$602,500 in total unrecognized share-based compensation expense**, expected to be recognized over approximately **1.9 years**[98](index=98&type=chunk) [NOTE 15. COMMITMENTS AND CONTINGENCIES](index=25&type=section&id=NOTE%2015.%20COMMITMENTS%20AND%20CONTINGENCIES) The company is involved in various legal proceedings, but management believes these will not have a material adverse effect on its financial position - The Company is subject to various legal proceedings arising in the ordinary course of business[100](index=100&type=chunk) - Management believes that none of these claims will have a material adverse effect on its financial position or results of operations as of the report date[100](index=100&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operational results, business model, and liquidity challenges for the reported periods [Overview](index=26&type=section&id=Overview) Ascent Solar Technologies, Inc. manufactures flexible PV solar modules for high-value, specialized markets, reporting $32,585 in revenue and an accumulated deficit of $495,348,403 for the first half of 2025 - Ascent Solar Technologies manufactures flexible, durable PV solar modules for high-value markets like space, aerospace, satellites, UAVs, and agrivoltaics[103](index=103&type=chunk) - The company's technology provides ultra-lightweight and flexible solar modules, well-suited for premium markets requiring high durability, voltage, and conversion efficiency[105](index=105&type=chunk) Financial Overview (Six Months Ended June 30, 2025) | Metric | Value (Six Months Ended June 30, 2025) | | :----------------- | :------------------------------------- | | Total Revenue | $32,585 | | Accumulated Deficit | $495,348,403 | [Commercialization and Manufacturing Strategy](index=26&type=section&id=Commercialization%20and%20Manufacturing%20Strategy) The company manufactures PV products using a proprietary roll-to-roll process with monolithic integration to reduce costs and increase reliability, focusing on continuous development for efficiency and cost reduction - The company manufactures products by affixing a thin CIGS layer to a flexible, plastic substrate using a large format, roll-to-roll process[108](index=108&type=chunk) - Proprietary monolithic integration techniques reduce manufacturing costs and increase reliability by minimizing back-end assembly of inter-cell connections[108](index=108&type=chunk) - Plans include continued development of PV technology to increase module efficiency, improve manufacturing tooling and processes, and reduce costs[109](index=109&type=chunk) [Significant Trends, Uncertainties and Challenges](index=27&type=section&id=Significant%20Trends,%20Uncertainties%20and%20Challenges) The company faces significant challenges including generating customer demand, ramping up production, ensuring liquidity, achieving product certification, and managing operational growth - Key challenges include generating customer acceptance and demand, successfully ramping up commercial production, and addressing substantial doubt about the ability to continue as a going concern[114](index=114&type=chunk) - Other challenges involve timely product certification, achieving manufacturing efficiencies and cost targets, ensuring product saleability at profitable prices, and securing sufficient capital[114](index=114&type=chunk) - Effective management of domestic and international operations, maintaining strategic partnerships, protecting intellectual property, and ensuring raw material availability are also critical[11](index=11&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) The company's net loss decreased for both the three and six months ended June 30, 2025, driven by reduced expenses despite lower product revenues [Comparison of the Three Months Ended June 30, 2025 and 2024](index=28&type=section&id=Comparison%20of%20the%20Three%20Months%20Ended%20June%2030,%202025%20and%202024) For the three months ended June 30, 2025, net loss decreased by 40% due to lower SG&A and other expenses, despite reduced revenues and increased R&D costs Financial Performance (Three Months Ended June 30) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change ($) | Change (%) | | :---------------------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------- | | Revenues (Products) | $16,961 | $27,743 | $(10,782) | -39% | | Cost of Revenue | $28,608 | $61,524 | $(32,916) | -54% | | Research, development and manufacturing operations | $622,921 | $506,001 | $116,920 | 23% | | Selling, general and administrative | $1,032,825 | $1,611,438 | $(578,613) | -36% | | Share-based compensation | $404,219 | $185,702 | $218,517 | 118% | | Other Income/(Expense) | $25,236 | $(1,088,528) | $1,113,764 | 1023% | | Net (Loss)/Income | $(2,065,397) | $(3,445,827) | $1,380,430 | -40% | [Comparison of the Six Months Ended June 30, 2025 and 2024](index=29&type=section&id=Comparison%20of%20the%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) For the six months ended June 30, 2025, net loss decreased by 38% due to lower SG&A and other expenses, despite reduced revenues and increased R&D costs Financial Performance (Six Months Ended June 30) | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change ($) | Change (%) | | :---------------------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------- | | Product Revenue | $32,585 | $33,343 | $(758) | -2% | | Cost of Revenue | $52,723 | $70,912 | $(18,189) | -26% | | Research, development and manufacturing operations | $1,174,593 | $1,113,231 | $61,362 | 6% | | Selling, general and administrative | $1,990,676 | $2,671,489 | $(680,813) | -25% | | Share-based compensation | $615,726 | $444,928 | $170,798 | 38% | | Other Income/(Expense) | $97,371 | $(1,150,761) | $1,248,132 | 1085% | | Net (Loss)/Income | $(3,739,693) | $(5,983,569) | $2,243,876 | -38% | [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces significant liquidity challenges, requiring additional financing to achieve profitability, which raises substantial doubt about its going concern ability - The Company used **$3,361,544 in cash for operations** during the six months ended June 30, 2025[129](index=129&type=chunk) Working Capital | Metric | Value (as of June 30, 2025) | | :--------------- | :-------------------------- | | Working Capital | $1,385,596 | - Management believes additional financing will be required for the Company to reach a level of sufficient sales to achieve profitability, with no assurance of obtaining it on acceptable terms[130](index=130&type=chunk)[131](index=131&type=chunk) - Recurring losses and the need for additional financing raise substantial doubt about the Company's ability to continue as a going concern[132](index=132&type=chunk) [Statements of Cash Flows Comparison](index=31&type=section&id=Statements%20of%20Cash%20Flows%20Comparison) For the six months ended June 30, 2025, cash used in operations decreased, while cash provided by financing activities significantly declined compared to 2024 Cash Flow Activity (Six Months Ended June 30) | Cash Flow Activity (Six Months Ended June 30) | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------------------- | :------------ | :------------ | :------------ | :--------- | | Net cash used in operating activities | $(3,361,544) | $(4,846,465) | $1,484,921 | -30.64% | | Net cash used in investing activities | $(2,515) | $0 | $(2,515) | N/A | | Net cash provided by financing activities | $3,148,175 | $9,582,790 | $(6,434,615) | -67.15% | - Cash provided by financing activities in 2025 was primarily from the ATM agreement and public offering, partially offset by bridge loan repayments[134](index=134&type=chunk) [Off Balance Sheet Transactions](index=31&type=section&id=Off%20Balance%20Sheet%20Transactions) As of June 30, 2025, the company did not have any off-balance sheet arrangements as defined by SEC regulations - As of June 30, 2025, the Company did not have any off-balance sheet arrangements[135](index=135&type=chunk) [Smaller Reporting Company Status](index=31&type=section&id=Smaller%20Reporting%20Company%20Status) The company qualifies as a "smaller reporting company," allowing exemptions from certain SEC disclosure requirements - The Company is a 'smaller reporting company' with market value of non-affiliate stock less than **$700 million** and annual revenue less than **$100 million**[136](index=136&type=chunk) - This status allows exemptions from certain disclosure requirements, including presenting only two years of audited financial statements and reduced executive compensation disclosures[137](index=137&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses the company's exposure to market risks, specifically foreign currency exchange risk and interest rate risk [Foreign Currency Exchange Risk](index=33&type=section&id=Foreign%20Currency%20Exchange%20Risk) The company is exposed to foreign currency exchange risk but does not currently use hedging transactions and holds no significant foreign currency obligations - The Company is subject to currency translation risk from conducting business and incurring costs in local currencies[138](index=138&type=chunk) - Currently, the Company does not engage in hedging transactions to reduce exposure to currency exchange rates[139](index=139&type=chunk) - As of June 30, 2025, the Company holds no significant funds or future obligations denominated in foreign currencies[140](index=140&type=chunk) [Interest Rate Risk](index=33&type=section&id=Interest%20Rate%20Risk) The company's interest rate risk primarily relates to cash equivalents, and management believes rate changes will not significantly impact its financial position - The Company's exposure to market risks for changes in interest rates relates primarily to its cash equivalents and investment portfolio[141](index=141&type=chunk) - Management does not believe a change in interest rates will have a significant impact on the Company's financial position, results of operations, or cash flows[141](index=141&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) This section addresses the effectiveness of the company's disclosure controls and procedures and any changes in internal control over financial reporting [Evaluation of Disclosure Controls and Procedures](index=33&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) Management evaluated and concluded that the company's disclosure controls and procedures were effective as of June 30, 2025 - Management concluded that the design and operation of the Company's disclosure controls and procedures were effective as of June 30, 2025[142](index=142&type=chunk) [Changes in Internal Control Over Financial Reporting](index=33&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) There were no material changes in internal control over financial reporting during the six months ended June 30, 2025 - No material changes in internal control over financial reporting occurred during the six months ended June 30, 2025[143](index=143&type=chunk) [PART II. OTHER INFORMATION](index=34&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, market risk, controls, and exhibits [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with no material adverse effects anticipated as of the reporting date - The Company may become involved in legal proceedings in the ordinary course of business[144](index=144&type=chunk) - As of June 30, 2025, there were no events required to be reported under Item 1, and management believes no claims will have a material adverse effect[144](index=144&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, highlighting the significant influence of executive officers and board members due to their equity holdings - Executive officers, board members, and advisory board members, in aggregate, maintain significant influence over matters requiring stockholder approval due to their equity holdings[146](index=146&type=chunk) - As of August 12, 2025, these individuals hold approximately **11.4% of the total votes** on an as-converted basis, based on Series 1C Preferred Stock ownership[146](index=146&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or repurchases were reported during the six months ended June 30, 2025 - The Company did not repurchase any of its equity securities during the six months ended June 30, 2025[148](index=148&type=chunk) [Item 3. Defaults Upon Senior Securities](index=34&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable, indicating no defaults on senior securities during the reporting period - Item 3, Defaults Upon Senior Securities, is not applicable for this reporting period[149](index=149&type=chunk) [Item 4. Mine Safety Disclosures](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable, as no mine safety disclosures are required for the company - Item 4, Mine Safety Disclosures, is not applicable for this reporting period[150](index=150&type=chunk) [Item 5. Other Information](index=34&type=section&id=Item%205.%20Other%20Information) This section provides other relevant information, specifically regarding Rule 10b5-1 sales plans and their non-use by directors and officers [Rule 10b5-1 Sales Plans](index=34&type=section&id=Rule%2010b5-1%20Sales%20Plans) The company's policy permits Rule 10b5-1 trading plans, but none were in effect for directors or executive officers during the three months ended June 30, 2025 - The Company's policy allows officers, directors, and employees to enter into Rule 10b5-1 trading plans[151](index=151&type=chunk) - During the three months ended June 30, 2025, none of the Company's directors or executive officers had a Rule 10b5-1 plan in effect[152](index=152&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed or incorporated by reference, providing a comprehensive index of supporting documentation for the report [EXHIBIT INDEX](index=36&type=section&id=EXHIBIT%20INDEX) The exhibit index details various corporate documents, agreements, and certifications, many incorporated by reference from previous SEC filings - The exhibit index includes various corporate documents such as Certificate of Amendment to the Amended and Restated Certificate of Incorporation dated June 4, 2025 (Exhibit 3.15)[155](index=155&type=chunk) - It also lists forms of common stock, pre-funded, and placement agent warrants from 2025 (Exhibits 4.16, 4.17, 4.18)[157](index=157&type=chunk) - Key agreements like the At The Market Offering Agreement dated May 16, 2024 (Exhibit 10.25) and the Form of 2025 Securities Purchase Agreement (Exhibit 10.28) are included[158](index=158&type=chunk) [SIGNATURES](index=41&type=section&id=SIGNATURES) The report is duly signed by the Chief Executive Officer and Chief Financial Officer, certifying its submission on August 12, 2025 - The report was signed on August 12, 2025, by Paul Warley, Chief Executive Officer, and Jin Jo, Chief Financial Officer[160](index=160&type=chunk)[161](index=161&type=chunk)

Core Insights - Ascent Solar Technologies has entered into an agreement to supply its thin-film photovoltaic technology to a Colorado-based power systems provider for evaluation and potential integration into their product offerings [1][2] - The company emphasizes its ability to fulfill orders rapidly, with delivery of evaluation units expected by the end of July 2025, showcasing its competitive edge in the market [1][2] Company Overview - Ascent Solar Technologies specializes in lightweight, flexible thin-film solar panels, particularly suited for demanding environments such as space and military applications [2][3] - The company has a strong foundation with 40 years of research and development, 15 years of manufacturing experience, and a robust intellectual property portfolio [3] - Ascent's production facility in Thornton, Colorado, has a capacity of 5 MW, allowing for quick delivery of solar array solutions within six to eight weeks, significantly faster than competitors [2][3] Market Position and Strategy - The partnership with another Colorado-based solar technology provider aims to enhance supply chain control, facilitating better support for customers in sectors like the Department of Defense and the space industry [2] - Ascent's CIGS PV product line is designed for mission optimization, leveraging its spaceflight heritage to meet the growing demand for space defense solutions and space-based solar power [2]