UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: 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, 2023 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 i ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Condensed Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Financial%20Statements) This section presents unaudited condensed financial statements, showing decreased assets, increased liabilities, a stockholders' deficit, and a wider net loss for Q1 2023 [Condensed Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Balance%20Sheets) Total assets decreased to **$14.6 million**, liabilities increased to **$16.7 million**, resulting in a **$2.2 million** stockholders' deficit by March 31, 2023 Condensed Balance Sheet Highlights (unaudited) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $8,459,234 | $12,444,180 | | **Total Assets** | **$14,563,399** | **$18,676,702** | | **Total Current Liabilities** | $6,977,291 | $4,973,659 | | **Total Liabilities** | **$16,743,839** | **$14,091,161** | | **Total Stockholders' Equity (Deficit)** | **($2,180,440)** | **$4,585,541** | [Condensed Statements of Operations and Comprehensive Income](index=6&type=section&id=Unaudited%20Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Total revenues significantly decreased to **$124,225**, and net loss widened to **$6.1 million** due to higher operating expenses including share-based compensation Condensed Statement of Operations (unaudited) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total Revenues** | **$124,225** | **$566,210** | | Total Costs and Expenses | $5,149,541 | $2,777,143 | | Loss from Operations | ($5,025,316) | ($2,210,933) | | **Net Loss** | **($6,083,352)** | **($4,297,249)** | | Net Loss Per Share (Basic and Diluted) | ($0.17) | ($0.20) | [Condensed Statements of Changes in Stockholders' Equity (Deficit)](index=7&type=section&id=Unaudited%20Condensed%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity%20%28Deficit%29) Stockholders' equity shifted from **$4.6 million** to a **$2.2 million** deficit, driven by a **$6.1 million** net loss and a **$3.7 million** accounting adjustment - Total stockholders' equity decreased from **$4,585,541** at the beginning of the period to a deficit of **($2,180,440)** at March 31, 2023[18](index=18&type=chunk) - Key drivers of the decrease were the net loss of **$6.1 million** and a **$3.7 million** negative adjustment upon adopting ASU 2020-06, partially offset by conversions of notes into common stock[18](index=18&type=chunk) [Condensed Statements of Cash Flow](index=9&type=section&id=Unaudited%20Condensed%20Statements%20of%20Cash%20Flow) Cash used in operations increased to **$4.9 million**, leading to a **$5.1 million** decrease in cash and equivalents, ending at **$6.3 million** Condensed Statement of Cash Flows (unaudited) | Cash Flow Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($4,937,627) | ($2,792,080) | | Net cash used in investing activities | ($54,534) | ($141,318) | | Net cash used in financing activities | ($147,170) | $0 | | **Net change in cash and cash equivalents** | **($5,139,331)** | **($2,933,398)** | | **Cash and cash equivalents at end of period** | **$6,343,687** | **$3,028,362** | [Notes to the Unaudited Condensed Financial Statements](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Financial%20Statements) Notes detail strategic shifts to agrivoltaics and aerospace, asset acquisitions, liquidity concerns, and subsequent events including a **$9 million** private placement and CEO termination - The company is focusing on high-value markets like agrivoltaics and aerospace. It has dedicated its Thornton facility to Perovskite R&D and acquired manufacturing assets from Flisom AG in Switzerland[27](index=27&type=chunk)[28](index=28&type=chunk) - Due to recurring losses and the need for additional financing, there is substantial doubt about the Company's ability to continue as a going concern[47](index=47&type=chunk) - Subsequent to the quarter end, the company entered into an agreement for a **~$9 million** private placement with Lucro Investments and acquired assets from Flisom AG for **$2.8 million**[84](index=84&type=chunk)[85](index=85&type=chunk) - On April 26, 2023, the company terminated its President and CEO, Jeffrey Max, who claims the termination was not for cause. The company intends to vigorously defend against any potential claims[82](index=82&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strategic focus, a **78%** revenue decrease, increased operating expenses, a wider **$6.1 million** net loss, and significant liquidity challenges raising going concern doubt [Overview](index=20&type=section&id=Overview) The company targets high-value specialty solar markets like aerospace and agrivoltaics, reporting **$124,225** in Q1 2023 revenue and a **$453.5 million** accumulated deficit - The company's strategic focus is on commercializing its proprietary solar technology in two high-value verticals: Aerospace (Space, Near-space, and Fixed Wing UAV) and Agrivoltaics[95](index=95&type=chunk) - For the three months ended March 31, 2023, the company generated **$124,225** of total revenue and had an accumulated deficit of **$453,511,214**[96](index=96&type=chunk) [Commercialization and Manufacturing Strategy](index=21&type=section&id=Commercialization%20and%20Manufacturing%20Strategy) The company shifted its Thornton facility to Perovskite R&D and acquired manufacturing assets in Zurich, Switzerland, for PV module production - In March 2023, the Thornton manufacturing facility was redeployed to focus on the industrial commercialization of the company's patent-pending Perovskite solar technologies[100](index=100&type=chunk) - The company purchased manufacturing assets in Zurich, Switzerland, where it plans to begin production of its PV modules[100](index=100&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q1 2023 revenues decreased **78%** to **$124,225**, while total costs rose to **$5.1 million**, leading to a **42%** increase in net loss to **$6.1 million** Comparison of Operations for Three Months Ended March 31 | Item | 2023 | 2022 | $ Change | | :--- | :--- | :--- | :--- | | Total Revenues | $124,225 | $566,210 | ($441,985) | | Total Costs and Expenses | $5,149,541 | $2,777,143 | $2,372,398 | | Loss From Operations | ($5,025,316) | ($2,210,933) | ($2,814,383) | | Net Loss | ($6,083,352) | ($4,297,249) | ($1,786,103) | - The **78%** decrease in revenue was primarily due to **$512,000** in milestone and engineering revenue from TubeSolar in 2022 that was not repeated in 2023[107](index=107&type=chunk) - The increase in expenses was driven by a **$1,404,450** share-based compensation expense, a **$770,555 (94%)** increase in SG&A, and a **$259,372 (18%)** increase in R&D and manufacturing operations costs[109](index=109&type=chunk)[110](index=110&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces significant liquidity issues, using **$4.9 million** in cash for operations, requiring additional financing, and raising substantial doubt about its going concern ability - The company used **$4,937,627** in cash for operations during the three months ended March 31, 2023[112](index=112&type=chunk) - Management does not believe cash liquidity is sufficient for the next twelve months and will require additional financing, raising substantial doubt about the company's ability to continue as a going concern[112](index=112&type=chunk)[113](index=113&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=24&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include foreign currency exchange and interest rate fluctuations, though current exposure is limited, with no significant impact expected from rate changes - The company is subject to foreign currency exchange risk as it may conduct business in other countries, but held no significant foreign funds as of March 31, 2023[119](index=119&type=chunk) - Interest rate risk is limited to the company's cash equivalents and investment portfolio, and a change in interest rates is not expected to have a significant impact[120](index=120&type=chunk) [Item 4. Controls and Procedures](index=24&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2023, with no material changes in internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[121](index=121&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[122](index=122&type=chunk) [PART II. OTHER INFORMATION](index=25&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) The company is unaware of any legal proceedings that would materially adversely affect its business, financial condition, or operations - The company is not currently aware of any legal proceedings that it believes will have a material adverse effect on its business, financial condition, or results of operations[124](index=124&type=chunk) [Item 1A. Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) Significant risks include potential Nasdaq delisting due to non-compliance with the **$1.00** minimum bid price and **$2.5 million** stockholders' equity requirements - The company may not be able to maintain its listing on the Nasdaq Capital Market, which could limit liquidity and hinder its ability to raise capital[126](index=126&type=chunk) - On March 23, 2023, the company received a notice from Nasdaq for non-compliance with the **$1.00** minimum bid price requirement[128](index=128&type=chunk) - The company reported a stockholders' equity deficit of **($2,180,440)** as of March 31, 2023, failing the Nasdaq minimum requirement of **$2,500,000**, and may shortly receive a notice of non-compliance[130](index=130&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales or repurchases of equity securities during the three months ended March 31, 2023 - The company did not repurchase any of its equity securities during the three months ended March 31, 2023[133](index=133&type=chunk) [Item 3. Defaults Upon Senior Securities](index=26&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable, indicating no defaults upon senior securities during the reporting period - Not applicable[133](index=133&type=chunk) [Item 4. Mine Safety Disclosures](index=26&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable - Not applicable[133](index=133&type=chunk) [Item 5. Other Information](index=26&type=section&id=Item%205.%20Other%20Information) The company reports no other information for this item - None[133](index=133&type=chunk) [Item 6. Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with or incorporated by reference into the Form 10-Q, including corporate governance documents and certifications - The report includes a list of exhibits filed, such as certificates of incorporation, bylaws, material contracts (including recent securities purchase agreements and asset purchase agreements), and officer certifications[136](index=136&type=chunk)[143](index=143&type=chunk) [Signatures](index=33&type=section&id=SIGNATURES) The report was duly signed and authorized by the Chief Executive Officer and Chief Financial Officer on May 15, 2023 - The report was signed on May 15, 2023, by Paul Warley (Chief Executive Officer) and Jin H. Jo (Chief Financial Officer)[148](index=148&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO 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 jurisdi ...

PART I. FINANCIAL INFORMATION [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Unaudited Q3 2021 financial statements reveal improved stockholders' deficit and increased cash from financing, despite operating losses [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of September 30, 2021, shows increased cash and assets, reduced liabilities, and an improved stockholders' deficit Condensed Consolidated Balance Sheet Highlights (unaudited) | Account | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $4,281,094 | $167,725 | | Total current assets | $5,090,469 | $779,270 | | Total Assets | $11,443,562 | $7,371,537 | | **Liabilities & Stockholders' Deficit** | | | | Total current liabilities | $3,335,047 | $9,151,683 | | Total liabilities | $16,061,155 | $27,563,740 | | Total stockholders' deficit | $(4,617,593) | $(20,192,203) | | Total Liabilities and Stockholders' Deficit | $11,443,562 | $7,371,537 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 and nine-month 2021 operations show net losses, a reversal from 2020 net income, driven by increased operating expenses and reduced other income Condensed Consolidated Statements of Operations (unaudited) | Metric | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $11,723 | $6,293 | $557,369 | $60,445 | | Loss from Operations | $(2,660,427) | $(491,280) | $(5,628,372) | $(1,169,334) | | Net Income/(Loss) | $(2,564,914) | $2,590,621 | $(2,411,469) | $7,625,853 | [Condensed Consolidated Statements of Cash Flow](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flow) Nine-month 2021 cash flow shows increased operating cash burn offset by substantial financing activities, leading to a net increase in cash Cash Flow Summary for the Nine Months Ended September 30 (unaudited) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash (used in) operating activities | $(6,227,813) | $(1,473,988) | | Net cash (used in) provided by investing activities | $(158,818) | $254,444 | | Net cash provided by financing activities | $10,500,000 | $2,298,200 | | **Net change in cash and cash equivalents** | **$4,113,369** | **$1,078,656** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail focus on high-value PV markets, a key agreement with TubeSolar AG, going concern uncertainty, and significant financing and debt settlement - The company is focusing on integrating its PV products into high-value markets such as aerospace, satellites, near-earth orbiting vehicles, and fixed-wing unmanned aerial vehicles (UAVs)[25](index=25&type=chunk) - On September 15, 2021, the company entered into a Joint Development Agreement (JDA) with TubeSolar AG, which includes up to **$4 million** in NRE fees, up to **$13.5 million** in milestone payments, and product revenues. A joint venture in Germany was also established[26](index=26&type=chunk)[27](index=27&type=chunk) - A going concern uncertainty exists due to recurring losses from operations and the need for additional financing to fund requirements for the next twelve months. The company used **$6.2 million** in cash for operations in the first nine months of 2021[40](index=40&type=chunk)[41](index=41&type=chunk) - On March 9, 2021, the company settled a **$5.8 million** secured promissory note with Global Ichiban by issuing **168 million** shares of common stock, which removed a lien on substantially all of the company's assets[53](index=53&type=chunk)[54](index=54&type=chunk) - On September 4, 2021, the company received notification that its **$193,200** PPP loan was forgiven by the SBA[55](index=55&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strategic focus, TubeSolar AG agreement, attributes increased losses to ramping operations, and highlights critical liquidity and going concern doubt [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Revenues increased in Q3 and nine-month 2021 due to restarted operations, but higher costs and non-recurring derivative gains led to increased operating and net losses Comparison of Three Months Ended September 30 | Metric | 2021 | 2020 | $ Change | | :--- | :--- | :--- | :--- | | Total Revenues | $11,723 | $6,293 | $5,430 | | Cost of Revenue | $687,885 | $5,528 | $(682,357) | | Loss From Operations | $(2,660,427) | $(491,280) | $(2,169,147) | | Net (Loss)/Income | $(2,564,914) | $2,590,621 | $(5,155,535) | Comparison of Nine Months Ended September 30 | Metric | 2021 | 2020 | $ Change | | :--- | :--- | :--- | :--- | | Total Revenues | $557,369 | $60,445 | $496,924 | | Cost of Revenue | $1,184,528 | $101,156 | $(1,083,372) | | Loss From Operations | $(5,628,372) | $(1,169,334) | $(4,459,038) | | Net (Loss)/Income | $(2,411,469) | $7,625,853 | $(10,037,322) | - The increase in revenues, cost of revenues, R&D, and SG&A expenses is attributed to the company ramping up operations in 2021 from a 'dormant status' in 2020[108](index=108&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is critical, with **$6.2 million** cash used in operations and insufficient cash for the next twelve months, raising substantial doubt about its going concern - The company used **$6,227,813** in cash for operations during the nine months ended September 30, 2021[119](index=119&type=chunk) - As of September 30, 2021, the company had working capital of **$1,755,422**, but management states cash liquidity is not sufficient for the next twelve months and requires additional financing[119](index=119&type=chunk) - Due to recurring losses and the need for additional financing, there is substantial doubt about the Company's ability to continue as a going concern[121](index=121&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=24&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies foreign currency and interest rate risks but believes its limited exposure will not significantly impact financial results or cash flows - The company's primary market risks are identified as foreign currency exchange risk and interest rate risk[126](index=126&type=chunk)[127](index=127&type=chunk) - Management does not believe a change in interest rates will have a significant impact on the company's financial position or results[127](index=127&type=chunk) [Controls and Procedures](index=24&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were effective as of September 30, 2021, with a previously identified material weakness in internal control over financial reporting successfully remediated - Management concluded that disclosure controls and procedures were effective as of September 30, 2021[129](index=129&type=chunk) - A material weakness related to a lack of technical accounting expertise, disclosed in the 2020 Form 10-K, has been remediated[133](index=133&type=chunk)[136](index=136&type=chunk) - Remediation steps included hiring a new CFO and Controller, reducing the complexity of the debt structure, and engaging an external resource for internal controls documentation and testing[134](index=134&type=chunk)[135](index=135&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any legal proceedings that would materially adversely affect its business or financial condition - The company is not currently aware of any legal proceedings that would have a material adverse effect on its business[139](index=139&type=chunk) [Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) The company highlights ongoing COVID-19 business disruption risk and confirms no material changes to previously disclosed risk factors - The COVID-19 pandemic continues to present a risk of business disruption, though the financial impact and duration cannot be reasonably estimated[140](index=140&type=chunk) - There have been no material changes to the company's risk factors from those included in the Annual Report on Form 10-K for the year ended December 31, 2020[140](index=140&type=chunk) [Exhibits](index=28&type=section&id=Item%206.%20Exhibits) This section indexes all exhibits filed with or incorporated into the Form 10-Q, including governance documents, material agreements, and certifications - The report includes an index of exhibits, such as the Certificate of Incorporation, bylaws, material contracts like the Long-Term Supply and Joint Development Agreement, and Sarbanes-Oxley Act certifications[143](index=143&type=chunk)[144](index=144&type=chunk)[148](index=148&type=chunk)