Ascent Solar(ASTI) - 2025 Q1 - Quarterly Report

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]