Ascent Solar(ASTI) - 2025 Q3 - Quarterly Report

Financial Performance - Revenues for Q3 2025 reached $28,549, an increase of 234% compared to $8,550 in Q3 2024[15] - The net loss for Q3 2025 was $2,021,640, compared to a net loss of $1,690,867 in Q3 2024, reflecting a 20% increase in losses[15] - For the nine months ended September 30, 2025, the company reported a net loss of $5,761,333, an improvement from a net loss of $7,674,436 in the same period in 2024, representing a 25% reduction in losses[23] - Total revenues increased by $19,999, or 234%, for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to more orders[120] - Total revenues increased by $19,241, or 46%, for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to more orders in the current period[127] Costs and Expenses - Total costs and expenses for Q3 2025 were $1,996,232, a decrease of 12% from $2,269,446 in Q3 2024[15] - Research, development, and manufacturing operations costs were $620,572 for Q3 2025, slightly up from $603,534 in Q3 2024[15] - Selling, general, and administrative expenses decreased by $213,580, or 18%, for the three months ended September 30, 2025, compared to the same period in 2024[123] - Cost of revenues increased by $12,195, or 16%, for the three months ended September 30, 2025, compared to the same period in 2024, mainly due to increased sales[121] - Research, development, and manufacturing operations costs increased by $78,397, or 5%, for the nine months ended September 30, 2025, driven by a focus on product and technology improvements[129] Assets and Liabilities - Cash and cash equivalents decreased to $2,094,018 as of September 30, 2025, down from $3,170,743 at the end of 2024[14] - Total assets decreased to $5,768,746 as of September 30, 2025, compared to $7,146,426 at the end of 2024[14] - Total liabilities decreased to $3,117,688 as of September 30, 2025, down from $3,766,503 at the end of 2024[14] - The accumulated deficit increased to $497,370,043 as of September 30, 2025, compared to $491,608,710 at the end of 2024[14] - The total stockholders' equity at September 30, 2025, was $2,651,058, a decrease from $3,434,064 at June 30, 2025[18] Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were $2,094,018, down from $3,721,546 at the end of the previous year, reflecting a decrease of 44%[23] - As of September 30, 2025, the Company had working capital of $504,071 but does not believe cash liquidity is sufficient for the next twelve months[50] - The Company used $5,097,082 in cash for operations during the nine months ended September 30, 2025[49] - Projected total revenues are not anticipated to result in a positive cash flow position for the year overall, indicating a need for additional financing[135] Shareholder Equity and Stock - The company reported a basic and diluted net loss per share of $0.62 for Q3 2025, compared to $1.37 for Q3 2024[15] - As of September 30, 2025, the company had 500,007,48 shares of common stock outstanding[18] - The company sold 1,022,434 shares of common stock at an average price of $2.53 per share during the nine months ended September 30, 2025, resulting in gross proceeds of approximately $2.6 million[93] - The company issued approximately 1,900 shares of Series 1C Preferred Stock for gross proceeds of approximately $1.9 million, with 75% purchased by officers, directors, and advisory board members[81] - As of September 30, 2025, there are approximately 1,213,000 outstanding warrants with exercise prices ranging from $2 to $74,086 per share[95] Other Income and Expenses - Total other income/(expense), net for the nine months ended September 30, 2025, was $82,491, a decrease from $768,496 in the same period of 2024[41] - Other expense was $54,582 for the three months ended September 30, 2025, compared to other income of $571,324 for the same period in 2024, a decrease of $625,906[125] - Other income was $42,789 for the nine months ended September 30, 2025, compared to an expense of $579,439 for the same period in 2024, an increase of $622,228[132] Investments and Impairments - The company invested $75,000 in a company without a readily determinable value and plans to make an additional $200,000 investment in four installments by July 15, 2026[39] - The Company recorded an impairment loss of $3,283,715 on certain assets, with a remaining carrying value of $786,000 as of December 31, 2023[55] Strategic Initiatives - The company continues to expand sales and marketing efforts related to specialty PV application strategies and seeks additional financing through strategic or financial investors[136]