# EDGAR Filing Document

**Accession Number:** 0001350102
**File Stem:** 0001193125-25-274376
**Filing Date:** 2025-11
**Character Count:** 136192
**Document Hash:** 61169b62d466c4788dc846fa7442b3cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-274376.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001193125-25-274376

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ascent Solar Technologies, Inc.
- **CENTRAL INDEX KEY:** 0001350102
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 203672603
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32919
- **FILM NUMBER:** 251466728

**BUSINESS ADDRESS:**
- **STREET 1:** 12300 GRANT STREET
- **CITY:** THORNTON
- **STATE:** CO
- **ZIP:** 80241
- **BUSINESS PHONE:** (720) 872-5000

**MAIL ADDRESS:**
- **STREET 1:** 12300 GRANT STREET
- **CITY:** THORNTON
- **STATE:** CO
- **ZIP:** 80241

?xml version='1.0' encoding='ASCII'? 10-Q

**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 jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 12300 Grant Street**,** Thornton**,** CO | 80241 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number including area code:** 720**-**872-5000

------

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of exchange on which registered |
| Common | ASTI | Nasdaq Capital Markets |

---

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act:

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 10, 2025, there were 3,479,149 shares of our common stock issued and outstanding.

------

**ASCENT SOLAR TECHNOLOGIES, INC.**

**Quarterly Report on Form 10-Q**

**For the Period Ended September 30, 2025**

**Table of Contents**

---

| | | |
|:---|:---|:---|
| [**<u>PART I. FINANCIAL INFORMATION</u>**](#part_i_financial_information) | [**<u>PART I. FINANCIAL INFORMATION</u>**](#part_i_financial_information) |  |
| **Item 1.** | [**<u>Unaudited Condensed Financial Statements</u>**](#item_1_condensed_consolidated_financial_) | 1 |
|  | [**<u>Unaudited Condensed Balance Sheets - as of September 30, 2025 and December 31, 2024</u>**](#condensed_consolidated_balance_sheets) | 1 |
|  | [**<u>Unaudited Condensed Statements of Operations and Comprehensive Income - For the Three and Nine Months Ended September 30, 2025 and 2024</u>**](#condensed_consolidated_statements_operat) | 2 |
|  | [**<u>Unaudited Condensed Statements of Changes in Stockholders' Equity (Deficit) - For the Three and Nine Months Ended September 30, 2025 and 2024</u>**](#condensed_consolidated_statements_change) | 3 |
|  | [**<u>Unaudited Condensed Statements of Cash Flow - For the Nine Months Ended September 30, 2025 and 2024</u>**](#condensed_consolidated_statements_cash_f) | 5 |
|  | [**<u>Notes to the Unaudited Condensed Financial Statements</u>**](#notes_to_unaudited_condensed_consolidate) | 6 |
| **Item 2.** | [**<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>**](#item_2_managements_discussion_analysis_f) | 18 |
| **Item 3.** | [**<u>Quantitative and Qualitative Disclosures About Market Risk</u>**](#item_3_quantitative_qualitative_disclosu) | 23 |
| **Item 4.** | [**<u>Controls and Procedures</u>**](#item_4_controls_procedures) | 23 |
| [**<u>PART II. OTHER INFORMATION</u>**](#part_ii_or_information) | [**<u>PART II. OTHER INFORMATION</u>**](#part_ii_or_information) | 24 |
| **Item 1.** | [**<u>Legal Proceedings</u>**](#item_1_legal_proceedings) | 24 |
| **Item 1A.** | [**<u>Risk Factors</u>**](#item_1a_risk_factors) | 24 |
| **Item 2.** | [**<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>**](#item_2_unregistered_sales_equity_securit) | 24 |
| **Item 3.** | [**<u>Defaults Upon Senior Securities</u>**](#item_3_defaults_upon_senior_securities) | 24 |
| **Item 4.** | [**<u>Mine Safety Disclosures</u>**](#item_4_mine_safety_disclosures) | 24 |
| **Item 5.** | [**<u>Other Information</u>**](#item_5_or_information) | 24 |
| **Item 6.** | [**<u>Exhibits</u>**](#item_6_exhibits) | 26 |
| [**<u>SIGNATURES</u>**](#signatures) | [**<u>SIGNATURES</u>**](#signatures) | 30 |

---

------

[<u>**Table of Contents**</u>](#table_contents)

**FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q includes "forward-looking statements" that involve risks and uncertainties. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future net sales or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, business trends and other information that is not historical information and, in particular, appear under headings including "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Overview." When used in this Quarterly Report, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts," "foresees," "likely," "may," "should," "goal," "target," and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon information available to us on the date of this Quarterly Report.

These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including, among other things, the matters discussed in this Quarterly Report in the sections captioned "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Factors you should consider that could cause these differences are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our operating history and lack of profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to develop demand for, and sales of, our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to attract and retain qualified personnel to implement our business plan and corporate growth strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to develop sales, marketing and distribution capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to successfully develop and maintain strategic relationships with key partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The accuracy of our estimates and projections and our ability to achieve these projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to secure additional financing to fund our short-term and long-term financial needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to maintain the listing of our common stock on the Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The commencement, or outcome, of legal proceedings against us, or by us, including ongoing litigation proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in our business plan or corporate strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The extent to which we are able to manage the growth of our operations effectively, both domestically and abroad, whether directly owned or indirectly through licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The supply, availability and price of equipment, components and raw materials, including the elements needed to produce our photovoltaic modules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to expand and protect the intellectual property portfolio that relates to our photovoltaic modules and processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to maintain effective internal controls over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•General economic and business conditions, and in particular, conditions specific to the solar power industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other risks and uncertainties discussed in greater detail elsewhere in this Quarterly Report and in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024

There may be other factors that could cause our actual results to differ materially from the results referred to in the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, or to reflect the occurrence of unanticipated events, except as required by law.

References to "we," "us," "our," "Ascent," "Ascent Solar" or the "Company" in this Quarterly Report mean Ascent Solar Technologies, Inc.

------

[<u>**Table of Contents**</u>](#table_contents)

**ASCENT SOLAR TECHNOLOGIES, INC.**

**PART I. FINANCIAL INFORMATION**

**Item 1. Condensed Financial Statements**

**CONDENSED BALANCE SHEETS**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2094018 | $3170743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade receivables, net of allowance of $0 and $0, respectively | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 442413 | 453103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | 120255 | 89472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2656686 | 3713318 |
| **Property, Plant and Equipment:** | 19132627 | 19679918 |
| Accumulated depreciation | (18921407) | (19446262) |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, Plant and Equipment, net | 211220 | 233656 |
| **Other Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 1475952 | 1880372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patents, net of accumulated amortization of $140,847 and $137,114<br> respectively | 9473 | 28494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investment | 69060 | 62187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investment | 75000 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 1271355 | 1228399 |
|  | 2900840 | 3199452 |
| **Total Assets** | $5768746 | $7146426 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Current Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $404406 | $449437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party payables | 11538 | 5769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 214027 | 246159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll | 260073 | 192856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued professional services fees | 9450 | 222704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 602249 | 565773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liability | 650872 | 578153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridge loan | - | 19555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 2152615 | 2280406 |
| **Long-Term Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current operating lease liabilities | 965073 | 1464872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued warranty liability | - | 21225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 3117688 | 3766503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 16) |  |  |
| **Stockholders' Equity (Deficit):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A preferred stock, $.0001 par value; 750,000 shares authorized; 48,100<br> and 48,100 shares issued and outstanding, respectively ($984,447 and<br> $947,971 Liquidation Preference, respectively) | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value, 200,000,000 authorized; 3,479,149<br> and 1,454,896 shares issued and outstanding, respectively | 348 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 500007999 | 494983561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (497370043) | (491608710) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | 12749 | 4922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2651058 | 3379923 |
| **Total Liabilities and Stockholders' Equity** | $5768746 | $7146426 |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

------

[<u>**Table of Contents**</u>](#table_contents)

**ASCENT SOLAR TECHNOLOGIES, INC.**

**CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Products | $28549 | $8550 | $61134 | $41893 |
| **Costs and Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs of revenue | 88991 | 76796 | 141715 | 147708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research, development and manufacturing<br> operations | 620572 | 603534 | 1795163 | 1716766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 1003396 | 1216976 | 2994072 | 3888455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 259442 | 354410 | 875168 | 799345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 23831 | 17730 | 58184 | 57139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss | - | - | - | 524481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Costs and Expenses** | 1996232 | 2269446 | 5864302 | 7133894 |
| **Loss from Operations** | (1967683) | (2260896) | (5803168) | (7092001) |
| **Other Income/(Expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income/(expense), net | (42290) | 742162 | 82491 | 768496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant settlement (Note 11) | - | - | - | (743462) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (12292) | (170838) | (39702) | (604473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Income/(Expense)** | (54582) | 571324 | 42789 | (579439) |
| **Income/(Loss) on Equity Method Investments** | 625 | (1295) | (954) | (2996) |
| **Net Income/(Loss)** | $(2021640) | $(1690867) | $(5761333) | $(7674436) |
| **Net Income/(Loss) Per Share** (Basic and Diluted) | $(0.62) | $(1.37) | $(2.69) | $(10.46) |
| **Weighted Average Common Shares<br> Outstanding** (Basic) | 3163703 | 1232242 | 2157306 | 733855 |
| **Weighted Average Common Shares<br> Outstanding** (Diluted) | 3163703 | 1232242 | 2157306 | 733855 |
| **Other Comprehensive Income/(Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation gain/(loss) | (5) | 2774 | 7827 | 540 |
| **Net Comprehensive Income/(Loss)** | $(2021645) | $(1688093) | $(5753506) | $(7673896) |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

------

[<u>**Table of Contents**</u>](#table_contents)

**ASCENT SOLAR TECHNOLOGIES, INC.**

**CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)**

**(unaudited)**

**For the Three and Nine Months Ended September 30, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A<br>Preferred Stock** | **Series A<br>Preferred Stock** | **Series 1C** | **Series 1C** | **Common Stock** | **Common Stock** | **Additional<br>Paid-In** | **Accumulated** | **Other Accumulated Comprehensive** | **Total<br>Stockholders'<br>Equity** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Capital** | **Deficit** | **Loss** | **(Deficit)** |
| **Balance at January 1, 2025** | 48100 | $5 | 815 | $- | 1454896 | $145 | $494983561 | $(491608710) | $4922 | $3379923 |
| Proceeds from sale on ATM facility | - | - | - | - | 720936 | 72 | 1826522 | - | - | 1826594 |
| ATM facility costs | - | - | - | - | - | - | (68781) | - | - | (68781) |
| Proceeds from Public Offering |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock (6/30 @ $1.25) | - | - | - | - | 507000 | 51 | 633157 | - | - | 633208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prefunded warrants (6/30 @ $1.25) | - | - | - | - | - | - | 355722 | - | - | 355722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants (6/30 @ $0.75) | - | - | - | - | - | - | 751070 | - | - | 751070 |
| Public Offering Costs | - | - | - | - | - | - | (327303) | - | - | (327303) |
| Share-based compensation | - | - | - | - | 1819 | - | 615492 | - | - | 615492 |
| Net Loss | - | - | - | - | - | - | - | (3739693) | - | (3739693) |
| Foreign Currency Translation <br> Adjustment | - | - | - | - | - | - | - | - | 7832 | 7832 |
| **Balance at June 30, 2025** | 48100 | $5 | 815 | $- | 2684651 | $268 | $498769440 | $(495348403) | $12754 | $3434064 |
| Proceeds from sale on ATM facility | - | - | - | - | 301498 | 30 | 743578 | - | - | 743608 |
| ATM facility costs | - | - | - | - | - | - | (24411) | - | - | (24411) |
| Proceeds from sale of prefunded warrants (6/30 @ $1.25) | - | - | - | - | - | - | 260000 | - | - | 260000 |
| Exercise of prefunded warrants | - | - | - | - | 493000 | 50 | (50) | - | - | - |
| Share-based compensation | - | - | - | - | - | - | 259442 | - | - | 259442 |
| Net Loss | - | - | - | - | - | - | - | (2021640) | - | (2021640) |
| Foreign Currency Translation <br> Adjustment | - | - | - | - | - | - | - | - | (5) | (5) |
| **Balance at September 30, 2025** | 48100 | $5 | 815 | $- | 3479149 | $348 | $500007999 | $(497370043) | $12749 | $2651058 |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

------

[<u>**Table of Contents**</u>](#table_contents)

**ASCENT SOLAR TECHNOLOGIES, INC.**

**CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)**

**(unaudited)**

**For the Three and Nine Months Ended September 30, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A<br>Preferred Stock** | **Series A<br>Preferred Stock** | **Common Stock** | **Common Stock** | **Additional<br>Paid-In** | **Accumulated** | **Other Accumulated Comprehensive** | **Total<br>Stockholders'<br>Equity** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Capital** | **Deficit** | **Loss** | **(Deficit)** |
| **Balance at January 1, 2024** | 48100 | $5 | 238996 | $24 | $480942860 | $(482478436) | $8936 | $(1526611) |
| Conversion of L1 Note<br> into Common Stock | - | - | 24118 | 3 | 1256689 | - | - | 1256692 |
| Sale of common stock | - | - | 151795 | 15 | 5087829 | - | - | 5087844 |
| Common stock offering costs |  |  |  |  | (632604) |  |  | (632604) |
| Exercise of prefunded warrants | - | - | 218775 | 22 | (22) | - | - | - |
| Proceeds from sale on ATM facility | - | - | 553427 | 55 | 8958859 | - | - | 8958914 |
| ATM facility costs | - | - | - | - | (617694) | - | - | (617694) |
| Common stock issued to settle liabilities | - | - | 3500 | - | 38500 | - | - | 38500 |
| Warrant repurchase | - | - | - | - | (3600000) | - | - | (3600000) |
| Warrant settlement | - | - | - | - | 743459 | - | - | 743459 |
| Share-based compensation | - | - | 800 | - | 429983 | - | - | 429983 |
| Net Loss | - | - | - | - | - | (5983569) | - | (5983569) |
| Foreign Currency Translation <br> Adjustment | - | - | - | - | - | - | (2234) | (2234) |
| **Balance at June 30, 2024** | 48100 | $5 | 1191411 | $119 | $492607859 | $(488462005) | $6702 | $4152680 |
| Share-based compensation | - | - | 15 | - | 354395 | - | - | 354395 |
| Proceeds from sale on ATM facility | - | - | 84003 | 9 | 542835 | - | - | 542844 |
| ATM facility costs | - | - | - | - | (36194) | - | - | (36194) |
| Net Loss | - | - | - | - | - | (1690867) | - | (1690867) |
| Foreign Currency Translation <br> Adjustment | - | - | - | - | - | - | 2774 | 2774 |
| **Balance at September 30, 2024** | 48100 | $5 | 1275429 | $128 | $493468895 | $(490152872) | $9476 | $3325632 |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

------

[<u>**Table of Contents**</u>](#table_contents)

**ASCENT SOLAR TECHNOLOGIES, INC.**

**CONDENSED STATEMENTS OF CASH FLOWS**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| **Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income/(loss) | $(5761333) | $(7674436) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 58184 | 57139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 874934 | 799327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock issued for services |  | 38500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock issued for warrant settlement |  | 743459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease asset amortization | 404420 | 357671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount | 2780 | 86057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on equity method investment | 954 | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory reserve expense | (7592) | (35173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss |  | 524481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on settlement of liability, net | (35039) | (165548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on Swiss liabilities (Note 5) |  | (541021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 15288 | (14949) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | (4275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 18282 | 24773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (73739) | (92642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (9992) | (129396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party payable | 5769 | 7308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (427080) | (363025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 36476 | 19335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (199394) | (537740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (5097082) | (6897159) |
| **Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of fixed assets | (32015) | (421) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of cost investment | (75000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (107015) | (421) |
| **Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from bridge loans |  | 1153750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of bridge loans | (22335) | (904803) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Common Stock | 4570202 | 14589602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing issuance cost | (420495) | (1286492) |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant repurchase |  | (3600000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of convertible notes and cash payable |  | (381664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 4127372 | 9570393 |
| **Net change in cash and cash equivalents** | (1076725) | 2672813 |
| **Cash and cash equivalents at beginning of period** | 3170743 | 1048733 |
| **Cash and cash equivalents at end of period** | $2094018 | $3721546 |
| **Non-Cash Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of prefunded warrants | $50 | $22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash conversions of convertible notes to equity | $— | $1256692 |
| &nbsp;&nbsp;**Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;**Cash paid during the year for:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $446 | $398000 |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

------

[<u>**Table of Contents**</u>](#table_contents)

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**NOTE 1. ORGANIZATION**

Ascent Solar Technologies, Inc. (the "Company") is focusing on integrating its photovoltaic ("PV") products into scalable and high value markets such as space power beaming, aerospace, satellites, near earth orbiting vehicles, fixed wing unmanned aerial vehicles ("UAV"), aquatic terrestrial, and agrivoltaics. The value proposition of Ascent's proprietary solar technology not only aligns with the needs of customers in these industries, but also overcomes many of the obstacles other solar technologies face in these unique markets. Ascent has the capability to design and develop finished products for end users in these areas as well as collaborate with strategic partners to design and develop custom integrated solutions for products like satellites, spacecraft, airships and fixed-wing UAVs. Ascent sees significant overlap of the needs of end users across some of these industries and can achieve economies of scale in sourcing, development, and production in commercializing products for these customers.

On June 4, 2025, the Company filed a Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company (the "Certificate of Amendment") with the Secretary of State of the State of Delaware to decrease the number of authorized shares of Common Stock from 500 million to 200 million at a par value of $0.0001.

**NOTE 2. BASIS OF PRESENTATION**

The accompanying, unaudited, condensed financial statements have been derived from the accounting records of the Company as of September 30, 2025, and December 31, 2024, and the results of operations for the three and nine months ended September 30, 2025, and 2024.

The accompanying, unaudited, condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, these interim financial statements do not include all of the information and footnotes typically found in U.S. GAAP audited annual financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. The unaudited Condensed Balance Sheet at December 31, 2024, has been derived from the audited financial statements as of that date but does not include all of the information and footnotes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. These unaudited condensed financial statements and notes should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

**NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The Company's significant accounting policies were described in Note 2 to the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. There have been no significant changes to our accounting policies as of September 30, 2025.

**Revenue Recognition:**

*Product revenue.* The Company recognizes revenue for the sale of PV modules sales at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. For product sales contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognize the related revenue as control of each individual product is transferred to the customer.

------

[<u>**Table of Contents**</u>](#table_contents)

During the three months ended September 30, 2025 and 2024, the Company recognized product revenue of $28,549 and $8,550, respectively. During the nine months ended September 30, 2025 and 2024, the Company recognized product revenue of $61,134 and $41,893, respectively.

*Milestone and engineering revenue.* Each milestone and engineering arrangement is a separate performance obligation. The transaction price is estimated using the most likely amount method and revenue is recognized as the performance obligation is satisfied through achieving manufacturing, cost, or engineering targets. No milestone and engineering revenue was recognized during the three and nine months ended September 30, 2025 and 2024.

*Government contracts revenue.* Revenue from government research and development contracts is generated under terms that are cost plus fee or firm fixed price. The Company generally recognizes this revenue over time using cost-based input methods, which recognizes revenue and gross profit as work is performed based on the relationship between actual costs incurred compared to the total estimated costs of the contract. In applying cost-based input methods of revenue recognition, the Company uses the actual costs incurred relative to the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue to recognize.

Cost based input methods of revenue recognition are considered a faithful depiction of the Company's efforts to satisfy long-term government research and development contracts and therefore reflect the performance obligations under such contracts. Costs incurred that do not contribute to satisfying the Company's performance obligations are excluded from the input methods of revenue recognition as the amounts are not reflective of transferring control under the contract. Costs incurred towards contract completion may include direct costs plus allowable indirect costs and an allocable portion of the fixed fee. If actual and estimated costs to complete a contract indicate a loss, provision is made currently for the loss anticipated on the contract.

No government contract revenue was recognized during the three and nine months ended September 30, 2025 and 2024.

*Accounts Receivable.* As of September 30, 2025, the Company had $0 in accounts receivable, net and no allowance for doubtful accounts. The Company had no accounts receivable, net balance and no allowance for doubtful accounts as of December 31, 2024.

Deferred revenue for the nine months ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Balance as of January 1, 2025** | $935 |
| Additions | 40764 |
| Recognized as revenue | (3929) |
| **Balance as of September 30, 2025** | $37770 |

---

**Other Investment:** The Company accounts for its investments without a readily determinable fair value that does not qualify for measurement at net asset value as a practical expedient at its cost minus impairment, if any. If the Company identifies observable price changes in orderly transactions for the identical or a similar investment of the same issuer, the Company will measure the equity security at fair value as of the date that the observable transaction occurred. The Company reassesses at each reporting period whether the equity investment without a readily determinable fair value continues to qualify to be measured at cost.

As of September 30, 2025, the Company invested $75,000 in a company without a readily determinable value and will make an additional $200,000 investment in four installment payments of $50,000 each payable on or before January 15, 2026, March 15, 2026, May 15, 2026, and July 15, 2026.

**Other Assets:** Other assets is comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Lease security deposit | $625000 | $625000 |
| Spare machine parts | 646355 | 603399 |
| Total Other Assets | $1271355 | $1228399 |

---

------

[<u>**Table of Contents**</u>](#table_contents)

**Other Income/(Expense), net:** Other income/(expense), net is comprised as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| Gain on settlement of liabilities | $- | $165548 |
| Swiss liabilities (Note 5) | - | 541021 |
| Interest income | 18980 | 35593 |
| Other | (61270) | - |
| Total Other Income/(Expense), net | $(42290) | $742162 |

---

---

| | | |
|:---|:---|:---|
|  | **Nine months ended** | **Nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| Gain on settlement of liabilities | $35039 | $165548 |
| Swiss liabilities (Note 5) | - | 541021 |
| Interest income | 48597 | 35593 |
| Other | (1145) | 26334 |
| Total Other Income/(Expense), net | $82491 | $768496 |

---

**Earnings per Share:** Earnings per share ("EPS") are the amount of earnings attributable to each share of common stock. Basic EPS has been computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. Income available to common stockholders has been computed by deducting dividends accumulated for the period on cumulative preferred stock (whether or not earned). Diluted earnings per share has been computed by dividing income available to common stockholders adjusted on an if-converted basis for the period by the weighted average number of common shares and potentially dilutive common share outstanding (which consist of warrants, options, restricted stock units and convertible securities using the if-converted or treasury stock method to the extent they are dilutive). Approximately 2,226,000 and 202,000 shares of dilutive shares were excluded from the three months period ended September 30, 2025 and 2024, respectively, EPS calculation as their impact is antidilutive. Approximately 1,225,000 and 128,000 shares of dilutive shares were excluded from the nine months period ended September 30, 2025 and 2024, respectively, EPS calculation as their impact is antidilutive.

**Segment Reporting:** The Company has one reportable segment, PV. The PV segment sells PV products and engineering services and currently, is primarily selling it in North America. The Company's chief operating decision maker ("CODM"), who is the Company's Chief Executive Officer, makes significant operating decisions and assesses the performance of the Company as a single business segment.

The CODM regularly reviews the Company's company wide Balance Sheet and Statement of Operations to determine how to allocate resources within the Company. The CODM assesses performance and decides how to allocate resources based on Net Income that also is reported on the Statement of Operations and reviews significant expenses as outlined in the Statement of Operations. The CODM uses Net Income to evaluate how to reinvest profits into the PV segment assets, research and development, employees, and other resources. The measure of segment assets is reported on the unaudited condensed Balance Sheet as total assets.

**Reclassifications:** Certain prior period balances have been reclassified to conform to current period presentation. Specifically, prior year issuance costs for sale of equity was disaggregated to conform to the current period presentation.

*Recently Issued Accounting Policies*

In November 2024, the FASB issued ASU 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures* ("ASU 2024-03"). ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for public entities for annual periods beginning after December

------

[<u>**Table of Contents**</u>](#table_contents)

15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Entities are permitted to early adopt. Management is evaluating the impact of this ASU on the Company's financial statements.

In December 2023, the FASB issued ASU 2023-09, *Income Taxes: Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 improves income tax disclosures by requiring public entities annually to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for public entities for annual periods beginning after December 15, 2024. Entities are permitted to early adopt. Management is evaluating the impact of this ASU on the Company's financial statements.

**NOTE 4. LIQUIDITY, CONTINUED OPERATIONS, AND GOING CONCERN** 

The Company continued to enter into financing arrangements including the sale of common stock and Series 1C preferred stock during the year ended December 31, 2024 and into 2025 to fund operations.

The Company continues to build industrial scale production capabilities in its Thornton facility and focus on its research and development activities to improve its PV products. The Company does not expect that sales revenue and cash flows will be sufficient to support operations and cash requirements until it has fully implemented our strategy of selling high value PV products and manufacturing at full industrial scale. During the nine months ended September 30, 2025, the Company used $5,097,082 in cash for operations.

Current committed product revenues are not anticipated to result in a positive cash flow position for the next twelve months and although the Company has, as of September 30, 2025, working capital of $504,071, Management does not believe cash liquidity is sufficient for the next twelve months and will require additional financing or committed purchase orders.

The Company continues to accelerate sales and marketing efforts related to its specialty PV application strategies through expansion of its sales and distribution channels. The Company also continues activities to secure additional funding through strategic or financial investors, but there is no assurance the Company will be able to raise additional capital on acceptable terms or at all. If the Company's revenues do not increase rapidly, and/or additional financing is not obtained, the Company will be required to significantly curtail operations to reduce costs and/or sell assets. Such actions would likely have an adverse impact on the Company's future operations.

As a result of the Company's recurring losses from operations and the potential need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the Company's ability to maintain liquidity sufficient to operate its business effectively, which raises doubt as to the Company's ability to continue as a going concern.

Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These unaudited condensed financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

**NOTE 5. SWITZERLAND ASSETS**

On April 17, 2023, the Company entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") with Flisom AG ("Seller"), pursuant to which, among other things, the Company purchased certain assets relating to thin-film photovoltaic manufacture and production from Seller (collectively, the "Assets"). The purchase price paid by the Company was $4,083,926 (including $1,283,926 of transaction costs). The Company also entered into a sublease agreement allowing the Company to use the manufacturing facility where the Assets are located.

During the year ended December 31, 2023, Management concluded that these assets were impaired and recognized an impairment loss of $3,283,715. The remaining carrying value of the Assets, as of December 31, 2023, was $786,000. On April 1, 2024, the Company entered into an agreement with the manufacturing facility landlord ("Landlord") and sold all but one piece of equipment from the Assets to the Landlord for 1 CHF and forgiveness of $221,519 in payables and any potential future claims the manufacturing facility Landlord may have. The carrying value of the Assets sold was $746,000.

At March 31, 2024, the Company designated the Assets as assets held for sale as all of the following criteria have been met: (i) a formal commitment to a plan to sell a property has been made and exercised; (ii) the property is available for sale in its present condition; (iii) actions required to complete the sale of the property have been initiated; (iv) sale of the property is

------

[<u>**Table of Contents**</u>](#table_contents)

probable and we expect the sale will occur within one year; and (v) the property is being actively marketed for sale at a price that is reasonable given its current market value.

Upon designation as an asset held for sale, the Company recorded the carrying value of the property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and depreciation of the property ceases. As the estimated fair value of $221,519 and the price the Company sold the Assets for is less than their carrying value, the Company recorded an impairment loss of $524,481 on March 31, 2024. Upon completion of the sale, on April 1, 2024, the Company wrote off the remaining carrying value of the Assets and the payables to the Landlord.

In September, 2023, Flisom filed for bankruptcy in Switzerland. In February, 2024, the Swiss bankruptcy administrator closed the bankruptcy proceedings due to a lack of assets unless a creditor demands that the bankruptcy proceedings be carried out within the specified period and makes an advance to cover the costs. The deadline for creditors to make their demand has lapsed and the bankruptcy proceedings remained closed. As the bankruptcy proceedings are closed, the Company reversed the Swiss liabilities and recognized a gain on extinguishment of liabilities of $541,021 in Other income/(expense) on the unaudited Condensed Statements of Operations during the three months ended September 30, 2024.

**NOTE 6. PROPERTY, PLANT AND EQUIPMENT**

The following table summarizes property, plant and equipment as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **As of<br>September 30,** | **As of<br>December 31,** |
|  | **2025** | **2024** |
| Furniture, fixtures, computer hardware and <br> computer software | $492210 | $468588 |
| Leasehold improvements | 15994 | 15994 |
| Manufacturing machinery and equipment | 18592336 | 19122828 |
| Manufacturing machinery and equipment, <br> in progress | 32087 | 72508 |
| Depreciable property, plant and equipment | 19132627 | 19679918 |
| Less: Accumulated depreciation and amortization | (18921407) | (19446262) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net property, plant and equipment | $211220 | $233656 |

---

Depreciation expense for the three months ended September 30, 2025 and 2024 was $20,283 and $16,832, respectively. Depreciation expense for the nine months ended September 30, 2025 and 2024 was $54,451 and $50,923, respectively. Depreciation expense is recorded under "Depreciation and amortization expense" in the unaudited Condensed Statements of Operations.

**NOTE 7. OPERATING LEASE**

The Company's lease is primarily comprised of manufacturing and office space. This lease is classified and accounted for as an operating lease. The building lease term is for 88 months commencing on September 21, 2020 at a rent of $50,000 per month including taxes, insurance and common area maintenance until December 31, 2020. Beginning January 1, 2021, the rent adjusted to $80,000 per month on a triple net basis and shall increase at an annual rate of 3% per annum until December 31, 2027.

Effective September 1, 2023, the lease was amended to reduce the rentable square feet from approximately 100,000 to approximately 75,000 square feet and the rent and tenant share of expenses were decreased in proportion to the reduction in the rentable square feet.

------

[<u>**Table of Contents**</u>](#table_contents)

As of September 30, 2025 and December 31, 2024, assets and liabilities related to the Company's leases were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of<br>September 30,** | **As of<br>December 31,** |
|  | **2025** | **2024** |
| Operating lease right-of-use assets, net | $1475952 | $1880372 |
| Current portion of operating lease liability | 650872 | 578153 |
| Non-current portion of operating lease liability | 965073 | 1464872 |

---

During the three months ended September 30, 2025 and 2024, the Company recorded operating lease expense included in selling, general and administrative expenses of $190,497 and $190,497, respectively. During the nine months ended September 30, 2025 and 2024, the Company recorded operating lease expense included in selling, general and administrative expenses of $571,492 and $571,492, respectively.

Future maturities of the operating lease liability are as follows:

---

| | |
|:---|:---|
| Remainder of 2025 | $198051 |
| 2026 | 815969 |
| 2027 | 840449 |
| **Total lease payments** | **1854469** |
| Less amounts representing interest | (238524) |
| **Present value of lease liability** | $**1615945** |

---

The remaining weighted average lease term and discount rate of the operating leases is 27 months and 7.0%, respectively.

**NOTE 8. INVENTORIES**

Inventories, net of reserves, consisted of the following at September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **As of<br>September 30,** | **As of<br>December 31,** |
|  | **2025** | **2024** |
| Raw materials | $441389 | $453103 |
| Work in process | 1024 | - |
| Finished goods | - | - |
| Total | $442413 | $453103 |

---

**NOTE 9. BRIDGE LOAN**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Balance<br>1/1/2025** | **New loans** | **Principal Payments** | **Principal<br>Balance<br>9/30/2025** | **Discount** | **Bridge Loan, net of discount** |
| Bridge Loans | $22335 | $— | $(22335) | $— | $— | $— |

---

On February 27, 2024, the Company entered into a loan agreement ("Loan 1") with a lender ("Lender") for an aggregate principal amount of $375,000. The Company paid origination fees of $25,000 for net proceeds of $350,000. The discount is recorded as interest expense ratably over the term of the loan. Under Loan 1, the Company made weekly payments of $19,420 for 28 weeks for a total repayment of $543,750. The Company also had an early repayment option where the Company would repay an aggregate of $478,125 if repaid by April 15, 2024.

On April 17, 2024, the Company entered into a new loan agreement ("Loan 2") with the Lender. Under Loan 2, the Company borrowed an aggregate principal amount of $685,000, incurred origination fees of $34,250, and repaid the outstanding balance of Loan 1 of $428,310 for net proceeds of $222,440. Under Loan 2, the Company made weekly payments of $31,000 for 32 weeks for a total repayment of $993,250. This loan was secured by a lien on the Company's assets.

------

[<u>**Table of Contents**</u>](#table_contents)

Loan 2 and all related interest payable was repaid in November 2024. The Company recognized interest expense of $139,233 and $499,272 during the three and nine months ended September 30, 2024, respectively.

On April 1 and 2, 2024, the Company closed two loan agreements with a second lender ("Lender 2") for an aggregate principal amount of $180,800. These loans had an original issuance discount of $20,800 for net proceeds of $160,000. These loans matured on January 1, 2025 and the Company repaid all principal and interest due on these loans.

The Company recognized $16,334 and $34,297 in interest expense during the three and nine months ended September 30, 2024, respectively.

**NOTE 10. OTHER PAYABLE**

On June 30, 2017, the Company entered into an agreement with a vendor ("Vendor") to convert the balance of their account into a note payable in the amount of $250,000. The note bore interest of 5% per annum and matured on February 28, 2018. On September 25, 2024, the Company entered into a Note Termination and Release Agreement with the Vendor where the Company agreed to a one-time payment of $175,000 in exchange for the termination of the note payable. Upon payment, the remaining note and interest payable were forgiven and the Company recognized a gain on extinguishment of liabilities of $165,548 in Other income/(expense), net on the unaudited Condensed Statements of Operations during the three and nine months ended September 30, 2024.

**NOTE 11. CONVERTIBLE NOTES**

On December 19, 2022, the Company entered into a Securities Purchase Contract (the "Securities Purchase Contract") with two institutional investors (each, an "Investor" and collectively, the "Investors") for the issuance to the Investors of $15,000,000 in aggregate Convertible Notes (the "Convertible Notes") at a purchase price of $13,500,000. The Convertible Notes bore 4.5% interest per annum, payable, at the option of the Company, in kind or in cash, subject to certain conditions, and was convertible, at the option of the holders from time to time, into shares of the Company's Common Stock, or repayable in cash at maturity. The Convertible Notes matured on June 19, 2024.

The Convertible Notes could be converted, at the option of the Investors, into shares of the Company's Common Stock at a conversion price, which is equal to the lower of (1) a 30% premium to the average of the five most recent daily volume weighted average price ("VWAPs") of the Common Stock as measured on the day prior to the issuance of the Registered Advance Notes (the "Fixed Conversion Price") and (2) 92.5% of the three lowest VWAPs of the Common Stock on the 10 trading days preceding delivery of a Conversion Notice by an Investor. The conversion price could not be less than $11,400 in accordance with the rules and regulations of Nasdaq.

The following table provides a summary of the activity of the Company's Convertible Notes:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Balance<br>1/1/2024** | **Notes converted** | **Notes paid** | **Net Principal<br>Balance<br>9/30/2024** |
| L1 Capital Global Opportunities Master Fund, Ltd | $406667 | $(400000) | $(6667) | $— |

---

The note matured on June 19, 2024 and the Company paid the remaining principal and interest payable. During the nine months ended September 30, 2024, $400,000 of principal was converted for 6,184 shares of common stock. During the nine months ended September 30, 2024, the Company had interest expense of $463,397, of which, $19,260 was due to accretion of discount on the note.

If the conversion price was less than the floor price, the Company recorded a Conversions Payable that represented the economic difference between the applicable conversion price of the Convertible Notes and floor price. This amount is payable either in shares valued as the VWAP on the conversion day or in cash. If the VWAP on the conversion day is less than the floor price, then the economic different between the conversion day VWAP and the floor price becomes payable in cash and was recorded as Cash payable. During the nine months ended September 30, 2024, $1,279,782 of conversions payable was converted into 17,934 shares of common stock and $199,997 of Cash payable. The Cash payable was paid in April 2024.

In addition to the Convertible Notes, the Company also issued to the Investors certain common stock warrants (the "Adjusting Warrants"). The Adjusting Warrants have certain "full ratchet" anti-dilution adjustments that are triggered when

------

[<u>**Table of Contents**</u>](#table_contents)

the Company issued securities with a purchase or conversion, exercise or exchange price that is less than the exercise price of the Adjusting Warrants then in effect at any time. Under the full ratchet anti-dilution adjustments, if the Company issued new securities at a price lower than the then applicable exercise price, (i) the exercise price is reduced to the lower new issue price and (ii) the number of warrant shares is proportionately increased. The Adjusting Warrants have been previously adjusted following past issuances of Company securities. On April 18, 2024, there were approximately 67,000 Adjusting Warrants exercisable at an exercise price of $147.27, that were repurchased for $3.6 million cash and subsequently cancelled. Additionally, on April 12, 2024, the Company issued approximately 85,500 warrants in aggregate at an exercise price of $11.68 per warrant in connection with repurchasing the Adjusting Warrants. The Company recorded an expense of $743,462 as Warrant settlement expense on the unaudited Condensed Statement of Operations and Comprehensive Income. The expense represents the estimated fair value of the warrants at the issuance date and was determined using the Black Scholes model using the following inputs:

---

| | |
|:---|:---|
|  | **Inputs** |
| Expected stock price volatility | 154.5% |
| Dividend yield | 0% |
| Risk-free interest rate | 4.75% |
| Expected life of the warrants (in years) | 2.75 |

---

**NOTE 12. SERIES A PREFERRED STOCK**

Holders of Series A Preferred Stock are entitled to cumulative dividends at a rate of 8% per annum when and if declared by the Board of Directors at its sole discretion. The dividends may be paid in cash or in the form of common stock (valued at 10% below market price, but not to exceed the lowest closing price during the applicable measurement period), at the discretion of the Board of Directors. The dividend rate on the Series A Preferred Stock is indexed to the Company's stock price and subject to adjustment.

The Series A Preferred Stock may be converted into shares of common stock at the option of the Company if the closing price of the common stock exceeds $23.2 billion, adjusted for reverse stock splits, for twenty consecutive trading days, or by the holder at any time. The Company has the right to redeem the Series A Preferred Stock at a price of $8.00 per share, plus any accrued and unpaid dividends, plus the make-whole amount (if applicable). At September 30, 2025, the preferred shares were not eligible for conversion to common shares at the option of the Company. The holder of the preferred shares may convert to common shares at any time. After making adjustment for the Company's prior reverse stock splits, all 48,100 outstanding Series A preferred shares are convertible into less than one common share. Upon any conversion (whether at the option of the Company or the holder), the holder is entitled to receive any accrued but unpaid dividends.

Except as otherwise required by law (or with respect to approval of certain actions), the Series A Preferred Stock shall have no voting rights. Upon any liquidation, dissolution or winding up of the Company, after payment or provision for payment of debts and other liabilities of the Company, the holders of Series A Preferred Stock shall be entitled to receive, pari passu with any distribution to the holders of common stock of the Company, an amount equal to $8.00 per share of Series A Preferred Stock plus any accrued and unpaid dividends.

As of September 30, 2025, there were 48,100 shares of Series A Preferred Stock outstanding and accrued and unpaid dividends of $599,647.

**NOTE 13. SERIES 1C PREFERRED STOCK**

On October 17, 2024, the Company entered into a securities purchase agreement with accredited investors for a convertible preferred stock financing for approximately $1.9 million of gross proceeds and will issue approximately 1,900 shares of Series 1C convertible preferred stock ("Series 1C Preferred Stock") at a purchase price of $1,000 per share. Approximately 75% of these securities were purchased by officers, directors and advisory board members of the Company. Through September 30, 2025, the Company received approximately $815,000 of gross proceeds and continues to work with the investors to collect the remaining balance.

------

[<u>**Table of Contents**</u>](#table_contents)

Holders of the Series 1C Preferred Stock are entitled to dividends on the per share stated value in the amount of 10% per annum, payable quarterly. The dividend rate increases to 15% if any of the Series 1C Preferred Stock remains outstanding on or after October 17, 2027. Unless the Company elects to pay dividends on the Series 1C Preferred Stock in cash, the Company will cumulate the dividends, in which case the accrued dividend amount shall be added to the stated value of each share of Series 1C Preferred Stock. The Company had accrued dividends of $77,341 as of September 30, 2025. The stated value was approximately $1,957,341 as of September 30, 2025.

The Series 1C Preferred Stock is convertible into common stock at any time after April 17, 2025 at the option of the holder at an initial fixed conversion price of $2.50 per share of common stock; however, the holder may not convert any portion to the extent that the holder would beneficially own more than 4.99% of the Company's outstanding shares of Common Stock outstanding immediately after giving effect to the conversion.

If at any time the closing sale price of the Company's common stock equals at least 300% of the conversion price for the most recent 20 consecutive trading days, the Company shall have the right to redeem all, but not less than all, of the Series 1C Preferred Stock then outstanding in cash at a price equal to 110% of the stated value of the shares being redeemed.

Upon our liquidation, dissolution or winding up, holders of Series 1C Preferred Stock shall be entitled to receive in cash out of the assets of the Company, before any amount shall be paid to the holders of any of shares of common stock, an amount per share of Series 1C Preferred Stock equal to the greater of (A) 110% of the stated value of such preferred share and (B) the amount per share such holder would receive if such holder converted such preferred share into common stock immediately prior to the date of such payment.

On any matter presented to the stockholders of the Company for their action or consideration at any meeting of stockholders of the Company (or by written consent of stockholders in lieu of meeting), each holder of outstanding shares of Series 1C Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of common stock into which the outstanding shares of Series 1C Preferred Stock held by such holder are convertible as of the record date (but only after giving effect to the maximum percentage conversion limitations referred to above). Except as provided by law or by the other provisions of the Series 1C Preferred Stock, holders of Series 1C Preferred Stock shall vote together with the holders of common stock as a single class and on an as-converted to common stock basis.

**NOTE 14. STOCKHOLDERS' EQUITY (DEFICIT)**

*Common Stock*

At September 30, 2025, the Company had 200 million shares of common stock, $0.0001 par value ("Common Stock"), authorized for issuance. Each share of Common Stock has the right to one vote. As of September 30, 2025, the Company had 3,479,149 shares of Common Stock outstanding. The Company has not declared or paid any dividends related to the Common Stock during the nine months ended September 30, 2025 and 2024.

*Public Offering*

On June 30, 2025, the Company closed a public offering (the "Offering") and issued an aggregate of (i) 507,000 shares (the "Shares") of common stock, par value $0.0001 per share, of the Company, (ii) 493,000 pre-funded warrants (the "Pre-Funded Warrants") to purchase up to 493,000 shares of Common Stock (the "Pre-Funded Warrant Shares"), and (iii) 1,000,000 warrants to purchase up to 1,000,000 shares of Common Stock ("Warrants"). Each Share or Pre-Funded Warrant was sold together with one Warrant to purchase one share of Common Stock. The combined offering price for each Share and Warrant was $2.00, and the combined offering price for each Pre-Funded Warrant and accompanying Warrant was $1.9999, resulting in gross proceeds of approximately $2.0 million (net proceeds of approximately $1.6 million), of which, $260,000 was received on July 1, 2025. The Pre-Funded Warrants have an exercise price of $0.0001 per share, be exercisable immediately and will expire when exercised in full. Each Warrant has an exercise price of $2.00 per share and will be immediately exercisable. The Warrants will expire on the five-year anniversary of the date of issuance.

Pursuant to an engagement agreement (as amended, the "Engagement Agreement") with H.C. Wainwright & Co., LLC (the "Placement Agent"), the Company paid the Placement Agent in connection with the Offering (i) a cash fee equal to 7.0% of the aggregate gross proceeds received in the Offering, (ii) a management fee equal to 1.0% of the aggregate gross proceeds received in the Offering, and (iii) reimbursement of up to $100,000 for legal fees and expenses and other out of pocket expenses. Also pursuant to the Engagement Agreement, the Company, in connection with the Offering, issued to the Placement Agent or

------

[<u>**Table of Contents**</u>](#table_contents)

its designees warrants (the "Placement Agent Warrants") to purchase up to an aggregate of 70,000 shares of Common Stock (the "Placement Agent Warrant Shares"). The Placement Agent Warrants have an exercise price of $2.50 per share (which represents 125% of the combined public offering price per Share and accompanying Warrants), will expire on June 27, 2030, and will be exercisable upon issuance.

The $2.0 million was allocated between the Common Stock or Pre-Funded Warrants and Common Stock Warrants purchased based on the relative fair value of these instruments. The fair value of the Common Stocks or Pre-Funded Warrants was determined using the closing price of the stock at close of the Offering (Level 1 on the fair value hierarchy) and the fair value of the Warrants was determined using the Black Scholes model using the following inputs (Level 2 on the fair value hierarchy):

---

| | | |
|:---|:---|:---|
|  | **Inputs** | **Inputs** |
| Expected stock price volatility |  | 156.5% |
| Dividend yield | 0 | 0% |
| Risk-free interest rate | 3.7 | 3.7% |
| Expected life of the options (in years) | 2.5 | 2.5 |

---

All 493,000 Pre-Funded Warrants were exercised during the nine months ended September 30, 2025, and no Pre-Funded Warrants remain outstanding.

*At The Market Offering*

On May 16, 2024, the Company entered into an At The Market Offering Agreement (the "ATM Agreement") with H.C. Wainwright & Co., LLC, as sales agent ("Wainwright"), to sell shares of its common stock, par value $0.0001 per share (the "Shares"), through an "at the market offering" program under which Wainwright will act as sales agent. The sales, if any, of the Shares made under the ATM Agreement will be made by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the "Securities Act"), including sales made directly on or through the Nasdaq Capital Market or on any other existing trading market for the Company's common stock. The Company will pay Wainwright a commission rate equal to 3.0% of the aggregate gross proceeds from each sale of Common Stock and will also reimburse Wainwright for certain specified expenses in connection with entering into the ATM Agreement, including certain fees and out-of-pocket expenses of its legal counsel.

During the nine months ended September 30, 2025, the Company sold 1,022,434 shares of common stock at an average price of $2.53 per share, resulting in aggregate gross proceeds of approximately $2.6 million.

*Preferred Stock*

At September 30, 2025, the Company had 25 million shares of preferred stock, $0.0001 par value, authorized for issuance. Preferred stock may be issued in classes or series. Designations, powers, preferences, rights, qualifications, limitations and restrictions are determined by the Company's Board of Directors.

*Warrants*

As of September 30, 2025, there are approximately 1,213,000 outstanding warrants with exercise prices between $2 and $74,086 per share.

*Series A Preferred Stock*

Refer to Note 12 for information on Series A Preferred Stock.

*Series 1C Preferred Stock*

Refer to Note 13 for information on Series 1C Preferred Stock.

**NOTE 15. SHARE-BASED COMPENSATION**

------

[<u>**Table of Contents**</u>](#table_contents)

In January 2024, the Company granted 4,590 shares of restricted stock units to employees and directors. One third of these shares vested on March 31, 2024 and one third vested on January 1, 2025. The remaining unvested shares will vest on January 1, 2026. The Company also granted members of our advisory board an aggregate of 200 shares of restricted stock units. The advisory shares originally vested pro rata on June 30, 2024 and January 1, 2025.

The Company had a total of 1,530 unvested units as of September 30, 2025 that are expected to vest in the future. Total unrecognized share-based compensation expense from the remaining unvested restricted stock as of September 30, 2025 was approximately $168,000 and is expected to be recognized over three months. The following table summarizes non-vested restricted stock and the related activity as of September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Weighted Average Grant Date Fair Value** |
| Non-vested at January 1, 2025 | 3188 | $250.32 |
| Granted | - | - |
| Vested | (1648) | 328.55 |
| Forfeited | (10) | 77.00 |
| Non-vested at September 30, 2025 | 1530 | $153.99 |

---

The fair values of the respective vesting dates of RSUs were approximately $5,100 and $7,143 for the nine months ended September 30, 2025 and 2024, respectively.

In August 2024, the Company granted 124,850 stock options expiring 10 years from the date of grant to employees, directors, and advisory board members. One third of these options vested on September 15, 2024, and another one third vested on August 21, 2025. The remaining unvested options will vest on August 21, 2026.

The weighted average remaining contractual term for these options at September 30, 2025, was approximately 9 years. Based on the Black-Scholes option pricing model, the options estimated weighted average fair values at the date of grant of $4.15 per share. The fair values were estimated using the following weighted average assumptions:

---

| | |
|:---|:---|
|  | **Inputs** |
| Expected stock price volatility | 188.87% |
| Dividend yield | 0% |
| Risk-free interest rate | 3.64% |
| Expected life of the options (in years) | 5.5 |

---

In June 2025, the Company granted 506,000 stock options terminating 10 years from the date of grant to employees, directors, and advisory board members. One third of these options vested on June 20, 2025. The remaining unvested options vest pro rata on May 28, 2026 and May 29, 2027.

The weighted average remaining contractual term for these options at September 30, 2025, was approximately 9.7 years. Based on the Black-Scholes option pricing model, the options estimated weighted average fair values at the date of grant of $1.63 per share. The fair values were estimated using the following weighted average assumptions:

---

| | |
|:---|:---|
|  | **Inputs** |
| Expected stock price volatility | 83.75% |
| Dividend yield | 0% |
| Risk-free interest rate | 4.01% |
| Expected life of the options (in years) | 5.5 |

---

The Company had a total of 379,530 unvested options as of September 30, 2025 that are expected to vest in the future. Total unrecognized share based compensation expense from the remaining unvested options as of September 30, 2025 was approximately $511,256 and is expected to be recognized over approximately 1.7 years. The Company had approximately

------

[<u>**Table of Contents**</u>](#table_contents)

251,320 exercisable options as of September 30, 2025. The following table summarizes options activity as of September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Weighted Average Exercise Price** |
| Stock Options Outstanding at January 1, 2025 | 124850 | $4.15 |
| Granted | 506000 | 1.63 |
| Exercised | - | - |
| Forfeited / Expired | (1170) | 4.15 |
| Stock Options Outstanding at September 30, 2025 | 629680 | $1.91 |

---

The Company utilized the simplified method for estimating the stock options granted as the Company has experienced significant changes in its business and the historical data may not provide a reasonable basis upon which to estimate expected term.

# NOTE 16. COMMITMENTS AND CONTINGENCIES
The Company is subject to various legal proceedings, both asserted and unasserted, that arise in the ordinary course of business. The Company cannot predict the ultimate outcome of such legal proceedings or in certain instances provide reasonable ranges of potential losses. However, as of the date of this report, the Company believes that none of these claims will have a material adverse effect on its financial position or results of operations. In the event of unexpected subsequent developments and given the inherent unpredictability of these legal proceedings, there can be no assurance that the Company's assessment of any claim will reflect the ultimate outcome, and an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company's financial position or results of operations in particular quarterly or annual periods.

------

[<u>**Table of Contents**</u>](#table_contents)

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion of our financial condition and results of operations should be read in conjunction with our unaudited financial statements and the notes to those financial statements appearing elsewhere in this Form 10-Q and our audited financial statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024 which was filed with the SEC on March 31, 2025. This discussion and analysis contains statements of a forward-looking nature relating to future events or our future financial performance. As a result of many factors, our actual results may differ materially from those anticipated in these forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should carefully read the "Risk Factors" section of this Quarterly Report and of our Annual Report on Form 10-K for the year ended December 31, 2024 to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section entitled "Forward-Looking Statements."*

**Overview**

We are a solar technology company that manufactures and sells PV solar modules that are flexible, durable, and possess attractive power to weight and power to area performance. Our technology provides renewable power solutions to high-value production and specialty solar markets where traditional rigid solar panels are not suitable, including space power beaming, aerospace, satellites, near earth orbiting vehicles, fixed wing UAV, aquatic terrestrial, and agrivoltaics. We operate in these target markets because they have highly specialized needs for power generation and offer attractive pricing due to the significant technological requirements.

We believe the value proposition of Ascent's proprietary solar technology not only aligns with the needs of customers in our target markets, but also overcomes many of the obstacle's other solar technologies face in space, aerospace and other markets. Ascent designs and develops finished products for end users in these areas and collaborates with strategic partners to design and develop integrated solutions for products like satellites, spacecraft, airships and UAV. Ascent sees significant overlap in the needs of end users across some of these markets and believes it can achieve economies of scale in sourcing, development, and production in commercializing products for these customers.

The integration of Ascent's solar modules into space, near space, and aeronautic vehicles with ultra-lightweight and flexible solar modules is an important market opportunity for the Company. Customers in this market have historically required a high level of durability, high voltage and conversion efficiency from solar module suppliers, and we believe our products are well suited to compete in this premium market and will fill a void in the satellite market with a lower cost, lighter module and a product that, if struck by an object in space, will create limited space debris.

For the nine months ended September 30, 2025, we generated $61,134 of total revenue. As of September 30, 2025, we had an accumulated deficit of $497,370,043.

Due to the high durability enabled by the monolithic integration employed by our technology, the capability to customize modules into different form factors and what we believe is the industry leading light weight and flexibility provided by our modules, we believe that the potential applications for our products are extensive, including integrated solutions anywhere that may need power generation such as power beaming solutions, vehicles in space or in flight or dual-use installations on agricultural land.

**Commercialization and Manufacturing Strategy**

We manufacture our products by affixing a thin CIGS layer to a flexible, plastic substrate using a large format, roll-to-roll process that permits us to fabricate our flexible PV modules in an integrated sequential operation. We use proprietary monolithic integration techniques which enable us to form complete PV modules with little to no costly back-end assembly of inter-cell connections. Traditional PV manufacturers assemble PV modules by bonding or soldering discrete PV cells together. This manufacturing step typically increases manufacturing costs and, at times, proves detrimental to the overall yield and reliability of the finished product. By reducing or eliminating this added step, using our proprietary monolithic integration techniques, we believe we can achieve cost savings in, and increase the reliability of, our PV modules.

------

[<u>**Table of Contents**</u>](#table_contents)

We plan to continue the development of our current PV technology to increase module efficiency, improve our manufacturing tooling and process capabilities and reduce manufacturing costs.

**Significant Trends, Uncertainties and Challenges**

We believe the significant trends, uncertainties and challenges that directly or indirectly affect our financial performance and results of operations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to generate customer acceptance of and demand for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Successful ramping up of commercial production on the equipment installed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The substantial doubt about our ability to continue as a going concern due to our history of operating losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our products are successfully and timely certified for use in our target markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Successful operating of production tools to achieve the efficiencies, throughput and yield necessary to reach our cost targets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The products we design are saleable at a price sufficient to generate profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to raise sufficient capital to enable us to reach a level of sales sufficient to achieve profitability on terms favorable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Effective management of the planned ramp up of our domestic and international operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to successfully develop and maintain strategic relationships with key partners, including OEMs, system integrators, and distributors, who deal directly with end users in our target markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to maintain the listing of our common stock on the Nasdaq Capital Market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to maintain effective internal controls over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to achieve projected operational performance and cost metrics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to enter into commercially viable licensing, joint venture, or other commercial arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Availability of raw materials.

**Basis of Presentation:** The accompanying unaudited condensed financial statements have been derived from the accounting records of Ascent Solar Technologies, Inc. as of September 30, 2025 and December 31, 2024, and the results of operations for the three and nine months ended September 30, 2025 and 2024.

**Critical Accounting Policies and Estimates**

Critical accounting policies used in reporting our financial results are reviewed by management on a regular basis. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. Processes used to develop these estimates are evaluated on an ongoing basis. Estimates are based on historical experience and various other assumptions that are believed to be reasonable for making judgments about the carrying value of assets and liabilities. Actual results may differ as outcomes from assumptions may change.

The Company's significant accounting policies were described in Note 2 to the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. There have been no significant changes to our accounting policies as of September 30, 2025.

**Results of Operations**

------

[<u>**Table of Contents**</u>](#table_contents)

**Comparison of the Three Months Ended September 30, 2025 and 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** |  |
|  | **2025** | **2024** | **$ Change** |
| **Revenues** |  |  |  |
| Products | $28549 | $8550 | $19999 |
| **Costs and Expenses** |  |  |  |
| Cost of Revenue | 88991 | 76796 | 12195 |
| Research, development and <br> manufacturing operations | 620572 | 603534 | 17038 |
| Selling, general and administrative | 1003396 | 1216976 | (213580) |
| Share-based compensation | 259442 | 354410 | (94968) |
| Depreciation and amortization | 23831 | 17730 | 6101 |
| &nbsp;&nbsp;**Total Costs and Expenses** | 1996232 | 2269446 | (273214) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Loss From Operations** | (1967683) | (2260896) | 293213 |
| **Other Income/(Expense)** |  |  |  |
| Other income/(expense), net | (42290) | 742162 | (784452) |
| Interest Expense | (12292) | (170838) | 158546 |
| &nbsp;&nbsp;**Total Other Income/(Expense)** | (54582) | 571324 | (625906) |
| &nbsp;&nbsp;**Income/(Loss) on Equity Method Investments** | 625 | (1295) | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net (Loss)/Income** | $(2021640) | $(1690867) | $(330773) |

---

*Total Revenues.* Our total revenues increased by $19,999, or 234%, for the three months ended September 30, 2025 when compared to the same period in 2024. This is primarily due to more orders in the current period compared to prior period.

*Cost of revenue.* Cost of revenues is primarily comprised of repair and maintenance, material costs, and direct labor and overhead expenses. Our Cost of revenues increased by $12,195, or 16%, for the three months ended September 30, 2025 when compared to the same period in 2024. This increase is primarily due to the increase in sales.

*Research, development and manufacturing operations.* Research, development and manufacturing operations costs include costs incurred for product development, pre-production and production activities in our manufacturing facility. Research, development and manufacturing operations costs also include costs related to technology development. Research, development and manufacturing operations costs increased by $17,038, or 3%, for the three months ended September 30, 2025 when compared to the same period in 2024. This is primarily due to an increase in research and development cost as the Company continued to focused on product and technology improvements in the current period.

*Selling, general and administrative.* 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. This decrease is primarily due to lower personnel and professional service costs incurred in the current period compared to the prior period.

*Share-based compensation.* Share-based compensation expense decreased by $94,968 or 27% for the three months ended September 30, 2025 when compared to the same period in 2024. The decrease is primarily due to less RSU awards and stock option being expensed for the three months ended September 30, 2025.

*Other Income/Expense.* 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. This decrease is primarily due to a decrease in other income, partially offset by decreased interest expense. During three months ended September 30, 2024, the other income included gain on settlement of liabilities, and the reversal of a Swiss liability.

*Net Loss.* Our Net Loss increased by $330,773, or 20%, for the three months ended September 30, 2025 compared to the same period in 2024 due primarily to the items mentioned above.

------

[<u>**Table of Contents**</u>](#table_contents)

**Comparison of the Nine Months Ended September 30, 2025 and 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |  |
|  | **2025** | **2024** | **$ Change** |
| **Revenues** |  |  |  |
| Product Revenue | $61134 | $41893 | $19241 |
| **Costs and Expenses** |  |  |  |
| Cost of Revenue | 141715 | 147708 | (5993) |
| Research, development and <br> manufacturing operations | 1795163 | 1716766 | 78397 |
| Selling, general and administrative | 2994072 | 3888455 | (894383) |
| Share-based compensation | 875168 | 799345 | 75823 |
| Depreciation and amortization | 58184 | 57139 | 1045 |
| Impairment loss | - | 524481 | (524481) |
| &nbsp;&nbsp;**Total Costs and Expenses** | 5864302 | 7133894 | (1269592) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Loss From Operations** | (5803168) | (7092001) | 1288833 |
| **Other Income/(Expense)** |  |  |  |
| Other Income/(Expense), net | 82491 | 768496 | (686005) |
| Warrant settlement | - | (743462) | 743462 |
| Interest Expense | (39702) | (604473) | 564771 |
| &nbsp;&nbsp;**Total Other Income/(Expense)** | 42789 | (579439) | 622228 |
| &nbsp;&nbsp;**Income/(Loss) on Equity Method Investments** | (954) | (2996) | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net (Loss)/Income** | $(5761333) | $(7674436) | $1913103 |

---

*Total Revenues.* Our total revenues increased by $19,241, or 46%, for the nine months ended September 30, 2025 when compared to the same period in 2024. This is primarily due to more orders in the current period compared to prior period.

*Cost of revenue.* Cost of revenues is primarily comprised of repair and maintenance, material costs, and direct labor and overhead expenses. Our Cost of revenues decreased by $5,993, or 4%, for the nine months ended September 30, 2025 when compared to the same period in 2024. This decrease is primarily due to lower overhead expenses in the current year.

*Research, development and manufacturing operations.* Research, development and manufacturing operations costs include costs incurred for product development, pre-production and production activities in our manufacturing facility. Research, development and manufacturing operations costs also include costs related to technology development. Research, development and manufacturing operations costs increased by $78,397, or 5%, for the nine months ended September 30, 2025 when compared to the same period in 2024. This is primarily due to an increase in research and development cost as the Company continued to focused on product and technology improvements in the current period.

*Selling, general and administrative.* Selling, general and administrative expenses decreased by $894,383, or 23% for the nine months ended September 30, 2025 compared to the same period in 2024. This decrease is primarily due to lower personnel and professional service costs incurred in the current period compared to the prior period.

*Share-based compensation.* Share-based compensation expense increased by $75,823 or 9% for the nine months ended September 30, 2025 when compared to the same period in 2024. The increase is primarily due to Company's option grant to employees, directors, and advisory board in August 2024 and June 2025, partially offset by less RSU expenses in current period.

*Other Income/Expense.* Other income was $42,789 for the nine months ended September 30, 2025, compared to other expense of $579,439 for the same period in 2024, an increase of $622,228. The increase is due primarily to the warrant settlement expense to terminate warrant agreements with certain investors in prior period that did not repeat in current period and decreased interest expense as the December 2022 convertible debt and bridge loans were repaid in 2024. These changes

------

[<u>**Table of Contents**</u>](#table_contents)

were partially offset by decreased other income in the current year as, during the nine months ended September 30, 2024, other income included a gain on settlement of liabilities, and the reversal of a Swiss liability.

*Net Loss.* Our Net Loss decreased by $1,913,103, or 25%, for the nine months ended September 30, 2025 compared to the same period in 2024 due primarily to the items mentioned above.

**Liquidity and Capital Resources**

The Company continues to build industrial scale production capabilities in its Thornton facility and focus on its research and development activities to improve its PV products. The Company does not expect that sales revenue and cash flows will be sufficient to support operations and cash requirements until it has fully implemented its strategy of selling high value PV products and manufacturing at full industrial scale. During the nine months ended September 30, 2025 the Company used $5,097,082 in cash for operations.

Additionally, projected total revenues are not anticipated to result in a positive cash flow position for the year overall and, as of September 30, 2025, and while the Company has working capital of $504,071, Management believes that additional financing will be required for the Company to reach a level of sufficient sales to achieve profitability.

The Company continues to accelerate sales and marketing efforts related to its specialty PV application strategies through expansion of its sales and distribution channels. The Company also continues activities to secure additional financing through strategic or financial investors, but there is no assurance the Company will be able to raise additional capital on acceptable terms or at all. If the Company's revenues do not increase rapidly, and/or additional financing is not obtained, the Company will be required to significantly curtail operations to reduce costs and/or sell assets. Such actions would likely have an adverse impact on the Company's future operations.

As a result of the Company's recurring losses from operations, and the need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the Company's ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt as to the Company's ability to continue as a going concern.

Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

**Statements of Cash Flows Comparison of the nine months ended September 30, 2025 and 2024**

For the nine months ended September 30, 2025, our cash used in operations was $5,097,082 compared to $6,897,159 for the nine months ended September 30, 2024, a decrease of $1,800,077. This decrease is due primarily to timing of cash outflows and decreased expenses. The nine months ended September 30, 2025 net cash used in operations of $5,097,082 were primarily funded from 2024 and 2025 financing agreements. For the nine months ended September 30, 2025, cash used in investing activities was $107,015 compared to $421 used in investing activities in the prior period. The increase was primarily due to the purchase of a cost investment and fixed assets. For the nine months ended September 30, 2025, our cash provided by financing activities was $4,127,372 compared to $9,570,393 in the prior period, a decrease of $5,443,021. Cash provided by financing activities in 2025 was primarily derived from the selling common stock under the ATM agreement and a public offering partially offset by the bridge loan repayments. During the nine months ended September 30, 2024, cash provided by financing activities was primarily derived from a public offering, a series of bridge loans, and common stock sales from our ATM agreement partially offset by the loan repayments, warrant repurchase, and repayment of conversions payables associated with a December 2022 offering.

**Off Balance Sheet Transactions**

As of September 30, 2025, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

**Smaller Reporting Company Status**

We are a "smaller reporting company" meaning that the market value of our stock held by non-affiliates is less than $700 million and our annual revenue was less than $100 million during the most recently completed fiscal year. We may continue to be a smaller reporting company if either (i) the market value of our stock held by non-affiliates is less than $250 million or

------

[<u>**Table of Contents**</u>](#table_contents)

(ii) our annual revenue was less than $100 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700 million. As a smaller reporting company, we may rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and smaller reporting companies have reduced disclosure obligations regarding executive compensation.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

**Foreign Currency Exchange Risk**

Although our reporting currency is the U.S. Dollar, we may conduct business and incur costs in the local currencies of other countries in which we may operate, make sales and buy materials. As a result, we are subject to currency translation risk. Further, changes in exchange rates between foreign currencies and the U.S. Dollar could affect our future net sales and cost of sales and could result in exchange losses.

We currently do not engage in hedging transactions to reduce our exposure to changes in currency exchange rates, although, we may do so in the future.

We hold no significant funds and have no significant future obligations denominated in foreign currencies as of September 30, 2025.

**Interest Rate Risk**

Our exposure to market risks for changes in interest rates relates primarily to our cash equivalents and investment portfolio. As of September 30, 2025, our cash equivalents consisted of operating accounts held with financial institutions and investments in money market funds. From time to time, we hold restricted funds, money market funds, investments in U.S. government securities and high-quality corporate securities. The primary objective of our investment activities is to preserve principal and provide liquidity on demand, while at the same time maximizing the income we receive from our investments without significantly increasing risk. The direct risk to us associated with fluctuating interest rates is limited to our investment portfolio, and we do not believe a change in interest rates will have a significant impact on our financial position, results of operations, or cash flows.

**Item 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. Our disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosures. Our management conducted an evaluation required by Rules 13a-15 and 15d-15 under the Exchange Act of the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15 and 15d-15 under the Exchange Act as of September 30, 2025. Based on this evaluation, our management concluded the design and operation of our disclosure controls and procedures were effective as of September 30, 2025.

**Changes in Internal Control Over Financial Reporting**

There were no changes in internal control over financial reporting during the nine months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

[<u>**Table of Contents**</u>](#table_contents)

**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Except as discussed in Note 16 to the financial statements, there were no events required to be reported under Item 1 for the nine months ended September 30, 2025, within Part II, Item 1 of this report.

**Item 1A. Risk Factors**

In addition to the information set forth in this Form 10-Q, you should carefully consider the risk factors disclosed under the heading "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024. Except as set forth below, there have been no material changes to our risk factors from those included in our Annual Report on Form 10-K for the year ended December 31, 2024.

***As long as our executive officers, board members and advisory board members, in the aggregate, maintain their current holdings of our equity securities, they will be able to significantly influence all matters requiring stockholder approval.*** 

Upon completion of the Series 1C Preferred Stock funding, executive officers, directors, and advisory board members hold an aggregate of approximately 1,900 shares of Series 1C Preferred Stock. The Series 1C Preferred Stock is entitled to vote along with our common stock on an as-converted to common basis. As of November 10, 2025, the shares of Series 1C Preferred Stock owned by such executive officers, directors and advisors (after giving effect to the 4.99% maximum percentage conversion limitations contained in the Series 1C Preferred Stock terms) would be entitled to cast, in the aggregate, approximately 10.9% votes on any matter to be considered by stockholders for approval at any meeting of stockholders of the Company (or by written consent of stockholders in lieu of meeting), based upon approximately 3,479,149 shares of common stock currently outstanding. These executive officers, directors, and advisors, therefore, will, for the foreseeable future, have significant influence over our management and affairs, and will be able to significantly influence all matters requiring stockholder approval, including the election of directors and significant corporate transactions such as mergers or sales of our Company or assets.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

There were no unregistered sales of equity securities of the Company during the period covered by this quarterly report which were not previously reported in a (i) Current Report on Form 8-K or (ii) Quarterly Report on Form 10-Q.

**Issuer Purchases of Equity Securities**

We did not repurchase any of our equity securities during the nine months ended September 30, 2025.

**Item 3. Defaults Upon Senior Securities**

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

**Rule 10b5-1 Sales Plans**

Our policy governing transactions in our securities by directors, officers, and employees permits our officers, directors, and certain other persons to enter into trading plans complying with Rule 10b5-1 under the Exchange Act. Generally, under these trading plans, the individual relinquishes control over the transactions once the trading plan is put into place and can only put such plans into place while the individual is not in possession of material non-public information. Accordingly, sales under these plans may occur at any time, including possibly before, simultaneously with, or immediately after significant events involving our company.

------

[<u>**Table of Contents**</u>](#table_contents)

During the three months ended September 30, 2025, none of our directors or executive officers had a Rule 10b5-1 plan in effect.

------

[<u>**Table of Contents**</u>](#table_contents)

**Item 6. Exhibits**

The exhibits listed on the accompanying Index to Exhibits on this Form 10-Q are filed or incorporated into this Form 10-Q by reference.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | [<u>2024 Placement Agency Agreement (incorporated by reference to Exhibit 1.1 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [<u>Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.2 to our Registration Statement on Form SB-2 filed on January 23, 2006 (Reg. No. 333-131216))</u>](https://www.sec.gov/Archives/edgar/data/1350102/000104746906000749/a2166680zex-3_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000135010211000017/asti-31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed February 11, 2014)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000135010214000007/exhibit31-certofamendment.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated August 26, 2014. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed September 2, 2014)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000135010214000057/asti-xexhibit31toform8xkxx.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.5 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated October 27, 2014 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K dated October 28, 2014)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000135010214000072/exhibit31asti_charteramend.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.6 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated December 22, 2014. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K dated December 23, 2014)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000135010214000094/exhibit31asti_charteramend.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.7<br>| [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated May 26, 2016 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed June 2, 2016)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000135010216000168/certificateofamendmentto.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.8<br>| [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated September 15, 2016 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed September 16, 2016)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000135010216000189/exhbit31asti-charteramendc.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.9 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated March 16, 2017 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed March 17, 2017)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000135010217000031/march 1720178-k.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.10 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated July 19, 2018 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed July 23, 2018)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000135010218000024/finalasticharteramendment-.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated September 23, 2021 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed September 24, 2021)</u>](https://www.sec.gov/Archives/edgar/data/0001350102/000107997321000954/ex3x1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.12 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated January 27, 2022 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed February 2, 2022)</u>](https://www.sec.gov/Archives/edgar/data/0001350102/000107997322000119/ex3x1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.13 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated September 8, 2023 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on September 15, 2023)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001350102/000107997323001278/asti_8k.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.14 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company dated August 13, 2024 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on August 19, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001350102/000107997324001281/asti_8k.htm) |

---

------

[<u>**Table of Contents**</u>](#table_contents)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;3.15 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated June 4, 2025. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed June 4, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000107997325001000/ex3x1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.16<br>| [<u>Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to our Current Report on Form 8-K filed on February 17, 2009)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000110465909010218/a09-5824_1ex3d2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.17<br>| [<u>First Amendment to Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.3 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2009)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000119312509225651/dex33.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.18<br>| [<u>Second Amendment to Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed January 25, 2013)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000135010213000003/exhibit31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.19<br>| [<u>Third Amendment to Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed December 18, 2015)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000135010215000126/exhibit31thirdamendmentose.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.20 | [<u>Fourth Amendment to Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed March 13, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000107997325000392/ex3x1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [<u>Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to our Registration Statement on Form SB-2/A filed on June 6, 2006 (Reg. No. 333-131216))</u>](https://www.sec.gov/Archives/edgar/data/1350102/000104746906008590/a2171306zex-4_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | [<u>Certificate of Designations of Series A Preferred Stock (filed as Exhibit 4.2 to our Registration Statement on Form S-3 filed July 1, 2013 (Reg. No. 333-189739))</u>](https://www.sec.gov/Archives/edgar/data/1350102/000135010213000023/asti-42_2013.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | [<u>Certificate of Designation of Series Z Preferred Stock dated June 20, 2024 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on June 21, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000107997324000950/asti_8k.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4<br>| [<u>Certificate of Designations of Rights and Preferences of Series 1C Convertible Preferred Stock dated October 17, 2024 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on October 23, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001350102/000107997324001438/asti_8k.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.5 | [<u>Description of Securities (incorporated by reference to Exhibit 4.4 to our Annual Report on Form 10-K filed March 31, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000095017025047692/asti-ex4_4.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.6 | [<u>Form of 2023 Common Warrant (incorporated by reference to Exhibit 4.4 filed with Amendment No. 3 to the Company's Registration on Form S-1 (File no. 333-274231))</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.7 | [<u>Form of 2023 Prefunded Warrant (incorporated by reference to Exhibit 4.6 filed with Amendment No. 3 to the Company's Registration on Form S-1 (File no. 333-274231))</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.8 | [<u>Form of 2023 Placement Agent Warrant (incorporated by reference to Exhibit 4.5 filed with Amendment No. 3 to the Company's Registration on Form S-1 (File no. 333-274231))</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.9 | [<u>Form of 2023 Common Warrant Agency Agreement (incorporated by reference to Exhibit 4.7 filed with Amendment No. 3 to the Company's Registration on Form S-1 (File no. 333-274231))</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.10 | [<u>Form of 2023 Prefunded Warrant Agency Agreement (incorporated by reference to Exhibit 4.8 filed with Amendment No. 3 to the Company's Registration on Form S-1 (File no. 333-274231))</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.11<br>| [<u>Form of 2023 Securities Purchase Agreement (incorporated by reference to Exhibit 4.9 filed with Amendment No. 3 to the Company's Registration on Form S-1 (File no. 333-274231))</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.12 | [<u>Form of 2024 Placement Agent's Warrant (incorporated by reference to Exhibit 4.4 to our Registration Statement on Form S-1 (File no. 333-277070) Amendment No. 3 filed on April 9, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13 | [<u>Form of 2024 Pre-Funded Warrant (incorporated by reference to Exhibit 4.6 to our Registration Statement on Form S-1 (File no. 333-277070) Amendment No. 1 filed on February 23, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.14 | [<u>Form of 2024 Pre-Funded Warrant Agency Agreement (incorporated by reference to Exhibit 4.8 filed with Amendment No. 1 to the Company's Registration on Form S-1 (File no. 333-277070) filed on February 23, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.15 | [<u>Form of 2024 Common Stock Warrants issued to extend the Warrant Repurchase Agreements (incorporated by reference to Exhibit 4.13 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |

---

------

[<u>**Table of Contents**</u>](#table_contents)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;4.16 | [<u>Form of 2025 Common Warrant (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on June 30, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000107997325001080/ex4x1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.17 | [<u>Form of 2025 Pre-Funded Warrant (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K filed on June 30, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000107997325001080/ex4x2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.18 | [<u>Form of 2025 Placement Agent Warrant (incorporated by reference to Exhibit 4.3 to our Current Report on Form 8-K filed on June 30, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000107997325001080/ex4x3.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 <sup>CTR</sup> | [<u>Securities Purchase Agreement, dated January 17, 2006, between the Company and ITN Energy Systems, Inc. (incorporated by reference to Exhibit 10.1 to our Registration Statement on Form SB-2 filed on January 23, 2006 (Reg. No. 333-131216))</u>](https://www.sec.gov/Archives/edgar/data/0001350102/000104746906000749/a2166680zex-10_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 <sup>CTR</sup> | [<u>Invention and Trade Secret Assignment Agreement, dated January 17, 2006, between the Company and ITN Energy Systems, Inc. (incorporated by reference to Exhibit 10.2 to our Registration Statement on Form SB-2 filed on January 23, 2006 (Reg. No. 333-131216))</u>](https://www.sec.gov/Archives/edgar/data/0001350102/000104746906000749/a2166680zex-10_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3 | [<u>Patent Application Assignment Agreement, dated January 17, 2006, between the Company and ITN Energy Systems, Inc. (incorporated by reference to Exhibit 10.3 to our Registration Statement on Form SB-2 filed on January 23, 2006 (Reg. No. 333-131216))</u>](https://www.sec.gov/Archives/edgar/data/0001350102/000104746906000749/a2166680zex-10_3.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.4 <sup>CTR</sup> | [<u>License Agreement, dated January 17, 2006, between the Company and ITN Energy Systems, Inc. (incorporated by reference to Exhibit 10.4 to our Registration Statement on Form SB-2 filed on January 23, 2006 (Reg. No. 333-131216))</u>](https://www.sec.gov/Archives/edgar/data/0001350102/000104746906000749/a2166680zex-10_4.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.5 | [<u>Letter Agreement, dated November 23, 2005, among the Company, ITN Energy Systems, Inc. and the University of Delaware (incorporated by reference to Exhibit 10.16 to our Registration Statement on Form SB-2/A filed on May 26, 2006 (Reg. No. 333-131216))</u>](https://www.sec.gov/Archives/edgar/data/0001350102/000104746906007723/a2170698zex-10_16.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.6 <sup>CTR</sup> | [<u>License Agreement, dated November 21, 2006, between the Company and UD Technology Corporation (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on November 29, 2006)</u>](https://www.sec.gov/Archives/edgar/data/0001350102/000110465906078250/a06-24717_1ex10d1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.7 | [<u>Novation Agreement, dated January 1, 2007, among the Company, ITN Energy Systems, Inc. and the United States Government (incorporated by reference to Exhibit 10.23 to our Annual Report on Form 10-KSB for the year ended December 31, 2006)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000110465907024407/a07-7156_1ex10d23.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.8† | [<u>Seventh Amended and Restated 2005 Stock Option Plan (incorporated by reference to Annex B of our definitive proxy statement dated April 22, 2016)</u>](https://www.sec.gov/Archives/edgar/data/0001350102/000135010216000148/a2016_proxydef14axannualme.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.9† | [<u>Seventh Amended and Restated 2008 Restricted Stock Plan Stock Option Plan (incorporated by reference to Annex A of our definitive proxy statement dated April 22, 2016)</u>](https://www.sec.gov/Archives/edgar/data/0001350102/000135010216000148/a2016_proxydef14axannualme.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.10+ | [<u>Industrial Lease for 12300 Grant Street, Thornton, Colorado dated September 21, 2020 (incorporated by reference to Exhibit 10.50 to our Annual Report on Form 10-K filed January 29, 2021)</u>](https://www.sec.gov/Archives/edgar/data/0001350102/000156459021003381/asti-ex1050_192.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.11+  | [<u>Long-Term Supply and Joint Development Agreement dated September 15, 2021 (incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021)</u>](https://www.sec.gov/Archives/edgar/data/0001350102/000156459021055853/asti-ex102_335.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.12 | [<u>Asset Purchase Agreement, dated as of April 17, 2023 (incorporated by reference to Exhibit 2.1 to our Current Report on Form 8-K filed on April 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000121390023031708/ea177087ex2-1_ascentsolar.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.13 | [<u>Transition Services Agreement, dated as of April 17, 2023 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on April 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000121390023031708/ea177087ex10-1_ascentsolar.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.14 | [<u>Sublease Agreement, dated as of April 17, 2023 (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on April 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000121390023031708/ea177087ex10-2_ascentsolar.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.15 | [<u>Technology License Agreement, dated as of April 17, 2023 (incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K filed on April 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000121390023031708/ea177087ex10-3_ascentsolar.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.16 | [<u>Letter Agreement, dated as of April 20, 2023 (incorporated by reference to Exhibit 10.4 to our Current Report on Form 8-K filed on April 21, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000121390023031708/ea177087ex10-4_ascentsolar.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.17† | [<u>CEO Employment Agreement between the Company and Paul Warley dated as of May 1, 2023 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on May 3, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000107997323000632/ex10x1.htm) |

---

------

[<u>**Table of Contents**</u>](#table_contents)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;10.18 | [<u>2024 Placement Agent Agreement (incorporated by reference to Exhibit 1.1 filed with Amendment No. 3 to the Company's Registration on Form S-1 (File no. 333-274231))</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.19† | [<u>Employment Agreement between the Company and Bobby Gulati dated as of October 19, 2023 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on October 23, 2023)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.20† | [<u>Employment Agreement between the Company and Jin Jo dated as of October 19, 2023 (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on October 23, 2023)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.21† | [<u>Ascent Solar 2023 Equity Incentive Plan (as amended through May 29, 2025) (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on May 29, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000107997325000946/ex10x1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.22 | [<u>Warrant Repurchase Agreement dated March 6, 2024 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on March 7, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.23 | [<u>Warrant Repurchase Agreement dated March 7, 2024 (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on March 7, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.24 | [<u>Cedar Loan Agreement dated April 17, 2024 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on April 18, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000095017024056951/asti-20240331.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.25 | [<u>At The Market Offering Agreement, dated May 16, 2024, by and between Ascent Solar Technologies, Inc. and H.C. Wainwright & Co., LLC (incorporated by reference to Exhibit 10.1 to our Current report on Form 8-K filed on May 16, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000107997324000764/asti_8k.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.26 | [<u>Securities Purchase Agreement dated June 20, 2024 between Ascent Solar Technologies, Inc. and Paul Warley (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on June 21, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000107997324000950/asti_8k.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.27 | [<u>Form of Series 1C Convertible Preferred Stock Securities Purchase Agreement dated October 17, 2024 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on March 7, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001350102/000107997324001438/asti_8k.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.28 | [<u>Form of 2025 Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on June 30, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000107997325001080/ex10x1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;19.1 | [<u>Ascent Solar Insider Trading Policy (incorporated by reference to Exhibit 19.1 to our Annual Report on Form 10-K filed March 31, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1350102/000095017025047692/asti-ex19_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.1\* | [<u>Chief Executive Officer Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002</u>](asti-ex31_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.2\* | [<u>Chief Financial Officer Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002</u>](asti-ex31_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.1\* | [<u>Chief Executive Officer Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002</u>](asti-ex32_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.2\* | [<u>Chief Financial Officer Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002</u>](asti-ex32_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;97<br>| [<u>Ascent Solar Technologies, Inc. Rule 10D-1 Clawback Policy (incorporated by reference to Exhibit 97 to our Annual Report on Form 10-K filed on February 21, 2024)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001350102/000095017024017977/asti-20231231.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| \* | Filed herewith |
| <sup>CTR</sup> | Portions of this exhibit have been omitted pursuant to a request for confidential treatment. |
| † | Denotes management contract or compensatory plan or arrangement. |
| + | Certain portions of the exhibit have been omitted pursuant to Rule 601(b)(10) of Regulation S-K. The omitted information is (i) not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. |

---

------

[<u>**Table of Contents**</u>](#table_contents)

**ASCENT SOLAR TECHNOLOGIES, INC.**

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the 10th day of November, 2025.

---

| | | |
|:---|:---|:---|
| November 10, 2025 | By: | /s/ PAUL WARLEY |
|  |  | Paul Warley<br>Chief Executive Officer<br>(Principal Executive Officer) |
| November 10, 2025 | By: | /s/ JIN JO |
|  |  | Jin Jo<br>Chief Financial Officer<br>(Principal Financial and Accounting Officer) |

---

------

## Exhibit 31.1

**Exhibit 31.1**

**ASCENT SOLAR TECHNOLOGIES, INC.**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Paul Warley, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ascent Solar Technologies, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| November 10, 2025 |  |
|  | /s/ PAUL WARLEY |
|  | Paul Warley<br>*Chief Executive Officer*<br>*(Principal Executive Officer)* |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**ASCENT SOLAR TECHNOLOGIES, INC.**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jin Jo, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ascent Solar Technologies, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| November 10, 2025 |  |  |
|  | By: | /s/ JIN JO |
|  |  | Jin Jo<br>*Chief Financial Officer*<br>*(Principal Financial and Accounting Officer)* |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**ASCENT SOLAR TECHNOLOGIES, INC.**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT

TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Ascent Solar Technologies, Inc. (the "Company") on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date therein specified (the "Report"), I, Paul Warley, Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| November 10, 2025 |  |
|  | /s/ PAUL WARLEY |
|  | Paul Warley<br>*Chief Executive Officer*<br>*(Principal Executive Officer)* |

---

------

## Exhibit 32.2

**Exhibit 32.2**

**ASCENT SOLAR TECHNOLOGIES, INC.**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT

TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Ascent Solar Technologies, Inc. (the "Company") on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date therein specified (the "Report"), I, Jin Jo, Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| November 10, 2025 |  |  |
|  | By: | /s/ JIN JO |
|  |  | Jin Jo<br>*Chief Financial Officer*<br>*(Principal Financial and Accounting Officer)* |

---

------