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Ascent Solar Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total revenues to $8,550 for the quarter, down from $229,954 in the same quarter the previous year. This decline is attributed to a lack of repeat large customer orders and engineering revenue.
Cost of revenues decreased significantly to $76,796 from $692,752, reflecting reduced manufacturing activities as the company focused on product and technology improvements.
Research, development, and manufacturing operations costs increased to $603,534 from $344,942, due to continued focus on product and technology improvements.
Selling, general, and administrative expenses decreased to $1,216,976 from $1,407,493, primarily due to reduced professional services and administrative expenses.
Share-based compensation expenses rose to $354,410 from $139,067, due to the company's RSU and option grants in 2024.
Net loss for the quarter was $1,690,867, compared to $1,909,273 in the previous year, with the decrease attributed to reduced costs and expenses.
Cash used in operating activities was $6,897,159 for the nine months ended September 30, 2024, compared to $7,329,398 in the previous year, reflecting decreased manufacturing activities.
Ascent Solar reported working capital of $1,362,847 as of September 30, 2024, but noted that additional financing will be required to support operations over the next twelve months.
The filing also discusses a reverse stock split effective August 14, 2024, at a ratio of one-for-one hundred, with trading on a split-adjusted basis beginning August 15, 2024.
Ascent Solar continues to focus on integrating its photovoltaic products into high-value markets such as aerospace and agrivoltaics, aiming to leverage its proprietary solar technology.
The company highlights its ongoing efforts to secure additional financing and expand production capabilities, while acknowledging the uncertainty of achieving these goals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ascent Solar Technologies Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.