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Ascent Solar Technologies Inc (ASTI-0.29%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, showing total revenues of $41,893 for the year, a significant decrease from $458,260 in the previous year. This decline is attributed to the absence of large customer orders and engineering revenue recognized in the prior period.
The company reported a net loss of $9,130,274 for the year, compared to a net loss of $17,069,896 in the previous year. The decrease in net loss is due to reduced operating expenses and impairment charges.
Ascent Solar's operating expenses included $2,300,948 in research, development, and manufacturing operations costs, down from $3,222,283 in the previous year. Selling, general, and administrative expenses also decreased to $4,506,337 from $5,364,523.
The company recognized an impairment loss of $524,481 related to manufacturing assets acquired from Flisom AG, following a previous impairment charge of $3,283,715 in 2023.
Ascent Solar's liquidity position shows cash and cash equivalents of $3,170,743 as of December 31, 2024, with current liabilities amounting to $2,280,406.
The company continues to face challenges in achieving profitability and positive cash flows, with additional financing required to support operations and reach industrial-scale production.
The filing also reports on the company's efforts to secure additional capital through public and private offerings, raising approximately $10.5 million in 2024.
Ascent Solar highlights its strategic focus on high-value markets such as space power beaming and aerospace, leveraging its proprietary photovoltaic technology.
The report includes details on various financial agreements, including convertible notes and preferred stock transactions, impacting the company's capital structure.
The company acknowledges the substantial doubt about its ability to continue as a going concern, citing the need for additional financing to fund operations and meet financial obligations.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.