Ascent Solar Technologies, Inc.

Overview

Ascent Solar Technologies, Inc. manufactures and sells flexible, durable photovoltaic (PV) modules with high power-to-weight and power-to-area performance. Its CIGS-on-plastic technology is aimed at weight-sensitive markets where rigid solar panels are unsuitable, including space power beaming, aerospace, satellites, near-Earth vehicles, fixed-wing unmanned aerial vehicles (UAVs), and other Department of Defense space and flight operations. The company finishes products for end users and works with strategic partners to design integrated solutions for satellites, spacecraft, airships, and UAVs.

Technology and products

• Core technology: Copper-Indium-Gallium-diSelenide (CIGS) solar cells on a flexible plastic substrate.
• Manufacturing approach: Large-format, roll-to-roll process with monolithic integration to create complete PV modules with little to no back-end inter-cell connections.
• Module characteristics: Lightweight, flexible, durable, and customizable into a variety of form factors and shapes.
• Competitive advantages: Integration of CIGS on a flexible substrate with monolithic integration supports high power-to-weight ratios, form-factor versatility, reduced part counts, and lower back-end assembly requirements compared with traditional PV modules.

Markets and applications

Target markets include power beaming, space and near-space applications, aerospace, satellites, unmanned and manned aerial vehicles (including DoD drone and space operations), and aquatic and terrestrial deployments. The company sees common end-user needs across these markets and potential economies of scale from cross-market commercialization.

Intellectual property and development

The technology originated at ITN, which transferred CIGS PV technologies to Ascent in 2006 under a perpetual, exclusive, royalty-free license for CIGS PV manufacturing and related processes. The company relies on a mix of patents and trade secrets and maintains licensed technologies from ITN.

Manufacturing strategy

Manufacturing is a two-part process: front-end module fabrication and back-end packaging. The roll-to-roll production uses monolithic integration, with laser patterning to create interconnects and reduce or eliminate a separate back-end inter-cell bonding step. The process supports production of customized shapes and sizes without disrupting throughput.

Suppliers and operations

The company sources raw materials from several unaffiliated suppliers, including a single supplier for certain high-temperature plastics, and multiple suppliers for metals such as molybdenum, copper, indium, gallium, selenium, and ITO. It continues to identify and negotiate with alternative suppliers. Primary facilities are at 12300 Grant Street, Thornton, Colorado, totaling about 75,000 square feet (approximately 25,000 sq ft office and 50,000 sq ft manufacturing).

People and facilities (as of 12/31/2025)

• Employees: 14 full-time and 4 part-time.
• Corporate and manufacturing operations: Thornton, Colorado.

Financial snapshot (year ended 12/31/2025)

• The company reported a net loss of $7,832,755 for the year ended 12/31/2025 and an accumulated deficit of $499,441,465 as of that date.
• Product revenues did not produce positive cash flow in 2025 and are not expected to be positive in the next 12 months.
• Cash used in operations: $6,903,966 in 2025.
• Cash and cash equivalents: $2,786,493 as of 12/31/2025.
• Financing activity: Approximately $7.3 million in gross proceeds raised in 2025, including warrant exercises.
• Research and development and manufacturing costs: $2,443,194 in 2025 (compared with $2,300,948 in 2024).
• Production capability: Limited industrial-scale production capacity reported; the company intends to ramp commercial production focused on high-value PV products.

Corporate and regulatory notes

• Incorporated in Delaware in October 2005.
• Principal office and manufacturing facility in Thornton, Colorado.
• The company has been listed on the Nasdaq Capital Market.