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Ascent Solar

Logo: Ascent Solar, Public domain, via Wikimedia Commons4

Solar panels company in Colorado

Ascent Solar Technologies, Inc. is a publicly traded photovoltaic (PV) company located in Thornton, Colorado. Its primary product is a flexible CIGS solar cell on a plastic substrate.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2005Founded1

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  • TickerASTI on Nasdaq1
  • Industryphotovoltaics1
  • HeadquartersThornton1
  • Websitewww.ascentsolar.com
  • Incorporated inDE5
  • Business address12300 Grant Street, Thornton, Co 802415
  • Filer categoryNon-accelerated filer, Smaller reporting company5
  • Legal formCorporation

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Ascent Solar Technologies, Inc. is a publicly traded photovoltaic (PV) company located in Thornton, Colorado. Its primary product is a flexible CIGS solar cell on a plastic substrate.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-10256.7%Operating margin7
-10202.5%Net margin7
83.3%Revenue growth, 20257
-234.7%Return on equity7
-$6.9MFree cash flow7

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development37¢$2.4M
  • Selling, general and admin63¢$4.1M

Out of $76.8K in revenue.7 The company lost money this year.

Financial statements

Revenue891011127$76.8K in 2025−88% since 2019
0$500.0K$1.0M$1.5M2019: $638.4K$638.4K20192020: $66.6K$66.6K2020−90%2021: $607.8K$607.8K2021+812%2022: $1.2M$1.2M2022+101%2023: $458.3K$458.3K2023−63%2024: $41.9K$41.9K2024−91%2025: $76.8K$76.8K2025+83%
Operating income891011127-$7.9M in 2025+142% since 2019
-$20.0M-$15.0M-$10.0M-$5.0M02019: -$3.3M-$3.3M20192020: -$2.5M-$2.5M2020−25%2021: -$8.8M-$8.8M2021+258%2022: -$17.1M-$17.1M2022+94%2023: -$15.6M-$15.6M2023−8%2024: -$8.5M-$8.5M2024−45%2025: -$7.9M-$7.9M2025−8%
Net income891011127-$7.8M in 2025+61% since 2019
-$20.0M-$10.0M0$10.0M2019: -$4.9M-$4.9M20192020: $1.6M$1.6M20202021: -$6.0M-$6.0M20212022: -$19.8M-$19.8M2022+229%2023: -$17.1M-$17.1M2023−14%2024: -$9.1M-$9.1M2024−47%2025: -$7.8M-$7.8M2025−14%

Every line of the income statement as filed: the last 2 fiscal years, latest first.7

Period ending2025-12-312024-12-31
Products$76.8K$41.9K
Costs of revenue$196.3K$148.4K
Research, development and manufacturing operations$2.4M$2.3M
Selling, general and administrative$4.1M$4.5M
Share-based compensation$1.1M$1.0M
Depreciation and amortization$79.7K$74.1K
Impairment loss$0$524.5K
Total Costs and Expenses$8.0M$8.6M
Loss from Operations-$7.9M-$8.5M
Other income/(expense), net$94.5K$818.7K
Warrant settlement (Note 10)-$743.5K
Interest expense-$52.0K-$665.7K
Total Other Income/(Expense)$42.5K-$590.5K
Income/(Loss) on Equity Method Investment-$858-$2.7K
Net Income/(Loss)-$7.8M-$9.1M
Less: Series 1C preferred stock dividends-$65.9K-$33.3K
Net Income Available to Common Shareholders-$7.9M-$9.2M
Net Income/(Loss) Per Share (Basic)-$3.09-$10.38
Net Income/(Loss) Per Share (Diluted)-$3.09-$10.38
Weighted Average Common Shares Outstanding (Basic)2.6M shares882.5K shares
Weighted Average Common Shares Outstanding (Diluted)2.6M shares882.5K shares
Foreign currency translation gain/(loss)$7.9K-$4.0K
Net Comprehensive Income/(Loss)-$7.8M-$9.1M

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Corporate structure

Ascent Solar sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Ascent Solar

  • Ascent Solar Thornton

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Ascent Solar reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$19.1M7 Dec 31, 2025$19.7M7 Dec 31, 2024−2.8%
Accumulated depreciation$18.9M7 Dec 31, 2025$19.4M7 Dec 31, 2024−2.6%
Property and equipment, net$190.1K7 Dec 31, 2025$233.7K7 Dec 31, 2024−18.6%
Operating-lease assets (leased space)$1.3M7 Dec 31, 2025$1.9M7 Dec 31, 2024−29.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.8M7 Dec 31, 2025$3.2M7 Dec 31, 2024−12.1%
Stakes in other companies (equity method)$69.2K7 Dec 31, 2025$62.2K7 Dec 31, 2024+11.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Accumulated amortization$141.2K7 Dec 31, 2025$137.1K7 Dec 31, 2024+3.0%
Finite-lived intangibles, net$9.1K7 Dec 31, 2025$28.5K7 Dec 31, 2024−68.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$543.6K7 Dec 31, 2025$453.1K7 Dec 31, 2024+20.0%
Raw materials$542.1K7 Dec 31, 2025$453.1K7 Dec 31, 2024+19.7%
Work in process$1.5K7 Dec 31, 2025$1.8K12 Dec 31, 2023−17.0%

Properties, in its own words

Our principal business office and manufacturing facility is located in a leased space at 12300 Grant Street, Thornton, Colorado 80241. We have approximately 25,000 square feet of fully equipped office space and 50,000 square feet of fully equipped manufacturing space. We consider our space adequate for our current operations.

Item 2 of the 10-K filed Mar 20, 2026.15

The story

Market history

Ascent Solar entered the manufacturing stage for its products in 2013, in part by teaming up with a range of other companies like TFG Radiant (for integrating these materials into a range of building and construction materials), Foxconn (for a "pilot project" at the Zhengzhou factory, which was then manufacturing the iPhone 5), and Bye Aerospace (for solar-powered unmanned aircraft).

Consumer products

In June 2012 Ascent Solar launched the EnerPlex consumer brand and their first product, a solar power enabled phone case for iPhone 4. In October 2013 the company expanded beyond phone chargers and introduced the Packr solar enabled backpack.

In October 2016 the Association of Marketing & Communication Professionals (AMCP) recognized the EnerPlex brand with 3 MARCOM awards for excellence in retail marketing.

On February 27, 2017, Ascent Solar announced that it had sold the EnerPlex brand and all related non-solar intellectual property rights to Hong Kong–based Sun Pleasure Co. Ltd in order to "focus on its core strength in the high-value specialty PV market".

Corporate history

Ascent Solar was founded in 2005 by ITN Energy Systems, a company engaged in commercializing emerging energy technologies through spin-offs and joint ventures. During the first few years of operation, its primary focus was developing CIGS thin-film technology and efficient methods of manufacturing it.

On July 18, 2006, Ascent completed its IPO, releasing 3,000,000 shares at $5.50 per share. In June 2007, Norsk Hydro ASA, a Norwegian based supplier of aluminum products, entered into a deal with Ascent whereby it purchased 23% of Ascent shares with the option to increase that stake to up to 35%, which it did on October 7, 2008. On September 22, 2008, Ascent's then CEO, Matthew Foster, stepped down from his position. His reason for doing so was cited as an agreement between him and the company as the company changed from research-driven to production-driven. He will remain with Ascent as a consultant for an additional year after his retirement date. On March 11, 2009, Ascent Solar commenced regular production at their facility in Colorado. The company began with a one-shift production schedule. In September 2022, the company announced Jeffery Max as new CEO

In April 2023, Ascent announced they will be acquiring Flisom AG, a developer of lightweight flexible thin film solar modules based in Zurich, Switzerland.

From Wikipedia’s article on Ascent Solar, shared under CC BY-SA 4.0.6

Leadership

Who has led Ascent Solar, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Matthew Foster2006–2008
  2. Mohan Misra2008–2009
  3. Farhad Moghadam2009–2011
  4. Ron Eller2011
  5. Lee Kong Hian2013–2016
  6. Jeffrey Max2022
  7. Paul P. Warley2023–now

President

  1. Matthew Foster2006–2008
  2. Farhad Moghadam2009–2011

Chief financial officer

  1. Gary Gatchell2008–2013
  2. William Michael Gregorak2013
  3. Michael James Gilbreth2020
  4. Paul P. Warley2022
  5. Jin H. Jo2023–now

Chief operating officer

  1. Bobby Gulati2023–now
2010201520202025
Board members and other officers (26)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorVictor Lee named Sep 6, 202255
  • DirectorDavid Peterson named Sep 6, 2022 to Jan 30, 202656
  • DirectorForrest Reynolds named Dec 23, 2022 to Jan 30, 202656
  • DirectorAmit Kumar named Sep 6, 202255
  • DirectorWill Clarke named Sep 6, 202255

Products and brands

Ascent Solar's thin-film solar modules are manufactured from CIGS cells using copper indium gallium (di)selenide semiconductor (CIGS), which has shown a 10.5% NREL efficiency in real-world conditions. What makes this proprietary technology unique, however, is its relative size, weight and flexibility: Ascent's CIGS panels currently allow for 85 watts/meter, and 48 watts/kg, thereby giving them the greatest power density and weight ratio among available flexible photovoltaic products by a significant margin. This allows for the efficient use of solar power in a range of new contexts, in which size or weight restrictions have previously rendered solar power impracticable, such as cell phones, airplanes, unmanned vehicles, consumer electronics, railways, space programs, and off-grid applications. This developing technology was selected as one of the "100 Most Innovative Technologies for 2010" by R&D Magazine, and as one of the "50 Best Inventions of 2011" by Time magazine.

From Wikipedia’s article on Ascent Solar, shared under CC BY-SA 4.0.6

Former names

  • Ascent Solar Technologies, Inc.Jan 23, 2006 to Sep 15, 20265

Timeline

  1. Jun 26, 20268-K Other events57
  2. Jun 17, 20268-K Executive or director change; Shareholder vote58
  3. Jan 26, 20268-K Entered a material agreement; Unregistered sale of shares; Other events59
  4. Dec 31, 20258-K Entered a material agreement; Executive or director change60
  5. Dec 8, 20258-K Entered a material agreement; Unregistered sale of shares; Other events61
  6. Aug 20, 20258-K Other events62
  7. Aug 6, 20258-K Regulation FD disclosure63
  8. Jun 30, 20258-K Entered a material agreement; Other events64
  9. Jun 27, 20258-K Other events65
  10. Jun 9, 20258-K Bylaws or fiscal year changed66
  11. May 29, 20258-K Executive or director change; Shareholder vote67
  12. Mar 13, 20258-K Bylaws or fiscal year changed68
  13. Oct 2, 2023New chief executive Paul P. Warley becomes CEO16
  14. Sep 27, 2022New chief executive Jeffrey Max becomes CEO17
  15. Mar 4, 2013New chief executive Lee Kong Hian becomes CEO18
  16. Apr 4, 2011New chief executive Ron Eller becomes CEO19
  17. Aug 5, 2009New chief executive Farhad Moghadam becomes CEO20
  18. Dec 4, 2008New chief executive Mohan Misra becomes CEO21
  19. Jul 12, 2006New chief executive Matthew Foster becomes CEO22
  20. 2005Founded Founded1

Calendar

Coming up

  1. Nov 9, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.62) a share, on Nov 10, 2025.69

When it reported results

  1. Aug 12, 2022Reported quarterly or annual results70
  2. Aug 8, 2022Reported quarterly or annual results71

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

304 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 62 major events, 91 insider forms, 22 large holders, 6 private raises, 103 other. The latest 20:

  1. Sep 15, 20264 EDGAR
  2. Aug 27, 20264 EDGAR
  3. Aug 10, 2026SCHEDULE 13G/A EDGAR
  4. Aug 6, 202610-Q EDGAR
  5. Jul 6, 20264 EDGAR
  6. Jul 6, 20264 EDGAR
  7. Jul 6, 20264 EDGAR
  8. Jul 6, 20264 EDGAR
  9. Jul 6, 20264 EDGAR
  10. Jul 6, 20264 EDGAR
  11. Jul 6, 20264 EDGAR
  12. Jun 26, 2026S-8 EDGAR
  13. Jun 26, 20268-K EDGAR
  14. Jun 26, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
  15. Jun 24, 2026SCHEDULE 13G EDGAR
  16. Jun 17, 20268-K EDGAR
  17. Jun 12, 2026SCHEDULE 13G/A EDGAR
  18. Jun 4, 20264 EDGAR
  19. Jun 1, 20264 EDGAR
  20. May 29, 2026144 EDGAR

The 304 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

36 open-market trades by officers, directors and large owners since October 2021: 9 buys and 27 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2026Forrest Reynolds T.DirectorSale22,152$2.89$64.0KForm 4
Aug 27, 2026Forrest Reynolds T.DirectorSale5,000$3.10$15.5KForm 4
Aug 25, 2026Forrest Reynolds T.DirectorSale4,120$3.05$12.6KForm 4
Jun 2, 2026Forrest Reynolds T.DirectorSale5,000$9.45$47.2KForm 4
May 29, 2026Forrest Reynolds T.DirectorSale7,843$9.15$71.8KForm 4
Dec 30, 2025Forrest Reynolds T.DirectorSale521$4.62$2.4KForm 4
Dec 23, 2025Forrest Reynolds T.DirectorSale38,827$5.08$197.2KForm 4
Jul 2, 2024Peterson David Theodore JRDirectorBuy66,000$0.09$5.9KForm 4
Apr 12, 2024Warley Paul P.Chief Executive OfficerBuy15,000$0.12$1.8KForm 4
Nov 1, 2023Forrest Reynolds T.DirectorBuy3,529$0.85$3.0KForm 4
Oct 24, 2023Forrest Reynolds T.DirectorBuy2,631$1.14$3.0KForm 4
Sep 28, 2023Forrest Reynolds T.DirectorBuy52,083$2.88$150.0KForm 4
Sep 28, 2023Warley Paul P.Chief Executive OfficerBuy34,722$2.88$100.0KForm 4
Sep 28, 2023THOMPSON GREGORY CDirectorBuy17,361$2.88$50.0KForm 4
Sep 28, 2023Berezovsky Louis C.DirectorBuy17,361$2.88$50.0KForm 4
Sep 28, 2023Peterson David Theodore JRDirectorBuy12,152$2.88$35.0KForm 4
Apr 6, 2023BD1 Investment Holding, LLC10% ownerSale4,500,000Form 4
Mar 17, 2023BD1 Investment Holding, LLC10% ownerSale3,000,000Form 4
Feb 3, 2023Kuhn Johannes10% ownerSale500,000Form 4
May 31, 2022Fortsch Bernd10% ownerSale101$6.50$656Form 4

All 36 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Paul Warley -Chief Executive Officer64$450.0K$614.9K81
2025Bobby Gulati -Chief Operating Officer61$254.5K$349.6K81
2025Jin Jo -Chief Financial Officer48$224.6K$319.7K81
2024Paul Warley -Chief Executive Officer64$430.8K$778.9K81
2024Jin Jo -Chief Financial Officer48$243.5K$383.9K81
2024Bobby Gulati -Chief Operating Officer61$234.2K$344.6K81

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$22.3M 2022–2026
Money received by yearMoney received by year, 2022–2026: $22.3M in all. Private raises (Form D) $22.3M.$0$2.5M$5M$7.5M$10M2022 · Private raises (Form D): $7.5M20222023 · Private raises (Form D): $900.0K20232024 · Private raises (Form D): $1.9M20242025 · Private raises (Form D): $2.0M20252026 · Private raises (Form D): $10.0M2026
Figures by year
YearPrivate raises (Form D)Total
2026$10.0M$10.0M
2025$2.0M$2.0M
2024$1.9M$1.9M
2023$900.0K$900.0K
2022$7.5M$7.5M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Jan 23, 2026Raised $10 million in a private offering of equity56 Form D: 4 investors so far Form D
  2. Dec 5, 2025Raised $2 million in a private offering of equity82 Form D: 4 investors so far Form D
  3. Oct 17, 2024Raised $1.9 million in a private offering of equity83 Form D: 12 investors so far Form D
  4. Jun 29, 2023Raised $900,000 in a private offering of equity84 Form D: 2 investors so far Form D
  5. Dec 19, 2022Raised $2.5 million in a private offering of securities85 Form D: 2 investors so far Form D
  6. Aug 19, 2022Raised $5 million in a private offering of equity55 Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 37. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC382,637$1.9M0.0%+293,665
Soviero Asset Management, LP370,000$1.9M0.9%New
Jane Street Group, LLC340,196$1.7M0.0%+324,936
DNB Asset Management AS265,360$1.3M0.0%New
UBS Group AG119,656$598.3K0.0%−28,696
Geode Capital Management, LLC108,451$542.5K0.0%+29,329
Morgan Stanley68,534$342.7K0.0%+66,034
BlackRock, Inc.64,943$324.7K0.0%+57,902
Vanguard Fiduciary Trust Co52,212$261.1K0.0%+6,822
State Street Corp51,938$259.7K0.0%+28,900
Two Sigma Investments, LP35,057$175.3K0.0%New
NewEdge Advisors, LLC28,080$140.4K0.0%New
Cetera Investment Advisers24,751$123.8K0.0%−250
Northern Trust Corp19,870$99.3K0.0%+1,203
XTX Topco Ltd14,947$74.7K0.0%New
Engineers Gate Manager LP14,607$73.0K0.0%+3,149
Citigroup Inc12,866$64.3K0.0%New
Transcend Capital Advisors, LLC10,650$53.2K0.0%+650
Founders Financial Securities LLC10,000$50.0K0.0%No change
United Advisor Group, LLC10,000$50.0K0.0%−25,000
Vanguard Global Advisers, LLC4,679$23.4K0.0%New
Tower Research Capital LLC (TRC)2,153$10.8K0.0%−1,347
Integrated Wealth Concepts LLC2,031$10.2K0.0%New
Osaic Holdings, Inc.1,679$8.4K0.0%New
Bogart Wealth, LLC1,600$8.0K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Ascent Solar is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAscent Solar Technologies, Inc.2
  • CIK0001350102
  • Employer ID (EIN)20-367260315
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company15
  • Incorporated inDelaware15
  • Fiscal year endsDecember 312
  • Industry code (SIC)3674 Semiconductors & Related Devices2
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance2
  • Business address12300 Grant Street, Thornton, CO 802412
  • Phone(720) 872-50002
  • Shares outstanding9,816,431 as of Aug 6, 202614
  • Public float$7.1M as of Jun 30, 202515
  • AuditorHaynie, Salt Lake City, Utah PCAOB ID 457; no auditor attestation of internal control over financial reporting15
  • On EDGAR sinceJan 23, 20062
  • Filings1,241 in all: 4 (381), 8-K (281), 10-Q (56), 3 (53), SC 13D/A (29), EFFECT (28), 424B3 (26), DEF 14A (23)2
    All 61 form types

    CORRESP (22), D (22), UPLOAD (22), SC 13G (21), SC 13G/A (21), 10-K (19), PRE 14A (18), S-3 (18), 424B5 (15), 4/A (12), S-3/A (12), S-8 (12), S-1/A (11), SC 13D (10), S-1 (9), SCHEDULE 13G/A (8), DEFA14A (7), NT 10-Q (7), SB-2/A (7), 424B4 (6), RW (6), 10QSB (5), 25-NSE (5), FWP (5), SCHEDULE 13G (5), 10-K/A (4), 8-A12B (4), D/A (4), DEF 14C (4), POS AM (4), PRE 14C (4), 144 (3), 424B2 (3), CERT (3), 25 (2), CT ORDER (2), NT 10-K (2), NT 10-K/A (2), PRER14A (2), REGDEX (2), SB-2 (2), 10-Q/A (1), 10KSB (1), 3/A (1), 424B1 (1), 5 (1), CERTBSE (1), CERTNAS (1), DRS (1), DRSLTR (1), POS EX (1), REGDEX/A (1), S-3MEF (1)

  • Latest filingsAnnual report (10-K) Mar 20, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 27, 2026
    Latest 8-K (8-K) Jun 26, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.0001 par value per shareASTINasdaq

From the cover page of the 10-K filed Mar 20, 2026 (Section 12(b) of the Exchange Act).15

Risk factors and legal proceedings

The risks Ascent Solar names in Item 1A of its 10-K filed Mar 20, 2026: 31 risks under these headings, as written.15

  • Risks Relating to Our Business
  • Our continuing operations will require additional capital which we may not be able to obtain on favorable terms, if at all, or without dilution to our stockholders.
  • Our auditors have expressed substantial doubt about our ability to continue as a going concern.
  • We have a limited history of operations, have not generated significant revenue from operations and have had limited production of our products.
  • We have to date incurred net losses and may be unable to generate sufficient sales in the future to become profitable.
  • Our business is based on a new technology, and if our PV modules or processes fail to achieve the performance and cost metrics that we expect, then we may be unable to develop demand for our PV modules and generate sufficient revenue to support our operations.
  • Our failure to further refine our technology and develop and introduce improved PV products could render our PV modules uncompetitive or obsolete and reduce our net sales and market share.
  • Failure to expand our manufacturing capability successfully at our facilities would adversely impact our ability to sell our products into our target markets and would materially and adversely affect our business, results of operations and financial condition.
  • We may be unable to manage the expansion of our operations and strategic alliances effectively.
  • We depend on a limited number of third-party suppliers for key raw materials, and their failure to perform could cause manufacturing delays and impair our ability to deliver PV modules to customers in the required quality and quantity and at a price that is profitable to us.
  • Our products may never gain sufficient market acceptance, in which case we would be unable to sell our products or achieve profitability.
  • We are targeting emerging markets for a significant portion of our planned product sales. These markets are new and may not develop as rapidly as we expect or may not develop at all.
The other 20 risks
  • Failure to consummate strategic relationships with key partners in our various target market segments, such as defense, transportation, space and near space, and the respective implementations of the right strategic partnerships to enter these various specified markets, could adversely affect our projected sales, growth and revenues.
  • If sufficient demand for our products does not develop or takes longer to develop than we anticipate, we may be unable to grow our business, generate sufficient revenue to attain profitability or continue operations.
  • We face intense competition from other manufacturers of thin-film PV modules and other companies in the solar energy industry.
  • Problems with product quality or performance may cause us to incur warranty expenses, damage our market reputation and prevent us from maintaining or increasing our market share.
  • Currency translation risk may negatively affect our net sales, cost of equipment, cost of sales, gross margin or profitability and could result in exchange losses.
  • A significant increase in the price of our raw materials could lead to higher overall costs of production, which would negatively affect our planned product margins, or make our products uncompetitive in the PV market.
  • Our intellectual property rights or our means of enforcing those rights may be inadequate to protect our business, which may result in the unauthorized use of our products or reduced sales or otherwise reduce our ability to compete.
  • Third-party claims of intellectual property infringement may negatively impact the Company and the Company’s future financial results.
  • Our future success depends on retaining our Chief Executive Officer and existing management team and hiring and assimilating new key employees, and our inability to attract or retain key personnel would materially harm our business and results of operations.
  • Our PV modules contain limited amounts of cadmium and claims of human exposure or future regulations could have a material adverse effect on our business, results of operations and financial condition. Our PV modules contain
  • Environmental obligations and liabilities could have a substantial negative impact on our financial condition, cash flows and profitability.
  • We have agreements with international parties that subject us to a number of risks, including potential unfavorable political, regulatory, labor, legal and tax conditions in foreign countries.
  • Existing regulations and policies and changes to these regulations and policies may present technical, regulatory and economic barriers to the purchase and use of PV products, which may significantly reduce demand for our PV products.
  • We may be subject to risks related to our information technology systems, including the risk that we may be the subject of a cyber-attack and the risk that we may be in non-compliance with applicable privacy laws.
  • Risks Relating to our Securities and an Investment in our Common Stock
  • The price of our common stock may continue to be volatile.
  • As a public company we are subject to complex legal and accounting requirements that require us to incur substantial expenses, and our financial controls and procedures may not be sufficient to ensure timely and reliable reporting of financial information, which, as a public company, could materially harm our stock price and listing on Nasdaq Capital Market.
  • Our stockholders may experience significant dilution as a result of shares of our common stock that may be issued (i) upon the exercise or conversion of our derivative securities including convertible preferred stock and warrants, and (ii) pursuant to new securities that we may issue in the future.
  • Sales of a significant number of shares of our common stock in the public markets or significant short sales of our stock, or the perception that such sales could occur, could depress the market price of our common stock and impair our ability to raise capital.
  • We may fail to continue to meet the listing standards of The Nasdaq Capital Market. Failure to maintain the listing of our common stock with a U.S. national securities exchange could adversely affect the liquidity off our common stock.
  • Some provisions of our charter documents and Delaware law may have anti-takeover effects that could discourage an acquisition of us by others, even if an acquisition would be beneficial to our stockholders, and may prevent attempts by our stockholders to replace or remove our current management.

Legal proceedings

Details of the Company’s legal proceedings are included "Note 17 - Commitments and Contingencies" to our financial statements included in this Annual Report on Form 10-K.

The opening of Item 3, Legal Proceedings.15

Sources

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