Chronic free cash flow deficits persist, with quarterly burn rates frequently exceeding $1.5 million, necessitating ongoing reliance on dilutive financing.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | -8.2M | -6.9M | -8.42M | -9.54M | -10.51M | -9.4M | -2.88M | -2.72M | -4.02M | -12.6M | -16.86M | -22.1M | -28.09M | -20.35M | -17.66M | -19.93M | -21.52M | -14.21M | -9.08M | -4.29M | -2.76M | -42.65K |
| Operating CF Margin % | - | -8992.7% | -20107.34% | -2081.11% | -859.23% | -1547.34% | -4325.19% | -425.36% | -465.65% | -1961.75% | -964.63% | -338.11% | -526.38% | -1545.76% | -1475.28% | -504.61% | -867.34% | -970.57% | -605.35% | -428.21% | - | - |
| Operating CF Growth % | -35.75% | 18.04% | 11.67% | 9.23% | -11.72% | -226.41% | -6.1% | 32.38% | 68.12% | 25.26% | 23.74% | 21.3% | -38.01% | -15.22% | 11.39% | 7.39% | -51.44% | -56.55% | -111.45% | -55.71% | -6365.21% | - |
| Net Income | -8.34M | -7.83M | -9.13M | -17.07M | -19.75M | -6M | 1.62M | -4.87M | -16.04M | -18.56M | -38.85M | -45.8M | -43.35M | -30.13M | -28.77M | -105.74M | -31.23M | -20.92M | -13.22M | -6.5M | -4.18M | -1.21M |
| Depreciation & Amortization | 649.74K | 627.6K | 558.44K | 762.76K | 769.87K | 706.29K | 337.49K | 242.78K | 381.06K | 1.2M | 3.6M | 5.63M | 5.96M | 6.23M | 6.17M | 7.54M | 6.69M | 2.58M | 1.42M | 102.42K | 12.63K | 0 |
| Stock-Based Compensation | 663.01K | 1.13M | 1.01M | 2.24M | 5.48M | 0 | 0 | 20.75K | 29.27K | 123.27K | 888.35K | 856.81K | 834.32K | 621.5K | 924.32K | 1.57M | 2.71M | 2.68M | 1.73B | 348.94M | 348.94M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.58M | -2.38M | 6.44M | -9.15M | -1.58M | 2.14M | 3.41M | 183.53M | 1.95M | -2.14M | -1.73B | -348.94M | -348.94M | 0 |
| Other Non-Cash Items | -456.56K | -20.3K | 690.4K | 5.32M | 2.64M | -2.74M | -5.37M | 105.08K | 5.93M | 5.44M | 6.76M | 26.28M | 10.59M | 2M | 576.81K | -105.09M | 74.77K | 1.91M | 1.88M | 1.73M | 1.35M | 959.12K |
| Working Capital Changes | -718.44K | -812.24K | -1.55M | -792.71K | 358.27K | -1.38M | 536.61K | 1.78M | 3.1M | 1.58M | 4.31M | 78.57K | -531.45K | -1.21M | 32.63K | -1.74M | -1.72M | 1.68M | -249.24K | 372.57K | 63.42K | 205.46K |
| Change in Receivables | 4.52K | 0 | 0 | 1.77K | 47.48K | -43.71K | -5.4K | 164.8K | -155.97K | 569.63K | 1.32M | 711.7K | -2.36M | -357.91K | 241.92K | 142.94K | -351.18K | 202.39K | -204.35M | 0 | 0 | 0 |
| Change in Inventory | -117.44K | -86.33K | 29.05K | -124.76K | -23.11K | -57.74K | -539 | 126.9K | 377.06K | 1.17M | 1.7M | -1.85M | -539.6K | 271.94K | 309.57K | -592.29K | -1.64M | 0 | 19.62M | 0 | 0 | 0 |
| Change in Payables | 66.49K | -19.7K | -129.8K | -15.92K | -47.01K | -77.17K | -321.58K | -288.94K | 994.42K | -592.4K | 1.49M | 2.06M | 1.13M | -412.62K | 196.54K | -433.84K | 399.89K | 427.14K | 184.49M | 30.07M | 30.07M | 0 |
| Cash from Investing | -309.05K | -107.02K | -421 | -3.88M | -265.47K | -301.52K | 254.44K | 827.49K | -2.45K | 80.95K | -158.41K | -195.92K | -1.09M | -933.62K | 7.56M | -3.04M | 6.91M | -30.34M | -67.75M | -38.4M | -10.37M | 0 |
| Capital Expenditures | -32.02K | -32.02K | -421 | -3.86M | -169.36K | -280.32K | -156 | -6.39K | -16.45K | -69.05K | -241.18K | -337.76K | -600.45K | -933.62K | -6.48M | -7.91M | -14.4M | -45.65M | -50.71M | -11.17M | -480.01K | 0 |
| CapEx % of Revenue | 28.31% | 41.7% | 1% | 841.83% | 13.85% | 46.12% | 0.23% | 1% | 1.91% | 10.75% | 13.8% | 5.17% | 11.25% | 70.92% | 541.21% | 200.25% | 580.19% | 3117.45% | 3381.41% | 1113.68% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -83.56K | -21.2K | 254.6K | 0 | 14K | 150K | 82.77K | 191.29K | -320K | 0 | -212K | 60.41K | 5.55M | 38.6M | 0 | 480.01M | 480.01M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.03K | 0 | 0 | -19.58K | -12.56K | 0 | 0 | 833.88K | 14K | 150K | 82.77K | -49.45K | -465.72K | -413.88K | 1.64M | -60.41K | -5.55M | -36.3M | -2.35M | -480.01M | -480.01M | 0 |
| Cash from Financing | 22.32M | 6.63M | 10.55M | 2.96M | 16.29M | 15.5M | 2.8M | 1.87M | 3.95M | 12.48M | 16.82M | 19.31M | 29.18M | 11.98M | 11.42M | 6.97M | 20.2M | 33.35M | 109.16M | 42.49M | 13.88M | 70.71K |
| Debt Issued (Net) | 0 | -22.34K | -446.38K | -6.24M | 13.5M | 0 | 298.2K | 1.88M | 3.96M | 3.49M | 1.66M | 757.49K | 31.72M | -264.94K | -648.06K | -582.26K | -567.46K | 75.8K | 7.16M | 0 | -200K | 200K |
| Equity Issued (Net) | 22.94M | 7.32M | 15.96M | 10.29M | 5M | 15.5M | 2.5M | 0 | 0 | 9.01M | 14.18M | 9.3M | 25.91M | 12.46M | 12.07M | 7.55M | 22.18M | 33.28M | 101.85M | 42.61M | 16.5M | 38.88K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.32B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.06M | -4.36M | 0 | 0 | 0 |
| Other Financing | -623.76K | -671.12K | -4.97M | -1.09M | -2.21M | 0 | 0 | -7.5K | -11K | -20K | 974.65K | 9.25M | -28.45M | -212.48K | 0 | 0 | -1.41M | 0 | 148.11K | -123.94K | -2.42M | -168.17K |
| Net Change in Cash | 13.82M | -384.25K | 2.12M | -10.43M | 5.52M | 5.79M | 167.72K | -18.16K | -71.46K | -41.33K | -195.27K | -2.99M | -1.58K | -9.3M | 1.32M | -16M | 5.59M | -11.2M | 32.33M | -205.61K | 758.3K | 28.06K |
| Free Cash Flow | -8.23M | -6.94M | -8.42M | -13.41M | -10.69M | -9.68M | -2.88M | -2.73M | -4.03M | -12.67M | -17.1M | -22.44M | -28.69M | -21.28M | -24.14M | -27.84M | -35.92M | -59.86M | -59.79M | -15.46M | -3.24M | -42.65K |
| FCF Margin % | -7277.09% | -9034.4% | -20108.35% | -2927.21% | -874.11% | -1593.46% | -4325.42% | -427.71% | -467.56% | -1972.5% | -978.43% | -343.27% | -537.63% | -1616.68% | -2016.5% | -704.85% | -1447.52% | -4088.02% | -3986.76% | -1541.89% | - | - |
| FCF Growth % | 6.22% | 17.66% | 37.2% | -25.5% | -10.36% | -236.13% | -5.53% | 32.29% | 68.17% | 25.91% | 23.81% | 21.77% | -34.78% | 11.84% | 13.29% | 22.49% | 40% | -0.12% | -286.74% | -377.55% | -7490.7% | - |
| FCF per Share | -1.03 | -2.71 | -9.55 | -1308.71 | -7173.48 | -40522.01 | -15918.73 | -1775.72 | -174123.88 | -999999.00 | -999999.00 | -999999.00 | -1.58 | -0.34 | -0.47 | -0.71 | - | - | - | - | - | - |
| FCF Conversion (FCF/Net Income) | 0.99x | 0.88x | 0.92x | 0.56x | 0.53x | 1.57x | -1.78x | 0.56x | 0.25x | 0.68x | 0.43x | 0.48x | 0.65x | 0.70x | 0.61x | 0.19x | 0.69x | 0.68x | 0.69x | 0.66x | 0.66x | 0.04x |
| Interest Paid | 0 | 0 | 0 | 293.84K | 0 | 0 | 0 | 2.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Existential liquidity and dilution
As reported in quarterly financial statements, ASTI consistently records operating cash outflows that mirror its net losses, with OCF/NI ratios frequently exceeding 1.0, indicating that the company's cash burn is fundamentally driven by its inability to generate positive operating margins rather than temporary accrual-based accounting distortions.
The persistent alignment between net losses and operating cash outflows suggests that the company lacks the non-cash expenses or working capital tailwinds necessary to bridge the gap between accounting losses and cash reality. Investors should monitor this trend, as it implies that every dollar of net loss represents a direct and immediate depletion of the company's limited cash reserves.
Based on the provided cash flow data, ASTI exhibits a chronic free cash flow deficit, with quarterly burn rates frequently exceeding $1.5 million, which underscores the company's ongoing struggle to achieve a self-sustaining financial profile despite its specialized focus on flexible thin-film solar technology.
The consistent negative free cash flow trajectory suggests that the firm remains in a state of perpetual capital consumption without a clear path to operational breakeven. This pattern warrants further investigation into whether the current cost structure can ever be supported by the existing, highly transactional revenue base.
According to recent SEC filings, ASTI's working capital changes have frequently acted as a net drain on cash, with significant quarterly outflows such as the $295.9K observed in 2025Q2, suggesting that the company faces ongoing challenges in managing its operational liquidity and inventory cycles.
The erratic nature of working capital movements may indicate difficulties in aligning procurement with actual production demand or potential inefficiencies in the collection of receivables. Such volatility in the cash conversion cycle appears to exacerbate the company's already precarious liquidity position.
As indicated by the cash flow statements, the company's reliance on stock-based compensation and depreciation to mask the true cost of operations is evident, with SBC figures reaching as high as $404.2K in 2025Q2, which obscures the actual cash-based expense of maintaining its specialized manufacturing facility.
While these non-cash adjustments are standard, they appear to provide a misleading picture of the company's true cash-burn rate when viewed in isolation from the persistent operating losses. Analysts should interpret these figures as a signal that the company is effectively using equity-linked compensation to preserve cash that would otherwise be required for operational survival.
Quick answers to the most common questions about buying ASTI stock.
Ascent Solar Technologies, Inc. Common Stock (ASTI) generated $-6.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ascent Solar Technologies, Inc. Common Stock (ASTI) reported negative free cash flow of $6.9M in 2025, indicating capital requirements exceeded cash from operations.
Ascent Solar Technologies, Inc. Common Stock (ASTI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.