The company faces severe structural underutilization, evidenced by negative gross margins of -36.2% and operating margins of -43.6% as of 2026Q1.
| 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 |
|---|
| Sales/Revenue | 113.09K | 76.77K | 41.89K | 458.26K | 1.22M | 607.78K | 66.61K | 638.38K | 862.41K | 642.18K | 1.75M | 6.54M | 5.34M | 1.32M | 1.2M | 3.95M | 2.48M | 1.46M | 1.5M | 1M | 0 | 0 |
| Revenue Growth % | 117.83% | 83.26% | -90.86% | -62.52% | 101.19% | 812.41% | -89.57% | -25.98% | 34.29% | -63.25% | -73.27% | 22.52% | 305.29% | 9.97% | -69.69% | 59.17% | 69.46% | -2.36% | 49.57% | - | - | - |
| Cost of Goods Sold | 870.55K | 196.33K | 148.38K | 1.89M | 2.01M | 1.9M | 174.59K | 490.75K | 1.02M | 2.81M | 5.84M | 9.56M | 0 | 0 | 0 | 0 | 0 | 0 | 10.07M | 3.98M | 0 | 0 |
| COGS % of Revenue | - | 255.73% | 354.18% | 412.94% | 164.5% | 313.01% | 262.09% | 76.88% | 117.79% | 438.32% | 334.44% | 146.28% | - | - | - | - | - | - | 671.19% | 396.45% | - | - |
| Gross Profit | -757.46K | -119.56K | -106.48K | -1.43M | -788.67K | -1.29M | -107.97K | 147.63K | -153.38K | -2.17M | -4.1M | -3.03M | 5.34M | 1.32M | 1.2M | 3.95M | 2.48M | 1.46M | -8.57M | -2.97M | 0 | 0 |
| Gross Margin % | -669.77% | -155.73% | -254.18% | -312.94% | -64.5% | -213.01% | -162.09% | 23.12% | -17.79% | -338.32% | -234.44% | -46.28% | 100% | 100% | 100% | 100% | 100% | 100% | -571.19% | -296.45% | - | - |
| Gross Profit Growth % | - | -12.28% | 92.57% | -81.83% | 39.08% | -1099.01% | -173.14% | 196.25% | 92.94% | 46.96% | -35.4% | -156.71% | 305.29% | 9.97% | -69.69% | 59.17% | 69.46% | 117.09% | -188.2% | - | - | - |
| Operating Expenses | 7.63M | 7.75M | 8.43M | 14.21M | 16.27M | 7.5M | 2.35M | 3.4M | 6.42M | 11.61M | 20.53M | 24.71M | 38.87M | 27.51M | 25.74M | 31.25M | 33.58M | 23.2M | 5.67M | 4.95M | 3.38M | 1.2M |
| OpEx % of Revenue | - | 10100.98% | 20124.28% | 3100.69% | 1330.31% | 1233.27% | 3522.69% | 532.7% | 744.05% | 1808.23% | 1175.03% | 377.98% | 728.52% | 2089.77% | 2149.83% | 791.22% | 1353.12% | 1584.51% | 378.05% | 494.07% | - | - |
| Selling, General & Admin | 4.33M | 5.23M | 5.53M | 7.61M | 10.22M | 3.3M | 1.03M | 1.85M | 3.24M | 5.6M | 10.3M | 12.36M | 14.36M | 6.17M | 5.01M | 7.13M | 7.45M | 7.69M | 5.67M | 4.95M | 3.06M | 1.2M |
| SG&A % of Revenue | - | 6814.85% | 13202.91% | 1660.19% | 835.41% | 542.62% | 1545.82% | 289.32% | 376.25% | 871.72% | 589.74% | 189.12% | 269.07% | 468.59% | 418.35% | 180.52% | 300.38% | 525.46% | 378.05% | 494.07% | - | - |
| Research & Development | 2.58M | 2.44M | 2.3M | 3.22M | 5.98M | 4.14M | 1.17M | 1.31M | 2.79M | 4.82M | 6.63M | 6.71M | 24.51M | 21.34M | 20.73M | 24.12M | 24.35M | 15.51M | 1.5B | 0 | 319.08K | 0 |
| R&D % of Revenue | - | 3182.36% | 5492.44% | 703.16% | 488.71% | 681.22% | 1749.2% | 205.36% | 324.05% | 750.65% | 379.27% | 102.67% | 459.45% | 1621.18% | 1731.47% | 610.69% | 981.44% | 1059.05% | 100000% | - | - | - |
| Other Operating Expenses | 439.87K | 79.66K | 598.62K | 3.38M | 75.64K | 57.31K | 151.66K | 242.78K | 13.14K | 574.82K | 82.77K | -60.29K | -297.14K | 0 | 0 | 0 | 1.77M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.39M | -7.87M | -8.54M | -15.64M | -17.06M | -8.79M | -2.45M | -3.25M | -6.57M | -14.15M | -24.63M | -27.75M | -33.86M | -27.02M | -27.94M | -105.3M | -31.1M | -21.74M | -14.24M | -7.93M | -3.38M | -1.2M |
| Operating Margin % | -7419.03% | -10256.71% | -20378.46% | -3413.63% | -1394.81% | -1446.28% | -3684.79% | -509.58% | -761.83% | -2203.13% | -1409.48% | -424.45% | -634.59% | -2052.24% | -2333.97% | -2665.94% | -1253.12% | -1484.51% | -949.24% | -790.52% | - | - |
| Operating Income Growth % | - | 7.76% | 45.43% | 8.28% | -94.03% | -258.12% | 24.55% | 50.49% | 53.56% | 42.55% | 11.24% | 18.05% | -25.32% | 3.31% | 73.47% | -238.64% | -43.05% | -52.7% | -79.61% | -134.83% | -180.23% | - |
| EBITDA | -7.74M | -7.25M | -7.98M | -14.88M | -16.29M | -8.08M | -2.12M | -3.01M | -6.19M | -12.95M | -21.03M | -22.11M | -27.9M | -20.79M | -21.78M | -97.76M | -24.41M | -19.16M | -12.82M | -7.82M | -3.36M | -1.2M |
| EBITDA Margin % | -6844.51% | -9439.23% | -19045.44% | -3247.18% | -1331.85% | -1330.07% | -3178.15% | -471.55% | -718.08% | -2017.28% | -1203.45% | -338.27% | -522.87% | -1579.32% | -1818.91% | -2475% | -983.5% | -1308.14% | -854.86% | -780.3% | - | - |
| EBITDA Growth % | -5.1% | 9.17% | 46.38% | 8.63% | -101.46% | -281.85% | 29.67% | 51.39% | 52.2% | 38.4% | 4.9% | 20.74% | -34.18% | 4.52% | 77.73% | -300.57% | -27.41% | -49.41% | -63.87% | -132.67% | -179.18% | - |
| D&A (Non-Cash Add-back) | 649.75K | 627.6K | 558.44K | 762.76K | 769.87K | 706.29K | 337.49K | 242.78K | 377.31K | 1.19M | 3.6M | 5.63M | 5.96M | 6.23M | 6.17M | 7.54M | 6.69M | 2.58M | 1.42M | 102.42K | 12.63K | 0 |
| EBIT | -8.38M | -7.78M | -8.46M | -14.9M | -17.05M | -4.91M | 5.12M | 3.98M | -8.68M | -11.7M | -30.95M | -18.34M | -35.21M | -29.7M | -24.54M | -27.3M | -29.33M | -21.74M | -14.24M | -7.93M | -3.1M | -1.2M |
| Net Interest Income | -48.77K | 8.59K | -665.72K | -2.17M | -2.7M | -1.09M | -3.51M | -8.85M | -7.35M | -6.86M | -7.9M | -27.46M | -8.15M | -432.43K | -272K | -60.56K | 42.76K | 531.7K | 2.14M | 1.42M | -805.61K | 0 |
| Interest Income | 0 | 60.58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 52.91K | 42.76K | 531.7K | 2.15M | 1.42M | 275.08K | 0 |
| Interest Expense | 48.77K | 51.99K | 665.72K | 2.17M | 2.7M | 1.09M | 3.51M | 8.85M | 7.35M | 6.86M | 7.9M | 27.46M | 8.15M | 432.43K | 272K | 113.47K | 0 | 0 | 3.44K | 424 | 1.08M | 2.74K |
| Other Income/Expense | 54.78K | 41.63K | -593.13K | -1.43M | -2.73M | 2.79M | 4.07M | -1.62M | -9.47M | -4.41M | -14.22M | -18.06M | -9.82M | -2.71M | -4.23M | -441.48K | -137.67K | 815.71K | 1.02M | 0 | -805.61K | -2.74K |
| Pretax Income | -8.34M | -7.83M | -9.13M | -17.07M | -19.78M | -6M | 1.62M | -4.87M | -16.04M | -18.56M | -38.85M | -45.8M | -43.35M | -28.91M | -28.77M | -105.74B | -31.23B | -20.92B | -13.22B | 0 | -4.18B | -1.21M |
| Pretax Margin % | -7370.59% | -10202.49% | -21794.27% | -3724.94% | -1617.79% | -987.19% | 2428.12% | -762.6% | -1859.49% | -2890.18% | -2223.4% | -700.59% | -812.56% | -2195.93% | -2403.05% | -2677120.07% | -1258668.4% | -1428809.65% | -881164.26% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | -27.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.09M | 3.4M | 78.44M | 137.67K | -815.71K | -1.02M | -1.42M | -804.8M | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0.14% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 14.14% | -11.82% | -0.07% | -0% | 0% | 0.01% | - | 19.25% | 0% |
| 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 | -28.91M | -28.77M | -105.74M | -31.23M | -20.92M | -13.22M | -6.5M | -4.18M | -1.21M |
| Net Margin % | -7370.59% | -10202.49% | -21794.27% | -3724.94% | -1615.55% | -987.19% | 2428.12% | -762.6% | -1859.49% | -2890.18% | -2223.4% | -700.59% | -812.56% | -2195.93% | -2403.05% | -2677.12% | -1258.67% | -1428.81% | -881.16% | -648.61% | - | - |
| Net Income Growth % | -0.83% | 14.21% | 46.51% | 13.59% | -229.24% | -470.96% | 133.22% | 69.64% | 13.6% | 52.23% | 15.17% | -5.64% | -49.97% | -0.49% | 72.79% | -238.56% | -49.28% | -58.32% | -103.2% | -55.55% | -246.32% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.05 | -3.09 | -10.38 | -3419.25 | -13200.00 | -25104.62 | 8936.15 | -3170.00 | -692490.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| EPS Growth % | 30.32% | 70.23% | 99.7% | 74.1% | 47.42% | -380.93% | 381.9% | 99.54% | 78.02% | 99.25% | 97.57% | 99.82% | 26.52% | 0% | 78.15% | -164.91% | -22.58% | -19.23% | -11.43% | 51.72% | -530.43% | - |
| EPS (Basic) | - | -3.09 | -10.38 | -3419.25 | -13200.00 | -25104.62 | 8936.15 | -3170.00 | -692490.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| Diluted Shares Outstanding | 7.97M | 2.56M | 882.55K | 10.25K | 1.49K | 239 | 181 | 1.54K | 23 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 7.97M | 2.56M | 882.55K | 10.25K | 1.49K | 239 | 181 | 1.54K | 23 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Existential liquidity and scale
As reported in recent financial filings, ASTI's quarterly revenue remains highly volatile and negligible, with TTM figures totaling only $76,773, which suggests that the company has yet to transition from a pre-commercial research phase into a viable, revenue-generating industrial entity capable of sustaining its operations.
The reported 83.26% year-over-year revenue growth is mathematically significant but economically irrelevant given the extremely low absolute dollar base. This volatility indicates a project-based, transactional revenue model rather than a recurring stream, which complicates any attempt to forecast future growth durability or market penetration.
According to the company's income statement data, gross margins have consistently remained in negative territory, reaching -155.73% in recent periods, which implies that the direct costs of production currently exceed the revenue generated by a substantial margin due to severe manufacturing facility underutilization.
The inability to achieve positive gross margins suggests that the Thornton facility's fixed costs are not being amortized across sufficient production volume. Investors should monitor whether the company can ever reach the necessary scale to cover its variable production costs, as current trends indicate that every additional sale may actually exacerbate cash outflows.
Based on the provided financial statements, ASTI exhibits extreme operating leverage inefficiency, as operating losses consistently dwarf gross profit, with quarterly operating margins frequently exceeding -100% and reaching as low as -1,830% in historical periods, signaling a massive disconnect between corporate overhead and revenue generation.
The company's cost structure is dominated by fixed corporate overhead and R&D expenses that do not scale with the current, minimal revenue base. This suggests that the firm is currently functioning as a high-burn research laboratory rather than an industrial manufacturer, necessitating constant external capital to maintain its existence.
As indicated by the income statement, the company's primary cost drivers are R&D and SG&A expenses, which have remained stubbornly high relative to the near-zero revenue, suggesting that management has not yet implemented the expense discipline required to align its cost structure with its current commercial reality.
The persistent R&D spend, while necessary for maintaining the CIGS technology moat, appears to be a primary driver of the company's ongoing cash burn. Without a clear path to commercializing its specialized power-to-weight ratio advantage, these costs represent a significant and ongoing drain on the company's limited liquidity.
Based on reported figures, the company's cash reserves of $2.79 million are insufficient to cover its ongoing operating losses, which warrants further investigation into the firm's ability to continue as a going concern without significant and potentially dilutive equity financing in the near term.
Short-sellers would likely focus on the history of reverse stock splits and equity issuances as evidence of long-term value destruction for shareholders. The lack of a stable revenue base combined with a high-burn cost structure suggests that the company's survival is currently dependent on external capital markets rather than operational success.
Quick answers to the most common questions about buying ASTI stock.
For fiscal year 2025, Ascent Solar Technologies, Inc. Common Stock (ASTI) reported total revenue of $0.1M.
Ascent Solar Technologies, Inc. Common Stock (ASTI) reported a net loss of $7.8M for the fiscal year ending 2025.
Ascent Solar Technologies, Inc. Common Stock (ASTI) reported an operating income of $-7.9M, resulting in an operating profit margin of -10256.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Ascent Solar Technologies, Inc. Common Stock (ASTI) generated $-0.1M in gross profit for the year, representing a gross profit margin of -155.7%. This demonstrates the company's core pricing power and production efficiency.