Ascent Solar Technologies (ASTI) AI Stock Analysis

• Market Cap: $23.51M
• Dividend Yield: N/A
• Average Volume (3M): 786.61K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.79
• Revenue Growth: 36.85%
• EPS Growth: 98.78%
• Country: US
• Employees: 16
• Sector: Technology
• Sector Strength: 88
• Industry: Solar
• EPS (TTM): N/A
• Shares Outstanding: 4,712,215
• 10 Day Avg. Volume: 293,793
• 30 Day Avg. Volume: 786,613
• PEG Ratio: <0.01
• Price to Book (P/B): 0.85
• Price to Sales (P/S): 68.89
• P/FCF Ratio: -0.34
• Enterprise Value/Market Cap: 0.72
• Enterprise Value/Revenue: 276.10
• Enterprise Value/Gross Profit: -25.37
• Enterprise Value/Ebitda: -2.47
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $5.00 ▲(18.20% Upside)

The score is held down primarily by severe unprofitability and persistent cash burn, which create high execution and funding risk. Technicals are comparatively strong with price well above key moving averages and positive MACD, but RSI near 70 suggests the move is stretched. Corporate financings modestly support liquidity but add dilution/constraint considerations, while valuation is limited by negative earnings and no dividend data.

Positive Factors

Niche flexible CIGS product focus

Ascent’s focus on lightweight, flexible CIGS panels addresses durable end-markets (aerospace, defense) that value weight and form-factor. This product-market fit creates a structural advantage versus rigid panels and supports higher-margin, specialized B2B contracts if execution scales.

Revenue rebound trend

Consecutive top-line growth from a low base suggests improving commercial traction and early product adoption. If management converts pilot contracts into repeat B2B orders, this growth trend can compound, providing a path to scale fixed-cost absorption and margin improvement over months.

Balance sheet improvement vs prior years

Moving from negative equity to a positive equity position with moderate leverage materially reduces near-term insolvency risk. A healthier balance sheet gives the company more runway to execute operational plans and negotiate customer or supplier terms over the coming quarters.

Negative Factors

Persistent heavy cash burn

Sustained negative operating and free cash flow indicates the business is not self-funding and requires ongoing external capital. This elevates execution and funding risk, constrains strategic investments, and can force dilutive financing or cutbacks if revenue scale does not materialize.

Severe unprofitability and negative margins

Extremely negative margins relative to sales reflect structural cost or pricing issues and mean scaling revenue alone may not restore profitability without substantive margin improvement. Long-term value creation requires either significant cost reductions or sustained higher-volume, higher-margin contracts.

Reliance on dilutive financings; capital constraints

Frequent equity and warrant financings improve near-term liquidity but dilute shareholders and impose restrictions on future capital raises. This reliance limits financial flexibility, increases execution risk, and can constrain the company’s ability to pursue non-dilutive funding or large investments over the next year.

Ascent Solar Technologies Business Overview & Revenue Model

Company Description

Ascent Solar Technologies, Inc. (ASTI) is a leading manufacturer of innovative photovoltaic (PV) solar panels and related technologies. Specializing in lightweight, flexible solar solutions, the company primarily operates in the renewable energy sector, targeting applications in consumer electronics, aerospace, and military markets. ASTI's core products include its CIGS (Copper Indium Gallium Selenide) solar cells, which are designed to meet the growing demand for efficient and versatile energy solutions.

How the Company Makes Money

Ascent Solar Technologies generates revenue through the sale of its photovoltaic solar panels and related technologies. The company primarily focuses on B2B sales to various sectors, including defense, aerospace, and consumer electronics, where their flexible and lightweight solar solutions are in high demand. Key revenue streams include direct sales of solar products to manufacturers and partnerships with companies that integrate ASTI's technology into their products. Additionally, ASTI may generate income through licensing agreements and collaborations with other firms in the renewable energy space, leveraging its proprietary technology to expand its market reach and create additional revenue opportunities.

Ascent Solar Technologies Financial Statement Overview

Summary

Financials remain very weak: despite a revenue rebound, gross profit is still negative, losses are extreme relative to sales (TTM net margin ~-1,245%), and cash burn is heavy (TTM operating cash flow about -$6.6M; free cash flow about -$6.7M). Balance sheet is improved versus prior negative-equity years with positive equity (~$2.7M) and moderate leverage (debt-to-equity ~0.61), but ROE is sharply negative (~-2.40) and funding risk remains high.

Income Statement

Results remain deeply unprofitable despite the top-line rebound in TTM (Trailing-Twelve-Months): revenue rose 48.6% to ~$61K, but gross profit stayed negative and operating losses are extremely large relative to sales (TTM net margin ~-1,245%). While losses improved versus 2024 (net loss narrowed from ~$9.1M to ~$7.2M), the revenue base is still very small and margins remain structurally negative, limiting visibility on a path to profitability.

Balance Sheet

Leverage is moderate in the latest period with debt-to-equity ~0.61 in TTM (Trailing-Twelve-Months) and positive equity (~$2.7M), which is a notable improvement versus years where equity was negative (2021–2023). That said, returns on equity are sharply negative in TTM (Trailing-Twelve-Months) (ROE ~-2.40), reflecting ongoing heavy losses, and the balance sheet remains sensitive to continued cash burn.

Cash Flow

Cash generation is weak and deteriorating: TTM (Trailing-Twelve-Months) operating cash flow was about -$6.6M and free cash flow about -$6.7M, with free cash flow down ~3.8% versus the prior period. Cash burn remains broadly in line with the net loss (free cash flow roughly matches net income in magnitude), but the company is not self-funding operations, implying ongoing reliance on financing to sustain activity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	61.13K	41.89K	458.26K	1.22M	607.78K	66.61K
Gross Profit	-665.43K	-106.48K	-1.43M	-788.67K	-1.29M	-107.97K
EBITDA	-6.83M	-7.91M	-14.13M	-16.28M	-4.21M	5.46M
Net Income	-7.22M	-9.13M	-17.07M	-19.75M	-6.00M	1.62M
Balance Sheet
Total Assets	5.77M	7.15M	6.91M	18.68M	12.85M	7.37M
Cash, Cash Equivalents and Short-Term Investments	2.09M	3.17M	1.05M	11.48M	5.96M	167.72K
Total Debt	1.62M	2.06M	4.23M	10.08M	14.15M	19.42M
Total Liabilities	3.12M	3.77M	8.44M	14.09M	15.68M	27.56M
Stockholders Equity	2.65M	3.38M	-1.53M	4.59M	-2.83M	-20.19M
Cash Flow
Free Cash Flow	-6.68M	-8.42M	-13.41M	-10.69M	-9.68M	-2.88M
Operating Cash Flow	-6.65M	-8.42M	-9.54M	-10.51M	-9.40M	-2.88M
Investing Cash Flow	-107.02K	-421.00	-3.88M	-265.47K	-301.52K	254.44K
Financing Cash Flow	5.13M	10.55M	2.96M	16.29M	15.50M	2.80M

Ascent Solar Technologies Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 4.23
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASTI, the sentiment is Neutral. The current price of 4.23 is below the 20-day moving average (MA) of 5.14, above the 50-day MA of 3.71, and above the 200-day MA of 2.38, indicating a neutral trend. The MACD of 0.53 indicates Positive momentum. The RSI at 50.96 is Neutral, neither overbought nor oversold. The STOCH value of 27.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ASTI.

Ascent Solar Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SPRU	62 Neutral	$103.20M	-4.14	-18.23%	―	37.59%	72.94%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TURB	54 Neutral	$9.14M	-4.48	-99.17%	―	-5.74%	54.80%
ASTI	48 Neutral	$23.51M	-1.27	-241.51%	―	36.85%	98.78%
SMXT	47 Neutral	$50.44M	-4.65	―	―	76.60%	70.94%
VVPR	45 Neutral	$34.59M	-0.32	―	―	-51.35%	-103.78%
BEEM	42 Neutral	$30.45M	-0.84	-80.33%	―	-54.56%	-133.60%

Ascent Solar Technologies Corporate Events

Ascent Solar Announces New Private Placement Financing Deal

On January 23, 2026, Ascent Solar Technologies entered into agreements with institutional and accredited investors for a private placement of 454,546 common shares, pre-funded warrants for 1,363,636 shares, and Series A and B warrants covering a combined 2,727,273 shares at $5.50 per share or pre-funded warrant, expected to close around January 26, 2026 and to generate approximately $9.2 million in net proceeds for working capital. The deal, arranged with H.C. Wainwright & Co. as placement agent and supplemented by new placement-agent warrant issuances and fees tied to both this and a prior December 5, 2025 financing, could bring Ascent up to about $25 million in total gross proceeds if all investor warrants are exercised in cash, while imposing near-term restrictions on additional equity issuance and variable-rate financings (subject to an at-the-market exception), thereby reinforcing the company’s liquidity but also constraining its capital-raising flexibility over the next year.

The most recent analyst rating on (ASTI) stock is a Hold with a $7.50 price target. To see the full list of analyst forecasts on Ascent Solar Technologies stock, see the ASTI Stock Forecast page.

Ascent Solar Renews Executive Leadership Employment Agreements

On December 31, 2025, Ascent Solar Technologies renewed its senior leadership contracts by entering into new employment agreements with Chief Executive Officer Paul Warley, Chief Operations Officer Bobby Gulati and Chief Financial Officer Jin Jo, replacing their prior agreements that expired the same day. The new contracts, which are summarized but not fully detailed in the company’s disclosure, signal a decision to maintain continuity in the executive team, a move that may provide stability for the company’s ongoing operations and strategic direction.

The most recent analyst rating on (ASTI) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Ascent Solar Technologies stock, see the ASTI Stock Forecast page.

Ascent Solar Raises $1.7M Through Private Placement

On December 5, 2025, Ascent Solar Technologies entered into a securities purchase agreement with institutional and accredited investors for a private placement of shares and warrants, raising approximately $1.7 million in net proceeds. The company plans to use these funds for working capital purposes, and the transaction is expected to enhance its financial flexibility. The private placement, which closed on December 8, 2025, involves the issuance of common stock and warrants, with potential additional proceeds of approximately $3.5 million if the warrants are fully exercised. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The most recent analyst rating on (ASTI) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on Ascent Solar Technologies stock, see the ASTI Stock Forecast page.