Here are 1-2 brief analogies for Ascent Solar Technologies (ASTI):

• First Solar for flexible, lightweight solar panels. (Highlights their focus on thin-film solar, but in a flexible and lightweight format for niche applications, distinguishing them from traditional rigid panels.)
• The 3M of specialized, flexible solar technology. (Compares them to 3M, known for advanced materials and diverse, often flexible, product applications, emphasizing ASTI's innovative material science in solar.)

• Flexible Thin-Film Solar Modules: Lightweight, flexible photovoltaic modules utilizing Copper Indium Gallium Selenide (CIGS) technology, designed for specialized applications such as space, defense, and remote power.

Ascent Solar Technologies (ASTI) primarily sells its flexible thin-film solar modules to other companies (Business-to-Business, or B2B) for integration into specialized products and systems. The company focuses on high-value, niche applications where its lightweight, flexible, and durable solar technology offers significant advantages.

While Ascent Solar Technologies does not publicly disclose the names of individual major customers, particularly as no single customer accounted for 10% or more of its total revenue in recent financial filings, its customer base can be categorized by the industries and types of companies it serves. These categories represent its major customer segments:

1. Aerospace and Defense Contractors: These customers integrate ASTI's solar technology into critical applications such as satellites, high-altitude pseudo-satellites (HAPS), drones, and various portable or integrated power solutions for defense and intelligence operations. They require high-performance, lightweight, and radiation-hardened solar arrays for demanding environments.

2. Specialized Original Equipment Manufacturers (OEMs): This category includes companies that design and manufacture products requiring custom, flexible power solutions. Examples include developers of advanced IoT devices, remote sensors, specialized electric vehicles, and custom portable power systems where traditional rigid solar panels are not suitable due to weight, form factor, or durability requirements.

3. Government Agencies and Research Institutions: These entities procure Ascent Solar's modules directly for research, development, and deployment in specific projects, often related to space exploration, scientific instruments, and experimental defense applications. They value the cutting-edge technology and customizability that ASTI offers for unique challenges.

Paul Warley, Chief Executive Officer

Paul Warley was appointed Chief Executive Officer of Ascent Solar Technologies in April 2023, having previously served as the company's Chief Financial Officer since December 2022. Before joining Ascent Solar, Mr. Warley was the president of Warley & Company LLC from 2015 to 2022, a strategic advisory firm that offered executive management services, capital advisory, and mergers and acquisitions (M&A) to middle-market companies across various sectors, including clean energy. From 2018 to 2019, he also served as the chief executive officer and CFO of 360Imaging. His extensive financial career includes roles as a managing director and chief compliance officer with Deloitte Corporate Finance from 2011 to 2015, where he worked with clients in the alternative energy industry. Prior to that, he was a managing director and region manager for GE Capital from 1997 to 2011, and a senior vice president with Bank of America and Bankers Trust from 1984 to 1997.

Jin Jo, Chief Financial Officer

Jin Jo joined Ascent Solar Technologies in 2021 as the Finance Controller and currently serves as the Chief Financial Officer. Ms. Jo brings over 20 years of accounting experience, including five years as the head of technical accounting and accounting policies for Empower Retirement. She spent eight years in public accounting with PwC and Deloitte, where she planned, executed, and supervised audits for large global and middle-market clients. During her time in public accounting, she also provided assistance with M&A transactions and debt and equity offerings. Ms. Jo is a Certified Public Accountant (CPA) in Colorado.

Bobby Gulati, Chief Operations Officer

Bobby Gulati joined Ascent Solar in 2010, initially as the Director of Equipment Engineering and Chief Information Officer, and now holds the position of Chief Operations Officer. He has over 30 years of executive leadership experience in engineering and manufacturing. Before his tenure at Ascent Solar, Mr. Gulati was the Director of Equipment Engineering for Twin Creeks Technologies, an amorphous silicon solar manufacturing company. From 2001 to 2010, he founded and served as President of TriStar Systems, a company specializing in automated manufacturing and assembly equipment for the solar, aerospace, and disk drive industries.

The rapid development and commercialization of perovskite solar cell technology poses a clear emerging threat.

Perovskite solar cells are achieving efficiencies comparable to and, in some cases, exceeding CIGS (Ascent Solar's core technology) in laboratory settings and are showing immense potential for low-cost manufacturing, flexibility, and lightweight applications. As perovskite technology matures and scales for commercial use, it directly threatens Ascent Solar's competitive advantage and market share in specialized areas such as aerospace, portable power, and building-integrated photovoltaics, where flexibility and high power-to-weight ratio are critical.

• Expansion and Deeper Penetration in High-Value Niche Markets: The company is focused on providing lightweight, flexible thin-film photovoltaic (PV) solutions for specialized applications. This includes targeting markets such as space, near-space, and various earth-bound autonomous platforms, including drones and satellites. The strategy involves deepening its presence within these high-value sectors where its unique technology provides critical advantages.
• Development and Launch of New and Enhanced Specialized Products: Ascent Solar Technologies emphasizes continuous innovation in its proprietary thin-film PV technology to develop flexible, lightweight, and rugged solar solutions. Future revenue growth will be driven by the introduction of new products and enhancements to existing ones, specifically designed to meet the evolving demands of extreme environment applications and autonomous technologies.
• Growth in Demand for Autonomous Technologies: ASTI's technology is poised to play a crucial role in powering a wide array of autonomous systems. As industries increasingly adopt drones, Internet of Things (IoT) devices, and other autonomous platforms, the demand for reliable and specialized power solutions like those offered by Ascent Solar Technologies is anticipated to increase significantly, directly contributing to revenue growth.
• Securing Strategic Partnerships and Customer Contracts: A key driver will be the establishment of strategic collaborations and securing significant contracts with both commercial and governmental organizations. These partnerships are expected to accelerate product development, expand market reach, and generate new revenue streams through larger orders and sustained engagements within its target markets.

Share Issuance

• Ascent Solar Technologies had net common equity issuances of $16 million in 2021, $5 million in 2022, $10 million in 2023, and $12 million in 2024.
• In June 2025, the company completed a public offering that generated $2.0 million in gross proceeds from the issuance of 1,000,000 shares of common stock (or pre-funded warrants) and warrants.
• A Form S-3 shelf registration was filed on October 27, 2025, to allow for the offering of up to $100,000,000 in various securities, including common stock.

Inbound Investments

• Ascent Solar announced a strategic partnership with SunPower Corporation on August 3, 2025, focused on co-developing integrated solar solutions for residential and commercial markets.
• The company has aligned with a $500 million investment initiative from the Department of Energy over five years, aimed at boosting domestic manufacturing and research and development in advanced solar technologies.
• Ascent Solar has entered into a Teaming Agreement with a US-based defense provider for supplying thin-film solar technology for space missions and is collaborating with NASA to develop beamed power technology.

Outbound Investments

• On November 10, 2021, Ascent Solar purchased 17,500 shares of a joint venture for 1 Euro per share, established to operate a PV manufacturing facility in Germany.

Capital Expenditures

• Capital expenditures for Ascent Solar Technologies in the last 12 months totaled -$2,936.
• Net proceeds from the June 2025 public offering are designated for working capital, product development activities, general and administrative expenses, and other general corporate purposes.