Ascent Solar Technologies Inc.
ASTI Technology Solar
Ascent Solar Technologies Inc.’s revenue for fiscal 2025 (year ended December 2025) was $76,800.00, up 83.3% from fiscal 2024. In the quarter to June 2026, revenue grew 460.0%, EPS grew 83.8% and free cash flow grew 1.36%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Ascent Solar Technologies Inc. (ASTI) Altman Z-score
Ascent Solar Technologies Inc.'s Altman Z-score for fiscal 2025 is −112.19, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −112.19 | (12.65) |
| FY2024 | −99.54 | 16.56 |
| FY2023 | −116.10 | (82.17) |
| FY2022 | −33.93 | 12.62 |
| FY2021 | −46.56 | 34.26 |
| FY2020 | −80.82 | (300,090.16) |
| FY2019 | 300009.34 | (410,763.82) |
| FY2018 | 710773.16 | 553,380.21 |
| FY2017 | 157392.95 | (6,712,538.36) |
| FY2016 | 6869931.31 | (21,899,421.24) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.19 | — | 0.22 | |
| Retained earnings / total assets | (78.88) | — | −110.43 | |
| EBIT / total assets | (1.24) | — | −4.10 | |
| Market value of equity / total liabilities | 3.51 | — | 2.11 | |
| Sales / total assets | 0.01 | — | 0.01 | |
| Altman Z-score | Distress zone | −112.19 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −263.10 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SUNE SUNation Energy Inc. compare | −0.1× |
| SPRU Spruce Power Holding Corporation compare | −0.5× |
| ZEO Zeo Energy Corp. compare | −0.8× |
| SMXT Solarmax Technology, Inc. compare | −0.9× |
| SPIEQ SPI Energy Co., Ltd. compare | −4.2× |
| FTCI FTC Solar, Inc. compare | −4.6× |
| BEEM Beam Global compare | −4.7× |
| MAXNQ Maxeon Solar Technologies, Ltd. compare | −9.1× |
| ASTI Ascent Solar Technologies Inc. | −112× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets