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DETROIT - Ascent Solar Technologies (NASDAQ: ASTI), a producer of lightweight and flexible photovoltaic (PV) solutions, has entered into a Master Services Agreement with NOVI Space Inc., a company specializing in AI-powered satellites. The agreement, aimed at enhancing Earth Observation (EO) capabilities, involves Ascent Solar providing NOVI with rollable PV array blankets for its upcoming AI edge processing satellite constellation, slated for launch in early 2026. According to InvestingPro data, ASTI maintains a healthy balance sheet with more cash than debt, though the company faces challenges with rapid cash burn rates.
The collaboration is set to expedite the delivery of solar technology for space applications, with Ascent Solar touting its ability to produce advanced PV technology faster than its competitors. According to Ascent, the company can deliver solar arrays within six to eight weeks, compared to the industry standard of nine to twelve months. This speed is attributed to Ascent’s years of research and development in the field. However, InvestingPro analysis reveals the company faces significant operational challenges, with revenue declining by 84.7% in the last twelve months and analysts forecasting continued sales decline this year. Subscribers can access 12 additional ProTips and comprehensive financial metrics.
Ascent’s CIGS thin-film solar cells are designed to be lightweight and bendable, features that are increasingly sought after for use in space, drone, and ground vehicle applications. The technology’s performance in low-light conditions also makes it a favorable option for space exploration.
In addition to the technology supply, NOVI will provide operational performance data from orbit, which Ascent expects to leverage for product enhancements for future missions. The data exchange underscores the company’s commitment to continuous improvement in the rapidly evolving space market.
The Thornton, Colorado-based Ascent Solar’s 5MW production facility is set to fulfill orders exceeding 100kW this summer. The company also offers a hardware developer kit program to streamline the integration of its Plug & Fly(TM) solar array hardware assemblies for space missions.
Ascent Solar’s presence in the space sector is growing, with previous collaborations including NASA Marshall Space Flight Center and NASA Glenn Research Center, as well as partnerships with DARPA and the National Renewable Energy Laboratory. The company is currently engaged in discussions that may lead to long-term agreements and consistent annual revenue from a diverse space market clientele.
This agreement with NOVI Space Inc. is a continuation of Ascent Solar’s strategy to cement its position as a key player in the provision of solar technology for space exploration. Based on InvestingPro’s Fair Value analysis, ASTI currently appears to be overvalued, with a market capitalization of $2.68 million and challenging profitability metrics. The information is based on a press release statement and InvestingPro data.
In other recent news, Ascent Solar Technologies has made significant strides in its space solar technology. The company recently completed the delivery of its spaceflight-ready photovoltaic blankets to a major European space systems provider, with plans for these advanced solar arrays to be launched into space later this year. Additionally, Ascent Solar has received a new order to revise the design of its space solar products, following successful third-party testing of its Copper Indium Gallium Selenide (CIGS) modules for beamed power applications. This order includes further design enhancements, demonstrating the company’s ability to rapidly customize its products to meet specific customer needs.
In corporate governance developments, Ascent Solar has amended its bylaws to streamline stockholder meetings and clarify voting requirements. The changes reduce the quorum necessary for meetings from a majority of shares to one-third of the voting power, addressing past challenges in reaching a quorum. The amendments also specify voting standards for multiple classes of voting shares, ensuring that all voting shares are accurately represented in stockholder decisions. These adjustments reflect Ascent Solar’s ongoing efforts to improve its governance processes.
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