SolarWindow Advances Transparent Solar Tech, Seeks Funding

TL;DR

**WNDW is a high-risk, pre-revenue bet on transparent solar, with promising tech but a long, uncertain road to commercialization and profitability.**

AI Summary

SolarWindow Technologies, Inc. (WNDW) is a pre-revenue company focused on developing 'LiquidElectricity Coatings' for transparent electricity generation, as detailed in its 10-K filing for the fiscal year ended August 31, 2025. The company reported an aggregate market value of common stock held by non-affiliates of $5,517,000 as of February 28, 2025, with 65,779,045 shares outstanding as of November 10, 2025. Key developments include successfully applying LiquidElectricity Coatings to rigid glass, flexible glass, and plastics, and processing them through commercial autoclave systems without power loss. In 2024, SolarWindow scaled its fully-solution processable coatings, increasing power conversion efficiency and visible light transmission, while also discovering a new laser scribing methodology to decrease scribe line appearance. The company is actively pursuing commercial partnerships and additional financing to support product development and commercialization, acknowledging significant funding and time uncertainties.

Why It Matters

SolarWindow's progress in transparent electricity-generating coatings could disrupt the building materials and automotive sectors, offering novel energy solutions for windows and vehicle surfaces. For investors, the pre-revenue status and reliance on future financing present high risk but also potential for significant returns if commercialization succeeds. Employees and customers could benefit from innovative, aesthetically pleasing renewable energy products. In a competitive landscape with established solar technologies and emerging transparent solar players like ONYX Solar and Ubiquitous Energy, SolarWindow's unique 'LiquidElectricity Coatings' framework and room-temperature manufacturing process could provide a competitive edge, but significant hurdles remain.

Risk Assessment

Risk Level: high — SolarWindow is a pre-revenue company, meaning it generates no income from sales, and explicitly states it 'cannot accurately predict the amount of funding, or the time required to successfully commercialize products.' The company's ability to address its target markets is 'dependent on our ability to effectuate development and commercial partnerships as well as securing adequate financing as needed,' which 'may not be readily available.' This reliance on future, uncertain financing and partnerships for all aspects of its business, coupled with intense competition from companies with 'substantially greater resources,' indicates a very high risk profile.

Analyst Insight

Investors should approach WNDW with extreme caution, recognizing it as a highly speculative investment in a pre-revenue company. Consider a small, diversified position only if you have a high-risk tolerance and a long-term horizon, understanding that significant additional financing and successful commercialization are critical, but uncertain, milestones.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• $5.5M — Market Value (Non-Affiliate) (Aggregate market value of common stock held by non-affiliates as of February 28, 2025.)
• 65.8M — Shares Outstanding (Common stock shares outstanding as of November 10, 2025.)
• 0 — Revenue (SolarWindow is a pre-revenue company, indicating no sales income.)
• 200+ — Freeze/Thaw Cycles (LiquidElectricity Coatings on glass panes successfully withstood over 200 freeze/thaw cycles.)

Key Players & Entities

• SolarWindow Technologies, Inc. (company) — registrant
• WNDW (company) — ticker symbol
• U.S. Department of Energy's National Renewable Energy Laboratory (company) — research partner through CRADA
• NREL (company) — research partner abbreviation
• ONYX Solar (company) — competitor
• Ubiquitous Energy (company) — competitor
• $5,517,000 (dollar_amount) — aggregate market value of common stock held by non-affiliates as of February 28, 2025
• 65,779,045 (dollar_amount) — shares of common stock outstanding as of November 10, 2025
• Nevada (regulator) — state of incorporation
• Scottsdale, Arizona (company) — principal executive offices location

FAQ

Risk Factors

• Pre-Revenue Status and Need for Future Funding [high — financial]: The company is pre-revenue, meaning it has not generated any sales income. SolarWindow Technologies, Inc. relies heavily on external financing to fund its operations and product development. There is significant uncertainty regarding its ability to secure sufficient future funding, which is critical for its continued existence and commercialization efforts.
• Technological Development and Commercialization Challenges [high — operational]: SolarWindow is developing proprietary 'LiquidElectricity Coatings' which are still in the development phase. While progress has been made in applying these coatings to various materials and demonstrating durability (e.g., over 200 freeze/thaw cycles), scaling production, achieving commercial viability, and meeting market demands present significant operational hurdles.
• Market Acceptance and Competition [medium — market]: The company operates in the nascent market for transparent solar technology. Success depends on market acceptance of its unique product offering and its ability to compete with established solar technologies and other energy solutions. The company has not yet achieved commercial sales, indicating the market is not yet proven for its technology.
• Regulatory Compliance and Standards [low — regulatory]: As a company developing new energy technologies, SolarWindow may face evolving regulatory landscapes and the need to meet specific industry standards for safety, efficiency, and environmental impact. Compliance with these regulations could impact development timelines and costs.

Industry Context

SolarWindow Technologies operates in the emerging field of transparent solar technology, a niche within the broader renewable energy sector. This sector is characterized by rapid innovation, with companies exploring various materials and applications for solar energy generation beyond traditional silicon panels. The competitive landscape includes both established solar manufacturers diversifying into new technologies and specialized startups focused on novel solutions like building-integrated photovoltaics (BIPV).

Regulatory Implications

As a developer of novel energy generation technology, SolarWindow may encounter evolving regulatory frameworks related to energy production, building codes, and environmental standards. Compliance with these regulations, particularly for integration into architectural or automotive applications, will be crucial for market entry and scalability.

What Investors Should Do

1. Monitor funding rounds and strategic partnerships
2. Evaluate technological milestones and performance metrics
3. Assess market adoption and competitive positioning

Key Dates

• 1998-05-05: Incorporation — Marks the initial establishment of the company, then under the name 'Octillion Corp.'
• 2008-12-02: Name Change to New Energy Technologies, Inc. — Reflects a shift in focus or branding for the company.
• 2015-03-09: Name Change to SolarWindow Technologies, Inc. — Indicates the company's current focus on solar technology development.
• 2025-02-28: Market Value Calculation Date — Provides a snapshot of the company's market capitalization for non-affiliates at $5,517,000.
• 2025-11-10: Shares Outstanding Calculation Date — Establishes the total number of common shares outstanding at 65,779,045.

Glossary

LiquidElectricity Coatings

Proprietary transparent coatings developed by SolarWindow that generate electricity from light. (This is the core technology the company is developing and aims to commercialize.)

Organic Photovoltaic Devices

Solar cells made from organic (carbon-based) materials, which can be flexible and transparent. (Describes the nature of the electricity-generating surfaces created by SolarWindow's coatings.)

CRADA (Cooperative Research and Development Agreement)

An agreement between a federal laboratory (like NREL) and a non-federal entity to work together on research and development. (Highlights SolarWindow's collaboration with a leading research institution, lending credibility to its technology development.)

Pre-revenue company

A company that has not yet generated any sales revenue from its products or services. (Indicates SolarWindow's current stage of development and its reliance on investment rather than sales.)

Year-Over-Year Comparison

As a pre-revenue company, year-over-year revenue comparisons are not applicable. The 10-K filing for the fiscal year ended August 31, 2025, details continued progress in the development and application of its LiquidElectricity Coatings, including advancements in efficiency and durability. New risks related to scaling production and market acceptance may have emerged, while the company's reliance on future funding remains a persistent critical factor.

Key Financial Figures

• $0 — 9,045 shares of common stock, par value $0.001, were outstanding. DOCUMENTS INCOR

Filing Documents

• f10k_111325.htm (10-K) — 1007KB
• exh_231.htm (EX-23.1) — 4KB
• exh_311.htm (EX-31.1) — 7KB
• exh_312.htm (EX-31.2) — 7KB
• exh_321.htm (EX-32.1) — 4KB
• 0001171843-25-007295.txt ( ) — 5019KB
• wndw-20250831.xsd (EX-101.SCH) — 37KB
• wndw-20250831_cal.xml (EX-101.CAL) — 48KB
• wndw-20250831_def.xml (EX-101.DEF) — 120KB
• wndw-20250831_lab.xml (EX-101.LAB) — 350KB
• wndw-20250831_pre.xml (EX-101.PRE) — 283KB
• f10k_111325_htm.xml (XML) — 663KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item1B. Unresolved Staff Comments 33 Item1C. Cybersecurity 33 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 33 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A. Qualitative and Quantitative Disclosures About Market Risk 39 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 39 Item 9A.

Controls and Procedures

Controls and Procedures 39 Item 9B. Other Information 40 PART III Item 10. Directors, Executive Officers, and Corporate Governance 41 Item 11.

Executive Compensation

Executive Compensation 45 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 48 Item 13. Certain Relationships and Related Transactions, and Director Independence 49 Item 14. Principal Accounting Fees and Services 50 PART IV Item 15. Exhibits, Financial Statement Schedules 52 Item 16. Form 10-K Summary 54

SIGNATURES

SIGNATURES 55 INDEX TO FINANCIAL STATEMENTS F-1 to F-18 PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking

forward-looking statements may include words such as "anticipate," "believe," "estimate," "intend,"

forward-looking statements may include words such as "anticipate," "believe," "estimate," "intend," "could," "should," "would," "may," "seek," "plan," "might," "will," "expect," "predict," "project," "forecast," "potential," "continue" negatives thereof or similar expressions. Forward-looking statements contained in this Report speak only as of the date of this report, are based on various underlying assumptions and current expectations about the future and are not guarantees of any specific results. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievement to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, (a) the potential markets for our technologies, our potential profitability, and cash flows (b) our growth strategies (c) expectations from our ongoing research and development activities (d) anticipated trends in the technology and alternative energy industries (e) our future financing plans and (f) our anticipated needs for working capital. This information may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by any forward-looking statements. These statements may be found at various places throughout this report including, but not limited to, the discussions under Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 1. "Business." Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the matters described in this Form 10-K generally. In light of these risks and uncerta

Business

Item 1. Business SolarWindow was incorporated in the State of Nevada on May 5, 1998, under the name "Octillion Corp." On December 2, 2008, we amended our Articles of Incorporation to effect a change of name to New Energy Technologies, Inc. Effective as of March 9, 2015, we amended our Articles of Incorporation to change our name to SolarWindow Technologies, Inc. SolarWindow is a pre-revenue company developing proprietary transparent electricity-generating coatings and methods for application to various materials which we refer to as "LiquidElectricity Coatings". Our LiquidElectricity Coatings generate electricity by harvesting light energy from natural sun, artificial light, and low, shaded, or reflected light conditions. We apply ultra-thin layers of LiquidElectricity Coatings to rigid glass, and flexible glass and plastic surfaces where they transform otherwise ordinary surfaces into organic photovoltaic devices, commonly known as solar cells, or solar modules. 1 Our LiquidElectricity is a framework which utilizes chemistry for different ultra-thin layers applied to a substrate. These layers include hole transport layers, active layers, electron transport layers, and conductive contact points for transmission of electricity. We have developed a specialty expertise in each layer of our LiquidElectricity to optimize for power, optical clarity, manufacturability, stability, and other qualities. The flexibility engineered into our LiquidElectricity framework allows us to target a variety of potential off-grid energy solutions spanning multiple industries, including architectural, automotive, agrivoltaic (agricultural greenhouse), aerospace, commercial transportation and marine. Our LiquidElectricity Coatings are under development at one of the most respected and advanced solar-photovoltaic research institutions in the world, the U.S. Department of Energy's (" DOE ") National Renewable Energy Laboratory (" NREL "), through a Cooperative Research and Development

View Full Filing

View this 10-K filing on SEC EDGAR