Graphene & Solar Technologies Limited (GSTX) said its U.S. manufacturing subsidiary, The Quartz & Silicon Materials Company Limited (QSM USA), was approved for a California Sales and Use Tax Exclusion of up to $14,999,831, covering up to $176,468,600 in qualified property. Approved purchases are excluded from applicable California state and local sales and use taxes. The exclusion is subject to execution of the applicable Regulatory Agreement and continued program compliance; the amount ultimately realized depends on the qualified property QSM USA purchases.
QSM USA’s planned Southern California facility is designed for annual production capacity of 10 gigawatts when fully operational, with initial production targeted by mid-2027. GSTX also cited a previously announced $45 million California Competes Tax Credit, subject to investment and employment milestones. GSTX identified obtaining substantial additional financing as a risk to its manufacturing plans.
Graphene & Solar Technologies Limited (GSTX) announced that its common stock has been approved for quotation on the OTCQB Venture Market, with trading having commenced on September 15, 2026 under the existing symbol GSTX. This uplisting follows OTC Markets Group’s approval after GSTX met OTCQB financial, reporting, verification and market-eligibility standards, which exceed those of the OTC Pink Basic Market.
The company highlights this market-tier upgrade as part of a broader capital-markets strategy supporting its U.S. silicon wafer manufacturing plans. GSTX is conducting a previously announced private offering of up to $40 million of convertible notes to support development of its San Diego, California wafer facility, which when fully operational is expected to provide up to 10 GW of annual wafer capacity. Through its QSM USA subsidiary, GSTX has a long-term offtake agreement covering 30% of this planned output and has been awarded a $45 million California Competes Tax Credit, subject to specified investment and employment milestones.
Graphene & Solar Technologies Limited reported no revenue for the three and nine months ended June 30, 2026 and continues to operate pre-commercially. The company posted a net loss of $7,017,106 for the quarter and $8,762,433 for the nine-month period, significantly larger than the prior-year losses.
At June 30, 2026, cash was only $50,047 against current liabilities of $5,377,248, total notes payable of $1,027,986, and a stockholders’ deficit of $5,066,764, including an accumulated deficit of $83,005,074. Management explicitly states substantial doubt about the company’s ability to continue as a going concern absent new financing.
The company is funding operations largely through convertible debt and equity issuances, including extensive related-party notes and large stock-based compensation of $5,084,761 for the nine months. Shares outstanding rose to 739,928,268, and authorized common shares were increased to 1,500,000,000, highlighting ongoing dilution risk while the firm advances plans for silicon wafer manufacturing but remains pre-revenue.
Graphene & Solar Technologies Limited reported several leadership changes. On June 29, 2026, director Charles Wantrup resigned from the Board, with the company stating his resignation did not involve any disagreement over operations, policies, or practices.
On June 26, 2026, the Board appointed Daniel Kennedy and Theresa Jester as new non-employee directors, with compensation aligned to the company’s standard director program and no related-party or family relationships disclosed. The company also accepted the resignation of Interim Company Secretary Kristine Woo on June 29, 2026, again without any disagreement, and appointed Chief Operating Officer Paul Saffron as Company Secretary effective the same day.
The company furnished, but did not file, a June 30, 2026 press release titled “GSTX Adds Two Solar Industry Veterans to its Board of Directors” as an exhibit to this report.
Graphene & Solar Technologies Limited reports that Andrew Liang resigned from its Board of Directors, effective June 21, 2026. The company states that his resignation was not due to any disagreement regarding its operations, policies, or practices. Jason May, the Chief Executive Officer and Director, signed the report on the company’s behalf.
Graphene & Solar Technologies Limited reported that its wholly owned U.S. manufacturing subsidiary, The Quartz & Silicon Materials Company Limited (QSM USA), has been awarded a $45,000,000 California Competes Tax Credit. The five-year award comes from the California Office of Business and Economic Development.
The tax credit is intended to support the company’s planned silicon ingot and silicon wafer manufacturing projects in California, aimed at expanding its solar-related manufacturing footprint. The award terms are set out in a Tax Credit Allocation Agreement, which the company entered into and attached as an exhibit, along with a press release describing the award.
Graphene & Solar Technologies Limited (GSTX) remains pre-revenue and deeply loss-making. For the quarter ended March 31, 2026, it reported a net loss of $882,630, and a net loss of $1,745,327 for the six-month period, with zero revenue.
Total assets were $344,932 at March 31, 2026 against total liabilities of $5,025,353, leaving stockholders’ deficit of $4,680,421 and an accumulated deficit of $76,061,814. Current liabilities of $4,993,563 and current assets of $120,715 result in a working capital deficit of $4,872,848.
The company relies heavily on debt and related-party financing, including multiple convertible notes and consulting arrangements, and continues to issue or approve large blocks of common stock for services, debt conversions, and bonuses. Management explicitly states that recurring losses and funding needs raise substantial doubt about GSTX’s ability to continue as a going concern.
Graphene & Solar Technologies Limited reported that David Halstead resigned as Chief Financial Officer and as a member of the Board of Directors, effective April 21, 2026. The company states his resignation is not due to any disagreement regarding operations, policies, or practices.
On the same date, the Board appointed Kristine Woo as interim Chief Financial Officer, effective immediately, and plans to begin a search for a permanent CFO. Woo will be compensated under existing executive compensation policies and has no related-party arrangements, family relationships, or transactions requiring disclosure under Regulation S-K Item 404(a).
Graphene & Solar Technologies Limited reported that its Board of Directors appointed Russell Krause as a member of the Board, effective April 14, 2026. He will receive compensation consistent with the company’s non-employee director compensation program.
The company states there are no arrangements or understandings with other persons regarding his selection, no family relationships with any director or executive officer, and no transactions involving him that require disclosure under Item 404(a) of Regulation S-K.
Graphene & Solar Technologies Limited reported another loss-making quarter with no revenue for the three months ended December 31, 2025. Operating expenses were $759,871, down from $965,764 a year earlier, leading to a net loss of $862,697.
The company ended the quarter with just $78,842 in cash and a working capital deficit of $4,610,133, as current liabilities reached $4,700,487. Management again raised substantial doubt about the company’s ability to continue as a going concern and is relying on new debt and equity financing, including related-party funding.
Debt consists largely of high-interest notes and convertible notes, many held by related parties, and shareholders face ongoing dilution from stock-based compensation, debt conversions, and share-based consulting fees. As of April 8, 2026, the company had 676,194,059 common shares outstanding, with authorization increased to 1.5 billion shares.