SolarWindow Technologies (WNDW) reports Q1 FY2026 results and cash use
SolarWindow Technologies reported another pre-revenue quarter, posting a net loss of
Cash and cash equivalents were
Positive
- None.
Negative
- None.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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SOLARWINDOW TECHNOLOGIES, INC.
FORM 10-Q
For the Quarterly Period Ended November 30, 2025
Table of Contents
| PART I FINANCIAL INFORMATION | |
| Item 1. Consolidated Financial Statements | |
| Condensed Consolidated Balance Sheets | 1 |
| Condensed Consolidated Statements of Operations and Comprehensive Loss | 2 |
| Condensed Consolidated Statements of Stockholders’ Equity | 3 |
| Condensed Consolidated Statements of Cash Flows | 4 |
| Notes to Condensed Consolidated Financial Statements | 5 |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 10 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 14 |
| Item 4. Controls and Procedures | 14 |
| PART II OTHER INFORMATION | |
| Item 1A. Risk Factors | 15 |
| Item 6. Exhibits | 15 |
| Signatures | 16 |
| Certifications |
PART I — FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
SOLARWINDOW TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| November 30, | August 31, | |||||||
| 2025 | 2025 | |||||||
| ASSETS | (Unaudited) | |||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Deferred research and development costs | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Total current assets | ||||||||
| Property and Equipment, net | ||||||||
| Total assets | $ | $ | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | $ | ||||||
| Related party payables | ||||||||
| Total current liabilities | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock: $ | — | — | ||||||
| Common stock: $ | ||||||||
| Additional paid-in capital | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total stockholders' equity | ||||||||
| Total liabilities and stockholders' equity | $ | $ | ||||||
(The accompanying notes are an integral part of these consolidated financial statements)
| 1 |
SOLARWINDOW TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)
For the Three Months Ended November 30, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | — | $ | — | ||||
| Operating expenses: | ||||||||
| Selling, general and administrative | ||||||||
| Research and development | ||||||||
| Total operating expenses | ||||||||
| Loss from operations | ( | ) | ( | ) | ||||
| Other income: | ||||||||
| Interest income | ||||||||
| Total other income | ||||||||
| Net loss from continuing operations | ( | ) | ( | ) | ||||
| Net loss from discontinued operations | — | ( | ) | |||||
| Net loss attributable to common stockholders | ( | ) | ( | ) | ||||
| Other comprehensive income loss: | ||||||||
| Foreign currency translation gain | — | |||||||
| Comprehensive (loss) attributable to common stockholders’ | $ | ( | ) | $ | ( | ) | ||
| Loss per Share from continuing operations basic and diluted | $ | ( | ) | $ | ( | ) | ||
| Loss per Share from discontinued operations basic and diluted | $ | ( | ) | $ | ( | ) | ||
| Net loss attributable to common stockholders per share basic and diluted | $ | ( | ) | $ | ( | ) | ||
| Weighted average number of common shares outstanding - basic and diluted | ||||||||
| 2 |
SOLARWINDOW TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)
| Common Stock | Accumulated | |||||||||||||||||||||||
| FOR THE THREE MONTHS ENDED NOVEMBER 30, 2025 | Shares | Amount | Additional Paid-in Capital | Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders' Equity | ||||||||||||||||||
| Balance, August 31, 2025 | $ | $ | $ | — | $ | ( | ) | $ | ||||||||||||||||
| Net loss | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||
| Balance, November 30, 2025 | $ | $ | $ | — | $ | ( | ) | $ | ||||||||||||||||
| FOR THE THREE MONTHS ENDED NOVEMBER 30, 2024 | ||||||||||||||||||||||||
| Balance, August 31, 2024 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
| Stock based compensation due to common stock purchase options | — | — | — | — | ||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | — | ||||||||||||||||||||
| Net loss | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||
| Balance, November 30, 2024 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
(The accompanying notes are an integral part of these consolidated financial statements)
| 3 |
SOLARWINDOW TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Three Months Ended November 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss from continuing operations | $ | ( | ) | $ | ( | ) | ||
| Adjustments to reconcile net loss to net cash flows used in operating activities: | ||||||||
| Depreciation | ||||||||
| Stock based compensation expense | — | |||||||
| Changes in operating assets and liabilities: | ||||||||
| Deferred research and development costs | ( | ) | ||||||
| Prepaid expenses and other assets | ( | ) | ( | ) | ||||
| Accounts payable and accrued expenses | ( | ) | ||||||
| Related party payable | ( | ) | ||||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| Cash flows from investing activities | ||||||||
| Capital expenditures | ( | ) | — | |||||
| Net cash used in investing activities | ( | ) | — | |||||
| Net decrease in cash and cash equivalents | ( | ) | ( | ) | ||||
| Cash and cash equivalents at beginning of period | ||||||||
| Cash and cash equivalents at end of period | $ | $ | ||||||
| Supplemental disclosure of cash flow information: | ||||||||
| Interest paid in cash | $ | — | $ | — | ||||
| Income taxes paid in cash | $ | — | $ | — | ||||
| (The accompanying notes are an integral part of these consolidated financial statements) | ||||
| 4 |
SOLARWINDOW TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 – Organization
Organization
SolarWindow Technologies, Inc. was incorporated in the State of Nevada on May 5, 1998 (the “Company”). SolarWindow® technology harvests light energy from the sun and from artificial light sources using a transparent and ultra-lightweight coating of organic photovoltaic (“OPV”) solar cells applied to glass and plastics, thereby generating electricity. The Company’s ticker symbol is WNDW.
Liquidity
The Company has not generated any revenue since inception and has sustained
recurring losses and negative cash flows from operations since inception. We expect to incur losses as we continue to develop and further
refine and promote our technologies and potential product applications. As of November 30, 2025, the Company had $
NOTE 2 – Interim Statement Presentation
Basis of Presentation and Use of Estimates
The accompanying unaudited interim consolidated financial statements of the Company as of November 30, 2025, and for the three months ended November 30, 2025 and 2024 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. These Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended August 31, 2025, included in our Annual Report on Form 10-K filed with the SEC on November 13, 2025.
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the accounting period. Actual results may differ from those estimates. The accompanying unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments (including normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s consolidated financial position as of November 30, 2025, results of operations, stockholders’ equity and cash flows for the three months ended November 30, 2025 and 2024. The Company did not record an income tax provision during the periods presented due to net taxable losses. The results of operations for any interim period are not necessarily indicative of the results of operations for the entire year.
These consolidated financial statements presented are those of the Company
and, for the prior year ended November 30, 2024, include $
| 5 |
Information regarding the Company’s significant accounting policies is contained in Note 2, “Summary of significant accounting policies,” to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended August 31, 2025. Presented below and in the following notes is supplemental information that should be read in conjunction with “Notes to Condensed Consolidated Financial Statements” in the Annual Report.
Fiscal quarter
The Company’s quarterly periods end on November 30, February 28, May 31, and August 31. The Company’s first quarter in fiscal 2026 and 2025 ended on November 30, 2025 and November 30, 2024, respectively.
Net Income (Loss) Per Share
The computation of basic earnings per share (“EPS”) is based on the weighted average number of shares that were outstanding during the period, including shares of common stock that are issuable at the end of the reporting period. The computation of diluted EPS is based on the number of basic weighted-average shares outstanding plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares outstanding using the treasury stock method. The computation of diluted net income per share does not assume conversion, exercise or contingent issuance of securities that would have an antidilutive effect on earnings per share. Therefore, when calculating EPS if the Company experienced a loss, there is no inclusion of dilutive securities as their inclusion in the EPS calculation is antidilutive. Furthermore, options and warrants will have a dilutive effect under the treasury stock method only when the average market price of the common stock during the period exceeds the exercise price of the options or warrants (they are in the money).
The shares listed below were not included in the computation of diluted losses per share because to do so would be antidilutive for the periods presented:
| Schedule of computation of diluted losses per share | ||||||||
For the Three Months Ended November 30, | ||||||||
| 2025 | 2024 | |||||||
| Stock options | ||||||||
| Warrants | ||||||||
Accounting Pronouncements
We evaluate all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board for consideration of their applicability. ASUs not included in our disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on our unaudited condensed financial statements.
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, which means ASU 2023-07 is effective for our annual periods beginning September 1, 2024, and our interim periods beginning September 1, 2025, or our current fiscal year which begins on September 1, 2025. The Company adopted the ASU 2023-07 and determined that its adoption did not have a material impact on the Company’s financial statements and related disclosures.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This new guidance is designed to improve the disclosures about the types of expenses, including employee compensation, depreciation, and amortization, and costs incurred related to inventory and manufacturing activities. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 on a prospective basis with optional retrospective application. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its disclosures.
| 6 |
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the annual income tax disclosures for the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual reporting periods beginning September 1, 2026, with early adoption permitted. The Company is currently assessing the impact of this guidance on its disclosures.
NOTE 3 – Property and Equipment
Property and equipment consists of the following:
| Schedule of property and equipment | ||||||||
| November 30, | August 31, | |||||||
| 2025 | 2025 | |||||||
| Computers, office equipment and software | $ | $ | ||||||
| Equipment | ||||||||
| Total property and equipment | ||||||||
| Accumulated depreciation | ( | ) | ( | ) | ||||
| Property and equipment, net | $ | $ | ||||||
During the three months ended November 30, 2025 and 2024, the Company recognized
straight-line depreciation expense of $
NOTE 4 – Common Stock and Warrants
Common Stock
At November 30, 2025, the Company had
Warrants
Each of the Company’s warrants outstanding entitles the holder to purchase one share of the Company’s common stock for each warrant share held. The Series T Warrants may be exercised on a cashless basis. A summary of the Company’s warrants outstanding and exercisable as of November 30, 2025 and August 31, 2025:
| Schedule of warrants outstanding and exercisable | ||||||||||||||||||||
| Shares of Common Stock Issuable from Warrants Outstanding as of | ||||||||||||||||||||
| November 30, | August 31, | Weighted Average | ||||||||||||||||||
| Description | 2025 | 2025 | Exercise Price | Date of Issuance | Expiration | |||||||||||||||
| Series T Warrants | $ | |||||||||||||||||||
| Series U Warrants | $ | |||||||||||||||||||
| Series U-OS Warrants | $ | |||||||||||||||||||
| Total | ||||||||||||||||||||
NOTE 5 - Stock Options
The Company measures share-based compensation cost on the grant date, based on the fair value of the award, and recognizes the expense on a straight-line basis over the requisite service period for awards expected to vest. The Company estimates the grant date fair value of stock options using a Black-Scholes valuation model. No stock options were granted during the three months ended November 30, 2025 and 2024. A summary of the Company’s stock option activity for the three months ended November 30, 2025 and related information follows:
| 7 |
| Schedule of stock option activity | ||||||||||||||||
| Number of Shares Subject to Option Grants | Weighted Average Exercise Price ($) | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value ($) | |||||||||||||
| Outstanding at November 30, 2025 | ||||||||||||||||
| Exercisable at November 30, 2025 | ||||||||||||||||
The aggregate intrinsic value in the table above represents the total pretax
intrinsic value for all “in-the-money” options (i.e. the difference between the Company’s closing stock price on the
last trading day of the period covered by this report and the exercise price, multiplied by the number of shares) that would have been
received by the option holders had all in-the-money option holders exercised their vested options on November 30, 2025. The intrinsic
value of the option changes based upon the fair market value of the Company’s common stock. Since
the closing stock price was $
The following table sets forth the share-based compensation cost resulting from stock option grants, including those previously granted and vesting over time, that were recorded in the Company’s Statements of Operations for the three months ended November 30, 2025 and 2024:
| Schedule of share-based compensation | ||||||||
Three Months Ended November 30, | ||||||||
| 2025 | 2024 | |||||||
| Stock compensation expense: | ||||||||
| Selling, general and administrative | $ | — | $ | |||||
| Total | $ | — | $ | |||||
The following table summarizes information about stock options outstanding and exercisable at November 30, 2025:
| Schedule of stock options outstanding and exercisable | ||||||||||||||||||||||||||
| Stock Options Outstanding | Stock Options Exercisable | |||||||||||||||||||||||||
| Range of | Number of Shares | Weighted Average | Weighted Average | Number of Shares Subject | Weighted Average Remaining | Weighted Average | ||||||||||||||||||||
| Exercise | Subject to | Contractual | Exercise | To Options | Contractual | Exercise | ||||||||||||||||||||
| Prices | Outstanding Options | Life (years) | Price ($) | Exercise | Life (Years) | Price ($) | ||||||||||||||||||||
| 0.33 | ||||||||||||||||||||||||||
| 2.32 | ||||||||||||||||||||||||||
| 2.60 | ||||||||||||||||||||||||||
| 3.42 | ||||||||||||||||||||||||||
| 3.46 | ||||||||||||||||||||||||||
| 3.54 | ||||||||||||||||||||||||||
| 4.87 | ||||||||||||||||||||||||||
| 6.21 | ||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||
NOTE 6 - Transactions with Related Persons
A related party with respect to the Company is generally defined as any person (i) (and, if a natural person, inclusive of his or her immediate family) that holds 10% or more of the Company’s securities, (ii) that is part of the Company’s management, (iii) that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
| 8 |
Joseph Sierchio, one of the Company’s directors, has maintained his
role as the Company’s general counsel since 2005. Currently, Mr. Sierchio, as principal of Sierchio Law, LLP, serves as the Company’s
general counsel on an hourly basis at the rate of $750 per hour. Fees for legal services billed by Sierchio Law, LLP totaled $
All related party transactions are recorded at the exchange amount established and agreed to between related parties and are in the normal course of business.
Note 7. Segment Reporting
The Company manages its business on a consolidated basis and operates in one reportable segment, which is the development and application of solar generating capability to various materials. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the Chief Executive Officer as chief operating decision maker (the “CODM”) in assessing business performance and deciding how to allocate resources on a consolidated basis.
The CODM assesses operating performance and makes resource allocation decisions primarily based on net loss, cash on-hand and cash flows utilizing the Company’s product development timelines and cash balances as key inputs to resource allocation. The measure of segment assets is reported on the balance sheets as total assets.
Significant expenses within loss from operations, as well as within net loss, include cost of research and development, and general and administrative expenses, which are each separately presented on the Company’s Statements of Operations. Other segment items within net income include other income and other expense.
NOTE 8 – Subsequent Events
Management has reviewed material events subsequent of the period ended November 30, 2025 and through the date of filing of financial statements in accordance with FASB ASC 855 “Subsequent Events”. In managements opinion, no material subsequent events have occurred as of the date of this quarterly report.
| 9 |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of
Operations
Forward-Looking Statements
This Report on Form 10-Q contains forward-looking statements which involve assumptions and describe our future plans, strategies, and expectations, and are generally identifiable by use of words such as “may,” “will,“ “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project,” or the negative of these words or other variations on these words or comparable terminology. These statements are expressed in good faith and based upon a reasonable basis when made, but there can be no assurance that these expectations will be achieved or accomplished.
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 industry, (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 under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” as well as in this Form 10-Q generally. 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-Q generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. In addition to the information expressly required to be included in this filing, we will provide such further material information, if any, as may be necessary to make the required statements, in light of the circumstances under which they are made, not misleading.
Although forward-looking statements in this report reflect the good faith judgment of our management, forward-looking statements are inherently subject to known and unknown risks, business, economic and other risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this report, other than as may be required by applicable law or regulation. Readers are urged to carefully review and consider the various disclosures made by us in our filings with the Securities and Exchange Commission which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected.
Except where the context otherwise requires, and for purposes of this Form 10-Q only, the terms “we,” “us,” “our,” “Company” “our Company,” and “SolarWindow” refer to SolarWindow Technologies, Inc., a Nevada corporation.
Overview
We are a developer of semi-transparent electricity-generating coatings, and methods for their application to various materials (collectively, “LiquidElectricity® Coatings”). When applied in ultra-thin layers to rigid glass, and flexible glass and plastic surfaces our LiquidElectricity® Coatings transform otherwise ordinary surfaces into photovoltaic devices capable of generating electricity from natural sun, artificial light, and low, shaded, or reflected light conditions while maintaining transparency.
We have overcome major technical challenges and achieved many important milestones resulting in an expansion of the potential applications of LiquidElectricity® Coatings which span multiple industries, including architectural, automotive, agrivoltaic, aerospace, commercial transportation and marine. Our LiquidElectricity® Coatings are under development with support from commercial contract firms and at the U.S. Department of Energy’s National Laboratory of the Rockies (NLR), forerly known as National Renewable Energy Laboratory (NREL), through Cooperative Research and Development Agreements.
| 10 |
We do not currently have any commercial products and there is no assurance that we will successfully be able to design, develop, manufacture, or sell any commercial products in the future. Our product development programs involve ongoing R&D and product development efforts, and the commitment of significant resources to support the extensive invention, design, engineering, testing, prototyping, and intellectual property initiatives carried out by our contract engineers, scientists, and consultants.
We plan to market any SolarWindow® Products we commercialize through co-marketing and co-promotion, licensing, and distribution arrangements with third party collaborators, to advance the technical development and subsequent commercialization of our SolarWindow® products. We are actively seeking additional technology and product licensing, joint venture arrangements, and manufacturing process integration relationships with commercial partners and industry; and organizations which have established technical competencies, market reach, and mature distribution networks in the solar PV, building-integrated PV, and alternative and renewable energy market industries. We believe that this approach could provide immediate access to existing distribution channels which can increase market penetration and commercial acceptance of our products and enable us to avoid expending significant funds for development of a large sales and marketing organization. We have not yet entered into any such arrangements for these services.
We cannot accurately predict the amount of funding, or the time required to successfully commercialize or fabricate SolarWindow® products. The actual cost and time required to commercialize our SolarWindow® technology may vary significantly depending on, among other things, the results of our product development efforts; the cost of developing, acquiring, or licensing various enabling equipment and technologies; changes in the focus and direction of our business or product development plans; competitive and technological advances; the cost of patent filing, prosecuting, defending and enforcing claims; demonstrating compliance with regulations and standards; and manufacturing, marketing and other costs that may be associated with product fabrication. Because of this uncertainty, even if financing is available to us, we may secure insufficient funding to effectuate our business and/or product development plans.
As of November 30, 2025, we had working capital of $5,811,267 and cash of $5,898,000. Based upon current and near term anticipated level of operations and expenditures, we believe that cash on hand should be sufficient to enable us to continue operations over the next twelve months following the issuance of this Annual Report on Form 10-K.
Management recognizes that in order for us to meet our capital requirements, and continue to operate, additional financing will be necessary. We expect to raise additional funds through private or public equity investment in order to expand the range and scope of our business operations. We will seek access to private or public equity markets but there is no assurance that such additional funds will be available for us to finance our operations on acceptable terms, if at all. If we are unable to raise additional capital or generate positive cash flow, it is unlikely that we will be able to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Research and Related Agreements
We are a party to certain agreements related to the development of our technology.
Stevenson-Wydler Cooperative Research and Development Agreement with the Alliance for Sustainable Energy
On March 18, 2011, the Company and the Alliance for Sustainable Energy (“ASE”), the operator of the National Laboratory of the Rockies (“NLR”), formerly known as National Renewable Energy Laboratories (“NREL”) under its U.S. Department of Energy contract, entered into a Cooperative Research and Development Agreement (“CRADA”) to advance the commercial development of our technology, and on March 6, 2013, the Company and ASE entered into Phase II of the CRADA (collectively, the “NLR CRADA”). Under terms of the NLR CRADA, NLR researchers make use of our exclusive intellectual property (“IP”), newly developed IP, and NLR’s background IP in order to work towards specific product development goals established by the Company. Under the terms of the NLR CRADA, we agreed to reimburse Alliance for Sustainable Energy for filing fees associated with all documented, out-of-pocket costs directly related to patent application preparation and filings, and maintenance of the patent applications. Beginning in 2013, under the NLR CRADA, researchers have and will continue to work to:
| 11 |
| · | improve our technology efficiency and transparency; |
| · | optimize electrical power (current and voltage) output; |
| · | optimize the application of the active layer coatings and application processes which make it possible for LiquidElectricity® Coatings to generate electricity on glass surfaces; |
| · | develop improved electricity-generating coatings by enhancing performance, processing, reliability, and durability; |
| · | optimize LiquidElectricity® Coating performance on both rigid and flexible substrates; and |
| · | develop high speed and large area roll-to-roll (R2R) and sheet-to-sheet coating application methods required for commercial-scale building integrated photovoltaic products and windows. |
Over the course of our collaborative research and development efforts under the NLR CRADA, both parties have agreed to modifications to extend the period of performance. The current modification extends the period of performance to December 31, 2028. As of November 30, 2025, the Company had a capitalized asset balance of $44,619 related to deferred research and development costs for advances to Alliance for Sustainable Energy for work to be performed under the NLR CRADA.
Results of Operations
Three Months ended November 30, 2025, compared to the three months ended November 30, 2024
A summary of our operating expenses for the three months ended November 30, 2025, and 2024 follows:
| Fiscal 2026 compared to Fiscal 2025 | ||||||||||||||||
| Three Months Ended November 30, | Change | Percentage | ||||||||||||||
| 2025 | 2024 | ($) | Change | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general & administrative | $ | 464,338 | $ | 406,389 | $ | 57,949 | 14 | % | ||||||||
| Research and development | 148,851 | 137,179 | 11,672 | 9 | % | |||||||||||
| Stock compensation | — | 51,563 | (51,563 | ) | (100 | )% | ||||||||||
| Total Operating expense | $ | 613,189 | $ | 595,131 | $ | 18,058 | 3 | % | ||||||||
Selling, General and Administrative
Selling, general and administrative (“SG&A”) costs include all expenditures incurred other than research and development related costs, including costs related to personnel, professional fees, travel, public company costs, insurance, and other office related costs. During the three months ended November 30, 2025 compared to the three months ended November 30, 2024, SG&A costs increased $57,949 primarily due to increased travel and professional fees.
Research and Product Development
Research and Development (“R&D”) costs represent costs incurred to develop our SolarWindow® technology and are incurred pursuant to our research agreements and agreements with other third-party providers and certain internal R&D cost allocations. Payments under these agreements include salaries and benefits for R&D personnel, allocated overhead, contract services and other costs. R&D costs are expensed when incurred, except for non-refundable advance payments for future research and development activities which are capitalized and recognized as expense as the related services are performed. During the three months ended November 30, 2025, compared to the three months ended November 30, 2024, R&D costs increased primarily as a result of an increase in personnel and CRADA costs.
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Stock Based Compensation
The Company grants stock options to its directors, employees and consultants. Stock compensation represents the expense associated with the amortization of our stock options. Expense associated with equity-based transactions is calculated and expensed in our financial statements as required pursuant to various accounting rules and is non-cash in nature. Stock based compensation expense decreased to zero during the three months ended November 30, 2025 compared to the three months ended November 30, 2024 due to full vesting of all outstanding grants.
Net loss from continuing operations
Consolidated net loss from continuing operations increased $19,666 to $570,758 for the three months ended November 30, 2024, as compared to a net loss of $551,092 for the three months ended November 30, 2024 due to higher SG&A and R&D costs offset by lower stock compensation expense.
Liquidity and Capital Resources
Our primary cash needs are for personnel, professional and R&D related fees and other administrative costs. Our principal sources of liquidity are cash and short-term investments. As of November 30, 2025, and August 31, 2025, the Company had cash of $5,898,000 and $6,555,642, respectively. We have financed our operations primarily from the sale of equity and debt securities.
The following table presents a summary of our cash flows for the periods indicated:
| Three Months Ended November 30, | ||||||||||||
| 2025 | 2024 | Change | ||||||||||
| Net cash used in operating activities | $ | (627,778 | ) | $ | (527,567 | ) | $ | (100,211 | ) | |||
| Net cash used in investing activities | (29,864 | ) | — | (29,864 | ) | |||||||
| Net decrease in cash and cash equivalents | $ | (657,642 | ) | $ | (527,567 | ) | $ | (130,075 | ) | |||
Operating Activities - Operating activities consist of net loss adjusted for certain non-cash items, including depreciation, stock-based compensation expense, and the effect of changes in working capital. Cash used in operating activities increased $100,211 during the three months ended November 30, 2025 compared to the three months ended November 30, 2024 due to higher cash outlays for personnel, R&D, travel, professional fees and changes in working capital.
Investing Activities – Investing used cash of $29,864 during the three months ended November 30, 2025 due to the purchase of coating equipment.
Indebtedness
None.
Other Contractual Obligations
None.
Off-Balance Sheet Arrangements
There were no off-balance sheet arrangements for the three months ended November 30, 2025 and 2024.
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Recently Issued Accounting Standards
For more information regarding recent accounting standards and their impact to our results of operations and financial position, see “Note 2- Summary of Significant Accounting Policies” to our Financial Statements.
Critical Accounting Policies
Management’s discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these consolidated financial statements required the use of estimates and judgments that affect the reported amounts of our assets, liabilities, and expenses. Management bases estimates on historical experience and other assumptions it believes to be reasonable under the circumstances and evaluates these estimates on an on-going basis. Actual results may differ from these estimates. There have been no significant changes to the critical accounting policies and estimates included in our Quarterly Report on Form 10-Q for the three months ended November 30, 2024.
Related Party Transactions
For a discussion of our Related Party Transactions, see “Note–6 - Transactions With Related Persons” to our Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
Corporate Information
SolarWindow Technologies, Inc., a Nevada corporation, was incorporated in 1998. The Company’s executive offices are located at 9375 E Shea Blvd., Suite 107-B, Scottsdale AZ 85260. The Company’s telephone number is (800) 213-0689. Our Internet address is www.solarwindow.com. We make available free of charge through our Internet website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (“SEC”). The information accessible through our website is not a part of this Quarterly Report on Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in interest rates and foreign currency exchange rates. We do not hold or issue financial instruments for trading purposes.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
Our Principal Executive Officer and Principal Financial Officer (“Management”), after evaluating the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of November 30, 2025, have concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Management does not expect that the Company’s disclosure controls or the Company’s internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. We will conduct periodic evaluations of our internal controls to enhance, where necessary, our procedures and controls.
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Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting identified in connection with the evaluation described above that occurred during the three months ended November 30, 2025 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K filed with the SEC on November 13, 2025, for the year ended August 31, 2025, which could materially affect our business, financial condition, financial results, or future performance. There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended August 31, 2025.
Item 6. Exhibits
| Exhibit No. | Description of Exhibit |
| 31.1 | Certification of the Principal Executive Officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* |
| 31.2 | Certification of the Principal Financial Officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* |
| 32.1 | Certification of the Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |
| 101.INS | Inline XBRL Instance Document** | |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document** | |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document** | |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document** | |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document** | |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document** |
*Filed herewith
** Furnished herewith. XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SolarWindow Technologies, Inc.
| By: | /S/ Amit Singh | |
| Amit Singh | ||
| Chief Executive Officer | ||
| (Principal Executive Officer) | ||
| Date: | January 9, 2026 | |
| By: | /S/ Justin Frere | |
| Justin Frere, CPA | ||
| Interim Chief Financial Officer | ||
| (Principal Financial Officer) | ||
| By: | January 9, 2026 |
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FAQ
How did SolarWindow Technologies (WNDW) perform in its latest quarter?
For the three months ended November 30, 2025, SolarWindow Technologies reported no revenue and a net loss attributable to common stockholders of
What is SolarWindow Technologies' cash position and liquidity as of November 30, 2025?
As of November 30, 2025, SolarWindow held
What were SolarWindow Technologies' main operating expenses this quarter?
Operating expenses for the quarter ended November 30, 2025 totaled
Does SolarWindow Technologies have any debt or significant contractual obligations?
The company reports no indebtedness and notes there are no other contractual obligations or off-balance sheet arrangements for the three months ended November 30, 2025 and 2024. Total liabilities were
How many shares, options, and warrants does SolarWindow Technologies have outstanding?
SolarWindow had 65,779,045 shares of common stock outstanding at November 30, 2025. In addition, there were 5,241,000 stock options outstanding and exercisable with a weighted average exercise price of
What is the status of SolarWindow Technologies' product development and revenue generation?
SolarWindow remains a development-stage company focused on its LiquidElectricity® Coatings for electricity-generating glass and plastic. The company continues R&D under its Cooperative Research and Development Agreement with the National Laboratory of the Rockies and reports that it has not generated any revenue since inception.
What related party transactions did SolarWindow Technologies disclose this quarter?
The company’s director and general counsel, through Sierchio Law, LLP, billed legal fees of
