SolarWindow Technologies, Inc.

What they do

SolarWindow develops ultra-thin LiquidElectricity Coatings applied to rigid glass, flexible glass and plastic that convert ordinary surfaces into organic photovoltaic devices. The coatings are built from hole transport, active, electron transport and conductive contact layers and are designed to harvest energy from natural sun, artificial light, and low, shaded or reflected light. Development work is performed at the U.S. Department of Energy's National Renewable Energy Laboratory under a CRADA, with support from commercial contract firms. Target applications include architectural glass, automotive, agrivoltaic greenhouses, aerospace, commercial transportation and marine.

Revenue drivers

• LiquidElectricity Coatings licensing — The company states it is seeking technology and product licensing arrangements with research institutions, manufacturers and distribution partners; no licensing revenue has been recorded and annual revenue was $0.00 in both 2023 and 2024.
• Joint ventures — Stated commercial development efforts include joint venture arrangements with manufacturing and fabrication facilities; no joint venture revenue has been reported.
• Electricity-generating glass products — Near-term product concept is LiquidElectricity-coated glass for skylights in recreational vehicles and marine vessels and architectural glass for new construction and retrofit; the company is pre-revenue with no reported product sales.
• Self-charging coated products — The company envisions applying coatings to third-party materials to create self-powered or 'self-charging' products; no revenue has been generated from this application.

Recent performance

No revenue was reported for fiscal 2023 or 2024, and the company remains pre-revenue. Annual net losses were $2.4M in 2023, $3.5M in 2024 and $2.3M in 2025, with diluted EPS of -$0.04, -$0.06 and -$0.04 respectively. Operating cash flow was negative in each of 2021 through 2025, improving from -$2.7M in 2021 to -$1.5M in 2025. At May 31, 2026, total assets were $4.9M, liabilities $306,365, stockholders' equity $4.6M and cash $4,789,312, down from $6,555,642 at August 31, 2025, while the accumulated deficit reached $82,947,146.

Strategy

The company is focused on developing and eventually commercializing LiquidElectricity Coatings through licensing, joint ventures and partnerships with manufacturing and distribution partners. Technical milestones cited include coating flat glass at room temperature and ambient pressure, passing LiquidElectricity-coated glass through a commercial autoclave laminating process with continued power output, and surviving more than 200 freeze/thaw cycles with favorable performance. Development continues at NREL under a CRADA and with commercial contract firms providing chemistry, coatings process, equipment and manufacturing expertise. Management states the company has sufficient cash and short-term investments to meet funding requirements for the twelve months following the fiscal 2025 annual report.

Risks

• No revenue generated — The company has not generated any revenue since inception and does not expect substantial revenue for the foreseeable future.
• Recurring losses and negative cash flow — Net losses were $2,180,576 in fiscal 2025 and $3,455,415 in fiscal 2024, with continued negative operating cash flow.
• Funding runway limited — Management says current cash and short-term investments may be sufficient for only the twelve months following the fiscal 2025 annual report and may not support operations beyond that period.
• Net operating loss limitations — The company states its ability to use net operating losses to offset future taxable income may be subject to certain limitations.

Outlook

Management states it has sufficient cash and short-term investments to meet projected product development and fabrication goals over the twelve months following the fiscal 2025 annual report. The company expects to remain pre-revenue and continue incurring losses for the foreseeable future. It cites planned progress on LiquidElectricity Coatings for glass and other surfaces and continued work at NREL and with commercial partners, while acknowledging that current cash may not be sufficient to maintain or expand operations beyond that period.