Investment Analysis of SolarWindow Technologies (WNDW) 10-Q Quarterly Report

Based on the obtained SEC 10-Q quarterly report and company data, I will provide a comprehensive analysis of the investment value of SolarWindow Technologies.

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SolarWindow Technologies, Inc. (Ticker: WNDW) filed its 10-Q quarterly report for the period ended November 30, 2025 with the U.S. Securities and Exchange Commission (SEC) on January 9, 2026 [0]. This report reveals the typical challenges and opportunities faced by a solar technology company still in the research and development stage.

Financial Metric	November 30, 2025	August 31, 2025	Change Rate
Cash and Cash Equivalents	$5,898,000	$6,555,642	-10.03%
Total Assets	$6,124,855	$6,645,254	-7.83%
Total Liabilities	$244,534	$194,175	+25.94%
Stockholders’ Equity	$5,880,321	$6,451,079	-8.85%
Current Ratio	24.76	34.00	Significant Decrease

Item	Q4 FY2025	Q4 FY2024	YoY Change
Operating Revenue	$0	$0	Flat
Operating Expenses	$613,189	$595,131	+3.04%
Net Loss	$(570,758)	$(552,063)	+3.38%
Loss Per Share	-$0.01	-$0.01	Flat

According to the Management’s Discussion and Analysis (MD&A) section of the report, SolarWindow Technologies focuses on developing its transparent power-generating coating technology called “LiquidElectricity® Coatings” [0]. This technology can convert ordinary glass and plastic surfaces into photovoltaic power generation devices, capable of generating electricity under natural sunlight, artificial light, and low-light conditions while maintaining transparency.

• The scope of technology applications has expanded to multiple industries including architecture, automotive, agricultural photovoltaics, aerospace, commercial transportation, and marine
• Ongoing collaboration with Rockies Lab (formerly NREL), a U.S. Department of Energy National Laboratory, via a Cooperative Research and Development Agreement (CRADA)
• The R&D agreement term has been extended to
  December 31, 2028
  , demonstrating the sustainability and long-term nature of the collaboration

1. Selling, General and Administrative (SG&A) Expenses: $464,338
   • Increased by $57,949 (+14%) compared to the same period last year
   • Mainly due to increased travel and professional fees

2. Research and Development (R&D) Expenses: $148,851
   • Increased by $11,672 (+9%) compared to the same period last year
   • Reflects the company’s continuous investment in technology development

3. Stock-Based Compensation Expenses: $0
   • Decreased 100% from $51,563 in the same period last year
   • Reason: All granted stock options have fully vested

Cash Flow Type	Q4 FY2025	Q4 FY2024	Change
Operating Activities	$(627,778)	$(527,567)	$(100,211)
Investing Activities	$(29,864)	$0	$(29,864)
Net Decrease in Cash	$(657,642)	$(527,567)	$(130,075)

The company’s quarterly cash burn increased by approximately $100,000, mainly used for:

• Increased personnel-related expenses
• Increased investment in R&D activities
• Rising travel and professional fees
• Purchase of coating equipment ($29,864)

The company currently

and has no commercialized products. The report clearly states: “We currently do not have any commercial products, and cannot guarantee that we will be able to successfully design, develop, manufacture, or sell any commercial products in the future” [0]. For investors, this means:

• Difficulty achieving profitability in the short term
• Significant uncertainty regarding the technology commercialization timeline
• Need to continuously rely on external financing to sustain operations

Management admitted in the report: “In order to meet capital requirements and continue operations,

” [0]. Although the company expects its existing cash to be sufficient to support operations for the next 12 months, it also warns:

“If we are unable to raise additional funds or generate positive cash flow, it is unlikely that we will continue as a going concern” [0]

The current market capitalization is $30.9 million [0], and its financing capacity is limited relative to its technological potential.

• Costs for patent application, maintenance, and enforcement may exceed expectations
• Uncertainty regarding product development outcomes
• Technologies and processes for large-scale commercial production have not yet been validated

According to company profile data, WNDW’s stock price exhibits high volatility [0]:

• 6-month increase: +53.95%
• 3-month decrease: -28.79%
• 5-year decrease: -96.30%

This volatility indicates that the stock is highly speculative.

• Applicable to various material surfaces (rigid glass, flexible glass, plastic)
• Capable of generating electricity under low-light and reflected light conditions
• Maintains transparency, suitable for Building-Integrated Photovoltaics (BIPV) applications

The CRADA agreement with the U.S. Department of Energy National Laboratory has been extended to 2028 [0], indicating:

• Official recognition of the technology
• Exclusive intellectual property usage rights
• Supplemented R&D resources

Diversified application scenarios such as architecture, automotive, agricultural photovoltaics, and aerospace provide broad imagination space for future revenue sources.

The current ratio is as high as 24.76 [0], indicating that the company has extremely strong short-term solvency and no liquidity crisis in the short term.

Based on financial analysis across 5 dimensions [0]:

Dimension	Rating	Explanation
Financial Stance	Neutral	Reasonable accounting policies, no signs of aggressive or conservative manipulation
Revenue Status	Extremely Weak	No substantive revenue generated, sustained losses
Cash Flow	Weak	Operating cash flow remains negative, but cash reserves are sufficient
Debt Risk	Low	Total liabilities are only $245,000, extremely low debt ratio
Composite Rating	Hold	Suitable for investors with high risk tolerance

Indicator	Current Status	Investor Action
Cash Burn Rate	Approximately $658,000 per quarter	Continuous Monitoring
Current Ratio	24.76	Monitor but not urgent
Financing Announcements	Needs Attention	Major Bullish/Bearish Signal

1. Technology Milestones
   : Patent approvals, efficiency improvements, partner announcements
2. Commercialization Progress
   : Product launches, licensing agreements, strategic collaborations
3. Financing Developments
   : Private placements, public offerings, or other financing activities
4. Industry Policies
   : Renewable energy subsidy policies, BIPV-related regulations

Based on the 10-Q report analysis, SolarWindow Technologies is suitable for the following types of investors:

Investor Type	Suitability	Reason
Risk-Seeking Investors	Highly Suitable	High risk, high return potential, aligns with speculative strategies
Institutional Investors	Not Suitable	Small company size, high risk, limited liquidity
Value Investors	Not Suitable	No profitability, no revenue, cannot use traditional valuation methods
Thematic Investors	Suitable	Thematic allocation in clean energy and solar technology
Retirement/Conservative Investors	Not Suitable	Risk exceeds tolerance range

1. Position Management
   : Only use funds you can afford to lose, position allocation should not exceed 1-2% of the investment portfolio
2. Stop-Loss Setting
   : Given the high volatility, it is recommended to set a 15-20% stop-loss level
3. Regular Evaluation
   : Review company announcements and financing developments monthly
4. Diversification
   : Complement with mature solar energy companies (such as ENPH, FSLR)

Traditional valuation methods (P/E, P/B) are

to SolarWindow Technologies [0], because:

• Negative price-to-earnings ratio (-10.43x)
• No profitability, no revenue
• Net profit margin of -13,006%

Intrinsic value models such as DCF are also difficult to apply because the company has not yet generated cash flow. In this case, technological potential, partnerships, and market space become the main considerations for valuation.

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[0] SolarWindow Technologies, Inc. Form 10-Q Quarterly Report. Filed with SEC on January 9, 2026, covering the fiscal quarter ended November 30, 2025. Source: https://www.sec.gov/Archives/edgar/data/1071840/000117184326000166/f10q_010726.htm

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: SolarWindow Technologies’ 10-Q quarterly report depicts a typical profile of an early-stage R&D technology company — sustained losses but abundant cash, uncertain technological prospects but stable strategic collaborations, highly speculative but with huge potential returns. For investors seeking high risk and high returns, the company is worthy of close attention; for risk-averse investors, it is recommended to avoid. The key is to continuously track its technological breakthroughs, commercialization progress, and changes in financing capacity.