Bobby Gulati
About Bobby Gulati
Bobby Gulati is Chief Operating Officer of Ascent Solar Technologies (ASTI). He is 60 years old and holds a B.S. in Electrical Engineering with a minor in Computer Science and Robotics from the University of Colorado, Denver . He joined Ascent in February 2012 and was appointed COO on May 8, 2023, with his COO employment agreement effective April 17, 2023 and running through December 31, 2025 . Company performance during his tenure reflects early-stage commercialization: FY2024 revenue was $41,893 with a net loss of $(9,163,575); FY2023 revenue was $458,260 with a net loss of $(17,069,896); company TSR reported at 3.8 for 2024 and 0.3 for 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ascent Solar Technologies | Head Equipment Engineer; Director of Equipment Engineering; Chief Information Officer | 2012–2020 | Led equipment engineering, international business development, and IT leadership prior to COO appointment |
| Twin Creeks Technologies | Director of Equipment Engineering | 2010–2012 | Responsible for operations of a 5MW solar cell manufacturing facility in Senatobia, Mississippi |
| TriStar Systems | Co-founder and President | 2001–2010 | Built automated manufacturing and assembly equipment for solar, aerospace, and disk drive industries |
| NexStar Automation (public company) | Co-founder and Chief Operating Officer | 1992–2000 | Designed and built automated production equipment for semiconductor and medical disposables |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NexStar Automation | Co-founder and COO | 1992–2000 | Operating leadership at a publicly traded automation company |
| TriStar Systems | Co-founder and President | 2001–2010 | Founded and led manufacturer of automated equipment across industrial sectors |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $189,200 | $234,200; base salary increased to $240,000 in May 2024 |
| One-time Bonus ($) | $25,000 | $30,000 |
| Target Annual Incentive (% of Base) | Up to 60% | Up to 60% |
Performance Compensation
Annual Cash Incentive
| Metric | Weighting | Target | Actual | Payout ($) | Vesting/Payment Timing |
|---|---|---|---|---|---|
| Annual incentive (Company/Individual targets not disclosed) | Not disclosed | Not disclosed | Not disclosed | $30,000 (2024) | Standard company bonus timing (not specified) |
Equity Awards – RSUs
| Grant Date | Units | Grant-Date FV ($/RSU) | Vest Schedule | Unvested at FY-end | Year-end Market Value ($) |
|---|---|---|---|---|---|
| Jan 2024 | 425 | $77 | 1/3 on Mar 31, 2024; 1/3 on Jan 1, 2025; 1/3 on Jan 1, 2026 | 283 | $925 |
Equity Awards – Options
| Grant Date | Options | Exercise Price ($) | Expiration | Vest Schedule | Outstanding at FY-end |
|---|---|---|---|---|---|
| Aug 2024 | 11,500 | $4.15 | Aug 20, 2034 | 1/3 on Sept 15, 2024; 1/3 on Aug 21, 2025; 1/3 on Aug 21, 2026 | 3,834 exercisable; 7,666 unexercisable |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (shares) | 6,129 |
| Ownership % of Outstanding | * (less than 1% per proxy table format; 1,715,442 shares outstanding as of Apr 30, 2025) |
| RSUs – Unvested (# / $) | 283 / $925 at Dec 31, 2024 |
| Options – Exercisable (#) | 3,834 |
| Options – Unexercisable (#) | 7,666 |
| Option Exercise Price ($) | $4.15 |
| Option Expiration | Aug 20, 2034 |
| Ownership Guidelines | Not disclosed |
| Shares Pledged/Hedged | Not disclosed in filings reviewed |
Upcoming vesting events that could create supply overhang: RSUs on Jan 1, 2026 (final tranche), Options on Aug 21, 2025 and Aug 21, 2026 (final tranches) .
Employment Terms
| Term | Detail |
|---|---|
| Role and Reporting | COO; duties per bylaws, authority appropriate to role; reports to Board |
| Effective Date & Term | Effective April 17, 2023 through December 31, 2025, unless earlier terminated |
| Base Salary | $225,000 initially; increased to $240,000 in May 2024 |
| One-time Bonus | $25,000 paid (agreement acknowledgement); 2024 bonus $30,000 |
| Annual Incentive | Eligible up to 60% of base salary based on agreed targets |
| Equity Eligibility | Eligible to participate in Company’s equity incentive plans |
| Severance (No Cause/Good Reason/Change in Control) | Entitled to receive half of base salary then in effect from termination date through end of term; clause references change in control |
| Non-Compete / Non-Solicit | 12 months post-termination |
| Confidentiality | Required to maintain confidentiality of proprietary information |
| Location | Thornton, Colorado |
| Expense Reimbursement & Benefits | Standard exec benefits and prompt reimbursement of reasonable expenses |
Performance & Track Record
| Metric | 2023 | 2024 |
|---|---|---|
| Total Revenue ($) | $458,260 | $41,893 |
| Net Loss ($) | $(17,069,896) | $(9,163,575) |
| Company TSR | 0.3 | 3.8 |
Management disclosures emphasize ongoing R&D and limited production with substantial doubt about going concern absent further financing; working capital $1,432,912 at Dec 31, 2024 and cash used in operations $8,423,569 in 2024 .
Compensation Structure Analysis
- Pay mix shows modest cash base with at-risk components via RSUs and options introduced in 2024, consistent with aligning compensation to equity despite small absolute size of awards .
- Year-over-year changes: base salary rose to $240,000 in May 2024; 2024 equity grants added RSUs and options vs. none in 2023; bonus increased from $25,000 to $30,000 .
- Severance is limited to half of base salary through end of term under specified conditions; clause references change in control, which could be a single-trigger feature depending on interpretation of “or a change in control” in the agreement summary .
Related Party Transactions and Governance Notes
- Beneficial ownership by executives and directors is low; Gulati holds 6,129 shares; overall executive and director group holds 195,035 shares (10.21% of outstanding as of Apr 30, 2025) .
- Historical related party relationships disclosed with TubeSolar and BD1 as >5% holders in 2023; not directly tied to Gulati .
Equity Ownership & Vesting Schedules (Detail)
| Award Type | Grant | Quantity | Price | Vesting Dates | Status at 12/31/2024 |
|---|---|---|---|---|---|
| RSU | Jan 2024 | 425 | $77 per RSU | Mar 31, 2024; Jan 1, 2025; Jan 1, 2026 | 283 unvested; $925 MV |
| Option | Aug 2024 | 11,500 | $4.15 | Sept 15, 2024; Aug 21, 2025; Aug 21, 2026 | 3,834 exercisable; 7,666 unexercisable; exp. 8/20/2034 |
Investment Implications
- Alignment: Ownership is small in absolute terms (6,129 shares); equity awards provide leverage but with long-dated option expirations and staged vesting, reducing immediate alignment; lack of disclosed ownership guidelines limits assessment of required “skin-in-the-game” .
- Retention: Term through Dec 31, 2025; 12-month non-compete/non-solicit and ongoing vesting of RSUs and options create retention hooks; severance limited to half of base salary for remaining term under specified conditions .
- Selling pressure: Scheduled RSU vesting (Jan 1, 2026) and option tranches (Aug 21, 2025; Aug 21, 2026) could create incremental supply; year-end 2024 RSU market value indicates low current equity value, muting near-term monetization incentives absent price appreciation .
- Performance risk: Company disclosures highlight limited production, ongoing losses, and going-concern uncertainty; execution risk around scaling PV manufacturing and financing remains high, which could influence incentive payouts and equity value realization .
- Change-in-control economics: Agreement summary referencing severance eligibility “or a change in control” merits careful review of the full contract language; if single-trigger, it could weaken post-deal retention incentives relative to double-trigger structures .