Is Ascent Solar Technologies, Inc. overvalued or undervalued?

As of 15 May 2023, the valuation grade for Ascent Solar Technologies, Inc. moved from risky to does not qualify, indicating a significant deterioration in its financial health. The company is currently considered overvalued given its negative performance metrics, including a Price to Book Value of 1.14 and alarming ratios such as an EV to EBIT of -0.16 and an EV to EBITDA of -0.18. The company's return on capital employed (ROCE) and return on equity (ROE) are also troubling at -780.80% and -320.75%, respectively.
In comparison to peers like Aeva Technologies, Inc. with a P/E ratio of -9.90 and Ouster, Inc. at -10.73, Ascent Solar's financial metrics suggest it is not only underperforming but also lacks the fundamentals to justify its current price. The stock has significantly underperformed against the S&P 500, with a year-to-date decline of 52.29% and a staggering 85.14% drop over the past year. This further reinforces the conclusion that Ascent Solar Technologies, Inc. is overvalued in its current state.