OTC: WNDW

All references to “we,” “us,”
“our,” and “SolarWindow” refer to SolarWindow Technologies, Inc, and as applicable, its wholly owned technologies.

Item 1. Business

SolarWindow® was incorporated in the State of Nevada on May 5,
1998, under the name “Octillion Corp.” On December 2, 2008, we amended our Articles of Incorporation to effect a change of
name to New Energy Technologies, Inc. Effective as of March 9, 2015, we amended our Articles of Incorporation to change our name to SolarWindow
Technologies, Inc.

SolarWindow® is a pre-revenue company developing proprietary transparent
electricity-generating coatings and methods for application to various materials which we refer to as “LiquidElectricity®
Coatings”. Our LiquidElectricity® Coatings generate electricity by harvesting light energy from natural sun, artificial light,
and low, shaded, or reflected light conditions. We apply ultra-thin layers of LiquidElectricity® Coatings to rigid glass, and flexible
glass and plastic surfaces where they transform otherwise ordinary surfaces into organic photovoltaic devices, commonly known as solar
cells, or solar modules.

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Our LiquidElectricity® is a framework which utilizes chemistry for
different ultra-thin layers applied to a substrate. These layers include hole transport layers, active layers, electron transport layers,
and conductive contact points for transmission of electricity. We have developed a specialty expertise in each layer of our LiquidElectricity®
to optimize for power, optical clarity, manufacturability, stability, and other qualities. The flexibility engineered into our LiquidElectricity®
framework allows us to target a variety of potential off-grid energy solutions spanning multiple industries, including architectural,
automotive, agrivoltaic (agricultural greenhouse), aerospace, commercial transportation and marine.

Our LiquidElectricity® Coatings are under development at one of the
most respected and advanced solar-photovoltaic research institutions in the world, the U.S. Department of Energy’s (“DOE”)
National Renewable Energy Laboratory (“NREL”), through a Cooperative Research and Development Agreement (“CRADA”).
SolarWindow® also has support from commercial contract firms who provide expertise in chemistry, coatings processes, equipment and
manufacturing.

Our commercial development efforts include seeking technology, product
licensing, and joint venture arrangements with research institutions, commercial partners, manufacturing and fabrication facilities, and
organizations with established technical competencies, market reach, and distribution networks in targeted industries.

Among our near-term product iterations is the electrification of glass
surfaces. LiquidElectricity® , when applied to glass using our proprietary processes and methodologies to glass, could be fabricated
into a window product to produce electricity-generating windows for potential use in skylights for recreational vehicles and marine vessels,
architectural glass in new construction and retrofit construction applications in commercial buildings. We also envision the application
of LiquidElectricity® Coatings to existing third-party materials or product surfaces to create electricity-generating products which
could become self-powered, or colloquially, “self-charging” products.

We have achieved important milestones and overcome major technical challenges
in order to broaden the range of materials and products that we can coat to generate electricity. Our goals in developing electricity-generating
products have included transparency and aesthetics, optimizing power generation, developing at-scale manufacturing processes, simplifying
production, and lowering costs of coating materials and their related application.

We first coated rigid flat glass with our LiquidElectricity® Coatings
to generate electricity. Numerous technological advancements have enabled us to fabricate panes of flat glass layered with LiquidElectricity®
coatings at room temperature and ambient pressure; this process represents a significant technical achievement which may provide manufacturing
advantages over expensive and cumbersome high temperature and high positive or negative pressure-sensitive manufacturing methods common
to conventional solar photovoltaic manufacturing.

Among important field tests, LiquidElectricity® Coatings on flat glass
have been successfully processed through the rigorous autoclave system for window glass lamination at a commercial fabricator. At the
fabricator’s facilities, glass panes layered with LiquidElectricity® Coatings were subjected to the extremely high heat and
pressure of autoclave equipment used in commercial glass lamination. Subsequent performance testing confirmed that glass with LiquidElectricity®
Coatings continued to produce power.

LiquidElectricity® Coatings on glass panes have also been subjected
to more than 200 freeze/thaw cycles, yielding favorable performance. Our edge sealing processes and materials contributed to the prevention
of moisture-related damage, an important feature.

In addition to flat glass, we have successfully applied our LiquidElectricity®
Coatings to generate electricity on flexible glass and plastics. On glass surfaces, our electricity-generating coatings could enable new
and retrofit architectural applications such as windows for commercial towers, glass walls and curtain walls, room dividers, and other
related products. On flexible surfaces, our electricity-generating products present applications in various industries, including automotive,
light and commercial trucks, recreational vehicles, marine, aerospace and defense, agrivoltaics, and others.

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In 2022, SolarWindow® successfully applied LiquidElectricity® Coatings
using fully-solution processable methodology to create a non-transparent organic photovoltaic device. Fully-solution processable organic
photovoltaic methodology offers the potential for industry standard chemical deposition for more capital and time efficient manufacturing
and production.

In 2023, LiquidElectricity® Coatings were successfully applied using
fully-solution processable methodology to create semi-transparent solar modules. LiquidElectricity® applied with this methodology
could benefit the agriculture market through utilizing crop shelter structures which offer protection in adverse climate conditions by
generating electricity on greenhouse windows and canopies while simultaneously optimizing light transmission for maximum crop yield.

In 2024, SolarWindow® successfully scaled its fully-solution processable
coatings and methodology onto substrates while simultaneously increasing power conversion efficiency, maintaining high visible light transmission,
and optical clarity. Simultaneously, SolarWindow® discovered a new laser scribing methodology to decrease the appearance of scribe
lines across modules.

Our planned productization and commercialization of SolarWindow® technologies
will require significant further product development, equipment requisition, product fabrication, testing, and validation. In addition
to our technology development CRADA and engagements with specialty contract groups, we anticipate the need for product development partnerships
with commercial partners, as well as additional financing, which may not be readily available, to ascertain the viability of our technologies
and products currently under development.

Our technologies and products, currently under development, use our proprietary
chemistries and application processes in order to generate electricity on glass and plastics. Our ongoing research and product development
requires the commitment of significant resources to support the extensive invention, design, engineering, testing, prototyping, and intellectual
property initiatives carried out by our scientists, engineers, and consultants.

We cannot accurately predict the amount of funding, or the time required
to successfully commercialize products. The actual cost and time required to commercialize our 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
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.

In addition to our continuing research and development efforts, we intend
to evaluate acquisition opportunities and opportunities to make investments in complementary businesses, technologies, services or products,
or to enter into strategic partnerships with parties who can provide access to those assets, additional product or services offerings
or additional industry expertise. We currently have no commitments to make any material investments or acquisitions, or to enter into
strategic partnerships. We may not identify suitable acquisition, investment or strategic partnership candidates, or if we do identify
suitable candidates, we may not complete those transactions on commercially favorable terms, or at all.

The Market Opportunity for our LiquidElectricity® Coatings

SolarWindow® recognizes demand for global energy requirements, including
reducing energy costs while using environmentally friendly next-generation renewables, and actively seeks to advance our novel solar photovoltaic
solutions in global adoption of new renewable technologies.

Based on our market research, there are no commercially marketed electricity-generating
products available for sale in the United States which provide the functionality, features, esthetics, and adaptability of LiquidElectricity®
Coatings. Our markets include building window and glass applications, referred to as “architectural flat glass” and “fabricated
glass products.” Flat glass is extensively used in the architecture industry in applications such as windows, partitions, and facades.

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We are also targeting applications for our LiquidElectricity® Coatings
in automotive, light and commercial trucks, recreational vehicles, marine, and aerospace and defense sectors, among others. We believe
that the rising demand for electric propulsion and autonomous piloting in these segments presents a timely opportunity for our electricity-generating
technologies.

Additionally, the agrivoltaics market for our electricity-generating coatings
includes the smart greenhouse market driven in part by rising food demand due to growing populations and by government initiatives to
develop smart farming. In addition to these smart greenhouses, which monitor and control the growth condition of plants and optimize
the growing process of the plants, we believe that conventional greenhouse structures, both new and existing, present commercial opportunities
for the application of SolarWindow® to these structures.

We believe that our addressable markets in each of the forgoing segments,
although fractional may nevertheless present viable commercial opportunities. Our ability to successfully address these markets is also
dependent on our ability to effectuate development and commercial partnerships as well as securing adequate financing as needed.

Our Competitive Strengths

We believe that the following strengths of our LiquidElectricity® Coatings
and technologies should enable us to compete successfully in the alternative and renewable energy industries:

· Performance in Natural and Artificial Light - We propose unique solutions for harvesting the light energy of natural and artificial
light sources to generate sustainable electricity;

· Works on Glass and Plastics - Our LiquidElectricity® Coatings are capable of generating electricity on flat glass and flexible
glass and plastics; and

· Cost Effective - Our LiquidElectricity® Coatings are engineered for manufacturing using earth abundant materials at a low
price point and are suited for high-throughput manufacturing.

Our Business Strategy

Our commercial development efforts include seeking opportunities for intellectual
property in-licensing, out-licensing, cross-licensing, and acquisition. We also seek technology, product licensing and joint venture arrangements
with research institutions, commercial partners, manufacturing and fabrication facilities, and organizations with established technical
competencies, market reach, and distribution networks in targeted industries. Key elements of our business strategy to achieve the forgoing
include:

· Strategic Commercial Partnerships – We pursue commercial partnerships to enable productization, manufacturing, and marketing
of our technologies and products. Our target partnerships include supply chain glass, plastics, window, automotive, greenhouse manufacturing
and other related companies;

· Innovative Research and Continuous Product and Technology Enhancement - We seek partnerships with product development groups,
manufacturers of specialty chemicals, advanced-manufacturing companies, and others with proven technology expertise and developing additional
applications and markets for LiquidElectricity® Coatings. We are currently working with scientists at NREL for the ongoing development
of our coatings and applications processes, including high-speed roll-to-roll manufacturing processes development. We work to engage additional
firms and institutions with important technical and product development competencies as needed;

· Opportunistic Acquisitions- As part of our business strategy, we intend to make acquisitions to onboard specialized employees,
complementary companies, products, or technologies; and

· Management Team Development – Augment our management team with experienced and effective talent in order to, among other
competencies, advance our product development and innovation programs, monetize and leverage our intellectual property, develop and implement
sales and marketing plans, enhance the Company’s brand positioning in industry and capital markets, and raise capital in order to
effectuate our business plan.

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Competition for Our Technology and Products

The Solar photovoltaic industry is highly competitive and such competition
is increasing as the number of participants in the industry continues to grow. Although we are not aware of other products utilizing technology
substantially similar to our technology, numerous solar cell technologies have been developed, or are being developed, by a number of
companies, from which products may be derived and ultimately compete with our products.

Such technologies include, but are not necessarily limited to, the use
of organic materials, advanced crystalline silicon thin film concepts, amorphous silicon, cadmium telluride, copper-indium-gallium-selenide,
titanium dioxide, and copper indium di-selenide, and others to generate electricity from sunlight. Given sufficient time, investment and
advances in manufacturing technologies, any of these competing technologies may achieve lower manufacturing costs, superior performance,
or greater market acceptance than our products, currently under development. Among the companies purporting to be developing such technologies,
are ONYX Solar, Next Energy Technologies, Solarmer Organic Optoelectronics Technology (Beijing) Co., Ltd., Ubiquitous Energy, Heliatek,
Sunew Filmes Fotovoltaicos Impressos S.A. and ASCA GmbH.

We face competition from many companies, major universities and research
institutions in the United States and abroad. Many of these companies, universities and research institutions have substantially greater
resources, experience in conducting research, experience in obtaining regulatory approvals for their products, operating experience, research
and development and marketing capabilities name recognition and production capabilities. We will face competition from companies marketing
existing products or developing new products which may render our technologies (and hence future products) obsolete.

These companies, universities and research institutions may have numerous
competitive advantages, including:

• Significantly greater name recognition;

• established distribution networks;

• more advanced technologies and product development;

• additional lines of products, and the ability to offer rebates, higher discounts or incentives to gain a competitive advantage;

• processes that are operational and manufacturing prototype or final products;

• greater experience in conducting research and development, manufacturing, obtaining regulatory approval for products, and marketing
approved products; and

• significantly greater financial and human resources for product development, sales and marketing, and patent litigation.

If our competitors were to:

• succeed in developing products that are more effective in producing electrical energy at a lower cost than our technology, some or
all of our products or our technology could be rendered obsolete and non-competitive;

• succeed in bringing their products or services to market earlier than ours, our ability to commercialize
our products may be adversely affected, which in turn may impede or limit our ability to generate revenues and achieve profitability.
See “Risk Factors.”

Accordingly, in addition to our research and development efforts, historically,
we have undertaken public relations, advertising, and market access outreach programs designed to establish our “brand” name
recognition early on in our corporate development; we intend to continue to develop and market our brand name pending commercialization
of products, if any, we may derive from our research and development efforts. We believe our strategy ultimately will facilitate development
and commercialization partnerships, the marketing, distribution and public acceptance of any products derived from our research and development
efforts, and assist in attracting equity capital, if and when needed.

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Our competitive position in the market will also depend on:

• our ability to attract and retain qualified personnel, to obtain patent protection, develop proprietary products and processes, protect
our intellectual property rights, and to secure sufficient capital resources required during the often-substantial period between technology
development and commercial sales; and

• the timing of market introduction of any products utilizing our LiquidElectricity® Coatings. Accordingly, the speed with which
we can develop products, complete safety approvals, and ultimately supply commercial quantities of any products we develop to the market
is important.

In addition to the foregoing, ultimately, our commercial success will depend
on our ability and the ability of our manufacturing partners, licensee or sub-licensees, if any, to compete effectively in product development
areas such as, but not limited to safety, reliability, availability, price, marketing, distribution and patent position.

Intellectual Property

The success of our business depends, in part, on our ability to pursue,
maintain, and protect our proprietary technologies, information, processes, and know how. We rely primarily on patent, trademark, copyright,
and trade secret laws in the US and similar laws in other countries, confidentiality agreements and procedures, and other contractual
arrangements to protect our technologies and products.

The Company periodically reviews its intellectual property portfolio in
order to ensure that its portfolio remains germane to its continuing business and operations and, as a cost-saving measure, and if warranted,
sell or abandon any intellectual property that is no longer useful or relevant to the Company’s commercialization efforts or to
more fully protect the Company’s intellectual property portfolio.

The Company has an international patent portfolio, with pending applications
and granted patents in the US, Europe, China, Mexico, Canada, and Hong Kong. Prosecution of the pending applications is ongoing. The Company
strategically employs continuation practice in the US to keep important patent families open and vary claim scope to prevent infringers
from evading infringement with technicalities. We recently filed two continuation applications to pursue additional scope of protection.

As of the date of this annual report, our proprietary technologies are
the subject of fourteen (14) granted United States patents, twenty-one (21) granted patents in non-US jurisdictions, six (6) US pending
patent applications, and seven (7) non-US pending patent applications. If maintained to their full term, our issued patents are scheduled
to expire on various dates between June 2031 and June 2040. These dates are subject to change depending on the Company’s current
and future patent application filings and the Company’s discretion to maintain its various intellectual property assets in accordance
with its corporate interests and goals. We continually assess opportunities to seek patent protection for those aspects of our technology,
designs, methodologies, and processes that we believe may provide us with significant competitive advantages or additional commercial
opportunities. The Company is currently developing and evaluating patent protection on new photovoltaic coatings that improve weight,
production scalability, and conversion efficiency. The Company is also exploring strategic expansion of its patent portfolio through acquisition
of patent portfolios and entire companies.

The technology represented in the granted patents includes:

· using a photovoltaic device as a sensor for an intelligent building energy management system

· forming a photovoltaic film including a transport layer electrically coupled to a first conductor layer and a semiconductor layer
(using solvent deposition, evaporation, and annealing)

· an electrochromic, photovoltaic two-pane insulated glass window and associated power-source polarity inverter technology

· for a photovoltaic device, sputter deposition of conducting oxides into scribe lines

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This extensive and diverse portfolio underscores the Company’s strong
commitment to IP and to pioneering advancements in photovoltaic technology.

The Company has also filed various trademark registrations and applications.
Currently, the company has fifteen (15) registered trademarks and two (2) pending trademark applications.

Additionally, we believe that many elements of LiquidElectricity® Coatings
and related processes, technologies, and products involve proprietary know-how, technology, or data that are not covered by patents or
patent applications, including but not limited to technical processes, equipment, design architecture, algorithms, and procedures. Accordingly,
we rely on trade secret protection and confidentiality agreements to safeguard our interests with respect to this intellectual property.

The Company’s commercial success depends in part on its ability to
obtain intellectual property protection of its innovations and designs, to protect its trade secrets, and to conduct business without
infringing the intellectual property rights of others. See “Risk Factors.”

Government Regulation

Our technology may be subject to certain government regulations and standards.
Our ability to remain viable will depend on favorable government decisions at various stages of the technology’s development by
various agencies. From time to time, legislation is introduced that could significantly change the statutory or regulatory provisions
governing our research and product development processes, as well as approval of the manufacturing and marketing of any products derived
from such research and development activities.

The production and marketing of our technology derived products would be
subject to existing and future safety & health regulations and standards in the United States and South Korea.

Current safety & health requirements and standards for electrical products
can include, but may not be limited to, Occupational Safety and Health Administration regulations, National Electrical Code as approved
as an American National Standard by the American National Standards Institute or ANSI/NFPA-70, certification by Underwriters Laboratories
and the Society of Automotive Engineers, and compliance with State, Federal, and local building codes. These regulations are subject to
change, and our ability to remain viable is contingent upon successfully satisfying regulatory requirements as stipulated by these agencies
and/or others as the development of our technology evolves.

Employees and Consultants

The Company utilizes the services of full-time employees as well as part-time
employees and consultants on a contract basis. As of the date of this annual report, the Company has two (2) full-time employees, two
(2) part-time employees, and two (2) part-time consultants all located in the United States.

From time to time, the Company grants stock options to employees and consultants
either pursuant to contract requirements or on a discretionary basis. None of our employees are covered by a collective bargaining agreement. We
believe our relations with our employees are good.

Other Information

Our website address is www.solarwindow.com. We make available
free of charge through our 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 SEC. The information accessible through our website is not a part of
this annual report.

The public may also read and copy any materials we file with the United
States Securities and Exchange Commission (“SEC”) on the SEC’s website at www.sec.gov which site contains reports, proxy
and information statements, and other information regarding issuers, such as us, that file electronically with the SEC. All statements
made in any of our filings, including all forward-looking statements, are made as of the date of the document(s) in which the statement
is included, and we do not assume or undertake any obligation to update any of those statements or documents unless we are required to
do so by law.

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Our executive office is located at 9375 E Shea Blvd., Suite 107-B, Scottsdale
AZ 85260. Our telephone number is (800) 213-0689; our email is info@solarwindow.com. Our website is www.solarwindow.com. Information contained
on our web site (or any other website) does not constitute part of this annual report.

Our research and development activities are conducted at the U.S. Department
of Energy’s National Renewable Energy Laboratories in Golden, Colorado pursuant to a Cooperative Research and Development Agreement.

Stockholder Communications

Stockholders who wish to communicate with the Board
may do so by addressing their correspondence to the Board at SolarWindow Technologies, Inc., Attention: Mr. Amit Singh, 9375 E Shea Blvd.,
Suite 107-B, Scottsdale AZ 85260. The Board will review and respond to all correspondence received, as appropriate.