Exhibit 12.1

ZOLTEK COMPANIES, INC.

RATIO OF EARNINGS TO FIXED CHARGES CALCULATION

(In thousands, except ratios)

	Nine Months Ended			Fiscal Year Ended
	June 30, 2007			Sept 30, 2006			Sept 30, 2005			Sept 30, 2004			Sept 30, 2003			Sept 30, 2002
EARNINGS
Income before taxes from continuing operations	$	173		$	(64,877	)	$	(37,503	)	$	(16,659	)	$	(11,854	)	$	(9,377	)
Fixed charges		5,950			6,413			5,730			3,974			1,985			1,676
TOTAL EARNINGS	$	6,123		$	(58,464	)	$	(31,773	)	$	(12,685	)	$	(9,869	)	$	(7,701	)
FIXED CHARGES
Interest expense	$	1,959		$	2,645		$	2,960		$	3,429		$	1,875		$	1,632
Interest capitalized		3,807			3,100			1,261			—			—			—
Amortization of deferred financing costs		596			884			1,531			525			90			24
Depreciation of capitalized interest		(423	)		(241	)		(47	)		—			—			—
Interest element of rental expense		11			25			25			20			20			20
TOTAL FIXED CHARGES	$	5,950		$	6,413		$	5,730		$	3,974		$	1,985		$	1,676
RATIO OF EARNINGS TO FIXED CHARGES		1.03	X		—	(1)		—	(1)		—	(1)		—	(1)		—	(1)

(1)  Earnings for the years ended September 30, 2002 through 2006 were insufficient to cover fixed charges by $9,377, $11,854, $16,659, $37,503 and $64,877, respectively. As a result of such deficiencies, the ratios are not presented above.