Used as a key intermediate in the synthesis of near-infrared (NIR) dyes and organic semiconductors due to its strong electron-accepting properties. Its structure supports intramolecular charge transfer, making it valuable in developing dyes for nonlinear optics, photovoltaic cells, and electrochromic devices. Also employed in the formulation of sensitizers for dye-sensitized solar cells (DSSCs), where it enhances light absorption in the NIR region. Additionally, it finds use in research for fluorescent probes and bioimaging applications owing to its tunable emission characteristics.