THORNTON, CO, May 30, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Ascent Solar Technologies, Inc. (OTCQB: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, reported results for the quarter ended March 31, 2019.
Q1-2019 Financial Results:
The Company posted net revenue of $215K for Q1 2019, a decline of approximately 43% from the corresponding quarter in 2018 of $378K. Cost of revenue, however, reduced and improved sharply by approximately 67% from $273K in Q1-2017 to $91K in this period due to our primary focus in high-margin Tier-1 specialty PV markets. As a result, loss from operations in this quarter improved sharply by about 55%, down from ($2.1M) in the first quarter of 2018 to ($0.94M) in this period. This was due mainly to the continuous streamlining of our operation and business model. Progressive cost-reduction initiatives in manufacturing and R&D operations as well as lower depreciation and amortization also contributed to the improvement in operational loss. Going forward, the operating expenses are expected to remain manageable at the current level, and should show continued improvement as the Company continues to restructure and streamline its operations in 2019.
Despite loss from operations, the Company reported net profit of $3.24M for the quarter, which included substantial net gain in non-cash items of approximately $4.2M in non-cash interest expense, change in fair value of derivatives and gain/loss on extinguishment of liabilities associated with the outstanding convertible notes. Overall, the bottom line reflected a net positive swing of about $7.7M, from net loss of ($4.4M) in Q1 2018 to net profit $3.24M in current quarter.
Management Comments:
“We are satisfied with the overall results,” commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “We will continue to streamline our business model to better focus on our core strength in the Tier-1 specialty PV markets with high entry barriers like the space and near-space, aviation (drones), military, 1st Responders and emergency power markets.”
“The Company has made significant progress in these high-value markets, and will continue to sharpen our focus in such areas where Ascent is truly at the forefront of the competition. Most notably, Ascent’s superlight thin-film modules were selected and launched by NASA Marshall Space Flight Center to the International Space Station on November 17, 2018 as part of the MISSE-X flight experiment. Other notable milestones include our continuous development effort with JAXA (Japan Aerospace Exploration Agency)’s SolarPowerSail project utilizing Ascent’s superlight thin-film modules, as well as German Aerospace Center (DLR)’s selection of our PV technology for further testing and evaluation for deep space mission. Our effort of being the first and only flexible CIGS manufacturer to have achieved ISO 9001:2015 certification, has enabled us to serve a larger universe of premium market customers who prefer products manufactured under a superlative Quality Management System and must be as robust and fail proof as possible.”
Mr. Lee concluded, “Great progress was also made in the defense and emergency power market, which we believe will add to revenue growth in 2020 and beyond. We are optimistic and certainly look forward to stronger years ahead, as our high-value PV market focus begins to take shape. We look forward to updating our shareholders as we make continued progress.”
ABOUT ASCENT SOLAR TECHNOLOGIES, INC:
Ascent Solar Technologies, Inc., an ISO 9001-2015 certified company, is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named as one of the top 100 technologies in both 2010 and 2015 by R&D Magazine, and one of TIME Magazine's 50 best inventions for 2011. The technology described above represents the cutting edge of flexible power and can be directly integrated into consumer products and off-grid applications, as well as other aerospace applications. Ascent Solar is headquartered in Thornton, Colorado, where the company’s quality management system has achieved ISO 9001:2015 certification. More information can be found at www.AscentSolar.com.
Forward-Looking Statements:
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission.