THORNTON, CO, May 14, 2018 (GLOBE NEWSWIRE) -- 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, 2018.
Q1-2018 Financial Results:
The Company posted net revenue of $378K for Q1 2018, a sharp improvement of approximately 35% from the corresponding quarter in 2017 of $281K. The Q1 2018 revenue also accounted for over 58% of the entire 2017’s reported revenue of $642K, and provided the Company a strong start leading into 2018.
The revenue increase reflects the progress that the Company has made in its strategically-valued markets since exiting from the EnerPlex™ branded consumer business in early 2017, which was primarily distributed through traditional and more-costly brick and mortar retail channels. As previously noted, the company has streamlined its operation to limit its consumer business to only e-commerce platforms and OEM models providing better economics; and, instead, focused more on the high-value specialty-PV market such as space and near-space, drones and the public sector, including military and emergency management applications.
In addition to revenue increase, the loss from operations also reported sharp improvement of approximately 58%, down from ($5.0M) in the first quarter of 2017 to ($2.1M) in this period. This was due mainly to progressive cost-reduction initiatives in manufacturing and R&D operations as well as lower depreciation and amortization. The corresponding reduction in expenses resulting from the above-mentioned exit from EnerPlex™ 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 progresses in the restructure and streamlining of its operations.
Net loss for the quarter was ($4.4M), which included non-cash charges of approximately $2.3M in non-cash interest expense, losses on extinguishment of liabilities associated with the outstanding convertible notes and convertible preferred stock as well as non-cash loss related to changes in the fair value of derivatives. Overall, the net loss had improved by about $1.1M, or approximately 21% from ($5.6M) in Q1 2017.
Management Comments:
“We are satisfied with the improved results on all fronts,” 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 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 penetration of these high-value markets, and we will continue to sharpen our focus in such areas where Ascent is truly at the forefront of the competition.”
“Recent successful delivery of our ultralight PV module with much thinner substrate material and higher specific power is a strong testimony to our leadership in this premium market. Other notable milestones include a string of announcements that the Company’s superlight thin-film modules were selected by JAXA (Japan Aerospace Exploration Agency) as well as the German Aerospace Center (DLR) for further testing and evaluation for deep space missions. Our achievement in early 2017 of being the first and only flexible CIGS manufacturer to achieve ISO 9001:2015 certification, has certainly helped and will continue to speed up our sales velocity and enable us to better serve those premium market customers who demand highly robust and fail-proof products that are manufactured under a superlative Quality Management System.” Mr. Lee concluded, “We feel optimistic and certainly look forward to a stronger 2018 and beyond, as we continue to gain momentum and solidify our leadership position in the high-value PV market.”
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.