Ascent Solar Technologies, Inc. (Nasdaq:ASTI), a developer of
state-of-the-art, flexible thin-film photovoltaic modules, integrated
into the Company’s EnerPlex™ series of consumer products, announced
today the Company’s preliminary fourth quarter and full year revenue
results ended December 31, 2014.
The Company posted fourth quarter revenue of $2.4M, a 118% increase from
the previous quarter of $1.1M and an approximately four-fold increase
over Q4 2013 revenue of $0.6M. EnerPlex™ branded consumer product
revenue was $2.3M in the fourth quarter, up from $1.0M in the prior
quarter, a 124% increase, and from $0.5M in Q4 2013.
Total revenue for the year was $5.3M, up 308% from $1.3M in 2013.
Product revenue was $5.0M, up 355% from $1.1M in 2013.
“$5M of annual revenue is a significant milestone for Ascent Solar and
is the first year in the Company’s history to have reported such robust
results,” said Victor Lee, President and CEO of Ascent. “The strong
revenue growth again validates our revised strategy that began in the
second half of 2012. We are extremely encouraged by the rapid growth of
EnerPlex and we expect to see sales continue to grow rapidly as we
continue to expand our distribution channels domestically and
internationally. In Q4 we also experienced growing acceptance in our
focused high-value PV market, which we believe will add to our top-line
growth in 2015.”
Dr. Amit Kumar, Chairman of Ascent, stated, “The rapid year over year
revenue growth demonstrates the acceptance by the market of Ascent’s
superior products, the expansion of our distribution capacity, and the
persistence of our employees in transitioning our Company. We expect
2015 to be another year of rapid growth with continued new product
launches, increased distribution, the transition of some manufacturing
to Asia, and an increase in awareness of our EnerPlex™ brand.”
The preliminary, unaudited information provided above is based on the
Company’s current estimate of results from operations for the year
ending December 31, 2014 and remains subject to change based on the
Company’s annual closing procedures including our execution of our
internal controls over financial reporting, or the subsequent occurrence
or identification of events prior to the formal issuance of the annual
financial statements.
About Ascent Solar Technologies: Ascent Solar Technologies, Inc. is a
developer of thin-film photovoltaic modules with substrate materials
that are more flexible, versatile and rugged than traditional solar
panels. Ascent Solar modules can be directly integrated into consumer
products and off-grid applications, as well as aerospace and building
integrated applications. Ascent Solar is headquartered in Thornton,
Colorado. For more information, go to www.ascentsolar.com.
About EnerPlex™: The EnerPlex brand represents Ascent’s line of consumer
products. These products, many of which are integrated with Ascent’s
proprietary CIGS technology, provide consumers with the ability to
integrate solar into their everyday lives, while enabling them to free
themselves and their electronics from the outlet. For more information
on the EnerPlex brand and to see the product line, please visit www.goenerplex.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.
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