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, reported
results for the fourth quarter and year ended December 31, 2014.
Q4 2014 Highlights
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Ascent Solar completed $35M preferred stock and convertible debt
financing with an institutional investor. Funding of first $4.5M
tranche completed in November 2014, second $2.5M tranche delivered in
December 2014.
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Ascent Solar officially granted Business License and Certificate of
Approval for Establishment of Enterprises with Foreign Investment in
the People’s Republic of China in September 2014, a key milestone in
the activation of the company’s China Joint Venture. Initial funding
of approximately $1.3M ($1M from the Suqian Economic Development Co.,
Ltd) was injected into the Suqian JV in December 2014.
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EnerPlex products launched in 300 Premium Verizon Wireless stores in
December 2014 via the company’s retail partner The Cellular Connection
(TCC).
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EnerPlex products launched in 25 Micro Center’s nationwide retail
stores in November 2014.
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Ascent Solar’s EnerPlex brand launched on BestBuy.com in December 2014.
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Distribution agreement signed with national distributor Navarre, a
division of WYNIT Distribution, in November 2014.
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Ascent’s largest shareholder, TFG Radiant Investment Group completed
second tranche of common stock at $2.80 per share, bringing total
investments from both Tranche 1 and 2 to $6M.
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United Kingdom based Peak Development signed as a distributor of
EnerPlex products.
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Ascent’s EnerPlex brand announced Hitfar Concepts as the Company’s
preferred distributor in Canada.
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Mexico based TodoSolar signed as new distributor of EnerPlex products.
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Ascent Solar’s flexible PV modules selected by Vanguard Space
Technologies to develop solar arrays for space and UAV missions.
Q4 2014 Financial Results
Total revenue for the fourth quarter of 2014 was $2.4M, up 107% from the
previous quarter. Specifically, EnerPlex™ branded consumer product
revenue was $2.3M in the fourth quarter, up from $1M in the prior
quarter, a 124% increase.
Full Year 2014 Financial Results and Management Discussions
Total revenue for the year was $5.3M, up from $1.3M in 2013 or 308%
year-over-year growth. Product revenue increased from $1.1M to $5M, a
349% increase. Loss from Operations increased from $28.2M in 2014 to
$33.9M in 2014, due to increase in a combination of advertising,
marketing and promotional expenses. These expenses are expected to be
reduced or remain flat while we continue to ramp up on revenue growth.
The company also incurred significant legal and financing expenses
related to the financing activities in 2014, which are expected to
decrease substantially in 2015.
2015 Revenue Guidance
The consumer electronics business does present a high degree of
seasonality. While it is difficult to project sales on a quarterly
basis, the Company expects to generate between $10M - $12M full year
revenue in 2015 on the back of strong EnerPlex momentum as well as
increased contributions from PV sales.
Management Commentary
"I am excited about the potential of the Company after delivering our
first ever $5M revenue mark in the history of Ascent Solar," said Victor
Lee, President and CEO of Ascent. “With the ongoing expansion of our
distribution channels, I am optimistic to set yet another significant
revenue milestone of over $10M. The reconstruction of Ascent Solar in
the past 3 years is beginning to yield results, and we are fully
prepared to execute our business plan.”
Dr. Amit Kumar, Chairman of Ascent Solar, stated, “As evident by the
list of accomplishments noted above, Ascent is continuing to build its
business in high margin markets, by partnering with numerous
organizations to expand the reach of our products. These partnerships
will not only enable greater customer reach, but will also help
strengthen the EnerPlex brand, reduce costs, and facilitate the launch
of many new products. I expect 2015 will truly be an exciting and
productive year for Ascent.”
An updated investor presentation can be found on the company’s website
at 9:30AM Eastern time March 18th here: http://www.ascentsolar.com/wp-content/uploads/2015/03/Investor-Presentation_3-18-15.pdf
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™: EnerPlex is a registered trademark in the USA,
European Community, Australia, Japan and Hong Kong. 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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