371 FOLLOWERS AS OF 12/28/2018
Ascent Solar Technologies Inc. Photovoltaics company
Stock Symbol: $ASTI
Ascent Solar Announces Positive Third Quarter 2018 Results
11/20/18, 6:00 AM
THORNTON, CO, Nov. 20, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Ascent Solar Technologies, Inc. (OTCBB: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, reported results for the quarter ended September 30, 2018.
Q3-2018 Financial Results:
Net revenues were approximately $32K for the three months ended September 30, 2018, compared to $242K for the three months ended September 30, 2017, a decrease of $210K. The decrease is due to decreased sales of our private sector PV products of approximately $233K compared to the same period last year, slightly offset by sales of $23K of PV products under a government contract for the three months ended September 30, 2018. We expect to continue to experience huge volatility in net revenues booked, given the nature of our project based business model and revenue recognition policy, which recognizes revenue upon shipment of products. This brings our year-to-date nine months revenue to $512K, as compared to $548K in the same period in 2017.
On the other hand, cost of revenues for the three months ended September 30, 2018 was negligible, compared to $535K for the three months ended September 30, 2017, representing a significant cost reduction. The decrease is primarily attributed to a decrease in materials and labor costs as a result of a decrease in production level as compared to the third quarter in the prior year. Production activities were minimal during the third quarter of 2018, as part of our cost management initiatives. Management believes our factory is currently significantly under-utilized, and a substantial increase in revenue would result in marginal increases to overhead.
Despite revenue decline, loss from operations reported sharp improvement of approximately 64%, down from ($3.3M) in the third quarter of 2017 to ($1.2M) in this period; the year-to-date operating loss represents an improvement of $6.6M, or 57%, compared to 2017. This improvement was primarily the result of reduced manufacturing activities, progressive cost-reduction initiatives in manufacturing and R&D operations, and lower depreciation and amortization. Going forward, 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.
Despite the loss from operation albeit narrowing gap, this is the first time in the corporate history that the Company actually reported quarterly net income of $383K based on US GAAP, for the quarter ended September 30, 2018 as compared to net loss of ($2.36M) in the same period last year. The net income was mainly the result of ongoing cost reduction initiatives, and non-cash items comprised of approximately $1.7M in non-cash interest expense, and a substantial positive swing of approximately $3.3M gain in change of fair value of derivatives liabilities associated with convertible notes.
Management Comments:
“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,” commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “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. The most recent press release on November 19, 2018 with regards to our involvement with the NASA MISSE-X project is a strong testament to our progress in the highly demanding space and near-space 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.
Victor Lee
1-720-872-5233
victor.lee@ascentsolar.com
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Source: Ascent Solar Technologies, Inc.<
After two decades of research and development, Ascent Solar was formed in 2005, to commercialize leading-edge CIGS photovoltaic technology on flexible, plastic substrate. Ascent’s unique monolithic integration process enables the highest level of efficiency, durability & weight savings representing the potential to transform the way solar power can be used in everyday life. Ascent Solar’s Research and Development and its 30 MW nameplate production facility is in Thornton, Colorado.
By pioneering a technology that is recognized as the future of the solar industry, Ascent has cemented itself as the leader in the manufacturing of innovative, high performance, flexible thin-film solar panels for both existing and emerging defense, consumer electronic, off-grid, transportation and building applications.
Ascent Solar has won 3 awards thus far that touts it’s superior technology.In 2010, Ascent Solar was awarded an R&D 2010 Award for developing CIGS (Copper-Indium-GalliumSelenide) on a polyimide substrate. This demonstrated that solar cell material can be made with roll-to-roll processing on a ?exible, lightweight polyimide substrate with a monolithic integration.
In 2011, Ascent Solar was recognized as one of Time Magazine’s Top 50 Inventions for the development of their thin-film PV on plastic technology. This allows for the unique possibility of seamless integration into vehicles, buildings material and more without being confined to rigid structures.
Finally in 2015, Ascent Solar was presented the R&D 2015 award for the development of their MilPak solar blanket. The MilPak™ E is IP-67 rated fully integrated mobile power solution that includes a foldable photovoltaic blanket with an attached waterproof battery case that houses a maximum peak power tracker, 86.5 watt hour of power storage with battery management circuitry, a 55 watt 24 volt power circuit, and two high-current USB circuits.
Ascent’s results-oriented team is focused on continued technical innovation while effectively developing current market opportunities and enabling customers to create transformational applications using solar power.
After two decades of research and development, Ascent Solar was formed in 2005, to commercialize leading-edge CIGS photovoltaic technology on flexible, plastic substrate.
Ascent’s unique monolithic integration process enables the highest level of efficiency, durability & weight savings representing the potential to transform the way solar power can be used in everyday life. Ascent Solar’s Research and Development and its 30 MW nameplate production facility is in Thornton, Colorado.
By pioneering a technology that is recognized as the future of the solar industry, Ascent has cemented itself as the leader in the manufacturing of innovative, high performance, flexible thin-film solar panels for both existing and emerging defense, consumer electronic, off-grid, transportation and building applications.
Ascent’s results-oriented team is focused on continued technical innovation while effectively developing current market opportunities and enabling customers to create transformational applications using solar power.
12300 N. Grant St
Thornton, CO 80241 USA
Phone 1.720.872.5000
Fax 1.720.872.5077
company.info@ascentsolar.com
Magazine Articles:
TIME Magazine – The 50 Best Inventions of 2011
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