Ascent Solar Provides Financial Update and Reiterates Full-Year Revenue Guidance of $10M - $12M or 100% Growth Over 2014
May 18 2015 - 6:00AM
Business Wire
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, today announced an update on the Company’s 2015
year-to-date financial results.
For the first quarter, the Company reported revenue of $660K.
First quarter results were negatively impacted by the typical
seasonality of the consumer electronics industry, where the first
quarter is typically the slowest. Q1 was also impacted by a
prolonged strike at west coast ports in early 2015; this
contributed to delays in product delivery for Q1, pushing back
deliveries into Q2. As a result, the Company has significant
back-ordered bookings that should result in revenue for Q2, taking
the company back on track to its earlier revenue guidance of $10M -
$12M for the full year 2015.
"We are very excited about the increased visibility of our
EnerPlex products in growing numbers of reputable retailers. With
entrance into several new retailers in the first half of the year,
we feel comfortable confirming our previously issued FY 2015
revenue guidance of 100% growth over 2014," said Victor Lee,
President and CEO of Ascent. “We are also seeing an increased
traction in the focused high-value PV market as our lightweight
flexible PV panels are entering into a mature development stage for
some applications such as PV integrated UAVs and Portable PV power
solutions, which we believe will add to our revenue velocity in the
second half 2015.”
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 (and design)™: 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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version on businesswire.com: http://www.businesswire.com/news/home/20150518005455/en/
Investor Relations Contact:CleanTech IRBrion D. Tanous,
310-541-6824Mobile: 424-634-8592btanous@cleantech-ir.comorAscent
Solar TechnologiesJustin R. Jacobs,
1-720-872-5194jjacobs@ascentsolar.com
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