THORNTON, CO--(NewMediaWire - Feb 1, 2016) - Ascent Solar Technologies,
Inc. (NASDAQ: ASTI), a developer and manufacturer 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 for the period ended December 31,
2015.
The Company posted its highest recorded quarterly net revenue of
$2.4M in the fourth quarter of 2015, an approximately 90% increase
over third quarter of $1.25M. On a full year basis, the Company
reported net revenue of $6.5M, a growth of approximately 23% over
2014. Specifically, the EnerPlex™ brand consumer product line
continued to realize growing consumer acceptance, contributing
nearly the entirety of the fourth quarter revenue and approximately
90% of the full year 2015 revenue.
The Company expects to file its annual financial report (Form
10-K) in mid-March following completion of annual closing
procedures and external audits.
"The reported revenue falls marginally short of our earlier
$7.2M projection as a result of delays in multiple high-value PV
projects, as well as the constraint of our balance sheet
restructuring exercise, which began in September 2015 and impacted
our operations," commented Victor Lee, President and CEO of Ascent
Solar Technologies, Inc. "In addition, consumer sentiment and
spending also weakened across the board towards the end of last
year, as witnessed by many consumer product companies. Despite the
challenges, we concluded the year with moderate but healthy growth
and have laid a very strong foundation for revenue growth heading
into 2016. In particular, the achievement of the listing of our
products with the GSA after a full year of hard work, and our
expanded retail networks should support our continued growth
well."
Mr. Lee concluded: "We remain extremely confident in the
Company's transformation, which began in the second half of 2012
and was demonstrated by the impressive CAGR of 122% achieved since
2013, the de facto first full-year of operations in our EnerPlex
division and new consumer focused strategy. We are very optimistic
and certainly look forward to a much stronger 2016 and beyond; as
our high-value PV market focus, especially in the military,
aviation (drones), and near-space applications begin to take
shape."
The preliminary, unaudited information provided above is based
on the Company's current estimate of results from operations for
the year ending December 31, 2015, and remains subject to change
based on the Company's annual closing procedures including the
Company's execution of 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 using flexible plastic substrate materials
that are more versatile and rugged than traditional solar panels.
Ascent Solar modules, which were named one of TIME Magazine's 50
best inventions for 2011, can be directly integrated into consumer
products and off-grid applications, commercial transportation,
automotive solutions, space applications, consumer electronics for
portable power and durable off-grid solutions. Ascent Solar is
headquartered in Thornton, Colorado. For more information, go
to www.goenerplex and 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.