Ascent Solar Announces Preliminary FY2014 Revenue Results of $5.3M, a 308 Percent Increase over 2013
February 19 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, 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.
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