Ascent Solar Reports FY2014 Results and Provides Revenue Guidance for FY2015 Projecting $10-$12 Million, Over 100% Growth
March 18 2015 - 9:17AM
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, reported results for the fourth quarter and year ended
December 31, 2014.
Q4 2014 Highlights
- 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.
- 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.
- EnerPlex products launched in 300
Premium Verizon Wireless stores in December 2014 via the company’s
retail partner The Cellular Connection (TCC).
- EnerPlex products launched in 25 Micro
Center’s nationwide retail stores in November 2014.
- Ascent Solar’s EnerPlex brand launched
on BestBuy.com in December 2014.
- Distribution agreement signed with
national distributor Navarre, a division of WYNIT Distribution, in
November 2014.
- 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.
- United Kingdom based Peak Development
signed as a distributor of EnerPlex products.
- Ascent’s EnerPlex brand announced
Hitfar Concepts as the Company’s preferred distributor in
Canada.
- Mexico based TodoSolar signed as new
distributor of EnerPlex products.
- 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.
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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