THORNTON, CO--(NewMediaWire - Mar 11, 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, reported results for the fourth quarter and full year
ended December 31, 2015.
Q4 2015 Highlights:
- Ascent Solar completed a debt restructuring exercise and
successfully redeemed substantially all its outstanding Senior
Secured Convertible Notes
- EnerPlex continued its rapid retail footprint expansion with
The Cellular Connection (TCC), the nation's largest Verizon Premium
Wireless retailer, from 300 TCC stores to approximately 500 stores
nationwide
- Ascent Solar's MilPak™ E passed military standard testing and
won the second "Oscars of Invention" award by R&D 100 in
November 2015 in the IT/Electrical category
- Ascent Solar extended its partnership with Bye Aerospace, a
pioneer in the field of clean energy propulsion for aviation, to
develop a unique aircraft to fill the gap between mapping and
surveillance of Mars from orbital satellites and ground-based
rovers
- EnerPlex reached a significant milestone with products now
available in over 1,000 retail locations globally
- EnerPlex launched with GovX.com, the premier online shopping
destination for military, law enforcement and government
agencies
- EnerPlex garnered 11 prestigious marketing awards in 2015,
including awards from: the American Marketing Association,
International MARCOM Awards & Hermes Creative Awards
- Ascent Solar secured a new equity investment of $2.8M Series
EConvertible Preferred Stock and implemented a Committed Equity
Line which will provide operating capital to the Company from time
to time over the next 3 years
- Ascent Solar was added to the NYSE-Listed Ocean Tomo 300®
Patent Index
- Ascent Solar was awarded GSA Schedule 56 in December 2015;
products, including MilPak™ E, are now available for purchase by US
government agencies
- Ascent Solar was awarded 2 new US Patents, covering the latest
improvements in device construction
- Ascent Solar demonstrated further efficiency gains for space
and near-space applications
FY2015 Financial Results:
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.
Loss from Operations improved significantly by about $6.2M, or
18.3% from ($33.9M) in 2014, to ($27.7M) in 2015, while the Company
continued revenue growth momentum. Ascent Solar attributes this
improved result to a combination of improved operational
efficiencies, a reduction in SG&A expenses from $14.1M in 2014
to $12.4M in 2015, as well as progressive cost reduction
initiatives in R&D and manufacturing operations. These expenses
are expected to remain flat while the Company continues to ramp
revenue growth in 2016. The Company also incurred significant legal
and financing expenses related to the financing activities in 2015,
including the capital restructuring exercise that begun in
September 2015. It is expected such expenses will decrease in 2016,
adding to improved operational margins.
Net loss also improved substantially from ($51.4M) in 2014 to
($45.8M) in 2015, despite the significant non-cash Interest
Expense, Change in Fair Value of Derivatives and Extinguishment of
Liabilities, totaling approximately $17.1M in FY2015, which was
associated with the retired Senior Secured Convertible Notes
highlighted earlier.
Management Comments:
"I am optimistic about the Company's future after delivering
record-breaking revenue for yet another year," said Victor Lee,
President and CEO of Ascent Solar Technologies, Inc. "With the
ongoing expansion of our distribution channels, I am extremely
confident to set another significant revenue milestone of over $10M
for 2016. In particular, the achievement of the listing of our
products with the GSA in December 2015 after a year of hard work,
and our expanded global retail networks, should support our
continued growth."
Mr. Lee concluded: "The paradigm shift of Ascent Solar in the
past 3 years is clearly beginning to yield results. The Company's
transformation since the second half of 2012 has so far
demonstrated an impressive CAGR of 122% since FY2013, the de facto
first full-year of operations of our EnerPlex division and a 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. We look forward to
updating our shareholders as we make continued progress."
Dr. Amit Kumar, Chairman of Ascent Solar Technologies, Inc.,
stated: "As evident by the list of noted accomplishments, Ascent
continues to build its business in high margin markets through
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 truly
expect that 2016 will be an exciting and transformative year for
Ascent Solar."
An updated investor presentation will be made available on the
company's website from 8:00am Eastern Time on 14th March
2016.
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.com 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.