Ascent Solar Technologies, Inc. Announces Full Year 2022 Financial Results
March 10 2023 - 04:45PM
via NewMediaWire -- Ascent Solar Technologies, Inc. (NASDAQ: ASTI)
(“ASTI” or the “Company”), the leading U.S. innovator in the design
and manufacture of featherweight, flexible thin-film photovoltaic
(PV) solutions, announced today its results for the full year ended
December 31, 2022.
Full Year 2022 Financial Results
Total revenues during 2022 were $1.2 million, representing a
101% year-over-year increase. The increase in revenues was due
primarily to milestone and engineering revenue from the Company’s
joint venture with TubeSolar, a German developer and manufacturer
of photovoltaic thin-film tubes used primarily in the agricultural
production sector.
Costs and expenses in 2022 increased 94% year-over-year to $18.3
million. The most significant driver to increased costs and
expenses was share-based compensation of $5.5 million from
inducement restricted stock units granted to the Company’s new CEO
and CFO. Secondary drivers to the increase in costs and expenses
included a 44% increase in research, development, and manufacturing
operations to $6.0 million due to increased operating activity, and
a 43% increase in selling, general and administrative expenses to
$4.7 million due to increased activity and one-time separation
expense for the Company’s previous executive management.
Loss from operations for 2022 was $17.1 million, compared to
$8.8 million in 2021. When excluding one-time executive separation
costs and non-cash share-based compensation expenses, loss from
operations for 2022 would have been $10.9 million.
Net loss in 2022 was $19.8 million, or $(0.66) per share.
Cash balance at year-end was $11.5 million, an increase of $5.5
million when compared to year-end 2021. The Company also had
convertible notes outstanding of $5.3 million, down from $8.1
million at year-end 2021.
CEO Comments
“This has been a year of significant change for ASTI marked by
its listing on the Nasdaq in August and a management transition in
September,” commented Jeffrey Max, ASTI’s new Chief Executive
Officer.
“When I took over the role of CEO in September of last year, I
did so because I recognized an extraordinary opportunity to bring
thin-film PV technology to prominence in markets that require
renewable power but are not favorable to heavy, rigid traditional
solar panels. Significant capital and two decades of innovation
have been invested into our technology, and we offer a broad range
of applications to high-value markets like space, aerospace, and
agriculture.
“I am pleased with the progress we have made in the past six
months executing on our turn-around strategy. In December, we
accomplished two important objectives for the viability and
long-term value creation for the company: we hired an outstanding
CFO in Paul Warley, who brings 30-plus years of experience in
financial management, investment banking and M&A, and we raised
capital to pursue both organic and external growth opportunities
that we believe will accrue substantial value to the benefit of our
shareholders. Most recently, we announced an important first step
in our strategy to commercialize our thin-film PV technology by
signing a term sheet to acquire the assets of a leading European
thin-film PV manufacturer, including its modern 15 MW manufacturing
facility, and will service the existing contracts in the luxury
goods and building integrated photovoltaics markets. We expect that
this transaction will have a significant impact on company sales
and our march towards profitability.
“We are driven to re-establish ASTI as a leader in thin-film PV
technology and a provider of innovative renewable power solutions
and appreciate the support of our customers and investors as we
re-position the Company for future growth and success.”
About Ascent Solar Technologies, Inc.:
Ascent Solar Technologies, Inc. is a developer of thin-film
photovoltaic modules using flexible substrate materials that are
more versatile and rugged than traditional solar panels. Ascent
Solar modules were named as one of the top 100 technologies by
R&D Magazine, and one of TIME Magazine's 50 best inventions.
The technology described above represents the cutting edge of
flexible power and can be directly integrated into consumer
products and off-grid applications, as well as other aerospace
applications. Ascent Solar is headquartered in Thornton, Colorado,
and more information can be found at 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. No information in this press release should be
construed as any indication whatsoever of our future revenues,
stock price, or results of operations. 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.
Ascent Solar TechnologiesInvestor Relations:
IR@AscentSolar.com
Ascent Solar Technologies (NASDAQ:ASTI)
Historical Stock Chart
From Oct 2023 to Nov 2023
Ascent Solar Technologies (NASDAQ:ASTI)
Historical Stock Chart
From Nov 2022 to Nov 2023