Ascent Solar Reports First Quarter 2013 Results
THORNTON, Colo. -- May 09, 2013
Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of
state-of-the-art, flexible thin-film photovoltaic modules, integrated into the
company’s new EnerPlex^TM series of consumer products, reported results for
the first quarter ended March 31, 2013.
Q1 2013 Highlights
*January 2013 retail debut of Ascent’s EnerPlex Surfr^TM solar-assisted
battery case for the Samsung Galaxy S III^® at the International Consumer
Electronics Show, for sale at www.goenerplex.com.
*Launch of Ascent’s new retail relationship with Fry’s Electronics Inc., a
premier California-based retailer. Ascent’s entire EnerPlexseries of
consumer solar-integrated products is now available at all Fry’s retail
locations, as well as online through www.frys.com.
*Appointment of Power IT-2-Channel, a United Kingdom-based consultancy, for
the distribution of Ascent’s EnerPlex series of consumer products in the
*Appointment of Sun2Voltage as the exclusive distributor of EnerPlex
products in Scandinavia.
*Appointment of Make a Difference Pte Ltd (Singapore) as non-exclusive
EnerPlex distributor for Singapore and initiated shipments.
*Initiated shipments of EnerPlex products to BRM Corporation (Russia) for
distribution in Russia.
*Initiated EnerPlex orders to retailer Grupo Monge (Costa Rica) for retail
sales in Costa Rica and the surrounding region.
*Appointment of MKRAK Management Inc. as Ascent’s exclusive EnerPlex
distributor to golf pro-shops and select retail stores in the Canadian
*Noteworthy Off-Grid sales activity:
*Initiated shipments of 1.1 meter solar modules to Maddox Defense
(California, USA) for Defense application development.
*Increased solar module shipments to Kirloskar Integrated Technologies
(Pune, India) for consumer applications and we renewed our strategic
*Increased solar module shipments to CTC CarTech GmbH (Boblingen,
Germany) for automotive/consumer applications.
*Increased solar module shipments to Phaesun GmbH (Memmingen, Germany)
for consumer applications.
*Increased solar module shipments to Sunload Mobile Charging Solutions
(Berlin, Germany) for consumer applications.
*Initiated shipments of solar modules to Crib Gogh (Staffordshire, UK)
for defense application development.
Q1 2013 Financial Results
Product revenue in the first quarter of 2013 was $176,000 compared to $32,000
in the previous quarter and $10,000 in the first quarter of 2012. The
sequential and year over year increases were due to the company’s improving
product acceptance across a range of markets.
Net loss for the first quarter was $6.4 million or $(0.13) per share compared
to a loss of $11.0 million or $(0.21) per share in the previous quarter and a
loss of $5.5 million or $(0.14) per share in the first quarter of 2012.
The decrease in the sequential quarterly net loss was due primarily to a
combined decrease in asset impairment losses of $4.8 million. The net loss
increase from the first quarter of 2012 was due to increased operating
expenses associated with our focus on consumer oriented solar-assisted
Cash and cash equivalents decreased to $7.0 million at March 31, 2013 from
$12.6 million at December 31, 2012.
"Our first quarter results reflect positive momentum in the execution of our
focus established in 2012, particularly the growth of core consumer product
sales," said Victor Lee, President and CEO, of Ascent. "We have seen rapid
expansion of our product mix including our EnerPlex consumer products, solar
module components customers integrate into their consumer and defense
products, as well as custom finished goods manufactured for our customers
based on co-development projects."
Mr. Lee continued, "Moving ahead, we plan to continue to grow product revenue
through product line expansion and growth on our distributor base which will
help us reach more customers worldwide.”
About Ascent Solar Technologies
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic
modules with substrate materials that can be 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.
The EnerPlex brand represents Ascent's line of consumer products. These
products, many of which are integrated with Ascent's transformational 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.
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.
ASCENT SOLAR TECHNOLOGIES, INC.
(A Development Stage Company)
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended For the Period
March 31, (October 18, 2005)
Through March 31,
2013 2012 2013
Products $ 175,685 $ 10,234 $ 2,103,948
Government contracts 59,252 431,332 9,726,301
Total Revenues 234,937 441,566 11,830,249
Costs and Expenses
Research and 5,320,229 4,390,325 105,734,465
Selling, general and 1,242,591 1,494,111 42,073,009
Impairment loss — — 83,171,090
Total Costs and 6,562,820 5,884,436 230,978,564
Loss from Operations (6,327,883 ) (5,442,870 ) (219,148,315 )
Other Income/(Expense), (106,468 ) (67,636 ) 938,630
Net Loss $ (6,434,351 ) $ (5,510,506 ) $ (218,209,685 )
Unrealized gain (loss) — (966 ) —
Comprehensive Loss $ (6,434,351 ) $ (5,511,472 ) $ (218,209,685 )
Net Loss Per Share $ (0.13 ) $ (0.14 )
(Basic and diluted)
Weighted Average Common
Shares Outstanding 51,333,822 40,547,280
(Basic and diluted)
ASCENT SOLAR TECHNOLOGIES, INC.
(A Development Stage Company)
CONDENSED BALANCE SHEETS
March 31, December 31,
Cash and cash equivalents $ 6,946,368 $ 12,621,477
Trade receivables 169,141 100,164
Related party receivables and deposits 508,108 596,339
Inventories 2,167,264 2,159,553
Prepaid expenses and other current assets 526,392 235,305
Total current assets 10,317,273 15,712,838
Property, Plant and Equipment: 39,264,868 39,979,013
Less accumulated depreciation and (13,374,218 ) (12,725,298 )
Patents, net of amortization of $56,062 and 579,131 500,879
Other non-current assets 55,625 56,563
Total Assets $ 36,842,679 $ 43,523,995
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable $ 671,940 $ 855,373
Accrued expenses 1,585,604 1,788,635
Current portion of long-term debt 269,331 264,935
Total current liabilities 2,526,875 2,908,943
Long-Term Debt 6,281,131 6,350,135
Accrued Warranty Liability 41,403 38,187
Commitments and Contingencies (Notes 4 & 11)
Preferred stock, $0.0001 par value,
25,000,000 shares authorized, no shares — —
Common stock, $0.0001 par value, 125,000,000
shares authorized; 51,523,758 and 51,143,906 5,152 5,114
shares issued and outstanding, respectively
Additional paid in capital 246,197,803 245,996,950
Deficit accumulated during the development (218,209,685 ) (211,775,334 )
Total stockholders’ equity 27,993,270 34,226,730
Total Liabilities and Stockholders’ Equity $ 36,842,679 $ 43,523,995
Ascent Solar Technologies
Brion D. Tanous, 310-541-6824
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