Ascent Solar Reports Second Quarter 2013 Results

  Ascent Solar Reports Second Quarter 2013 Results

Business Wire

THORNTON, Colo. -- August 8, 2013

Ascent Solar Technologies, Inc. (NASDAQ: ASTI), a developer of
state-of-the-art, flexible thin-film photovoltaic modules, integrated into the
company’s EnerPlex^TM series of consumer products, reported results for the
second quarter ended June 30, 2013.

Q2 2013 Highlights

  *Launch of Ascent’s retail presence in Colorado. Ascent began operations at
    Denver International Airport (Concourse B) as well as multiple locations
    around the Denver metropolitan area; including Boulder, Aurora and the
    world famous Red Rocks Amphitheatre.
  *Launch of the EnerPlex brand into the Chinese consumer market with D.Phone
    (DiXinTong Inc.), one of China’s largest retailers of mobile phones and
    accessories.
  *Announced the availability of the EnerPlex Kickr IV on all of Hainan
    Airlines’ over 500 domestic and international routes, including those of
    its subsidiaries: Shanxi, Chang’an and China Xinhua Airlines.
  *Signed agreement to raise $6 million through a private placement to a high
    net worth private investor in Asia, in which the Company will issue (i)
    shares of Series A Preferred Stock convertible into 7,500,000 shares of
    common stock and (ii) warrants with a three year term to acquire 2,625,000
    shares of common stock at a cash exercise price of $0.90 per share. As of
    August 7, 2013, proceeds of $4 million had been received.
  *Selected by Energizer as solar panel provider for the Energizer Lantern
    Donation, which will deliver 13 million hours of solar light to families
    living in the dark around the world.
  *Announcement of the signing of a framework agreement to build a new
    manufacturing plant in Suqian of Jiangsu Province, China with funding from
    the Suqian Government in a joint venture. Since signing, key manufacturing
    and engineering personnel have visited Suqian to begin planning for the
    new plant.
  *Expansion of EnerPlex distribution into United Kingdom & Ireland with West
    Coast Limited.
  *Announcement of the company’s partnership with the Breitling Wing Walkers.
    In tandem with the launch of Ascent’s EnerPlex series of integrated solar
    products in the United Kingdom, Ascent teamed with the Wing Walkers for
    their European Tour; with their show at the Royal International Tattoo
    Airshow in the UK on July 20-21st.
  *Debut of the newest additions to its EnerPlex Kickr Series as well as
    introduction of an exciting new line of EnerPlex products showcased at the
    Outdoor Retailer Summer show in Salt Lake City.
  *Signed agreement with the Denver Broncos Football Club, adding Ascent to a
    group of ‘Hometown Sponsors’ for the NFL franchise, a deal which will
    include in-stadium advertising rights at Sports Authority Field at Mile
    High, coupled with promotional rights for Ascent’s consumer line of
    products, EnerPlex.

Q2 2013 Financial Results

Product revenue in the second quarter of 2013 was $166,000 compared to
$176,000 in the previous quarter and $63,000 in the second quarter of 2012.
Our EnerPlex sales increased 19% quarter over quarter, which was offset by a
decline in our sales of our custom products during the quarter. We expect
continued expansion of our distribution network and broadening of our EnerPlex
product line to drive further revenue increases.

Net loss for the second quarter was $7.1 million compared to a net loss of
$6.4 million in the previous quarter and a loss of $5.9 million in the second
quarter of 2012. The increase in the sequential and year over year quarterly
net loss was due primarily to increased operating expenses associated with our
focus on consumer oriented solar-assisted devices including sales and
marketing costs.

Cash and cash equivalents decreased to $4.0 million at June 30, 2013 from $7.0
million at March 31, 2013.

Management Commentary

"We continue to build on the positive momentum established in the previous
quarter, particularly in the growth of core consumer product sales," said
Victor Lee, President and CEO of Ascent. "We have seen rapid expansion of our
distribution network, both domestically & internationally. The establishment
of our very own retail presence in Colorado, coupled with our newly signed
partnership agreement with the Denver Broncos Franchise, will further enhance
our EnerPlex brand name and add momentum to our sales going forward."

Mr. Lee continued, "Moving ahead, we look forward to launching additional
EnerPlex consumer products, and growing our retail presence beyond Colorado to
help us reach more customers nationwide.”

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.

About EnerPlex

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.

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.


ASCENT SOLAR TECHNOLOGIES, INC.
(A Development Stage Company)
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

                        For the Three Months Ended       For the Period from
                                                           Inception (October
                         June 30,                          18,
                                                           2005) Through June
                         2013            2012             30,
                                                           2013
Revenues
Products                 $ 166,271        $ 62,718         $  2,270,219
Government contracts     58,780          91,833          9,785,081        
Total Revenues           225,051         154,551         12,055,300       
Costs and Expenses
Research and             5,590,336        4,830,139        111,324,801
development
Selling, general and     1,610,822        1,186,213        43,683,831
administrative
Impairment loss          —               —               83,171,090       
Total Costs and          7,201,158       6,016,352       238,179,722      
Expenses
Loss from Operations     (6,976,107   )   (5,861,801   )   (226,124,422     )
Other                    (107,017     )   (44,066      )   831,613          
Income/(Expense), net
Net Loss                 $ (7,083,124 )   $ (5,905,867 )   $  (225,292,809  )
Deemed dividend on
preferred Stock and      (597,259     )   —               (597,259         )
accretion of warrants
Net Loss applicable to   $ (7,680,383 )   $ (5,905,867 )   $  (225,890,068  )
common stockholders
                                                           
Net Loss Per Share       $ (0.15      )   $ (0.14      )
(Basic and diluted)
Weighted Average
Common Shares            52,931,642       41,172,019
Outstanding (Basic and
diluted)
                                                           


ASCENT SOLAR TECHNOLOGIES, INC.
(A Development Stage Company)
CONDENSED BALANCE SHEETS
(Unaudited)

                                              June 30,        December 31,
                                               2013             2012
ASSETS
Current Assets:
Cash and cash equivalents                      $ 3,996,059      $ 12,621,477
Trade receivables                              135,392          100,164
Related party receivables and deposits         175,117          596,339
Inventories                                    2,078,690        2,159,553
Prepaid expenses and other current assets      506,807         235,305      
Total current assets                           6,892,065        15,712,838
Property, Plant and Equipment:                 39,518,816       39,979,013
Less accumulated depreciation and              (14,918,500  )   (12,725,298  )
amortization
                                               24,600,316       27,253,715
Other Assets:
Patents, net of amortization of $64,790 and    745,290          500,879
$48,150, respectively
Other non-current assets                       84,671          56,563       
                                               829,961         557,442      
Total Assets                                   $ 32,322,342    $ 43,523,995 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable                               $ 341,287        $ 855,373
Accrued expenses                               1,887,697        1,788,635
Current portion of long-term debt              273,799          264,935
Make-whole dividend liability                  332,000         —            
Total current liabilities                      2,834,783        2,908,943
Long-Term Debt                                 6,210,983        6,350,135
Accrued Warranty Liability                     41,403           38,187
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock, $0.0001 par value,
25,000,000 shares authorized; 125,000 and 0    13               —
shares issued and outstanding, respectively
($1,002,630 Liquidation Preference)
Common stock, $0.0001 par value, 125,000,000
shares authorized; 54,135,610 and 51,143,906   5,414            5,114
shares issued and outstanding, respectively
Additional paid in capital                     249,119,814      245,996,950
Deficit accumulated during the development     (225,890,068 )   (211,775,334 )
stage
Total stockholders’ equity                     23,235,173      34,226,730   
Total Liabilities and Stockholders’ Equity     $ 32,322,342    $ 43,523,995 

Contact:

Ascent Solar Technologies
Investor Relations Contact:
CleanTech IR
Brion D. Tanous, 310-541-6824
Mobile: 424-634-8592
btanous@cleantech-ir.com
or
Ascent Solar Technologies
Justin R. Jacobs, 1-720-872-5194
jjacobs@ascentsolar.com
 
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