Ascent Solar Reports Third Quarter 2013 Results Business Wire THORNTON, Colo. -- November 7, 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^™ series of consumer products, reported results for the third quarter ended September 30, 2013. Q3 2013 Highlights *Ascent Solar announced its intention to build a new manufacturing plant in Suqian, China with funding from Suqian government in the form of a Joint Venture. The Joint Venture is expected to accelerate Ascent’s penetration of consumer electronics and specialty market applications by way of China’s large and growing consumer base and readily available contract manufacturers. *Ascent Solar expanded EnerPlex distribution into the United Kingdom & Ireland with West Coast Limited, utilizing West Coast’s established distribution channels in these key European geographies. *Ascent Solar announced 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. *Ascent Solar debuted the newest additions to its EnerPlexKickr^™ Series as well as introduced a new line of EnerPlex products at the Outdoor Retailer Summer show in Salt Lake City, Utah. *Ascent Solar announced a sponsorship agreement with Denver Broncos Football Club, including in-stadium advertising rights at Sports Authority Field at Mile High, as well as promotional rights for Ascent’s EnerPlex products. *Ascent Solar announced the completion of its Series A Preferred Stock private placement resulting in incremental gross proceeds of $5.0 million to the Company. *Ascent Solar announced the debut of Jumpr™ Mini, the thinnest 1350mAh powerbank ever. With the same dimensions as a conventional credit card and at only 6mm thick, the Jumpr Mini is capable of boosting most smartphones’ batteries 55-85% on a single charge. *Ascent Solar debuted the Jumpr Stack, a magnetic battery stack with revolutionary cordless charging ability. The Jumpr Stack is available at Ascent’s retail locations in the Denver area, online at www.goenerplex.com, as well as at all Frys Electronics stores. *Ascent Solar announced debut of the EnerPlexKickr I and II, the newest additions to the Kickr line of personal solar chargers. Ascent’s Kickr products are lightweight, flexible and compact, allowing for easy attachment to outdoor equipment such as bikes, tents, and backpacks. *Ascent Solar launched NFL licensed’ Denver Broncos branded EnerPlex products. Denver Broncos branded EnerPlex products are available at www.goenerplex.com as well as the Company’s direct retail locations in the Denver Metropolitan Area. *Bill Gregorak was appointed Chief Financial Officer of Ascent Solar Technologies. Prior to joining the Company, Mr. Gregorak served as CFO of Thule Organization Solutions, a manufacturer of personal electronics cases sold under both the Case Logic® and Thule® brands, overseeing operations in the U.S., Europe and Hong Kong. Q3 2013 Financial Results Product revenue in the third quarter of 2013 was $268 thousand compared to $166 thousand in the previous quarter. EnerPlex branded consumer products more than doubled quarter over quarter to $238 thousand, which was offset by a decline in R&D contract sales in large part due to delays in government funding. The company signed a contract with the Department of Defense in June and expects R&D contract revenues in Q4 to be comparable to what they were in Q2. The continued expansion of our distribution network and broadening of our EnerPlex product line is expected to drive further revenue increases in subsequent quarters. Excluding a one-time accounting charge for deemed dividends and accretion of warrants on preferred stock, net loss for the third quarter was $6.5 million compared to a net loss of $7.1 million in the previous quarter and a loss of $6.4 million in the third quarter of 2012. The decrease in the sequential net loss was primarily due to lower personnel related costs and legal fees. A one-time, non-cash charge of $3.7M was recorded during the quarter for deemed dividends and accretion of warrants related to preferred stock issued in the third quarter. Cash and cash equivalents decreased to $3.9 million at September 30, 2013 from $4.0 million at June 30, 2013. Management Commentary "The rapid growth of our EnerPlex product sales validates our consumer products strategy,” said Victor Lee, President and CEO of Ascent. "Our distribution network, both domestically and internationally continues to expand. The establishment of our own retail presence in Colorado, coupled with our newly signed partnership agreement with the Denver Broncos NFL franchise, will further enhance our EnerPlex brand name and recognition as well as add momentum to our sales growth moving forward." Mr. Lee continued, "Moving ahead, we look forward to launching additional EnerPlex consumer products, and growing our direct 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 Period from Three Months Ended Nine Months Ended Inception September 30, September 30, (October 18, 2005) Through September 30, 2013 2013 2012 2013 2012 Revenues Products * $ 266,534 $ 473,657 $ 608,490 $ 546,609 $ 2,536,753 Government 8,299 82,030 126,332 605,195 9,793,381 contracts Total Revenues 274,833 555,687 734,822 1,151,804 12,330,134 Costs and Expenses Research and 5,335,682 5,729,598 16,246,246 14,950,061 116,660,482 development Selling, general and 1,384,650 1,187,711 4,238,063 3,868,035 45,068,481 administrative Impairment loss — — — — 83,171,090 Total Costs and 6,720,332 6,917,309 20,484,309 18,818,096 244,900,053 Expenses Loss from (6,445,499 ) (6,361,622 ) (19,749,487 ) (17,666,292 ) (232,569,919 ) Operations Other Income/(Expense) Other Income/(Expense), (106,652 ) (36,833 ) (320,138 ) (148,535 ) 724,960 net Change in fair value of make-whole 70,272 — 70,272 — 70,272 dividend liability Total Other (36,380 ) (36,833 ) (249,866 ) (148,535 ) 795,232 Income/(Expense) Net Loss $ (6,481,879 ) $ (6,398,455 ) $ (19,999,353 ) $ (17,814,827 ) $ (231,774,687 ) Deemed dividend on Preferred Stock and (3,653,803 ) — (4,251,062 ) — (4,251,062 ) accretion of warrants Net Loss applicable to $ (10,135,682 ) $ (6,398,455 ) $ (24,250,415 ) $ (17,814,827 ) $ (236,025,749 ) common stockholders Net Loss Per Share (Basic and $ (0.19 ) $ (0.15 ) $ (0.46 ) $ (0.43 ) diluted) Weighted Average Common Shares Outstanding 54,256,684 42,490,471 52,862,381 41,410,374 (Basic and diluted) * Includes related party revenue of $142,500 for the three and nine months ended September 30, 2013 and $404,680 for the three and nine months ended September 30, 2012. ASCENT SOLAR TECHNOLOGIES, INC. (A Development Stage Company) CONDENSED BALANCE SHEETS (Unaudited) September 30, 2013 December 31, 2012 ASSETS Current Assets: Cash and cash equivalents $ 3,880,290 $ 12,621,477 Trade receivables 95,014 100,164 Related party receivables and 10,225 596,339 deposits Inventories 2,097,498 2,159,553 Prepaid expenses and other 759,705 235,305 current assets Total current assets 6,842,732 15,712,838 Property, Plant and Equipment: 39,591,677 39,979,013 Less accumulated depreciation and (16,471,789 ) (12,725,298 ) amortization 23,119,888 27,253,715 Other Assets: Patents, net of amortization of 834,654 500,879 $74,077 and $48,150, respectively Other non-current assets 53,750 56,563 888,404 557,442 Total Assets $ 30,851,024 $ 43,523,995 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 607,571 $ 855,373 Accrued expenses 1,686,565 1,788,635 Current portion of long-term debt 278,342 264,935 Make-whole dividend liability 1,652,745 — Total current liabilities 4,225,223 2,908,943 Long-Term Debt 6,139,671 6,350,135 Accrued Warranty Liability 47,937 38,187 Commitments and Contingencies (Notes 4 & 12) Stockholders’ Equity: Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 712,390 and 0 71. — shares issued and outstanding, respectively ($5,765,206 Liquidation Preference) Common stock, $0.0001 par value, 125,000,000 shares authorized; 54,789,971 and 5,479 5,114 51,143,906 shares issued and outstanding, respectively Additional paid in capital 256,458,392 245,996,950 Deficit accumulated during the (236,025,749 ) (211,775,334 ) development stage Total stockholders’ equity 20,438,193 34,226,730 Total Liabilities and $ 30,851,024 $ 43,523,995 Stockholders’ Equity Contact: Ascent Solar Technologies Investor Relations Contact: CleanTech IR Brion D. Tanous, 310-541-6824 Mobile: 424-634-8592 email@example.com or Ascent Solar Technologies Justin R. Jacobs, 1-720-872-5194 firstname.lastname@example.org
Ascent Solar Reports Third Quarter 2013 Results
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