Ascent Solar Reports Third Quarter 2013 Results

  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
btanous@cleantech-ir.com
or
Ascent Solar Technologies
Justin R. Jacobs, 1-720-872-5194
jjacobs@ascentsolar.com
 
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