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Ascent Solar Announces Third Quarter 2016 Financial Results
THORNTON, CO-- (Marketwire – November 15, 2016) Ascent Solar Technologies, Inc. (OTCQB: ASTI), a developer and manufacturer 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, 2016.
Financial Results for the Third Quarter Ended September 30, 2016
Total net revenue booked for the third quarter of 2016 was $453K, a recovery of approximately 78% from second quarter 2016. Gross shipments for the period were about $1.1M but net revenue booked for the same period was limited to $453K. This was due to a substantial deferment in revenue recognition – in compliance with the US GAAP accounting rules – as a result of a contract modification with one of the Company’s largest customers. Allowances for RMA (Return Merchandize Authorization) also contributed to lower net revenue booked.
Total operating costs and expenses for the three months ended September 30, 2016 decreased substantially by approximately $2.3M as compared to the same period last year. As a result, net operating loss for the third quarter of 2016, improved by roughly 21% ($1.5M); down from a $7M loss for the same period in 2015 to approximately $5.5M. Sequentially, the operating results also represented approximately 22% improvement as compared to $7.1M operating loss in second quarter 2016.
For the nine months ended September 30, 2016, total revenue was $1.42M, compared to $4.14M reported for the same period last year, a decrease of $2.73M. This was mainly due to a disappointing second quarter as a result of a negative impact from customer related purchase orders and headwinds in the consumer retail industry. Correspondingly, total operating costs and expenses for the nine months ended September 30, 2016, also decreased by $3.43M as compared to the nine months ended September 30, 2015. As a result, net operating loss for the nine months of 2016 improved marginally to $20.18M, as compared to $20.88M for the same period of 2015 as the Company continues to streamline its operations and implement active cost-cutting measures.
Management Commentary
“We are focused on improving our results as we head into the final period of this year,” commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “On the back of the poor second quarter showing, we are confident that the worst is behind us as we continue to streamline our business model and further execute our growth plan. Given the continuous expansion of our retail footprint, particularly with the increased penetration of our distribution effort to now more than 1,500 Verizon Wireless authorized retail stores, we remain optimistic on the opportunities ahead for growth.”
Mr. Lee concluded, “We have also made great progress in the defense and emergency power market, particularly in the increasing interest shown in our award winning, military-graded MilPak™ E solar and battery integrated blanket, which we believe will add to revenue growth in 2017 and beyond. We look forward to updating our shareholders as we work through the next phase of our development.”
About Ascent Solar Technologies:
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules using flexible plastic substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules, which were named one of TIME Magazine's 50 best inventions for 2011, can be directly integrated into consumer products and off-grid applications, commercial transportation, automotive solutions, space applications, consumer electronics for portable power and durable off-grid solutions. Ascent Solar is headquartered in Thornton, Colorado. For more information, go to www.ascentsolar.com and www.enerplex.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.
Check out this exciting investment opportunity for Veterans Day!
(OTCQB:ASTI)- Ascent Solar Technologies
Award Winning, Flexible Solar Panels For Aerospace, Military And Consumer Markets
November 12, 2016
With defense spending set to double under President - Elect Mr. Donald J. Trump (540,000 soldiers, 350 Navy ships, 1200 aircraft), will the military further utilize ASTI 's solar technology solutions?
SEE THE MOST RECENT NEWS! Ascent Solar Partners with Silent Falcon™ UAS Technologies and Bye Aerospace for Solar-powered Unmanned Aircraft Systems
Small Solar Electric-powered Drone Aircraft Bolsters
Ascent Solar's Product "Portfolio"
THORNTON, Colo.--(BUSINESS WIRE)-- Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of state-of-the-art, flexible thin-film photovoltaic modules, announced today it is collaborating with Silent Falcon UAS Technologies and Bye Aerospace to provide its lightweight, flexible copper-indium-gallium-diselenide (CIGS) photovoltaics to power the Silent Falcon™ unmanned aerial system (UAS). Silent Falcon™ is a small tactical UAS drone designed to be easily carried and used for longer-duration intelligence, surveillance and reconnaissance (ISR) missions. Recently unveiled at the Association for Unmanned Vehicle Systems International (AUVSI) conference in Las Vegas, Silent Falcon™ represents the synergy of several new technologies, including ASTI's flexible photovoltaic modules, to provide a near silent, rapidly deployed platform that has multiple military and civilian applications. With three wing configurations available for different mission profiles, each Silent Falcon™ system could represent up to 30 modules.
John W. Brown, CEO, Silent Falcon™ UAS Technologies states:"We believe that today there is a large and growing global military and public safety agency market for small or tactical unmanned aircraft systems (UAS). In these markets alone, sales exceeding several hundred units per year are possible. As their use in these markets proves their utility and functionality, and as the FAA rules for domestic commercial, civilian use become more clear, we believe the market size and number of annual units sold could increase substantially."
Ascent Solar's President and CEO, Victor Lee, said, "Our collaboration on Silent Falcon™ represents a key strength of our product, namely that its lightweight and flexible nature can address multiple markets, from consumer electronics to building integrated PV, and that our manufacturing process is sufficiently agile to support them simultaneously. We see this emerging electric drone market expanding rapidly, with applications ranging from military to disaster relief with rapid deployment and recovery with little risk to human life."
About Ascent Solar Technologies, Inc.
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules using flexible substrate materials that can transform the way solar power generation integrates into everyday life. Ascent Solar modules, which were named one of TIME Magazine's 50 best inventions for 2011, can be directly incorporated into standard building materials, commercial transportation, automotive solutions, space applications, consumer electronics for portable power and durable off-grid solutions. More information can be found at www.ascentsolar.com.
About Silent Falcon UAS™ Technologies
Silent Falcon UAS™ Technologies was established in 2010 to introduce disruptive technological UAV innovation to global defense, intelligence and national security agencies, the domestic public safety agency market and U.S.-based private security contractors. The company is headquartered in Albuquerque, New Mexico. For more information, go to www.SilentFalconUAS.com.
About Bye Aerospace
Bye Aerospace, founded in 2007 and headquartered near Denver, is applying clean energy solutions to innovative aircraft designs for the aerospace and defense markets. For more information, go to www.ByeAerospace.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.
CleanTech IR
Investor Relations: Brion Tanous, 310-541-6824
Mobile: 424-634-8592 btanous@cleantech-ir.com
or ir@ascentsolar.com
720-872-5140
Source: Ascent Solar Technologies, Inc.
News Provided by Acquire Media
Ascent Solar Technologies, Inc. (OTCQB:ASTI), is a developer of award winning thin-film photovoltaic modules with substrate materials that are 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.
ASTI recently announced a big breakthrough in the solar space, specifically in space and in near-space applications.
In these applications, lightweight and high performance solar panels are very important.
With that said, ASTI recently achieved a record 1,700 watts of power produced per kilogram of weight.
As a result, future solar panels made for in space and near space applications can now weigh up to 60% less than conventional solar options for these applications!
Ascent’s high-efficiency modules provide the transformational ability to generate power anywhere, anytime. And this is great for military applications! With defense spending set to double under President Donald J. Trump (540,000 soldiers, 350 Navy ships, 1200 aircraft), will the military further utilize ASTI 's solar technology solutions?
-- The Breakthrough in Solar Panel Technology --
After two decades of research and development, Ascent Solar was formed in 2005, to commercialize leading-edge CIGS photovoltaic technology on flexible, plastic substrate.
Ascent’s unique monolithic integration process enables the highest level of efficiency, durability & weight savings representing the potential to transform the way solar power can be used in everyday life. Ascent Solar’s Research and Development and its 30 MW nameplate production facility is in Thornton, Colorado.
By pioneering a technology that is recognized as the future of the solar industry, Ascent has cemented itself as the leader in the manufacturing of innovative, high performance, flexible thin-film solar panels for both existing and emerging defense, consumer electronic, off-grid, transportation and building applications.
Ascent’s results-oriented team is focused on continued technical innovation while effectively developing current market opportunities and enabling customers to create transformational applications using solar power.
-- ENERPLEX -- (see video below)
Rugged. Portable. Solar Powered. Using Ascent Solar’s award-winning, patented CIGS flexible solar technology, EnerPlex is your ultimate portable power solution for any situation you may encounter. Whether on top of a mountain or in the boardroom, EnerPlex will always keep you powered up and in charge.
MilPak™ E - mobile power solution
The MilPak™ E has also been selected to present to the U.S. Military, Corporate, and Investment Leadership at the Defense Energy Innovation Summit and Showcase on December 1-3, 2015 in Austin, Texas.
The MilPak™ E is a fully integrated mobile power solution that includes a foldable photovoltaic blanket with an attached waterproof battery case that houses a maximum peak power tracker, 86.5 watt hours of power storage with battery management circuitry, a 55 watt 24 volt power circuit, and two high-current USB circuits.
In keeping with the ruggedized requirements, all switchgear, protection circuit, and the 24V and USB connectors are all rated IP-67 or better, and the case is constructed from a military-grade plastic. Most important, the entire unit weighs in at less than 8.5 pounds (3.8 kg) which makes it extremely portable by military or other users.
This product is the first to introduce the MilPak™ platform to the military, first responders, disaster relief workers and other users who want to reduce the number of components they required to take in the field and take advantage of solar power.
R&D Magazine's Top 100 Inventions
Named R&D Magazines Top 100 Inventions in 2015
Award Recognizes
Construction of the MilPak Platform; the Most Durable and Lightweight Solar Power Generation and Storage System in the World
55 Watt Solar Blanket
86.5 Watts of Storage Management
24V and USB Connectors Are All Rated IP-67 or Better
Weighs only 8.5 lbs
Subjected to and Passed the Grueling MIL-STD 810G Test Requirements
Ascent Solar’s WaveSol™ Mobile, flexible, thin-film modules for EIPV are specifically produced for integrating solar power into electronic devices and consumer products. WaveSol™ Light modules are manufactured on ultra-thin plastic substrates, which provide the flexibility necessary for easy integration to all types of materials including fabrics and plastics. Ascent Solar’s CIGS technology offers the greatest power per space compared to other available technologies, making solar-powered consumer products a reality.
Highest energy density available on thin-film PVs
Manufactured on plastic
Requires fewer balance of system components
Lightweight form factor
Flexibility provides the opportunity to solar power a multitude of
consumer products.
A realistic source of clean, renewable energy
The lightweight, yet powerful Ascent Solar WaveSol™ Mobile modules make it easy to directly integrate solar power into a limitless number of consumer products that benefit from portable power, including fabrics and non-flat surfaces. The power density of the thin-film, CIGS technology makes it the preferred solution for meeting the energy needs of solar-powered consumer products such as laptop computers, tents, off-grid LED lighting, blankets and more.
Most Powerful
WaveSol™ Mobile modules offer the greatest power density compared to other available technologies. The power these modules produce can replace heavy, traditional batteries, eliminate the need for extra power boosters and bring the advantage of solar power to new consumer products.
Maximum Portability WaveSol™ Mobile modules are created on plastic, not glass, which makes them significantly lighter and more durable. The flexibility of the plastic substrate allows for solar panels to be sewn into fabric or placed in areas previously unavailable for solar energy production.
Clean, Alternative Energy Source WaveSol™ Mobile modules harness the power of the sun to provide an alternative energy source that reduces the use of chemicals found in traditional batteries.
Lightweight Energy Source WaveSol™ Mobile high efficiency solar modules, created using thin-film PV technology, are up to 10 times more powerful than a conventional battery. Just one hour of direct sunlight will power 40 minutes of usage.
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