THORNTON, CO, May 13, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”) (OTCMKTS: ASTI), a developer and manufacturer of state-of-the-art, lightweight, flexible thin-film photovoltaic (PV) solutions, reported results for the quarter ended March 31, 2022.
First Quarter 2022 Financial Summary:
- Net revenue for the first quarter 2022 was $566k, an increase of $401k, or 243%, from the corresponding quarter in 2021. Net revenue included non-recurring engineering fees of $512k.
- Costs and expenses increased 102% to $2.8M in the first quarter of 2022 compared to $1.4M in the corresponding quarter last year, when the company was continuing to re-emerge from its dormant period. The Company continues to add headcount and expand operations, and saw a first quarter 2022 loss from operations of $2.2M, or an 83% increase from the same period in the prior year.
- Net loss for the quarter ended March 31, 2022 was $4.3M, and included a substantial non-cash interest expense of approximately $2.1M, booked as a result of the conversion of $9.2M of zero-coupon convertible notes.
- Cash and cash equivalents as of the quarter ended March 31, 2022 was $3M, with net working capital of $1.5M. Notably, the Company continues to reduce its total liabilities, seeing an improvement of $7.5M, down from $16.3M in the first quarter of 2021, to $8.8M at the close of this reporting period.
“I am pleased with the results, both financially and operationally,” said Mr. Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “After being dormant for the most part of 2020, the Ascent team has been working tirelessly to restart and ramp up our operations, as well as to get caught up with the required SEC filings in 2021. Despite setbacks caused by various challenges including the lack of financial resources and the impact of COVID-19 in 2020 and 2021, we have demonstrated great resiliency in getting back to regular production mode and have been current in our SEC filing status since May 2021,” continued Mr. Lee.
Mr. Lee concluded, “We will build on the strength of our 2021 and first quarter of 2022, and continue to deliver improved results going forward. We are optimistic and certainly look forward to stronger years ahead, as we begin to execute our focused strategy in the high-value PV market. We will update our shareholders as we make continued progress.”
Ascent Solar Technologies, Inc., is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named as one of the top 100 technologies by R&D Magazine, and one of TIME Magazine's 50 best inventions. The technology described above represents the cutting edge of flexible power and can be directly integrated into consumer products and off-grid applications, as well as other aerospace applications.
Ascent Solar is headquartered in Thornton, Colorado. More information can be found at www.AscentSolar.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. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. 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
Investor Relations: IR@AscentSolar.com