Ascent Solar: Preliminary Q4 and full year revenue results
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THORNTON, Colorado - Ascent Solar Technologies, Inc. (NASDAQ: 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, announced the Company's preliminary fourth quarter and full year revenue results for the period ended December 31, 2015.
The Company posted its highest recorded quarterly net revenue of $2.4M in the fourth quarter of 2015, an approximately 90% increase over third quarter of $1.25M. On a full year basis, the Company reported net revenue of $6.5M, a growth of approximately 23% over 2014. Specifically, the EnerPlex™ brand consumer product line continued to realize growing consumer acceptance, contributing nearly the entirety of the fourth quarter revenue and approximately 90% of the full year 2015 revenue.
The Company expects to file its annual financial report (Form 10-K) in mid-March following completion of annual closing procedures and external audits.
"The reported revenue falls marginally short of our earlier $7.2M projection as a result of delays in multiple high-value PV projects, as well as the constraint of our balance sheet restructuring exercise, which began in September 2015 and impacted our operations," commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. "In addition, consumer sentiment and spending also weakened across the board towards the end of last year, as witnessed by many consumer product companies. Despite the challenges, we concluded the year with moderate but healthy growth and have laid a very strong foundation for revenue growth heading into 2016. In particular, the achievement of the listing of our products with the GSA after a full year of hard work, and our expanded retail networks should support our continued growth well."
Mr. Lee concluded: "We remain extremely confident in the Company's transformation, which began in the second half of 2012 and was demonstrated by the impressive CAGR of 122% achieved since 2013, the de facto first full-year of operations in our EnerPlex division and new consumer focused strategy. We are very optimistic and certainly look forward to a much stronger 2016 and beyond; as our high-value PV market focus, especially in the military, aviation (drones), and near-space applications begin to take shape."
The preliminary, unaudited information provided above is based on the Company's current estimate of results from operations for the year ending December 31, 2015, and remains subject to change based on the Company's annual closing procedures including the Company's execution of internal controls over financial reporting, or the subsequent occurrence or identification of events prior to the formal issuance of the annual financial statements.
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.goenerplex and www.ascentsolar.com