Ascent Solar: Q3 Results
THORNTON, Colorado - Ascent Solar Technologies, Inc. (“Ascent”) (ASTI), a manufacturer of state-of-the-art, flexible thin-film photovoltaic modules, integrated into off-grid applications and the company’s EnerPlex™ series of consumer products, announced the Company’s third quarter results ended September 30, 2014.
The Company posted revenue of $1.1 million in the third quarter, the second quarter in a row in which revenue exceeded $1 million. To this point in Q4, the Company has shipped or has backlog scheduled to ship in excess of $2.0 million. As a result, the Company re-affirms its full year revenue guidance of $5 - $6 million given on March 6, 2014, representing a projected 4-fold increase in revenue over 2013.
“We are very encouraged that our revenue continues to show rapid growth. Since Ascent Solar began to reposition its business model in H2 2012, by pivoting into consumer goods and specialty applications, we are experiencing accelerated acceptance of our flagship EnerPlex products. We expect to continue this growth trend, while maintaining our focus on sales of products which capture the entire consumer value chain and at prices that are a premium to other solar manufacturers,” said Victor Lee, President and CEO of Ascent. “The clear indication that Q4 revenue will be more than double the September quarter reinforces the viability of the transformational business model that we embarked on in H2 2012. As we continue to build and expand our EnerPlex distribution channels domestically and internationally, we expect to achieve higher sales, better economies of scale, and dramatically reduce our overall costs, enabling meaningful improvements in product margin.”
About Ascent Solar Technologies:
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 http://www.ascentsolar.com.