Ascent Solar Technologies, Inc. Announces First Quarter 2023 Financial Results

By: Ascent Solar Technologies, Inc. via GlobeNewswire

May 15, 2023 at 17:24 PM EDT

THORNTON, Colo., May 15, 2023 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, Inc. (NASDAQ: ASTI) (“ASTI” or the “Company”), the leading U.S. innovator in the design and manufacture of featherweight, flexible thin-film photovoltaic (PV) solutions, announced today its results for the three months ended March 31, 2023.

“During the quarter, we took decisive actions to reposition the Company as a leader in thin-film solar and made important progress towards commercializing our technology,” said Paul Warley, CEO of Ascent Solar Technologies. “We are excited about the recent acquisition of Flisom AG’s Swiss manufacturing assets, which tripled our production capacity and allow us to fulfill existing customer contracts in the luxury goods and building-integrated PV markets.

“As evidence of our ongoing transformation, in just the last six weeks, ASTI has closed on its transformative acquisition, launched new space hardware development kits for solar applications at the Space Foundation Space Symposium, and secured $12.5 million of additional capital.

“We are confident in our strategy and believe in our product – an extraordinary renewable energy technology for all the platforms where traditional solar panels don’t work. We are committed to growing revenue, stabilizing our business, and creating long-term value for our shareholders.”

FIRST QUARTER 2023 FINANCIAL RESULTS

Total revenues during the first quarter of 2023 were $124,225, including $99,225 of product revenue received on the sale of PV modules and other equipment sales, and $25,000 of total milestone and engineering revenue, as compared to total revenues of $566,210 in the first quarter of 2022.

Cost of revenue for the first quarter of 2023 was $461,795 compared to $532,890 in the first quarter of 2022.

Research, development, and manufacturing operations expense for the first quarter 2023 was approximately $1.7 million compared to approximately $1.4 million in the first quarter of 2022.

Selling, general and administrative (“SG&A”) expense for the first quarter of 2023 was approximately $1.6 million, and non-cash share-based compensation expense was approximately $1.4 million, compared to SG&A of $821,266 in the first quarter of 2022.

Loss from operations for the first quarter of 2023 was $5.0 million, compared to a loss of $2.2 million for the first quarter of 2022. Excluding non-cash share-based compensation expense, loss from operations for the first quarter of 2023 was $3.6 million.

Net loss for the first quarter of 2023 was $6.1 million, or $(0.17) per share, as compared to a net loss of $4.3 million, or $(0.20) per share for the first quarter of 2022.

Cash balance at March 31, 2023 was $6.3 million. The Company also had convertible notes, net of discounts, outstanding of $8.1 million.

ABOUT ASCENT SOLAR TECHNOLOGIES, INC.

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, and more information can be found at www.AscentSolar.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. 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.

MEDIA CONTACT
Spencer Herrmann
FischTank PR
ascent@fischtankpr.com

INVESTOR CONTACT
James Masters
Vallum Advisors
ir@ascentsolar.com