Ascent Solar Announces First Quarter 2021 Financial Results
Ascent Solar Technologies (ASTI) reported significant growth in Q1 2021, achieving net revenue of $165K, up from $4K in Q1 2020. This improvement follows a successful restructuring and operational restart in late 2020. Net profit reached $1.9M, bolstered by $3.6M from extinguishing derivative liabilities. However, operational losses were $1.2M due to increased R&D and SG&A expenses. Cash reserves grew to $3.7M, with total liabilities reduced by $11.2M. The management expresses optimism for future growth, citing recent large PV orders.
- Net revenue increased to $165K, a significant rise from $4K year-over-year.
- Net profit of $1.9M, driven by gains from extinguishing derivative liabilities.
- Improved cash position, rising to $3.7M from $168K a year ago.
- Total liabilities decreased by $11.2M, enhancing financial stability.
- Operational loss of $1.2M, increasing from $354K loss in Q1 2020.
- R&D and manufacturing expenses rose substantially to $728K from $159K.
THORNTON, CO, May 25, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Ascent Solar Technologies, Inc. (OTC: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, reported results for the quarter ended March 31, 2021.
Q1-2021 Financial Results:
The Company posted net revenue of
Cost of revenue, however, remained relatively flat at
Despite the loss from operations, the Company reported net profit of
Cash and cash equivalents have also improved sharply from a
Management Comments:
“I am pleased with the results, both financially and operationally,” said Mr. Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “Since September of 2020, the Ascent team has been working tirelessly to restart our operations and get caught up with the required SEC filings. Despite setbacks caused by various challenges including the lack of financial resources and the impact of COVID-19 in 2020, we have demonstrated great resiliency and are now current in our filing status, as well as getting back to regular production mode,” continued Mr. Lee.
Mr. Lee concluded, “We will build on the strength of our first quarter effort and continue to deliver improved results going forward. The recent delivery of a large PV order as announced on May 17, 2021, will certainly add to revenue growth in the second quarter and beyond. 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.”
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 in both 2010 and 2015 by R&D Magazine, and one of TIME Magazine's 50 best inventions for 2011. 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. 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
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