Ascent Solar Completes Delivery of Another Major Contract and Announces Improved Second Quarter and First Six-Months Financial Results for 2022
THORNTON, CO, Aug. 15, 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 and first six-months ended June 30, 2022.
Financial & Operational Highlights:
- The Company successfully delivered on a major contract in June 2022 for its HyperLight thin-film modules designed for high altitude platform (HAP) applications. This shipment represents the third generation of the HyperLight PV module that further reduces packaging and module weight, achieving best-in-class Specific Power (power-to-weight ratio) of over 350 W/kg (Watts per kilogram) for a fully laminated product on an airship, while streamlining the customer’s operations to integrate the modules onto the airship. The contract was the fourth repeat order from the same customer, a developer of the world’s most advanced unmanned, helium-filled airships that operate in the stratosphere at an altitude greater than 60,000 feet above sea level.
- Boosted by the large contract delivery, net revenue for the second quarter of 2022 increased by approximately 68%, from $0.38M in the corresponding quarter in 2021 to $0.64M. For the first six-months ended June 30, 2022, net revenue more than doubled from $0.55M in the corresponding period in 2021 to $1.2M, or a 121% increase for the first half of 2022. Net revenue for the first half of 2022 has also surpassed the full year revenue of $0.61M in 2021 by a significant margin, paving the way for more than a two- fold increase in revenue for 2022.
- Costs and expenses increased 62% to $5.7M in the first half of 2022 compared to $3.5M in the corresponding half-year period last year, in line with the company’s increasing operating activities. The Company continues to expand operations to lay the foundation for future success. Loss from operations for the first six-months of 2022 was $4.5M, or a 51% increase from the same period in the prior year.
- Net loss for the first six-months ended June 30, 2022 was $6.6M, which 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 June 30, 2022 was $0.43M. The Company continues to reduce its total liabilities, seeing an improvement of $6.7M, down from $15.7M for the year ended December 31, 2021, to $9M at the close of this reporting period.
- Subsequent to June 30, 2022, the Company entered into a Securities Purchase Agreement (SPA) on August 8, 2022 with an investment fund for a $5M private placement of its equity at a fixed price of $5.30 for (i) one common share and (ii) 1.5 common warrants, exercisable only in cash at a fixed exercise price of $5.30 per common share. Please refer to the Company’s 8-K filing with the SEC on August 8, 2022 for more details.
“I am extremely pleased with the progress of the company, both financially and operationally.” said Mr. Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “After being dormant for most of 2020, we began rebuilding and ramping up operations in October 2020. Despite setbacks caused by various challenges including limited financial resources and the ongoing impact of COVID-19, the Ascent team has demonstrated great resiliency in getting back to regular production mode. The company is now fully operational and stands ready to build on the strength of what we have achieved in the first six-months of 2022. We will continue to deliver improved results going forward,” continued Mr. Lee.
Mr. Lee concluded, “The emergence and fast-growth of the space-based economy in recent years as well as the ever-increasing demand in mobility power and clean energy, align well with our unique value proposition and ambitions. The Company has made significant progress in the high-value space and near-space markets, and will continue to focus in such areas where Ascent is truly at the forefront of the competition. Most notably, Ascent’s thin-film modules were selected and launched by NASA Marshall Space Flight Center to the International Space Station (November 17, 2018) as part of the MISSE-X flight experiment, and were recognized for its exceptional device stability during the space flight experiments and also received the Innovation Award at the Defense TechConnect Conference in September 2021. The Company was also selected by NASA for further participation in two upcoming flight demonstrations – the LISA-T (Lightweight Integrated Solar Array and anTenna) project and the Solar Cruiser solar sail project slated for launch in 2023. Other notable milestones include our continuous development effort with JAXA (Japan Aerospace Exploration Agency)’s SolarPowerSail project utilizing Ascent’s superlight thin-film modules, as well as multiple other private companies’ selection of our PV technology for further testing and evaluation for deep space or near-space missions. We are optimistic and certainly look forward to stronger years ahead, as we begin to execute our focused strategy in this premium PV market.”
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