THORNTON, Colo.- Ascent Solar Technologies, Inc. (Nasdaq: ASTI), a developer of state-of-the-art, flexible thin-film photovoltaic modules, integrated into the Company’s EnerPlex™ series of consumer products, reported results for the fourth quarter and year ended December 31, 2013.
Q4 2013 Highlights
- Ascent Solar completed $10M preferred stock financing with Ironridge Technology Co. Funding of first $5M tranche completed in October 2013, with second $5M tranche delivered in February 2014
- Definitive agreement signed to form Joint Venture (JV) and build new manufacturing plant in Suqian of Jiangsu Province, China. Suqian will provide RMB200M ($32.5M) for the JV
- Ascent Solar debuted EnerPlex Surfr™ battery &solar case for iPhone®5 and 5S at CES 2014
- Ascent Solar announced availability of EnerPlex Surfr™ battery & solar case for Samsung S®4
- Ascent Solar expanded retail distribution network into Japan
- Ascent Solar’s flexible photovoltaic modules selected for The Volvo Pure Tension Pavilion Project
- Ascent Solar expanded retail kiosk locations in California and Nevada
- Ascent Solar announced availability of EnerPlex™ products on walmart.com, newegg.com, sears.com and others
- Ascent Solar announced debut of EnerPlex Packr™, a solar-integrated backpack
Q4 2013 Financial Results
Total revenue for the fourth quarter of 2013 was $580K, up 112% from the previous quarter. Specifically, EnerPlex™ branded consumer product revenue was $490K in the fourth quarter, up from $237K in the prior quarter, a 107% increase. R&D contract sales for the quarter were $75K, up from less than $10K in the previous quarter reflecting the initiation of a new government contract.
Net operating loss for the fourth quarter was $7.3M compared to a net operating loss of $6.4M in the previous quarter and a net operating loss of $10.3M in the fourth quarter of 2012. The increase in the sequential net operating loss was primarily due to an increase in Sales and Marketing expenses of $0.5M as we continue to expand our sales channels. Cash and cash equivalents decreased to $3.3M at December 31, 2013 from $3.9M at September 30, 2013.
Full Year 2013 Financial Results
Total revenue for the year was $1.3M, up from $1.2M in 2012. Product revenue increased from $0.6M to $1.1M, a 93% increase, while R&D Contract sales decreased from $0.6M to $0.2M.
Net operating loss for 2013 was $27.0M compared to a net operating loss of $27.9M in 2012. The decrease in net operating loss was due to a $2.6M reduction in equipment impairment loss, offset by increases of $1.2M in SG&A expense and $0.6M in R&D and manufacturing operations expense.