Ascent Solar Technologies, Inc, a developer of state-of-the-art, flexible thin-film photovoltaic modules, integrated into the Company’s EnerPlex™ series of consumer products, announced today the Company’s preliminary fourth quarter and full year revenue results ended December 31, 2014.
The Company posted fourth quarter revenue of $2.4M, a 118% increase from the previous quarter of $1.1M and an approximately four-fold increase over Q4 2013 revenue of $0.6M. EnerPlex™ branded consumer product revenue was $2.3M in the fourth quarter, up from $1.0M in the prior quarter, a 124% increase, and from $0.5M in Q4 2013.
Total revenue for the year was $5.3M, up 308% from $1.3M in 2013. Product revenue was $5.0M, up 355% from $1.1M in 2013.
“$5M of annual revenue is a significant milestone for Ascent Solar and is the first year in the Company’s history to have reported such robust results,” said Victor Lee, President and CEO of Ascent.
The strong revenue growth again validates our revised strategy that began in the second half of 2012. We are extremely encouraged by the rapid growth of EnerPlex and we expect to see sales continue to grow rapidly as we continue to expand our distribution channels domestically and internationally. In Q4 we also experienced growing acceptance in our focused high-value PV market, which we believe will add to our top-line growth in 2015.
Dr. Amit Kumar, Chairman of Ascent, stated,
The rapid year over year revenue growth demonstrates the acceptance by the market of Ascent’s superior products, the expansion of our distribution capacity, and the persistence of our employees in transitioning our Company. We expect 2015 to be another year of rapid growth with continued new product launches, increased distribution, the transition of some manufacturing to Asia, and an increase in awareness of our EnerPlex™ brand.
The preliminary, unaudited information provided above is based on the Company’s current estimate of results from operations for the year ending December 31, 2014 and remains subject to change based on the Company’s annual closing procedures including our execution of our internal controls over financial reporting, or the subsequent occurrence or identification of events prior to the formal issuance of the annual financial statements.