Monday March 14, 2016 0 comments
THORNTON -- Ascent Solar Technologies, Inc. (NASDAQ: ASTI), a developer and manufacturer of state-of-the-art, flexible thin-film photovoltaic modules integrated into the company's EnerPlex™ series of consumer products, reported the company’s highest revenue for the fourth quarter and full year ended Dec. 31, 2015.
Ascent said it posted its highest recorded quarterly net revenue of $2.4 million in the fourth quarter of 2015, an approximately 90 percent increase over third quarter revenue of $1.25M. On a full-year basis, the company reported net revenue of $6.5 million, a growth of approximately 23 percent over 2014.
Specifically, Ascent said the EnerPlex brand consumer product line continued to realize growing consumer acceptance, contributing nearly the entirety of the fourth quarter revenue and approximately 90 percent of the full year 2015 revenue.
Loss from operations improved significantly by about $6.2 million, or 18.3 percent from ($33.9 million) in 2014, to ($27.7 million) in 2015, while the company continued revenue growth momentum.
"I am optimistic about the company's future after delivering record-breaking revenue for yet another year," said Victor Lee, president and CEO of Ascent Solar Technologies, Inc.
"With the ongoing expansion of our distribution channels, I am extremely confident to set another significant revenue milestone of over $10 million for 2016. In particular, the achievement of the listing of our products with the GSA in December 2015 after a year of hard work, and our expanded global retail networks, should support our continued growth.
“We are very optimistic and certainly look forward to a much stronger 2016 and beyond, as our high-value PV market focus, especially in the military, aviation (drones), and near-space applications begin to take shape. We look forward to updating our shareholders as we make continued progress."
"As evident by the list of noted accomplishments, Ascent continues to build its business in high margin markets through partnering with numerous organizations to expand the reach of our products,” said Dr. Amit Kumar, Ascent’s chairman.
“These partnerships will not only enable greater customer reach, but will also help strengthen the EnerPlex brand, reduce costs, and facilitate the launch of many new products. I truly expect that 2016 will be an exciting and transformative year for Ascent Solar."