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Ascent Solar Reports Third Quarter 2013 Results

Published on 8 Nov 2013
Ascent Solar Technologies 
Nov. 7, 2013 - Ascent Solar Technologies reported results for the third quarter ended September 30, 2013.

Q3 2013 Highlights

Ascent Solar announced its intention to build a new manufacturing plant in Suqian, China with funding from Suqian government in the form of a Joint Venture. The Joint Venture is expected to accelerate Ascent's penetration of consumer electronics and specialty market applications by way of China's large and growing consumer base and readily available contract manufacturers.

Ascent Solar expanded EnerPlex distribution into the United Kingdom & Ireland with West Coast Limited, utilizing West Coast's established distribution channels in these key European geographies.

Ascent Solar announced the Company's partnership with the Breitling Wing Walkers. In tandem with the launch of Ascent's EnerPlex series of integrated solar products in the United Kingdom, Ascent teamed with the Wing Walkers for their European Tour.

Ascent Solar debuted the newest additions to its EnerPlexKickr™ Series as well as introduced a new line of EnerPlex products at the Outdoor Retailer Summer show in Salt Lake City, Utah.

Ascent Solar announced a sponsorship agreement with Denver Broncos Football Club, including in-stadium advertising rights at Sports Authority Field at Mile High, as well as promotional rights for Ascent's EnerPlex products.

Ascent Solar announced the completion of its Series A Preferred Stock private placement resulting in incremental gross proceeds of $5.0 million to the Company.

Ascent Solar announced the debut of Jumpr™ Mini, the thinnest 1350mAh powerbank ever. With the same dimensions as a conventional credit card and at only 6mm thick, the Jumpr Mini is capable of boosting most smartphones' batteries 55-85% on a single charge.

Ascent Solar debuted the Jumpr Stack, a magnetic battery stack with revolutionary cordless charging ability. 

Ascent Solar announced debut of the EnerPlexKickr I and II, the newest additions to the Kickr line of personal solar chargers. Ascent's Kickr products are lightweight, flexible and compact, allowing for easy attachment to outdoor equipment such as bikes, tents, and backpacks.

Ascent Solar launched NFL licensed' Denver Broncos branded EnerPlex products. 

Bill Gregorak was appointed Chief Financial Officer of Ascent Solar Technologies. Prior to joining the Company, Mr. Gregorak served as CFO of Thule Organization Solutions, a manufacturer of personal electronics cases sold under both the Case Logic® and Thule® brands, overseeing operations in the U.S., Europe and Hong Kong.

Q3 2013 Financial Results

Product revenue in the third quarter of 2013 was $268 thousand compared to $166 thousand in the previous quarter. EnerPlex branded consumer products more than doubled quarter over quarter to $238 thousand, which was offset by a decline in R&D contract sales in large part due to delays in government funding. The company signed a contract with the Department of Defense in June and expects R&D contract revenues in Q4 to be comparable to what they were in Q2. The continued expansion of our distribution network and broadening of our EnerPlex product line is expected to drive further revenue increases in subsequent quarters.

Excluding a one-time accounting charge for deemed dividends and accretion of warrants on preferred stock, net loss for the third quarter was $6.5 million compared to a net loss of $7.1 million in the previous quarter and a loss of $6.4 million in the third quarter of 2012. The decrease in the sequential net loss was primarily due to lower personnel related costs and legal fees. A one-time, non-cash charge of $3.7M was recorded during the quarter for deemed dividends and accretion of warrants related to preferred stock issued in the third quarter.

Cash and cash equivalents decreased to $3.9 million at September 30, 2013 from $4.0 million at June 30, 2013.

Management Commentary

"The rapid growth of our EnerPlex product sales validates our consumer products strategy," said Victor Lee, President and CEO of Ascent. "Our distribution network, both domestically and internationally continues to expand. The establishment of our own retail presence in Colorado, coupled with our newly signed partnership agreement with the Denver Broncos NFL franchise, will further enhance our EnerPlex brand name and recognition as well as add momentum to our sales growth moving forward."

Mr. Lee continued, "Moving ahead, we look forward to launching additional EnerPlex consumer products, and growing our direct retail presence beyond Colorado to help us reach more customers nationwide."

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