March 06, 2014 - Ascent Solar Technologies, Inc. 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 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.
"2013 is the first year in Ascent's history since incorporation in 2005 to have reported product revenue in excess of $1M", "Continued rapid growth of EnerPlex™ product sales reflects positive returns from aggressive investment in our sales channels, both traditional, direct retail and e-commerce; as well as affirming the widespread customer acceptance of our unique and distinctive product line" said Victor Lee, President and CEO of Ascent.
Mr. Lee continued, "Moving onward, we look forward to expanding the EnerPlex product line by introducing both innovative solar-integrated consumer products, as well as expanding our line of power storage solutions such as our line of Jumpr portable batteries; providing consumers with a full ecosystem of ultimate portable power solutions."
"The Joint Development Agreement ("JD") with the Suqian Government further reinforces the positive sentiment surrounding our transformational CIGS technology and its ability to compete at a large scale in niche markets; where the lightweight and flexible form factor of our solar can be leveraged to generate power in previously unimagined places."