Ascent Solar Announces Second Quarter 2021 Financial Results
Ascent Solar Technologies (ASTI) reported a 660% increase in net revenue to $0.38 million for Q2 2021, compared to Q2 2020's $0.05 million. However, expenses rose 470% to $2.14 million, leading to a net loss of $1.7 million, which is a 25% increase from the prior year. Year-to-date net revenue reached $0.55 million, significantly higher than $0.07 million in 2020. Cash reserves improved to $1.36 million from $0.17 million in December 2020, while total liabilities dropped by $11.59 million. The company anticipates further improvements with a $10 million funding commitment.
- Net revenue increased by 660% to $0.38 million compared to Q2 2020.
- Year-to-date net revenue rose to $0.55 million, significantly up from $0.07 million in 2020.
- Cash and cash equivalents improved to $1.36 million from $0.17 million as of December 2020.
- Total liabilities reduced by $11.59 million, down to $15.97 million.
- Expenses surged by 470% to $2.14 million compared to Q2 2020.
- Net loss widened to $1.7 million, a 25% increase from the previous year.
THORNTON, CO, Aug. 09, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Ascent Solar Technologies, Inc. (OTC-PK: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, reported results for the quarter ended June 30, 2021.
Second Quarter 2021 Financial Summary:
- Net revenue increased
660% to$0.38M M compared to$0.05M M in the second quarter of 2020. - Cost and expenses increased
470% to$2.14M M compared to$0.37M M in the corresponding quarter last year. - Net loss widened to
$1.7M M, an increase of25% compared to a net loss of$1.36M M in the second quarter of 2020. - Net loss included non-cash gain of approximately
$0.23M M from the extinguishment of certain liabilities associated with subsidiaries, offset by$0.17M M of accrued cash and non-cash interest expense.
As reported previously, the Company was predominantly in a dormant status in the first nine months of 2020 due to financial constraints and COVID-19. After a series of restructuring and recapitalization activities which began in June 2020, the Company materially restarted its operations in October 2020, which resulted in increased revenue as compared to the same period last year.
Net revenue in the second quarter increased by
Cash and cash equivalents have also improved from a balance of
Management Comments:
“We continued to make great progress, both financially and operationally,” said Mr. Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “Since the fourth quarter of 2020, the Ascent team restarted a dormant facility, regained current SEC reporting status, and began to deliver backlog orders. Despite setbacks caused by various challenges including the lack of financial resources and the impact of COVID-19 in 2020, the team demonstrated great resiliency and is excited and stand ready to get back to regular production mode,” continued Mr. Lee.
Mr. Lee concluded, “We will build on the successful delivery of a large order in the second quarter and continue to work on improving results going forward. The additional
ABOUT ASCENT SOLAR TECHNOLOGIES, INC.:
Ascent Solar Technologies, Inc., is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named as one of the top 100 technologies in both 2010 and 2015 by R&D Magazine, and one of TIME Magazine's 50 best inventions for 2011. The technology described above represents the cutting edge of flexible power and can be directly integrated into consumer products and off-grid applications, as well as other aerospace applications. Ascent Solar is headquartered in Thornton, Colorado, and more information can be found at www.AscentSolar.com.
Forward-Looking Statements:
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission.
Ascent Solar Technologies
Investor Relations: IR@AscentSolar.com
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