Ascent Solar announces its first Q
THORNTON, CO, May 13, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”) (OTCMKTS: ASTI), a developer and manufacturer of -art, photovoltaic solutions ( PV) light and flexible thin films, results published for the quarter ended March 31, 2022.
Financial summary for the first quarter of 2022:
- Net sales for the first quarter of 2022 amounted to $566,000, an increase of $401,000, or 243%, compared to the corresponding quarter of 2021. Net sales included non-recurring engineering $512,000.
- Costs and expenses rose 102% to $2.8m in the first quarter of 2022 from $1.4m in the same quarter last year as the company continued to emerge from its dormant period. The company continues to increase its workforce and expand its operations, and recorded an operating loss of $2.2 million in the first quarter of 2022, an increase of 83% compared to the same period of the year. last year.
- Net loss for the three months ended March 31, 2022 amounted to $4.3 million and included a significant non-cash interest expense of approximately $2.1 million, recorded following the translation of 9, $2 million of zero-coupon convertible notes.
- Cash and cash equivalents for the quarter ended March 31, 2022 were $3 million, with net working capital of $1.5 million. Notably, the Company continues to reduce its total liabilities, seeing an improvement of $7.5M, from $16.3M in the first quarter of 2021 to $8.8M at the end of this reporting period.
“I am pleased with the results, both financially and operationally,” said Mr. Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “After being inactive for most of 2020, The Ascent team has worked tirelessly to restart and scale up our operations, as well as catch up with required SEC filings in 2021. Despite setbacks caused by various challenges, including lack of financial resources and the impact of COVID-19 in 2020 and 2021, we have shown great resilience in returning to normal mode of production and are current in our SEC filing status as of May 2021,” Mr. Lee continued.
Mr. Lee concluded, “We will build on the strength of our 2021 and the first quarter of 2022, and continue to deliver better results going forward. We are optimistic and certainly look forward to stronger years ahead as we begin to execute our targeted strategy in the high value PV market. We will update our shareholders as we move forward. »
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 robust than traditional solar panels. Ascent Solar modules have been named one of the Top 100 Technologies by R&D Magazine and one of the Top 50 Inventions by TIME Magazine. 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. More information can be found at www.AscentSolar.com.
Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements”. These forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of operations of the Company to be materially different from historical results or future results expressed or implied by these forward-looking statements. forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to review statements that contain words such as “believes”, “believes”, “expects”, “expects”, ” intends to”, “intends to”, “anticipates”, “”anticipates”, “plans”, “plans”, to be uncertain and future-oriented. Nothing in this press release should be construed as any indication of our future earnings, stock price or results of operations. The forward-looking statements contained herein are also generally subject to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission.
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