Ascent Solar Technologies, Inc., 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 $0.38MM compared to $0.05MM in the second quarter of 2020.
- Cost and expenses increased 470% to $2.14MM compared to $0.37MM in the corresponding quarter last year.
- Net loss widened to $1.7MM, an increase of 25% compared to a net loss of $1.36MM in the second quarter of 2020.
- Net loss included non-cash gain of approximately $0.23MM from the extinguishment of certain liabilities associated with subsidiaries, offset by $0.17MM 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 $0.22MM, or 130%, from $0.17MM in the first quarter of 2021, which brings our year-to-date net revenue to $0.55MM, compared to full year net revenue of $0.07MM and $0.64MM in 2020 and 2019, respectively.
Cash and cash equivalents have also improved from a balance of $0.17MM as of December 31, 2020, to $1.36MM for the period ended June 30, 2021. Networking capital also improved from ($8.37MM) as of December 31, 2020, to ($0.78MM) for the period ended June 30, 2021. Most notably, the Company has reduced total liabilities by $11.59MM, down from $27.56M as of December 31, 2020, to $15.97MM at the close of this reporting period.
“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 stands 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 $10MM funding commitment from our controlling shareholder as announced on August 5, 2021, will enable Ascent to continue to execute our business plan. We are optimistic and certainly look forward to stronger years ahead, as we begin to execute our focused strategy in the high-value PV market. We will update our shareholders as we make continued progress.”
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