Ascent Solar Q3 financial results ‘validate strategy’

Facebook
Twitter
LinkedIn
Reddit
Email

Thin-film developer Ascent Solar (Ascent), has released financial results for the third quarter of this year in which the company reported that product revenue was up by US$102,000 over the previous quarter.

Ascent, which integrates thin-film panels into its own range of consumer products, quoted figures of US$268,000 product revenue for the quarter, which it mostly attributed to sales of its Enerplex branded consumer products. In Q2 2013 product revenue was US$166,000.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Product revenue figures were close to recently announced forecasts by the company. Ascent stated that it expects expansion of the Enerplex range and distribution network to drive further revenue increases in subsequent quarters.

The company also reported a quarter-on-quarter decrease in losses at US$6.5 million, while in the previous quarter the figure was US$7.1 million. However, Q3 represented a modest increase on the same period of last year when reported losses were US$6.4 million. In addition, the Q3 loss figure does not include a US$3.7 million non-cash charge on deemed dividends and accretion of warrants on preferred stock.

Cash and cash equivalents showed a modest decrease of US$0.1 million, falling from US$4 million in Q2 to US$3.9 million. Compared with figures from December 2012, long term debt fell slightly and stood at US$6,139,671 in this quarter, down from US$6,350,135 at the end of last year.

US$5 million was raised by the company during Q3 after completing a Series A Preferred Stock private placement. The company also appointed a new chief financial officer, Bill Gregorak, who was previously with consumer electronics casing company Thule Organization Solutions.

There was a decrease in research and development (R&D) contract sales, included in product revenue. Ascent blamed the decrease in part on delays in government funding, having signed a contract for R&D with the US Department of Defense in June. The company expects R&D sales to return to Q2 levels in Q4.

Ascent president and chief executive officer Victor Lee cited a doubling in sales revenue on Enerplex products as validation of the company’s consumer products strategy. In a statement released to accompany financial results, the company referred to several recently taken strategic moves, which included extending distribution of Enerplex products to the United Kingdom & Ireland, sponsorships with aerial stunt team Breitling Wing Walkers and gridiron team Denver Broncos.

The company is headquartered in Thornton, Colorado. Victor Lee said: “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.”

In July, the company formed a joint venture with the government of Suqian, China and announced that it would build a manufacturing plant in the region, in part aimed at targeting the Chinese domestic market.  

Ascent also launched several new additions to the Enerplex range during the period, including Jumpr Mini, a 6mm thick 1350mAh solar powered booster accessory for smartphones; Jumpr Stack, a magnetic battery stack which the company boasts has ‘revolutionary cordless charging ability, as well as a line of official Denver Broncos-branded Enerplex products.

The company’s application of Enerplex in its consumer range was included in a Time Magazine list of top 50 inventions in 2011.

Read Next

September 11, 2025
Founder Group has won a RM10 million (US$2.3 million) engineering, procurement, construction and commissioning contract for a 30MW solar plant in Malaysia.
September 11, 2025
German renewable energy developer ib vogt has signed a 70MW solar PV virtual power purchase agreement (vPPA) in Romania.
September 11, 2025
Madison Energy Infrastructure has raised US$800 million to accelerate the deployment of clean energy assets across the US. 
September 11, 2025
The PEARL Consortium has developed perovskite solar cells with carbon electrodes with a conversion efficiency of 21.6%.
September 11, 2025
The EBRD has launched a new programme to improve access to green financing and support energy investments such as renewable power projects.
September 11, 2025
Constant Energy has secured THB300 million (US$9.4 million) in green financing from HSBC to expand large-scale solar and battery storage projects in Thailand. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines