Ascent Solar Q3 financial results ‘validate strategy’

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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.

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.

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