Flexible CIGS thin-film firm, Ascent Solar surpassed US$1 million in annual revenue for the second time since it started operations in 2005.
The company reported total revenue for 2013 of US$1.3 million, up from US$1.2 million in 2012. Product revenue, excluding US government contracts increased from US$0.6 million to $1.1 million, a 93% increase, compared to previous year.
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However, there was little change in net operating losses, which were US$27 million in 2013, down from US$27.9 million in 2012.
A significant proportion of annual sales occurred in the fourth quarter of 2013, which amounted to US$580,000, up 112% from the previous quarter.
“2013 is the first year in Ascent's history since incorporation in 2005 to have reported product revenue in excess of $1 million” noted, Victor Lee, President and CEO of Ascent. “Continued rapid growth of ‘EnerPlex’ product sales reflects positive returns from aggressive investment in our sales channels, both traditional, direct retail and e-commerce; as well as affirming the widespread customer acceptance of our unique and distinctive product line.”