Flexible CIGS thin-film producer Ascent Solar Technologies reported 2014 annual revenue of US$5.33 million on net losses of US$43.3 million.
Ascent Solar’s product sales, which target consumer, commercial and military applications in primarily portable energy applications topped US$5.0 million in 2014, supported by US Government R&D projects worth US$323,123.
Revenue increased by 308% from the previous year, while R&D project revenue increased by US$124,000 from the prior year.
A key part of Ascent Solar’s losses were attributed to research, development and manufacturing operation costs, which totalled U$24.5 million in 2014, compared to US$21.3 million in 2013.
Loss from operations increased from US$28.2 million in 2013 to US$33.9 million in 2014, due to an increase in advertising, marketing and promotional expenses, according to the company.
Ascent Solar completed a US$35 million preferred stock and convertible debt financing with an institutional investor in the fourth quarter of 2014 to improve liquidity.
“I am excited about the potential of the Company after delivering our first ever $5M revenue mark in the history of Ascent Solar,” said Victor Lee, President and CEO of Ascent. “With the ongoing expansion of our distribution channels, I am optimistic to set yet another significant revenue milestone of over $10M. The reconstruction of Ascent Solar in the past 3 years is beginning to yield results, and we are fully prepared to execute our business plan.”
The company guided 2015 revenue to be in the range of US$10 million to US$12 million.