03.14.16
Ascent Solar Technologies, Inc. reported results for the fourth quarter and full year ended Dec. 31, 2015.
The company posted its highest recorded quarterly net revenue of $2.4M in the fourth quarter of 2015, an approximately 90% increase over third quarter of $1.25M. On a full year basis, the company reported net revenue of $6.5M, a growth of approximately 23% over 2014.
Specifically, the EnerPlex brand consumer product line continued to realize growing consumer acceptance, contributing nearly the entirety of the fourth quarter revenue and approximately 90% of the full year 2015 revenue.
Loss from operations improved significantly by about $6.2 million, or 18.3% from ($33.9 million) in 2014, to ($27.7 million) in 2015, while the company continued revenue growth momentum. Ascent Solar attributes this improved result to a combination of improved operational efficiencies, a reduction in SG&A expenses from $14.1 million in 2014 to $12.4 million in 2015, as well as progressive cost reduction initiatives in R&D and manufacturing operations. Net loss also improved substantially from $51.4 million in 2014 to $45.8 million in 2015.
“I am optimistic about the company’s future after delivering record-breaking revenue for yet another year,” said Victor Lee, president and CEO of Ascent Solar Technologies, Inc. “With the ongoing expansion of our distribution channels, I am extremely confident to set another significant revenue milestone of over $10 million for 2016.”
“As evident by the list of noted accomplishments, Ascent continues to build its business in high margin markets through partnering with numerous organizations to expand the reach of our products,” said Dr. Amit Kumar, chairman of Ascent Solar Technologies. “These partnerships will not only enable greater customer reach, but will also help strengthen the EnerPlex brand, reduce costs, and facilitate the launch of many new products. I truly expect that 2016 will be an exciting and transformative year for Ascent Solar.”
The company posted its highest recorded quarterly net revenue of $2.4M in the fourth quarter of 2015, an approximately 90% increase over third quarter of $1.25M. On a full year basis, the company reported net revenue of $6.5M, a growth of approximately 23% over 2014.
Specifically, the EnerPlex brand consumer product line continued to realize growing consumer acceptance, contributing nearly the entirety of the fourth quarter revenue and approximately 90% of the full year 2015 revenue.
Loss from operations improved significantly by about $6.2 million, or 18.3% from ($33.9 million) in 2014, to ($27.7 million) in 2015, while the company continued revenue growth momentum. Ascent Solar attributes this improved result to a combination of improved operational efficiencies, a reduction in SG&A expenses from $14.1 million in 2014 to $12.4 million in 2015, as well as progressive cost reduction initiatives in R&D and manufacturing operations. Net loss also improved substantially from $51.4 million in 2014 to $45.8 million in 2015.
“I am optimistic about the company’s future after delivering record-breaking revenue for yet another year,” said Victor Lee, president and CEO of Ascent Solar Technologies, Inc. “With the ongoing expansion of our distribution channels, I am extremely confident to set another significant revenue milestone of over $10 million for 2016.”
“As evident by the list of noted accomplishments, Ascent continues to build its business in high margin markets through partnering with numerous organizations to expand the reach of our products,” said Dr. Amit Kumar, chairman of Ascent Solar Technologies. “These partnerships will not only enable greater customer reach, but will also help strengthen the EnerPlex brand, reduce costs, and facilitate the launch of many new products. I truly expect that 2016 will be an exciting and transformative year for Ascent Solar.”