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Ascent Solar Completes Delivery of Another Major Contract and Announces Improved Second Quarter and First Six-Months Financial Results for 2022
THORNTON, CO, Aug. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”) (OTCMKTS: ASTI), a
About this update from Ascent Solar Technologies, Inc
[{"type":"text","content":"THORNTON, CO, Aug. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”) (OTCMKTS: ASTI), a developer and manufacturer of state-of-the-art, lightweight, flexible thin-film photovoltaic (PV) solutions, reported results for the quarter and first six-months ended June 30, 2022. Financial & Operational Highlights: The Company successfully delivered on a major contract in June 2022 for its HyperLight thin-film modules designed for high altitude platform (HAP) applications. This shipment represents the third generation of the HyperLight PV module that further reduces packaging and module weight, achieving best-in-class Specific Power (power-to-weight ratio) of over 350 W/kg (Watts per kilogram) for a fully laminated product on an airship, while streamlining the customer’s operations to integrate the modules onto the airship. The contract was the fourth repeat order from the same customer, a developer of the world’s most advanced unmanned, helium-filled airships that operate in the stratosphere at an altitude greater than 60,000 feet above sea level.Boosted by the large contract delivery, net revenue for the second quarter of 2022 increased by approximately 68%, from $0.38M in the corresponding quarter in 2021 to $0.64M. For the first six-months ended June 30, 2022, net revenue more than doubled from $0.55M in the corresponding period in 2021 to $1.2M, or a 121% increase for the first half of 2022. Net revenue for the first half of 2022 has also surpassed the full year revenue of $0.61M in 2021 by a significant margin, paving the way for more than a two- fold increase in revenue for 2022.Costs and expenses increased 62% to $5.7M in the first half of 2022 compared to $3.5M in the corresponding half-year period last year, in line with the company’s increasing operating activities. The Company continues to expand operations to lay the foundation for future success. Loss from operations for the first six-months of 2022 was $4.5M, or a 51% increase from the same period in the prior year.Net loss for the first six-months ended June 30, 2022 was $6.6M, which included a substantial non-cash interest expense of approximately $2.1M, booked as a result of the conversion of $9.2M of zero-coupon convertible notes.Cash and cash equivalents as of June 30, 2022 was $0.43M. The Company continu...