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Ascent Solar Technologies, Inc. Announces First Quarter 2023 Financial Results
THORNTON, Colo., May 15, 2023 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, Inc. (NASDAQ: ASTI) (“ASTI” or the “Company”), the leading U.S. innovator in the
About this update from Ascent Solar Technologies, Inc
[{"type":"text","content":"THORNTON, Colo., May 15, 2023 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, Inc. (NASDAQ: ASTI) (“ASTI” or the “Company”), the leading U.S. innovator in the design and manufacture of featherweight, flexible thin-film photovoltaic (PV) solutions, announced today its results for the three months ended March 31, 2023. “During the quarter, we took decisive actions to reposition the Company as a leader in thin-film solar and made important progress towards commercializing our technology,” said Paul Warley, CEO of Ascent Solar Technologies. “We are excited about the recent acquisition of Flisom AG’s Swiss manufacturing assets, which tripled our production capacity and allow us to fulfill existing customer contracts in the luxury goods and building-integrated PV markets. “As evidence of our ongoing transformation, in just the last six weeks, ASTI has closed on its transformative acquisition, launched new space hardware development kits for solar applications at the Space Foundation Space Symposium, and secured $12.5 million of additional capital. “We are confident in our strategy and believe in our product – an extraordinary renewable energy technology for all the platforms where traditional solar panels don’t work. We are committed to growing revenue, stabilizing our business, and creating long-term value for our shareholders.” FIRST QUARTER 2023 FINANCIAL RESULTS Total revenues during the first quarter of 2023 were $124,225, including $99,225 of product revenue received on the sale of PV modules and other equipment sales, and $25,000 of total milestone and engineering revenue, as compared to total revenues of $566,210 in the first quarter of 2022. Cost of revenue for the first quarter of 2023 was $461,795 compared to $532,890 in the first quarter of 2022. Research, development, and manufacturing operations expense for the first quarter 2023 was approximately $1.7 million compared to approximately $1.4 million in the first quarter of 2022. Selling, general and administrative (“SG&A”) expense for the first quarter of 2023 was approximately $1.6 million, and non-cash share-based compensation expense was approximately $1.4 million, compared to SG&A of $821,266 in the first quarter of 2022. Loss from operations for the first quarter of 2023 was $5.0 million, compared to a loss of $2.2 million for the first quarter of 2022. Excluding non-...