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Ascent Solar Technologies, Inc. Announces Full Year 2022 Financial Results
THORNTON, CO, March 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Ascent Solar Technologies, Inc. (NASDAQ: ASTI) (“ASTI” or the “Company”), the leading
About this update from Ascent Solar Technologies, Inc
[{"type":"text","content":"THORNTON, CO, March 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- 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 full year ended December 31, 2022. Full Year 2022 Financial Results Total revenues during 2022 were $1.2 million, representing a 101% year-over-year increase. The increase in revenues was due primarily to milestone and engineering revenue from the Company’s joint venture with TubeSolar, a German developer and manufacturer of photovoltaic thin-film tubes used primarily in the agricultural production sector. Costs and expenses in 2022 increased 94% year-over-year to $18.3 million. The most significant driver to increased costs and expenses was share-based compensation of $5.5 million from inducement restricted stock units granted to the Company’s new CEO and CFO. Secondary drivers to the increase in costs and expenses included a 44% increase in research, development, and manufacturing operations to $6.0 million due to increased operating activity, and a 43% increase in selling, general and administrative expenses to $4.7 million due to increased activity and one-time separation expense for the Company’s previous executive management. Loss from operations for 2022 was $17.1 million, compared to $8.8 million in 2021. When excluding one-time executive separation costs and non-cash share-based compensation expenses, loss from operations for 2022 would have been $10.9 million. Net loss in 2022 was $19.8 million, or $(0.66) per share. Cash balance at year-end was $11.5 million, an increase of $5.5 million when compared to year-end 2021. The Company also had convertible notes outstanding of $5.3 million, down from $8.1 million at year-end 2021. CEO Comments “This has been a year of significant change for ASTI marked by its listing on the Nasdaq in August and a management transition in September,” commented Jeffrey Max, ASTI’s new Chief Executive Officer. “When I took over the role of CEO in September of last year, I did so because I recognized an extraordinary opportunity to bring thin-film PV technology to prominence in markets that require renewable power but are not favorable to heavy, rigid traditional solar panels. Significant capital a...