Ascent Solar Technologies, Inc (OTCMKTS:ASTI) shares were up 84.21% on Tuesday to $0.0105. The company has a market cap of $1.29 million at 77.73 million shares outstanding.
Earlier this week, Ascent Solar Technologies announced its third quarter earnings results. Total net revenue booked for the third quarter of 2016 was $453K, up 78% from second quarter 2016. ross shipments for the period were about $1.1M, although there was substantial deferment in revenue recognition in compliance with the US GAAP accounting rules pertaining to contract modification with one of its largest customers.
Operating costs and expenses for the three months ended September 30, 2016 decreased substantially by approximately $2.3M compared to the same period last year. Net operating loss for the third quarter of 2016, improved by roughly 21% compared to a $7M loss for the same period in 2015.
“We are focused on improving our results as we head into the final period of this year,” commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “On the back of the poor second quarter showing, we are confident that the worst is behind us as we continue to streamline our business model and further execute our growth plan. Given the continuous expansion of our retail footprint, particularly with the increased penetration of our distribution effort to now more than 1,500 Verizon Wireless authorized retail stores, we remain optimistic on the opportunities ahead for growth.”
Lee added that Ascent Solar Technologies also made great progress in the defense and emergency power market, particularly in the increasing interest shown in our award winning, military-graded MilPak™ E solar and battery integrated blanket. This will add to revenue growth in 2017 and beyond, with the company looking forward to providing more updates to their shareholders as they make progress in these developments.
The company also reported total revenue of $1.42M, compared to $4.14M reported for the same period last year, for the nine months ending in September 30, 2016. Total operating costs and expenses for the period decreased by $3.43M as compared to the nine months ended September 30, 2015. Net operating loss improved marginally to $20.18M, as compared to $20.88M for the same period of 2015 while the company streamlines its operations and adopts more cost-cutting measures.
With that, investors appear to be bracing themselves for better figures in the Q4 period, as this would reflect the deferred revenues and possibly more progress in terms of cost-cutting. Sentiment also got a boost from news that Ascent Solar Technologies was ranked No. 189 on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America.
We are proud to be one of the fastest growing technology companies during this period, especially at a time where the entire thin-film solar industry was experiencing a major shakeup on the back of a sharp decline in the pricing of traditional crystalline silicon-based solar cell technology,” remarked CEO lee.
Ascent Solar Technologies is a company that is engaged in commercializing flexible photovoltaic technology. Its manufacturing process deposits multiple layers of materials, including a thin film of copper-indium-gallium-diselenide semiconductor material, on a plastic substrate using a roll-to-roll manufacturing process and then laser patterns the layers to create interconnected PV cells or PV modules, in a process known as monolithic integration.
The company produces consumer oriented products focusing on charging devices powered by its solar modules and manufactures its products by affixing a thin CIGS layer to a flexible, plastic substrate using a roll-to-roll process. Its EnerPlex products are available on www.goenerplex.com and a range of third-party e-commerce sites.