Ascent Solar Technologies improves revenue sequentially in 1Q 2013, net loss was $6.4 million

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Greentech Lead America: Ascent Solar Technologies, a developer of flexible thin-film photovoltaic modules, has earned revenue of $176,000 in the first quarter of 2013 compared to $32,000 in the previous quarter and $10,000 in the first quarter of 2012.

The sequential and year over year increases were due to the company’s improving product acceptance across a range of markets, the company said.

Net loss for the first quarter was $6.4 million or $(0.13) per share compared to a loss of $11.0 million or $(0.21) per share in the previous quarter and a loss of $5.5 million or $(0.14) per share in the first quarter of 2012.

The decrease in the sequential quarterly net loss was due primarily to a combined decrease in asset impairment losses of $4.8 million. The net loss increase from the first quarter of 2012 was due to increased operating expenses associated with our focus on consumer oriented solar-assisted devices.

During the first quarter Ascent Solar debut the Ascent’s EnerPlex Surfr solar-assisted battery case for the Samsung Galaxy S III. The company also announced new retail relationship with Fry’s Electronics, a California-based retailer.

Ascent Solar also appointed Power IT-2-Channel, a United Kingdom-based consultancy, for the distribution of Ascent’s EnerPlex series of consumer products in the United Kingdom. In another similar development the company appointed Sun2Voltage as the exclusive distributor of EnerPlex products in Scandinavia.

During this period the company also signed Make a Difference Pte Ltd (Singapore) as non-exclusive EnerPlex distributor for Singapore and initiated shipments. Ascent Solar also initiated shipments of EnerPlex products to BRM Corporation (Russia) for distribution in Russia and initiated EnerPlex orders to retailer Grupo Monge (Costa Rica) for retail sales in Costa Rica and the surrounding region.

In addition the company appointed MKRAK Management as Ascent’s exclusive EnerPlex distributor to golf pro-shops and select retail stores in the Canadian market.

Ascent Solar’s major off-grid activities include shipments of solar modules to a large group of clients including Maddox Defense (California, USA) for Defense application development,  Kirloskar Integrated Technologies (Pune, India),  CTC CarTech GmbH (Boblingen, Germany) for automotive/consumer applications, Phaesun GmbH (Memmingen, Germany) for consumer applications, Sunload Mobile Charging Solutions (Berlin, Germany) for consumer applications and Crib Gogh (Staffordshire, UK) for defense application development.

“Our first quarter results reflect positive momentum in the execution of our focus established in 2012, particularly the growth of core consumer product sales,” said Victor Lee, president and CEO, of Ascent. “We have seen rapid expansion of our product mix including our EnerPlex consumer products, solar module components customers integrate into their consumer and defense products, as well as custom finished goods manufactured for our customers based on co-development projects.”

editor@greentechlead.com

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