Ascent Solar, a thin-film developer of consumer, commercial, and military solar products out of Colorado, US, revealed its 2014 fourth quarter and full-year financial results Wednesday, and it was a good news/bad news day for the company.
The company raked in total revenue for the fourth quarter of $2.4 million, up 107% over the previous quarter.
Total revenue for 2014 reached $5.3 million, up 308% from 2013’s $1.3 million, as the company expands its distribution channels.
However, loss from operations increased to $33.9 million in 2014, “due to an increase in a combination of advertising, marketing, and promotional expenses.” Ascent Solar is confident that these expenses will “be reduced or remain flat” as they continue to “ramp up on revenue growth.” Additionally, Ascent Solar incurred “significant legal and financing expenses” which it believes will mostly disappear in 2015.
“I am excited about the potential of the Company after delivering our first ever $5 million revenue mark in the history of Ascent Solar,” said Victor Lee, President and CEO of Ascent. “With the ongoing expansion of our distribution channels, I am optimistic to set yet another significant revenue milestone of over $10 million. The reconstruction of Ascent Solar in the past 3 years is beginning to yield results, and we are fully prepared to execute our business plan.”
Looking specifically to 2015, Ascent Solar expects to generate between $10 million and $12 million in revenue for the full year 2015, however, the predictions are prefaced by the inherent uncertainty within the consumer electronics business.
An updated investor presentation (PDF) lays out some of the specifics of Ascent Solar’s business during 2014. After a recent change in management, which saw the company focused solely on PV rooftop solar products, the new management team has pivoted the company’s strategy to become a “leading provider of portable solar and power products for consumer electronics” through the company’s flagship EnerPlex brand. In addition, Ascent Solar provides high-value PV applications to the aerospace, defence, and transportation markets.
In the wake of Ascent Solar’s financial earnings presentation, the company’s shares increased, and have maintained a $.10 increase over the two days of trading following the announcement.
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