Ascent Solar books Q2 2016 net loss of USD 11.2m

US firm Ascent Solar Technologies Inc (OTCMKTS:ASTI) said Tuesday its net loss for the second quarter of 2016 slightly contracted to USD 11.17 million (EUR 10.2m) from USD 11.34 million a year back.

Total net revenue for April-June amounted to USD 255,300, down from USD 2.2 million in the same period of 2015.

Ascent Solar explained that its product sales for the three months under review were negatively impacted by reduced orders from one of its large customers and the filing for bankruptcy protection by another key client. The company’s performance was also hurt by changes in the terms of some customer agreements and by the effect of its migration from the Nasdaq Stock Exchange to the OTCQB Venture Market, it said.

In the first half of 2016, Ascent Solar’s net loss narrowed to USD 21.7 million from USD 29.1 million. Revenues declined to USD 966,000 from USD 2.9 million.

Ascent Solar implemented active cost-cutting measures as part of its post-delisting restructuring, including in selling, general and administrative expenses, as well as other financing costs.

The company keeps expanding its retail footprint, including entering more than 1,000 Verizon Wireless authorised retail stores.

“We have also made great progress in the defense and emergency preparedness market, particularly in the increasing interest shown in our award winning, military graded MilPak E solar and battery integrated blanket, which we believe will add to our significant revenue velocity going forward,” president and CEO, Victor Lee, said.

(USD 1.0 = EUR 0.909)

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