Solar cell. Author: Anders Sandberg. License: Creative Commons, Attribution 2.0 Generic
The net loss of Ascent Solar Technologies Inc (OTCMKTS:ASTI) nearly doubled to USD 11.8 million (USD 11m) in the third quarter of 2016 from USD 6.1 million a year earlier as revenues fell.
The Colorado-based company, which develops flexible thin-film photovoltaic (PV) modules, registered an improved operating loss of USD 5.5 million, compared to USD 7 million a year back, thanks to a substantial decline in total operating costs and expenses. Sequentially, the loss narrowed from USD 7.1 million in the second quarter of 2016.
In July-September 2016, the company recorded gross shipments of around USD 1.1 million but booked only USD 453,000 in net revenue due to a substantial deferment arising from a contract modification with one of Ascent Solar’s largest customers. For comparison, revenue in Q3 2015 was USD 1.25 million.
For the nine months ended September 30, 2016, total revenue fell to USD 1.4 million from USD 4.1 million due to a “disappointing” second quarter. The company’s operating loss improved marginally to USD 20.2 million from USD 20.9 million for the same period of 2015 following a streamlining of its operations and the implementation of cost-cutting measures. The net loss narrowed to USD 33.5 million from USD 35.2 million.
"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,” said Victor Lee, president and CEO of Ascent Solar. He added that the company’s military-graded MilPak E solar and battery integrated blanket will contribute to revenue growth in 2017 and beyond.