Ascent Solar’s Q3 net loss widens to USD 10m

Nov 8, 2013 - US thin-film solar module developer Ascent Solar Technologies Inc (NASDAQ:ASTI) on Thursday said its third-quarter net loss had expanded to USD 10 million (EUR 7.5m) from USD 6.4 million a year earlier.

The company explained that the result excludes a one-time accounting charge for deemed dividends and accretion of warrants. Adjusted to include the charge, its loss stood at USD 6.5 million, shrinking from USD 7.1 million in the preceding quarter and USD 6.4 million a year back. Ascent Solar attributed the sequential improvement to decreased staff-related expenses and legal fees.

Operating loss remained almost unchanged at USD 6.4 million.

The Colorado-based firm booked total revenues of USD 274,800 in July-September, down from USD 555,700 in the same period of 2012. The result was slightly lower that the company’s projection for USD 275,000 given last month. Product revenues accounted for USD 266,500 of the total amount, falling from USD 474,000. Sales of the EnerPlex solar-integrated chargers more than doubled to USD 238,000, while research and development (R&D) contract revenues declined.

Ascent Solar's cash and cash equivalents at the end of September stood at USD 3.9 million, compared to USD 4 million at the end of June.

(USD 1.0 = EUR 0.746)

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