US flexible thin-film photovoltaic (PV) modules maker Ascent Solar Technologies Inc (OTCMKTS:ASTI) on Monday posted a net loss of USD 38.9 million (EUR 36.5m) for 2016 as revenues slumped.
The net loss was narrower than the 2015 figure of USD 45.8 million. Operating loss was cut to USD 24.6 million from USD 27.7 million following a reduction in costs. Ascent Solar expects further cost declines as it will continue to restructure and streamline its operations in 2017.
Net revenue plunged 73.2% to USD 1.75 million. The drop was attributed to a number of factors, including the company's exit from brick and mortar retail customers, price erosion in the portable battery market, and large charged-back and revenue contras related to the discontinuation of EnerPlex sales channels.
Ascent Solar in February announced a deal to sell its EnerPlex consumer brand name to Hong Kong-based consumer goods supplier Sun Pleasure Co Ltd. The company is shifting its focus from the consumer business to the high-value specialty PV market.
"Going forward, we will continue to streamline our business model in an effort to better allocate our resources to be fully focused on our core strength in the developing specialty PV markets with high entry barriers like the military, 1st responders, emergency power, aviation (drones), and space & near-space applications," commented president and chief executive Victor Lee.
(USD 1.0 = EUR 0.938)
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