EX-99.1 2 exhibit991-pressreleasedat.htm EXHIBIT Exhibit 99.1 - Press Release dated May 9, 2013


Exhibit 99.1


Ascent Solar Reports First Quarter 2013 Results


THORNTON, Colo.--(BUSINESS WIRE)-- Ascent Solar Technologies, Inc. (ASTI), a developer of state-of-the-art, flexible thin-film photovoltaic modules, integrated into the company's new EnerPlexTM series of consumer products, reported results for the first quarter ended March 31, 2013.

Q1 2013 Highlights

•
January 2013 retail debut of Ascent's EnerPlex SurfrTM solar-assisted battery case for the Samsung Galaxy S III® at the International Consumer Electronics Show, for sale at http://www.goenerplex.com.

•
Launch of Ascent's new retail relationship with Fry's Electronics Inc., a premier California-based retailer. Ascent's entire EnerPlex series of consumer solar-integrated products is now available at all Fry's retail locations, as well as online through http://www.frys.com/.

•
Appointment of Power IT-2-Channel, a United Kingdom-based consultancy, for the distribution of Ascent's EnerPlex series of consumer products in the United Kingdom.

•
Appointment of Sun2Voltage as the exclusive distributor of EnerPlex products in Scandinavia.

•
Appointment of Make a Difference Pte Ltd (Singapore) as non-exclusive EnerPlex distributor for Singapore and initiated shipments.

•
Initiated shipments of EnerPlex products to BRM Corporation (Russia) for distribution in Russia.

•
Initiated EnerPlex orders to retailer Grupo Monge (Costa Rica) for retail sales in Costa Rica and the surrounding region.

•
Appointment of MKRAK Management Inc. as Ascent's exclusive EnerPlex distributor to golf pro-shops and select retail stores in the Canadian market.

•
Noteworthy Off-Grid sales activity:

- Initiated shipments of 1.1 meter solar modules to Maddox Defense (California, USA) for Defense application development.

- Increased solar module shipments to Kirloskar Integrated Technologies (Pune, India) for consumer applications and we renewed our strategic relationship.

- Increased solar module shipments to CTC CarTech GmbH (Boblingen, Germany) for automotive/consumer applications.

- Increased solar module shipments to Phaesun GmbH (Memmingen, Germany) for consumer applications.





- Increased solar module shipments to Sunload Mobile Charging Solutions (Berlin, Germany) for consumer applications.

- Initiated shipments of solar modules to Crib Gogh (Staffordshire, UK) for defense application development.


Q1 2013 Financial Results

Product revenue in the first quarter of 2013 was $176,000 compared to $32,000 in the previous quarter and $10,000 in the first quarter of 2012. The sequential and year over year increases were due to the company's improving product acceptance across a range of markets.

Net loss for the first quarter was $6.4 million or $(0.13) per share compared to a loss of $11.0 million or $(0.21) per share in the previous quarter and a loss of $5.5 million or $(0.14) per share in the first quarter of 2012.

The decrease in the sequential quarterly net loss was due primarily to a combined decrease in asset impairment losses of $4.8 million. The net loss increase from the first quarter of 2012 was due to increased operating expenses associated with our focus on consumer oriented solar-assisted devices.

Cash and cash equivalents decreased to $7.0 million at March 31, 2013 from $12.6 million at December 31, 2012.

Management Commentary

"Our first quarter results reflect positive momentum in the execution of our focus established in 2012, particularly the growth of core consumer product sales," said Victor Lee, President and CEO, of Ascent. "We have seen rapid expansion of our product mix including our EnerPlex consumer products, solar module components customers integrate into their consumer and defense products, as well as custom finished goods manufactured for our customers based on co-development projects."

Mr. Lee continued, "Moving ahead, we plan to continue to grow product revenue through product line expansion and growth on our distributor base which will help us reach more customers worldwide.”


About Ascent Solar Technologies
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules with substrate materials that can be more flexible, versatile and rugged than traditional solar panels. Ascent Solar modules can be directly integrated into consumer products and off-grid applications, as well as aerospace and building-integrated applications. Ascent Solar is headquartered in Thornton, Colorado. For more information, go to http://www.ascentsolar.com/.

About EnerPlex
The EnerPlex brand represents Ascent's line of consumer products. These products, many of which are integrated with Ascent's transformational CIGS technology, provide consumers with the ability to integrate solar into their everyday lives, while enabling them to free themselves and




their electronics from the outlet. For more information on the EnerPlex brand and to see the product line, please visit www.goenerplex.com.

Forward-Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission.

Ascent Solar Technologies
Investor Relations Contact:
CleanTech IR
Brion D. Tanous, 310-541-6824
Mobile: 424-634-8592
btanous@cleantech-ir.com










































ASCENT SOLAR TECHNOLOGIES, INC.
(A Development Stage Company)
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
 
For the Three Months Ended
 
For the Period from Inception (October 18, 2005) Through March 31, 2013
 
 
March 31,
 
 
 
2013
 
2012
 
Revenues
 
 
 
 
 
 
Products
 
$
175,685

 
 
$
10,234

 
 
$
2,103,948

 
Government contracts
 
59,252
 
 
 
431,332
 
 
 
9,726,301
 
 
Total Revenues
 
234,937
 
 
 
441,566
 
 
 
11,830,249
 
 
Costs and Expenses
 
 
 
 
 
 
Research and development
 
5,320,229
 
 
 
4,390,325
 
 
 
105,734,465
 
 
Selling, general and administrative
 
1,242,591
 
 
 
1,494,111
 
 
 
42,073,009
 
 
Impairment loss
 
—
 
 
 
—
 
 
 
83,171,090
 
 
Total Costs and Expenses
 
6,562,820
 
 
 
5,884,436
 
 
 
230,978,564
 
 
Loss from Operations
 
(6,327,883
)
 
 
(5,442,870
)
 
 
(219,148,315
)
 
Other Income/(Expense), net
 
(106,468
)
 
 
(67,636
)
 
 
938,630
 
 
Net Loss
 
$
(6,434,351
)
 
 
$
(5,510,506
)
 
 
$
(218,209,685
)
 
Other Comprehensive Income (Loss)
 
 
 
 
 
 
Unrealized gain (loss) on investments
 
—
 
 
 
(966
)
 
 
—
 
 
Comprehensive Loss
 
$
(6,434,351
)
 
 
$
(5,511,472
)
 
 
$
(218,209,685
)
 
 
 
 
 
 
 
 
Net Loss Per Share (Basic and diluted)
 
$
(0.13
)
 
 
$
(0.14
)
 
 
 
Weighted Average Common Shares Outstanding (Basic and diluted)
 
51,333,822
 
 
 
40,547,280
 
 
 
 































ASCENT SOLAR TECHNOLOGIES, INC.
(A Development Stage Company)
CONDENSED BALANCE SHEETS
(Unaudited)

 
 
March 31,
2013
 
December 31,
2012
ASSETS
 
 
 
 
Current Assets:
 
 
 
 
Cash and cash equivalents
 
$
6,946,368

 
 
$
12,621,477

 
Trade receivables
 
169,141
 
 
 
100,164
 
 
Related party receivables and deposits
 
508,108
 
 
 
596,339
 
 
Inventories
 
2,167,264
 
 
 
2,159,553
 
 
Prepaid expenses and other current assets
 
526,392
 
 
 
235,305
 
 
Total current assets
 
10,317,273
 
 
 
15,712,838
 
 
Property, Plant and Equipment:
 
39,264,868
 
 
 
39,979,013
 
 
Less accumulated depreciation and amortization
 
(13,374,218
)
 
 
(12,725,298
)
 
 
 
25,890,650
 
 
 
27,253,715
 
 
Other Assets:
 
 
 
 
Patents, net of amortization of $56,062 and $48,150, respectively
 
579,131
 
 
 
500,879
 
 
Other non-current assets
 
55,625
 
 
 
56,563
 
 
 
 
634,756
 
 
 
557,442
 
 
Total Assets
 
$
36,842,679

 
 
$
43,523,995

 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
Current Liabilities:
 
 
 
 
Accounts payable
 
$
671,940

 
 
$
855,373

 
Accrued expenses
 
1,585,604
 
 
 
1,788,635
 
 
Current portion of long-term debt
 
269,331
 
 
 
264,935
 
 
Total current liabilities
 
2,526,875
 
 
 
2,908,943
 
 
Long-Term Debt
 
6,281,131
 
 
 
6,350,135
 
 
Accrued Warranty Liability
 
41,403
 
 
 
38,187
 
 
Commitments and Contingencies (Notes 4 & 11)
 
 
 
 
Stockholders' Equity:
 
 
 
 
Preferred stock, $0.0001 par value, 25,000,000 shares authorized, no shares outstanding
 
—
 
 
 
—
 
 
Common stock, $0.0001 par value, 125,000,000 shares authorized; 51,523,758 and 51,143,906 shares issued and outstanding, respectively
 
5,152
 
 
 
5,114
 
 
Additional paid in capital
 
246,197,803
 
 
 
245,996,950
 
 
Deficit accumulated during the development stage
 
(218,209,685
)
 
 
(211,775,334
)
 
Total stockholders' equity
 
27,993,270
 
 
 
34,226,730
 
 
Total Liabilities and Stockholders' Equity
 
$
36,842,679

 
 
$
43,523,995