20 February 2015

Ascent Solar's preliminary 2014 revenues quadruple year-on-year to $5.3m

Ascent Solar Technologies Inc of Thornton, CO, USA, which makes lightweight, flexible copper indium gallium diselenide (CIGS) thin-film photovoltaic modules integrated into off-grid applications and its EnerPlex series of consumer products, has announced its preliminary results for fourth-quarter 2014.

Revenue was $2.4m, more than doubling from last quarter's $1.1m and quadrupling from $0.6m a year ago. EnerPlex-branded consumer product revenue was $2.3m, up on $1m last quarter and $0.5m a year ago.

For full-year 2014, revenue was $5.3m, more than quadrupling from 2013's $1.3m. Product revenue was $5m, up on $1.1m in 2013.

"The strong revenue growth again validates our revised strategy that began in the second half of 2012," says president & CEO Victor Lee. "We are extremely encouraged by the rapid growth of EnerPlex and we expect to see sales continue to grow rapidly as we continue to expand our distribution channels domestically and internationally," he adds. "In Q4 we also experienced growing acceptance in our focused high-value PV market, which we believe will add to our top-line growth in 2015," he continues. 

"The rapid year-over-year revenue growth demonstrates the acceptance by the market of Ascent's superior products, the expansion of our distribution capacity, and the persistence of our employees in transitioning our company," says chairman Dr Amit Kumar. "We expect 2015 to be another year of rapid growth with continued new product launches, increased distribution, the transition of some manufacturing to Asia, and an increase in awareness of our EnerPlex brand."

See related items:

Ascent Solar closes on $35m financing

Ascent Solar secures $35m financing from institutional investor

Ascent Solar's Q3 reaffirms full-year guidance of four-fold growth over 2013

Tags: Ascent Solar EnerPlex CIGS

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