Ascent Solar Technologies, Inc., the leading U.S. innovator in the design and manufacture of featherweight, flexible thin-film photovoltaic (PV) solutions, announced its results for the full year ended December 31, 2022.
Full Year 2022 Financial Results
Total revenues during 2022 were $1.2 million, representing a 101% year-over-year increase. The increase in revenues was due primarily to milestone and engineering revenue from the Company’s joint venture with TubeSolar, a German developer and manufacturer of photovoltaic thin-film tubes used primarily in the agricultural production sector.
Costs and expenses in 2022 increased 94% year-over-year to $18.3 million. The most significant driver to increased costs and expenses was share-based compensation of $5.5 million from inducement restricted stock units granted to the Company’s new CEO and CFO. Secondary drivers to the increase in costs and expenses included a 44% increase in research, development, and manufacturing operations to $6.0 million due to increased operating activity, and a 43% increase in selling, general and administrative expenses to $4.7 million due to increased activity and one-time separation expense for the Company’s previous executive management.
Loss from operations for 2022 was $17.1 million, compared to $8.8 million in 2021. When excluding one-time executive separation costs and non-cash share-based compensation expenses, loss from operations for 2022 would have been $10.9 million.
Net loss in 2022 was $19.8 million, or $(0.66) per share.
Cash balance at year-end was $11.5 million, an increase of $5.5 million when compared to year-end 2021. The Company also had convertible notes outstanding of $5.3 million, down from $8.1 million at year-end 2021.
CEO Comments
“This has been a year of significant change for ASTI marked by its listing on the Nasdaq in August and a management transition in September,” commented Jeffrey Max, ASTI’s new Chief Executive Officer.
“When I took over the role of CEO in September of last year, I did so because I recognized an extraordinary opportunity to bring thin-film PV technology to prominence in markets that require renewable power but are not favorable to heavy, rigid traditional solar panels. Significant capital and two decades of innovation have been invested into our technology, and we offer a broad range of applications to high-value markets like space, aerospace, and agriculture.
“I am pleased with the progress we have made in the past six months executing on our turn-around strategy. In December, we accomplished two important objectives for the viability and long-term value creation for the company: we hired an outstanding CFO in Paul Warley, who brings 30-plus years of experience in financial management, investment banking and M&A, and we raised capital to pursue both organic and external growth opportunities that we believe will accrue substantial value to the benefit of our shareholders. Most recently, we announced an important first step in our strategy to commercialize our thin-film PV technology by signing a term sheet to acquire the assets of a leading European thin-film PV manufacturer, including its modern 15 MW manufacturing facility, and will service the existing contracts in the luxury goods and building integrated photovoltaics markets. We expect that this transaction will have a significant impact on company sales and our march towards profitability.
“We are driven to re-establish ASTI as a leader in thin-film PV technology and a provider of innovative renewable power solutions and appreciate the support of our customers and investors as we re-position the Company for future growth and success.”
