July 30, 2014 - Ascent Solar Technologies, Inc. announced today preliminary revenue results for the Company's second quarter ended June 30, 2014.
Based upon preliminary data, the Company expects to post second quarter revenue of approximately $1.1 million, an increase of 45% over the first quarter of 2014. This also represents an approximately 4-fold revenue increase from second quarter of 2013.
Revenue from operations of the company’s EnerPlex™ consumer products division increased quarter over quarter to $1.0 million, a 50% sequential growth over the first quarter of 2014. This result represents the first million dollar product revenue ever generated in a single quarter in the Company’s history. Government R&D contracts and Specialty Market PV comprised the remainder of the quarter’s revenue.
The Company had previously given investors revenue guidance for the full year 2014 of about $5 - $6 million. The Company continues to stand by this and expects to end the year at the higher end of the guidance.
Victor Lee, President & CEO of Ascent Solar, said, "The acceleration of our EnerPlex growth trajectory demonstrates the success of our product and sales channel strategies. Most notably, EnerPlex sales of $1M, which represents greater than 750% growth over our second quarter of 2013, is a significant milestone for the company. The strong momentum of EnerPlex will accelerate as we continue to roll out more innovative products in the second half of the year.”
The preliminary, unaudited information provided above is based on the Company's current estimate of results from operations for the second quarter of 2014 and remains subject to change based on the Company's quarterly closing procedures including our execution of our internal controls over financial reporting, or the subsequent occurrence or identification of events prior to the formal issuance of the quarterly financial statement.
