Ascent Solar Technologies (OTCQB:ASTI) has announced results for the quarter ended March 31, 2017.
As quoted in the press release:
Q1 2017 Financial Results:
The Company posted net revenue of $281K for Q1 2017, a decline of approximately 60% from the corresponding quarter in 2016 of $710K. The revenue decline is a direct result of the Company’s exit from the EnerPlex branded consumer business, which was primarily distributed through traditional brick and mortar retail outlets. As previously noted, the company has decided to limit its consumer business to e-commerce platform and OEM model, and instead focus more on the specialty PV market such as defense, drones, aerospace and satellite markets.
Notwithstanding the revenue decline, the loss from operations improved approximately 39% to $4.6M from $7.5M in the first quarter of 2016. This improvement was due mainly to the corresponding reduction in expenses resulting from the above-mentioned exit from the brick and mortar consumer market. Lower depreciation and amortization as well as progressive cost reduction initiatives in R&D and manufacturing operations also contributed to the improvement in operational loss. These expenses are expected to decline further as the Company continues to restructure and streamline its operations.
The net loss for the quarter was $5.2M, which included approximately $540K, net in non-cash interest expense and losses on extinguishment of liabilities associated with the outstanding convertible notes and convertible preferred stock, offset by non-cash gains related to changes in the fair value of derivatives and to the sale of the EnerPlex brand. Overall, the net loss also improved sharply by about $5.3M, or approximately 51% from $10.5M in Q1 2016.