Ascent Solar Technologies (ASTI) Issues Prelim. Q1 Revenue Update; Notes Significant Backlog

Ascent Solar Technologies (NASDAQ: ASTI) announced an update on the Company’s 2015 year-to-date financial results.

For the first quarter, the Company reported revenue of $660K. First quarter results were negatively impacted by the typical seasonality of the consumer electronics industry, where the first quarter is typically the slowest. Q1 was also impacted by a prolonged strike at west coast ports in early 2015; this contributed to delays in product delivery for Q1, pushing back deliveries into Q2. As a result, the Company has significant back-ordered bookings that should result in revenue for Q2, taking the company back on track to its earlier revenue guidance of $10M - $12M for the full year 2015.

"We are very excited about the increased visibility of our EnerPlex products in growing numbers of reputable retailers. With entrance into several new retailers in the first half of the year, we feel comfortable confirming our previously issued FY 2015 revenue guidance of 100% growth over 2014," said Victor Lee, President and CEO of Ascent. “We are also seeing an increased traction in the focused high-value PV market as our lightweight flexible PV panels are entering into a mature development stage for some applications such as PV integrated UAVs and Portable PV power solutions, which we believe will add to our revenue velocity in the second half 2015.”

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