THORNTON, Colo., March 08, 2024 (GLOBE NEWSWIRE) — Ascent Solar Technologies, (Nasdaq: ASTI) (“Ascent” or the “Company”), the leading U.S. innovator in the design and manufacture of featherweight, flexible, and durable CIGS thin-film photovoltaic (PV) solutions, today published a corporate update detailing its customer and revenue potential, as well as its strategy to meet growth opportunities in its two primary customer verticals of aerospace and agrivoltatics. The published report can be found here.
The report outlines revenue projects for the remainder of 2024, including $1 million to $1.2 million in Q2; $3 million to $5 million in Q3; and $5 million to $7 million in Q4, totaling $9 million to $13.2 million for the entire year. Further, the Company anticipates 2025 revenue reaching $50 million to $80 million. These figures are estimated based on current customer discussions and testing coupled with a rapidly growing market opportunity in aerospace and photovoltaics, and does not reflect revenue under contract.
The report also outlines the competitive advantages possessed by Ascent, outlines the Company’s robust patent portfolio, and details its customer-acquisition strategies within its respective market focuses of aerospace and agrivoltaics it is already commercially active in. This report follows Ascent’s February 2024 announcement about its solar module products being selected to fly on NASA’s upcoming Lightweight Integrated Solar Array and AnTenna (LISA-T) mission, scheduled for launch this summer.
“Ascent is proud of the technological and commercial progress achieved in less than a year following our corporate restructuring, which is best reflected in our confidence in issuing this report,” said Paul Warley, CEO of Ascent Solar Technologies. “We are laser-focused on improving efficiency and reducing costs while engaging some of the most prominent companies that represent our ideal customer base. We look forward to continuing to benefit from the support of our leadership, advisory board, and shareholder base.”
ABOUT ASCENT SOLAR TECHNOLOGIES, INC.
Backed by 40 years of R&D, 15 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in environments where mass, performance, reliability, and resilience matter. Ascent’s photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial/commercial construction as well as an extensive range of consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar’s research and development center and 4.5-MW nameplate production facility is in Thornton, Colorado. To learn more, visit https://www.ascentsolar.com or follow the Company on LinkedIn and X (formerly Twitter).
FORWARD-LOOKING STATEMENTS
Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” including statements about the financing transaction, our business strategy, and the potential uses of the proceeds from the transaction. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the company’s actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current assumptions, expectations, and projections about future events. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “will,” “believes,” “belief,” “expects,” “expect,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company’s filings with the Securities and Exchange Commission including those discussed under the heading “Risk Factors” in our most recently filed reports on Forms 10-K and 10-Q.
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