At the close of the last trading, the share price of developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions Ascent Solar Technologies Inc (OTCPink: ASTI) plummeted by -17.92% to $0.0142. Ascent stock has performed -30.39% over the last week, compared with -42.28% over the past month. Considering that ASTI has been declining since the start of the month in the absence of news, recent events can be used to provide a more comprehensive understanding of the company.
How has ASTI been?
Ascent develops thin-film photovoltaic modules, a type of solar panel that is more rugged and versatile than conventional ones. According to R&D Magazine, ASTI’s Solar modules were among the top 100 innovations in 2010 and 2015. According to TIME Magazine, they were one of the top 50 inventions of 2011. ASTI’s flexible power technology can also be integrated into consumer products and off-grid energy applications, as well as into aerospace applications.
Ascent recently announced its financial results for the quarter ended March 31, 2021.
Financial Highlights:
- Q1 2021 net revenue for ASTI was $165K, up sharply from $4K in the same quarter of 2020.
- Because of financial constraints and COVID-19, ASTI maintained a largely dormant status for the first nine months of 2020.
- Despite In spite of the loss from operations, ASTI reported a profit of $1.9 million for the quarter.
- Net income for ASTI included a substantial gain of approximately $3.6M for extinguishment of the derivative liability associated with outstanding convertible notes resulted in a gain of approximately $3.6M for ASTI, less an interest expense of $562K.
- ASTI’s cash and cash equivalents have also increased dramatically from a $168K balance in the first quarter of 2020 to $3.7M for the quarter ended March 31, 2021.
- From March 31, 2020, to March 31, 2021, ASTI’s networking capital turned positive $1.1M from negative $8.4M.
- As a result, ASTI’s total liabilities have been reduced by $11.2M, going from $27.6M in the first quarter of 2020 to $16.3M at the end of this quarter.
Other major development:
Ascent (ASTI) recently announced it has completed delivery of large a contract to supply thin-film modules to high-altitude airships. In addition to further reducing packaging and PV module mass, the HyperLight family of modules has a best-in-class power-to-weight ratio (Specific Power) of over 350 W/kg for a fully laminated product on an airship with integrated customer operations.
The customer placed this shipment with ASTI as the third and largest order since March 2018. ASTI worked with that customer to minimize the PV module mass and to include in-laminate circuit protection in order to streamline both the integration process and the mass reduction of the module.
