Ascent Solar Technologies, Inc. (OTCMKTS:ASTI) is making steady moves up since reversing off $0.013 lows earlier this month. ASTI is an exciting Company that has seen its share price decimated by continued massive dilution.
The stock was de-listed by the NASDAQ in February after the stock dipped below $1 level due to continued massive dilution. The Company recently affected a 1 for 20 reverse stock split that has ended with the stock hitting new lows once again. ASTI has tons of potential; this is a company that manufactures battery and solar integrated phone cases designed for Apple and Samsung smartphones that recently announced a major breakthrough in power-to-weight ratio for its super light solar module.
Ascent Solar Technologies, Inc. (OTCMKTS:ASTI) is a solar company that manufactures solar integrated consumer products as well as portable power charging solutions. ASTI products are sold through the brand name EnerPlex online, through retail and a network of kiosks.
ASTI is the developer of award winning thin-film CIGS solar modules that are more flexible, versatile and rugged than traditional solar panels. They use plastic as their substrate rather than glass that’s used by tradition rooftop solar panels. The Company diversified into consumer goods as they could not compete with the low-cost Chinese solar panels in the traditional electricity generating segment.
Last month ASTI announced it has achieved a major breakthrough in power-to-weight ratio for its superlight solar module, delivering over 1700 watts of power per kilogram, operating at AM0, technically known as the space environment. At this performance, Ascent’s superlight module would weigh 66% less than a comparable PV system using the highest-quality crystalline silicon and with far less design complexity. The elimination of two-thirds of the weight is a critical improvement for satellites, space vehicles and space stations.
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For space and near-space applications, power-to-weight ratio is a key performance metric. In addition to simplicity, our modules could dramatically impact cost. Depending on the application, such as low earth orbit all the way to manned flights, including contemplated missions to Mars, the fully burdened cost can be anywhere from thousands of dollars to $1 Million per pound for a space launch. By creating this superior module with the best power-to-weight ratio of any available product, Ascent has enabled entrance into the rapidly growing space and near space markets.
In May ASTI reported results for the first quarter ended March 31, 2016. Total net revenue for the first quarter of 2016 was $710,000, compared to $658,000 reported for the same period last year, which was an increase of about 8%. More importantly, net revenue for the period included $687,000 of product sales, compared to $533,000 for the three months ended March 31, 2015, representing a healthy increase of $154,000, or approximately 29%. The increase in product sales is a result of the Company’s expanded sales channels, growing acceptance of its product offerings, and increased recognition of the EnerPlex brand. Revenue from government research and development contracts decreased by $101,000 during the three months ended March 31, 2016 to $23,000.
The last press coming from ASTI was back in May when they announced it has expanded its European retail footprint to include 95 Robert Dyas stores in the United Kingdom. Since its first store opened in London in 1872, Robert Dyas has consistently been at the forefront of new product and technology innovations, focused on products that are not just innovative but also enduring.
On September 23 ASTI issued an 8k that stated they entered into a securities purchase agreement with one accredited investor for the private placement of $1,350,000 of the Company’s newly designated Series J Convertible Preferred Stock (“Series J Preferred Stock”).
At closing, the Company issued a total of 225 shares of Series J Preferred Stock to the investor in exchange for gross proceeds of $225,000. The Company will issue an additional 1,125 shares of Series J Preferred Stock in exchange for gross proceeds of $1,125,000 in five subsequent closings scheduled to occur in October and November 2016.
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Currently moving upwards since reversing off $0.013 lows ASTI is one exciting story in small caps that would be trading on the NASDAQ for multiple dollars a share if it were not for the massive dilution that has continued to plague shareholders and is the cause of the recent reverse stock split. ASTID recently completed a $7 million designated Series F 7% Convertible Preferred Stock offering to existing investor Redwood Management LLC. Once dilution is over there is a ton to get excited about here; ASTI manufactures battery and solar integrated phone cases designed for Apple and Samsung smartphones. We will be updating on ASTI as events unfold so make sure you are subscribed to Microcapdaily so you know what is going on with ASTI.
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Disclosure: we hold no position in ASTI either long or short and we have not been compensated for this article.