Ascent Solar Technologies, Inc. (NASDAQ:ASTI) released preliminary numbers for fiscal year 2014 and showed record growth for the company. Revenue for the fourth quarter came in at $2.4 million which is a 118% increase over the previous quarter and 4 times the same quarter last year. For the year-end 2014 the company stated it will post revenue of $$5 million which is another increase of 300% when compared to the year-end 2013.
Attaining revenue of $5 million is a big milestone according to CEO, Victor Lee. It is the first year that the company has shown these kinds of results and validates the model is progressing forward at a healthy clip. The company had revised its strategy recently and the revenue accomplishments are confirmation that the products and efforts to sell them are working well. Ascent Solar Technologies, Inc. (NASDAQ:ASTI) is not only selling products, many of them are gaining critical exposure and acceptance within the community.
The company’s flagship product is its EnerPlex brand. The brand brought $2.3 million in revenue onto the company’s balance sheet. That was an increase in sales of over 124%. When compared to 2013. The brand represents the total portfolio of Ascent’s products. They are meshed with Ascent Solar Technologies, Inc. (NASDAQ:ASTI)’s proprietary CIGS technology. They allow clients to integrate solar and its advantages into everyday lives and attain a green status that is becoming more and more mainstream. The company also expanded its distribution network which also helped with the revenue gains. They look forward to 2015 and following thru on the impressive growth. They recently secured an agreement with Verizon to have their EnterPlex consumer products made available in over 300 wireless stores. The product addresses battery life issues and offers a green alternative.
The stock ran up on the Verizon news but failed to take out resistance at $2.07. The move was huge and momentum is still strong so it make just needs to regroup before making another attempt.