Thornton, Colorado – (NewMediaWire) – August 15, 2022 – Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”) (OTCMKTS: ASTI), a developer and manufacturer of advanced, lightweight, flexible, thin-film photovoltaic (PV) solutions, reported results for the quarter and first six months ended June 30, 2022.

Financial and operational highlights:

• The company successfully delivered a bulk order in June 2022 for its HyperLight thin-film modules designed for HAP (High Altitude Platform) applications. This delivery represents the third generation of the HyperLight PV module, which further reduces packaging and module weight and achieves an industry-leading specific output (power-to-weight ratio) of over 350 W/kg (watts per kilogram) for a fully laminated module on a product Airship while streamlining customer’s operations to integrate the modules on the airship. The order was the fourth consecutive order from the same customer, a developer of the world’s most advanced unmanned helium-filled airships operating in the stratosphere at altitudes of more than 60,000 feet above sea level.

• Driven by the delivery of large contracts, net sales increased approximately 68% in the second quarter of 2022 to $0.64 million from $0.38 million in the corresponding quarter of 2021. For the six months ended June 30, 2022, net sales more than doubled to $1.2 million from $0.55 million in the corresponding period in 2021, an increase of 121% for the first half of 2022. Net sales for the first half of 2022 also significantly exceeded full year sales of $0.61 million in 2021, paving the way for a more than 2x sales increase for 2022.

• Costs and expenses increased 62% to $5.7 million for the first half of 2022 compared to $3.5 million for the corresponding half year last year, consistent with the Company’s increasing operational activity. The company continues to expand its operations to lay the foundation for future success. Operating loss for the first time…