Will the momentum continue? Ascent Solar Technologies (OTCMKTS: ASTI)
Sean dougherty| May 25, 2021|
Ascent Solar Technologies (OTCMKTS: ASTI) goes higher in Tuesday’s opening session.
Ascent Solar Reports First Quarter 2021 Financial Results
The company recorded net sales of $ 165K for the first quarter of 2021, a sharp increase from the corresponding quarter in 2020 of $ 4K. As previously reported, the company was mostly in a dormant state during the first nine months of 2020 due to financial constraints and COVID-19. After a series of restructuring and recapitalization activities which started in June 2020, the Company resumed its activities significantly in October 2020. As a result, which resulted in an increase in revenues compared to the same period the last year.
Cash and cash equivalents also improved significantly, from a balance of $ 168K in the first quarter of 2020 to $ 3.7M for the quarter ended March 31, 2021. Net working capital increased from $ 8.4M as at March 31, 2020 to $ 1.1M positive for the period ended March 31, 2021.
Selling, general and administrative expenses also increased during this period to $ 562K, compared to $ 70K in the first quarter of 2020 due to the increased headcount required to restart operations. As a result, the Company recorded an operating loss of $ 1.2M during the quarter ended March 31, 2021, compared to a loss of $ 354K in the first quarter of 2020.
At 9:50 am, ASTI stock is trading 2.51% at $ 0.0254. The stock saw volume of 3.79 million shares, compared to its average volume of 91.68 million. The stock moved in a range of 0.0235 to 0.0258 after opening trade at $ 0.0235.