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Ascent Solar Technologies (ASTI) Stock Surges Today After Preliminary 2014 Revenue Results

NEW YORK (TheStreet) -- Shares of Ascent Solar Technologies (ASTI - Get Report) are surging in afternoon trading today, up 33.06% to $1.65, after the company reported preliminary 2014 full year revenue increased 308% from a year ago.

The Thornton, CO-based company said preliminary revenue for the year was $5.3 million, up 308% from $1.3 million a year ago. Product revenue was $5 million, up 355% from $1.1 million in 2013. The only analyst estimate recorded by Reuters predicted revenue of $5.5 million for 2014.

The company also reported preliminary fourth quarter revenue of $2.4 million, a 118% increase from the previous quarter of $1.1 million and an approximately four-fold increase over the revenue of $600,000 in the fourth quarter of 2013.

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Ascent Solar Technologies develops flexible photovoltaic (PV) modules used in a variety of electronic products, building materials, defense, transportation and space applications, as well as other consumer products.

"We are extremely encouraged by the rapid growth of [our consumer solar products brand] EnerPlex, and we expect to see sales continue to grow rapidly as we continue to expand our distribution channels domestically and internationally. In the fourth...