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Ascent Solar Announces Third Quarter 2015 Financial Results; Company Restructures Balance Sheet With New Equity Investment and Reaches Significant Milestone With Products in Over 1,000 Retail Locations

THORNTON, CO--(Marketwired - Nov 13, 2015) - Ascent Solar Technologies, Inc. (NASDAQ: ASTI), a developer and manufacturer of state-of-the-art, flexible thin-film photovoltaic modules integrated into the company's EnerPlex™ series of consumer products, reported results for the third quarter ended September 30, 2015.

Financial Results for the Third Quarter and Nine Months Ended September 30, 2015
Total revenue for the third quarter of 2015 was $1.3 million, compared to $1.1 million reported for the same period last year, which was an increase of 10%. Sequential quarterly revenue resulted in a 43% decline from the second quarter of 2015, which the Company attributes to shipment backlogs and cash flow constraints related to the restructuring of its balance sheet during the quarter. However, net loss for the quarter totaled $6.1 million, which is a significant improvement of 100% compared to a net loss of $12.2 million reported for the same period last year.

For the nine-months ended September 30, 2015, total revenue was $4.1 million, which was a 39% increase from $3.0 million reported for the same period last year. The Company attributes the gain to broadening its retail distribution for EnerPlex. Loss from operations improved 16% to $20.9 million for the 2015 nine month period, compared to $24.9 million reported for the same period in 2014. This was due to a combination of increasing revenue and improved operational efficiencies, while keeping expenses marginally down for the period. These expenses are expected to remain relatively flat while the Company continues to increase revenue growth.

Balance Sheet Highlights for the Nine-Months Ended September 30, 2015
Cash and Restricted Cash declined from $31.3 million to $619 thousand, as a direct result of the Company's restructuring of debt and related warrants in the quarter. Restricted cash was utilized to retire a major portion of the senior secured notes, as announced on September 8, 2015. As a result, five major liability line items (Current Portion of Convertible Note...