Ascent Solar Technologies rebounds after huge Increase in Year over year revenue

Ascent Solar Technologies Inc. ASTI on Thursday reported fourth quarter revenue of $2.4 million bringing its total year revenue to $5.3 million, up 308 percent from 2013.

Dr. Amit Kumar, Chairman of Ascent, stated, “The rapid year over year revenue growth demonstrates the acceptance by the market of Ascent’s superior products, the expansion of our distribution capacity, and the persistence of our employees in transitioning our Company. We expect 2015 to be another year of rapid growth with continued new product launches, increased distribution, the transition of some manufacturing to Asia, and an increase in awareness of our EnerPlex™ brand.”

Executives at the company are encouraged by the growth of their product EnerPlex and expect to expand distribution channels in the US and abroad in the upcoming year. Over the past year Ascent Solar technologies has lost 77 percent of its stock value due to a combination of concerns over the demand for its flexible thin film photovoltaic modules and the falling price of oil.

On Wednesday JP Morgan issued a report on Samsung Electronics Co. (SSNLF) acquisition of LoopPay, a company that turns existing magnetic stripe readers into contactless receivers. Analyst Rod hall wrote that this would aid in creating a larger NFC compatible payment infrastructure.

Currently Ascent Solar Technologies Inc. is trading at $1.61, up 29.84 percent.