THORNTON, Colo. - Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a manufacturer of lightweight and flexible thin-film photovoltaic (PV) solutions, has released a corporate update forecasting significant revenue growth and outlining its strategic focus on the aerospace and agrivoltaics sectors.
The company projects its revenue for the second quarter of 2024 to be between $1 million and $1.2 million, with expectations for the third and fourth quarters ranging from $3 million to $5 million and $5 million to $7 million, respectively. This totals an anticipated revenue of $9 million to $13.2 million for 2024.
Looking ahead to 2025, Ascent Solar anticipates its revenue to surge to between $50 million and $80 million. The estimates are based on ongoing customer discussions, product testing, and a rapidly expanding market opportunity within the aerospace and photovoltaics industries. It is important to note that these figures are not based on contracted revenue but on current market and customer engagement analysis.
The company also highlighted its competitive advantages, including a robust patent portfolio and customer-acquisition strategies within its key markets of aerospace, where it has already made commercial strides, and agrivoltaics.
Ascent Solar's recent technological advancements were exemplified by the selection of its solar module products for NASA's Lightweight Integrated Solar Array and AnTenna (LISA-T) mission, slated for launch this summer.
CEO Paul Warley expressed confidence in the company's trajectory, attributing the positive outlook to improved efficiency, cost reductions, and engagement with prominent potential customers. Ascent Solar's progress is a result of the corporate restructuring that took place less than a year ago.
Ascent Solar Technologies, backed by extensive research and development, has been recognized for its innovative PV modules used across various applications, from space missions to consumer goods. The company operates a 4.5-MW nameplate production facility in Thornton, Colorado, and emphasizes its commitment to performance, reliability, and resilience in solar power solutions.
The information provided is based on a press release statement and does not reflect contracted revenue or guarantee future financial performance. Ascent Solar advises that forward-looking statements involve risks and uncertainties and that actual results may differ materially from those projected.
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