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THORNTON, Colo. - Ascent Solar Technologies (NASDAQ: ASTI), a producer of lightweight and flexible thin-film photovoltaic (PV) panels, has received a new order to revise the design of its space solar products. The company’s Copper Indium Gallium Selenide (CIGS) PV modules, known for their thermal properties, have been validated through third-party testing as suitable for receiving beamed power—a method of transmitting energy through space using electromagnetic waves. With a current market capitalization of just $2.27 million and trading near its 52-week low of $1.50, InvestingPro analysis suggests the stock is currently undervalued despite facing significant operational challenges.
The tests have led to the creation of a beamed-power optimized module prototype, which was developed and delivered within a month. Following additional testing conducted this week, Ascent Solar has been tasked with further design enhancements. CEO Paul Warley expressed confidence in the company’s technology, citing its potential to meet the growing demand for space-based solar power solutions. However, InvestingPro data reveals the company faces significant financial headwinds, with revenue declining by 90.46% and an EBITDA of -$8.29 million in the last twelve months.
Ascent Solar’s manufacturing facility, based in Thornton, Colorado, boasts a 5MW capacity and the ability to rapidly iterate product designs, showcasing its Manufactured Readiness Levels (MRLs) for both current and prospective customers. The company’s CIGS manufacturing process enables customization for specific customer applications, setting it apart from traditional silicon-based solar providers.
The company, which has a history of 40 years of research and development and 15 years of manufacturing experience, has a broad patent portfolio and has been recognized for its innovative solar technology. Ascent Solar’s products have been utilized in various applications, including space missions, airborne vehicles, and agrivoltaic installations.
This announcement indicates Ascent Solar’s continued focus on adapting its technology to the specialized needs of its customers in the space sector, potentially leading to increased demand and revenue opportunities. The press release statement serves as the basis for this information. For deeper insights into ASTI’s financial health and growth potential, InvestingPro subscribers have access to over 15 additional exclusive ProTips and comprehensive financial metrics.
In other recent news, Ascent Solar Technologies, Inc. has made notable amendments to its corporate bylaws, as revealed in a recent SEC filing. These changes, effective from March 7, focus on simplifying the company’s stockholder meeting process and clarifying voting requirements. The Board of Directors has reduced the quorum necessary for stockholder meetings from a majority of shares issued and outstanding to just one-third of the voting power of outstanding shares. This adjustment aims to address previous challenges in reaching a quorum due to the dispersed nature of Ascent Solar’s stockholder base and brokerage firms’ restrictions on discretionary voting. Additionally, the bylaws now clarify the voting standard when multiple classes of voting shares are present, ensuring accurate and equitable representation in stockholder decisions. The amendments specify that the required vote for approval is a majority of the "voting power of the shares" present or represented by proxy, rather than just "the stock having voting power." These changes are part of Ascent Solar’s efforts to streamline governance and avoid procedural complications during stockholder meetings. Investors and stockholders can refer to the SEC filing for a comprehensive understanding of these developments.
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