Ascent Solar Technologies Inc revenue surged on 34.3% and EBITDA Margin jumped on 1,299 pp from -2,017% to -718%
04/16/2019 • About Ascent Solar Technologies Inc (
$ASTI) • By InTwits
Ascent Solar Technologies Inc reported 2018 financial results today. Overall the company's long term financial model is characterised by the following facts:
- The company operates at negative EBITDA Margin: -717.6%
- Ascent Solar Technologies Inc motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for 2014-2018 was 0.0% while average EBITDA Margin was -596.2% for the sames years
- Ascent Solar Technologies Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.4%. At the same time it's a lot of higher than industry average of 7.6%.
- CAPEX is quite volatile: $0m in 2018, $0m in 2017, $0m in 2016, $0m in 2015, $0m in 2014
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Ascent Solar Technologies Inc's Revenue jumped on 34.3%. Revenue growth showed acceleration in 18Q4 - it increased 270.7% YoY. During 2014-2018 Revenue growth bottomed in 2016 at -73.3% and was accelerating since that time. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 336 pp from -414% to -77.7% in 2018.
Gross Margin jumped on 321 pp from -338% to -17.8% in 2018. SG&A as a % of Revenue dropped on 495 pp from 872% to 376% in 2018.
Net Income margin surged on 1,031 pp from -2,890% to -1,859% in 2018.
Leverage (Debt)
Debt level is -6.2x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in 2018. Debt dropped on 17.8% while cash dropped on 79.7%.
Ascent Solar Technologies Inc has short term refinancing risk: cash is only 0.4% of short term debt.
Management team
Lee Kong Hian "Victor" is a the company's CEO. Lee Kong Hian "Victor" is a founder and has spent 7 years with the company.
Financial and operational results
FY ended 12/31/2018
Ascent Solar Technologies Inc ($ASTI) key annual financial indicators| mln. $ | 2014 | 2015 | 2016 | 2017 | 2018 | 2018/2017 |
|---|
P&L
|
|---|
| Revenue | 5.336 | 6.537 | 1.747 | 0.642 | 0.862 | 34.3% |
| Gross Profit | | -3.026 | -4.097 | -2.173 | -0.153 | |
| SG&A | 14.356 | 12.363 | 10.305 | 5.598 | 3.245 | -42.0% |
| EBITDA | -27.898 | -22.113 | -21.029 | -12.951 | -6.189 | |
| Net Income | -43.355 | -45.798 | -38.851 | -18.560 | -16.037 | |
Balance Sheet
|
|---|
| Cash | 3.317 | 0.326 | 0.131 | 0.090 | 0.018 | -79.7% |
| Short Term Debt | 0.891 | 2.782 | 4.093 | 4.225 | 4.958 | 17.4% |
| Long Term Debt | 6.862 | 5.442 | 5.282 | 7.928 | 5.029 | -36.6% |
Cash flow
|
|---|
| Capex | 0.135 | 0.029 | 0.052 | 0.006 | 0.000 | -100.0% |
Ratios
|
|---|
| Revenue growth | 305.3% | 22.5% | -73.3% | -63.2% | 34.3% | |
| EBITDA growth | 26.7% | -20.7% | -4.9% | -38.4% | -52.2% | |
|
|---|
| Gross Margin | | -46.3% | -234.4% | -338.3% | -17.8% | 320.5% |
| EBITDA Margin | -522.9% | -338.3% | -1,203.4% | -2,016.7% | -717.6% | 1,299.0% |
| SG&A, % of revenue | 269.1% | 189.1% | 589.7% | 871.7% | 376.2% | -495.5% |
| Net Income Margin | -812.6% | -700.6% | -2,223.4% | -2,890.2% | -1,859.5% | 1,030.7% |
| CAPEX, % of revenue | 2.5% | 0.4% | 3.0% | 1.0% | 0.0% | |
|
|---|
| ROIC | -182.0% | -211.6% | -590.5% | | | |
| ROE | -934.9% | -1,779.8% | | | | |
Ascent Solar Technologies Inc ($ASTI) key quoterly financial indicators
| mln. $ | 18Q1 | 18Q2 | 18Q3 | 18Q4 | | YoY change |
|---|
P&L
|
|---|
| Revenue | 0 | 0 | 0 | 0 | | 34.5% | 309.7% | -86.8% | 270.7% |
| EBITDA | -2 | -2 | -1 | -2 | | | | | |
| Net Income | -4 | -3 | 0 | -9 | | | | | |
Balance Sheet
|
|---|
| Cash | 0 | 0 | 0 | 0 | | 83.7% | -88.9% | -94.7% | -79.7% |
| Short Term Debt | 5 | 6 | 7 | 5 | | -32.7% | -29.0% | 18.0% | 17.4% |
| Long Term Debt | 8 | 5 | 5 | 5 | | 46.3% | -5.7% | -35.1% | -36.6% |
Ratios
|
|---|
| EBITDA Margin | -530.6% | -1,485.2% | -3,414.2% | -447.0% | | 1,114.8% | 10,120.0% | -2,196.7% | 2,169.7% |
| Net Income Margin | -1,174.3% | -3,355.4% | 1,198.4% | -2,438.2% | | 813.8% | 15,405.3% | 2,171.5% | 3,824.2% |
Peers in Semiconductors
Below you can find Ascent Solar Technologies Inc benchmarking vs. other companies in Semiconductors industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| NanoFlex Power Corp ($OPVS) | | | | 72.5% | 354.8% |
| MoSys, Inc. ($MOSY) | | -18.4% | 37.2% | 46.8% | 87.7% |
| SMART Global Holdings, Inc. ($SGH) | | | -16.9% | 42.5% | 69.3% |
| Micron Technology, Inc. ($MU) | | -1.0% | -23.4% | 63.9% | 49.5% |
| Adesto Technologies Corporation ($IOTS) | | 4.3% | 1.6% | 27.6% | 48.8% |
| |
|---|
| Median (67 companies) | 54.6% | 8.5% | 5.2% | 11.0% | 4.7% |
|---|
| Ascent Solar Technologies Inc ($ASTI) | | 22.5% | -73.3% | -63.2% | 34.3% |
Top companies by Gross margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| CEVA, Inc. ($CEVA) | 90.2% | 90.9% | 91.6% | 92.1% | 89.8% |
| NVE Corporation ($NVEC) | 77.9% | 80.3% | 76.1% | 78.5% | 79.0% |
| Rambus, Inc. ($RMBS) | 85.9% | 84.7% | 80.1% | 79.9% | 76.8% |
| Universal Display Corporation ($OLED) | 76.0% | 64.2% | 83.9% | 80.8% | 75.5% |
| Intermolecular, Inc. ($IMI) | 48.3% | 57.4% | 66.5% | 67.5% | 70.3% |
| |
|---|
| Median (65 companies) | 46.0% | 47.7% | 48.0% | 49.1% | 51.0% |
|---|
| Ascent Solar Technologies Inc ($ASTI) | | -46.3% | -234.4% | -338.3% | -17.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| NVE Corporation ($NVEC) | 58.8% | 66.0% | 61.8% | 65.6% | 65.1% |
| Micron Technology, Inc. ($MU) | 31.7% | 35.0% | 25.4% | 47.9% | 65.0% |
| NXP Semiconductors N.V. ($NXPI) | 25.7% | 41.5% | 21.6% | 46.2% | 49.9% |
| Texas Instruments Incorporated ($TXN) | 39.7% | 42.0% | 43.5% | 46.7% | 48.6% |
| Intel Corp ($INTC) | 42.8% | 41.0% | 35.2% | 41.7% | 45.7% |
| |
|---|
| Median (66 companies) | 9.9% | 11.5% | 9.2% | 10.7% | 10.0% |
|---|
| Ascent Solar Technologies Inc ($ASTI) | -522.9% | -338.3% | -1,203.4% | -2,016.7% | -717.6% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Alpha and Omega Semiconductor Limited ($AOSL) | 3.0% | 6.6% | 6.5% | 12.2% | 42.2% |
| Renesola Ltd. ($SOL) | 3.5% | 0.0% | 0.0% | 78.0% | 41.7% |
| First Solar, Inc. ($FSLR) | 7.6% | 4.0% | 7.9% | 17.5% | 33.0% |
| Sigma Designs Inc ($SIGM) | 11.0% | 6.5% | 6.2% | 14.1% | 29.3% |
| Micron Technology, Inc. ($MU) | 19.0% | 24.8% | 46.9% | 23.3% | 29.2% |
| |
|---|
| Median (66 companies) | 3.6% | 4.0% | 3.7% | 4.7% | 4.6% |
|---|
| Ascent Solar Technologies Inc ($ASTI) | 2.5% | 0.4% | 3.0% | 1.0% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| SMART Global Holdings, Inc. ($SGH) | | | 2.5% | 21.5% | 51.7% |
| Texas Instruments Incorporated ($TXN) | 25.1% | 29.8% | 34.9% | 43.1% | 47.5% |
| Micron Technology, Inc. ($MU) | 18.8% | 15.8% | 0.8% | 21.5% | 42.9% |
| Applied Materials Inc ($AMAT) | 15.8% | 15.2% | 19.0% | 31.2% | 36.4% |
| NVIDIA Corporation ($NVDA) | 9.2% | 13.3% | 13.1% | 27.3% | 35.3% |
| |
|---|
| Median (73 companies) | 5.7% | 3.8% | 1.7% | 3.2% | 4.1% |
|---|
| Ascent Solar Technologies Inc ($ASTI) | -182.0% | -211.6% | -590.5% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| MACOM Technology Solutions Holdings, Inc. ($MTSI) | 25.4x | 3.3x | 3.0x | 7.2x | 98.6x |
| Inphi Corporation ($IPHI) | | -6.4x | 4.5x | 33.7x | 32.2x |
| JinkoSolar Holding Company Limited ($JKS) | 4.2x | 3.3x | 4.1x | 11.0x | 8.2x |
| Lattice Semiconductor Corporation ($LSCC) | -1.8x | | 6.5x | 19.0x | 3.9x |
| Renesola Ltd. ($SOL) | 7.0x | 35.0x | 123.6x | 2.3x | 3.3x |
| |
|---|
| Median (46 companies) | -0.5x | -0.2x | 0.2x | 0.4x | 0.3x |
|---|
