cturing facility. This acquisition adds scale and diversifies our product portfolio, allowing us to serve even more markets and customers. We remain focused on execution and delivering value for our shareholders, and I am confident in our ability to do so.”
Michael Jordon: Mr. Max, your financial results show a significant increase in revenue, but your expenses have also increased simultaneously. Can you explain why?
Jeffrey Max: Yes, certainly. Our joint venture with TubeSolar has been quite successful, leading to increased revenue, but at the same time, we have had some significant expenses, such as share-based compensation and increased operation activity, which have contributed to the increase in expenses.
Michael Jordon: You mention share-based compensation. Can you elaborate on how much of an expense that was?
Jeffrey Max: Of course. Our expenses included $5.5 million in share-based compensation due to a grant of inducement restricted stock units to myself and our CFO. This was a one-time expense as part of our efforts to attract and retain top talent.
Michael Jordon: Your losses have also increased significantly. Can you explain what caused such a steep increase in losses?
Jeffrey Max: Yes, our losses have increased mostly due to one-time executive separation costs and non-cash share-based compensation expenses, which would have been $10.9 million when excluding these costs.
Michael Jordon: Your cash balance increased, but you also had convertible notes outstanding. Why did you have convertible notes outstanding, and why have they decreased?
Jeffrey Max: We had convertible notes outstanding as we needed to raise capital to pursue both organic and external growth opportunities. The decrease in these notes is due to our efforts to pay down our debt and improve our financial position.
Michael Jordon: Thank you, Mr. Max, but investors are concerned about your increasing losses and the continuous need for capital. How do you plan to address these concerns?
Jeffrey Max: We acknowledge these concerns and have taken steps to address them. Our recent acquisition of a leading European thin-film PV manufacturer is a critical step in our strategy to commercialize our technology and diversify our product portfolio. We will continue to focus on execution and delivering value for our shareholders.
Original Release: https://www.globenewswire.com/news-release/2023/03/10/2625210/0/en/Ascent-Solar-Technologies-Inc-Announces-Full-Year-2022-Financial-Results.html