Ascent Solar Technologies Inc. on May 30 reported net revenues of $215,000 for the first quarter of 2019, down approximately 43% from $378,000 in the prior-year quarter.

Loss from operations improved 55% to $940,000 from a loss of $2.1 million in the corresponding quarter of 2018. Net profit for the first quarter of 2019 amounted to $3.2 million, compared to a net loss of $4.4 million in the first quarter of 2018.

"We will continue to streamline our business model to better focus on our core strength in the Tier-1 specialty PV markets with high entry barriers like the space and near-space, aviation (drones), military, [first responders] and emergency power markets," Ascent Solar President and CEO Victor Lee said.