THORNTON, Colo.—Thornton-based Ascent Solar Technologies Inc. has cut its workforce by roughly half.
The maker of flexible solar panels said Thursday in a filing with the Securities and Exchange Commission that it has 77 full-time employees and eight contractors. That’s down from 117 full-time employees and about 50 contractors in December.
The Denver Post reports the company is repositioning itself to focus on high-value niche markets, such as solar panels for the military, vehicles and consumer goods.
CEO Ron Eller told analysts in a conference call that the cuts in jobs and other expenses will reduce the company’s spending to $4 million in the second quarter from $7.5 million in the first quarter.
Ascent shares were up 2 cents to $1.60 in midday trading Friday.
———
Information from: The Denver Post,
