News

DayStar Technologies Announces Q3 2008 Financial Results

Commercialization Progress Continues

Santa Clara, CA, Nov. 13, 2008 – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of photovoltaic products based on CIGS thin-film semiconductor technology, today announced financial results for its third quarter ended Sept. 30, 2008.

Net loss for the third quarter was $6.7 million, or a loss of $0.20 per share, compared with a net loss of $3.8 million, or a loss of $0.25 per share in the third quarter of 2007. The increase in net loss reflects higher operating expenses for CIGS-on-glass module and manufacturing process development as the company continued its progress toward commercialization. The per share loss was calculated on the weighted average common shares outstanding of 33.3 million, compared with 15.2 million in the third quarter of last year, reflecting the company’s public offering in the fourth quarter of 2007.

 DayStar had cash, cash equivalents and investments of $34.4 million at Sept. 30, 2008, compared with $47.9 million at June 30, 2008. Except for operating accounts, all of the company’s cash is invested in U.S. treasury instruments. As of Sept. 30, 2008, the company had total liabilities of $8.1 million, and total stockholders’ equity was $50.2 million.

The company also reported third quarter capital investments of $9.5 million to support its planned ramp to commercial production.

 “We are pleased to announce that we have met our third quarter technical milestones and are now focused on successfully scaling up our single step deposition process,” said Dr. Stephan DeLuca, chief executive officer. “We have achieved greater than 12 percent cell efficiencies on our 2’ by 4’ substrates. Additionally, we have continued to build out CIGS 1, our first production deposition tool, and we expect to have the capability to produce full 2’ by 4’ modules in the first quarter of 2009” he said.

Conference Call

DayStar will hold its third quarter conference call today, Thursday, Nov. 13, 2008, at 2 pm Pacific time.  To listen to the call, dial (415) 228-4574 approximately 10 minutes prior to the start of the call.  The pass code is DayStar.  A taped replay will be made available approximately one hour after the conclusion of the call and will remain available for one week.  To access the replay, dial (203) 369-3290.

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