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DayStar Technologies Announces Q2 2009 Financial Results

Santa Clara, CA, August 10, 2009 – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its second quarter ended June 30, 2009.

Net loss for the second quarter of 2009 was $6.7 million or $0.20 per share, compared with a net loss of $7.3 million or $0.22 per share in the second quarter of 2008. The lower net loss reflects a decrease in payroll and related costs due to a reduction in workforce, as well as a decrease in share-based compensation during the second quarter of 2009 as compared with the same period in the prior year. The per share losses were calculated on the weighted average common shares outstanding of 33.4 million for the second quarter ended June 30, 2009, compared with 33.1 million for the second quarter ended June 30, 2008. 

DayStar had cash and cash equivalents of $1.3 million at June 30, 2009, compared with $17.1 million at December 31, 2008. Net property and equipment was $50.0 million at June 30, 2009 compared to $37.1 million at December 31, 2008, reflecting DayStar’s continued investment in equipment and improvements, as well as progress made on the construction of production equipment during 2009. As of June 30, 2009, DayStar had total liabilities of $20.8 million, and total stockholders’ equity was $30.9 million. In order to continue operations and to build-out its initial manufacturing line and commence commercial shipments of its product, DayStar will require substantial funds in the near term. For a description of DayStar’s capital resources and additional funding requirements, please refer to the “Liquidity and Capital Resources” section of DayStar’s Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission earlier today.