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American Superconductor Corp (AMSC), listed on NASDAQ under the symbol AMSC, is a pioneering system provider renowned for its innovative solutions that address the global demand for smarter, cleaner energy. Established in 1987 and headquartered near Boston, Massachusetts, AMSC operates in key regions including Asia, Australia, Europe, and North America.
AMSC designs and delivers advanced electronic controls and systems for wind turbines through its Windtec® Solutions, helping manufacturers launch turbines efficiently and cost-effectively. Their Gridtec™ Solutions offer specialized engineering planning services and grid systems aimed at enhancing network reliability, efficiency, and performance. AMSC's reach extends to the maritime sector with its Marinetec™ Solutions, providing ship protection systems and developing propulsion and power management solutions to boost fleet efficiency and safety.
The company's groundbreaking solutions power gigawatts of renewable energy worldwide and are instrumental in improving the reliability of power networks across over a dozen countries. AMSC's recent achievements include securing $34 million in new orders for energy power systems and reporting substantial revenue growth across multiple sectors, including renewables and industrial markets. For fiscal year 2023, AMSC demonstrated strong financial performance with a revenue increase exceeding 37% year-over-year, gross margin expansion, and positive operating cash flow.
AMSC's portfolio includes advanced products like D-VAR®, D-VAR VVO®, and NEPSITM that stabilize power grids by providing voltage control, power factor correction, and reactive compensation. These products are crucial for utilities to manage power quality and expand grid capacity, especially with the increasing integration of renewable energy sources.
The company also recently garnered attention with a significant order from Inox Wind Limited for its 3MW class wind turbine electrical control systems, underscoring its pivotal role in the expanding Indian wind market. AMSC's focus on innovative energy solutions positions it favorably to capitalize on emerging opportunities in both existing and new markets.
AMSC remains committed to its mission of delivering smarter, cleaner, and more efficient energy solutions, driving long-term growth and a sustainable future.
AMSC reported strong financial results for Q2 FY2024, with revenue increasing 60% year-over-year to $54.5 million. The company achieved a net income of $4.9 million ($0.13 per share), compared to a net loss of $2.5 million in Q2 FY2023. The growth was primarily driven by the NWL acquisition and increased shipments of new energy power systems. AMSC booked nearly $60 million in new orders and ended the quarter with over $200 million in 12-month backlog. For Q3 FY2024, AMSC expects revenues between $55-60 million with a projected net loss not exceeding $1.0 million.
AMSC (NASDAQ: AMSC), a provider of megawatt-scale power resiliency solutions, has announced it will release its second quarter fiscal year 2024 financial results after market close on October 30, 2024. The company will host a conference call with investors and analysts on October 31, 2024 at 10:00 a.m. Eastern Time to discuss accomplishments, financial results, and business outlook. Interested parties can access the live call by dialing 1-844-481-2802 or 1-412-317-0675, or visit the 'Investors' section of AMSC's website.
AMSC has updated its financial guidance for the second fiscal quarter ending September 30, 2024, following the acquisition of NWL. The company now expects revenues between $50 million and $55 million, up from the previous guidance of $38 million to $42 million. AMSC also anticipates positive cash generation of $1.0 to $4.0 million, an improvement from the previous forecast.
The acquisition of NWL is expected to strengthen AMSC's revenue quality, earnings, and industrial market penetration. It also has the potential to expand AMSC's military footprint within the US Navy and Department of Defense. The combined companies aim to provide a broader range of industrial product offerings to an expanded customer base.
AMSC reported strong financial results for Q1 FY2024, with revenue increasing over 33% year-over-year to $40.3 million. The company achieved a non-GAAP net income of $3.0 million, or $0.09 per share, compared to a net loss in the same period last year. AMSC's GAAP net loss narrowed to $2.5 million, or $0.07 per share.
Key highlights include:
- Generated $3.4 million in operating cash flow
- Expanded gross margins
- Booked over $127 million in new orders
- Ended Q1 with $160 million in 12-month backlog and $250 million in total backlog
- Cash position strengthened to $95.5 million
For Q2 FY2024, AMSC expects revenue between $38-$42 million and a non-GAAP net loss of at least breakeven.
AMSC has acquired NWL, Inc., a New Jersey-based company specializing in power supplies for industrial and military customers, for $25 million in cash and 1,297,600 restricted shares of AMSC common stock valued at approximately $31.4 million. An additional $5 million cash payment is subject to adjustments. NWL has a three-year average revenue of $55 million with operating margins approaching the teens. This acquisition aligns with AMSC's strategy to accelerate profitable growth, broaden product offerings, and expand market reach. The combined entity is expected to strengthen AMSC's position in the military power supply sector, particularly within the US Navy and Department of Defense. AMSC anticipates this acquisition will be accretive to earnings per share and accelerate its path to sustainable profitability.
AMSC, a provider of megawatt-scale power resiliency solutions, has announced the release of its first quarter fiscal year 2024 financial results on August 6, 2024, after market close. The company will host a conference call with investors and analysts on August 7, 2024, at 10:00 a.m. Eastern Time to discuss recent accomplishments, financial results, and business outlook.
Interested parties can access the live or archived webcast through the 'Investors' section of AMSC's website. The live call can be joined 15 minutes before the scheduled start by dialing 1-844-481-2802 or 1-412-317-0675. A replay will be available 2 hours after the call by dialing 1-877-344-7529 with passcode 9653245.
AMSC has received a $12 million order for 3 MW class wind turbine electrical control systems (ECS) from Inox Wind , India's premium wind turbine manufacturer. The order is expected to be shipped mostly in fiscal year 2024. This follow-on order demonstrates the growing demand in India's wind market, with Inox reporting a backlog of nearly 2.7 gigawatts of orders.
The Indian onshore wind market capacity is forecasted to add over 80 GW by 2032, reaching an installed capacity of 122 GW. AMSC's 3 MW class wind turbine design is type certified according to GL2010 onshore guidelines and can operate up to 3.3 MW under certain conditions. This order further illustrates AMSC's continued momentum in the renewable energy sector.
AMSC has secured a $75 million contract with Irving Shipbuilding for its proprietary Ship Protection Systems, intended for the Royal Canadian Navy's new Canadian Surface Combatant (CSC) ships. The contract encompasses hardware delivery, engineering support, system integration, and commissioning. This marks AMSC's first contract with an allied navy for the Ship Protection System, showcasing its technological footprint and potential for international growth. The first system delivery is slated for 2026. AMSC's systems are designed to enhance naval protection by reducing ships' magnetic signatures, thereby defending against undersea mines. The contract aligns with AMSC's strategic diversification and expansion efforts.
AMSC (Nasdaq: AMSC) reported its fourth quarter and fiscal year 2023 financial results. The company saw a significant increase in full-year revenues by 37% to $145.6 million, with a gross margin expansion of 1,620 basis points. For Q4, revenues reached $42 million, up from $31.7 million year-over-year, driven by strong performance in both Grid and Wind segments. Net loss for Q4 narrowed to $1.6 million from $6.9 million in the same period last year, while the non-GAAP net income was $1.9 million compared to a non-GAAP net loss of $7.8 million. For the full fiscal year, the net loss was $11.1 million, improved from $35 million last year. AMSC ended fiscal 2023 with $92.3 million in cash reserves. The company has provided a positive outlook for the first quarter of fiscal 2024, expecting revenues between $38 million and $42 million and a net loss not exceeding $2.2 million.
AMSC (NASDAQ: AMSC), a key provider of megawatt-scale power resiliency solutions, will release its fourth quarter and fiscal year 2023 financial results on May 29, 2024, after the market closes. The announcement includes a conference call scheduled for May 30, 2024, at 10:00 a.m. Eastern Time, where management will discuss recent accomplishments, financial results, and business outlook. Investors can access the live call by dialing provided numbers or visit AMSC's website for a webcast. A replay will be available two hours post-call.
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