STOCK TITAN

AMSC Reports First Quarter Fiscal Year 2024 Financial Results and Provides Business Outlook

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags

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 ha riportato risultati finanziari solidi per il primo trimestre dell'anno fiscale 2024, con entrate in crescita di oltre il 33% anno su anno, raggiungendo i 40,3 milioni di dollari. L'azienda ha realizzato un utile netto non-GAAP di 3,0 milioni di dollari, pari a 0,09 dollari per azione, rispetto a una perdita netta nello stesso periodo dell'anno scorso. La perdita netta GAAP di AMSC si è ridotta a 2,5 milioni di dollari, ovvero 0,07 dollari per azione.

I punti salienti includono:

  • Generato 3,4 milioni di dollari in flusso di cassa operativo
  • Aumento dei margini lordi
  • Registrati oltre 127 milioni di dollari in nuovi ordini
  • Chiuso il primo trimestre con un portafoglio di ordini di 160 milioni di dollari in backlog di 12 mesi e 250 milioni di dollari di backlog totale
  • Posizione di cassa rafforzata a 95,5 milioni di dollari

Per il secondo trimestre dell'anno fiscale 2024, AMSC prevede entrate tra 38 e 42 milioni di dollari e una perdita netta non-GAAP di almeno pareggio.

AMSC reportó resultados financieros sólidos para el primer trimestre del año fiscal 2024, con ingresos que aumentaron más del 33% interanual a 40.3 millones de dólares. La compañía logró un ingreso neto no-GAAP de 3.0 millones de dólares, o 0.09 dólares por acción, en comparación con una pérdida neta en el mismo período del año pasado. La pérdida neta GAAP de AMSC se redujo a 2.5 millones de dólares, o 0.07 dólares por acción.

Los puntos destacados incluyen:

  • Generación de 3.4 millones de dólares en flujo de efectivo operativo
  • Ampliación de márgenes brutos
  • Reservados más de 127 millones de dólares en nuevos pedidos
  • Terminó el primer trimestre con un backlog de 160 millones de dólares a 12 meses y 250 millones de dólares en total
  • Posición de efectivo fortalecida a 95.5 millones de dólares

Para el segundo trimestre del año fiscal 2024, AMSC espera ingresos entre 38 y 42 millones de dólares y una pérdida neta no-GAAP de al menos equilibrio.

AMSC는 2024 회계연도 1분기에서 수익이 전년 대비 33% 이상 증가하여 4,030만 달러에 달하는 강력한 재무 결과를 보고했습니다. 이 회사는 비 GAAP 순이익 300만 달러, 주당 0.09 달러를 달성했으며, 이는 지난해 같은 기간의 순손실에 비해 개선된 수치입니다. AMSC의 GAAP 순손실은 250만 달러, 즉 주당 0.07 달러로 축소되었습니다.

주요 하이라이트는 다음과 같습니다:

  • 340만 달러의 운영 현금 흐름 생성
  • 총 마진 확대
  • 1억 2,700만 달러 이상의 신규 주문 기록
  • 12개월 백로그가 1억 6천만 달러이고 총 백로그 2억 5천만 달러로 1분기를 마감했습니다
  • 현금 보유액이 9,550만 달러로 강화되었습니다

2024 회계연도 2분기 동안 AMSC는 3,800만 달러에서 4,200만 달러 사이의 수익과 최소한 균형을 이루는 비 GAAP 순손실을 기대하고 있습니다.

AMSC a annoncé des résultats financiers solides pour le premier trimestre de l'exercice 2024, avec des revenus en hausse de plus de 33 % par rapport à l'année précédente, atteignant 40,3 millions de dollars. L'entreprise a réalisé un résultat net non-GAAP de 3,0 millions de dollars, soit 0,09 dollar par action, contre une perte nette pour la même période l'année dernière. La perte nette GAAP d'AMSC s'est réduite à 2,5 millions de dollars, soit 0,07 dollar par action.

Parmi les points saillants, on trouve :

  • Génération de 3,4 millions de dollars de flux de trésorerie d'exploitation
  • Expansion des marges brutes
  • Plus de 127 millions de dollars de nouvelles commandes réservées
  • Clôture du premier trimestre avec un carnet de commandes de 160 millions de dollars sur 12 mois et un total de 250 millions de dollars
  • Position de trésorerie renforcée à 95,5 millions de dollars

Pour le deuxième trimestre de l'exercice 2024, AMSC s'attend à des revenus compris entre 38 et 42 millions de dollars et à une perte nette non-GAAP d'au moins l'équilibre.

AMSC berichtete über starke Finanz­ergebnisse für Q1 FY2024, mit einem Umsatzanstieg von über 33 % im Vergleich zum Vorjahr auf 40,3 Millionen Dollar. Das Unternehmen erzielte einen non-GAAP Nettogewinn von 3,0 Millionen Dollar, was 0,09 Dollar pro Aktie entspricht, im Vergleich zu einem Nettoverlust im gleichen Zeitraum des Vorjahres. Der GAAP-Nettverlust von AMSC verringerte sich auf 2,5 Millionen Dollar, oder 0,07 Dollar pro Aktie.

Zu den wichtigsten Highlights gehören:

  • Generierung von 3,4 Millionen Dollar operativem Cashflow
  • Erweiterung der Bruttomargen
  • Über 127 Millionen Dollar an neuen Aufträgen gebucht
  • Q1 mit einem Auftragsbestand von 160 Millionen Dollar in 12 Monaten und 250 Millionen Dollar Gesamtbestand beendet
  • Die Liquiditätsposition wurde auf 95,5 Millionen Dollar gestärkt

Für Q2 FY2024 erwartet AMSC einen Umsatz zwischen 38 und 42 Millionen Dollar sowie einen non-GAAP Nettverlust von mindestens ausgeglichen.

Positive
  • Revenue increased 33% year-over-year to $40.3 million
  • Achieved non-GAAP net income of $3.0 million, compared to a loss last year
  • Generated $3.4 million in operating cash flow
  • Booked over $127 million in new orders
  • 12-month backlog increased to $160 million
  • Cash position strengthened to $95.5 million
  • Expanded gross margins
Negative
  • GAAP net loss of $2.5 million, despite improvement from last year
  • Expects potential net loss up to $1.7 million in Q2 FY2024

Insights

AMSC's Q1 FY2024 results show significant improvement, with revenue increasing by 33% year-over-year to $40.3 million. The company's financial health appears to be strengthening, evidenced by the reduction in net loss to $2.5 million from $5.4 million in the same period last year. Notably, AMSC achieved non-GAAP net income of $3.0 million, a substantial turnaround from the previous year's loss.

The company's cash position remains robust at $95.5 million, up from $92.3 million at the end of March. This, coupled with $3.4 million in operating cash flow, indicates improved liquidity and operational efficiency. The strong backlog of $160 million for the next 12 months and $250 million in total provides good visibility for future revenue streams.

AMSC's performance reflects a positive trend in the power resiliency and naval systems markets. The booking of over $127 million in new orders during Q1, including a first Ship Protection System contract with an allied navy and a third 3MW ECS order from Inox Wind, indicates growing demand and market expansion. This diversification across industrial and military sectors could provide more stable revenue streams and reduce market-specific risks.

The company's guidance for Q2 FY2024, projecting revenue between $38.0 million and $42.0 million, suggests continued growth momentum. The expected breakeven to positive cash flow in Q2 further supports the company's improving financial position. However, investors should note that the guidance doesn't include the impact of the recently announced NWL acquisition, which could potentially alter the financial outlook.

Q1 Financial Highlights:  

  • Revenue Increased Over 33% Year Over Year to $40 Million
  • Reported Expanded Gross Margin and Achieved Non-GAAP Net Income 
  • Generated $3.4 Million of Operating Cash Flow

Company to host conference call tomorrow, August 7th, at 10:00 am ET 

AYER, Mass., Aug. 06, 2024 (GLOBE NEWSWIRE) -- AMSC (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its first quarter of fiscal year 2024 ended June 30, 2024.

Revenues for the first quarter of fiscal 2024 were $40.3 million compared with $30.3 million for the same period of fiscal 2023. The year-over-year increase was driven by increased shipments of new energy power systems and electrical control system shipments, versus the year ago period. 

AMSC’s net loss for the first quarter of fiscal 2024 was $2.5 million, or $0.07 per share, compared to a net loss of $5.4 million, or $0.19 per share, for the same period of fiscal 2023. The Company’s non-GAAP net income for the first quarter of fiscal 2024 was $3.0 million, or $0.09 per share, compared with a non-GAAP net loss of $2.1 million, or $0.08 per share, in the same period of fiscal 2023. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Cash, cash equivalents, and restricted cash on June 30, 2024, totaled $95.5 million, compared with $92.3 million at March 31, 2024.

"We are building a fundamentally stronger company and reporting another quarter of solid results to start our fiscal 2024. AMSC delivered over $3 million of operating cash flow, expanded gross margins and grew revenue by over 30% when compared to the same period last year,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “During the first quarter of fiscal 2024, we booked over $127 million of new orders, including our first Ship Protection System contract with an allied navy and our third 3MW ECS order from Inox Wind. We ended the quarter with $160 million in 12-month backlog and $250 million in total backlog. Our performance reflects our ability to deliver business diversification, financial growth and expanded scale, which we intend to leverage further in 2024 with our recent acquisition announcement. We believe we are in a strong position for continued diversified Grid growth in the industrial and military sectors."

Business Outlook
For the second quarter ending September 30, 2024, AMSC expects that its revenues will be in the range of $38.0 million to $42.0 million. The Company’s net loss for the second quarter of fiscal 2024 is expected not to exceed $1.7 million, or $0.05 per share. The Company’s net loss guidance assumes no changes in fair value of contingent consideration. The Company's non-GAAP net loss (as defined below) is expected to be at least breakeven on a total and per share basis. The Company expects operating cash flow to be breakeven to a positive cash generation of $2.0 million in the second quarter of fiscal 2024. The Company's guidance does not include the impact of the recently announced acquisition of NWL.

Conference Call Reminder
In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Wednesday, August 7, 2024, to discuss the Company’s financial results and business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call. A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 9653245.

About AMSC (Nasdaq: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance.  Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety.  Through its Windtec® Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marinetec, Windtec, Neeltran, NEPSI, Smarter, Cleaner … Better Energy, and Orchestrate the Rhythm and Harmony of Power on the Grid are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Any statements in this release regarding our goals and strategies; backlog; growing markets for our products; customer lead times; expectations regarding year over year revenue growth for fiscal 2024; our expected GAAP and non-GAAP financial results for the quarter ending September 30, 2024; our expected cash generation during the quarter ending September 30, 2024; functionality, performance and capabilities of our products, systems and solutions; momentum, and other statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management's current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: We have a history of operating losses, which may continue in the future. Our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; We have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; Our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; Changes in exchange rates could adversely affect our results of operations; We may be required to issue performance bonds or provide letters of credit, which restricts our ability to access any cash used as collateral for the bonds or letters of credit; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may not realize all of the sales expected from our backlog of orders and contracts; Our contracts with the U.S. government are subject to audit, modification or termination by the U.S. government and include certain other provisions in favor of the government. The continued funding of such contracts remains subject to annual congressional appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; Pandemics, epidemics or other public health crises may adversely impact our business, financial condition and results of operations; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Uncertainty surrounding our prospects and financial condition may have an adverse effect on our customer and supplier relationship; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; A significant portion of our Wind segment revenues are derived from a single customer. If this customer’s business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; Our business and operations would be adversely impacted in the event of a failure or security breach of our or any critical third parties' information technology infrastructure and networks; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; If we fail to implement our business strategy successfully, our financial performance could be harmed; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We have had limited success marketing and selling our superconductor products and system-level solutions, and our failure to more broadly market and sell our products and solutions could lower our revenue and cash flow; We or third parties on whom we depend may be adversely affected by natural disasters, including events resulting from climate change, and our business continuity and disaster recovery plans may not adequately protect us or our value chain from such events; Adverse changes in domestic and global economic conditions could adversely affect our operating results; Our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; Our products face competition, which could limit our ability to acquire or retain customers; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in India’s political, social, regulatory and economic environment may affect our financial performance; Our success depends upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our products may not develop; Industry consolidation could result in more powerful competitors and fewer customers; Increasing focus and scrutiny on environmental sustainability and social initiatives could increase our costs, and inaction could harm our reputation and adversely impact our financial results; Growth of the wind energy market depends largely on the availability and size of government subsidies, economic incentives and legislative programs designed to support the growth of wind energy: Lower prices for other energy sources may reduce the demand for wind energy development, which could have a material adverse effect on our ability to grow our Wind business; We may be unable to adequately prevent disclosure of trade secrets and other proprietary information; Our patents may not provide meaningful or long-term protection for our technology, which could result in us losing some or all of our market position; There are a number of technological challenges that must be successfully addressed before our superconductor products can gain widespread commercial acceptance, and our inability to address such technological challenges could adversely affect our ability to acquire customers for our products; Third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; Our common stock has experienced, and may continue to experience, market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; Unfavorable results of legal proceedings could have a material adverse effect on our business, operating results and financial condition; and the other important factors discussed under the caption "Risk Factors" in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2024, and our other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 
 Three Months Ended 
 June 30, 
 2024  2023 
Revenues       
Grid$32,336  $25,737 
Wind 7,954   4,517 
Total revenues 40,290   30,254 
        
Cost of revenues 28,065   23,972 
        
Gross margin 12,225   6,282 
        
Operating expenses:       
Research and development 2,286   1,853 
Selling, general and administrative 8,898   7,868 
Amortization of acquisition-related intangibles 412   538 
Change in fair value of contingent consideration 3,920   1,350 
Restructuring    6 
Total operating expenses 15,516   11,615 
        
Operating loss (3,291)  (5,333)
        
Interest income, net 1,120   174 
Other expense, net (160)  (118)
Loss before income tax expense (2,331)  (5,277)
        
Income tax expense 193   121 
        
Net loss$(2,524) $(5,398)
        
Net loss per common share       
Basic$(0.07) $(0.19)
Diluted$(0.07) $(0.19)
        
Weighted average number of common shares outstanding       
Basic 35,676   28,258 
Diluted 35,676   28,258 
        


UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
 
 June 30, 2024  March 31, 2024 
ASSETS       
Current assets:       
Cash and cash equivalents$93,455  $90,522 
Accounts receivable, net 23,529   26,325 
Inventory, net 45,149   41,857 
Prepaid expenses and other current assets 10,424   7,295 
Restricted cash 468   468 
Total current assets 173,025   166,467 
        
Property, plant and equipment, net 10,529   10,861 
Intangibles, net 5,957   6,369 
Right-of-use assets 4,096   2,557 
Goodwill 43,471   43,471 
Restricted cash 1,600   1,290 
Deferred tax assets 1,114   1,119 
Other assets 351   637 
Total assets$240,143  $232,771 
        
LIABILITIES AND STOCKHOLDERS' EQUITY       
        
Current liabilities:       
Accounts payable and accrued expenses$22,309  $24,235 
Lease liability, current portion 862   716 
Debt, current portion 9   25 
Contingent consideration 7,020   3,100 
Deferred revenue, current portion 55,984   50,732 
Total current liabilities 86,184   78,808 
        
Deferred revenue, long term portion 6,929   7,097 
Lease liability, long term portion 3,359   1,968 
Deferred tax liabilities 300   300 
Other liabilities 27   27 
Total liabilities 96,799   88,200 
        
Stockholders' equity:       
Common stock 374   373 
Additional paid-in capital 1,214,320   1,212,913 
Treasury stock (3,765)  (3,639)
Accumulated other comprehensive income 1,597   1,582 
Accumulated deficit (1,069,182)  (1,066,658)
Total stockholders' equity 143,344   144,571 
Total liabilities and stockholders' equity$240,143  $232,771 
        


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
 Three Months Ended June 30, 
 2024  2023 
Cash flows from operating activities:       
        
Net loss$(2,524) $(5,398)
Adjustments to reconcile net loss to net cash provided by (used in) operations:       
Depreciation and amortization 1,008   1,119 
Stock-based compensation expense 1,229   1,357 
Provision for excess and obsolete inventory 503   384 
Amortization of operating lease right-of-use assets 192   195 
Deferred income taxes (2)  (1)
Change in fair value of contingent consideration 3,920   1,350 
Other non-cash items (3)  5 
Changes in operating asset and liability accounts:       
Accounts receivable 2,786   549 
Inventory (3,799)  (6,272)
Prepaid expenses and other assets (3,099)  6,738 
Operating leases (195)  (195)
Accounts payable and accrued expenses (1,734)  (9,394)
Deferred revenue 5,127   7,318 
Net cash provided by (used in) operating activities 3,409   (2,245)
        
Cash flows from investing activities:       
Purchases of property, plant and equipment (265)  (214)
Change in other assets 245   (79)
Net cash used in investing activities (20)  (293)
        
Cash flows from financing activities:       
Repayment of debt (16)  (17)
Employee taxes paid related to net settlement of equity awards (126)   
Net cash used in financing activities (142)  (17)
        
Effect of exchange rate changes on cash (4)  2 
        
Net increase (decrease) in cash, cash equivalents and restricted cash 3,243   (2,553)
Cash, cash equivalents and restricted cash at beginning of period 92,280   25,675 
Cash, cash equivalents and restricted cash at end of period$95,523  $23,122 
        


RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME (LOSS)
(In thousands, except per share data)
 
 Three Months Ended June 30, 
 2024  2023 
Net loss$(2,524) $(5,398)
Stock-based compensation 1,229   1,357 
Amortization of acquisition-related intangibles 412   544 
Change in fair value of contingent consideration 3,920   1,350 
Non-GAAP net income (loss)$3,037  $(2,147)
        
Non-GAAP net income (loss) per share - basic$0.09  $(0.08)
Non-GAAP net income (loss) per share - diluted$0.08  $(0.08)
Weighted average shares outstanding - basic 35,676   28,258 
Weighted average shares outstanding - diluted 37,032   28,258 
        


Reconciliation of Forecast GAAP Net Loss to Non-GAAP Net Loss
(In millions, except per share data)
 
 Three Months Ending 
 September 30, 2024 
Net loss$(1.7)
Stock-based compensation 1.3 
Amortization of acquisition-related intangibles 0.4 
Non-GAAP net loss$0.0 
Non-GAAP net loss per share$0.0 
Shares outstanding 35.9 
    

Note: Non-GAAP net income (loss) is defined by the Company as net loss before; stock-based compensation; amortization of acquisition-related intangibles; change in fair value of contingent consideration; other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for our non-GAAP metric. The Company believes non-GAAP net income (loss) and non-GAAP net income (loss) per share assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring or other charges that it does not believe are indicative of its core operating performance. Actual GAAP and non-GAAP net loss for the fiscal quarter ending September 30, 2024, including the above adjustments, may differ materially from those forecasted in the table above, including as a result of changes in the fair value of contingent consideration. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measure included in this release, however, should be considered in addition to, and not as a substitute for or superior to, operating income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net loss is set forth in the table above.

AMSC Contacts
Investor Relations Contact:
LHA Investor Relations
Carolyn Capaccio
(212) 838-3777
amscIR@lhai.com

AMSC Director, Communications:
Nicol Golez
978-399-8344
Nicol.Golez@amsc.com


FAQ

What was AMSC's revenue for Q1 FY2024?

AMSC's revenue for Q1 FY2024 was $40.3 million, representing a 33% increase year-over-year.

How much new orders did AMSC book in Q1 FY2024?

AMSC booked over $127 million in new orders during Q1 FY2024, including their first Ship Protection System contract with an allied navy and third 3MW ECS order from Inox Wind.

What is AMSC's revenue guidance for Q2 FY2024?

AMSC expects revenues for Q2 FY2024 to be in the range of $38.0 million to $42.0 million.

What was AMSC's cash position at the end of Q1 FY2024?

AMSC's cash, cash equivalents, and restricted cash totaled $95.5 million as of June 30, 2024.

American Superconductor Corp

NASDAQ:AMSC

AMSC Rankings

AMSC Latest News

AMSC Stock Data

1.38B
37.72M
4.4%
71.48%
7.28%
Specialty Industrial Machinery
Motors & Generators
Link
United States of America
DEVENS