American Superconductor (Nasdaq: AMSC) reports record Q1 revenue and strong orders

Rhea-AI Filing Summary

American Superconductor Corporation reported strong first-quarter fiscal 2026 results, with revenue of $94.1 million, up about 30% from $72.4 million a year earlier, driven by organic growth and the Comtrafo acquisition. Grid revenue was $76.3 million and Wind revenue $17.8 million. Net income rose to $9.5 million, or $0.21 per basic share, from $6.7 million, or $0.17 per share. Non-GAAP net income was $7.6 million, or $0.17 per basic share, compared with $11.6 million, or $0.30 per share, a year earlier. Operating cash flow nearly quadrupled to $16.0 million, and cash, cash equivalents and restricted cash totaled $153.1 million at June 30, 2026. Management highlighted record quarterly orders above $130 million and a 12‑month backlog exceeding $300 million.

For the second quarter ending September 30, 2026, the company expects revenue to exceed $85.0 million, GAAP net income to exceed $1.0 million (about $0.02 per share), and non-GAAP net income to exceed $8.0 million (about $0.17 per share). At the July 31, 2026 annual meeting, stockholders elected all director nominees, ratified RSM US LLP as auditor (36.2 million votes for), and approved executive compensation on an advisory basis.

Positive

• Revenue grew ~30% year-over-year to $94.1 million, a record quarterly level, supported by both organic growth and the Comtrafo acquisition, indicating significant top-line momentum across the Grid and Wind segments.
• Operating cash flow increased to $16.0 million, nearly four times the prior-year period, while total cash, cash equivalents and restricted cash reached $153.1 million, strengthening liquidity alongside a 12‑month backlog above $300 million.

Negative

• Non-GAAP net income declined to $7.6 million (basic $0.17 per share) from $11.6 million (basic $0.30 per share) a year earlier, indicating lower underlying earnings despite strong revenue growth.

Filing Explained

The filing furnishes quarterly results and reports 48,447,121 shares outstanding on June 30, 2026, versus 47,632,340 on March 31.

This Form 8-K reports first-quarter fiscal 2026 results and records the completed July 31, 2026 annual-meeting vote; the earnings release is furnished rather than filed, while the voting results are filed under Item 5.07.

The balance sheet reports 48,447,121 common shares outstanding at June 30, 2026, versus 47,632,340 at March 31, 2026, providing holders with an updated share-count denominator.

If the higher count reflects additional shares, the supplied dilution definition means total shares increase and existing holders' percentage ownership decreases absent offsetting changes.

8-K Event Classification

3 items: 2.02, 5.07, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 5.07 Submission of Matters to a Vote of Security Holders Governance

Results of a shareholder vote on proposals at an annual or special meeting.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenue Q1 FY2026: $94.073 million Net income Q1 FY2026: $9.490 million Non-GAAP net income Q1 FY2026: $7.615 million +5 more

8 metrics

Total revenue Q1 FY2026 $94.073 million Three months ended June 30, 2026; up from $72.358 million in Q1 FY2025

Net income Q1 FY2026 $9.490 million Three months ended June 30, 2026; compared with $6.724 million a year earlier

Non-GAAP net income Q1 FY2026 $7.615 million Three months ended June 30, 2026; compared with $11.587 million in Q1 FY2025

Operating cash flow Q1 FY2026 $16.013 million Net cash provided by operating activities for three months ended June 30, 2026

Cash, cash equivalents & restricted cash $153.113 million Balance at June 30, 2026; up from $147.553 million at March 31, 2026

Record total orders Above $130 million Total orders in Q1 FY2026, driven by utility-sector mining developments

12-month backlog Exceeding $300 million Backlog as described by management for the 12-month period following Q1 FY2026

Q2 FY2026 revenue guidance Exceeds $85.0 million Company outlook for quarter ending September 30, 2026

Key Terms

non-GAAP net income, contingent consideration, deferred revenue, equity-method investments, +1 more

5 terms

non-GAAP net income financial

"The Company’s non-GAAP net income for the first quarter of fiscal 2026 was $7.6 million"

Non-GAAP net income is a company's profit figure that excludes certain costs or income that are included in standard accounting methods. Companies often use it to show what their earnings might look like without one-time expenses or other unusual items, helping investors see the company's core performance more clearly.

contingent consideration financial

"The Company's net income guidance assumes no changes in fair value of contingent consideration"

Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.

deferred revenue financial

"Deferred revenue, current portion 84,896 and long term portion 17,722"

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

equity-method investments financial

"Equity-method investments 1,378 at June 30, 2026"

An accounting approach for when a company owns a significant but non-controlling stake in another business, recording its share of that business's profits and losses on its own financial statements. Think of it like owning a meaningful slice of a pie: you don’t run the bakery, but you report your share of its daily sales and setbacks. It matters to investors because it changes reported earnings and asset values and signals meaningful influence over the other company’s performance.

broker non-votes regulatory

"There were 7,133,229 broker non-votes with respect to each director"

Broker non-votes occur when a brokerage firm is unable to vote on a shareholder’s behalf during a company election or decision because the shareholder has not given specific voting instructions, and the broker is not allowed or chooses not to vote on certain matters. They are important because they can affect the outcome of votes, especially when the results are close, by effectively reducing the total number of votes cast.

Earnings Snapshot

Revenue: $94.073 million · Guidance included

Quarter ended June 30, 2026

Revenue $94.073 million Increased from $72.358 million in the same quarter of fiscal 2025

Net income $9.490 million Increased from $6.724 million in the same quarter of fiscal 2025

Non-GAAP net income $7.615 million Decreased from $11.587 million in the same quarter of fiscal 2025

Operating cash flow $16.013 million Increased from $4.125 million in the same quarter of fiscal 2025

Guidance

For the quarter ending September 30, 2026, the company expects revenue to exceed $85.0 million, GAAP net income to exceed $1.0 million, and non-GAAP net income to exceed $8.0 million (about $0.17 per share), assuming no changes in fair value of contingent consideration.

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Available on EDGAR 08/05/2026 - 04:08 PM Accepted by SEC EDGAR 08/05/2026 - 04:07 PM Learn about SEC filing dates

FAQ

How did AMSC (AMSC) perform financially in the first quarter of fiscal 2026?

AMSC reported Q1 fiscal 2026 revenue of $94.1 million, up from $72.4 million a year earlier, and net income of $9.5 million versus $6.7 million. Grid revenue was $76.3 million and Wind revenue $17.8 million, reflecting broad-based growth.

What were AMSC’s (AMSC) non-GAAP results for Q1 fiscal 2026?

For Q1 fiscal 2026, AMSC posted non-GAAP net income of $7.6 million, or $0.17 per basic share, compared with $11.6 million, or $0.30 per basic share, in the prior-year quarter. Adjustments include stock-based compensation, amortization of intangibles, and contingent consideration.

What guidance did AMSC (AMSC) provide for the second quarter of fiscal 2026?

For the quarter ending September 30, 2026, AMSC expects revenue to exceed $85.0 million, GAAP net income to exceed $1.0 million, and non-GAAP net income to exceed $8.0 million (about $0.17 per share), assuming no changes in contingent consideration fair value.

What is AMSC’s (AMSC) current cash position and operating cash flow trend?

As of June 30, 2026, AMSC held $153.1 million in cash, cash equivalents and restricted cash, up from $147.6 million at March 31, 2026. Operating cash flow for Q1 fiscal 2026 was $16.0 million, nearly quadrupling from $4.1 million a year earlier.

How strong is AMSC’s (AMSC) order book and backlog after Q1 fiscal 2026?

Management reported record total orders above $130 million in the quarter, largely driven by utility-sector mining developments, and a 12‑month backlog exceeding $300 million, supporting visibility into future revenue and project activity.

What were the key voting outcomes at AMSC’s (AMSC) 2026 annual meeting?

At the July 31, 2026 annual meeting, stockholders elected all director nominees, ratified RSM US LLP as auditor with 36,178,025 votes for, and approved executive compensation on an advisory basis with 27,661,731 votes for and 7,133,229 broker non-votes.

false 0000880807 0000880807 2026-07-31 2026-07-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

 
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

July 31, 2026

American Superconductor Corporation

(Exact name of registrant as specified in its charter)

Delaware		000-19672		04-2959321
(State or other jurisdiction		(Commission		(IRS Employer
of incorporation)		File Number)		Identification No.)

114 East Main Street Ayer, Massachusetts		01432
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (978) 842-3000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value per share		AMSC		Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition. 

On August 5, 2026, American Superconductor Corporation (the “Company”) announced its financial results for the first quarter ended June 30, 2026 of the Company's fiscal year 2026. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 5.07. Submission of Matters to a Vote of Security Holders

On July 31, 2026, the Company held its Annual Meeting of Stockholders (the "Annual Meeting"). A total of 36,605,370 shares of the Company's common stock were present electronically or represented by proxy at the Annual Meeting, representing approximately 75.5% of the Company's outstanding common stock as of the June 4, 2026 record date. The following are the voting results for the proposals considered and voted upon at the Annual Meeting, each of which were described in the Company's Definitive Proxy Statement filed with the Securities and Exchange Commission on June 18, 2026. 

1. The Company's stockholders elected the following directors to the Board of Directors of the Company (the "Board"):

DIRECTOR		VOTES FOR		VOTES WITHHELD
Laura A. Dambier		29,152,565		319,576
Terence R. Donnelly		28,462,744		1,009,397
Arthur H. House		27,598,495		1,873,646
Margaret D. Klein		29,038,505		433,636
Barbara G. Littlefield		29,034,252		437,889
Daniel P. McGahn		28,412,371		1,059,770
David R. Oliver, Jr.		27,965,593		1,506,548

There were 7,133,229 broker non-votes with respect to each director.

2. The Company's stockholders voted to ratify the appointment by the Audit Committee of the Board of RSM US LLP as the Company's independent registered public accounting firm for the fiscal year ending March, 31, 2027 by a vote of 36,178,025 share of common stock for, 270,478 shares of common stock against and 156,867 shares of common stock abstaining. There were no broker non-votes on this matter. 

3. The Company's stockholders voted, on an advisory basis, to approve the compensation of the Company's named executive officers by a vote of 27,661,731 shares of common stock for, 1,724,917 shares of common stock against, and 85,493 shares of common stock abstaining. There were 7,133,229 broker non-votes on this matter.  

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.	Description
99.1	Press release issued by American Superconductor Corporation on August 5, 2026 (furnished, not “filed,” for purposes of Section 18 of the Exchange Act).
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		AMERICAN SUPERCONDUCTOR CORPORATION
Date:	August 5, 2026	By:	/S/ JOHN W. KOSIBA, JR.
			John W. Kosiba, Jr.
			Senior Vice President and Chief Financial Officer

Exhibit 99.1

AMSC Reports First Quarter Fiscal Year 2026 Financial Results and Business Outlook

First Quarter Financial Highlights:

• Increased Revenue by 30% Year-over-Year to a Record Level Exceeding $90 Million

• Reported Record Total Orders Above $130 Million Driven by the Utility-Sector Mining Developments

• Nearly Quadrupled Operating Cash Flow to $16 million

Company to host conference call tomorrow, August 6th, at 10:00 am ET

Ayer, MA – August 5, 2026 – AMSC (Nasdaq: AMSC), a leading provider of power control solutions that harmonize an increasingly complex energy system and enable customers to scale their operations without added complexity or size, today reported financial results for its first quarter ended June 30, 2026 of fiscal year 2026.

Revenues for the first quarter of fiscal 2026 were $94.1 million compared with $72.4 million for the same period of fiscal 2025. The year-over-year increase was driven by organic growth and the acquisition of Comtrafo.

AMSC reported net income for the first quarter of fiscal 2026 of $9.5 million, or $0.21 per share, compared to $6.7 million, or $0.17 per share, for the same period of fiscal 2025. The Company’s non-GAAP net income for the first quarter of fiscal 2026 was $7.6 million, or $0.17 per share, compared with a non-GAAP net income of $11.6 million, or $0.30 per share, in the same period of fiscal 2025. 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, 2026, totaled $153.1 million, compared with 147.6 million at March 31, 2026.

"Our first quarter results mark a powerful start, pushing our quarterly revenue past $90 million with 30% year-over-year growth," said Daniel P. McGahn, Chairman, President, and CEO, AMSC. "This quarter, we saw accelerated market demand with orders over $130 million led by utility-sector mining developments and traditional energy markets. With a robust 12-month backlog exceeding $300 million and a strengthening cash position, we have set our sights on growth and believe we are well positioned for gross margin improvement in the second half of the fiscal year."

AMSC Reports Q1 FY26 Results Page 2

Business Outlook

For the second quarter ending September 30, 2026, AMSC expects that its revenues will exceed $85.0 million. The Company’s net income for the second quarter of fiscal 2026 is expected to exceed $1.0 million, or $0.02 per share. The Company's net income guidance assumes no changes in fair value of contingent consideration. The Company's non-GAAP net income (as defined below) is expected to exceed $8.0 million, or $0.17 per share.

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 Thursday, August 6, 2026, 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 1-855-669-9658 and using conference passcode 1002152.

About AMSC (Nasdaq: AMSC)

Guided by a belief in the power of next, AMSC is a leading provider of power controls solutions that apply innovation and creativity to address today's challenges and enable a more resilient and sustainable energy future. Driven by the purpose "to power progress," the Company integrates future-facing technologies to balance the global demand for clean energy with reliable, efficient power delivery. AMSC delivers advanced grid systems and engineering services to optimize network reliability, provides ship protection and power management solutions to enhance fleet efficiency and safety, and supplies electronic controls and designs that reduce wind energy costs. Beyond these systems, the Company provides capabilities in industrial process and control alongside environmental and emission control to ensure operational efficiency across the entire energy infrastructure. The Company's solutions are optimizing power network, increasing the safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquarters near Boston, Massachusetts with operations in Asia, Australia, Brazil, Europe, and North America. For more information, please visit www.amsc.com.

© 2026 AMSC, AMSC, American Superconductor, Comtrafo, Neeltran, NEPSI and NWL are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

AMSC Reports Q1 FY26 Results Page 3

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered by the safe harbor provision for forward-looking statements contained in Section 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Any statements in this release regarding our goals and strategies; expanded addressable market and data center demand; order pipeline and backlog expectations; organic growth; expected gross margin improvements; acquisition integrations and benefits; business diversification, including through expanding end markets and entering new sectors; strengthening customer relationships; strong momentum; building a more resilient and profitable company; our expected GAAP and non-GAAP financial results for the quarter ending September 30, 2026; 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: If we fail to implement our business strategy successfully, our financial performance could be harmed; We may not realize all of the sales expected from our backlog of orders and contracts; 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; 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; Our business and operations may be materially adversely impacted in the event of a failure or security breach of our or any critical third parties’ IT Systems or Confidential Information; Our contracts with the U.S. and Canadian governments are subject to audit, modification or termination by such governments and include certain other provisions in favor of the governments. The continued funding of such contracts may remain subject to annual legislative 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; Our performance on contracts with the U.S. Department of Defense may result in restrictions to our ability to repurchase our common stock or U.S. government denial of Foreign Military Sales or ceasing of assistance for international Direct Commercial Sales; Failure to comply with evolving data privacy and data protection laws, regulations, and other obligations, or to otherwise protect personal data, may adversely impact our business and financial results; 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; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; Problems with product quality or product performance may cause us to incur warranty expenses or product liability charges 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, including our REG system, 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; Uncertainty surrounding our prospects and financial condition may have an adverse effect on our customer and supplier relationships; Pandemics, epidemics, or other public health crises may adversely impact our business, financial condition and results of operations; Changes in valuation allowance of deferred tax assets may affect our future operating results; If we fail to maintain proper and effective internal control over financial reporting on business acquisitions, 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 have not been historically profitable, and there can be no assurance that we will sustain our recent profitability; 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; Changes in exchange rates could adversely affect our results of operations; We may be required to issue performance bonds, which restricts our ability to access any cash used as collateral for the bonds; Adverse changes in domestic and global economic conditions could adversely affect our operating results; The ongoing conflict between the United States, Israel, and Iran has disrupted global energy markets and supply chains and could adversely affect our business, financial condition, and results of operations; 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 Latin America and India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in Brazil’s or India’s political, social, regulatory and economic environment may affect our financial performance; Industry consolidation could result in more powerful competitors and fewer customers; Evolving and varied expectations on environmental sustainability and social initiatives could adversely impact our business and 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; 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; 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; 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; 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; 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, 2026, 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.

AMSC Reports Q1 FY26 Results Page 4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

		Three Months Ended
		June 30,
		2026				2025
Revenues
Grid		$	76,323			$	60,087
Wind			17,750				12,271
Total revenues			94,073				72,358
Cost of revenues			69,347				47,869
Gross margin			24,726				24,489
Operating expenses:
Research and development			3,925				4,304
Selling, general and administrative			18,618				14,204
Amortization of acquisition-related intangibles			466				337
Change in fair value of contingent consideration			(8,115	)			—
Total operating expenses			14,894				18,845
Operating income			9,832				5,644
Interest income, net			1,537				932
Other (expense)/income, net			(617	)			347
Income before income tax expense			10,752				6,923
Income tax expense			1,262				199
Net income		$	9,490			$	6,724
Net income per share of common stock
Basic		$	0.21			$	0.17
Diluted		$	0.20			$	0.17
Weighted average number of common shares outstanding
Basic			45,995				38,875
Diluted			47,124				39,742

AMSC Reports Q1 FY26 Results Page 5

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

		June 30, 2026				March 31, 2026
ASSETS
Current assets:
Cash and cash equivalents		$	143,707			$	140,693
Accounts receivable, net			80,736				69,381
Inventory, net			98,017				103,748
Prepaid expenses and other current assets			16,267				14,367
Restricted cash			3,785				3,548
Total current assets			342,512				331,737
Property, plant and equipment, net			98,755				89,775
Intangibles, net			12,680				13,548
Right-of-use assets			3,750				3,897
Goodwill			176,678				175,376
Restricted cash			5,621				3,312
Deferred tax assets			119,754				119,474
Equity-method investments			1,378				1,333
Other assets			1,089				1,029
Total assets		$	762,217			$	739,481
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses		$	50,698			$	46,545
Lease liability, current portion			1,327				1,238
Contingent consideration, current portion			3,959				12,808
Deferred revenue, current portion			84,896				77,936
Total current liabilities			140,880				138,527
Deferred revenue, long term portion			17,722				15,395
Lease liability, long term portion			2,570				2,762
Contingent consideration, long-term portion			27,930				26,721
Other liabilities			641				629
Total liabilities			189,743				184,034
Stockholders' equity:
Common stock, $0.01 par value, 75,000,000 shares authorized; 48,850,479 and 48,035,691 shares issued and 48,447,121 and 47,632,340 shares outstanding at June 30, 2026 and March 31, 2026, respectively			489				480
Additional paid-in capital			1,487,303				1,481,476
Treasury stock, at cost, 403,351 at June 30, 2026 and March 31, 2026			(3,765	)			(3,765	)
Accumulated other comprehensive income (loss)			5,773				4,072
Accumulated deficit			(917,326	)			(926,816	)
Total stockholders' equity			572,474				555,447
Total liabilities and stockholders' equity		$	762,217			$	739,481

AMSC Reports Q1 FY26 Results Page 6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

		Three Months Ended June 30,
		2026				2025
Cash flows from operating activities:
Net income		$	9,490			$	6,724
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization			2,647				1,229
Stock-based compensation expense			5,264				4,526
Provision for excess and obsolete inventory			1,073				711
Amortization of operating lease right-of-use assets			247				243
Deferred income taxes			(272	)			7
Earnings from equity method investments			(46	)			(293	)
Change in fair value of contingent consideration			(8,115	)			—
Other non-cash items			12				140
Changes in operating asset and liability accounts:
Accounts receivable			(11,119	)			(8,512	)
Inventory			4,947				(1,046	)
Prepaid expenses and other assets			(1,884	)			(5,084	)
Operating leases			(203	)			(64	)
Accounts payable and accrued expenses			4,717				6,321
Deferred revenue			9,255				(777	)
Net cash provided by operating activities			16,013				4,125
Cash flows from investing activities:
Purchases of property, plant and equipment			(10,438	)			(814	)
Change in other assets			(51	)			79
Net cash used in investing activities			(10,489	)			(735	)
Cash flows from financing activities:
Proceeds from public equity offering, net of offering expenses			—				124,577
Net cash provided by financing activities			—				124,577
Effect of exchange rate changes on cash			36				71
Net increase in cash, cash equivalents and restricted cash			5,560				128,038
Cash, cash equivalents and restricted cash at beginning of period			147,553				85,381
Cash, cash equivalents and restricted cash at end of period		$	153,113			$	213,419

AMSC Reports Q1 FY26 Results Page 7

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME

(In thousands, except per share data)

		Three Months Ended June 30,
		2026				2025
Net income		$	9,490			$	6,724
Stock-based compensation			5,264				4,526
Amortization of acquisition-related intangibles			976				337
Change in fair value of contingent consideration			(8,115	)			—
Non-GAAP net income		$	7,615			$	11,587
Non-GAAP net income per share - basic		$	0.17			$	0.30
Non-GAAP net income per share - diluted		$	0.16			$	0.29
Weighted average shares outstanding - basic			45,995				38,875
Weighted average shares outstanding - diluted			47,124				39,742

Reconciliation of Forecast GAAP Net Income to Non-GAAP Net Income

(In millions, except per share data)

		Three Months Ending
		September 30, 2026
Net income		$	1.0
Stock-based compensation			6.3
Amortization of acquisition-related intangibles			0.7
Non-GAAP net income		$	8.0
Non-GAAP net income per share		$	0.17
Shares outstanding			46.5

AMSC Reports Q1 FY26 Results Page 8

Note: Non-GAAP net income is defined by the Company as net income 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 and non-GAAP net income 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 income for the fiscal quarter ending September 30, 2026, 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, net income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net income is set forth in the table above.

Contacts:

AMSC Director, Communications:

Nicol Golez

978-399-8344

Nicol.Golez@amsc.com

Investor Relations:

Carolyn Capaccio

Phone: (212) 838-3777

amscIR@allianceadvisors.com

Public Relations:

Joe Luongo

(914) 906-5903

jluongo@rooneypartners.com

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