AMSC Reports Fourth Quarter and Fiscal Year 2023 Financial Results and Provides Business Outlook
May 29, 2024

Business Highlights:

  • Full year revenues increased over 37% year over year to $145.6 million
  • Full year gross margin expansion of 1,620 basis points over the prior year
  • Generated $2.1 million of operating cash flow, helping to further strengthen the balance sheet

Company to host conference call tomorrow, May 30 at 10:00 am ET

AYER, Mass., May 29, 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 that protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its fourth quarter and fiscal year ended March 31, 2024 ("fiscal 2023").

Revenues for the fourth quarter of fiscal 2023 were $42.0 million compared with $31.7 million for the same period of fiscal 2022. The year-over-year increase was a result of both higher Grid segment revenues, primarily driven by strong new energy power system sales and higher Wind segment revenues, as a result of 3MW ECS shipments.

AMSC’s net loss for the fourth quarter of fiscal 2023 was $1.6 million, or $0.05 per share, compared to net loss of $6.9 million, or $0.25 per share, for the same period of fiscal 2022. The Company’s non-GAAP net income for the fourth quarter of fiscal 2023 was $1.9 million, or $0.06 per share, compared with a non-GAAP net loss of $7.8 million, or $0.28 per share, in the same period of fiscal 2022. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Revenues for fiscal 2023 were $145.6 million as compared to $106.0 million in fiscal 2022. The increase in revenues was driven by higher Grid and Wind segment revenues than in the prior year.

AMSC reported a net loss for fiscal 2023 of $11.1 million, or $0.37 per share, compared to a net loss of $35.0 million, or $1.26 per share in fiscal 2022. The Company's non-GAAP net income for fiscal 2023 was $0.6 million, or $0.02 per share, compared with a non-GAAP net loss of $28.8 million, or $1.03 per share, for fiscal 2022. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Cash, cash equivalents and restricted cash on March 31, 2024 totaled $92.3 million.  

"Our fourth quarter results exceeded our forecast by nearly every measure, with growth in both our Grid and Wind segments and a third consecutive quarter of non-GAAP net income. During the fourth quarter, we booked $39 million in orders, and our backlog at year-end stood at $140 million,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “We believe our company’s diverse orders bookings, strengthened balance sheet, and operational success in fiscal 2023 has laid the groundwork for AMSC’s long term growth trajectory. Our growing and robust end markets may allow us to seize opportunities in new markets, expand our offerings and extend our customer reach. AMSC delivered a terrific year of operational performance and success, ensuring a more diversified and financially stronger company. We maintain an optimistic outlook for fiscal year 2024 and believe we are off to a very good start for the coming year."

Business Outlook
For the first quarter ending June 30, 2024, AMSC expects that its revenues will be in the range of $38 million to $42 million. The Company’s net loss for the first quarter of fiscal 2024 is expected not to exceed $2.2 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 not expected to exceed $0.5 million, to $0.01 per share. The Company expects operating cash flow to be in a range of break even to positive $2 million in the first quarter of fiscal 2024. The Company expects cash, cash equivalents, and restricted cash on June 30, 2024, to be no less than $91 million.

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, May 30, 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 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 4825680.

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 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

AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marintec, 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; business diversification and ability to expand into new markets; orders; long-term growth trajectory; market demand, drivers and opportunities for our products; our expected GAAP and non-GAAP financial results for the quarter ending June 30, 2024, our expected cash, cash equivalents and restricted cash balance on June 30, 2024; 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; Pandemics, epidemics or other public health crises may adversely impact our business, financial condition and results of operations; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; 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 customers 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 Indias 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; The increasing focus 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 fuel 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 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 managements 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.

(In thousands, except per share data)

 Three Months Ended  Twelve Months Ended 
 March 31,  March 31, 
 2024  2023  2024  2023 
Grid$34,211  $28,294  $122,065  $94,631 
Wind 7,817   3,449   23,574   11,353 
Total revenues 42,028   31,743   145,639   105,984 
Cost of revenues 31,598   27,929   110,356   97,463 
Gross margin 10,430   3,814   35,283   8,521 
Operating expenses:               
Research and development 2,298   1,890   7,991   8,966 
Selling, general and administrative 7,953   6,616   31,600   28,700 
Amortization of acquisition related intangibles 538   688   2,152   2,746 
Change in fair value on contingent consideration 1,870   410   4,922   70 
Restructuring    1,048   (14)  1,048 
Total operating expenses 12,659   10,652   46,651   41,530 
Operating loss (2,229)  (6,838)  (11,368)  (33,009)
Interest income, net 784   140   1,302   252 
China dissolution          (1,921)
Other expense, net (117)  (100)  (736)  (148)
Loss before income tax expense (1,562)  (6,798)  (10,802)  (34,826)
Income tax expense 17   72   309   215 
Net loss$(1,579) $(6,870) $(11,111) $(35,041)
Net loss per common share               
Basic$(0.05) $(0.25) $(0.37) $(1.26)
Diluted$(0.05) $(0.25) $(0.37) $(1.26)
Weighted average number of common shares outstanding               
Basic 33,139   28,010   29,825   27,848 
Diluted 33,139   28,010   29,825   27,848 

(In thousands, except per share data)

 March 31,  March 31, 
 2024  2023 
Current assets:       
Cash and cash equivalents$90,522  $23,360 
Accounts receivable, net 26,325   30,665 
Inventory, net 41,857   36,986 
Prepaid expenses and other current assets 7,295   13,429 
Restricted cash 468   1,733 
Total current assets 166,467   106,173 
Property, plant and equipment, net 10,861   12,309 
Intangibles, net 6,369   8,527 
Right-of-use assets 2,557   2,857 
Goodwill 43,471   43,471 
Restricted cash 1,290   582 
Deferred tax assets 1,119   1,114 
Other assets 637   528 
Total assets$232,771  $175,561 
Current liabilities:       
Accounts payable and accrued expenses$24,235  $38,383 
Lease liability, current portion 716   808 
Debt, current portion 25   75 
Contingent consideration 3,100   1,270 
Deferred revenue, current portion 50,732   43,572 
Total current liabilities 78,808   84,108 
Deferred revenue, long term portion 7,097   7,188 
Lease liability, long term portion 1,968   2,184 
Deferred tax liabilities 300   243 
Debt, long-term portion    15 
Other liabilities 27   26 
Total liabilities 88,200   93,764 
Stockholders' equity:       
Common stock, $0.01 par value, 75,000,000 shares authorized; 37,343,812 and 29,937,119 shares issued and 36,946,181 and 29,539,488 shares outstanding at March 31, 2024 and 2023, respectively 373   299 
Additional paid-in capital 1,212,913   1,139,113 
Treasury stock, at cost, 397,631 at March 31, 2024 and 2023, respectively (3,639)  (3,639)
Accumulated other comprehensive loss 1,582   1,571 
Accumulated deficit (1,066,658)  (1,055,547)
Total stockholders' equity 144,571   81,797 
Total liabilities and stockholders' equity$232,771  $175,561 

(In thousands)

 Year Ended March 31, 
 2024  2023 
Cash flows from operating activities:       
Net loss$(11,111) $(35,041)
Adjustments to reconcile net loss to net cash used in operations:       
Depreciation and amortization 4,494   5,361 
Stock-based compensation expense 4,652   4,729 
Provision for excess and obsolete inventory 1,970   1,467 
Deferred income taxes 65   24 
Change in fair value of contingent consideration 4,922   70 
China Dissolution    1,921 
Other non-cash items 44   600 
Unrealized foreign exchange gain on cash and cash equivalents (2)  (226)
Changes in operating asset and liability accounts:       
Accounts receivable 4,340   (10,360)
Inventory (6,841)  (14,796)
Prepaid expenses and other current assets 6,313   (5,757)
Accounts payable and accrued expenses (13,825)  8,660 
Deferred revenue 7,117   20,863 
Net cash provided by (used in) operating activities 2,138   (22,485)
Cash flows from investing activities:       
Purchases of property, plant and equipment (934)  (1,236)
Change in other assets (27)  (281)
Net cash used in investing activities (961)  (1,517)
Cash flows from financing activities:       
Repayment of debt (65)  (73)
Proceeds from public equity offering, net 65,227    
Proceeds from exercise of ESPP 279   235 
Net cash provided by financing activities 65,441   162 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (13)  29 
Net increase (decrease) in cash, cash equivalents and restricted cash 66,605   (23,811)
Cash, cash equivalents and restricted cash at beginning of year 25,675   49,486 
Cash, cash equivalents and restricted cash at end of year$92,280  $25,675 

(In thousands, except per share data)

 Three Months Ended March 31,  Year Ended March 31, 
 2024  2023  2024  2023 
Net loss$(1,579) $(6,870) $(11,111) $(35,041)
Stock-based compensation 1,044   1,237   4,652   4,729 
Amortization of acquisition-related intangibles 538   688   2,158   2,784 
Change in fair value of contingent consideration 1,870   410   4,922   70 
China dissolution          1,921 
ERC tax benefit    (3,283)     (3,283)
Non-GAAP net income (loss) 1,873   (7,818)  621   (28,820)
Non-GAAP net income (loss) per share - basic$0.06  $(0.28) $0.02  $(1.03)
Non-GAAP net income (loss) per share - diluted$0.05  $(0.28) $0.02  $(1.03)
Weighted average shares outstanding - basic 33,139   28,010   29,825   27,848 
Weighted average shares outstanding - diluted 34,447   28,010   30,909   27,848 

Reconciliation of Forecast GAAP Net Loss to Non-GAAP Net Income
(In millions, except per share data)

 Three months ending 
 June 30, 2024 
Net loss$(2.2)
Stock-based compensation 1.3 
Amortization of acquisition-related intangibles 0.4 
Non-GAAP net income$(0.5)
Non-GAAP net income per share$(0.01)
Shares outstanding 36.0 

Note: Non-GAAP net loss is defined by the Company as net loss before; stock-based compensation; amortization of acquisition-related intangibles; changes in fair value of contingent consideration; China dissolution; ERC tax benefit; 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 income (loss) and net income (loss) per share for the fiscal quarter ending June 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 measures 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. Non-GAAP net loss per share is defined as non-GAAP net loss divided by shares outstanding.

AMSC Contacts
Investor Relations Contact:
LHA Investor Relations
Carolyn Cappaccio
(212) 838-3777

AMSC Senior Communications Manager:
Nicol Golez
Phone: 978-399-8344