Business
AMSC Reports First Quarter Fiscal Year 2021 Financial Results and Provides Business Outlook
Company to host conference call tomorrow, August 5 at 10:00 am ET AYER, Mass., Aug. 04, 2021 (GLOBE NEWSWIRE) -- AMSC (Nasdaq: AMSC), a leading system
About this update from American Superconductor Corporation
[{"type":"text","content":"Company to host conference call tomorrow, August 5 at 10:00 am ET\nAYER, Mass., Aug. 04, 2021 (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 2021 ended June 30, 2021. Revenues for the first quarter of fiscal 2021 were $25.4 million compared with $21.2 million for the same period of fiscal 2020. The year-over-year increase was a result of higher Grid segment revenues versus the year ago period. The higher Grid segment revenues were primarily due to increased new energy power systems shipments and higher ship protection systems revenue, versus the year ago period. AMSC’s net loss for the first quarter of fiscal 2021 was $5.4 million, or $0.20 per share, compared to a net loss of $3.4 million, or $0.16 per share, for the same period of fiscal 2020. The Company’s non-GAAP net loss for the first quarter of fiscal 2021 was $2.7 million, or $0.10 per share, compared with a non-GAAP net loss of $2.4 million, or $0.11 per share, in the same period of fiscal 2020. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results. Cash, cash equivalents, marketable securities and restricted cash on June 30, 2021, totaled $63.1 million, compared with $80.7 million at March 31, 2021. “We delivered a very strong start to fiscal 2021,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “Grid segment revenues grew over 30% versus year ago results and were, in fact, the highest we have ever reported. Our new energy power systems products contributed to the strong growth in the quarter, along with growth from ship protection systems. We are on track for sequentially higher quarterly revenue levels this fiscal year. We believe our growth through Grid strategy is working.” Business OutlookFor the second quarter ending September 30, 2021, AMSC expects that its revenues will be in the range of $24 million to $27 million. The Company’s net loss for the second quarter of fiscal 2021 is expected not to exceed $6.7 million, or $0.25 per share. The Company’s net loss guidance assumes no changes in contingent consideration nor any purchase accounting adjustm...