Business
AMSC Reports First Quarter Fiscal Year 2022 Financial Results and Provides Business Outlook
Company to host conference call tomorrow, August 4 at 10:00 am ET AYER, Mass., Aug. 03, 2022 (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 4 at 10:00 am ET\nAYER, Mass., Aug. 03, 2022 (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 2022 ended June 30, 2022. Revenues for the first quarter of fiscal 2022 were $22.7 million compared with $25.4 million for the same period of fiscal 2021. The year-over-year decrease was a result of lower Grid segment revenues, primarily driven by less D-VAR revenues, versus the year ago period. AMSC’s net loss for the first quarter of fiscal 2022 was $8.7 million, or $0.32 per share, compared to a net loss of $5.4 million, or $0.20 per share, for the same period of fiscal 2021. The Company’s non-GAAP net loss for the first quarter of fiscal 2022 was $6.8 million, or $0.25 per share, compared with a non-GAAP net loss of $2.7 million, or $0.10 per share, in the same period of fiscal 2021. 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, 2022, totaled $43.1 million, compared with $49.5 million at March 31, 2022. “We booked approximately $50 million of new orders during the first quarter of fiscal 2022 and have a solid order book of over $100 million,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “Our Grid visibility extends beyond fiscal 2022 and into fiscal 2023. We are now selling into fiscal 2023 and expect a strong second half to fiscal 2022.” Business Outlook For the second quarter ending September 30, 2022, AMSC expects that its revenues will be in the range of $23 million to $27 million. The Company’s net loss for the second quarter of fiscal 2022 is expected not to exceed $8.5 million, or $0.31 per share. The Company’s net loss guidance assumes no changes in contingent consideration. The Company's non-GAAP net loss (as defined below) is expected not to exceed $6.5 million, or $0.23 per share. The Company expects operating cash flow to be a burn of $4 million to $6 million in the second quarter of fiscal 2022. The Company expects cash, cash equivalents, and restricted cash on September 30, 2022, to be no less ...