Business
AMSC Reports Fourth Quarter and Full Fiscal Year 2020 Financial Results and Provides Business Outlook
Company to host conference call tomorrow, June 3 at 10:00 am ET AYER, Mass., June 02, 2021 (GLOBE NEWSWIRE) -- AMSC (Nasdaq: AMSC), a leading system provider
About this update from American Superconductor Corporation
[{"type":"text","content":"Company to host conference call tomorrow, June 3 at 10:00 am ET\nAYER, Mass., June 02, 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 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, 2021 (\"fiscal 2020\"). Revenues for the fourth quarter of fiscal 2020 were $21.2 million compared with $18.1 million for the same period of fiscal 2019. The year-over-year increase was driven by higher Grid segment revenues. AMSC’s net loss for the fourth quarter of fiscal 2020 was $7.6 million, or $0.29 per share, compared to net loss of $5.9 million, or $0.27 per share, for the same period of fiscal 2019. The Company’s non-GAAP net loss for the fourth quarter of fiscal 2020 was $5.6 million, or $0.21 per share, compared with a non-GAAP net loss of $5.1 million, or $0.24 per share, in the same period of fiscal 2019. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results. Revenues for the full fiscal year 2020 were $87.1 million as compared to $63.8 million in fiscal year 2019. The increase in revenues was driven by the contribution from the acquisition of NEPSI™ as well as growth in the D-VAR, Volt Var Optimization (\"VVO\") and SPS product lines. AMSC reported a net loss for the fiscal year 2020 of $22.7 million, or $0.95 per diluted share, compared to net loss of $17.1 million, or $1.03 per diluted share in fiscal year 2019. The Company's non-GAAP net loss for the full year fiscal 2020 was $14.1 million, or $0.59 per share, compared with a non-GAAP net loss of $19.5 million, or $0.93 per share, for fiscal year 2019. 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 March 31, 2021 totaled $80.7 million, compared with $66.1 million at March 31, 2020. Cash, cash equivalents, marketable securities and restricted cash on March 31, 2021 do not reflect the impact of the Company’s acquisition of Neeltran, Inc., which occurred subsequent to the end of the period. “In fiscal 2020, we grew our Grid business by over 40% - our sixth consecutive year of grid growth,” s...