Business
AMSC Reports Fourth Quarter and Full Fiscal Year 2021 Financial Results and Provides Business Outlook
Company to host conference call tomorrow, June 2 at 10:00 am ET AYER, Mass., June 01, 2022 (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 2 at 10:00 am ET\nAYER, Mass., June 01, 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 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, 2022 (\"fiscal 2021\"). Revenues for the fourth quarter of fiscal 2021 were $28.3 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, primarily driven by strong new energy power system sales. AMSC’s net loss for the fourth quarter of fiscal 2021 was $5.0 million, or $0.18 per share, compared to net loss of $7.6 million, or $0.29 per share, for the same period of fiscal 2020. The Company’s non-GAAP net loss for the fourth quarter of fiscal 2021 was $4.7 million, or $0.17 per share, compared with a non-GAAP net loss of $5.6 million, or $0.21 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. Revenues for fiscal year 2021 were $108.4 million as compared to $87.1 million in fiscal year 2020. The increase in revenues was driven by higher new energy power system sales, as well as higher ship protection system (SPS) revenue. AMSC reported a net loss for the fiscal year 2021 of $19.2 million, or $0.71 per diluted share, compared to net loss of $22.7 million, or $0.95 per diluted share in fiscal year 2020. The Company's non-GAAP net loss for fiscal 2021 was $17.1 million, or $0.63 per share, compared with a non-GAAP net loss of $14.1 million, or $0.59 per share, for 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 March 31, 2022 totaled $49.5 million. “Fiscal 2021 was another year of significant grid growth and grid diversification for AMSC,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “We accomplished these important goals despite the global pandemic that disrupted business supply chains and impacted prices of raw materials for virtually all businesses. Our team here at AMSC responded to the chall...