Business
AMSC Reports Fourth Quarter and Full Fiscal Year 2022 Financial Results and Provides Business Outlook
Company to host conference call tomorrow, June 1 at 10:00 am ET AYER, Mass., May 31, 2023 (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 1 at 10:00 am ET\nAYER, Mass., May 31, 2023 (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, 2023 (\"fiscal 2022\"). Revenues for the fourth quarter of fiscal 2022 were $31.7 million compared with $28.3 million for the same period of fiscal 2021. 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 2022 was $6.9 million, or $0.25 per share, compared to net loss of $5.0 million, or $0.18 per share, for the same period of fiscal 2021. The Company’s non-GAAP net loss for the fourth quarter of fiscal 2022 was $7.8 million, or $0.28 per share, compared with a non-GAAP net loss of $4.7 million, or $0.17 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. Revenues for fiscal 2022 were $106.0 million as compared to $108.4 million in fiscal 2021. The decrease in revenues was driven by lower D-VAR revenues than in the prior year. AMSC reported a net loss for fiscal 2022 of $35.0 million, or $1.26 per diluted share, compared to a net loss of $19.2 million, or $0.71 per diluted share in fiscal 2021. The Company's non-GAAP net loss for fiscal 2022 was $28.8 million, or $1.03 per share, compared with a non-GAAP net loss of $17.1 million, or $0.63 per share, for 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 March 31, 2023 totaled $25.7 million. \"During fiscal 2022, AMSC delivered significant business diversification,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “Our fiscal 2022 performance reflects our strategic effort to diversify our Company by markets, geography and products as well as our efforts to capture integration synergies and reduce our cost structure. We believe this diversification well positions us to capitalize on future investments in renewables, mining of metals and...