AMSC Reports Second Quarter Fiscal Year 2021 Financial Results and Provides Business Outlook

About this update from American Superconductor Corporation

[{"type":"text","content":"Company to host conference call tomorrow, November 9 at 10:00 am ET\nAYER, Mass., Nov. 08, 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 second quarter of fiscal year 2021 ended September 30, 2021. Revenues for the second quarter of fiscal 2021 were $27.9 million compared with $21.1 million for the same period of fiscal 2020. The year-over-year increase was a result of higher Grid segment revenues, primarily from our two recent acquisitions, versus the year ago period. AMSC’s net loss for the second quarter of fiscal 2021 was $4.4 million, or $0.16 per share, compared to a net loss of $3.7 million, or $0.17 per share, for the same period of fiscal 2020. The Company’s non-GAAP net loss for the second quarter of fiscal 2021 was $5.1 million, or $0.19 per share, compared with a non-GAAP net loss of $2.7 million, or $0.13 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 September 30, 2021, totaled $57.0 million, compared with $63.1 million at June 30, 2021. “We are delivering on our growth and diversification strategy,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “Grid segment revenues in the second quarter of fiscal 2021 grew over 50% year-over-year resulting in another record Grid quarter for AMSC. Grid revenue accounted for nearly 90% of total Company revenue in the second quarter of fiscal 2021, which is driven by our new energy power systems.” Business OutlookFor the third quarter ending December 31, 2021, AMSC expects that its revenues will be in the range of $25 million to $28 million. The Company’s net loss for the third quarter of fiscal 2021 is expected not to exceed $7.0 million, or $0.25 per share. The Company’s net loss guidance assumes no changes in contingent consideration, nor any purchase accounting adjustments associated with the Neeltran™ Acquisition. The Company's non-GAAP net loss (as defined below) is expected not to exceed $5.5 million, or $0.20 per share. The Company expects operating cash flow t...

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