Business
AMSC Reports Second Quarter Fiscal Year 2022 Financial Results and Provides Business Outlook
Company to host conference call tomorrow, November 2 at 10:00 am ET AYER, Mass., Nov. 01, 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, November 2 at 10:00 am ET\nAYER, Mass., Nov. 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 protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its second quarter of fiscal year 2022 ended September 30, 2022. Revenues for the second quarter of fiscal 2022 were $27.7 million compared with $27.9 million for the same period of fiscal 2021. The year-over-year decrease was primarily driven by less Wind segment revenues, versus the year ago period. AMSC’s net loss for the second quarter of fiscal 2022 was $9.9 million, or $0.35 per share, compared to a net loss of $4.4 million, or $0.16 per share, for the same period of fiscal 2021. The Company’s non-GAAP net loss for the second quarter of fiscal 2022 was $6.5 million, or $0.23 per share, compared with a non-GAAP net loss of $5.1 million, or $0.19 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 September 30, 2022, totaled $37.4 million, compared with $49.5 million at March 31, 2022. “Our second quarter of fiscal year 2022 was driven by positive orders momentum and strong market demand,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “We booked nearly $30 million of new orders and ended the second quarter of fiscal 2022 with a solid backlog of over $100 million. Our positive bookings momentum validates our confidence in the future of our grid business, and we expect a strong end to fiscal year 2022.\" Business OutlookFor the third quarter ending December 31, 2022, AMSC expects that its revenues will be in the range of $22 million to $26 million. The Company’s net loss for the third quarter of fiscal 2022 is expected not to exceed $9.0 million, or $0.32 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 $7.0 million, or $0.25 per share. The Company expects operating cash flow to be a burn of $4.5 million to $6.5 million in the third quarter of fiscal 2022. The Company expects cash, cash equival...