Business
AMSC Reports Second Quarter Fiscal Year 2023 Financial Results and Provides Business Outlook
Revenues Increased 23% Year Over Year to $34 MillionReported 25% Gross Margin and Achieved Non-GAAP Net IncomeGenerated $0.9 Million of Operating Cash Flow
About this update from American Superconductor Corporation
[{"type":"text","content":"Revenues Increased 23% Year Over Year to $34 MillionReported 25% Gross Margin and Achieved Non-GAAP Net IncomeGenerated $0.9 Million of Operating Cash Flow Company to host conference call tomorrow, November 2 at 10:00 am ET AYER, Mass., Nov. 01, 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 protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its second quarter of fiscal year 2023 ended September 30, 2023. Revenues for the second quarter of fiscal 2023 were $34.0 million compared with $27.7 million for the same period of fiscal 2022. The year-over-year increase was driven primarily by higher new energy power systems and ship protection systems revenues, as well as additional electrical control system shipments, versus the year ago period. AMSC’s net loss for the second quarter of fiscal 2023 was $2.5 million, or $0.09 per share, compared to a net loss of $9.9 million, or $0.35 per share, for the same period of fiscal 2022. The Company’s non-GAAP net income for the second quarter of fiscal 2023 was less than $0.1 million, or $0.00 per share, compared with a non-GAAP net loss of $6.5 million, or $0.23 per share, in the same period of fiscal 2022. 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, 2023, totaled $24.0 million, compared with $23.1 million at June 30, 2023. “Second quarter results exceeded our outlook. I believe we are ahead of schedule. Strong demand from the markets we serve drove higher revenue, improved margins, and a favorable product mix. Consequently, these developments helped to generate positive operating cash flow of nearly $1 million in the second quarter. For the first time since 2010 we are reporting non-GAAP net income,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “During the second quarter we booked over $37 million of new energy power systems across a number of markets. We ended the quarter with over $128 million in 12-month backlog. We are confident in our business’ performance as we move into the third quarter and are focused on continuing to achieve positive operating cash flow.\" Business Outlook ...