Business
AMSC Reports Third Quarter Fiscal Year 2021 Financial Results and Provides Business Outlook
Company to host conference call tomorrow, February 3 at 10:00 am ET AYER, Mass., Feb. 02, 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, February 3 at 10:00 am ET\nAYER, Mass., Feb. 02, 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 third quarter of fiscal year 2021 ended December 31, 2021. Revenues for the third quarter of fiscal 2021 were $26.8 million compared with $23.6 million for the same period of fiscal 2020. The year-over-year increase was a result of higher Grid segment revenues, primarily driven by our recent Neeltran acquisition, versus the year ago period. AMSC’s net loss for the third quarter of fiscal 2021 was $4.3 million, or $0.16 per share, compared to a net loss of $7.9 million, or $0.31 per share, for the same period of fiscal 2020. The Company’s non-GAAP net loss for the third quarter of fiscal 2021 was $4.6 million, or $0.17 per share, compared with a non-GAAP net loss of $3.4 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 December 31, 2021, totaled $52.6 million, compared with $57.0 million at September 30, 2021. “Grid segment revenues in the third quarter of fiscal 2021 grew nearly 50% year-over-year resulting in another record Grid quarter for AMSC,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “Grid is driving revenue growth for the Company and our new energy power systems. As expected, we see improvement in gross margin and some reduced stress in the supply chain this quarter. For full fiscal year 2021, we expect year-over-year revenue growth again in our Grid, and our overall business.” Business Outlook For the fourth quarter ending March 31, 2022, AMSC expects that its revenues will be in the range of $26 million to $29 million. The Company’s net loss for the fourth quarter of fiscal 2021 is expected not to exceed $6.7 million, or $0.24 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) for t...