Business
AMSC Reports Third Quarter Fiscal Year 2023 Financial Results and Provides Business Outlook
Q3 Financial Highlights: Revenues Increased Over 60% Year Over Year to $39 MillionReported 25% Gross Margin and Achieved Non-GAAP Net Income Generated $1.3
About this update from American Superconductor Corporation
[{"type":"text","content":"Q3 Financial Highlights: Revenues Increased Over 60% Year Over Year to $39 MillionReported 25% Gross Margin and Achieved Non-GAAP Net Income Generated $1.3 Million of Operating Cash Flow Company to host conference call tomorrow, January 25th at 10:00 am ET AYER, Mass., Jan. 24, 2024 (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 2023 ended December 31, 2023. Revenues for the third quarter of fiscal 2023 were $39.4 million compared with $23.9 million for the same period of fiscal 2022. The year-over-year increase was driven by increased shipments of new energy power systems and electrical control system shipments, versus the year ago period. AMSC’s net loss for the third quarter of fiscal 2023 was $1.6 million, or $0.06 per share, compared to a net loss of $9.6 million, or $0.34 per share, for the same period of fiscal 2022. The Company’s non-GAAP net income for the third quarter of fiscal 2023 was $0.9 million, or $0.03 per share, compared with a non-GAAP net loss of $7.7 million, or $0.27 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 December 31, 2023, totaled $25.0 million, compared with $24.0 million at September 30, 2023. \"We outperformed expectations during the third quarter of fiscal 2023 with year-over-year revenue growth of over 60%, reporting non-GAAP net income for a second consecutive quarter and $1.3 million in operating cash flow. Our team achieved this thanks to strong customer demand, our pricing initiatives and a favorable product mix,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “We booked over $34 million of new orders during the quarter including our second 3MW ECS order from Inox Wind. We ended the quarter with over $137 million in 12-month backlog, nearly 25% year-over-year growth. Given this backlog position, strong demand in our end markets, and shortening customer lead times, we believe we are very well positioned for the fourth fiscal quarter which will end March 2024. We are proud of th...