DevvStream
Northstar Clean Technologies

Plug Into More Green Stock News

Tap into the pulse of emerging green sectors every morning. Top daily headlines from clean energy, cleantech, cannabis, and sustainable transport stocks:

Please review our Disclaimer and Privacy Policy before subscribing. One-click unsubscribe at any time.

American SuperConductor Reports First Quarter Fiscal Year 2024 Financial Results and Provides Business Outlook

Q1 Financial Highlights:  

  • Revenue Increased Over 33% Year Over Year to $40 Million
  • Reported Expanded Gross Margin and Achieved Non-GAAP Net Income 
  • Generated $3.4 Million of Operating Cash Flow

Company to host conference call tomorrow, August 7th, at 10:00 am ET 

AYER, Mass., Aug. 06, 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 first quarter of fiscal year 2024 ended June 30, 2024.

Revenues for the first quarter of fiscal 2024 were $40.3 million compared with $30.3 million for the same period of fiscal 2023. 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 first quarter of fiscal 2024 was $2.5 million, or $0.07 per share, compared to a net loss of $5.4 million, or $0.19 per share, for the same period of fiscal 2023. The Company’s non-GAAP net income for the first quarter of fiscal 2024 was $3.0 million, or $0.09 per share, compared with a non-GAAP net loss of $2.1 million, or $0.08 per share, in the same period of fiscal 2023. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Cash, cash equivalents, and restricted cash on June 30, 2024, totaled $95.5 million, compared with $92.3 million at March 31, 2024.

"We are building a fundamentally stronger company and reporting another quarter of solid results to start our fiscal 2024. AMSC delivered over $3 million of operating cash flow, expanded gross margins and grew revenue by over 30% when compared to the same period last year,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “During the first quarter of fiscal 2024, we booked over $127 million of new orders, including our first Ship Protection System contract with an allied navy and our third 3MW ECS order from Inox Wind. We ended the quarter with $160 million in 12-month backlog and $250 million in total backlog. Our performance reflects our ability to deliver business diversification, financial growth and expanded scale, which we intend to leverage further in 2024 with our recent acquisition announcement. We believe we are in a strong position for continued diversified Grid growth in the industrial and military sectors."

Business Outlook
For the second quarter ending September 30, 2024, AMSC expects that its revenues will be in the range of $38.0 million to $42.0 million. The Company’s net loss for the second quarter of fiscal 2024 is expected not to exceed $1.7 million, or $0.05 per share. The Company’s net loss guidance assumes no changes in fair value of contingent consideration. The Company's non-GAAP net loss (as defined below) is expected to be at least breakeven on a total and per share basis. The Company expects operating cash flow to be breakeven to a positive cash generation of $2.0 million in the second quarter of fiscal 2024. The Company's guidance does not include the impact of the recently announced acquisition of NWL.

Conference Call Reminder
In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Wednesday, August 7, 2024, to discuss the Company’s financial results and business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call. A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 9653245.

About AMSC (Nasdaq: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance.  Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety.  Through its Windtec® Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marinetec, Windtec, Neeltran, NEPSI, Smarter, Cleaner … Better Energy, and Orchestrate the Rhythm and Harmony of Power on the Grid are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Any statements in this release regarding our goals and strategies; backlog; growing markets for our products; customer lead times; expectations regarding year over year revenue growth for fiscal 2024; our expected GAAP and non-GAAP financial results for the quarter ending September 30, 2024; our expected cash generation during the quarter ending September 30, 2024; functionality, performance and capabilities of our products, systems and solutions; momentum, and other statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management's current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: We have a history of operating losses, which may continue in the future. Our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; We have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; Our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; Changes in exchange rates could adversely affect our results of operations; We may be required to issue performance bonds or provide letters of credit, which restricts our ability to access any cash used as collateral for the bonds or letters of credit; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may not realize all of the sales expected from our backlog of orders and contracts; Our contracts with the U.S. government are subject to audit, modification or termination by the U.S. government and include certain other provisions in favor of the government. The continued funding of such contracts remains subject to annual congressional appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; Pandemics, epidemics or other public health crises may adversely impact our business, financial condition and results of operations; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Uncertainty surrounding our prospects and financial condition may have an adverse effect on our customer and supplier relationship; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; A significant portion of our Wind segment revenues are derived from a single customer. If this customer’s business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; Our business and operations would be adversely impacted in the event of a failure or security breach of our or any critical third parties' information technology infrastructure and networks; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; If we fail to implement our business strategy successfully, our financial performance could be harmed; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We have had limited success marketing and selling our superconductor products and system-level solutions, and our failure to more broadly market and sell our products and solutions could lower our revenue and cash flow; We or third parties on whom we depend may be adversely affected by natural disasters, including events resulting from climate change, and our business continuity and disaster recovery plans may not adequately protect us or our value chain from such events; Adverse changes in domestic and global economic conditions could adversely affect our operating results; Our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; Our products face competition, which could limit our ability to acquire or retain customers; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in India’s political, social, regulatory and economic environment may affect our financial performance; Our success depends upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our products may not develop; Industry consolidation could result in more powerful competitors and fewer customers; Increasing focus and scrutiny on environmental sustainability and social initiatives could increase our costs, and inaction could harm our reputation and adversely impact our financial results; Growth of the wind energy market depends largely on the availability and size of government subsidies, economic incentives and legislative programs designed to support the growth of wind energy: Lower prices for other energy sources may reduce the demand for wind energy development, which could have a material adverse effect on our ability to grow our Wind business; We may be unable to adequately prevent disclosure of trade secrets and other proprietary information; Our patents may not provide meaningful or long-term protection for our technology, which could result in us losing some or all of our market position; There are a number of technological challenges that must be successfully addressed before our superconductor products can gain widespread commercial acceptance, and our inability to address such technological challenges could adversely affect our ability to acquire customers for our products; Third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; Our common stock has experienced, and may continue to experience, market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; Unfavorable results of legal proceedings could have a material adverse effect on our business, operating results and financial condition; and the other important factors discussed under the caption "Risk Factors" in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2024, and our other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 
 Three Months Ended 
 June 30, 
 2024  2023 
Revenues       
Grid$32,336  $25,737 
Wind 7,954   4,517 
Total revenues 40,290   30,254 
        
Cost of revenues 28,065   23,972 
        
Gross margin 12,225   6,282 
        
Operating expenses:       
Research and development 2,286   1,853 
Selling, general and administrative 8,898   7,868 
Amortization of acquisition-related intangibles 412   538 
Change in fair value of contingent consideration 3,920   1,350 
Restructuring    6 
Total operating expenses 15,516   11,615 
        
Operating loss (3,291)  (5,333)
        
Interest income, net 1,120   174 
Other expense, net (160)  (118)
Loss before income tax expense (2,331)  (5,277)
        
Income tax expense 193   121 
        
Net loss$(2,524) $(5,398)
        
Net loss per common share       
Basic$(0.07) $(0.19)
Diluted$(0.07) $(0.19)
        
Weighted average number of common shares outstanding       
Basic 35,676   28,258 
Diluted 35,676   28,258 
        

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
 
 June 30, 2024  March 31, 2024 
ASSETS       
Current assets:       
Cash and cash equivalents$93,455  $90,522 
Accounts receivable, net 23,529   26,325 
Inventory, net 45,149   41,857 
Prepaid expenses and other current assets 10,424   7,295 
Restricted cash 468   468 
Total current assets 173,025   166,467 
        
Property, plant and equipment, net 10,529   10,861 
Intangibles, net 5,957   6,369 
Right-of-use assets 4,096   2,557 
Goodwill 43,471   43,471 
Restricted cash 1,600   1,290 
Deferred tax assets 1,114   1,119 
Other assets 351   637 
Total assets$240,143  $232,771 
        
LIABILITIES AND STOCKHOLDERS' EQUITY       
        
Current liabilities:       
Accounts payable and accrued expenses$22,309  $24,235 
Lease liability, current portion 862   716 
Debt, current portion 9   25 
Contingent consideration 7,020   3,100 
Deferred revenue, current portion 55,984   50,732 
Total current liabilities 86,184   78,808 
        
Deferred revenue, long term portion 6,929   7,097 
Lease liability, long term portion 3,359   1,968 
Deferred tax liabilities 300   300 
Other liabilities 27   27 
Total liabilities 96,799   88,200 
        
Stockholders' equity:       
Common stock 374   373 
Additional paid-in capital 1,214,320   1,212,913 
Treasury stock (3,765)  (3,639)
Accumulated other comprehensive income 1,597   1,582 
Accumulated deficit (1,069,182)  (1,066,658)
Total stockholders' equity 143,344   144,571 
Total liabilities and stockholders' equity$240,143  $232,771 
        

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
 Three Months Ended June 30, 
 2024  2023 
Cash flows from operating activities:       
        
Net loss$(2,524) $(5,398)
Adjustments to reconcile net loss to net cash provided by (used in) operations:       
Depreciation and amortization 1,008   1,119 
Stock-based compensation expense 1,229   1,357 
Provision for excess and obsolete inventory 503   384 
Amortization of operating lease right-of-use assets 192   195 
Deferred income taxes (2)  (1)
Change in fair value of contingent consideration 3,920   1,350 
Other non-cash items (3)  5 
Changes in operating asset and liability accounts:       
Accounts receivable 2,786   549 
Inventory (3,799)  (6,272)
Prepaid expenses and other assets (3,099)  6,738 
Operating leases (195)  (195)
Accounts payable and accrued expenses (1,734)  (9,394)
Deferred revenue 5,127   7,318 
Net cash provided by (used in) operating activities 3,409   (2,245)
        
Cash flows from investing activities:       
Purchases of property, plant and equipment (265)  (214)
Change in other assets 245   (79)
Net cash used in investing activities (20)  (293)
        
Cash flows from financing activities:       
Repayment of debt (16)  (17)
Employee taxes paid related to net settlement of equity awards (126)   
Net cash used in financing activities (142)  (17)
        
Effect of exchange rate changes on cash (4)  2 
        
Net increase (decrease) in cash, cash equivalents and restricted cash 3,243   (2,553)
Cash, cash equivalents and restricted cash at beginning of period 92,280   25,675 
Cash, cash equivalents and restricted cash at end of period$95,523  $23,122 
        

 

RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME (LOSS)
(In thousands, except per share data)
 
 Three Months Ended June 30, 
 2024  2023 
Net loss$(2,524) $(5,398)
Stock-based compensation 1,229   1,357 
Amortization of acquisition-related intangibles 412   544 
Change in fair value of contingent consideration 3,920   1,350 
Non-GAAP net income (loss)$3,037  $(2,147)
        
Non-GAAP net income (loss) per share - basic$0.09  $(0.08)
Non-GAAP net income (loss) per share - diluted$0.08  $(0.08)
Weighted average shares outstanding - basic 35,676   28,258 
Weighted average shares outstanding - diluted 37,032   28,258 
        

 

Reconciliation of Forecast GAAP Net Loss to Non-GAAP Net Loss
(In millions, except per share data)
 
 Three Months Ending 
 September 30, 2024 
Net loss$(1.7)
Stock-based compensation 1.3 
Amortization of acquisition-related intangibles 0.4 
Non-GAAP net loss$0.0 
Non-GAAP net loss per share$0.0 
Shares outstanding 35.9 
    

Note: Non-GAAP net income (loss) is defined by the Company as net loss before; stock-based compensation; amortization of acquisition-related intangibles; change in fair value of contingent consideration; other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for our non-GAAP metric. The Company believes non-GAAP net income (loss) and non-GAAP net income (loss) per share assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring or other charges that it does not believe are indicative of its core operating performance. Actual GAAP and non-GAAP net loss for the fiscal quarter ending September 30, 2024, including the above adjustments, may differ materially from those forecasted in the table above, including as a result of changes in the fair value of contingent consideration. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measure included in this release, however, should be considered in addition to, and not as a substitute for or superior to, operating income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net loss is set forth in the table above.

AMSC Contacts
Investor Relations Contact:
LHA Investor Relations
Carolyn Capaccio
(212) 838-3777
This email address is being protected from spambots. You need JavaScript enabled to view it.

AMSC Director, Communications:
Nicol Golez
978-399-8344
This email address is being protected from spambots. You need JavaScript enabled to view it.


Plug Into More Green Stock News

Tap into the pulse of emerging green sectors every morning. Top daily headlines from clean energy, cleantech, cannabis, and sustainable transport stocks:

Please review our Disclaimer and Privacy Policy before subscribing. One-click unsubscribe at any time.
UGE International

UGE International develops, owns, and operates commercial and community solar projects in the United States and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers...

CLICK TO LEARN MORE
Hillcrest Energy Technologies

Hillcrest Energy Technologies is a clean technology company developing high value, high performance power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable...

CLICK TO LEARN MORE

COPYRIGHT ©2022 GREEN STOCK NEWS