American Superconductor Corporation (NASDAQ:AMSC) Q1 2020 Earnings Conference Call August 6, 2020 10:00 AM ET Company Participants John Heilshorn - LHA Investor Relations Daniel McGahn - President, Chief Executive Officer and Chairman John Kosiba - Chief Financial Officer and Treasurer Conference Call Participants Philip Shen - ROTH Capital Partners Aaron Spychalla - Craig-Hallum Capital Group Joe Beninati - Oppenheimer & Co. Inc. Operator Good day and welcome to the American Superconductor First Quarter Fi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2020 ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____ to _____. Commission File Number: 0-19672 American Superconductor Corporation (Exact name of registrant as specified in its charter) Delaware 04-2959321 (State or othe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 000-19672 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------ ...

American Superconductor Corp (NASDAQ:AMSC) Q3 2019 Earnings Conference Call February 6, 2020 10:00 AM ET Company Participants John Heilshorn - Lippert/Heilshorn & Associates Daniel McGahn - Chairman, President & CEO John Kosiba - CFO, SVP & Treasurer Conference Call Participants Aaron Spychalla - Craig-Hallum Capital Group Colin Rusch - Oppenheimer Chip Moore - Canaccord Genuity Corp. Abel Ortega - Roth Capital Partners Operator Good day, and welcome to the American Superconductor Third Quarter Fiscal 2019 ...

PART I—FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported a net loss of $11.2 million for the nine months ended Dec 31, 2019, a reversal from the prior year's $35.1 million net income Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2019 | Mar 31, 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $25,481 | $77,483 | | Marketable securities | $35,047 | $0 | | Total current assets | $89,267 | $103,398 | | Total assets | $123,491 | $119,330 | | Total current liabilities | $35,035 | $28,384 | | Total liabilities | $46,303 | $38,137 | | Total stockholders' equity | $77,188 | $81,193 | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Nine Months Ended Dec 31, 2019 | Nine Months Ended Dec 31, 2018 | | :--- | :--- | :--- | | Revenues | $45,697 | $41,618 | | Gross margin | $6,927 | $11,254 | | Operating (loss) income | $(16,974) | $40,366 | | Net (loss) income | $(11,209) | $35,114 | | Diluted (loss) income per share | $(0.75) | $1.71 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Dec 31, 2019 | Nine Months Ended Dec 31, 2018 | | :--- | :--- | :--- | | Net cash (used in)/provided by operating activities | $(17,779) | $47,786 | | Net cash used in investing activities | $(34,888) | $(650) | | Net cash provided by/(used in) financing activities | $5,674 | $(385) | | Net (decrease)/increase in cash, cash equivalents and restricted cash | $(46,963) | $45,959 | [Note 1. Nature of the Business and Operations and Liquidity](index=10&type=section&id=Note%201.%20Nature%20of%20the%20Business%20and%20Operations%20and%20Liquidity) The company faces liquidity challenges with a history of losses, despite management's confidence in its current cash position - The company is a system provider of megawatt-scale power solutions for the power grid and wind power industries, leveraging proprietary materials and software[16](index=16&type=chunk) - As of December 31, 2019, the company had an **accumulated deficit of $972.7 million** and experienced recurring operating losses[18](index=18&type=chunk) - Customer **Inox Wind is delinquent** on its obligation to post letters of credit for forecasted purchases of electrical control systems (ECS), which could impact the company's revenues and liquidity[22](index=22&type=chunk) - Management believes it has **sufficient liquidity to fund operations for the next twelve months**, based on its current cash position and operational plans[24](index=24&type=chunk) [Note 2. Revenue Recognition](index=12&type=section&id=Note%202.%20Revenue%20Recognition) Grid segment revenue grew significantly, offsetting a decline in the Wind segment, with a corresponding geographic shift to the Americas Revenue by Segment (in thousands) | Segment | Nine Months Ended Dec 31, 2019 | Nine Months Ended Dec 31, 2018 | | :--- | :--- | :--- | | Grid | $36,577 | $23,325 | | Wind | $9,120 | $18,293 | | **Total** | **$45,697** | **$41,618** | Revenue by Region (in thousands) | Region | Nine Months Ended Dec 31, 2019 | Nine Months Ended Dec 31, 2018 | | :--- | :--- | :--- | | Americas | $28,712 | $16,401 | | Asia Pacific | $11,518 | $24,066 | | EMEA | $5,468 | $1,151 | | **Total** | **$45,697** | **$41,618** | Customers Representing 10% or More of Total Revenues | Customer | Segment | Q3 2019 | Q3 2018 | 9 Months 2019 | 9 Months 2018 | | :--- | :--- | :--- | :--- | :--- | :--- | | Inox Wind Limited | Wind | <10% | 47% | 11% | 40% | | Dept. of Homeland Security | Grid | 22% | <10% | 12% | <10% | | Vestas | Grid | 25% | <10% | 10% | 15% | - As of December 31, 2019, the company had approximately **$76.2 million in outstanding performance obligations** expected to be recognized as revenue in the next twelve months[40](index=40&type=chunk) [Note 17. Business Segments](index=28&type=section&id=Note%2017.%20Business%20Segments) The Grid segment's revenue grew while its operating loss widened, whereas the Wind segment's revenue and operating income both fell sharply Segment Revenues (in thousands) | Segment | Nine Months Ended Dec 31, 2019 | Nine Months Ended Dec 31, 2018 | | :--- | :--- | :--- | | Grid | $36,577 | $23,325 | | Wind | $9,120 | $18,293 | | **Total** | **$45,697** | **$41,618** | Segment Operating (Loss) Income (in thousands) | Segment | Nine Months Ended Dec 31, 2019 | Nine Months Ended Dec 31, 2018 | | :--- | :--- | :--- | | Grid | $(9,723) | $(8,202) | | Wind | $(6,015) | $51,419 | | Unallocated corporate expenses | $(1,236) | $(2,851) | | **Total** | **$(16,974)** | **$40,366** | Segment Assets (in thousands) | Segment | Dec 31, 2019 | Mar 31, 2019 | | :--- | :--- | :--- | | Grid | $43,638 | $31,075 | | Wind | $11,772 | $8,167 | | Corporate assets | $68,081 | $80,088 | | **Total** | **$123,491** | **$119,330** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Strong Grid segment growth drove a Q3 revenue increase, but lower gross margins and the absence of a prior-year settlement gain led to a net loss [Executive Overview](index=24&type=section&id=Executive%20Overview) The company provides power solutions through its Gridtec™ and Windtec™ units, with recent key events including a major settlement and a new REG project - The company operates through two business units: Grid (Gridtec Solutions™) and Wind (Windtec Solutions™), providing power electronics, control systems, and superconductor-based systems[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) - A settlement with Sinovel in July 2018 resulted in an aggregate **cash payment of $57.5 million** to the company[120](index=120&type=chunk) - The company entered into a subcontract agreement with Commonwealth Edison (ComEd) to manufacture and install its REG system in Chicago, with the project expected to be operational in 2021[122](index=122&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Q3 2019 revenue rose 27% due to a 123% surge in Grid revenues, but gross margin fell to 9% and the company reported a $6.8 million net loss - Grid business unit revenues **increased 123% to $15.2 million** in Q3 2019, primarily driven by growth in D-VAR, SPS, and REG revenue[125](index=125&type=chunk) - Wind business unit revenues **decreased 63% to $2.7 million** in Q3 2019, primarily due to decreased shipments of Electrical Control Systems (ECS) to Inox[126](index=126&type=chunk) - **Gross margin for Q3 2019 was 9%**, down from 26% in the prior-year period, mainly due to increased revenue from cost-share projects with DHS and a less favorable product mix[127](index=127&type=chunk) - The company recorded a **gain of $25.0 million from the Sinovel settlement** in Q3 2018, which was absent in Q3 2019, significantly impacting the year-over-year comparison of operating and net income[130](index=130&type=chunk) [Non-GAAP Financial Measure - Non-GAAP Net Loss](index=27&type=section&id=Non-GAAP%20Financial%20Measure%20-%20Non-GAAP%20Net%20Loss) Excluding special items, the non-GAAP net loss widened to $6.7 million in Q3 2019 from $2.3 million in the prior-year period Reconciliation of GAAP Net (Loss) Income to Non-GAAP Net Loss (in thousands) | Description | Three Months Ended Dec 31, 2019 | Three Months Ended Dec 31, 2018 | | :--- | :--- | :--- | | Net (loss) income (GAAP) | $(6,845) | $17,293 | | Stock-based compensation | $590 | $792 | | (Gain) on Sinovel settlement, net | — | $(24,978) | | Amortization of acquisition-related intangibles | $85 | $85 | | Changes in fair value of warrants | $(556) | $2,475 | | Tax effect of adjustments | — | $2,163 | | **Non-GAAP net loss** | **$(6,726)** | **$(2,297)** | - The **non-GAAP net loss increased to $6.7 million** in Q3 2019 from $2.3 million in Q3 2018, primarily due to a more favorable product mix in the prior year period[145](index=145&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) Total liquidity decreased to $66.3 million, driven by cash used in operations and investing, though management deems it sufficient for the next year Cash, Marketable Securities, and Restricted Cash (in thousands) | Category | Dec 31, 2019 | Mar 31, 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $25,481 | $77,483 | | Marketable securities | $35,047 | $0 | | Restricted cash | $5,754 | $715 | | **Total** | **$66,283** | **$78,198** | - For the nine months ended Dec 31, 2019, **net cash used in operating activities was $17.8 million**, a significant change from the $47.8 million provided by operations in the prior-year period, which included the Sinovel settlement proceeds[149](index=149&type=chunk) - Management believes it has **sufficient liquidity to fund operations** and capital expenditures for the next twelve months but notes this is highly dependent on increasing revenues and controlling costs[153](index=153&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company has indicated that this section is not applicable for the reporting period - This item is marked as 'Not Applicable' in the report[171](index=171&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of Dec 31, 2019, with no material changes to internal controls - The Chief Executive Officer and Chief Financial Officer concluded that as of December 31, 2019, the company's **disclosure controls and procedures were effective** at the reasonable assurance level[171](index=171&type=chunk) - **No changes to internal controls** over financial reporting occurred during the quarter ended December 31, 2019, that have materially affected, or are reasonably likely to materially affect, internal controls[172](index=172&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings for this period - The company reported 'None' for this item[174](index=174&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's most recent Annual Report on Form 10-K - There have been **no material changes to the risk factors** described in the Annual Report on Form 10-K for the fiscal year ended March 31, 2019[174](index=174&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company received $6.1 million from a warrant exercise and repurchased a small number of shares for employee tax withholding purposes - On November 13, 2019, Hudson Bay Capital exercised warrants for 786,000 shares of common stock at an exercise price of $7.81 per share, resulting in **aggregate proceeds of $6.1 million** for the company[175](index=175&type=chunk) - During the three months ended December 31, 2019, the company purchased 7,378 shares tendered by employees for payment of statutory tax withholdings related to stock-based compensation[176](index=176&type=chunk) [Defaults Upon Senior Securities](index=31&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - The company reported 'None' for this item[177](index=177&type=chunk) [Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is marked as 'Not Applicable' in the report[177](index=177&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) The company reported no other information - The company reported 'None' for this item[177](index=177&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including required CEO/CFO certifications and financial data in XBRL format - The report includes CEO and CFO certifications as required by the Sarbanes-Oxley Act[179](index=179&type=chunk) - Financial statements and notes are provided in XBRL format as exhibits[179](index=179&type=chunk)

American Superconductor Corp (NASDAQ:AMSC) Q2 2019 Earnings Conference Call November 6, 2019 10:00 AM ET Company Participants Sanjay Hurry - LHA Investor Relations Daniel McGahn - Chairman, President & CEO John Kosiba - CFO, SVP & Treasurer Conference Call Participants Eric Stine - Craig-Hallum Colin Rusch - Oppenheimer Philip Shen - Roth Capital Partners Operator Good day, and welcome to the American Superconductor Second Quarter Fiscal 2019 Earnings Conference Call. Today's conference is being recorded. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2019 ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____ to _____. Commission File Number: 0-19672 American Superconductor Corporation (Exact name of registrant as specified in its charter) Delaware 04-2959321 (State or ...