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American Superconductor (AMSC) - 2025 Q1 - Quarterly Results

Financial Performance and Outlook This section details AMSC's recent financial results and future projections, highlighting revenue growth and cash flow improvements First Quarter Fiscal Year 2024 Financial Results AMSC reported strong Q1 FY2024 results with 33% revenue growth, reduced GAAP net loss, and positive operating cash flow Q1 FY2024 Key Financial Metrics ($ millions) | Metric | Q1 FY2024 | Q1 FY2023 | Change | | :--- | :--- | :--- | :--- | | Revenues | $40.3 | $30.3 | +33.0% | | GAAP Net Loss | ($2.5) | ($5.4) | Improved | | GAAP EPS | ($0.07) | ($0.19) | Improved | | Non-GAAP Net Income (Loss) | $3.0 | ($2.1) | Improved | | Non-GAAP EPS | $0.09 | ($0.08) | Improved | - The company generated $3.4 million of operating cash flow in Q1 FY2024, a significant improvement from the cash used in the prior-year period1 - Booked over $127 million in new orders during the quarter, including a first-of-its-kind Ship Protection System contract with an allied navy and a third 3MW ECS order from Inox Wind3 Backlog and Cash Position ($ millions) | Metric | As of June 30, 2024 | | :--- | :--- | | 12-Month Backlog | $160 | | Total Backlog | $250 | | Cash, Cash Equivalents, and Restricted Cash | $95.5 | Business Outlook for Second Quarter Fiscal Year 2024 AMSC projects Q2 FY2024 revenues between $38-42 million, with GAAP net loss not exceeding $1.7 million and positive operating cash flow Q2 FY2024 Guidance ($ millions) | Metric | Guidance Range | | :--- | :--- | | Revenues | $38.0 - $42.0 | | GAAP Net Loss | Not to exceed ($1.7) | | GAAP EPS | Not to exceed ($0.05) | | Non-GAAP Net Loss | At least breakeven | | Operating Cash Flow | $0 - $2.0 | - The provided financial guidance for Q2 FY2024 does not incorporate the impact of the recently announced acquisition of NWL4 Financial Statements This section presents AMSC's unaudited consolidated financial statements, including operations, balance sheet, and cash flows Unaudited Condensed Consolidated Statements of Operations Total revenues increased to $40.3 million, gross margin improved, and net loss significantly narrowed for Q1 FY2024 Condensed Consolidated Statements of Operations (In thousands) | Line Item | Q1 FY2024 ($ thousands) | Q1 FY2023 ($ thousands) | | :--- | :--- | :--- | | Total Revenues | $40,290 | $30,254 | | Grid Revenues | $32,336 | $25,737 | | Wind Revenues | $7,954 | $4,517 | | Gross Margin | $12,225 | $6,282 | | Total Operating Expenses | $15,516 | $11,615 | | Operating Loss | ($3,291) | ($5,333) | | Net Loss | ($2,524) | ($5,398) | | Net Loss Per Share (Basic & Diluted) | ($0.07) | ($0.19) | Unaudited Condensed Consolidated Balance Sheets Total assets increased to $240.1 million, driven by higher cash and inventory, while liabilities also rose Condensed Consolidated Balance Sheet Highlights (In thousands) | Account | June 30, 2024 ($ thousands) | March 31, 2024 ($ thousands) | | :--- | :--- | :--- | | Total Current Assets | $173,025 | $166,467 | | Cash and cash equivalents | $93,455 | $90,522 | | Inventory, net | $45,149 | $41,857 | | Total Assets | $240,143 | $232,771 | | Total Current Liabilities | $86,184 | $78,808 | | Deferred revenue, current portion | $55,984 | $50,732 | | Total Liabilities | $96,799 | $88,200 | | Total Stockholders' Equity | $143,344 | $144,571 | Unaudited Condensed Consolidated Statements of Cash Flows Operating activities generated $3.4 million in cash, a significant improvement, ending the quarter with $95.5 million cash Condensed Consolidated Statements of Cash Flows (In thousands) | Cash Flow Activity | Three Months Ended June 30, 2024 ($ thousands) | Three Months Ended June 30, 2023 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $3,409 | ($2,245) | | Net cash used in investing activities | ($20) | ($293) | | Net cash used in financing activities | ($142) | ($17) | | Net increase (decrease) in cash | $3,243 | ($2,553) | | Cash, cash equivalents and restricted cash at end of period | $95,523 | $23,122 | Reconciliation of GAAP to Non-GAAP Financial Measures This section reconciles GAAP net loss to non-GAAP net income, adjusting for non-cash items to show core performance Q1 GAAP to Non-GAAP Reconciliation (In thousands) | Line Item | Q1 FY2024 ($ thousands) | Q1 FY2023 ($ thousands) | | :--- | :--- | :--- | | Net loss (GAAP) | ($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 | ($2,147) | Q2 Forecast GAAP to Non-GAAP Reconciliation (In millions) | Line Item | Q2 FY2024 Forecast ($ millions) | | :--- | :--- | | Net loss (GAAP) | ($1.7) | | Stock-based compensation | $1.3 | | Amortization of acquisition-related intangibles | $0.4 | | Non-GAAP net loss | $0.0 | Other Information This section provides an overview of AMSC's business segments and important forward-looking statement disclaimers About AMSC AMSC provides energy efficiency and reliability solutions through its Gridtec, Marinetec, and Windtec segments - AMSC's business is structured around three key solution areas: - Gridtec™ Solutions: Engineering services and advanced systems to optimize power network reliability and performance - Marinetec™ Solutions: Ship protection, propulsion, and power management systems for naval fleets - Windtec® Solutions: Electronic controls, systems, and engineering services for wind turbines6 Forward-Looking Statements This legal disclaimer cautions that forward-looking statements are subject to significant risks detailed in SEC filings - The press release includes forward-looking statements concerning financial results, backlog, and business momentum, which are subject to inherent uncertainties8 - A comprehensive list of risk factors that could cause actual results to differ materially is provided, referencing the company's Form 10-K and other SEC filings. Key risks include a history of losses, supply chain vulnerabilities, competition, and dependence on government spending89