Financial Performance - Revenues for Q3 FY24 were $61.4 million, a 56% increase from $39.4 million in Q3 FY23, driven by organic growth and the acquisition of NWL, Inc.[2] - Net income for Q3 FY24 was $2.5 million, or $0.07 per share, compared to a net loss of $1.6 million, or $0.06 per share, in Q3 FY23[3] - Non-GAAP net income for Q3 FY24 was $6.0 million, or $0.16 per share, up from $0.9 million, or $0.03 per share, in the same period last year[3] - Net income for the nine months ended December 31, 2024, was $4,828 thousand, a significant improvement from a net loss of $9,532 thousand in the same period of 2023[16] - Non-GAAP net income for the three months ended December 31, 2024, was $6,047 thousand, compared to $881 thousand in the same period of 2023, indicating a year-over-year increase of 586.5%[17] Cash and Assets - Cash, cash equivalents, and restricted cash totaled $80.0 million as of December 31, 2024, compared to $74.8 million at the end of Q3 FY23[4] - The company reported a cash, cash equivalents, and restricted cash balance of $80,040 thousand at the end of the period, up from $25,025 thousand a year earlier[16] - Total assets increased to $310,278 thousand as of December 31, 2024, compared to $232,771 thousand on March 31, 2024, reflecting a growth of 33.2%[15] - Cash flows from operating activities generated $21,995 thousand for the nine months ended December 31, 2024, compared to a cash outflow of $97 thousand in the same period of 2023[16] Future Projections - AMSC expects Q4 FY24 revenues to be between $59.0 million and $63.0 million, with a projected net loss not exceeding $1.0 million, or $0.03 per share[7] - The company expects a non-GAAP net income of $2,500 thousand for the quarter ending March 31, 2025, with a non-GAAP net income per share of $0.07[18] Operational Highlights - The company generated nearly $6 million in operating cash flow during Q3 FY24[6] - Bookings and backlog during the quarter remained robust, indicating strong future demand[5] - AMSC's Grid segment generated $52.3 million in revenue for Q3 FY24, while the Wind segment contributed $9.1 million[13] - The company reported a gross margin of $16.3 million for Q3 FY24, compared to $10.0 million in the same period last year[13] Expenses and Liabilities - Research and development expenses for Q3 FY24 were $3.0 million, compared to $2.2 million in Q3 FY23[13] - Total current liabilities rose to $104,425 thousand as of December 31, 2024, up from $78,808 thousand on March 31, 2024, representing a 32.5% increase[15] - Stock-based compensation expense for the nine months ended December 31, 2024, was $4,933 thousand, compared to $3,608 thousand in the same period of 2023, reflecting a 36.7% increase[17] Changes in Fair Value - The company reported a change in fair value of contingent consideration of $6,682 thousand for the nine months ended December 31, 2024, compared to $3,052 thousand in the same period of 2023[17]
American Superconductor (AMSC) - 2025 Q3 - Quarterly Results