American Superconductor (AMSC) - 2026 Q2 - Quarterly Results

Financial Performance - Revenues for Q2 FY2025 were $65.9 million, a 20% increase from $54.5 million in Q2 FY2024, driven by organic growth and the acquisition of NWL, Inc.[2] - Net income for Q2 FY2025 was $4.8 million, or $0.11 per share, compared to $4.9 million, or $0.13 per share in Q2 FY2024; non-GAAP net income was $8.9 million, or $0.20 per share, down from $10.0 million, or $0.27 per share in the prior year[3] - AMSC's total revenues for the first six months of FY2025 reached $138.2 million, compared to $94.8 million in the same period of FY2024[13] - Net income for the six months ended September 30, 2025, was $11.5 million, compared to $2.4 million for the same period in 2024, marking a 384.5% increase[16] - Non-GAAP net income for the six months ended September 30, 2025, was $20.4 million, up from $13.2 million in 2024, reflecting a 54.1% increase[17] Profitability - AMSC achieved gross margins greater than 30% in Q2 FY2025, marking a strong performance in profitability[5] - The company has experienced five consecutive quarters of profitability, indicating a positive trend in financial performance[5] - AMSC's operating income for Q2 FY2025 was $3.0 million, a significant improvement from an operating loss of $0.8 million in Q2 FY2024[13] Cash and Assets - Cash, cash equivalents, and restricted cash totaled $218.8 million as of September 30, 2025, significantly up from $85.4 million at March 31, 2025[4] - Total assets increased to $445.6 million as of September 30, 2025, up from $310.5 million on March 31, 2025, representing a 43.4% growth[15] - Cash, cash equivalents, and restricted cash at the end of the period totaled $218.8 million, significantly up from $74.8 million a year earlier, indicating a 192.5% increase[16] Expenses - Research and development expenses for Q2 FY2025 were $3.7 million, up from $2.6 million in Q2 FY2024, reflecting increased investment in innovation[13] - Stock-based compensation expense for the six months ended September 30, 2025, was $8.3 million, compared to $2.1 million in 2024, representing a 299.0% increase[17] Future Projections - For Q3 FY2025, AMSC expects revenues to be between $65.0 million and $70.0 million, with net income projected to exceed $2.0 million, or $0.05 per share[7] - The company anticipates a non-GAAP net income of $6.0 million for the quarter ending December 31, 2025, with a projected non-GAAP net income per share of $0.14[18] Liabilities and Cash Flow - Total current liabilities decreased to $87.8 million as of September 30, 2025, down from $99.8 million on March 31, 2025, a reduction of 12.1%[15] - The company reported a net cash provided by operating activities of $10.6 million for the six months ended September 30, 2025, compared to $16.1 million in 2024, a decrease of 34.1%[16] - The company completed a public equity offering, generating proceeds of $124.6 million, which contributed to the increase in cash reserves[16] Share Information - The weighted average shares outstanding for basic calculations increased to 41.1 million for the six months ended September 30, 2025, compared to 36.3 million in 2024[17] Market Demand - The company reported strong order demand across energy and military markets, supported by domestic manufacturing and reliable power needs[5]