AMSC Reports Fourth Quarter and Fiscal Year 2023 Financial Results and Provides Business Outlook

Core Insights - AMSC reported a significant increase in full-year revenues, rising over 37% year-over-year to $145.6 million, driven by higher revenues in both the Grid and Wind segments [3][4] - The company achieved a gross margin expansion of 1,620 basis points compared to the previous year, indicating improved operational efficiency [3] - AMSC generated $2.1 million in operating cash flow, contributing to a stronger balance sheet [1] Financial Performance - For the fourth quarter of fiscal 2023, revenues reached $42.0 million, up from $31.7 million in the same period of fiscal 2022, attributed to strong new energy power system sales and increased Wind segment revenues [2] - The net loss for the fourth quarter was $1.6 million, or $0.05 per share, a significant improvement from a net loss of $6.9 million, or $0.25 per share, in the prior year [2] - For the full fiscal year 2023, AMSC reported a net loss of $11.1 million, or $0.37 per share, compared to a net loss of $35.0 million, or $1.26 per share, in fiscal 2022 [3] Business Outlook - AMSC anticipates first-quarter revenues for fiscal 2024 to be between $38 million and $42 million, with a projected net loss not exceeding $2.2 million, or $0.05 per share [5] - The company expects to maintain cash, cash equivalents, and restricted cash of no less than $91 million by June 30, 2024 [5] Operational Highlights - AMSC's backlog at year-end stood at $140 million, with $39 million in orders booked during the fourth quarter [4] - The company expressed optimism for fiscal year 2024, citing a diverse order book and a strengthened balance sheet as foundations for long-term growth [4]