American Superconductor Corporation · Q4 2023 earnings

Briefing

American Superconductor Corporation reported fourth quarter revenues of $42.0 million, up 32% year over year, and non-GAAP net income of $1.9 million.

AMSC delivered Q4 revenues of $42.0 million driven by growth in both Grid and Wind segments. The company achieved non-GAAP net income of $1.9 million for the quarter and generated positive operating cash flow for the full year. Backlog stood at $140 million at fiscal year end.

• Q4 revenues reached $42.0 million, a 32% increase year over year, with Grid at $34.2 million and Wind at $7.8 million.
• Non-GAAP net income was $1.9 million ($0.06 per share) versus a non-GAAP net loss of $7.8 million in the prior-year quarter.
• Full-year revenues grew 37% to $145.6 million with gross margin expansion of 1,620 basis points.
• Ended fiscal 2023 with $92.3 million in cash, cash equivalents and restricted cash and $140 million in backlog.

Headline financials

Revenue & EPS history

For Q1 FY2024 ending June 30, 2024, AMSC expects revenues of $38-42 million, GAAP net loss not to exceed $2.2 million ($0.05 per share), non-GAAP net loss not to exceed $0.5 million ($0.01 per share), and operating cash flow of break-even to positive $2 million.