On May 29, 2024, American Superconductor Corp (AMSC, Financial) released its 8-K filing detailing the financial results for the fourth quarter and fiscal year ended March 31, 2024. The company, known for its innovative solutions in the energy sector, reported significant improvements in both revenue and profitability.
Company Overview
American Superconductor Corp generates the ideas, technologies, and solutions that meet the world's demand for smarter, cleaner energy. Through its Windtec Solutions, the company enables manufacturers to launch wind turbines quickly, effectively, and profitably. Through its Gridtec Solutions, the company provides engineering planning services and grid systems that optimize network reliability, efficiency, and performance. The company's segments include Grid and Wind, with the Grid segment generating the maximum revenue.
Q4 and FY 2023 Financial Performance
For the fourth quarter of fiscal 2023, AMSC reported revenues of $42.0 million, a notable increase from $31.7 million in the same period of fiscal 2022. This growth was driven by higher revenues in both the Grid and Wind segments. The Grid segment saw strong new energy power system sales, while the Wind segment benefited from 3MW ECS shipments.
AMSC's net loss for Q4 2023 was $1.6 million, or $0.05 per share, a significant improvement from the net loss of $6.9 million, or $0.25 per share, in Q4 2022. On a non-GAAP basis, the company reported net income of $1.9 million, or $0.06 per share, compared to a non-GAAP net loss of $7.8 million, or $0.28 per share, in the same period last year.
For the full fiscal year 2023, AMSC achieved revenues of $145.6 million, up from $106.0 million in fiscal 2022. The company 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 the previous year. On a non-GAAP basis, AMSC reported net income of $0.6 million, or $0.02 per share, compared to a non-GAAP net loss of $28.8 million, or $1.03 per share, in fiscal 2022.
Key Financial Metrics
| Metric | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Revenue | $42.0M | $31.7M | $145.6M | $106.0M |
| Net Loss | $(1.6)M | $(6.9)M | $(11.1)M | $(35.0)M |
| Non-GAAP Net Income (Loss) | $1.9M | $(7.8)M | $0.6M | $(28.8)M |
| EPS | $(0.05) | $(0.25) | $(0.37) | $(1.26) |
| Non-GAAP EPS | $0.06 | $(0.28) | $0.02 | $(1.03) |
Balance Sheet and Cash Flow
As of March 31, 2024, AMSC reported cash, cash equivalents, and restricted cash totaling $92.3 million, a substantial increase from $25.7 million at the end of fiscal 2022. This improvement was primarily due to positive operating cash flow of $2.1 million and proceeds from a public equity offering.
Management Commentary
"Our fourth quarter results exceeded our forecast by nearly every measure, with growth in both our Grid and Wind segments and a third consecutive quarter of non-GAAP net income. During the fourth quarter, we booked $39 million in orders, and our backlog at year-end stood at $140 million," said Daniel P. McGahn, Chairman, President, and CEO of AMSC. "We believe our company’s diverse orders bookings, strengthened balance sheet, and operational success in fiscal 2023 has laid the groundwork for AMSC’s long-term growth trajectory."
Business Outlook
For the first quarter ending June 30, 2024, AMSC expects revenues to be in the range of $38 million to $42 million. The company anticipates a net loss not exceeding $2.2 million, or $0.05 per share, and a non-GAAP net loss not exceeding $0.5 million, or $0.01 per share. Operating cash flow is expected to range from break-even to positive $2 million, with cash, cash equivalents, and restricted cash projected to be no less than $91 million by the end of Q1 2024.
For more detailed financial information, please refer to the 8-K filing.
Explore the complete 8-K earnings release (here) from American Superconductor Corp for further details.
