Q1 2024 American Superconductor Corp Earnings Call Transcript
Key Points
- Total revenue for the first quarter grew by more than 30% compared to the same period last year, reaching $40 million.
- Grid revenue accounted for 80% of total revenue and grew over 25% year-over-year.
- Wind business revenue increased by 75% from the previous year.
- Gross margin for the first quarter was 30%, up from 21% in the year-ago quarter.
- The company ended the first quarter with more than $95 million in cash and generated $3.4 million in operating cash flow.
- Net loss for the first quarter was $2.5 million, or $0.07 per share.
- R&D and SG&A expenses increased to $11.2 million from $9.7 million in the previous year.
- The company's guidance for the second quarter of fiscal 2024 expects a net loss not to exceed $1.7 million.
- The acquisition of NWL. adds complexity and integration risks, despite its potential benefits.
- The company's financial guidance does not include the impact of the recently announced acquisition of NWL., adding uncertainty to future projections.
Good day and welcome to the AMSC. First Quarter Fiscal 2024 financial results participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask a question to ask a question. You may press star, then one on your touchtone phone. To withdraw your question, please press star and then to also please limit yourself to one question and one follow-up. Please note this event is being recorded. I would now like to turn the conference over to Nicole Vélez, Director of Communications at AMSC. Please go ahead.
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Thank you, Dave, and good morning, everyone, and welcome to American Superconductor Corporation's First Quarter of Fiscal Year 2024 earnings conference call. I am the overall Director of Communications. With us on today's call are Mr. Daniel again, Chairman, President and Chief Executive Officer, and Mr. John Kosiba, Senior Vice
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