AMSC Reports Strong Q2 FY24 Financial Performance

American Superconductor Corporation ( (AMSC) ) has released its Q2 earnings. Here is a breakdown of the information American Superconductor Corporation presented to its investors.

American Superconductor Corporation, known as AMSC, specializes in providing megawatt-scale power resiliency solutions, focusing on enhancing grid systems and supporting naval fleet capabilities. In its latest earnings report for the second quarter of fiscal year 2024, AMSC reported significant financial improvements, including a net income of nearly $5 million and a substantial 60% revenue increase year-over-year, reaching $54.5 million. This growth was largely driven by the acquisition of NWL, Inc. and increased shipments of power and control systems.

Key financial highlights from AMSC’s second quarter include a remarkable shift from a net loss of $2.5 million in the previous year to a net income of $4.9 million this year. Additionally, the company’s non-GAAP net income soared to $10 million, showcasing strong operational performance. AMSC also reported generating nearly $13 million in operating cash flow during the quarter, although cash reserves decreased to $74.8 million from $95.5 million in the prior quarter.

Looking ahead, AMSC anticipates third-quarter revenues to range between $55 million and $60 million, with an expected net loss not exceeding $1 million. The company’s backlog remains robust, with over $200 million in 12-month commitments and a total backlog exceeding $300 million, indicating a promising outlook for continued growth and execution in enhancing grid resiliency and supporting naval operations.

AMSC remains confident in its strategic initiatives and is poised to capitalize on its strong order book and operational momentum as it progresses through the second half of the fiscal year.