AMSC Reports Second Quarter Fiscal Year 2024 Financial Results and Provides Business Outlook
AMSC reported strong financial results for Q2 FY2024, with revenue increasing 60% year-over-year to $54.5 million. The company achieved a net income of $4.9 million ($0.13 per share), compared to a net loss of $2.5 million in Q2 FY2023. The growth was primarily driven by the NWL acquisition and increased shipments of new energy power systems. AMSC booked nearly $60 million in new orders and ended the quarter with over $200 million in 12-month backlog. For Q3 FY2024, AMSC expects revenues between $55-60 million with a projected net loss not exceeding $1.0 million.
AMSC ha riportato risultati finanziari solidi per il secondo trimestre dell'anno fiscale 2024, con un incremento del fatturato del 60% rispetto all'anno precedente, raggiungendo 54,5 milioni di dollari. L'azienda ha registrato un utile netto di 4,9 milioni di dollari (0,13 dollari per azione), rispetto a una perdita netta di 2,5 milioni di dollari nel secondo trimestre dell'anno fiscale 2023. La crescita è stata principalmente sostenuta dall'acquisizione di NWL e dall'aumento delle spedizioni di nuovi sistemi di energia. AMSC ha registrato quasi 60 milioni di dollari in nuovi ordini e ha chiuso il trimestre con oltre 200 milioni di dollari di backlog a 12 mesi. Per il terzo trimestre dell'anno fiscale 2024, AMSC prevede ricavi tra 55 e 60 milioni di dollari con una perdita netta prevista non superiore a 1,0 milione di dollari.
AMSC reportó resultados financieros sólidos para el segundo trimestre del año fiscal 2024, con un incremento en los ingresos del 60% en comparación con el año anterior, alcanzando 54,5 millones de dólares. La compañía logró un ingreso neto de 4,9 millones de dólares (0,13 dólares por acción), en comparación con una pérdida neta de 2,5 millones de dólares en el segundo trimestre del año fiscal 2023. El crecimiento fue impulsado principalmente por la adquisición de NWL y un aumento en los envíos de nuevos sistemas de energía. AMSC registró casi 60 millones de dólares en nuevos pedidos y finalizó el trimestre con más de 200 millones de dólares en backlog de 12 meses. Para el tercer trimestre del año fiscal 2024, AMSC espera ingresos entre 55 y 60 millones de dólares con una pérdida neta proyectada que no exceda 1,0 millón de dólares.
AMSC는 2024 회계연도 2분기 동안 강력한 재무 성과를 보고했으며, 매출이 전년 대비 60% 증가하여 5,450만 달러에 달했습니다. 이 회사는 순이익 490만 달러 (주당 0.13달러)를 기록했으며, 2023 회계연도 2분기의 순손실 250만 달러와 비교됩니다. 성장은 주로 NWL 인수와 새로운 에너지 파워 시스템의 출하 증가에 의해 이끌어졌습니다. AMSC는 거의 6,000만 달러의 신규 주문을 기록했으며, 12개월 누적 잔고가 2억 달러를 초과하는 분기로 마감했습니다. AMSC는 2024 회계연도 3분기 동안 매출이 5,500만에서 6,000만 달러 사이에 이를 것으로 예상하며, 예상되는 순손실은 100만 달러를 초과하지 않을 것으로 보입니다.
AMSC a annoncé de solides résultats financiers pour le deuxième trimestre de l'exercice 2024, avec un chiffre d'affaires en hausse de 60 % d'une année sur l'autre, atteignant 54,5 millions de dollars. La société a réalisé un bénéfice net de 4,9 millions de dollars (0,13 dollar par action), contre une perte nette de 2,5 millions de dollars au cours du deuxième trimestre de l'exercice 2023. Cette croissance a été principalement tirée par l' et l'augmentation des expéditions de nouveaux systèmes d'énergie. AMSC a enregistré près de 60 millions de dollars de nouvelles commandes et a terminé le trimestre avec plus de 200 millions de dollars de carnet de commandes sur 12 mois. Pour le troisième trimestre de l'exercice 2024, AMSC prévoit des revenus compris entre 55 et 60 millions de dollars, avec une perte nette projetée ne dépassant pas 1,0 million de dollars.
AMSC berichtete von starken Finanzergebnissen für das 2. Quartal des Geschäftsjahres 2024, mit einem Umsatzanstieg von 60 % im Vergleich zum Vorjahr auf 54,5 Millionen Dollar. Das Unternehmen erzielte einen Nettogewinn von 4,9 Millionen Dollar (0,13 Dollar pro Aktie), im Vergleich zu einem Nettoverlust von 2,5 Millionen Dollar im 2. Quartal des Geschäftsjahres 2023. Das Wachstum wurde hauptsächlich durch die NWL-Akquisition und steigende Lieferungen neuer Energiesysteme vorangetrieben. AMSC verbuchte fast 60 Millionen Dollar an neuen Aufträgen und schloss das Quartal mit einem Auftragsbestand von über 200 Millionen Dollar für 12 Monate ab. Für das 3. Quartal des Geschäftsjahres 2024 erwartet AMSC Umsätze von 55 bis 60 Millionen Dollar bei einem prognostizierten Nettoverlust von nicht mehr als 1,0 Millionen Dollar.
- 60% year-over-year revenue growth to $54.5 million
- Net income of $4.9 million vs previous year's loss of $2.5 million
- Generated $13 million in operating cash flow
- Secured $60 million in new orders
- Strong backlog of over $200 million for next 12 months
- Projected net loss up to $1.0 million for Q3 FY2024
- Cash position decreased from $95.5M to $74.8M quarter-over-quarter
Insights
AMSC delivered exceptional Q2 FY2024 results with significant growth metrics. Revenue surged
The robust order book of
The power grid infrastructure sector shows promising growth potential and AMSC's strategic positioning in megawatt-scale power resiliency solutions is paying off. The stronger-than-expected new energy power systems orders demonstrate increasing market demand for grid modernization solutions. The NWL acquisition has immediately contributed to revenue growth, validating the company's expansion strategy.
The
Financial Highlights:
- Reported Second Quarter Net Income of Nearly
$5 Million - Generated Nearly
$13 Million of Operating Cash Flow During the Quarter - Increased Revenue by
60% Year Over Year to Above$54 Million
Company to host conference call tomorrow, October 31, at 10:00 am ET
AYER, Mass., Oct. 30, 2024 (GLOBE NEWSWIRE) -- AMSC (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its second quarter of fiscal year 2024 ended September 30, 2024. The second quarter results include results from NWL, Inc. beginning as of the acquisition date, August 1, 2024.
Revenues for the second quarter of fiscal 2024 were
AMSC’s net income for the second quarter of fiscal 2024 was
Cash, cash equivalents, and restricted cash on September 30, 2024, totaled
"AMSC delivered fiscal second quarter net income of nearly
Business Outlook
For the third quarter ending December 31, 2024, AMSC expects that its revenues will be in the range of
Conference Call Reminder
In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Thursday, October 31, 2024, to discuss the Company’s financial results and business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call. A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 5836897.
About AMSC (Nasdaq: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec® Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.
AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marinetec, Windtec, Neeltran, NEPSI, Smarter, Cleaner … Better Energy, and Orchestrate the Rhythm and Harmony of Power on the Grid are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Any statements in this release regarding execution of our goals and strategies; backlog; expectations regarding the second half of fiscal 2024; our expected GAAP and non-GAAP financial results for the quarter ending December 31, 2024; and other statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management's current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: We have a history of operating losses, which may continue in the future. Our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; We have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; Our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; Changes in exchange rates could adversely affect our results of operations; We may be required to issue performance bonds or provide letters of credit, which restricts our ability to access any cash used as collateral for the bonds or letters of credit; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may not realize all of the sales expected from our backlog of orders and contracts; Our contracts with the U.S. government are subject to audit, modification or termination by the U.S. government and include certain other provisions in favor of the government. The continued funding of such contracts remains subject to annual congressional appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; Pandemics, epidemics or other public health crises may adversely impact our business, financial condition and results of operations; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Uncertainty surrounding our prospects and financial condition may have an adverse effect on our customer and supplier relationship; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; A significant portion of our Wind segment revenues are derived from a single customer. If this customer’s business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; Our business and operations would be adversely impacted in the event of a failure or security breach of our or any critical third parties' information technology infrastructure and networks; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; If we fail to implement our business strategy successfully, our financial performance could be harmed; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We have had limited success marketing and selling our superconductor products and system-level solutions, and our failure to more broadly market and sell our products and solutions could lower our revenue and cash flow; We or third parties on whom we depend may be adversely affected by natural disasters, including events resulting from climate change, and our business continuity and disaster recovery plans may not adequately protect us or our value chain from such events; Adverse changes in domestic and global economic conditions could adversely affect our operating results; Our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; Our products face competition, which could limit our ability to acquire or retain customers; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in India’s political, social, regulatory and economic environment may affect our financial performance; Our success depends upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our products may not develop; Industry consolidation could result in more powerful competitors and fewer customers; Increasing focus and scrutiny on environmental sustainability and social initiatives could increase our costs, and inaction could harm our reputation and adversely impact our financial results; Growth of the wind energy market depends largely on the availability and size of government subsidies, economic incentives and legislative programs designed to support the growth of wind energy: Lower prices for other energy sources may reduce the demand for wind energy development, which could have a material adverse effect on our ability to grow our Wind business; We may be unable to adequately prevent disclosure of trade secrets and other proprietary information; Our patents may not provide meaningful or long-term protection for our technology, which could result in us losing some or all of our market position; There are a number of technological challenges that must be successfully addressed before our superconductor products can gain widespread commercial acceptance, and our inability to address such technological challenges could adversely affect our ability to acquire customers for our products; Third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; Our common stock has experienced, and may continue to experience, market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; Unfavorable results of legal proceedings could have a material adverse effect on our business, operating results and financial condition; and the other important factors discussed under the caption "Risk Factors" in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2024, and our other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues | ||||||||||||||||
Grid | $ | 46,936 | $ | 28,515 | $ | 79,272 | $ | 54,251 | ||||||||
Wind | 7,535 | 5,489 | 15,489 | 10,007 | ||||||||||||
Total revenues | 54,471 | 34,004 | 94,761 | 64,258 | ||||||||||||
Cost of revenues | 38,858 | 25,418 | 66,923 | 49,390 | ||||||||||||
Gross margin | 15,613 | 8,586 | 27,838 | 14,868 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 2,646 | 1,641 | 4,931 | 3,493 | ||||||||||||
Selling, general and administrative | 10,525 | 7,946 | 19,423 | 15,815 | ||||||||||||
Amortization of acquisition-related intangibles | 433 | 538 | 845 | 1,076 | ||||||||||||
Change in fair value of contingent consideration | 2,762 | 850 | 6,682 | 2,200 | ||||||||||||
Restructuring | — | (20 | ) | — | (14 | ) | ||||||||||
Total operating expenses | 16,366 | 10,955 | 31,881 | 22,570 | ||||||||||||
Operating loss | (753 | ) | (2,369 | ) | (4,043 | ) | (7,702 | ) | ||||||||
Interest income, net | 979 | 194 | 2,099 | 368 | ||||||||||||
Other expense, net | (329 | ) | (204 | ) | (489 | ) | (321 | ) | ||||||||
Loss before income tax expense (benefit) | (103 | ) | (2,379 | ) | (2,433 | ) | (7,655 | ) | ||||||||
Income tax (benefit) expense | (4,990 | ) | 106 | (4,796 | ) | 228 | ||||||||||
Net income (loss) | $ | 4,887 | $ | (2,485 | ) | $ | 2,363 | $ | (7,883 | ) | ||||||
Net income (loss) per common share | ||||||||||||||||
Basic | $ | 0.13 | $ | (0.09 | ) | $ | 0.07 | $ | (0.28 | ) | ||||||
Diluted | $ | 0.13 | $ | (0.09 | ) | $ | 0.06 | $ | (0.28 | ) | ||||||
Weighted average number of common shares outstanding | ||||||||||||||||
Basic | 36,952 | 28,828 | 36,317 | 28,545 | ||||||||||||
Diluted | 37,499 | 28,828 | 36,951 | 28,545 |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) | ||||||||
September 30, 2024 | March 31, 2024 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 72,131 | $ | 90,522 | ||||
Accounts receivable, net | 40,059 | 26,325 | ||||||
Inventory, net | 70,880 | 41,857 | ||||||
Prepaid expenses and other current assets | 10,806 | 7,295 | ||||||
Restricted cash | 1,201 | 468 | ||||||
Total current assets | 195,077 | 166,467 | ||||||
Property, plant and equipment, net | 38,765 | 10,861 | ||||||
Intangibles, net | 7,329 | 6,369 | ||||||
Right-of-use assets | 3,744 | 2,557 | ||||||
Goodwill | 48,950 | 43,471 | ||||||
Restricted cash | 1,454 | 1,290 | ||||||
Deferred tax assets | 1,201 | 1,119 | ||||||
Equity-method investments | 1,245 | — | ||||||
Other assets | 683 | 637 | ||||||
Total assets | $ | 298,448 | $ | 232,771 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 25,158 | $ | 24,235 | ||||
Lease liability, current portion | 555 | 716 | ||||||
Debt, current portion | — | 25 | ||||||
Contingent consideration | — | 3,100 | ||||||
Deferred tax liabilities, current portion | 16 | — | ||||||
Deferred revenue, current portion | 69,356 | 50,732 | ||||||
Total current liabilities | 95,085 | 78,808 | ||||||
Deferred revenue, long term portion | 11,915 | 7,097 | ||||||
Lease liability, long term portion | 2,814 | 1,968 | ||||||
Deferred tax liabilities | 1,591 | 300 | ||||||
Other liabilities | 28 | 27 | ||||||
Total liabilities | 111,433 | 88,200 | ||||||
Stockholders' equity: | ||||||||
Common stock | 398 | 373 | ||||||
Additional paid-in capital | 1,253,168 | 1,212,913 | ||||||
Treasury stock | (3,765 | ) | (3,639 | ) | ||||
Accumulated other comprehensive income | 1,509 | 1,582 | ||||||
Accumulated deficit | (1,064,295 | ) | (1,066,658 | ) | ||||
Total stockholders' equity | 187,015 | 144,571 | ||||||
Total liabilities and stockholders' equity | $ | 298,448 | $ | 232,771 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | ||||||||
Six Months Ended September 30, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 2,363 | $ | (7,883 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | ||||||||
Depreciation and amortization | 2,395 | 2,234 | ||||||
Stock-based compensation expense | 2,072 | 2,468 | ||||||
Provision for excess and obsolete inventory | 780 | 1,070 | ||||||
Amortization of operating lease right-of-use assets | 546 | 122 | ||||||
Deferred income taxes | (5,165 | ) | — | |||||
Change in fair value of contingent consideration | 6,682 | 2,200 | ||||||
Other non-cash items | (15 | ) | 273 | |||||
Changes in operating asset and liability accounts: | ||||||||
Accounts receivable | 2,538 | 3,152 | ||||||
Inventory | (6,672 | ) | (11,935 | ) | ||||
Prepaid expenses and other assets | (2,082 | ) | 8,015 | |||||
Operating leases | (1,048 | ) | (123 | ) | ||||
Accounts payable and accrued expenses | (4,455 | ) | (9,399 | ) | ||||
Deferred revenue | 18,182 | 8,458 | ||||||
Net cash provided by (used in) operating activities | 16,121 | (1,348 | ) | |||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (852 | ) | (430 | ) | ||||
Cash paid to settle contingent consideration liabilities | (3,278 | ) | — | |||||
Cash paid for acquisition, net of cash acquired | (29,577 | ) | — | |||||
Change in other assets | 218 | (10 | ) | |||||
Net cash used in investing activities | (33,489 | ) | (440 | ) | ||||
Cash flows from financing activities: | ||||||||
Repurchase of treasury stock | (126 | ) | — | |||||
Repayment of debt | (25 | ) | (33 | ) | ||||
Cash paid related to registration of common stock shares | (148 | ) | — | |||||
Proceeds from exercise of employee stock options and ESPP | 157 | 136 | ||||||
Net cash (used in) provided by financing activities | (142 | ) | 103 | |||||
Effect of exchange rate changes on cash | 16 | (10 | ) | |||||
Net decrease in cash, cash equivalents and restricted cash | (17,494 | ) | (1,695 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 92,280 | 25,675 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 74,786 | $ | 23,980 |
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS) (In thousands, except per share data) | ||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net income (loss) | $ | 4,887 | $ | (2,485 | ) | $ | 2,363 | $ | (7,883 | ) | ||||||
Stock-based compensation | 843 | 1,111 | 2,072 | 2,468 | ||||||||||||
Acquisition costs | 850 | — | 1,080 | — | ||||||||||||
Amortization of acquisition-related intangibles | 608 | 538 | 1,020 | 1,082 | ||||||||||||
Change in fair value of contingent consideration | 2,762 | 850 | 6,682 | 2,200 | ||||||||||||
Non-GAAP net income (loss) | $ | 9,950 | $ | 14 | $ | 13,217 | $ | (2,133 | ) | |||||||
Non-GAAP net income (loss) per share - basic | $ | 0.27 | $ | - | $ | 0.36 | $ | (0.07 | ) | |||||||
Non-GAAP net income (loss) per share - diluted | $ | 0.27 | $ | - | $ | 0.36 | $ | (0.07 | ) | |||||||
Weighted average shares outstanding - basic | 36,952 | 28,828 | 36,317 | 28,545 | ||||||||||||
Weighted average shares outstanding - diluted | 37,499 | 28,828 | 36,951 | 28,545 |
Reconciliation of Forecast GAAP Net Loss to Non-GAAP Net Income (In millions, except per share data) | ||||
Three Months Ending | ||||
December 31, 2024 | ||||
Net loss | $ | (1.0 | ) | |
Stock-based compensation | 2.3 | |||
Amortization of acquisition-related intangibles | 0.7 | |||
Non-GAAP net income | $ | 2.0 | ||
Non-GAAP net income per share | $ | 0.05 | ||
Shares outstanding | 38.5 |
Note: Non-GAAP net income (loss) is defined by the Company as net loss before; stock-based compensation; amortization of acquisition-related intangibles; acquisition costs; change in fair value of contingent consideration, other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for our non-GAAP metric. The Company believes non-GAAP net income (loss) and non-GAAP net income (loss) per share assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring or other charges that it does not believe are indicative of its core operating performance. Actual GAAP and non-GAAP net loss for the fiscal quarter ending December 31, 2024, including the above adjustments, may differ materially from those forecasted in the table above. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measure included in this release, however, should be considered in addition to, and not as a substitute for or superior to, operating income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net loss is set forth in the table above.
AMSC Contacts
Investor Relations Contact:
LHA Investor Relations
Carolyn Capaccio
(212) 838-3777
amscIR@lhai.com
Public Relations Contact:
RooneyPartners
Joe Luongo
(914) 906-5903
AMSC Director, Communications:
Nicol Golez
978-399-8344
Nicol.Golez@amsc.com
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