Welcome to our dedicated page for American Superconductor news (Ticker: AMSC), a resource for investors and traders seeking the latest updates and insights on American Superconductor stock.
American Superconductor Corp (AMSC), listed on NASDAQ under the symbol AMSC, is a pioneering system provider renowned for its innovative solutions that address the global demand for smarter, cleaner energy. Established in 1987 and headquartered near Boston, Massachusetts, AMSC operates in key regions including Asia, Australia, Europe, and North America.
AMSC designs and delivers advanced electronic controls and systems for wind turbines through its Windtec® Solutions, helping manufacturers launch turbines efficiently and cost-effectively. Their Gridtec™ Solutions offer specialized engineering planning services and grid systems aimed at enhancing network reliability, efficiency, and performance. AMSC's reach extends to the maritime sector with its Marinetec™ Solutions, providing ship protection systems and developing propulsion and power management solutions to boost fleet efficiency and safety.
The company's groundbreaking solutions power gigawatts of renewable energy worldwide and are instrumental in improving the reliability of power networks across over a dozen countries. AMSC's recent achievements include securing $34 million in new orders for energy power systems and reporting substantial revenue growth across multiple sectors, including renewables and industrial markets. For fiscal year 2023, AMSC demonstrated strong financial performance with a revenue increase exceeding 37% year-over-year, gross margin expansion, and positive operating cash flow.
AMSC's portfolio includes advanced products like D-VAR®, D-VAR VVO®, and NEPSITM that stabilize power grids by providing voltage control, power factor correction, and reactive compensation. These products are crucial for utilities to manage power quality and expand grid capacity, especially with the increasing integration of renewable energy sources.
The company also recently garnered attention with a significant order from Inox Wind Limited for its 3MW class wind turbine electrical control systems, underscoring its pivotal role in the expanding Indian wind market. AMSC's focus on innovative energy solutions positions it favorably to capitalize on emerging opportunities in both existing and new markets.
AMSC remains committed to its mission of delivering smarter, cleaner, and more efficient energy solutions, driving long-term growth and a sustainable future.
AMSC (Nasdaq: AMSC) reported its fourth quarter and fiscal year 2023 financial results. The company saw a significant increase in full-year revenues by 37% to $145.6 million, with a gross margin expansion of 1,620 basis points. For Q4, revenues reached $42 million, up from $31.7 million year-over-year, driven by strong performance in both Grid and Wind segments. Net loss for Q4 narrowed to $1.6 million from $6.9 million in the same period last year, while the non-GAAP net income was $1.9 million compared to a non-GAAP net loss of $7.8 million. For the full fiscal year, the net loss was $11.1 million, improved from $35 million last year. AMSC ended fiscal 2023 with $92.3 million in cash reserves. The company has provided a positive outlook for the first quarter of fiscal 2024, expecting revenues between $38 million and $42 million and a net loss not exceeding $2.2 million.
AMSC (NASDAQ: AMSC), a key provider of megawatt-scale power resiliency solutions, will release its fourth quarter and fiscal year 2023 financial results on May 29, 2024, after the market closes. The announcement includes a conference call scheduled for May 30, 2024, at 10:00 a.m. Eastern Time, where management will discuss recent accomplishments, financial results, and business outlook. Investors can access the live call by dialing provided numbers or visit AMSC's website for a webcast. A replay will be available two hours post-call.
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