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) has secured an approximately $8 million contract with Textron Systems to develop a pre-production High-Temperature Superconductor (HTS) Magnetic Influence Mine Countermeasure Payload System for the U.S. Navy. This project is part of a larger initiative worth over $20 million, aimed at modernizing the Navy's mine-sweep capabilities onboard the Common Unmanned Surface Vessel (CUSV) platform. The MAGNUSS program, supported by the Office of Naval Research, intends to replace traditional mine-sweep systems. AMSC’s HTS system is designed to enhance fleet safety during mine countermeasure operations, contributing to the advancement of naval technologies.
AMSC reported its financial results for the third quarter of fiscal year 2022, with revenues of $23.9 million, down from $26.8 million in the same quarter last year, primarily due to lower revenues in the Grid segment. The company experienced a net loss of $9.6 million ($0.34 per share), compared to a $4.3 million loss in the previous year. AMSC secured $43 million in total orders and ended the quarter with a backlog exceeding $110 million. For the fourth quarter, AMSC anticipates revenues of $27 million to $30 million and a net loss not to exceed $8.0 million.
AMSC (NASDAQ: AMSC) has announced it will release its third quarter fiscal year 2022 financial results after market close on February 1, 2023. A management conference call will follow on February 2, 2023, at 10:00 a.m. ET to discuss financial results, market trends, and business outlook. The call, accessible via the Company’s website or by phone, will provide investors with insights into AMSC's achievements and market positioning. AMSC specializes in power resiliency solutions and services that enhance grid performance and support Navy fleet operations, contributing to global energy systems.
AMSC (NASDAQ: AMSC) announced $26 million in new energy power systems orders, primarily driven by industrial demand. These orders include harmonic filters and voltage controllers, with most revenue expected in fiscal year 2023. Two-thirds of the orders are for industrial applications such as mining and manufacturing, while a quarter is for renewable projects. The company's focus on sustainability positions it to benefit from growth in renewables and industrial markets. Additionally, AMSC secured its fifth ship protection system contract, highlighting its momentum in the energy sector.
AMSC has secured its fifth Ship Protection System contract with Huntington Ingalls Industries for the San Antonio-Class Amphibious Ship, LPD-32. This contract involves the delivery of a high temperature superconductor (HTS)-based degaussing system, enhancing the ship's operational capabilities by significantly reducing its magnetic signature. The contract underlines AMSC's commitment to advancing naval technology, as the San Antonio-class ships are crucial for amphibious warfare missions. The degaussing system is expected to save between 50% to 80% in weight while improving power efficiency.
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