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 third quarter of fiscal year 2023 ended
December 31, 2023.
Revenues for the third quarter of fiscal 2023
were $39.4 million compared with $23.9 million for the
same period of fiscal 2022. The year-over-year increase
was driven by increased shipments of new energy power
systems and electrical control system shipments, versus the year
ago period.
AMSC’s net loss for the third quarter of fiscal
2023 was $1.6 million, or $0.06 per share, compared
to a net loss of $9.6 million, or $0.34 per share, for
the same period of fiscal 2022. The Company’s non-GAAP net
income for the third quarter of fiscal 2023 was
$0.9 million, or $0.03 per share, compared with a
non-GAAP net loss of $7.7 million, or $0.27 per share, in
the same period of fiscal 2022. Please refer to the financial table
below for a reconciliation of GAAP to non-GAAP results.
Cash, cash equivalents, and restricted cash
on December 31, 2023, totaled $25.0 million, compared with
$24.0 million at September 30, 2023.
"We outperformed expectations during the third
quarter of fiscal 2023 with year-over-year revenue growth of over
60%, reporting non-GAAP net income for a second consecutive quarter
and $1.3 million in operating cash flow. Our team achieved this
thanks to strong customer demand, our pricing initiatives
and a favorable product mix,” said Daniel P. McGahn, Chairman,
President and CEO, AMSC. “We booked over $34 million of new orders
during the quarter including our second 3MW ECS order from
Inox Wind. We ended the quarter with over $137 million in 12-month
backlog, nearly 25% year-over-year growth. Given this backlog
position, strong demand in our end markets, and shortening customer
lead times, we believe we are very well positioned for the fourth
fiscal quarter which will end March 2024. We are proud of these
results, which represent our deliberate diversification into
growing markets, and look forward to delivering year-over-year
revenue growth for fiscal 2023."
Business Outlook
For the fourth quarter ending March 31, 2024,
AMSC expects that its revenues will be in the range of
$36.0 million to $40.0 million. The Company’s net loss
for the fourth quarter of fiscal 2023 is expected not to
exceed $3.5 million, or $0.12 per share. The
Company’s net loss guidance assumes no changes in fair value of
contingent consideration. The Company's non-GAAP net loss (as
defined below) is expected not to exceed $1.7 million, or
$0.06 per share. The Company expects operating cash flow to be
breakeven to a positive cash generation of $2.0 million in the
fourth quarter of fiscal 2023. The Company expects cash, cash
equivalents, and restricted cash on March 31, 2024, to be no
less than $25 million.
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, January 25, 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 8370084.
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 our goals and strategies;
backlog; growing markets for our products; customer lead
times; expectations regarding year over year revenue growth for
fiscal 2023; our expected GAAP and non-GAAP financial results for
the quarter ending March 31, 2024; our expected cash
generation during the quarter ending March 31, 2024; our
expected cash, cash equivalents, and restricted cash balance on
March 31, 2024; functionality, performance and capabilities of our
products, systems and solutions; momentum, 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; 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; Changes in exchange
rates could adversely affect our results of operations; 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; COVID-19 adversely impacted our
business, financial condition and results of operations and other
future pandemics or health crises may have similar impacts; Changes
in U.S. government defense spending could negatively impact our
financial position, results of operations, liquidity and overall
business; 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 relationships; We have not manufactured our Amperium wire
in commercial quantities, and a failure to manufacture our Amperium
wire in commercial quantities at acceptable cost and quality levels
would substantially limit our future revenue and profit potential;
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; 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 may acquire
additional complementary businesses or technologies, which may
require us to incur substantial costs for which we may never
realize the anticipated benefits; 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 operation 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; The increasing focus 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 fuel
sources may reduce the demand for wind energy development, which
could have a material adverse effect on our ability to grow our
Wind business; The increasing focus on environmental sustainability
and social initiatives could increase our costs, and inaction could
harm our reputation and adversely impact our financial results; We
may be unable to adequately prevent disclosure of trade secrets and
other proprietary information; Our patents may not provide
meaningful 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 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; We face risks related to our legal
proceedings; We face risks related to our common stock; 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, 2023, 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 CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share
data)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grid |
|
$ |
33,603 |
|
|
$ |
20,809 |
|
|
$ |
87,854 |
|
|
$ |
66,337 |
|
Wind |
|
|
5,750 |
|
|
|
3,072 |
|
|
|
15,757 |
|
|
|
7,904 |
|
Total revenues |
|
|
39,353 |
|
|
|
23,881 |
|
|
|
103,611 |
|
|
|
74,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
29,369 |
|
|
|
23,364 |
|
|
|
78,759 |
|
|
|
69,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
9,984 |
|
|
|
517 |
|
|
|
24,852 |
|
|
|
4,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
2,199 |
|
|
|
2,083 |
|
|
|
5,693 |
|
|
|
7,076 |
|
Selling, general and administrative |
|
|
7,833 |
|
|
|
7,173 |
|
|
|
23,648 |
|
|
|
22,084 |
|
Amortization of acquisition-related intangibles |
|
|
538 |
|
|
|
690 |
|
|
|
1,614 |
|
|
|
2,058 |
|
Change in fair value of contingent consideration |
|
|
852 |
|
|
|
(220 |
) |
|
|
3,052 |
|
|
|
(340 |
) |
Restructuring |
|
|
— |
|
|
|
- |
|
|
|
(14 |
) |
|
|
- |
|
Total operating expenses |
|
|
11,422 |
|
|
|
9,726 |
|
|
|
33,993 |
|
|
|
30,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(1,438 |
) |
|
|
(9,209 |
) |
|
|
(9,141 |
) |
|
|
(26,170 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
150 |
|
|
|
42 |
|
|
|
518 |
|
|
|
112 |
|
China dissolution |
|
|
- |
|
|
|
— |
|
|
|
- |
|
|
|
(1,921 |
) |
Other expense, net |
|
|
(298 |
) |
|
|
(287 |
) |
|
|
(618 |
) |
|
|
(48 |
) |
Loss before income tax
expense |
|
|
(1,586 |
) |
|
|
(9,454 |
) |
|
|
(9,241 |
) |
|
|
(28,027 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
63 |
|
|
|
127 |
|
|
|
291 |
|
|
|
144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,649 |
) |
|
$ |
(9,581 |
) |
|
$ |
(9,532 |
) |
|
$ |
(28,171 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.06 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.33 |
) |
|
$ |
(1.01 |
) |
Diluted |
|
$ |
(0.06 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.33 |
) |
|
$ |
(1.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
29,092 |
|
|
|
27,954 |
|
|
|
28,728 |
|
|
|
27,794 |
|
Diluted |
|
|
29,092 |
|
|
|
27,954 |
|
|
|
28,728 |
|
|
|
27,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONSOLIDATED BALANCE
SHEETS(In thousands, except per share
data)
|
|
December 31, 2023 |
|
|
March 31, 2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
23,979 |
|
|
$ |
23,360 |
|
Accounts receivable, net |
|
|
24,721 |
|
|
|
30,665 |
|
Inventory, net |
|
|
44,197 |
|
|
|
36,986 |
|
Prepaid expenses and other current assets |
|
|
6,635 |
|
|
|
13,429 |
|
Restricted cash |
|
|
667 |
|
|
|
1,733 |
|
Total current assets |
|
|
100,199 |
|
|
|
106,173 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
11,205 |
|
|
|
12,309 |
|
Intangibles, net |
|
|
6,907 |
|
|
|
8,527 |
|
Right-of-use assets |
|
|
2,401 |
|
|
|
2,857 |
|
Goodwill |
|
|
43,471 |
|
|
|
43,471 |
|
Restricted cash |
|
|
379 |
|
|
|
582 |
|
Deferred tax assets |
|
|
1,141 |
|
|
|
1,114 |
|
Other assets |
|
|
640 |
|
|
|
528 |
|
Total assets |
|
$ |
166,343 |
|
|
$ |
175,561 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
23,002 |
|
|
$ |
38,383 |
|
Lease liability, current portion |
|
|
680 |
|
|
|
808 |
|
Debt, current portion |
|
|
41 |
|
|
|
75 |
|
Contingent consideration |
|
|
1,230 |
|
|
|
1,270 |
|
Deferred revenue, current portion |
|
|
52,598 |
|
|
|
43,572 |
|
Total current liabilities |
|
|
77,551 |
|
|
|
84,108 |
|
|
|
|
|
|
|
|
|
|
Deferred revenue, long term portion |
|
|
7,145 |
|
|
|
7,188 |
|
Lease liability, long term portion |
|
|
1,861 |
|
|
|
2,184 |
|
Deferred tax liabilities |
|
|
235 |
|
|
|
243 |
|
Debt, long-term portion |
|
|
— |
|
|
|
15 |
|
Other liabilities |
|
|
26 |
|
|
|
26 |
|
Total liabilities |
|
|
86,818 |
|
|
|
93,764 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
311 |
|
|
|
299 |
|
Additional paid-in capital |
|
|
1,146,405 |
|
|
|
1,139,113 |
|
Treasury stock |
|
|
(3,639 |
) |
|
|
(3,639 |
) |
Accumulated other comprehensive income |
|
|
1,527 |
|
|
|
1,571 |
|
Accumulated deficit |
|
|
(1,065,079 |
) |
|
|
(1,055,547 |
) |
Total stockholders' equity |
|
|
79,525 |
|
|
|
81,797 |
|
Total liabilities and stockholders' equity |
|
$ |
166,343 |
|
|
$ |
175,561 |
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands)
|
|
Nine Months Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(9,532 |
) |
|
$ |
(28,171 |
) |
Adjustments to reconcile net loss to net cash used in
operations: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,360 |
|
|
|
4,104 |
|
Stock-based compensation expense |
|
|
3,608 |
|
|
|
3,492 |
|
Provision for excess and obsolete inventory |
|
|
1,536 |
|
|
|
1,247 |
|
Deferred income taxes |
|
|
3 |
|
|
|
65 |
|
Change in fair value of contingent consideration |
|
|
3,052 |
|
|
|
(340 |
) |
China dissolution |
|
|
— |
|
|
|
1,921 |
|
Other non-cash items |
|
|
495 |
|
|
|
185 |
|
Unrealized foreign exchange
loss on cash and cash equivalents |
|
|
(1 |
) |
|
|
(3 |
) |
Changes in operating asset and liability accounts: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
5,945 |
|
|
|
2,738 |
|
Inventory |
|
|
(8,737 |
) |
|
|
(16,324 |
) |
Prepaid expenses and other assets |
|
|
7,139 |
|
|
|
(165 |
) |
Accounts payable and accrued expenses |
|
|
(15,859 |
) |
|
|
2,565 |
|
Deferred revenue |
|
|
8,894 |
|
|
|
11,619 |
|
Net cash used in operating activities |
|
|
(97 |
) |
|
|
(17,067 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
|
(635 |
) |
|
|
(970 |
) |
Change in other assets |
|
|
(8 |
) |
|
|
(194 |
) |
Net cash used in investing
activities |
|
|
(643 |
) |
|
|
(1,164 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Repayment of debt |
|
|
(49 |
) |
|
|
(56 |
) |
Proceeds from exercise of employee stock options and ESPP |
|
|
136 |
|
|
|
127 |
|
Net cash provided by financing activities |
|
|
87 |
|
|
|
71 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
|
3 |
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
Net decrease in cash, cash
equivalents and restricted cash |
|
|
(650 |
) |
|
|
(18,135 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
25,675 |
|
|
|
49,486 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
25,025 |
|
|
$ |
31,351 |
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP NET LOSS TO
NON-GAAP NET INCOME (LOSS)(In thousands, except
per share data)
|
|
Three Months Ended December 31, |
|
|
Nine Months Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net loss |
|
$ |
(1,649 |
) |
|
$ |
(9,581 |
) |
|
$ |
(9,532 |
) |
|
$ |
(28,171 |
) |
China dissolution |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,921 |
|
Stock-based compensation |
|
|
1,140 |
|
|
|
1,440 |
|
|
|
3,608 |
|
|
|
3,492 |
|
Amortization of
acquisition-related intangibles |
|
|
538 |
|
|
|
696 |
|
|
|
1,620 |
|
|
|
2,096 |
|
Change in fair value of
contingent consideration |
|
|
852 |
|
|
|
(220 |
) |
|
|
3,052 |
|
|
|
(340 |
) |
Non-GAAP net income
(loss) |
|
$ |
881 |
|
|
$ |
(7,665 |
) |
|
$ |
(1,252 |
) |
|
$ |
(21,002 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per
share - basic |
|
$ |
0.03 |
|
|
$ |
(0.27 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.76 |
) |
Weighted average shares
outstanding - basic |
|
|
29,092 |
|
|
|
27,954 |
|
|
|
28,728 |
|
|
|
27,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Forecast GAAP Net Loss
to Non-GAAP Net Loss(In millions, except per share
data)
|
|
Three Months Ending |
|
|
|
March 31, 2024 |
|
Net loss |
|
$ |
(3.5 |
) |
|
Stock-based compensation |
|
|
1.3 |
|
|
Amortization of
acquisition-related intangibles |
|
|
0.5 |
|
|
Non-GAAP net loss |
|
$ |
(1.7 |
) |
|
Non-GAAP net loss per
share |
|
$ |
(0.06 |
) |
|
Shares outstanding |
|
|
29.3 |
|
|
Note: Non-GAAP net income (loss) is defined by
the Company as net loss before; China dissolution; stock-based
compensation; amortization of acquisition-related intangibles;
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 March 31, 2024, including the above
adjustments, may differ materially from those forecasted in the
table above, including as a result of changes in the fair
value of contingent consideration. 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 ContactsInvestor Relations Contact:LHA
Investor RelationsCarolyn Capaccio(212) 838-3777amscIR@lhai.com
AMSC Senior Communications Manager:Nicol
Golez978-399-8344Nicol.Golez@amsc.com
American Superconductor (NASDAQ:AMSC)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
American Superconductor (NASDAQ:AMSC)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024