American Superconductor Corp (AMSC) Reports 23% Revenue Increase in Q2 Fiscal Year 2023
AMSC reports a 23% year-over-year increase in revenues to $34 million in Q2 of fiscal year 2023.
The company achieved non-GAAP net income and generated $0.9 million of operating cash flow.
AMSC's net loss for Q2 of fiscal 2023 was $2.5 million, a significant improvement from a net loss of $9.9 million in the same period of fiscal 2022.
The company expects its revenues for the third quarter ending December 31, 2023, to be in the range of $33 million to $36 million.
On November 1, 2023, American Superconductor Corp (NASDAQ:AMSC) released its financial results for the second quarter of fiscal year 2023. The company reported a 23% year-over-year increase in revenues to $34 million, primarily driven by higher new energy power systems and ship protection systems revenues, as well as additional electrical control system shipments.
Financial Highlights
AMSC's net loss for the second quarter of fiscal 2023 was $2.5 million, or $0.09 per share, compared to a net loss of $9.9 million, or $0.35 per share, for the same period of fiscal 2022. The company's non-GAAP net income for the second quarter of fiscal 2023 was less than $0.1 million, or $0.00 per share, compared with a non-GAAP net loss of $6.5 million, or $0.23 per share, in the same period of fiscal 2022.
Cash, cash equivalents, and restricted cash on September 30, 2023, totaled $24.0 million, compared with $23.1 million at June 30, 2023.
Company Outlook
For the third quarter ending December 31, 2023, AMSC expects that its revenues will be in the range of $33 million to $36 million. The company's net loss for the third quarter of fiscal 2023 is expected not to exceed $4.3 million, or $0.15 per share. The company expects operating cash flow to be breakeven to a positive cash generation of $2.0 million in the third quarter of fiscal 2023.
CEO Commentary
Second quarter results exceeded our outlook. I believe we are ahead of schedule. Strong demand from the markets we serve drove higher revenue, improved margins, and a favorable product mix. Consequently, these developments helped to generate positive operating cash flow of nearly $1 million in the second quarter. For the first time since 2010 we are reporting non-GAAP net income," said Daniel P. McGahn, Chairman, President and CEO, AMSC.
Financial Tables
The company's unaudited consolidated statements of operations show a total revenue of $34,004 thousand for the three months ended September 30, 2023, compared to $27,680 thousand for the same period in 2022. The net loss for the same period in 2023 was $2,485 thousand, a significant improvement from a net loss of $9,881 thousand in 2022.
The unaudited consolidated balance sheets show that as of September 30, 2023, the company had total assets of $171,327 thousand, compared to $175,561 thousand as of March 31, 2023. The total liabilities and stockholders' equity as of September 30, 2023, were also $171,327 thousand.
The unaudited consolidated statements of cash flows show a net decrease in cash, cash equivalents, and restricted cash of $1,695 thousand for the six months ended September 30, 2023, compared to a decrease of $12,132 thousand for the same period in 2022.
The reconciliation of GAAP net loss to non-GAAP net income (loss) shows a non-GAAP net income of $14 thousand for the three months ended September 30, 2023, compared to a non-GAAP net loss of $6,542 thousand for the same period in 2022.
Explore the complete 8-K earnings release (here) from American Superconductor Corp for further details.
This article first appeared on GuruFocus.
