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AMSC Reports Fourth Quarter and Full Fiscal Year 2020 Financial Results and Provides Business Outlook
Company to host conference call tomorrow, June 3 at 10:00 am ET
Ayer, MA – June 2, 2021 – 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 that protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its fourth quarter and fiscal year ended March 31, 2021 ("fiscal 2020").
Revenues for the fourth quarter of fiscal 2020 were $21.2 million compared with $18.1 million for the same period of fiscal 2019. The year-over-year increase was driven by higher Grid segment revenues.
AMSC’s net loss for the fourth quarter of fiscal 2020 was $7.6 million, or $0.29 per share, compared to net loss of $5.9 million, or $0.27 per share, for the same period of fiscal 2019. The Company’s non-GAAP net loss for the fourth quarter of fiscal 2020 was $5.6 million, or $0.21 per share, compared with a non-GAAP net loss of $5.1 million, or $0.24 per share, in the same period of fiscal 2019. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.
Revenues for the full fiscal year 2020 were $87.1 million as compared to $63.8 million in fiscal year 2019. The increase in revenues was driven by the contribution from the acquisition of NEPSI™ as well as growth in the D-VAR, Volt Var Optimization ("VVO") and SPS product lines. AMSC reported a net loss for the fiscal year 2020 of $22.7 million, or $0.95 per diluted share, compared to net loss of $17.1 million, or $1.03 per diluted share in fiscal year 2019. The Company's non-GAAP net loss for the full year fiscal 2020 was $14.1 million, or $0.59 per share, compared with a non-GAAP net loss of $19.5 million, or $0.93 per share, for fiscal year 2019. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.
Cash, cash equivalents, marketable securities and restricted cash on March 31, 2021 totaled $80.7 million, compared with $66.1 million at March 31, 2020. Cash, cash equivalents, marketable securities and restricted cash on March 31, 2021 do not reflect the impact of the Company’s acquisition of Neeltran, Inc., which occurred subsequent to the end of the period.
“In fiscal 2020, we grew our Grid business by over 40% - our sixth consecutive year of grid growth,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “With the acquisition of NEPSI and more recently, Neeltran, we have diversified our business by geography and by market, expanded our total addressable market for new energy power systems to nearly $3 billion and have accelerated our path toward profitability. I am grateful for our team’s commitment and delivery on a successful fiscal year 2020 and look forward to continue to grow revenue in fiscal year 2021.”
The following information was filed by American Superconductor Corp (AMSC) on Wednesday, June 2, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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