American Superconductor (AMSC) Q2 2025 earnings summary

Executive summary

• Q2 FY2024 revenue reached a record $54.5 million, up 60% year-over-year, driven by acquisitions (NWL, Megatran) and strong grid and wind segment shipments.

• Net income for the quarter was $4.9 million ($0.13/share), reversing prior year losses, with non-GAAP net income at $10.0 million ($0.27/share), aided by deferred tax benefits from acquisitions.

• Grid segment contributed 86% of revenue, wind 14%; both segments saw significant growth and operating income improvements.

• Ended the quarter with nearly $75 million in cash, a 12-month backlog over $200 million, and total backlog exceeding $300 million.

• Booked nearly $60 million in new orders, with strong contributions from industrials, renewables, and other sectors.

Financial highlights

• Q2 FY2024 revenue: $54.5 million (up from $34 million YoY); six-month revenue: $94.8 million (up 47%).

• Gross margin improved to 29% (28.7%) from 25% YoY, driven by higher revenue, favorable mix, and price increases.

• Non-GAAP net income: $10.0 million ($0.27/share) vs. near break-even YoY.

• GAAP net income: $4.9 million ($0.13/share) vs. net loss of $2.5 million ($0.09/share) YoY.

• Operating cash flow: $12.7–$12.9 million for the quarter; $16.1 million for six months.

Outlook and guidance

• Q3 FY2024 revenue expected between $55–$60 million.

• Q3 GAAP net loss not to exceed $1.03/share ($1M or $0.03/share); non-GAAP net income expected to exceed $2.00 million or $0.05/share.

• Sufficient liquidity projected for at least the next twelve months; minimal capital expenditures expected.

• Management continues to monitor macroeconomic, supply chain, and geopolitical risks.