American Superconductor (AMSC) Q3 2026 earnings summary

Executive summary

• Q3 FY25 revenue grew 21% year-over-year to $74.5 million, driven by organic growth and the Comtrafo acquisition, with nine-month revenue at $212.7 million.

• Achieved sixth consecutive quarter of profitability and tenth consecutive quarter of non-GAAP profitability.

• Net income for Q3 FY25 was $117.8 million ($2.68/share), including a $113.1 million non-cash tax benefit from the release of a valuation allowance on deferred tax assets.

• Major acquisitions included Comtrafo and NWL, expanding the Grid segment and contributing to revenue and net income.

• Cash, cash equivalents, and restricted cash totaled $147.1 million at quarter end, up from $85.4 million at the start of the fiscal year.

Financial highlights

• Q3 FY25 revenue: $74.5 million, up from $61.4 million year-over-year.

• Gross margin reached 31% for the quarter and 32% for the nine months, up from 27% and 28% in the prior year.

• Operating income was $3.4 million for the quarter and $12.0 million for the nine months.

• Non-GAAP net income for Q3 FY25 was $123.5 million ($2.81/share), compared to $6.0 million ($0.16/share) in Q3 FY24.

• Cash and liquidity at quarter-end: $147.1 million, after $88.3 million cash outflow for Comtrafo acquisition.

Outlook and guidance

• Q4 FY25 revenue expected to exceed $80 million.

• Q4 net income expected to exceed $3 million ($0.07/share); non-GAAP net income to exceed $8 million ($0.17/share).

• Management expects sufficient liquidity to fund operations and capital expenditures for at least the next twelve months.

• Outstanding performance obligations to be recognized in the next twelve months total $253.5 million.

• Nine-month revenue nearly matches the prior full fiscal year, indicating strong end-market momentum.