American Superconductor Corporation reported strong financial results for Q1 FY2024 ended June 30, with total revenues increasing 33% to $40.3 million compared to $30.3 million in Q1 FY2023. Grid segment revenues rose 26% to $32.3 million driven by increased new energy power systems shipments, while Wind segment revenues jumped 76% to $8.0 million on higher electrical control system sales. Gross margin improved to 30% from 21% year-over-year.The company narrowed its net loss to $2.5 million from $5.4 million in the prior year period, benefiting from higher revenues and improved margins. Operating expenses increased to $15.5 million from $11.6 million, primarily due to a $3.9 million loss from changes in contingent consideration fair value. The Grid segment generated operating income of $0.9 million compared to a $2.0 million loss last year, while Wind turned profitable with $1.0 million in operating...Show More

American Superconductor Corporation reported strong financial results for Q1 FY2024 ended June 30, with total revenues increasing 33% to $40.3 million compared to $30.3 million in Q1 FY2023. Grid segment revenues rose 26% to $32.3 million driven by increased new energy power systems shipments, while Wind segment revenues jumped 76% to $8.0 million on higher electrical control system sales. Gross margin improved to 30% from 21% year-over-year.The company narrowed its net loss to $2.5 million from $5.4 million in the prior year period, benefiting from higher revenues and improved margins. Operating expenses increased to $15.5 million from $11.6 million, primarily due to a $3.9 million loss from changes in contingent consideration fair value. The Grid segment generated operating income of $0.9 million compared to a $2.0 million loss last year, while Wind turned profitable with $1.0 million in operating income.Post quarter-end, AMSC completed the acquisition of Megatran for $61.4 million, comprising $30 million in cash and 1.3 million shares of common stock. The company maintained a strong liquidity position with cash and restricted cash of $95.5 million as of June 30, 2024, up from $92.3 million at March 31, 2024. Management remains confident in funding operations for the next 12 months despite ongoing macroeconomic challenges.