美國
證券交易委員會
華盛頓特區20549
表格
| | 根據1934年證券交易法第13或15(d)條款的季度報告 |
截至本季度末
| | 根據1934年證券交易法第13或15(d)條款的過渡報告 |
過渡期從_____至_____.
委託文件編號：001-39866
美國超導
(根據其章程規定的註冊人準確名稱)
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| （國家或其他管轄區的 公司成立或組織） | （IRS僱主 唯一識別號碼） |
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| ，（主要行政辦公地址） | (郵政編碼) |
(
(註冊人電話號碼，包括區號)
無數據
（前名稱、地址及財政年度，如果自上次報告以來有更改）
在法案第12(b)條的規定下注冊的證券：
| 每一類的名稱 | 交易標誌 | 在其上註冊的交易所的名稱 |
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請勾選以下內容。申報人是否（1）在過去12個月內（或申報人需要報告這些報告的時間較短的期間內）已提交證券交易法規定的第13或15（d）條要求提交的所有報告；以及（2）過去90天內已被要求提交此類報告。
請勾選以下選項確認您是否已在過去12個月（或爲期更短的申報期），根據規則405所述的《S-T條例》（本章第232.405條）提交了所有電子數據文件。
在證券交易所法規120億.2條中，「大型加速提交者」、「加速提交者」、「較小的報告公司」和「新興成長企業」的定義中，用勾選框標識註冊者是否屬於上述各類。
| 大型加速檔案 ☐ | |
| 非加速縮短期限 ☐ | 較小的報告公司 |
|
| 新興成長公司 |
如果是新興成長型公司，在選中複選標記的同時，如果公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則，則表明該公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則。☐
請勾選以下內容。申報人是否是外殼公司（根據證券交易法規則12b-2定義）。 是
發行人普通股的股份
| 普通股，每股面值0.01美元 |
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| 傑出如 截至2024年10月25日 |
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美國超導公司
未經審計的簡明合併資產負債表
（以千爲單位）
| 2024年9月30日 | 酒精飲料銷售 $ 32,907 45.5％ $ 30,136 42.1％ $ 66,223 | |||||||
| 資產 | ||||||||
| 流動資產： | ||||||||
| 現金及現金等價物 | $ | $ | ||||||
| 2,687,823 | ||||||||
| 114,467 | ||||||||
| 預付費用和其他流動資產 | ||||||||
| 受限現金 | ||||||||
| 總流動資產 | ||||||||
| 物業、廠房和設備，淨值 | ||||||||
| 無形資產，淨額 | ||||||||
| 租賃資產 | ||||||||
| 商譽 | ||||||||
| 受限現金 | ||||||||
| 遞延所得稅資產 | ||||||||
| 權益法投資 | ||||||||
| 其他 | ||||||||
| 總資產 | $ | $ | ||||||
| 負債和股東權益 | ||||||||
| 流動負債: | ||||||||
| 應付賬款及應計費用 | $ | $ | ||||||
| 租賃負債，流動部分 | ||||||||
| 債務，短期部分 | ||||||||
| 或有事項考慮 | ||||||||
| 遞延稅債務，流動部分 | ||||||||
| 遞延收入，當期部分 | ||||||||
| 流動負債合計 | ||||||||
| 長期遞延收益 | ||||||||
| 租賃負債的長期部分 | ||||||||
| 遞延稅債務，長期部分 | ||||||||
| 其他負債 | ||||||||
| 負債合計 | ||||||||
| 合同和事項的承諾（注18）。 | ||||||||
| 股東權益: | ||||||||
|
| ||||||||
| 額外實收資本 | ||||||||
| 自家保管的股票 | ( | ) | ( | ) | ||||
| 累計其他綜合收益 | ||||||||
| 累積赤字 | ( | ) | ( | ) | ||||
| 股東權益合計 | ||||||||
| 負債和股東權益合計 | $ | $ | ||||||
隨附說明是未經審計的簡明合併財務報表不可缺少的一部分
美國超導公司
未審核彙總損益表
（以千爲單位，除每股數據外）
| 三個月已結束 |
六個月已結束 |
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| 九月三十日 |
九月三十日 |
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| 2024 |
2023 |
2024 |
2023 |
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| 收入 |
$ | $ | $ | $ | ||||||||||||
| 收入成本 |
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| 毛利率 |
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| 運營費用： |
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| 研究和開發 |
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| 銷售、一般和管理 |
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| 收購相關無形資產的攤銷 |
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| 或有對價公允價值的變化 |
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| 重組 |
( |
) | ( |
) | ||||||||||||
| 運營費用總額 |
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| 營業虧損 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| 淨利息收入 |
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| 其他費用，淨額 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| 所得稅支出前的虧損（福利） |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| 所得稅（福利）支出 |
( |
) | ( |
) | ||||||||||||
| 淨收益（虧損） |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
| 普通股每股淨收益（虧損） |
||||||||||||||||
| 基本 |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
| 稀釋 |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
| 已發行普通股的加權平均數 |
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| 基本 |
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| 稀釋 |
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附註是未經審計的簡明合併財務報表的一部分。
美國超導公司
未經審計的綜合損益簡明合併報表
（以千爲單位）
| 三個月已結束 |
六個月已結束 |
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| 九月三十日 |
九月三十日 |
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| 2024 |
2023 |
2024 |
2023 |
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| 淨收益（虧損） |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
| 扣除稅款後的其他綜合（虧損）收益： |
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| 外幣折算（虧損）收益 |
( |
) | ( |
) | ||||||||||||
| 扣除稅款的其他綜合（虧損）收益總額 |
( |
) | ( |
) | ||||||||||||
| 綜合收益（虧損） |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
附註是未經審計的簡明合併財務報表的一部分。
美國超導公司
未經審計的股東權益簡明合併報表
截至三個月和六個月結束時2024年9月30日 AND 2023
（以千爲單位）
| 普通股 |
額外的 |
其他積累 |
總費用 |
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| 普通股數量 |
票面價值 |
實收資本 |
庫存股 |
綜合收益（損失） |
累計赤字 |
股東權益 |
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| 2024年3月31日結存餘額 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | ||||||||||||||||||
| 發行普通股-受限股份 |
( |
) | ||||||||||||||||||||||||||
| 股票補償費用 |
— | — | — | — | — | |||||||||||||||||||||||
| 發行普通股進行401(k)匹配 |
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| 回購庫存股 |
— | ( |
) | ( |
) | |||||||||||||||||||||||
| 累計轉換調整 |
— | — | — | — | — | |||||||||||||||||||||||
| 淨虧損 |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
| 2024年6月30日餘額 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | ||||||||||||||||||
| 普通股發行-ESPP |
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| 普通股發行-限制股份 |
( |
) | ||||||||||||||||||||||||||
| 股票補償費用 |
— | |||||||||||||||||||||||||||
| 發行普通股進行401(k)匹配 |
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| 普通股發行-大宇收購，扣除發行費用 |
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| 發行普通股以償付待定對價 |
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| 累計轉換調整 |
— | ( |
) | ( |
) | |||||||||||||||||||||||
| 淨收入 |
— | |||||||||||||||||||||||||||
| 2024年9月30日的餘額 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | ||||||||||||||||||
| 普通股 |
額外的 |
其他積累 | 總費用 |
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| 普通股數量 | 票面價值 | 實收資本 | 庫存股 | 綜合收益（損失） | 累計赤字 | 股東權益 | ||||||||||||||||||||||
| 2023年3月31日的餘額 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | ||||||||||||||||||
| 發行普通股-受限股份 |
( |
) | ||||||||||||||||||||||||||
| 股票補償費用 |
— | — | — | — | — | |||||||||||||||||||||||
| 發行普通股進行401(k)匹配 |
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| 累計轉換調整 |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
| 淨虧損 |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
| 2023年6月30日的餘額 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | ||||||||||||||||||
| 發行普通股 – 員工股票購買計劃（ESPP） |
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| 發行普通股-受限股份 |
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| 股票補償費用 |
— | |||||||||||||||||||||||||||
| 發行普通股進行401(k)匹配 |
||||||||||||||||||||||||||||
| 累計轉換調整 |
— | |||||||||||||||||||||||||||
| 淨虧損 |
— | ( |
) | ( |
) | |||||||||||||||||||||||
| 2023年9月30日結餘 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | ||||||||||||||||||
附註是未經審計的簡明合併財務報表的組成部分。
美國超導公司
未經審計的簡明合併現金流量表
（以千爲單位）
| 截至9月30日的六個月 |
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| 2024 |
2023 |
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| 經營活動現金流量： |
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$ | $ | ( |
) | ||||
| 淨利潤（虧損）與經營活動提供的現金（使用的現金）之間的調整： |
||||||||
| 折舊和攤銷 |
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| 股票補償費用 |
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| 超額和過時庫存條款 |
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| 運營租賃權利資產攤銷 |
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| 延遲所得稅 |
( |
) | ||||||
| 應計可變對價公允價值變動 |
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| 其他非現金項目 |
( |
) | ||||||
| 營運資產和負債科目的變化： |
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| 應收賬款 |
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| 庫存 |
( |
) | ( |
) | ||||
| 預付款項和其他資產 |
( |
) | ||||||
| 經營租賃 |
( |
) | ( |
) | ||||
| 應付賬款及應計費用 |
( |
) | ( |
) | ||||
| 遞延收入 |
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| 經營活動產生的淨現金流量 |
( |
) | ||||||
| 投資活動現金流量： |
||||||||
| 購買固定資產 |
( |
) | ( |
) | ||||
| 用現金支付以解決Megatran待決考慮責任 |
( |
) | ||||||
| 用於Megatran收購的現金支付，扣除已收到的現金 |
( |
) | ||||||
| 其他資產的變化 |
( |
) | ||||||
| 投資活動產生的淨現金流出 |
( |
) | ( |
) | ||||
| 籌集資金的現金流量： |
||||||||
| 回購庫存股 |
( |
) | ||||||
| 償還債務 |
( |
) | ( |
) | ||||
| 與註冊普通股股份相關的現金支付 |
( |
) | ||||||
| 員工期權和ESPP行權所得 |
||||||||
| 籌資活動的淨現金流量(使用)/提供的淨現金流量 |
( |
) | ||||||
| 匯率變動對現金的影響 |
( |
) | ||||||
| 現金、現金等價物和受限制現金淨減少額 |
( |
) | ( |
) | ||||
| 期初現金、現金等價物及受限制的現金餘額 |
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| 期末現金、現金等價物及受限制的現金餘額 |
$ | $ | ||||||
| 補充現金流量信息表： |
||||||||
| 支付的所得稅款，淨額 |
$ | $ | ||||||
| 非現金投融資活動 |
||||||||
| 與購買Megatran相關的普通股發行 |
$ | $ | ||||||
| 發行普通股以償還有條件的代償 |
$ | $ | ||||||
| 以新租賃義務獲得的使用權資產 |
$ | $ | ||||||
| 發行普通股以償還40.1萬美元的應付賬款 |
$ | $ | ||||||
附註是未經審計的簡明合併財務報表的一部分。
美國超導公司
未經審計的縮編合併財務報表附註
1. 業務性質、經營及流動性
業務性質和經營
美國超導公司（連同其附屬公司「AMSC®」或「公司」）於1987年4月成立。 4月9, 1987. 該公司是以兆瓦級別的電力韌性解決方案爲提供方的領先系統提供商，使電網的節奏和和諧得以編排，並保護和擴大海軍艦隊的能力。該公司的系統級產品利用其專有的「智能材料」和「智能軟件和控制」提供了增強的韌性和提高兆瓦級電力流的性能。
本公司的未經審計的簡明合併財務報表按照美國通用會計準則（「GAAP」）和證券交易委員會（「SEC」）向Form 10-Q的指示編制，並採用作爲連續經營基礎進行報告。連續經營基礎的報告假定該公司將繼續經營並能夠在正常業務過程中實現其資產並履行其負債和承諾。根據這些指示，某些通常在按照GAAP編制的簡明合併財務報表中包括的信息和腳註披露被省略掉了或未披露。年末的資產負債表數據源自於已審計的財務報表，但未包括GAAP規定的所有披露。在管理層的意見下，未經審計的簡明合併財務報表反映了所有調整（包括正常經常性調整）的必要性，以公正地說明截至 沒有 的中期賬期結果，並反映了 2014年9月30日上的Volcom2023 時的財務狀況；但這些結果並不能預知全年的情況。中期的簡明合併財務報表及其附註應與截至 2014年9月30日一起閱讀，並應以截至 沒有 合併財務報表中記錄的非控股權益代表Hemlock Semiconductor Group（「HSG」）和其他少數股東合併子公司的股東所持有的金額。 爲了管理信用風險，管理層對客戶的財務狀況進行持續的信用評估，監測付款績效，並評估當前經濟情況，以及合理和支持未來經濟情況的預測，以及可能出現的其他情況。的整個年度審計的簡明合併財務報表爲基礎。3月31日2024年 10-k的年度報告中包含的與此期間未經審計的簡明合併財務報表及其附註有關的注意事項。 3月31日2024香港的辦公空間租賃和公用事業收費 5月29日 2024.
流動性
該公司在歷史上屢次經歷了營運虧損，並且截至目前 2014年9月30日截至。公司累計虧損$。
在2019年12月， 2024年1月， 年3 三 年 3月15日（“第一表單S-3”第一份S-表單3 允許公司根據市場情況及其未來的資本需求，不時發行可轉換成普通股、債務證券、認股證或其中任何一種證券組成的單位，最高募集金額爲所述公司普通股、債務證券、認股證或其中任何一種證券的總價值1億美元。
2024年6月4日，Realty Income公司（以下簡稱「公司」）發佈了一份新聞稿，公佈了截至2024年12月31日更新的收益和投資成交量預測。新聞稿的副本作爲Exhibit 99.1附在此，作爲本報告的一部分。此報告的Exhibit 99.1作爲第7.01項目，根據8-K表格的規定提供，不視爲1934年證券交易法第18條的「報告文件」，無論此後公司做出的任何註冊文件，也不管任何這類文件的一般包含語言，都不作爲參考依據。 2024年 "2024年發行"意味着公司與美國證券交易委員會提交的註冊聲明中涉及本次公開發行。 "2024 代表公司普通股發行的6,210,000股
2024年6月4日，Realty Income公司（以下簡稱「公司」）發佈了一份新聞稿，公佈了截至2024年12月31日更新的收益和投資成交量預測。新聞稿的副本作爲Exhibit 99.1附在此，作爲本報告的一部分。此報告的Exhibit 99.1作爲第7.01項目，根據8-K表格的規定提供，不視爲1934年證券交易法第18條的「報告文件」，無論此後公司做出的任何註冊文件，也不管任何這類文件的一般包含語言，都不作爲參考依據。 2024年8月1, 2024 （"收購日期"），公司與上述售股股東簽訂了一份股票購買協議（「股票購買協議」）。根據股票購買協議的條款，並與簽訂該協議同時，公司收購了Megatran Industries, Inc.（"Megatran"）的全部已發行和流通股份（"收購"），總成交價款爲$
在2019年12月， 2024年8月， 公司已在Form S-上提交了自動生效的上架註冊聲明。3 否 2025年8月1日。 2027年8月12日（“第二份Form S-3”）第二表格S-3 允許公司隨時以未指明金額的普通股、債務證券、認股權證或包括這些證券任意組合的單位進行發行和銷售，並允許某些持股股東隨時發行和出售普通股。第二表格S-3 旨在幫助持股股東轉售其普通股，併爲公司提供靈活性，根據市場條件進行其證券的註冊銷售，以滿足其未來資本需求。根據第二表格S-的未來任何發行條件3 2024年1月31日，公司與Oppenheimer＆Co. Inc.簽訂了一份承銷協議，作爲所命名的多名承銷商的代表，涉及發行和出售公司普通股（"「2024年發行」）621萬股，公開發行價格爲每股$ 25.75。扣除承銷折扣和佣金以及發行費用，公司的淨收益約爲151.1百萬美元。發行在2024年2月14日結束。
最近一段時間，公司在其供應鏈中經歷了通貨膨脹壓力和一些延遲獲取所需材料的情況，導致一些生產中斷，這兩者都增加了公司的營收成本並降低了毛利率。儘管通貨膨脹的影響具有挑戰性，但公司已經採取措施限制這種壓力，包括調整其產品和服務的定價。由各種原因引起的宏觀經濟條件變化，例如俄烏和以色列哈馬斯之間持續的戰爭、通貨膨脹、利率期貨上升、勞動力供應、採購、材料延遲和全球供應鏈中斷，都可能對公司的業務、財務狀況和運營結果產生重大不利影響。
根據公司的季度管理評估以及上述信息，公司相信其能夠在發行的未審計的彙總財務報表後的接下來的months個月內爲其業務和資本支出提供足夠的流動性。 個月 在不考慮公司的流動資金需求時，這項業務只需爲其確定的時期提供資金即可。 六個月份結束時 2014年9月30日全球貨幣不穩定和武裝衝突可能會影響公司融資市場籌集更多的資金，從而對公司的流動性產生負面影響。 爲了管理信用風險，管理層對客戶的財務狀況進行持續的信用評估，監測付款績效，並評估當前經濟情況，以及合理和支持未來經濟情況的預測，以及可能出現的其他情況。公司的流動性高度依賴於其增加營收的能力、控制運營成本的能力以及在必要時提高資本的能力。 否 公司沒有保證其將能夠繼續提高資本、僅從其他來源籌集資金或執行改善流動性的任何其他措施。
2. 收購
收購Megatran公司。
注1, 在收購日期時，公司收購了Megatran發行的所有已發行股份並未出售的股票。Megatran的全資子公司NWL，Inc.（「NWL」）是一家總部位於美國的全球工程電源轉換解決方案提供商，爲苛刻的工業和軍工-半導體應用提供服務。
根據股票購買協議，公司收購了Megatran公司全部已發行並流通的股票，總代價爲$
收購根據ASC中的購買會計方法進行了會計覈算 805, 商業組合公司按照收購日的預計公允價值將購買價格分配給收購的資產和負債。公司支付的購買價格超出收購的淨資產的預計公允價值部分已記爲商譽。
總購買價款約爲$
| 現金支付 | $ |
| 發行公司1,297,600股普通股 | $ |
在收購日期，除$61350000購買價款外，公司還支付了其他款項。
下表摘要了與收購有關的購買價款分配，該分配基於所收購資產和承擔負債的預估公允價值，以及相關的透過收購產生的递延所得税（以百萬計）。
| 現金及現金等價物 | $ | |||
| 股權法下之投資 | ||||
| 預付費用及其他流動資產 | ||||
| 應收帳款 | ||||
| 存貨 | ||||
| 資產、設備和器材 | ||||
| 應付帳款和應計費用 | ( | ) | ||
| 逐步認列的收入 | ( | ) | ||
| 递延所得税负债 | ( | ) | ||
| 淨有形資產/(負債) | ||||
| 備料量 | ||||
| 客戶關係 | ||||
| 淨可辨識無形資產 | ||||
| 商譽 | ||||
| 總購買代價 | $ |
所取得的金融資產的公允價值包括公允價值為$的應收款項。
庫存包含一項 $ 美元的調整。
對億元的積壓金額進行評估，使用了收入法下的多期超額收益法。
這1百萬美元的客戶關係，涉及目前合同中的客戶，是根據收入法的多期期餘收益方法來確定的。
商譽代表了與收購的員工和預期與公司合併相關的協同效應相關的價值。 兩個 收購所產生的商譽已分配給公司的Grid業務部門。 商譽在收購中承認。 不 可在稅務上扣除的商譽。 這筆購買價格分配是暫定的，並且已 不 作為對已收購資產和負債，主要是與稅務相關的責任進行分析後，已最終確定。 可能 需要進一步調整我們的購買會計，可能導致一個測量期調整，影響公司截至 2024年8月1日 如果以上總結的初步分配發生任何重大變化，將在相關不確定性解決後報告，但要晚於 無 2025年8月1日 和未來 中國元
未經審計的合併營運結果
未經審計的基於假設的綜合營運簡明綜合財務報表，三 和 六 2024年6月30日 2024年9月30日 和 2023 假設收購發生於 2024年4月1日。 及 2023, 分別如下：
| 截至9月30日的三個月 | 截至9月30日止六個月, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| 營業收入淨額 | $ | $ | $ | $ | ||||||||||||
| 營業利益（損失） | ( | ) | ( | ) | ( | ) | ||||||||||
| 凈利潤（損失） | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
| 每普通股凈利潤（淨損失） | ||||||||||||||||
| 基礎 | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
| 稀釋 | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
| 基本股份 | ||||||||||||||||
| 稀釋後股份 | ||||||||||||||||
Pro forma金額包括公司和Megatran的歷史營運結果，須進行適當調整，以反映併購相關成本、所得稅、併購後因取得產生的無形資產攤銷，以及公司特定符合的會計政策。Pro forma金額為 不 通常是對應相關期間初進行的合併和相關交易完成時將發生的營運結果的指標。此外，Pro forma金額是 不 未來期間的營運結果表示。
In the unaudited consolidated results for the 三 和 六 2024年6月30日 September 30, 2024, Megatran’s operations are included in the Company’s consolidated results from the date of Acquisition of August 1, 2024. Megatran為公司貢獻了多少營業收入？
3. 營業收入認列
公司在其網狀部門的營業收入主要通過促進電力的傳輸和分配、提供計劃服務以幫助其識別電力網的需求和風險，以及為美國海軍開發船舶保護系統而取得。公司在其風能部門的營業收入主要通過供應先進的電力電子和控制系統、許可其精密設計的風力渦輪機型，以及為風力渦輪機製造商提供廣泛的客戶支援服務而取得。公司根據一個步驟模型記錄營業收入，符合會計準則(“ASC”)。 五在客戶合同方面，公司確定履行義務，確定交易價格，將合同交易價格分配給履行義務，並在貨物或服務的控制權轉移給客戶時（或當）承認營業收入。對於 606. 在其客戶合同中，公司確定履行義務，確定交易價格，將合同交易價格分配給履行義務，並在將商品或服務的控制權轉移給客戶時（或當）承認營業收入。對於三 和 六 2024年6月30日 2024年9月30日,
在公司的設備和系統產品線中，與客戶的每份合同都歸納了賣給客戶的每一項產品，通常代表著獨立的履約義務。合同的交易價格根據各自的獨立銷售價格進行分配，通常使用成本加預期利潤率的方法來確定，並在履約義務滿足時或之後作為營業收入確認。公司的大部分產品銷售將控制權轉移給客戶，符合合同交貨條款，並在標題和風險轉移給客戶的時候記錄營業收入，這主要是在交貨時，因為公司已確定這是控制轉移給客戶的時機。
在公司的服務與科技發展產品板塊中，有幾種不同類型的交易，每一筆交易都始於與客戶簽訂的合同，概括了銷售給客戶的每個產品，通常代表獨特的履行義務。科技發展交易主要涉及活動，其具有替代用途，並可預期合約期間內獲利。在這些情況下，收入將隨時間確認，但在整個合約期間無法確保獲利的情況下，則收入將在特定時間點確認。每個合同的交易價格將根據各自的單獨銷售價格進行分配，這些價格主要使用成本加預期利潤的方法確定。持續的服務交易是為提供好處於同時提供服務的合同，當公司履行其義務時，同時為客戶提供好處，因此這些收入將在合同有效期間內成比例確認。這些合同上的交易價格是基於調整後的市場方法進行分配的，這些方法將每年重新評估以確保合理性。現場服務交易包括交貨和完成客戶要求的服務的合同，直到工作完成和/或要求的貨物交付完成為止，因此所有這些收入將在控制權轉移時確認，並根據標準價格清單推動的調整後的市場方法進行分配。版稅交易與公司的設備和系統產品板塊中交易的某些合同條款相關，其基於合同中指定的活動。這些協議的交易價格是根據合同中指定的調整後的市場方法計算的。公司在產生銷售時對基於用量的版稅報告版稅收入。在無法預估帳款回收的情況下，無並且為在整個合約期間內確認獲利的情況時，收入將在一定時間點確認。每個合同的交易價格將根據各自的單獨履行義務的分配，使用主要通過成本加上預期利潤的途徑確定的各自獨立銷售價格進行分配。進行中的服務交易是為提供給客戶同時公司履行其義務時的好處的服務合同而訂立的，因此這些收入將在合同有效期內持續按比例確認。這些合同上的交易價格是基於調整的市場方法進行分配的，這將每年重新評估以保證合理性。現場服務交易包括根據客戶要求提供貨物和完成服務的合同，不直到工作完成和/或交付要求的商品為止，因此所有這些收入將在控制權轉移時確認，並根據標準價格清單推動的調整後的市場方法進行分配。版稅交易涉及公司的設備和系統產品板塊中的特定合同條款，這些合同條款根據合同中指定的活動來進行。這些協定的交易價格是根據合同中指定的調整後的市場方法計算的。公司報告基於銷售所發生的使用費率版稅收入。在債務收回形成困難時，不當有確信且有合同存在時，營業收入會被確認。不按ASC，應存在合同。606,營業收入直到收到大部分應收款並不存在進一步履行義務時被推遲。無所有剩餘的履行義務。
公司的服務合同可以包括來自客戶的訂單，用於特定商品，其中每個項目都是在貨物控制轉移給客戶的時間點上滿足的獨立履行義務。這種轉移基於合同交貨條件或所要求的服務工作已完成時發生。這些商品的交易價格是根據調整後的市場方法進行分配，考慮到相似情況下的類似交易。服務合同還源於持續的維護合同和擴展型服務型保固合同。在這些交易中，公司承諾在指定期限內提供持續服務。由於客戶在提供服務時正在消耗效益，因此收入會按比例分段地隨時間認列。
公司的政策是 不 接受折扣、產品退貨或回扣以及在其合同中提供津貼借貸。如果與這些條款之一簽訂了合約，則將對其進行評估以確定變量收入，並在相關產品收入記錄的同一期間將其估計並記錄為收入的減少。
公司為所有產品銷售提供保證型保修，通常有效期為 天從發票日期計算，被視為商業合理。 年，可另行購買延長服務型保修，有效期最長可延伸至 年。公司根據歷史保修經驗以及已知或預期的保修風險變化，在銷售時應當提列預估保修成本。對於所有延長服務型保固，公司將在服務有效期間均量承認收入。
公司記錄營業收入時扣除銷售稅、增值稅、消費稅和其他與產生收入活動同時收取的稅款。公司已選擇在控制已售出產品轉移給客戶並承認收入時才確認運輸成本和運輸費用。公司已選擇在達成合同的增量成本發生時將其列為費用，除非在攤銷期限會超過 的合同中。 12年 截至當前日期，公司資本化的增量合同成本為 2024年9月30日以及 2024年3月31日 不 材料。公司已選擇 不 調整了承諾的考慮金額，以適應重要融資組成要素的影響，如果融資期限為 12年 個月或更短。 公司已選擇根據在發票上的便利措施來確認營業收入，如果有來自客戶的考慮權，其金額與公司的表現價值直接對應。
公司與客戶的合約通常包括延長的付款條款。 不 以合同期間分期支付里程碑款項的方式進行。 可能 付款條款根據合同類型和客戶類型而異，一般區間為從交貨後的幾天。 天從發票日期計算，被視為商業合理。 天的付款期限。
以下表格按產品線和出貨地點（按千元）將公司的營業收入細分：
| 2024年9月30日結束的三個月 | 截至2024年9月30日的六個月 | |||||||||||||||
| 產品線： | 網格 | 風力 | 網格 | 風力 | ||||||||||||
| 設備和系統 | $ | $ | $ | $ | ||||||||||||
| 服務和科技發展 | ||||||||||||||||
| 總計 | $ | $ | $ | $ | ||||||||||||
| 地域板塊： | ||||||||||||||||
| 美洲 | $ | $ | $ | $ | ||||||||||||
| 亞洲太平洋區 | ||||||||||||||||
| 歐洲、中東和非洲 | ||||||||||||||||
| 總計 | $ | $ | $ | $ | ||||||||||||
| 截至二零二三年九月三十日止三個月 | 截至二零二三年九月三十日止六個月 | |||||||||||||||
| 產品線: | 網格 | 風 | 網格 | 風 | ||||||||||||
| 設備和系統 | $ | $ | $ | $ | ||||||||||||
| 服務與技術開發 | ||||||||||||||||
| 總計 | $ | $ | $ | $ | ||||||||||||
| 地區: | ||||||||||||||||
| 美洲 | $ | $ | $ | $ | ||||||||||||
| 亞太地區 | ||||||||||||||||
| EMEA | ||||||||||||||||
| 總計 | $ | $ | $ | $ | ||||||||||||
截至 二零二四年九月三十日和 2023，本公司的合約資產及負債主要與客戶收到的現金與履行履行責任後收入記錄時間之間的時間差異有關。公司的應收帳款餘額完全由客戶合約相關餘額組成。本公司合約資產的變動，包括在「未開立帳單應收帳款」及「延期計劃成本」中 (請參閱附註 8, 「應收帳款」及附註 9, 包括在本公司簡明綜合資產負債表中「延期收入」的流動部分及長期部分的「按揭綜合資產負債表」的「庫存」及「合約負債」如下（以千計）：
| 未結帳應收帳款 | 延遲計劃成本 | 合約負債 | ||||||||||
| 2024年3月31日期初餘額 | $ | $ | $ | |||||||||
| 因收購而增加的餘額 | ||||||||||||
| 履行履約義務而產生的成本增加 | — | — | ||||||||||
| 因客戶開票而增加（減少） | ( | ) | — | |||||||||
| 因完成履約義務而成本認列減少 | — | ( | ) | — | ||||||||
| 因履行義務轉讓控制而導致營業收入增加（減少） | — | ( | ) | |||||||||
| 其他變動和外匯期貨影響 | ||||||||||||
| 2024年9月30日的期末餘額 | $ | $ | $ | |||||||||
| 未開立帳款應收款項 | 延遲的計畫成本 | 合約負債 | ||||||||||
| 2023年3月31日期初結餘 | $ | $ | $ | |||||||||
| 為履行履約義務而產生的成本增加 | — | — | ||||||||||
| 因客戶開單而增加（減少） | ( | ) | — | |||||||||
| 因完成履約義務而費用認列減少 | — | ( | ) | — | ||||||||
| 基於履行履約義務控制轉移而認識收入的增加（減少） | — | ( | ) | |||||||||
| 其他變動和外匯期貨影響 | ( | ) | ( | ) | ||||||||
| 截至2023年9月30日的期末結餘 | $ | $ | $ | |||||||||
本公司剩餘的履行責任代表本公司合約承諾的未認可收入價值。本公司的履行責任 可能 根據主要新合約承諾的時間，每個報告期間顯著變化。截至 二零二四年九月三十日，本公司就現有的 ASC 合約有未償還履行責任 606 將在下一次被識別 月份約 $
下表列出了占公司總收入的一定比例以上的客戶。 10% 或以上 三 和 六 2024年6月30日 2024年9月30日 和 2023:
| 結束於三個月的期間 | 六個月結束了 | ||||||||||||||||
| 可報告的 | 九月三十日， | 九月三十日， | |||||||||||||||
| 區間 | 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Inox Wind有限公司 | 風力 | % | % | % | % | ||||||||||||
| 灰色施工公司。 | 網格 | % | |||||||||||||||
4. 股票酬勞
公司按公平值確定其股票為基礎的補償。以下表格對股票為基礎的補償費用按財務報表項目進行了總結。三 和 六 個月的期間為 2024年9月30日 和 2023 （以千元為單位）：
| 截至九月三十日止三個月， | 截至九月三十日止六個月 | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| 收入成本 | $ | $ | $ | $ | ||||||||||||
| 研究與開發 | ||||||||||||||||
| 銷售、一般及行政 | ||||||||||||||||
| 總計 | $ | $ | $ | $ | ||||||||||||
該公司發行了100萬股面值為$1的可贖回優先股PSSA（“可贖回優先股”），價值$ (*4)百萬。可贖回優先股享有年度累積優先股息權，股息等於本金面值的(*4)%。優先股息將一般在公司年度股東大會後的(*8)個工作日內以現金(*5)%和實物(*6)%支付。可贖回優先股持有人沒有投票權（只有保護權）。
公司股份獎勵的估計公允價值，扣除預期年度被沒收的部分，會在股份獎勵的服務期間分期攤銷。 過去有未確認的未實現補償成本銷項股票期權的情況。 未實現補償成本中，未實現股份期權是指未實現的部分。 as21.7%. 2024年9月30日未實現補償成本的總量中，未實現的未解凍限制股的部分是指擁有的股份還未解凍的股票。 $
該公司授予了股票期權。 在期間內發出了股票期權。三 和 六過去63.2和114.9個月的期權行使現金收入 2024年9月30日和2023.
5. 計算每股普通股的凈利潤（損失）
基本凈利潤（虧損）每股收益（“EPS”）是通過將凈利潤（虧損）除以期間內流通普通股加權平均數計算的。在適用的情況下，應計算攤薄後每股收益，方法是將凈利潤除以期間內流通普通股和攤薄後流通的等價普通股數加權平均數，使用庫存股法計算。等價普通股包括受限股的影響，行使普通股期權和認股權證以及期權和待發行股份。行使價格高於基礎普通股平均市價的處於虧損狀態的期權和認股權證以及表現基礎的受限股不會納入攤薄後每股收益的計算中。 不 因其包含將導致抵減效應，無形含權普通股和認股權證被排除在攤薄後每股收益的計算中。 三這期間的 2024年9月30日,
以下表格將收益每股計算的分子和分母進行調和。三 和 六 個月的期間為 2024年9月30日 和 2023 （以千為單位，每股數據除外）：
| 截至9月30日的三個月 | 截至9月30日止六個月, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| 分子: | ||||||||||||||||
| 凈利潤（損失） | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
| 分母: | ||||||||||||||||
| 普通股持有權益的加權平均股份數。 | ||||||||||||||||
| 加權平均被回購股份 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| 基本每股計算使用的股份數 | ||||||||||||||||
| 每股計算所用股份-稀釋 | ||||||||||||||||
| 基本每股凈利潤(虧損) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
| 稀釋每股凈利潤(虧損) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
6. 商譽和其他無形資產
商譽
商譽代表購買價格與識別的具體有形和無形淨資產的公平價值之間的差額，在採用購買會計方法記帳時。商譽是 不 攤銷，但會就減值進行審查。公司的商譽餘額與財務中的Megatran收購有關， 2024, 在財務2021,在財務2020,以及對Infinia Technology Corporation的收購在財務2017並報告在業務部門的網格業務部門。商譽每年審查一次在 二月 28日 每當事件或情況的變化表明商譽的攜帶價值可能 不 可收回時。本年度商譽有 無 變動。 2024年3月31日結束的公司經審計的財務基本報表。
| 商譽 | ||||
| 2024年3月31日 | $ | |||
| Megatran收購 | ||||
| 2024年9月30日 | $ | |||
本公司於截至2024年6月30日止的六個月期間並未作出任何實質性的資本投資貢獻。 記錄了資產減損。三 和 六 個月的期間為 2024年9月30日 這將需要對商譽進行中期減值測試。
其他無形資產
無形資產總額為 2024年9月30日和 2024年3月31日包括以下資產金額（以千為單位）：
| 2024年9月30日 | 2024年3月31日 | |||||||||||||||||||||||||||
| 毛額 | 累積攤提 | 淨書價值 | 毛額 | 累積攤提 | 淨書價值 | 預估使用年限 | ||||||||||||||||||||||
| 備料量 | ( | ) | ( | ) | ||||||||||||||||||||||||
| 商標名稱和商標 | — | — | Indefinite | |||||||||||||||||||||||||
| 客戶關係 | ( | ) | ( | ) | ||||||||||||||||||||||||
| 核心技術和專有技術 | ( | ) | ( | ) | ||||||||||||||||||||||||
| 無形資產 | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
公司記錄了與客戶關係和核心技術以及專有技術相關的無形攤銷費用，金額為$
預期未來與無形資產相關的攤銷費用如下（以千元計）：
| 截至3月31日的年度 | 總計 | |||
| 2025 | ||||
| 2026 | ||||
| 2027 | ||||
| 2028 | ||||
| 2029 | ||||
| 此後 | ||||
| 總計 | $ | |||
公司的無形資產完全與美國格網業務部門的運營相關。
7. 公允價值測量
已建立用於衡量公平價值的估值層級，優先考慮將輸入放入其中。 三 按照以下廣泛層次進行：
| 水平 1 | - | 公司在測量日期有能力取得的相同資產或負債在活躍市場中的未調整報價。 |
|
|
|
|
| 水平 2 | - | 輸入包括相似資產和負債在活躍市場中的報價，相同或相似資產或負債在市場中的報價，輸入是可觀察的，不僅只有報價的資產或負債，且主要源自或透過觀察到的市場數據進行相關性或其他方式（市場佐證輸入）。 不 不可觀察的輸入反映公司假設市場參與者在定價資產或負債時使用的資料。公司根據現有的最佳信息（包括其自身資料）發展這些輸入。 |
|
|
|
|
| 水平 3 | - | 反映公司假設的不可觀察輸入，這些輸入是市場參與者用來定價資產或負債的。公司根據最佳可用資訊（包括自身資料）開發這些輸入。 |
公司提供在層級內活動的總體展示。 3 度量推移以及在層級間轉移的詳細資料。 1 和 2 投資品的層級從目前層級轉變至其他層級時，反映在定價方法變更的期間內。 1 證券從層級轉至層級 的轉移是在相關證券對總現金和投資額的重要性時進行披露。 2 的記錄。 3 當所涉及的證券對總現金和投資額有重要性時，公司做了 不 在公平值計量層級有任何資產和負債的移轉嗎？ 1, 前準確性等級。 2 的記錄。 3 公平值計量層級中，是否有進行過任何資產和負債的轉移？ 六 2024年6月30日 2024年9月30日.
財務資產或負債在層次結構中的分類，是根據對公平值計量有重大影響的最低層級輸入而確定的。
估值技術
現金等價物
現金及約當現金包括資產到期日短於一個月的高流動性工具，被視為高品質、低風險投資，並使用報價價格等輸入來衡量，分類於估值層次的第一級。 三 級別化層次內分類為第一級，主要包括存款證明和貨幣市場帳戶。 1 現金及約當現金主要包括存款證明和貨幣市場帳戶。
待定先決條件
與NEPSI股票購買協議中設定的earnout付款相關的條件性考慮，管理NEPSI收購，前提是賣方股東 可能 可獲得額外
以下表格顯示以重複性為基礎評估的資產和負債，評估日期為 2024年9月30日 和 2024年3月31日 （以千元為單位）：
| 資產總帶值 | 活躍市場報價（1級別） | 顯著其他觀察資料輸入（第2級） | 顯著不可觀察輸入（第3級） | |||||||||||||
| 2024年9月30日: | ||||||||||||||||
| 資產： | ||||||||||||||||
| 現金等價物 | $ | $ | $ | $ | ||||||||||||
| 資產總載值 | 活躍市場報價（1級別） | 顯著其他觀察資料輸入（第2級） | 顯著不可觀察輸入（第3級） | |||||||||||||
| 2024年3月31日 | ||||||||||||||||
| 資產： | ||||||||||||||||
| 現金等價物 | $ | $ | $ | $ | ||||||||||||
| 衍生負債: | ||||||||||||||||
| 條件付款 | $ | $ | $ | $ | ||||||||||||
以下表格反映了公司按公允價值在递延考虑衍生责任方面定期計量的活動（以千元計）：
| NEPSI收購條件性考量 | Megatran收購條件性考量 | |||||||
| 2023年3月31日結束餘額 | $ | $ | ||||||
| 公允價值的變化 | ||||||||
| 條件性考慮的解決 | ( | ) | ||||||
| 2024年3月31日止結餘 | ||||||||
| 公允價值的變化 | ||||||||
| 條件性考慮的解決 | ( | ) | ( | ) | ||||
| 2024年9月30日結餘 | $ | $ | ||||||
8. 應收帳款
應收帳款為 2024年9月30日 和 2024年3月31日 包括以下內容（以千元計）：
| 2024年9月30日 | 2024年3月31日 | |||||||
| 應收帳款（已開立） | $ | |||||||
| 應收帳款（未開立） | ||||||||
| 應收帳款 | $ | $ | ||||||
9. 庫存
存貨淨值，扣除儲備金，在 2024年9月30日 和 2024年3月31日 包括以下內容（以千為單位）：
| 2024年9月30日 | 2024年3月31日 | |||||||
| 原材料 | $ | $ | ||||||
| 在製品 | ||||||||
| 成品 | ||||||||
| 欠延期計畫成本 | ||||||||
| 淨存貨 | $ | $ | ||||||
The Company recorded inventory write-downs of $
Deferred program costs as of September 30, 2024 and March 31, 2024 primarily represent costs incurred on programs where the Company needs to complete performance obligations before the related revenue and costs will be recognized.
10. Prepaid and Other Current Assets
During fiscal 2022, the Company conducted an analysis as to whether it was entitled to employee retention credits (“ERC”) under the CARES Act as amended by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the American Rescue Plan Act of 2021. Based on the analysis, the Company determined that it was entitled to an ERC of approximately $
As accounting for payroll tax credits are not within the scope of ASC 740, Income Taxes, the Company has chosen to account for the ERCs by analogizing to the International Accounting Standards Board IAS 20, Accounting for Government Grants and Disclosure of Government Assistance. In accordance with IAS 20, an entity recognizes government grants only when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. The Company evaluated its eligibility for the ERC and determined that it met all the criteria to claim a refundable tax credit against the employer portion of Social Security taxes for up to
The Company recorded a $
11. Property, Plant and Equipment
The cost and accumulated depreciation of property, plant and equipment at September 30, 2024 and March 31, 2024 are as follows (in thousands):
| 2024年9月30日 | 2024年3月31日 | |||||||
| 土地 | $ | $ | ||||||
| 施工進行中 - 設備 | ||||||||
| 建築物 | ||||||||
| 設備和軟體 | ||||||||
| 傢具和裝置 | ||||||||
| 租賃改良 | ||||||||
| 資產、廠房和設備（毛額） | ||||||||
| 減少已提折舊 | ( | ) | ( | ) | ||||
| 不動產、廠房及設備淨值 | $ | $ | ||||||
透過折舊的支出為2023年和2024年六月三十日止的三個月和六個月分別為$9,577和$465,639。
12. 權益法投資
投資於NWL Pacific Inc. Co., LTD
該公司在A&T不銹鋼公司中擁有％的股權，該公司是與青山集團聯營的聯合創業公司，生產60英寸寬不銹鋼板產品，在北美銷售。 Tsingshan於2018年以$ 的價格購買了其％的聯合風險投資份額。 A&T不銹鋼的經營包括公司位於賓夕法尼亞州米德蘭的之前關閉的直輥和醃漬（DRAP）設施。 ATI通過AA&S部門的HRPF為A&T不銹鋼提供熱軋轉換服務。 DRAP設施自2020年第三季度以來已停產。 ATI根據權益法核算A&T不銹鋼聯合風險投資。
公司在簡明綜合基本報表中以權益法處理對股權投資。權益法投資是公司對可控制但有重大影響力的實體的股權證券。這些投資根據ASC權益法會計準則進行會計處理。 不 對於控制但有能力對其施加重大影響力的實體，公司將這些投資按照權益法會計方法進行記錄，符合ASC權益法和合資準則。 323, 投資 — 權益法投資根據成本減損（如有的話）、加減公司對投資方收到的分配外，再加減公司對被投資者淨利潤或淨損失的份額來計量。截至目前，公司對權益法投資是按成本減損（如果有的話）、加減公司已收到的分配，以及公司對被投資者收到的淨收益或淨損失的份額來衡量。 2024年9月30日截至目前，公司 不 與NWL Pacific沒有任何應收賬款或應付賬款餘額。
以下表格列出了從收購日期開始至 的總結財務資訊。 2024年9月30日所提供給公司的投資者的未合併公司（單位：千元）
| 2024 | ||||
| 營業收入淨額 | $ | |||
| 毛利潤 | ||||
| 控制項收入 | ||||
| 凈利潤 | $ | |||
13. 應付帳款和應計費用
應付帳款和應計費用在 2024年9月30日 和 2024年3月31日 包括以下內容（以千元計）：
| 2024年9月30日 | 2024年3月31日 | |||||||
| 應付賬款 | $ | $ | ||||||
| 在途存貨已計入費用 | ||||||||
| 其他雜項費用已計入費用 | ||||||||
| 遞延合約虧損 | ||||||||
| 愛文思控股已收取訂金 | ||||||||
| 應計薪酬 | ||||||||
| 應納所得稅款 | ||||||||
| 產品保固債務 | ||||||||
| 應計佣金 | ||||||||
| 總計 | $ | $ | ||||||
公司通常提供為期一年的保固，以實際交貨或安裝起始計算。根據歷史經驗，於營業收入確認時，將提撥一筆款項至成本以儲備預計的保固支出。 天從發票日期計算，被視為商業合理。 公司通常提供為期一年的保固，以實際交貨或安裝起始計算。根據歷史經驗，於營業收入確認時，將提撥一筆款項至成本以儲備預計的保固支出。
以下是產品保固活動情況（以千為單位）：
| 截至9月30日的三個月 | 截至9月30日止六個月, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| 期初餘額 | $ | $ | $ | $ | ||||||||||||
| 已收購的保固責任 | ||||||||||||||||
| 該時期的保固準備金 | ||||||||||||||||
| 期間結算 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| 期末餘額 | $ | $ | $ | $ | ||||||||||||
14. 所得稅
該公司截至2024年6月30日和2023年6月30日三個月分別記錄了收益稅利益$。
由於收購所得無形資產的帳面和稅務基礎存在差異（參見註釋「收購」），公司記錄了300萬美元的递延税负。2,由於這個原因，公司獲益於額外的递延税資產，並因此釋放了相應的估值准備300萬美元
收入稅的會計處理需要一個 兩個-步驟方法來確認和衡量不確定的稅務立場。 首先 第步是通過評估稅務立場來確定是否基於技術優勢，相對於 不 該立場在稅務稽核中被維持的機會更大，包括解決相關上訴或訴訟程序。 第二 第一步是測量稅務利益，其金額可能超過 50% 最終結算時可能實現。公司每季度重新評估這些不確定的稅務立場。評估基於各種因素，包括但不限於事實或情況的變化，稅法的變化，實際解決的稅務問題和新的稅務稽核活動。這些因素的任何變化可能導致認可稅務利益或對稅務負債提供作額外的請求。公司確實 不 在任何不確定的稅務立場中識別 。 六 個月的期間為 2024年9月30日而且進行了檢查 截至目前，是否存在任何未承認的稅收利益？ 2024年9月30日.
15. 條件性對價
NEPSI相關條款
開啟 二零二零年十月一日（「NEPSI 收購日期」），本公司與其名稱的賣股股東簽訂股份購買協議（「NEPSI 股票購買協議」）。根據 NEPSI 股票購買協議的條款，並同時簽訂該協議，該公司收購了 NEPSI 所有已發行和未償還的 (i) 股本股份，以及 (ii) 紐約有限責任公司東北電地產有限責任公司的會員權益，該公司持有作為 NEPSI 總部的房地產（「NEPSI 收購」）。NEPSI 是一家總部位於美國的全球供應商，提供用於電力系統中的中壓金屬封閉電源電容器和諧波濾波器組。NEPSI 是本公司的全資子公司，由其電網業務部門經營。購買價格為 $
公司評估了NEPSI收購合同中設定的未來支付，預計將以公司普通股進行結算，並確定條件付款符合ASC下的負債分類和衍生工具處理。 815, 衍生品和避險因此，對於每個期間，將重新衡量條件付款的公平價值，並將由此產生的利益或損失認列為營業費用，直到股票數量確定為止。
Megatran追加對價
開啟 八月1, 2024,該公司與其中名稱的 Megatran 的賣股股東簽訂了股票購買協議。根據股票購買協議的條款，並同時簽訂該協議，本公司收購 Megatran 的所有已發行及未償還股份，以總價值等於 $
以下是用於計算與NEPSI收購相關的條件性對價值的蒙特卡洛模擬中使用的關鍵假設摘要：
| 6月30日， | ||||||||||||||||||||
| 2024財政年度 | 2024 | |||||||||||||||||||
| 營業收入風險溢價 | % | |||||||||||||||||||
| 營業收入波動性 | % | |||||||||||||||||||
| 股價 | $ | |||||||||||||||||||
| 付款延遲（天） | ||||||||||||||||||||
| 公允價值（百萬） | $ | |||||||||||||||||||
| 三月三十一日， | 12月31日， | 九月三十日， | 6月30日， | 三月三十一日， | ||||||||||||||||
| 2023財政年度 | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| 營業收入風險溢酬 | % | % | % | % | % | |||||||||||||||
| 營業收入波動性 | % | % | % | % | % | |||||||||||||||
| 股價 | $ | $ | $ | $ | $ | |||||||||||||||
| 支付延遲（天） | ||||||||||||||||||||
| 公允價值（百萬） | $ | $ | $ | $ | $ | |||||||||||||||
在此期間，我們分別出現凈現金流出146萬美元和972萬美元。在這段期間內，相對於上一年，凈現金流出額增加了174,000美元，主要是由於投資活動凈現金提供額減少了2,956萬美元，因為要購買某些投資產品，與一些投資產品到期的金額相對，部分的補貼就是(1)營運活動凈現金用於減少了104,1000美元，以及(2)由於通過上市銷售計劃增加了我們普通股的銷售，因此籌集到了1,726,000美元的凈現金。三和六 個月的期間為 2024年9月30日本公司向市場顧問發行了
16. 債務
作為收購Neeltran的一部分，公司識別出Neeltran在2021年5月6日收購前所締結的設備融資協議。 對於在收購Neeltran之前，即2021年5月6日之前進入的設備融資協議進行了確認。 設有截至目前的債務餘額。本公司於截至2024年6月30日止的六個月期間並未作出任何實質性的資本投資貢獻。 截至的當前債務餘額。 2024年9月30日並且戶口餘額為少於$
17. 租約
營運租賃
所有重大租賃安排均在租賃開始時確認。運營租賃的使用權資產和租賃負債在開始時確認。運營租賃使用權資產包括與初始直接成本和預付款相關的租金支付，不包括任何租賃激勵。租賃費用在租賃期內以直線法確認。公司通常在業務過程中簽訂各種營運租賃協議，但主要是房地產租約以支持其業務。房地產租賃協議通常規定固定的最低租金支付以及支付房地產稅和保險。許多這些房地產租賃有 一年。 或更多的續約選項，允許公司酌情續租至不同期限長達 年或終止租約。只有公司認為可能被執行的續租選擇或終止權利才包含在租賃計算中。
公司同樣會簽訂用於汽車、IT設備和服務協議以及其他與其製造業務相關的租賃協議，如果這些租賃協議的期限長於其他租賃協議，則會計入租賃資產和租賃負債賬戶。 12年 然而，許多這些租賃協議要麼在性質上是短期的，要麼是微不足道的。公司已經選擇將短期租賃排除在簡明綜合賬目報告資產負債表之外。
財務租賃
截至 2024年9月30日與融資租賃相關的使用權資產已完全攤銷，並列入公司的資產及設備淨額中。 精簡的 合併資產負債表。
在租賃開始日期或租賃人提供租賃資產可供使用的日期，融資租賃使用權資產和租賃負債類似於營運租賃貸款。融資租賃使用權資產通常在租賃期內以直線方式攤銷，而融資租賃負債的帳面價值為（1) 如果租賃中隱含利率為，則使用增量借貸利率來反映利息 不 易於確定，以及（2）減少以反映期內的租賃付款。融資租賃使用權資產的攤銷費用和融資租賃負債的利息增加分別記錄到折舊費用和利息開支，並在本公司的簡明綜合運營報表中。
有關租賃的補充資產負債表信息 2024年9月30日，以及 2024年3月31日
| 2024年9月30日 | 2024年3月31日 | |||||||
| 租賃： | ||||||||
| 使用權資產 - 營運 | $ | $ | ||||||
| 使用權資產總額 | ||||||||
| 租賃負債 - 短期營運 | $ | $ | ||||||
| 租賃負債 - 長期營運 | ||||||||
| 租賃負債總額 | $ | $ | ||||||
| 加權平均剩餘租賃期限 | ||||||||
| 加權平均折現利率 | % | % | ||||||
The costs related to the Company's finance lease are not material. The costs related to the Company's operating leases for the three and six months ended September 30, 2024 and 2023 are as follows (in thousands):
| Three Months Ended | Six Months Ended | |||||||
| September 30, 2024 | September 30, 2024 | |||||||
| Operating Leases: | ||||||||
| Operating lease costs – fixed | $ | $ | ||||||
| Operating lease costs – variable | ||||||||
| Short-term lease costs | ||||||||
| Total lease costs | $ | $ | ||||||
| Three Months Ended | Six Months Ended | |||||||
| September 30, 2023 | September 30, 2023 | |||||||
| Operating Leases: | ||||||||
| Operating lease costs – fixed | $ | $ | ||||||
| Operating lease costs – variable | ||||||||
| Short-term lease costs | ||||||||
| Total lease costs | $ | $ | ||||||
The Company’s estimated minimum future lease obligations under the Company's leases are as follows (in thousands):
| Leases | ||||
| Year ending March 31, | ||||
| 2025 | $ | |||
| 2026 | ||||
| 2027 | ||||
| 2028 | ||||
| 2029 | ||||
| Thereafter | ||||
| Total minimum lease payments | ||||
| Less: interest | ( | ) | ||
| Present value of lease liabilities | $ | |||
18. Commitments and Contingencies
Legal Contingencies
From time to time, the Company is involved in legal and administrative proceedings and claims of various types. The Company records a liability in its condensed consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the condensed consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its condensed consolidated financial statements.
Other
The Company enters into long-term construction contracts with customers that require the Company to obtain performance bonds. The Company is required to deposit an amount equivalent to some or all the face amount of the performance bonds into an escrow account until the termination of the bond. When the performance conditions are met, amounts deposited as collateral for the performance bonds are returned to the Company. In addition, the Company has various contractual arrangements in which minimum quantities of goods or services have been committed to be purchased on an annual basis.
As of September 30, 2024, the Company had $
19. Business Segments
The Company reports its financial results in reportable business segments: Grid and Wind. In accordance with ASC 280, Segment Reporting, the Company aggregates operating segments into one reporting segment for financial reporting purposes due to their similar operating and financial characteristics. The Company's operating segments reflect the way in which internally-reported financial information is used to make decisions and allocate resources.
Through the Company’s power grid offerings, the Grid business segment enables electric utilities, industrial facilities, and renewable energy project developers to connect, transmit and distribute smarter, cleaner and better power through its transmission planning services, power electronics, and superconductor-based systems. The sales process is enabled by transmission planning services that allow it to identify power grid congestion, poor power quality and other risks, which helps the Company determine how its solutions can improve network performance. These services often lead to sales of grid interconnection solutions for wind farms and solar power plants, power quality systems, and transmission and distribution cable systems. The Company also sells ship protection products to the U.S. Navy through its Grid business segment.
Through the Company’s wind power offerings, the Wind business segment enables manufacturers to field highly competitive wind turbines through its advanced power electronics and control system products, engineered designs, and support services. The Company supplies advanced power electronics and control systems, licenses its highly engineered wind turbine designs, and provides extensive customer support services to wind turbine manufacturers. The Company’s design portfolio includes a broad range of drive trains and power ratings of 2 megawatts ("MWs") and higher. The Company provides a broad range of power electronics and software-based control systems that are highly integrated and designed for optimized performance, efficiency, and grid compatibility.
The operating results for the two business segments are as follows (in thousands):
| Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| Grid | $ | $ | $ | $ | ||||||||||||
| Wind | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating income (loss): | ||||||||||||||||
| Grid | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
| Wind | ( | ) | ||||||||||||||
| Unallocated corporate expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
The accounting policies of the business segments are the same as those for the consolidated Company. The Company’s business segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measures are segment revenues and segment operating loss. The disaggregated financial results of the segments reflect allocation of certain functional expense categories consistent with the basis and manner in which Company management internally disaggregates financial information for the purpose of assisting in making internal operating decisions. In addition, certain corporate expenses which the Company does not believe are specifically attributable or allocable to either of the two business segments have been excluded from the segment operating loss.
Unallocated corporate expenses consisted of net losses resulting from activity relating to both the NEPSI earnout and the Megatran make whole payment which resulted in $
Total assets for the two business segments as of September 30, 2024 and March 31, 2024, are as follows (in thousands):
| September 30, 2024 | March 31, 2024 | |||||||
| Grid | $ | $ | ||||||
| Wind | ||||||||
| Corporate assets | ||||||||
| Total | $ | $ | ||||||
20. Recent Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in ASU 2023-07 improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. Following the release of ASU 2023-07 in November 2023, the effective date will be annual reporting periods beginning after December 15, 2024. As of September 30, 2024, the Company is evaluating the impact on its condensed consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Following the release of ASU 2023-09 in December 2023, the effective date will be annual reporting periods beginning after December 15, 2024. As of September 30, 2024, the Company is evaluating the impact on its condensed consolidated financial statements.
In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements. The amendments in ASU 2024-02 contain amendments to the Codification that remove references to various FASB Concepts Statements. Following the release of ASU 2024-02 in March 2024, the effective date will be annual reporting periods beginning after December 15, 2024. As of September 30, 2024, the Company is evaluating the impact on its condensed consolidated financial statements.
21. Subsequent Events
The Company has performed an evaluation of subsequent events through the time of filing this Quarterly Report on Form 10-Q with the SEC and has determined that there are no such events to report.
AMERICAN SUPERCONDUCTOR CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
| ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
American Superconductor®, Amperium®, AMSC®, D-VAR®, PowerModule™, D-VAR VVO®, PQ-IVR®, SeaTitan®, Gridtec™ Solutions, Windtec™ Solutions, Smarter, Cleaner...Better Energy™, orchestrate the rhythm and harmony of power on the grid™, actiVAR®, armorVAR™, NEPSI™ and Neeltran™ and SafetyLOCK™ are trademarks or registered trademarks of American Superconductor Corporation or our subsidiaries. We reserve all of our rights with respect to our trademarks or registered trademarks regardless of whether they are so designated in this Quarterly Report on Form 10-Q by an ® or ™ symbol. All other brand names, product names, trademarks or service marks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.
Executive Overview
We are a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™, and protect and expand the capability of our Navy's fleet. Our solutions enhance the performance of the power grid, protect our Navy’s fleet, and lower the cost of wind power. In the power grid market, we enable electric utilities, industrial facilities, and renewable energy project developers to connect, transmit and distribute smarter, cleaner and better power through our transmission planning services and power electronics and superconductor-based systems. In the wind power market, we enable manufacturers to field highly competitive wind turbines through our advanced power electronics and control system products, engineering, and support services. Our power grid and wind products and services provide exceptional reliability, security, efficiency and affordability to our customers.
Our power system solutions help to improve energy efficiency, alleviate power grid capacity constraints, improve system resiliency, and increase the adoption of renewable energy generation. Demand for our solutions is driven by the growing needs for modernized smart grids that improve power reliability, security and quality, the U.S. Navy's effort to upgrade onboard power systems to support fleet electrification, and the needs for increased renewable sources of electricity, such as wind and solar energy. Concerns about these factors have led to increased spending by corporations and the military, as well as supportive government regulations and initiatives on local, state, and national levels, including renewable portfolio standards, tax incentives and international treaties.
We manufacture products using two proprietary core technologies: PowerModule™ programmable power electronic converters and our Amperium® high temperature superconductor ("HTS") wires. These technologies and our system-level solutions are protected by a robust intellectual property portfolio consisting of patents and patent applications worldwide and rights through exclusive and non-exclusive licenses.
We operate our business under two market-facing business units: Grid and Wind. We believe this market-centric structure enables us to more effectively anticipate and meet the needs of power generation project developers, the Navy's ship protection systems, electric utilities and wind turbine manufacturers.
| • |
Grid. Through our Gridtec™ Solutions, our Grid business segment enables electric utilities, industrial facilities, and renewable energy project developers to connect, transmit and distribute power with exceptional efficiency, reliability, security and affordability. We provide transmission planning services that allow us to identify power grid congestion, poor power quality, and other risks, which help us determine how our solutions can improve network performance. These services often lead to sales of our grid interconnection solutions for wind farms and solar power plants, power quality systems and transmission and distribution cable systems. We also sell ship protection products to the U.S. Navy through our Grid business segment. |
| • |
Wind. Through our Windtec™ Solutions, our Wind business segment enables manufacturers to field wind turbines with exceptional power output, reliability and affordability. We supply advanced power electronics and control systems, license our highly engineered wind turbine designs, and provide extensive customer support services to wind turbine manufacturers. Our design portfolio includes a broad range of drivetrains and power ratings of 2 megawatts ("MWs") and higher. We provide a broad range of power electronics and software-based control systems that are highly integrated and designed for optimized performance, efficiency, and grid compatibility. |
Our fiscal year begins on April 1 and ends on March 31. When we refer to a particular fiscal year, we are referring to the fiscal year that began on April 1 of that same year. For example, fiscal 2024 refers to the fiscal year that began on April 1, 2024. Other fiscal years follow similarly.
We continue to experience some inflationary pressure in our supply chain and some delays in sourcing materials needed for our products, resulting in some production disruption, both of which have increased our cost of revenues and decreased gross margin. While the impact of inflation has been challenging, we continue to take actions to limit this pressure including adjusting the pricing of our products and services. Changes in macroeconomic conditions arising from various reasons, such as the ongoing wars between Russia and Ukraine and Israel and Hamas, inflation, rising interest rates, labor force availability, sourcing, material delays and global supply chain disruptions, could have a material adverse effect on the Company’s business, financial condition and results of operations.
In February 2023, we completed the process of determining and verifying our eligibility and amount of payroll tax credits known as the Employee Retention Credit (“ERC”) under the CARES Act which Congress enacted as part of the Taxpayer Certainty and Disaster Tax Relief Act of 2020. This resulted in filing certain amended payroll tax forms for eligible quarters in 2020 and 2021, which, in the aggregate, totaled $3.3 million. We recognized a receivable in prepaid expenses and other current assets and a benefit to cost of revenues and operating expenses in the quarter ended March 31, 2023. In the year ended March 31, 2024, the Company received $3.0 million in payments for the initial claims that were processed. The remaining balance is expected to be paid during fiscal 2024.
On February 2, 2024, we completed an offering of 6,210,000 shares of our common stock at a public offering price of $11.25 per share under our then-existing Registration Statement on Form S-3. We received net proceeds of approximately $65.2 million after deducting underwriting discounts and commissions and offering expenses. See Note 1, “Nature of the Business and Operations and Liquidity,” for further information about this offering.
On August 1, 2024, we entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with the selling stockholders named therein. Pursuant to the terms of the Stock Purchase Agreement and concurrently with entering into such agreement, the Company acquired all of the issued and outstanding shares of Megatran, for aggregate consideration in an amount equal to $61.4 million, as may be adjusted pursuant to the Stock Purchase Agreement (the “Purchase Price”), including a cash payment after closing of $5.0 million, as adjusted pursuant to Sections 5.6(c), (d), and (f) of the Stock Purchase Agreement (the “Additional Cash Purchase Price”). At closing, we paid to Megatran's selling stockholders $25.0 million in cash on hand, and 1,297,600 restricted shares of our common stock. On September 23, 2024, the Company paid the Additional Cash Purchase Price to the selling stockholders, which was calculated based on the agreed upon formula set forth in the Stock Purchase Agreement, in the amount of $8.3 million. Megatran's wholly-owned subsidiary, NWL, Inc. ("NWL"), is a U.S.-based global provider of engineered power conversion solutions for demanding industrial and military applications. As a result of this transaction, Megatran became a wholly-owned subsidiary and is operated by our Grid business unit.
Critical Accounting Policies and Estimates
The preparation of the unaudited condensed consolidated financial statements requires that we make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ under different assumptions or conditions.
Equity Method Investments
We treat the equity investment in the condensed consolidated financial statements under the equity method. Equity method investments are equity securities in entities we do not control but over which we have the ability to exercise significant influence. These investments are accounted for under the equity method of accounting in accordance with ASC 323, Investments — Equity Method and Joint Ventures. Equity method investments are measured at cost minus impairment, if any, plus or minus the Company’s share of an investee’s income or loss, less distributions received. Other than those noted here, there were no significant changes in the critical accounting policies that were disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024.
Results of Operations
Three and six months ended September 30, 2024, compared to the three and six months ended September 30, 2023
Revenues
Total revenues increased 60% to $54.5 million for the three months ended September 30, 2024 and total revenues increased 47% to $94.8 million for the six months ended September 30, 2024, compared to $34.0 million and $64.3 million for the three and six months ended September 30, 2023, respectively. Our revenues are summarized as follows (in thousands):
| Three Months Ended September 30, |
Six Months Ended September 30, |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| Revenues: |
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| Grid |
$ | 46,936 | $ | 28,515 | $ | 79,272 | $ | 54,251 | ||||||||
| Wind |
7,535 | 5,489 | 15,489 | 10,007 | ||||||||||||
| Total |
$ | 54,471 | $ | 34,004 | $ | 94,761 | $ | 64,258 | ||||||||
Our Grid business unit accounted for 86% and 84% of total revenues for the three and six months ended September 30, 2024, respectively, compared to 84% for each of the three and six months ended September 30, 2023. Our Grid business unit revenues increased 65% to $46.9 million in the three months ended September 30, 2024, from $28.5 million in the three months ended September 30, 2023. Our Grid business unit revenues increased 46% to $79.3 million in the six months ended September 30, 2024, from $54.3 million in the six months ended September 30, 2023. The increase in the Grid business unit revenues in the three and six months ended September 30, 2024, compared to the three and six months ended September 30, 2023 was primarily driven by the acquisition of Megatran and increased shipments of new energy power systems than in the prior year periods.
Our Wind business unit accounted for 14% and 16% of total revenues for the three and six months ended September 30, 2024, respectively, compared to 16% for each of the three and six months ended September 30, 2023. Revenues in the Wind business unit increased 37% and 55% to $7.5 million and $15.5 million in the three and six months ended September 30, 2024, respectively, from $5.5 million and $10.0 million in the three and six months ended September 30, 2023, respectively. The increase during the three and six months ended September 30, 2024, compared to the three and six months ended September 30, 2023, was driven by additional shipments of electrical control systems ("ECS") at increased prices.
Cost of Revenues and Gross Margin
Cost of revenues increased by 53% to $38.9 million for the three months ended September 30, 2024, compared to $25.4 million for the three months ended September 30, 2023. Cost of revenues increased by 35% to $66.9 million for the six months ended September 30, 2024, compared to $49.4 million for the six months ended September 30, 2023. Gross margin was 29% and 29% for the three and six months ended September 30, 2024, respectively, compared to 25% and 23% for the three and six months ended September 30, 2023, respectively. Cost of revenues includes total amortization expense of $0.2 million in the three months ended September 30, 2024, as a result of the Megatran acquired backlog intangible assets. In addition, a fair value purchase adjustment of approximately $0.7 million for the step-up basis assigned to acquired inventory, to properly reflect the fair value in purchase accounting. Of this adjustment, $0.3 million was charged to cost of revenues in the three months ended September 30, 2024, when the inventory sold. The increase in gross margin in the three and six months ended September 30, 2024 was due to higher revenues, a favorable product mix and favorable impacts across the business due to pricing increases across our product lines.
Operating Expenses
Research and development
Research and development ("R&D") expenses increased 61% and 41% in the three and six months ended September 30, 2024, respectively, to $2.6 million and $4.9 million from $1.6 million and $3.5 million in the three and six months ended September 30, 2023, respectively. The increase was driven primarily by higher overall compensation expense and additional supplies and materials.
Selling, general, and administrative
Selling, general and administrative ("SG&A") expenses increased 32% and 23% in the three and six months ended September 30, 2024, respectively, to $10.5 million and $19.4 million from $7.9 million and $15.8 million in the three and six months ended September 30, 2023, respectively. The increase in SG&A expense in the three and six months ended September 30, 2024, respectively, was due to higher overall compensation expense and higher acquisition costs.
Amortization of acquisition related intangibles
We recorded amortization expense related to our core technology and know-how, customer relationships, and other intangible assets of $0.4 million and $0.8 million in the three and six months ended September 30, 2024, respectively, and $0.5 million and $1.1 million in the three and six months ended September 30, 2023, respectively. The decrease in amortization expense is a result of using the economic consumption method as the basis to amortize the acquired customer relationship intangible assets from Northeast Power Systems, Inc. ("NEPSI") and Neeltran.
Change in fair value of contingent consideration
The change in fair value of our contingent consideration for the earnout payment on the acquisition of NEPSI resulted in a gain of $0.5 million from a decrease in fair value and a loss of $3.4 million resulting from an increase in fair value in the three and six months ended September 30, 2024, respectively. During the three and six months ended September 30, 2024, we issued 300,000 shares of common stock of the Company to the selling stockholders following certification of the achievement of specified earnout revenue objectives. We recorded the above noted changes, compared to losses of $0.9 million and $2.2 million in the three and six months ended September 30, 2023, respectively. We also recorded a $3.3 million payment relating to the Megatran acquisition, as a payment to settle the remaining obligations after the acquisition. The value of this contingent consideration was de minimus at the Acquisition Date and the resulting change in fair value was recorded during the three and six months ended September 30, 2024
.
Operating income (loss)
Our operating income (loss) is summarized as follows (in thousands):
| Three Months Ended September 30, |
Six Months Ended September 30, |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| Operating income (loss): |
||||||||||||||||
| Grid |
$ | 2,336 | $ | (679 | ) | $ | 3,195 | $ | (2,649 | ) | ||||||
| Wind |
516 | 252 | 1,515 | (398 | ) | |||||||||||
| Unallocated corporate expenses |
(3,605 | ) | (1,942 | ) | (8,753 | ) | (4,655 | ) | ||||||||
| Total |
$ | (753 | ) | $ | (2,369 | ) | $ | (4,043 | ) | $ | (7,702 | ) | ||||
Our Grid business segment generated operating income of $2.3 million and $3.2 million in the three and six months ended September 30, 2024, respectively, compared to operating losses of $0.7 million and $2.6 million in the three and six months ended September 30, 2023, respectively. The increase in the Grid business unit operating income in the three and six months ended September 30, 2024 was due to higher revenues and gross margins in part due to a favorable product mix.
Our Wind business segment generated operating income of $0.5 million and $1.5 million in the three and six months ended September 30, 2024, respectively, compared to operating income of $0.3 million and operating loss of $0.4 million in the three and six months ended September 30, 2023, respectively. The improvement in the Wind business unit operating income in the three and six months ended September 30, 2024 was due to higher revenues and gross margins from increased sales of ECS units.
Unallocated corporate expenses included net losses on contingent consideration of $2.8 million and $6.7 million in the three and six months ended September 30, 2024, respectively, and net losses of $0.9 million and $2.2 million in the three and six months ended September 30, 2023, respectively. Additionally, unallocated corporate expenses consisted of stock-based compensation expense of $0.8 million and $2.1 million in the three and six months ended September 30, 2024, respectively, and $1.1 million and $2.5 million in the three and six months ended September 30, 2023, respectively.
Interest income, net, was $1.0 million and $2.1 million in the three and six months ended September 30, 2024, respectively, compared to $0.2 million and $0.4 million in the three and six months ended September 30, 2023, respectively. The increase in interest income, net, in the three and six months ended September 30, 2024 was due to higher cash balances.
Other expense, net
Other expense, net, was $0.3 million and $0.5 million in the three and six months ended September 30, 2024, respectively, compared to $0.2 million and $0.3 million in the three and six months ended September 30, 2023, respectively. The increase in other expense, net, during the three and six months ended September 30, 2024, compared to the three and six months ended September 30, 2023, was driven by the impacts of unfavorable fluctuations in foreign currencies during the periods.
Income Taxes
Income tax benefit was $5.0 million and $4.8 million in the three and six months ended September 30, 2024, respectively. Income tax expense was $0.1 million and $0.2 million in the three and six months ended September 30, 2023, respectively. The improvement in income tax benefit was a result of the release of the valuation allowance due to the recording of the deferred tax liability from the acquisition of Megatran.
Net income (loss)
Net income was $4.9 million and $2.4 million in the three and six months ended September 30, 2024, respectively, compared to net losses of $2.5 million and $7.9 million in the three and six months ended September 30, 2023, respectively. The improvement in net loss was driven primarily by deferred tax liability recorded as a result of the Megatran acquisition as well as increased revenues and gross margins.
Non-GAAP Financial Measure - Non-GAAP Net Income (Loss)
Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures included in this Quarterly Report on Form 10-Q, however, should be considered in addition to, and not as a substitute for or superior to the comparable measures prepared in accordance with GAAP.
We define non-GAAP net income (loss) as net income (loss) before stock-based compensation, acquisition costs, amortization of acquisition-related intangibles, change in fair value of contingent consideration, and other non-cash or unusual charges. We believe non-GAAP net income (loss) assists management and investors in comparing our performance across reporting periods on a consistent basis by excluding these non-cash charges and other items that we do not believe are indicative of our core operating performance. In addition, we use non-GAAP net income (loss) as a factor to evaluate the effectiveness of our business strategies. A reconciliation of GAAP to non-GAAP net income (loss) is set forth in the table below (in thousands, except per share data):
| Three Months Ended September 30, |
Six Months Ended September 30, |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
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| Net income (loss) |
$ | 4,887 | $ | (2,485 | ) | $ | 2,363 | $ | (7,883 | ) | ||||||
| Stock-based compensation |
843 | 1,111 | 2,072 | 2,468 | ||||||||||||
| Acquisition costs |
850 | — | 1,080 | — | ||||||||||||
| Amortization of acquisition-related intangibles |
608 | 538 | 1,020 | 1,082 | ||||||||||||
| Change in fair value of contingent consideration |
2,762 | 850 | 6,682 | 2,200 | ||||||||||||
| Non-GAAP net income (loss) |
$ | 9,950 | $ | 14 | $ | 13,217 | $ | (2,133 | ) | |||||||
| Non-GAAP net income (loss) per share - basic |
$ | 0.27 | $ | - | $ | 0.36 | $ | (0.07 | ) | |||||||
| Non-GAAP net income (loss) per share - diluted |
$ | 0.27 | $ | - | $ | 0.36 | $ | (0.07 | ) | |||||||
| Weighted average shares outstanding - basic |
36,952 | 28,828 | 36,317 | 28,545 | ||||||||||||
| Weighted average shares outstanding - diluted |
37,499 | 28,828 | 36,951 | 28,545 | ||||||||||||
We incurred non-GAAP net income of $10.0 million and $13.2 million, or $0.27 and $0.36 per share, for the three and six months ended September 30, 2024, respectively, compared to a non-GAAP net income of less than $0.1 million and a non-GAAP net loss of $2.1 million, or $0.00 and $0.07 per share, for the three and six months ended September 30, 2023, respectively. The improvement in the non-GAAP net income (loss) for the three and six months ended September 30, 2024 was due to a lower operating loss driven by higher revenues and gross margins. In the three months ended June 30, 2024, we excluded acquisition costs from the reconciliation of GAAP to non-GAAP net income (loss) as there was no definitive agreement with respect to the acquisition of Megatran as of June 30, 2024.
Liquidity and Capital Resources
We have experienced recurring operating losses and, as of September 30, 2024, had an accumulated deficit of $1,064.3 million.
Our cash requirements depend on numerous factors, including the successful completion of our product development activities, our ability to commercialize our Resilient Electric Grid and ship protection system solutions, the rate of customer and market adoption of our products, collecting receivables according to established terms, the continued availability of U.S. government funding during the product development phase of our superconductor-based products and whether Inox is successful in executing on Solar Energy Corporation of India Limited orders or in obtaining additional orders under the new central and state auction regime. We continue to closely monitor our expenses and, if required, expect to reduce our operating and capital spending to enhance liquidity.
In January 2024, we filed a shelf registration statement on Form S-3 that will expire three years from the date on which it was declared effective, March 15, 2027 (the “First Form S-3”). The First Form S-3 allows us to offer and sell from time-to-time up to $250 million of common stock, debt securities, warrants or units comprised of any combination of these securities. The First Form S-3 is intended to provide us flexibility to conduct registered sales of our securities, subject to market conditions, in order to fund our future capital needs. The terms of any future offering under the First Form S-3 will be established at the time of such offering and will be described in a prospectus supplement filed with the SEC prior to the completion of any such offering.
On February 14, 2024, we completed a public offering of 6,210,000 shares of our common stock at a price of $11.25 per share under our then-existing Registration Statement on Form S-3. We received net proceeds of approximately $65.2 million after deducting underwriting discounts and commissions and offering expenses.
As described above, on August 1, 2024, we acquired all of the issued and outstanding shares of Megatran, for aggregate consideration in an amount equal to $61.4 million (the “Purchase Price”), which consideration amount was subject to various adjustments set forth in the Stock Purchase Agreement (including those described below) and consisted of: (a) (i) $25.0 million, minus (ii) the Indebtedness (as defined in the Stock Purchase Agreement) outstanding as of immediately prior to the closing, minus (iii) Company Expenses (as defined in the Stock Purchase Agreement) (collectively, the “Cash Purchase Price”); (b) a number of restricted shares (rounded up or down to the nearest whole share, as applicable) (the “Company Shares”) of our common stock equal to the quotient obtained by dividing (x) $31.4 million by (y) the closing price per share of Common Stock on the Nasdaq Global Select Market on the last trading day immediately preceding August 1, 2024; and (c) an additional cash payment equal to $5.0 million, as adjusted pursuant to Sections 5.6(c), (d), and (f) of the Stock Purchase Agreement. Megatran is now a wholly-owned subsidiary of the Company and, together with its wholly-owned subsidiaries and affiliates, is operated and reported as a component of its Grid business unit. On September 23, 2024, the Company paid the Additional Cash Purchase Price to the selling stockholders, which was calculated based on the agreed upon formula, in the amount of $8.3 million.
In August 2024, we filed an automatically-effective shelf registration statement on Form S-3 that will expire no later than August 12, 2027 (the “Second Form S-3”). The Second Form S-3 allows us to offer and sell from time-to-time common stock, debt securities, warrants or units comprised of any combination of these securities and allows certain selling stockholders to offer and sell from time-to-time common stock. The Second Form S-3 is intended to assist the selling stockholders in the resale of their common stock and to provide us flexibility to conduct registered sales of its securities, subject to market conditions, in order to fund our future capital needs. The terms of any future offering under the Second Form S-3 will be established at the time of such offering and will be described in a prospectus supplement filed with the SEC prior to the completion of any such offering.
As of September 30, 2024, we had cash, cash equivalents and restricted cash of $74.8 million, compared to $92.3 million as of March 31, 2024, a decrease of $17.5 million. As of September 30, 2024, we had $3.9 million in cash, cash equivalents, and restricted cash in foreign bank accounts. Our cash, cash equivalents, and restricted cash are summarized as follows (in thousands):
| September 30, 2024 |
March 31, 2024 |
|||||||
| Cash and cash equivalents |
$ | 72,131 | $ | 90,522 | ||||
| Restricted cash |
2,655 | 1,758 | ||||||
| Total cash, cash equivalents, and restricted cash |
$ | 74,786 | $ | 92,280 | ||||
For the six months ended September 30, 2024, net cash provided by operating activities was $16.1 million, compared to cash used in operations of $1.3 million for the six months ended September 30, 2023. The increase in cash flows provided by operating activities in the six months ended September 30, 2024 was due primarily to increased net income, increased deferred revenue, decrease in cash spent on accounts payable and accrued expenses, and a decrease in inventory purchases, and change in fair value of contingent consideration, offset by cash spent on prepaid expenses, deferred income taxes, decreased accounts receivable, and a decrease in operating leases.
For the six months ended September 30, 2024, net cash used in investing activities was $33.5 million, compared to $0.4 million for the six months ended September 30, 2023. The increase in net cash used in investing activities was primarily due to cash paid for the acquisition of Megatran.
For the six months ended September 30, 2024, net cash used in financing activities was $0.1 million compared to net cash provided by financing activities of $0.1 million for the six months ended September 30, 2023. The decrease was due to the repurchase of common stock in connection with employee tax obligations upon the vesting of stock awards, offset by proceeds related to ESPP.
As of September 30, 2024, we had $1.5 million of restricted cash included in long-term assets and $1.2 million of restricted cash included in current assets. At March 31, 2024, we had $1.3 million of restricted cash included in long-term assets and $0.5 million of restricted cash in current assets. These amounts included in restricted cash primarily represent collateral deposits to secure surety bonds and letters of credit for various customer contracts. These deposits are held in interest bearing accounts.
We are a party to many contractual obligations involving commitments to make payments to third parties. These obligations impact our short-term and long-term liquidity and capital resource needs. Certain contractual obligations are reflected on the condensed consolidated balance sheet as of September 30, 2024, while others are considered future commitments. We have various contractual arrangements, under which we have committed to purchase certain minimum quantities of goods or services on an annual basis. For information regarding our other contractual obligations, refer to Note 15, "Contingent Consideration," Note 16, "Debt," Note 17, "Leases" and Note 18, "Commitments and Contingencies" to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
We believe we have sufficient available liquidity to fund our operations and capital expenditures for the next twelve months. We recently raised $65.2 million, net of offering expenses, through an equity raise in February 2024. In addition, we may seek to raise additional capital, which could be in the form of loans, convertible debt or equity, to fund our operating requirements and capital expenditures. Our liquidity is highly dependent on our ability to increase revenues, control our operating costs, and raise additional capital, if necessary. There can be no assurance that we will be able to raise additional capital on favorable terms or at all or execute on any other means of improving our liquidity as described above. Additionally, the impact of global sources of instability, including the ongoing wars between Russia and Ukraine and Israel and Hamas, instability of financial institutions and political instability in the United States, on the global financial markets may reduce our ability to raise additional capital, if necessary, which could negatively impact our liquidity. We also continue to closely monitor our expenses and, if required, we intend to reduce our operating and capital spending to enhance liquidity.
Legal Proceedings
From time to time, we are involved in legal and administrative proceedings and claims of various types. We record a liability in our condensed consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. We review these estimates each accounting period as additional information is known and adjust the loss provision when appropriate. If a matter is both probable to result in liability and the amounts of loss can be reasonably estimated, we estimate and disclose the possible loss or range of loss to the extent necessary to make the condensed consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in our condensed consolidated financial statements.
Recent Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in ASU 2023-07 improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. Following the release of ASU 2023-07 in November 2023, the effective date will be annual reporting periods beginning after December 15, 2024. As of September 30, 2024, we are evaluating the impact on our condensed consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Following the release of ASU 2023-09 in December 2023, the effective date will be annual reporting periods beginning after December 15, 2024. As of September 30, 2024, we are evaluating the impact on our condensed consolidated financial statements.
In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements. The amendments in ASU 2024-02 contain amendments to the Codification that remove references to various FASB Concepts Statements. Following the release of ASU 2024-02 in March 2024, the effective date will be annual reporting periods beginning after December 15, 2024. As of September 30, 2024, we are evaluating the impact on our condensed consolidated financial statements.
We do not believe that, outside of those disclosed here, there are any other recently issued accounting pronouncements that will have a material impact on our condensed consolidated financial statements.
| QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Not Applicable
| CONTROLS AND PROCEDURES |
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2024. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of September 30, 2024, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
There were no changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
| LEGAL PROCEEDINGS |
None
| RISK FACTORS |
There have been no material changes to the risk factors described in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed with the SEC on May 29, 2024.
| UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
The Company’s stock repurchase activity during the three months ended September 30, 2024 was as follows:
| Month |
Total Number |
Average |
Total Number of |
Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs (in millions) |
||||||||||||
| July 1, 2024 - July 31, 2024 | — | — | — | |||||||||||||
| August 1, 2024 - August 31, 2024 | — | — | — | |||||||||||||
| September 1, 2024 - September 30, 2024 | — | — | — | |||||||||||||
| Total |
— | — | — | |||||||||||||
(a) During the three months ended September 30, 2024, we did not purchase shares in connection with our stock-based compensation plans.
| DEFAULTS UPON SENIOR SECURITIES |
None
| MINE SAFETY DISCLOSURES |
Not Applicable
| OTHER INFORMATION |
(a) None
(b) None
(c) During the three months ended September 30, 2024, director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
| ITEM 6. |
EXHIBITS |
EXHIBIT INDEX
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| 10.1 | 2024年8月1日生效的《股票購買協議》，由公司、賣方股東、Megatran和個人詹姆斯·大衛·賽茨共同簽署，僅作爲股東代表。 | 8-K | 000-19672 | 10.1 | 2024年8月5日 | |||||||
| 10.2 | 2022年修訂並重訂的《股票激勵計劃》。 | 8-K | 000-19672 | 10.1 | 2024年8月5日 | |||||||
| 10.3 | 修訂的2007年董事股票計劃，已經修訂。 | 8-K | 000-19672 | 10.2 | 2024年8月5日 | |||||||
| 31.1 |
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行政長官——根據薩班斯-奧克斯利法案2002第302條依據證券交易法1934第13a-14(a)或第15d-14(a)規定的認證， |
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致富金融官——根據1934年證券交易法第13a-14(a)條或第15d-14(a)條，根據薩班斯-豪利法案第302條通過認證。 |
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致富金融行政總裁——根據《1934年證券交易法》第13a-14(b)條或第15d-14(b)條和18 U.S.C. 1350條例，採納的《薩班斯-豪利法案》第906條進行認證。 |
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致富金融官——根據1934年證券交易法第13a-14(b)條或第15d-14(b)條和18 U.S.C.第1350條，根據薩班斯-豪利法案第906條通過認證。 |
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內聯XBRL實例文檔——實例文檔未出現在交互式數據文件中，因爲其XBRL標記嵌入了內聯XBRL文檔中 |
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| 101.SCH |
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內聯XBRL分類擴展模式文檔。 |
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| 101.CAL |
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內聯XBRL分類計算鏈接基礎文檔。 |
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| 101.DEF |
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內聯XBRL定義鏈接基礎文檔。 |
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| 101.LAB |
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內聯XBRL分類標籤鏈接基礎文檔。 |
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| 101.PRE |
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內聯XBRL分類表現鏈接基礎文件。 |
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| 104 | 封面頁面交互式數據文件（格式爲行內XBRL，包含在展覽101中） | |||||||||||
_________________________
| * |
本報告一併提交。 |
| ** |
現隨附 |
本報告作爲附件101附上了以下以內聯XBRL（可擴展業務報告語言）格式的基本報表：(i)截至 2024年9月30日 和2024年3月31日(iii)爲截至2023年2024年9月30日 （iii）爲截至2023年和2023年六個月結束的簡明綜合損益表(四)截至2024年9月30日 2023年六個月結束的簡明綜合損益表(四)爲截至2023年六個月結束的簡明綜合損益表(四)爲截至2024年9月30日 並2023年，(v)基本報表附註。
根據1934年的證券交易法的要求，註冊人已經指定代表簽署本報告。
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美國超導公司 |
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通過： |
/s/ John W. Kosiba, Jr. |
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大約爲23個月，除非之前被召回。 |
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約翰·W·科西巴，JR。 |
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高級副總裁，首席財務官和財務主管（財務和會計主管） |