Q1 Financial Highlights:
- Revenue Increased Over 33% Year Over Year to $40 Million
- Reported Expanded Gross Margin and Achieved Non-GAAP Net Income
- Generated $3.4 Million of Operating Cash Flow
Company to host conference call tomorrow, August 7th, at 10:00 am ET
AYER, Mass., Aug. 06, 2024 (GLOBE NEWSWIRE) — 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 protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its first quarter of fiscal year 2024 ended June 30, 2024.
Revenues for the first quarter of fiscal 2024 were $40.3 million compared with $30.3 million for the same period of fiscal 2023. The year-over-year increase was driven by increased shipments of new energy power systems and electrical control system shipments, versus the year ago period.
AMSC’s net loss for the first quarter of fiscal 2024 was $2.5 million, or $0.07 per share, compared to a net loss of $5.4 million, or $0.19 per share, for the same period of fiscal 2023. The Company’s non-GAAP net income for the first quarter of fiscal 2024 was $3.0 million, or $0.09 per share, compared with a non-GAAP net loss of $2.1 million, or $0.08 per share, in the same period of fiscal 2023. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.
Cash, cash equivalents, and restricted cash on June 30, 2024, totaled $95.5 million, compared with $92.3 million at March 31, 2024.
“We are building a fundamentally stronger company and reporting another quarter of solid results to start our fiscal 2024. AMSC delivered over $3 million of operating cash flow, expanded gross margins and grew revenue by over 30% when compared to the same period last year, said Daniel P. McGahn, Chairman, President and CEO, AMSC. During the first quarter of fiscal 2024, we booked over $127 million of new orders, including our first Ship Protection System contract with an allied navy and our third 3MW ECS order from Inox Wind. We ended the quarter with $160 million in 12-month backlog and $250 million in total backlog. Our performance reflects our ability to deliver business diversification, financial growth and expanded scale, which we intend to leverage further in 2024 with our recent acquisition announcement. We believe we are in a strong position for…
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