American Superconductor (AMSC) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly and annual revenue, with Q4 revenue up nearly 60% year-over-year to $66.7 million and full-year revenue up 53% to $222.8 million, driven by organic growth and the NWL, Inc. acquisition.

• Delivered third consecutive quarter of GAAP profitability and seventh consecutive quarter of non-GAAP profitability and positive operating cash flow.

• Net income for fiscal 2024 was $6.0 million, a $17.1 million improvement from the prior year.

• Diversified revenue streams across renewables, industrials, military, utility, and semiconductors, with over a third from renewables and nearly 70% from the U.S. market.

• Secured major defense contracts, including a breakthrough order from the Royal Canadian Navy and continued deliveries to the U.S. Navy.

Financial highlights

• Q4 revenue: $66.7 million, up nearly 60% year-over-year; grid business revenue: $55.6 million (+62%), wind business: $11.1 million (+42%).

• Full-year revenue: $222.8 million (+53%); grid business: $187.2 million (+53%, 84% of total), wind business: $35.6 million (+51%, 16% of total).

• Q4 gross margin: 27% (up from 25%); full-year gross margin: 28% (up from 24%).

• Q4 net income: $1.2 million ($0.03/share) vs. $1.6 million loss prior year; non-GAAP net income: $4.8 million ($0.13/share).

• Full-year net income: $6 million ($0.16/share) vs. $11.1 million loss; non-GAAP net income: $24 million ($0.65/share).

• Year-end cash: $85.4 million; full-year operating cash flow: $28.3 million.

Outlook and guidance

• Q1 FY2025 revenue guidance: $64–$68 million.

• Q1 FY2025 net income expected to exceed $1 million ($0.03/share); non-GAAP net income to exceed $4 million ($0.10/share).

• Strong order pipeline driven by semiconductors, traditional energy, and data centers; backlog over $200 million.

• Management expresses confidence in continued growth, profitability, and market expansion.