American Superconductor (AMSC) - 2024 Q1 - Quarterly Report

Financial Performance - Revenues for the three months ended June 30, 2023, were $30,254,000, representing a 33.5$22,679,000 in the same period of 2022[16] - Gross margin improved to $6,282,000 for the three months ended June 30, 2023, compared to$2,221,000 in the prior year, indicating a significant increase in profitability[16] - Operating loss decreased to $(5,333,000) for the three months ended June 30, 2023, from$(8,869,000) in the same period of 2022, reflecting improved operational efficiency[16] - Net loss for the three months ended June 30, 2023, was $(5,398,000), a reduction from$(8,710,000) in the same quarter of 2022, showing progress in financial performance[16] - The company reported a basic net loss per common share of $(0.19) for the three months ended June 30, 2023, compared to$(0.32) for the same period in 2022[16] - The net loss for the three months ended June 30, 2023, was $5.398 million, an improvement from a net loss of$8.710 million in the same period of 2022, representing a 38.5% reduction[24] - Cash used in operating activities for the three months ended June 30, 2023, was $2.245 million, down from$5.863 million in the prior year, indicating a 61.7% improvement[24] - Non-GAAP net loss improved to $2.1 million, or$0.08 per share, from $6.8 million, or$0.25 per share, in the prior year[156] - Net loss was reduced to $5.4 million for the three months ended June 30, 2023, compared to$8.7 million in the same period of 2022[153] Assets and Liabilities - Total current assets decreased to $102,194,000 as of June 30, 2023, down from$106,173,000 as of March 31, 2023[13] - Total liabilities decreased to $92,716,000 as of June 30, 2023, compared to$93,764,000 as of March 31, 2023, indicating a slight improvement in the company's financial position[13] - Total stockholders' equity decreased to $77,918,000 as of June 30, 2023, from$81,797,000 as of March 31, 2023[13] - The company had an accumulated deficit of $1.061 billion as of June 30, 2023[29] - Cash and cash equivalents were$22,005,000 as of June 30, 2023, down from $23,360,000 as of March 31, 2023[13] - Cash equivalents decreased from$7,913,000 on March 31, 2023, to $7,658,000 on June 30, 2023, representing a decline of approximately 3.2$13,935,000 on March 31, 2023, to $10,878,000 on June 30, 2023, a reduction of approximately 22$0.6 million of restricted cash included in long-term assets and $0.5 million in current assets as of June 30, 2023[106] Revenue Segments - Total revenue for the three months ended June 30, 2023, was$25,737 million, an increase from $19,829 million in the same period of 2022, representing a growth of approximately 29$25.737 million for the three months ended June 30, 2023, compared to $19.829 million in the same period of 2022, reflecting a growth of approximately 29.8$4.517 million for the three months ended June 30, 2023, up from $2.850 million in the same period of 2022, indicating an increase of approximately 58.5$25.7 million, a 30% increase from $19.8 million in the prior year[138] - The Wind business unit revenues increased by 58$4.5 million, driven by additional shipments of electrical control systems[139] Cost Management - The company undertook a reduction in force involving approximately 5% of its global workforce, expected to incur $1.0 million in cash expenses and result in annualized cost savings of approximately$5.0 million[32] - Selling, general, and administrative expenses increased by 4% to $7.9 million, attributed to higher compensation and stock compensation expenses[145] - Research and development expenses decreased by 30$1.9 million from $2.7 million in the prior year[144] - Stock-based compensation expense for the three months ended June 30, 2023, totaled$1,357 million, up from $1,033 million in the same period of 2022, reflecting an increase of approximately 31$250 million of securities to fund future capital needs[30] - The company believes it has sufficient liquidity to fund operations and capital expenditures for the next twelve months, but may seek to raise additional capital through loans, convertible debt, or equity[164] - The company continues to monitor expenses and may reduce operating and capital spending to enhance liquidity if necessary[164] Internal Controls and Compliance - As of June 30, 2023, the company's disclosure controls and procedures were evaluated as effective at the reasonable assurance level by the CEO and CFO[170] - There were no changes to the internal control over financial reporting during the quarter ended June 30, 2023, that materially affected the internal control[171] - The company did not repurchase any shares during the three months ended June 30, 2023, in connection with stock-based compensation plans[174] - The company adopted ASU 2016-13 and ASU 2021-08 as of April 1, 2023, with no material impact on the condensed consolidated financial statements noted[166][167] Legal and Risk Factors - The company is involved in various legal and administrative proceedings, recording liabilities when losses are known or probable[165] - There have been no material changes to the risk factors described in the Annual Report for the fiscal year ended March 31, 2023[173] - The company continues to face potential impacts on liquidity due to global instability, including the COVID-19 pandemic and geopolitical tensions[164]