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American Superconductor Corporation (AMSC-10.28%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total revenues of $61.4 million for the three months ended December 31, 2024, a 56% increase from $39.4 million for the same period in the previous year. For the nine months ended December 31, 2024, total revenues were $156.2 million, up from $103.6 million in the previous year.
The Grid business segment accounted for 85% of total revenues for the three months ended December 31, 2024, with revenues increasing 56% to $52.3 million. The Wind business segment accounted for 15% of total revenues, with revenues increasing 58% to $9.1 million.
Cost of revenues increased to $45.1 million for the three months ended December 31, 2024, compared to $29.4 million in the same period the previous year. Gross margin was 27% for the three months ended December 31, 2024, compared to 25% in the previous year.
Operating expenses increased during the quarter, with research and development expenses rising to $3.0 million and selling, general, and administrative expenses increasing to $11.6 million.
The company reported an operating income of $1.3 million for the three months ended December 31, 2024, compared to an operating loss of $1.4 million in the previous year. The Grid business segment contributed $2.8 million to operating income, while the Wind business segment contributed $1.4 million.
Net income for the quarter was $2.5 million, compared to a net loss of $1.6 million in the previous year. The improvement was attributed to increased revenues and gross margins.
The company completed the acquisition of Megatran Industries, Inc. on August 1, 2024, for an aggregate consideration of $61.4 million. This acquisition contributed to the increase in revenues for the Grid business segment.
As of December 31, 2024, American Superconductor Corporation had cash, cash equivalents, and restricted cash totaling $80.0 million, down from $92.3 million as of March 31, 2024.
The company believes it has sufficient liquidity to fund its operations and capital expenditures for the next twelve months. However, it may seek additional capital to fund its operating requirements and capital expenditures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Superconductor Corporation quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.