American Superconductor Corporation

Fourth-quarter fiscal 2025 revenue was $86.4 million, up 30% from $66.7 million a year ago. Grid revenue was $73.7 million, up 33%, and Wind revenue was $12.7 million, up 15%. Q4 gross margin was 27.3% versus 26.5% last year, and full-year gross margin was 30.5% versus 27.8%, an expansion of 270 basis points. Q4 net income was $4.5 million, or $0.10 per share, versus $1.2 million, or $0.03 per share; non-GAAP net income was $14.1 million, or $0.31 per share, versus $4.8 million, or $0.13 per share. Full-year revenue was $299.2 million, up 34% from $222.8 million; full-year net income was $133.8 million, or $3.12 per share, and non-GAAP net income was $158.1 million, or $3.68 per share. Cash, cash equivalents and restricted cash ended at $147.6 million, up from $85.4 million a year ago, and operating cash flow was $9.3 million in Q4 and $23.1 million for the year. For Q1 FY26, management expects revenue to exceed $85 million, net income to exceed $3 million, or $0.07 per share, and non-GAAP net income to exceed $8 million, or $0.17 per share; about $1.5 million of purchase accounting and noncash amortization from Comtrafo is expected in COGS, tapering down starting in Q2 FY26.

Daniel McGahn characterized fiscal 2025 as a “transformational year,” emphasizing record revenue, improved profitability, and a broader business footprint after the Comtrafo acquisition. He said AMSC is now operating as a profitable company, with 7 consecutive quarters of GAAP profitability and 11 consecutive quarters of non-GAAP profitability, and framed the company as being in its “strongest position ever.” His tone was upbeat and confident, with repeated focus on diversification, backlog visibility, and opportunities in traditional energy, utilities, data centers, defense, and Latin America.

John Kosiba detailed the financial performance with specific margin and cash metrics: Q4 revenue of $86.4 million, Q4 gross margin of 27.3%, full-year gross margin of 30.5%, and Q4 R&D plus SG&A of $18.8 million. He noted that Q4 included roughly $1.5 million of Comtrafo purchase-accounting and noncash adjustments in cost of goods sold, about 170 basis points of impact, and that about 20% of Q4 R&D and SG&A was noncash. He also highlighted stronger liquidity, ending fiscal 2025 with $147.6 million in cash, cash equivalents and restricted cash, and gave Q1 FY26 guidance for revenue above $85 million, net income above $3 million, and non-GAAP net income above $8 million.

Analysts pressed on whether the nearly $100 million in Q4 orders represented a step-change and how much was Comtrafo-related; management said the mix was diverse, proportional to Comtrafo, and that data centers rose to about 10% of orders from 5% last quarter. Questions on the data center opportunity focused on where AMSC participates, and management said current wins are mainly direct power-quality solutions at data centers under construction, while utilities remain an important second channel as data-center clusters stress the grid. Analysts also asked about Comtrafo integration, North American transformer qualification, and possible M&A, and management said the near-term focus is Brazil and Latin America first, then North America later, while they are still digesting Comtrafo and are not rushing into another deal.