Wed, May 29, 8:38 PM (416 days ago)
American Superconductor Corporation's Form 10-K for the fiscal year ended March 31, 2024, highlights a 37% increase in total revenues to $145.6 million, driven by higher sales in both its Grid and Wind business units. The Grid business unit, which accounted for 84% of total revenues, saw a 29% increase to $122.1 million, while the Wind business unit's revenues rose 108% to $23.6 million. Gross margin improved to 24% from 8% in the previous year due to higher revenues and better product mix. Operating expenses included a 10% increase in SG&A to $31.6 million and a 4.9 million change in fair value of contingent consideration. The company reported a net loss of $11.1 million, significantly lower than the $35.0 million loss in the previous year. The company raised $65.2 million through a public offering in February 2024, bolstering its cash reserves to $92.3 million. Future liquidity is expected to be supported by this capital raise, ongoing revenue growth, and cost control measures.