Q4 2024 American Superconductor Corp Earnings Call Transcript
Key Points
- AMSC delivered its strongest reported performance in years, with a nearly 60% increase in revenue for the fourth quarter compared to the previous year.
- The company achieved its third consecutive quarter of GAAP profitability and seventh consecutive quarter of non-GAAP profitability.
- AMSC's grid business revenue grew by more than 60% and wind business revenue increased by over 40% year-over-year.
- The company ended fiscal 2024 with over $85 million in cash and a robust 12-month backlog of over $200 million.
- AMSC successfully expanded into the global defense market with a significant order from the Royal Canadian Navy, marking a key milestone in its defense business strategy.
- Research and development and SG&A expenses increased significantly, totaling $15.6 million for the fourth quarter, up from $10.3 million in the previous year.
- Approximately 17% of R&D and SG&A expenses in the fourth quarter were noncash, indicating a substantial portion of expenses not directly tied to cash flow.
- The company faces challenges related to the timing of customer milestones, which can impact revenue recognition and financial guidance.
- Despite strong performance, the company acknowledges the potential risks associated with changing American trade policy and tariff landscape.
- AMSC's wind business, while growing, still represents a smaller portion of total revenue compared to the grid business, indicating potential vulnerability to market fluctuations in the wind sector.
Good morning and welcome to the AMSC fourth quarter fiscal 2024 financial results conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Nicol Golez, AMSC's Director of Communications. Please go ahead.
Thank you, Andrey. Good morning, everyone, and welcome to American Superconductor Corporation's fourth quarter and full fiscal year 2024 conference call. I am Nicol Golez, AMSC's Director of Communications.
Joining me today are Daniel McGahn, Chairman, President and Chief Executive Officer; and John Kosiba, Senior Vice President, Chief Financial Officer and Treasurer. Yesterday, after market closed, American Superconductor issued its earnings release for the fourth quarter and full fiscal year 2024. A copy is available on the Investors page of the company's website at www.amsc.com.
Remarks that management may make during today's
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