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AMSC

American Superconductor Corporation

AMSC

American Superconductor Corporation • NASDAQ
$31.09 ▲ 1.93% (+0.59)
Market Cap $1.40 B
52w High $70.49
52w Low $13.98
Dividend Yield 0%
P/E 84.03
Volume 422.14K
Outstanding Shares 45.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $65.862M ▼ $17.474M ▼ $4.75M ▼ 7.212% ▼ $0.11 ▼ $6.163M ▼
Q1-2025 $72.358M ▲ $18.845M ▲ $6.724M ▲ 9.293% ▲ $0.17 ▲ $7.116M ▲
Q4-2024 $66.655M ▲ $16.038M ▲ $1.205M ▼ 1.808% ▼ $0.032 ▼ $3.452M ▲
Q3-2024 $61.403M ▲ $15.011M ▼ $2.465M ▼ 4.014% ▼ $0.066 ▼ $3.111M ▼
Q2-2024 $54.471M $16.366M $4.887M 8.972% $0.13 $3.942M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $215.758M ▲ $445.603M ▼ $103.421M ▼ $342.182M ▲
Q1-2025 $207.89M ▲ $452.846M ▲ $119.73M ▲ $333.116M ▲
Q4-2024 $79.494M ▲ $310.521M ▲ $113.407M ▼ $197.114M ▲
Q3-2024 $75.203M ▲ $310.278M ▲ $117.602M ▲ $192.676M ▲
Q2-2024 $72.131M $298.448M $111.433M $187.015M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $4.75M ▼ $6.487M ▲ $-1.388M ▼ $242K ▼ $6.519M ▼ $5.095M ▲
Q1-2025 $6.724M ▲ $4.125M ▼ $-735K ▲ $124.577M ▲ $128.038M ▲ $3.311M ▼
Q4-2024 $1.205M ▼ $6.29M ▲ $-1.142M ▼ $150K ▲ $4.59M ▼ $5.251M ▼
Q3-2024 $2.465M ▼ $5.874M ▼ $-575K ▲ $0 $5.254M ▲ $5.35M ▼
Q2-2024 $4.887M $12.712M $-33.469M $0 $-20.591M $12.125M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Grid
Grid
 $50.00M ▲$50.00M ▲$40.00M ▼$50.00M ▲
Wind
Wind
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a company that has been slowly turning the corner from persistent losses to modest profitability. Revenue has trended upward over the past several years, and the business has moved from operating losses to roughly break-even and recently into slightly positive territory. Profit margins, while still thin, have clearly improved as scale has increased and costs have been better controlled. The main takeaway is that AMSC has shifted from a turnaround story toward a more stable, profit-generating profile, but its earnings base remains relatively small and likely still sensitive to contract timing and project mix.

Balance Sheet

Balance Sheet The balance sheet looks relatively clean and conservatively structured. Assets have grown steadily, reflecting business expansion and a stronger operating base. The company carries no financial debt, which reduces financial risk and interest burden. Equity has been rebuilt over time as losses have narrowed and profitability has emerged, improving the company’s cushion against future shocks. Cash levels are reasonable for the size of the business but not abundant, suggesting AMSC has some resilience but still needs to be careful with capital allocation and working capital swings.

Cash Flow

Cash Flow Cash flow trends mirror the income statement improvement. AMSC has moved from burning cash in its operations to roughly cash-neutral and now to generating positive operating cash flow. Free cash flow has followed the same pattern, helped by minimal capital spending needs. This indicates the core business is increasingly able to fund itself without relying on outside financing. The key risk is that cash generation likely still depends heavily on the timing of a relatively small number of large projects, so cash flows may remain lumpy from year to year.

Competitive Edge

Competitive Edge AMSC occupies a specialized niche at the intersection of advanced materials, power electronics, and critical infrastructure. Its strength comes from proprietary superconductor technology, deep system-level engineering know-how, and entrenched relationships with demanding customers like utilities and the U.S. Navy. Regulatory complexity and long qualification cycles create meaningful barriers to entry for new competitors. At the same time, AMSC competes in markets where large industrial and defense players also operate, and its smaller scale and project-based revenue model can limit pricing power and create customer concentration and policy-dependence risks.

Innovation and R&D

Innovation and R&D Innovation is the core of AMSC’s strategy and its main differentiator. The company has built a substantial intellectual property base around its high-temperature superconductor wire and related power systems, using it to create specialized solutions for power grids, naval ships, and wind turbines. Flagship offerings like resilient grid systems, ship protection technology, and complete wind turbine designs show that R&D is focused on real-world, high-value applications rather than just lab concepts. Looking ahead, expanding into more naval applications, grid modernization projects, data centers, and next-generation wind platforms underscores a strong pipeline of potential innovations—though each area involves long development cycles, complex customer approvals, and execution risk.

Summary

Overall, AMSC looks like a technically strong, still relatively small industrial technology company that has spent years investing in advanced products and is now beginning to see more consistent commercial and financial benefits. Financial performance has improved from losses to modest profitability and positive cash generation, supported by a solid, debt-free balance sheet. Its competitive edge rests on specialized superconductor technology, system integration expertise, and trusted relationships in heavily regulated, mission-critical markets. The opportunity lies in scaling these technologies across more grids, ships, and renewable projects, while the main uncertainties are project timing, dependence on a limited set of high-stakes customers and contracts, and the challenge of executing large, complex deployments over long timeframes.

NEWS

November 5, 2025 · 4:05 PM UTC

AMSC Reports Second Quarter Fiscal Year 2025 Financial Results and Business Outlook

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October 31, 2025 · 4:33 PM UTC

AMSC to Report Second Quarter Fiscal Year 2025 Financial Results on November 5, 2025

Read more