AMSC earnings analysis
What we found in AMSC's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
American Superconductor Corporation (AMSC) demonstrated significant growth in fiscal 2025, with total revenues rising by 34% to $299.2 million, driven largely by the Grid segment, which accounted for 84% of the total revenue. The company's focus on enhancing customer adoption, particularly through its Grid and Wind business segments, reflects its strategic emphasis on sustainability and resilience in power control solutions. However, AMSC recorded a material weakness in internal control, impacting its reporting processes, which poses a potential risk to future performance.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 34%
- Total revenue increased to $299.2 million in fiscal 2025, up from $222.8 million in fiscal 2024.
- Significant Tax Benefit
- The company recorded a non-cash tax benefit of $118.4 million in fiscal 2025 from the release of valuation allowance against deferred tax assets.
- New Acquisitions Fueling Growth
- The recent acquisitions of Comtrafo and Megatran added $21.9 million in revenue in fiscal 2026.
- Strong Cash Position
- At March 31, 2026, cash and cash equivalents reached $140.7 million, a substantial increase from $79.5 million in 2025.
- Improved Gross Margins
- Gross margin improved to 31% in fiscal 2025, up from 28% in fiscal 2024, due to a better product mix.
- Operating Income Generation
- Operating income rose to $11.4 million from a loss of $1.1 million in fiscal 2024.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Material Weakness in Internal Control
- Management noted a material weakness in the preparation and review of purchase accounting related to the Comtrafo acquisition, potentially impacting financial reporting.
- Dependency on Key Customers
- A significant portion of Wind segment revenues are derived from Inox Wind Limited, accounting for 15% of total revenue; a downturn could severely impact earnings.
- Supply Chain Vulnerabilities
- The company relies on third-party suppliers for critical components, making it susceptible to supply disruptions and price fluctuations, heightening operational risk.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.12
- Gross margin
- 31%
- Operating margin
- 3.83%
- Segment
- Grid
- Segment
- Wind
What they said about what is next.
No explicit numerical guidance provided in the 10-K; further outlook deferred to the earnings release.
The filing reads better than the one before it.
What came before.
- 10-Q · February 4, 2026
- American Superconductor (AMSC) reported significant improvements in Q3 FY2025, with revenue increasing to $74.5 million, a 21.4% rise compared to $61.4 million in the same quarter last year. EPS showed an impressive…
- 10-Q · July 30, 2025
- AMSC reported strong Q2 results with revenue of $72,358,000 (up 79.6% YoY from $40,290,000) and GAAP net income of $6,724,000 (diluted EPS $0.17) versus a loss in the year‑ago quarter. Gross margin expanded to 33.8% and…
- 10-Q · February 5, 2025
- AMSC's Q3 2025 results show significant improvement with revenue reaching $61.4 million, up 56.21% from $39.4 million in Q3 2024. Gross margins slightly declined to 26.6% while EPS rebounded to $0.06 compared to a loss…
- 10-Q · November 1, 2023
- AMSC reported Q2 revenue of $34,004,000, up $6,324,000 from $27,680,000 a year ago, with gross margin rising to $8,586,000 (≈25.3% of revenue) and operating loss narrowing to $2,369,000. EPS improved to a loss of $0.09…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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