Record Revenue Growth
AMSC achieved a record revenue of $66.7 million in Q4, marking a 59% increase compared to the previous year, and a total fiscal year revenue of $222.8 million, a 53% increase from fiscal 2023.
Grid and Wind Business Performance
Grid business revenues grew by 62% to $55.6 million in Q4, while Wind business revenues increased by 42% to $11.1 million. For the full fiscal year, Grid business revenues were $187.2 million, and Wind business revenues were $35.6 million.
Profitability Achievements
AMSC reported its third consecutive quarter of GAAP profitability and seventh consecutive quarter of non-GAAP profitability, with a Q4 net income of $1.2 million and non-GAAP net income of $4.8 million.
Strong Cash Position
The company ended fiscal year 2024 with $85.4 million in cash, cash equivalents, and restricted cash, generating $6.3 million in operating cash flow in Q4 and $28.3 million for the full fiscal year.
Significant Order Backlog
AMSC reported strong order bookings of $75 million in Q4, with a 12-month backlog of over $200 million, an increase from $140 million a year ago.
Expansion into Global Defense
AMSC expanded its defense business with a new order from the Royal Canadian Navy and delivered three ship protection systems to the US Navy.