pitcook
1 year ago
Great Q2 report
https://finance.yahoo.com/news/american-superconductor-corp-amsc-reports-232747867.html
AMSC reports a 23% year-over-year increase in revenues to $34 million in Q2 of fiscal year 2023.
The company achieved non-GAAP net income and generated $0.9 million of operating cash flow.
AMSC's net loss for Q2 of fiscal 2023 was $2.5 million, a significant improvement from a net loss of $9.9 million in the same period of fiscal 2022.
The company expects its revenues for the third quarter ending December 31, 2023, to be in the range of $33 million to $36 million.
On November 1, 2023, American Superconductor Corp (NASDAQ:AMSC) released its financial results for the second quarter of fiscal year 2023. The company reported a 23% year-over-year increase in revenues to $34 million, primarily driven by higher new energy power systems and ship protection systems revenues, as well as additional electrical control system shipments.
Financial Highlights
AMSC's net loss for the second quarter of fiscal 2023 was $2.5 million, or $0.09 per share, compared to a net loss of $9.9 million, or $0.35 per share, for the same period of fiscal 2022. The company's non-GAAP net income for the second quarter of fiscal 2023 was less than $0.1 million, or $0.00 per share, compared with a non-GAAP net loss of $6.5 million, or $0.23 per share, in the same period of fiscal 2022.
Cash, cash equivalents, and restricted cash on September 30, 2023, totaled $24.0 million, compared with $23.1 million at June 30, 2023.
Company Outlook
For the third quarter ending December 31, 2023, AMSC expects that its revenues will be in the range of $33 million to $36 million. The company's net loss for the third quarter of fiscal 2023 is expected not to exceed $4.3 million, or $0.15 per share. The company expects operating cash flow to be breakeven to a positive cash generation of $2.0 million in the third quarter of fiscal 2023.
CEO Commentary
Second quarter results exceeded our outlook. I believe we are ahead of schedule. Strong demand from the markets we serve drove higher revenue, improved margins, and a favorable product mix. Consequently, these developments helped to generate positive operating cash flow of nearly $1 million in the second quarter. For the first time since 2010 we are reporting non-GAAP net income," said Daniel P. McGahn, Chairman, President and CEO, AMSC.
Financial Tables
The company's unaudited consolidated statements of operations show a total revenue of $34,004 thousand for the three months ended September 30, 2023, compared to $27,680 thousand for the same period in 2022. The net loss for the same period in 2023 was $2,485 thousand, a significant improvement from a net loss of $9,881 thousand in 2022.
The unaudited consolidated balance sheets show that as of September 30, 2023, the company had total assets of $171,327 thousand, compared to $175,561 thousand as of March 31, 2023. The total liabilities and stockholders' equity as of September 30, 2023, were also $171,327 thousand.
The unaudited consolidated statements of cash flows show a net decrease in cash, cash equivalents, and restricted cash of $1,695 thousand for the six months ended September 30, 2023, compared to a decrease of $12,132 thousand for the same period in 2022.
The reconciliation of GAAP net loss to non-GAAP net income (loss) shows a non-GAAP net income of $14 thousand for the three months ended September 30, 2023, compared to a non-GAAP net loss of $6,542 thousand for the same period in 2022.
Explore the complete 8-K earnings release (here) from American Superconductor Corp for further details.
This article first appeared on GuruFocus.
pitcook
1 year ago
https://finance.yahoo.com/m/cb9b99cf-b44c-3d29-83ab-64ad3af77968/superconductors%E2%80%99-new-%E2%80%98lk-99%E2%80%99.html?siteid=yhoof2&yptr=yahoo
Superconductors’ New ‘LK-99’ Viral Moment Takes Investors for a Wild Ride
Share prices skyrocket, then sink, for companies that don’t even have a direct link to room-temperature superconductor
Semiconductor-linked shares surged this week on the Korea Exchange in Seoul, where performers marked 2023’s first day of trading in January. PHOTO: SEONGJOON CHO/BLOOMBERG NEWS
The hope and hype surrounding superconductors took off this week, as stocks with a perceived connection to the latest research swung wildly and videos by once-obscure scientists went viral.
Late last month, a group of scientists from South Korea and Virginia’s William & Mary, in two academic papers that had not undergone peer review, claimed a breakthrough that opened “a new era for humankind.” It relates to the so-called “LK-99” crystal, a superconductor that consists of a lead-based compound seasoned with copper.
The material, the group claimed, showed the properties of a superconductor which transmits electrical currents without resistance at room temperature and at ambient pressure—a long-running scientific pursuit that if valid would usher in generational advances in chips, power grids and computing systems.
The word “superconductors” trended widely online this week. Share prices surged for companies in the U.S., China and South Korea whose operations overlap with superconductors—and even some that lack a direct link—before the gains reversed late in the week. A video uploaded by Chinese researchers, who backed some of LK-99’s traits, attracted nearly 10 million views.
But many scientists see LK-99’s claims, for now, as more viral than verifiable. The fervor speaks to the immense potential of room-temperature superconductors as well as limited public understanding of the technology and its prospects. A superconductor refers to a material that conducts electricity without energy loss and expels magnetic fields while transitioning to the superconducting state, according to the U.S. Department of Energy.
The buzz around superconductors has remained elevated since March. That is when Ranga Dias, a physicist at the University of Rochester, published a piece in the prestigious journal Nature, arguing the rare-earth metal lutetium combined with nitrogen and hydrogen was a superconductor at a temperature of 69 degrees Fahrenheit. It also did so at pressures less extreme than what is required for many known superconducting materials. Dias’s claim and his prior work have been heavily scrutinized by his scientific peers, including accusations of fabricated data and plagiarism.
Like all previous reports of such “unidentified superconducting objects,” the South Korea-led group’s findings will be “taken seriously once other groups reproduce them and then weigh in on whether this is a true superconductor or just an unusual kind of diamagnet,” said Michael Norman, a condensed matter physicist with the U.S. Department of Energy’s Argonne National Laboratory.
Several efforts are under way to verify the LK-99 claims, including one led by Argonne. Some initial attempts at verification have shown promise, such as Lawrence Berkeley National Laboratory’s simulations that have supported LK-99 in theory. Others have concluded that the material doesn’t display the appearance of bulk superconductivity at room temperature.
They are reacting to a pair of papers posted last week by scientists, most of whom work for the privately held Quantum Energy Research Center in Seoul. They uploaded their findings to arXiv, a global repository for unpublished science research. One of the scientists also provided a video showing a small sample of the material partially levitated over a magnet in an apparent demonstration of superconductivity.
LK-99 is named after the initials of the surnames of two of the scientists—Lee Suk-bae and Kim Ji-hoon of the Quantum Energy Research Center—and 1999, the year the material was reportedly synthesized by them.
Quantum Energy Research Center didn’t respond to a request for a comment.
Some compounds composed of metals including aluminum, zinc, and mercury are known to exhibit superconducting behaviors, though only at extreme pressures and temperatures. That has made them unfeasible or impractical for widespread use.
The enthusiasm for LK-99 triggered wild stock swings. Given the current concentration of manufacturing expertise in Asian countries like South Korea, Japan and China, it is highly probable that companies from these countries would play a significant role in developing and implementing superconductors when they are ready for more practical applications.
Several little-known South Korean companies with presumed ties to superconductors received investor warnings after share prices skyrocketed. One, Sunam 294630 29.94%increase; green up pointing triangle, which makes high-temperature wiring and electromagnets involved in superconductors, hit the daily maximum level of 30% gains for three straight days. Trading of Sunam shares were halted Friday for one day after surges that occurred after the warning. Another company, Mobiis 250060 -28.30%decrease; red down pointing triangle, involved in nuclear fusion and particle-accelerator technologies, rose 19% this week through Thursday, then fell roughly by 28% by Friday’s close.
Despite having no involvement in superconductors, a third South Korean company, Shinsung Delta Tech 065350 -24.65%decrease; red down pointing triangle, hit maximum gains on Tuesday and Wednesday before selling off. The rise came from Shinsung’s ownership stake in a venture-capital firm that has invested in the Quantum Research Institute.
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In the U.S., shares of American Superconductor AMSC 2.60%increase; green up pointing triangle, which specializes in high-temperature superconducting wires, skyrocketed by roughly 60% on Tuesday, before the gains reversed in the following days.
Several Chinese companies saw their stock prices soar and fall as the LK-99 video went viral. The investor attention prompted Shanghai-listed Benefo 600468 9.95%increase; green up pointing triangle, which rose 34% in recent days, to clarify that it has no related work now to room-temperature superconductivity. In the past, a subsidiary had engaged in some high-temperature superconducting research. Meanwhile, Shenzhen-listed TICW pointed out the same lack of a room-temperature superconducting exposure, though its stock price surged roughly 70% this week.
Even if LK-99 were found to exhibit superconductivity, engineers would still need to determine how to implement the material into their products, leaving major steps before any commercialization is considered, said Rino Choi, a materials engineering professor at Inha University in South Korea. He said the recent findings appear to be “too primitive.”
On Tuesday, a team led by a professor at Huazhong University of Science and Technology, released a video on China’s YouTube-like platform, claiming they had verified the synthesis of the LK-99 crystal that can magnetically levitate for the first time, with a larger levitation angle than the previous sample obtained by the South Korean team. By Friday evening, the video had millions of views, generated some 740,000 likes and received more than 65,000 comments. Calls to Huazhong went unanswered.
Superconductors could revolutionize product design in consumer electronics, such as smartphones and laptops, as they would render many current thermal systems, optical fibers, and wires unnecessary, said Ming-chi Kuo, an analyst at TF International Securities.
Write to Jiyoung Sohn at jiyoung.sohn@wsj.com and Yang Jie at jie.yang@wsj.com
Monksdream
1 year ago
AMSC new 52 week high
American Superconductor Corp NASDAQ: AMSC
GoSymbol lookup
Industrials : Electrical Equipment | Small Cap ValueCompany profile
American Superconductor Corporation (AMSC) is a system provider of megawatt-scale power resiliency solutions. Its segments include Grid and Wind. Its power system products operate across six markets, including the transmission grid, distribution grid, urban grid infrastructure, marine protection systems, solar power, and wind power. Through the Company's Gridtec Solutions, the Grid business segment enables electric utilities and renewable energy project developers to connect, transmit, and distribute power. It also sells ship protection products to the United States Navy through its Grid business segment. Through its Windtec Solutions, Wind business segment enables manufacturers to field wind turbines. It provides power electronics and control systems. It provides a range of power electronics and software-based control systems that are highly integrated and designed for optimized performance, efficiency, and grid compatibility. It sells degaussing systems to the United States Navy.
pitcook
2 years ago
AMSC Announces $26 Million of New Energy Power System Orders
Tue, January 24, 2023 at 8:00 AM EST
AYER, Mass., Jan. 24, 2023 (GLOBE NEWSWIRE) -- AMSC® (NASDAQ: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability of our Navy’s fleet, today announced $26 million of new energy power systems orders. This includes orders for enclosed capacitor banks, harmonic filters, voltage controllers, rectifiers, D-VAR VVO® and transformers. Most of the revenue from these orders is expected to be recognized in fiscal year 2023.
“Our Company is providing new energy power systems solutions for more industrial uses,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “These new energy power system solutions are used for industrial processes and manufacturing such as mining, metal extraction, metal processing, and chemical plants among others. Approximately two-thirds of today’s announced orders come from industrial uses and about one-fourth from renewable projects in wind and solar. We have built a business focused on sustainability that we believe is well positioned to take advantage in renewables, semiconductor, mining and materials, as well as in other industrial markets. These orders, plus the recently announced award of our fifth ship protection system (LPD-32) contract, underscore our strong momentum.”
AMSC’s new energy power systems include D-VAR® and D-VAR VVO® offerings as well as NEPSI™ and Neeltran™ businesses. Customers utilize AMSC’s solutions to provide voltage control, power factor correction, and reactive compensation to stabilize the power grid and prevent undesirable events such as voltage collapse. The systems are designed to detect and instantaneously compensate for voltage disturbances. AMSC offers power conversion products. These products include transformers and rectifiers. Additionally, the systems help utilities manage their power quality concerns and expand grid capacity for renewable distributed generation.
pitcook
2 years ago
AMSC Awarded Contract for Ship Protection System on LPD-32
Tue, December 6, 2022 at 8:00 AM
AMSC finalized its fifth Ship Protection System contract, which has become the baseline design for the San Antonio-Class Amphibious Ship Platform.
AYER, Mass., Dec. 06, 2022 (GLOBE NEWSWIRE) -- AMSC (NASDAQ: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™, and protect and expand the capability of our Navy’s fleet, today announced it has entered into a delivery contract with Huntington Ingalls Industries through its Ingalls Shipbuilding division (Ingalls) for a high temperature superconductor (HTS)-based ship protection system to be deployed on the San Antonio-class of amphibious transport dock ship, LPD-32.
The LPD-32 contract marks AMSC’s fifth ship protection system for the San Antonio Class Amphibious ship platform. Other AMSC awarded contracts for the San Antonio Class include the USS Fort Lauderdale, USS Richard McCool, USS Harrisburg, and USS Pittsburgh.
Under the terms of the contact, AMSC has agreed to deliver the degaussing system to Ingalls’ shipbuilding facility in Pascagoula, Mississippi for integration into LPD-32. LPD-32 represents the third vessel of the next generation amphibious warship ‘Flight II’ variant of the San Antonio-class.
AMSC’s innovative degaussing system consists of smaller, lighter, and higher performing high-temperature superconductor (HTS) cable, eliminating 50% to 80% of the system weight with significant power savings. The system is designed to reduce the magnetic signature of a ship, which can interfere with undersea mines’ ability to detect and damage the ship. The San Antonio-class of ships can carry up to 800 troops and has the capability of transporting and debarking landing craft air cushion or conventional landing crafts, augmented by helicopters or vertical take-off and landing aircraft such as the MV-22. These ships are expected to support amphibious assault, special operations or expeditionary warfare missions through the first half of the 21st century.
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