AMSC Announces $37 Million of New Energy Power System Orders
24 October 2023 - 11:00PM
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 $37 million of new energy power systems orders.
This includes orders for enclosed capacitor banks, harmonic
filters, voltage controllers, transformers, rectifiers, sag
mitigation solutions, and volt var optimizers. Nearly all of the
revenue from these orders is expected to be recognized in fiscal
year 2024.
“Robust demand in the markets we serve drove another near-record
quarter of new energy power systems orders,” said Daniel P. McGahn,
Chairman, President and CEO, AMSC. “We saw strength in orders from
the industrial and renewable markets. Industrials, including
metals, mining and components for electric vehicles, contributed to
approximately one half of total new energy power systems orders
while renewables accounted for one fourth. The remainder of the
orders came from other undertakings, including utility projects
driven by the transition to more renewable power production as well
as military projects that serve the U.S. military by providing
efficient and reliable shore power to naval vessels.”
AMSC’s new energy power systems include D-VAR® and D-VAR VVO®
offerings as well as NEPSITM and NeeltranTM 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.
About AMSC (NASDAQ: AMSC) AMSC generates the
ideas, technologies and solutions that meet the world’s demand for
smarter, cleaner … better energy™. Through its Gridtec™ Solutions,
AMSC provides the engineering planning services and advanced grid
systems that optimize network reliability, efficiency and
performance. Through its Marinetec™ Solutions, AMSC provides
ship protection systems and is developing propulsion and
power management solutions designed to help fleets increase system
efficiencies, enhance power quality and boost operational
safety. Through its Windtec® Solutions, AMSC provides wind
turbine electronic controls and systems, designs and engineering
services that reduce the cost of wind energy. The Company’s
solutions are enhancing the performance and reliability of power
networks, increasing the operational safety of navy fleets, and
powering gigawatts of renewable energy globally. Founded in 1987,
AMSC is headquartered near Boston, Massachusetts with operations in
Asia, Australia, Europe and North America. For more information,
please visit www.amsc.com.
©2023 AMSC. AMSC, American Superconductor, NEPSI, Neeltran,
D-VAR, D-VAR VVO, Amperium, Gridtec, Marinetec, Windtec,
Orchestrate the Rhythm and Harmony of Power on the Grid and
Smarter, Cleaner … Better Energy are trademarks or registered
trademarks of American Superconductor Corporation. All other brand
names, product names, trademarks, or service marks belong to their
respective holders.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. Such statements include, but are not limited to,
statements about the expected timing of revenue recognition for the
systems ordered; strong orders momentum; robust demand; market
drivers and dynamics for our new energy power systems products;
intended uses of the new energy power systems ordered;
functionality, performance and capabilities of our products,
systems and solutions; and other statements containing the words
“believes,” “anticipates,” “plans,” “expects,” “will” and similar
expressions. Such forward-looking statements represent management's
current expectations and are inherently uncertain. There are a
number of important factors that could materially impact the value
of our common stock or cause actual results to differ materially
from those indicated by such forward-looking statements. These
important factors include but are not limited to: We have a history
of operating losses, which may continue in the future. Our
operating results may fluctuate significantly from quarter to
quarter and may fall below expectations in any particular fiscal
quarter; We have a history of negative operating cash flows, and we
may require additional financing in the future, which may not be
available to us; We may be required to issue performance bonds or
provide letters of credit, which restricts our ability to access
any cash used as collateral for the bonds or letters of credit;
Changes in exchange rates could adversely affect our results of
operations; We may not realize all of the sales expected from our
backlog of orders and contracts; The COVID-19 pandemic has
adversely impacted our business, financial condition and results of
operations and other future pandemics or health crises may have
similar impacts; We rely upon third-party suppliers for the
components and subassemblies of many of our Grid and Wind products,
making us vulnerable to supply shortages and price fluctuations,
which could harm our business; Uncertainty surrounding our
prospects and financial condition may have an adverse effect on our
customer and supplier relationships; Our success is dependent upon
attracting and retaining qualified personnel and our inability to
do so could significantly damage our business and prospects; Our
business and operations would be adversely impacted in the event of
a failure or security breach of our or any critical third parties'
information technology infrastructure and networks; Many of our
revenue opportunities are dependent upon subcontractors and other
business collaborators; Problems with product quality or product
performance may cause us to incur warranty expenses and may damage
our market reputation and prevent us from achieving increased sales
and market share; We may acquire additional complementary
businesses or technologies, which may require us to incur
substantial costs for which we may never realize the anticipated
benefits; We or third parties on whom we depend may be adversely
affected by natural disasters, including events resulting from
climate change, and our business continuity and disaster recovery
plans may not adequately protect us or our value chain from such
events; Adverse changes in domestic and global economic conditions
could adversely affect our operating results; Our products face
competition, which could limit our ability to acquire or retain
customers; We may be unable to adequately prevent disclosure of
trade secrets and other proprietary information; Our patents may
not provide meaningful protection for our technology, which could
result in us losing some or all of our market position; Our
technology and products could infringe intellectual property rights
of others, which may require costly litigation and, if we are not
successful, could cause us to pay substantial damages and disrupt
our business; We face risks related to our legal proceedings; We
face risks related to our common stock; and the other important
factors discussed under the caption "Risk Factors" in Part 1. Item
1A of our Form 10-K for the fiscal year ended March 31, 2023, and
our other reports filed with the SEC. These important factors,
among others, could cause actual results to differ materially from
those indicated by forward-looking statements made herein and
presented elsewhere by management from time to time. Any such
forward-looking statements represent management's estimates as of
the date of this press release. While we may elect to update such
forward-looking statements at some point in the future, we disclaim
any obligation to do so, even if subsequent events cause our views
to change. These forward-looking statements should not be relied
upon as representing our views as of any date subsequent to the
date of this press release.
AMSC ContactsInvestor Relations Contact:LHA
Investor RelationsCarolyn Capaccio(212) 838-3777amscIR@lhai.com
AMSC Senior Communications Manager:Nicol GolezPhone:
978-399-8344Nicol.Golez@amsc.com
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