Published: 07 August 2020 07 August 2020
AMSC has reported financial results for its first quarter of fiscal year 2020 ended June 30, 2020. Revenues for the first quarter of fiscal 2020 were $21.2 million compared with $13.8 million for the same period of fiscal 2019.
The year-over-year increase was a result of higher Grid segment revenues versus the year ago period. The higher Grid segment revenues are primarily due to increased D-VAR shipments, versus the year ago period. AMSC’s net loss for the first quarter of fiscal 2020 was $3.4 million compared to a net loss of $3.5 million for the same period of fiscal 2019. For the second quarter ending September 30, 2020, AMSC expects that its revenues will be in the range of $17 million to $21 million. The company’s net loss for the second quarter of fiscal 2020 is expected not to exceed $6.5 million. The company expects operating cash flow to be a burn of $4 million to $6 million in the second quarter of fiscal 2020.