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.