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- **Revenue Growth**: $65.9M (21% YoY), Grid +16%, Wind +53%.
- **Profitability**: 31% gross margin, $8.9M non-GAAP net income.
- **Cash & Guidance**: $218.8M cash, Q3 $65-70M revenue guidance.
- **Market Expansion**: Data centers, military systems, semiconductors.
- **Order Pipeline**: $200M+ backlog, 12-month visibility.


**【Management Opening Remarks】**
- Q2 revenue of $65.9 million, up 21% YoY, driven by Grid (16% growth) and Wind (53% growth) businesses.
- Gross margin improved to 31%, up from 29% YoY, due to favorable product mix.
- Non-GAAP net income of $8.9 million ($0.20/share), up from $10 million ($0.27/share) YoY.
- Cash balance of $218.8 million, with $6.5 million operating cash flow.
- Q3 guidance: $65-70 million revenue, $2-3 million GAAP net income, $6-7 million non-GAAP net income.

**【CEO Commentary】**
- Diversified revenue: 25% from traditional energy, 25% from renewables, 20% from materials, 15% from military.
- 5 consecutive quarters of profitability, 9 quarters of non-GAAP profitability.
- Order pipeline exceeds $200 million, with 12-month backlog.
- New U.S. Navy contract for ship system design, targeting data center and military market expansion.
- Q3 expected acceleration in materials (semiconductors, data centers) and military (ship protection/powering systems).

**【CFO Commentary】**
- R&D/SG&A expenses $17.1 million (12% YoY increase), with 21% non-cash expenses.
- GAAP net income $4.8 million ($0.11/share), up from $4.9 million ($0.13/share) YoY.
- Non-GAAP EPS of $0.20 vs. $0.27 YoY, with reconciliation tables in earnings release.

**【Q&A Highlights】**
- Data center opportunity: compact form factors, high voltage management, DC-DC architectures.
- Military diversification: ship protection/powering systems, port construction.
- Semiconductor market: $2-10 million order sizes, similar potential in data centers.
- U.S. Navy contract: new ship class design, long-term potential.
- Order trends: $60+ million quarterly revenue, 33% YoY growth in new orders.


American Superconductor Corporation (AMSC) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AMSC

AMSC fundamentals

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