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amsc AMSC Reports First Quarter Fiscal Year 2022 Financial Results and Provides Business Outlook August 3 , 2022 Company to host conference call tomorrow , August 4 at 10:00 am ET AYER , Mass . , Aug. 03 , 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 TM and protect and expand the capability and resiliency of our Navy's fleet , today reported financial results for its first quarter of fiscal year 2022 ended June 30 , 2022 . Revenues for the first quarter of fiscal 2022 were $ 22.7 million compared with $ 25.4 million for the same period of fiscal 2021. The year - over - year decrease was a result of lower Grid segment revenues , primarily driven by less D - VAR revenues , versus the year ago period . AMSC's net loss for the first quarter of fiscal 2022 was $ 8.7 million , or $ 0.32 per share , compared to a net loss of $ 5.4 million , or $ 0.20 per share , for the same period of fiscal 2021. The Company's non - GAAP net loss for the first quarter of fiscal 2022 was $ 6.8 million , or $ 0.25 per share , compared with a non - GAAP net loss of $ 2.7 million , or $ 0.10 per share , in the same period of fiscal 2021. Please refer to the financial table below for a reconciliation of GAAP to non - GAAP results . Cash , cash equivalents , and restricted cash on June 30 , 2022 , totaled $ 43.1 million , compared with $ 49.5 million at March 31 , 2022 . " We booked approximately $ 50 million of new orders during the first quarter of fiscal 2022 and have a solid order book of over $ 100 million , " said Daniel P. McGahn , Chairman , President and CEO , AMSC . “ Our Grid visibility extends beyond fiscal 2022 and into fiscal 2023. We are now selling into fiscal 2023 and expect a strong second half to fiscal 2022. " Business Outlook For the second quarter ending September 30 , 2022 , AMSC expects that its revenues will be in the range of $ 23 million to $ 27 million . The Company's net loss for the second quarter of fiscal 2022 is expected not to exceed $ 8.5 million , or $ 0.31 per share . The Company's net loss guidance assumes no changes in contingent consideration . The Company's non - GAAP net loss ( as defined below ) is expected not to exceed $ 6.5 million , or $ 0.23 per share . The Company expects operating cash flow to be a burn of $ 4 million to $ 6 million in the second quarter of fiscal 2022. The Company expects cash , cash equivalents , and restricted cash on September 30 , 2022 , to be no less than $ 36 million . Conference Call Reminder In conjunction with this announcement , AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Thursday , August 4 , 2022 , to discuss the Company's financial results and business outlook . Those who wish to listen to the live or archived conference call webcast should visit the " Investors ” section of the Company's website at https://ir.amsc.com . To preregister for the call , go to Click To Join . Callers who click on the link will be able to enter their information to gain immediate access to the call and bypass the live operator . Participants may preregister 15 minutes prior to the scheduled start time . The live call can also be accessed by dialing 888-220-8474 or 323-794-2588 and using conference ID 8055217. A replay of the call may be accessed 2 hours following the call by dialing 888-203-1112 or 719-457-0820 and using conference passcode 8055217 . About AMSC ( Nasdaq : AMSC ) AMSC generates the ideas , technologies and solutions that meet the world's demand for smarter , cleaner ... better energyTM . Through its Gridtec ™ Solutions , AMSC provides the engineering planning services and advanced grid systems that optimize network reliability , efficiency and performance . Through its Marinetec ™ M 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 . AMSC , American Superconductor , D - VAR , D - VAR VVO , Gridtec , Marinetec , Windtec , Neeltran , NEPSI , Smarter , Cleaner Better Energy , and Orchestrate the Rhythm and Harmony of Power on the Grid 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 ( the " Exchange Act " ) . Any statements in this release regarding our goals and strategies , order book , grid visibility extending into fiscal 2023 , our expectation that we will have a strong second half to fiscal 2022 , our expected GAAP and non - GAAP financial results for the quarter ending September 30 , 2022 , our expected cash burn during the quarter ending September 30 , 2022 , our expected cash , cash equivalents , and restricted cash balance on September 30 , 2022 , and other statements containing the words " believes , " " anticipates , " " plans , " " expects , " " will " and similar expressions , constitute forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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