first quarter of fiscal 2026
Filed Aug 5, 2026AMSC reported record first-quarter revenue of $94.1 million, up 30% year-over-year, alongside total orders above $130 million and operating cash flow of $16 million.
Revenue, orders, operating cash flow, cash and GAAP net income increased, while non-GAAP net income and non-GAAP EPS were below the prior-year period.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $94.1 million | – | 30% |
| Net incomeGAAP | $9.5 million | – | – |
| Net income per shareGAAP | $0.21 per share | – | – |
| Non-GAAP net incomenon-GAAP | $7.6 million | – | – |
| Non-GAAP net income per sharenon-GAAP | $0.17 per share | – | – |
| Operating cash flowother | $16 million | – | Nearly quadrupled |
| Total ordersother | Above $130 million | – | – |
| 12-month backlogother | exceeding $300 million | – | – |
| Cash, cash equivalents, and restricted cashother | $153.1 million | – | – |
second quarter ending September 30, 2026 outlook
- Revenueexceed $85.0 million
- NoteNet income is expected to exceed $1.0 million, or $0.02 per share.
- NoteNet income guidance assumes no changes in fair value of contingent consideration.
- NoteNon-GAAP net income is expected to exceed $8.0 million, or $0.17 per share.
What drove it
- The year-over-year revenue increase was driven by organic growth and the acquisition of Comtrafo.
- Orders over $130 million were led by utility-sector mining developments and traditional energy markets.
- Management cited a robust 12-month backlog exceeding $300 million.
Concerns
- Non-GAAP net income was $7.6 million, compared with a non-GAAP net income of $11.6 million in the same period of fiscal 2025.
- Non-GAAP net income per share was $0.17 per share, compared with $0.30 per share in the same period of fiscal 2025.
- A significant portion of Wind segment revenues are derived from a single customer.
- The company stated that it may not realize all of the sales expected from its backlog of orders and contracts.
- The company relies upon third-party suppliers for components and subassemblies of many Grid and Wind products.
What to watch
- Revenue delivery against guidance to exceed $85.0 million for the second quarter ending September 30, 2026.
- GAAP net income guidance to exceed $1.0 million, or $0.02 per share, assuming no changes in fair value of contingent consideration.
- Non-GAAP net income guidance to exceed $8.0 million, or $0.17 per share.
- Management's expectation for gross margin improvement in the second half of the fiscal year.
- Conversion of total orders above $130 million and the 12-month backlog exceeding $300 million into revenue.
Balance sheet and cash flow
- Cash, cash equivalents, and restricted cash on June 30, 2026, totaled $153.1 million, compared with 147.6 million at March 31, 2026.
- Operating cash flow was $16 million and nearly quadrupled year-over-year.
Analysis
AMSC began fiscal 2026 with record revenue of $94.1 million, compared with $72.4 million in the same period of fiscal 2025. The company reported 30% year-over-year revenue growth, driven by organic growth and the acquisition of Comtrafo. Management characterized the order environment as accelerated, with total orders above $130 million led by utility-sector mining developments and traditional energy markets.
GAAP profitability improved in the period. Net income was $9.5 million, or $0.21 per share, compared with $6.7 million, or $0.17 per share, in the prior-year period. The non-GAAP comparison moved in the opposite direction: non-GAAP net income was $7.6 million, or $0.17 per share, versus $11.6 million, or $0.30 per share, in the same period of fiscal 2025.
Cash generation and liquidity strengthened. Operating cash flow was $16 million and nearly quadrupled year-over-year. Cash, cash equivalents, and restricted cash totaled $153.1 million on June 30, 2026, compared with 147.6 million at March 31, 2026. The release did not report free cash flow, debt, capital expenditures, share repurchases, or dividends.
Demand visibility is supported by total orders above $130 million and a 12-month backlog exceeding $300 million. Management linked the orders to utility-sector mining developments and traditional energy markets. The company also identified risks around backlog conversion, third-party supply dependencies, government-contract exposure, and concentration in the Wind segment, where a significant portion of revenue is derived from a single customer.
For the second quarter ending September 30, 2026, AMSC expects revenue to exceed $85.0 million, GAAP net income to exceed $1.0 million, or $0.02 per share, and non-GAAP net income to exceed $8.0 million, or $0.17 per share. The GAAP net income outlook assumes no changes in fair value of contingent consideration. Management also expects gross margin improvement in the second half of the fiscal year, but did not provide a gross-margin target.
Management, verbatim
Our first quarter results mark a powerful start, pushing our quarterly revenue past $90 million with 30% year-over-year growth.
Daniel P. McGahn, Chairman, President, and CEO, AMSC
This quarter, we saw accelerated market demand with orders over $130 million led by utility-sector mining developments and traditional energy markets.
Daniel P. McGahn, Chairman, President, and CEO, AMSC
With a robust 12-month backlog exceeding $300 million and a strengthening cash position, we have set our sights on growth and believe we are well positioned for gross margin improvement in the second half of the fiscal year.
Daniel P. McGahn, Chairman, President, and CEO, AMSC
Not in the filing
stated, not guessed- Gross profit
- Gross margin
- Operating income
- Operating margin
- Operating expenses
- Income tax expense or benefit
- Tax rate
- Free cash flow
- Capital expenditures
- Debt
- Accounts receivable
- Inventory
- Segment revenue and segment profitability
- Prior-quarter revenue, net income, EPS, non-GAAP net income, and non-GAAP EPS
- Operating cash flow prior-year amount
- Free cash flow guidance
- Gross margin guidance
- Operating expense guidance
- Tax-rate guidance
- Share repurchases
- Dividends
- Prior-period outlook for comparison
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.