 Company to host conference call tomorrow, August 6 at 10:00 am ETAYER, Mass., Aug. 05, 2020 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 gridTM, and that protect and expand the capability and resiliency of our Navys fleet, today 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.AMSCs net loss for the first quarter of fiscal 2020 was 3.4 million, or 0.16 per share, compared to a net loss of 3.5 million, or 0.17 per share, for the same period of fiscal 2019. The Companys non-GAAP net loss for the first quarter of fiscal 2020 was 2.4 million, or 0.11 per share, compared with a non-GAAP net loss of 6.2 million, or 0.30 per share, in the same period of fiscal 2019. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results. Cash, cash equivalents, marketable securities and restricted cash on June 30, 2020 totaled 62.2 million, compared with 66.1 million at March 31, 2020.We are off to a very strong start to fiscal 2020, said Daniel P. McGahn, Chairman, President and CEO, AMSC. Grid segment revenues grew nearly 80 versus year ago results and were, in fact, the highest we have reported in nearly a decade. All of our Grid products contributed to the strong growth in the quarter. Our growth through Grid strategy is working.Business Outlook 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 Companys net loss for the second quarter of fiscal 2020 is expected not to exceed 6.5 million, or 0.30 per share. The Companys non-GAAP net loss as defined below is expected not to exceed 5.5 million, or 0.25 per share. The Company expects operating cash flow to be a burn of 4 million to 6 million in the second quarter of fiscal 2020. The Company expects cash, cash equivalents, marketable securities and restricted cash on September 30, 2020, to be no less than 55 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 6, 2020, to discuss the Companys 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 Companys website at The live call also can be accessed by dialing 800-353-6461 or 334-323-0501 and using conference ID 9500583. 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 ID 9500583.About AMSC Nasdaq: AMSC AMSC generates the ideas, technologies and solutions that meet the worlds demand for smarter, cleaner ... better energyTM. Through its GridtecTM Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its MarinetecTM 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 WindtecTM Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Companys 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 American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marintec, Windtec, 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 StatementsThis 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; our expected GAAP and non-GAAP financial results for the quarter ending September 30, 2020, our expected cash, cash equivalents, marketable securities and restricted cash balance on September 30, 2020; 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 managements 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 fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; We have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; We may be required to issue performance bonds or provide letters of credit, which restricts our ability to access any cash used as collateral for the bonds or letters of credit; Changes in exchange rates could adversely affect our results of operations; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may not realize all of the sales expected from our backlog of orders and contracts; Our contracts with the U.S. government are subject to audit, modification or termination by the U.S. government and include certain other provisions in favor of the government. The continued funding of such contracts remains subject to annual congressional appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Our financial condition may have an adverse effect on our customer and supplier relationships; The novel coronavirus COVID-19 pandemic could adversely impact our business, financial condition and results of operations; We may experience difficulties re-establishing our HTS wire production capability in our Ayer, Massachusetts facility; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; Historically, a significant portion of our revenues have been derived from a single customer and if this customers business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; Our business and operations would be adversely impacted in the event of a failure or security breach of our information technology infrastructure; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; If we fail to implement our business strategy successfully, our financial performance could be harmed; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We have had limited success marketing and selling our superconductor products and system-level solutions, and our failure to more broadly market and sell our products and solutions could lower our revenue and cash flow; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; Our success depends upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our products may not develop; Adverse changes in domestic and global economic conditions could adversely affect our operating results; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. 