American Superconductor Corporation

Good morning and welcome to the AMSC Third Quarter Fiscal 2024 Financial Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Nicole Goles, Director of Communications. Please go ahead.

Thank you, Gary. Good morning, everyone, and welcome to American Superconductor Corporation's third quarter of fiscal year 2024 conference call. I am Nicole Goles, AMSA Director of Communications. On today's call, I'm joined by Daniel McGann, Chairman, President, and Chief Executive Officer, and John Cassiva, Senior Vice President, Chief Financial Officer, and Treasurer. American Superconductor issued its earnings release for the third quarter of fiscal year 2024 yesterday after the market closed. For those who have not seen the release, a copy is available today. in the investor's page of the company's website at www.amsc.com. The earnings release contains forward-looking statements with respect to future financial results. These statements are not guarantees of future performance. The company's actual results may differ materially from the anticipated events, performance, or results expressed or implied by these forward-looking statements, including due to the risk factors detail in the SEC filing, which can also be accessed through the company's website. The company disclaims any obligation to update these forward-looking statements. Also, on today's call, management will refer to non-GAAP net income, a non-GAAP financial measure. Tables of reconciliation of GAAP to adjusted financial measures can be found in the company's earnings release. With that, I will turn the call over to Chairman, President, and Chief Executive Officer, Daniel McGann. Daniel?

Thanks, Nicole. And good morning, everyone. I'll begin today by providing an update and sharing a few remarks on our business. John Kaseba will then provide a detailed review of our financial results for the third fiscal quarter, which ended December 31, 2024. and will provide guidance for the fourth fiscal quarter, which will end March 31, 2025. Following our comments, we'll open up the line to questions from our analysts. We're really excited to share our quarter of outstanding financial results. Total revenue for the third quarter of fiscal year 2024 exceeded our guidance range and came in at a new record for us of over $60 million. Revenue grew over 55% versus the year-ago period, driven by both organic growth as well as the acquisition of NWL, with strong performance in both grid and wind. The business really outperformed this quarter. We showed a new record level of revenue for John and I. We reported our second consecutive quarter of net income. We delivered our sixth quarter in a row of positive operating cash, and we continue the rate at which we're booking orders to backlog. We ended the third quarter with $80 million in cash. Talking a bit more about revenue, total revenue for the past nine months is greater than total revenue for the entire previous fiscal year. This means that whatever we do in the fourth quarter will be year-over-year growth. Our grid revenue accounted for 85% of AMSC's total revenue and grew over 55% versus the year-ago period. Almost 15% of the revenue came from our wind business, which grew by almost 60% versus the year-ago period. Fifty-five and 60%. These are really big numbers. During our third quarter, we saw a wide range of product shipments. A third of our products shipped to renewables projects. About 10 percent were military, and the remainder went into industrials. This quarter, we received over $57 million of new orders, 75 percent of which came from our grid business and 25 percent from our wind business. Our orders come from a diverse set of markets, including renewables, industrials, utilities, and military. We secured nearly $15 million in electrical control systems, or ECS, orders from our customer, InoxWinds. They expect to receive these ECS over the course of the first half of fiscal year 2025. Timing really depends on our customer's payment schedule. It seems clear they are ramping up their production. We see continuous demand for INOX's two and three megawatt turbines, as well as our two and three megawatt electrical control systems. We secured over $42 million of grid orders, driven in large part by a diverse set of industrial projects. This puts our 12-month backlog above $200 million and total backlog above $300 million. We are pleased with these results and super excited about the rest of the fiscal year. Now I'll turn the call over to John Kasiba to review our financial results for the third quarter of fiscal year 2024. and provide guidance for the fourth quarter of fiscal year 2024, which will end March 31, 2025. John?