American Superconductor Corporation

Good morning and welcome to the AMSC fourth 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. Please note, this event is being recorded. I would now like to turn the conference over to Nicole Golas, AMSC's Director of Communications. Please go ahead.

Thank you, MJ. Good morning, everyone, and welcome to American Superconductor Corporation's fourth quarter and full fiscal year 2024 conference call. I am Nicole Gólez, AMSC's Director of Communications. Joining me today are Daniel McGann, Chairman, President, and Chief Executive Officer, and John Kasiba, senior vice president, chief financial officer, and treasurer. Yesterday, after market closed, American Superconductor issued its earnings release for the fourth quarter and full fiscal year 2024. A copy is available on the investor's page of the company's website at www.amsc.com. Remarks that management may make during today's call about future expectations, including expectations regarding the company's financial results, plans, and prospects constitute forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including those set forth in the risk factor section of our annual report on Form 10-K for the year ended March 31, 2025, which the company filed with the Securities and Exchange Commission on May 21, 2025, and the company's other reports filed with the SEC, which are also available on our 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 now turn the call over to Chairman, President, and Chief Executive Officer, Daniel McGann. Daniel?

Thanks, Nicole. Good morning, everyone, and thank you for joining us. We're really excited to share some great news about the company and not only where we are, but where we're headed. I'll begin today by providing an update and sharing a few remarks on our business. John Kasiba will then provide a detailed review of our financial results for the fourth quarter and full fiscal year 2024. He will also provide guidance for the first quarter of fiscal 2025, which will end June 30, 2025. And following our remarks, we'll open up the line to questions from our analysts. AMSE delivered its strongest reported performance in years for both the quarter and for the fiscal year. During our fourth quarter, we outperformed expectations across nearly every key metric. We saw revenue grow sequentially quarter over quarter, and by nearly 60%, against the year-ago period as we reached a recent record level of revenue surpassing the $65 million mark. Our grid business revenue grew substantially by more than 60 percent over the year-ago quarter, while our wind business revenue increased significantly by more than 40 percent for the same period. We achieved our third consecutive quarter of GAAP profitability, our seventh consecutive quarter of non-GAAP profitability, as well as our seventh consecutive quarter of generating operating cash flow. We believe this record quarterly revenue and continued profitability reflect the strong momentum we've built and the discipline behind our success. For the full fiscal year, I'm proud to say that it was a year of exceptional execution and strong growth across our business. We saw total revenue grow over 50% to $222 million. We saw revenue diversity across renewables, industrials, military, utility, and the semiconductor sector. Over a third of our sales were for renewable projects, Manufacturing and traditional energy projects represented also nearly a third. Military was about 15%, and utility came in just over 10%. A significant part of our strong performance was driven by our core business, where we achieved nearly 20% organic growth for the fiscal year. Nearly 70% of our revenue came from the United States markets. We see this as a very important hedge against the changing American trade policy and tariff landscape. We ended the year with over $85 million in cash. Let's now take a look at our order bookings for the quarter, which were extremely strong. Fourth quarter orders grew to $75 million. We are seeing a significant acceleration in our business driven by semiconductors as well as traditional energy projects. We booked nearly $320 million of new orders for fiscal 2024. We closed the year with a robust 12 month backlog of over $200 million. This was $140 million a year ago. The business has expanded and orders appear to be accelerating, albeit we are now booking some products for delivery already in fiscal 2026. We successfully expanded into allied navies for the first time with an order from the Royal Canadian Navy marking a key milestone in our global defense business strategy. Additionally, we successfully delivered three ship protection systems for the U.S. Navy. These accomplishments highlight the growing demand for our solutions as well as our position as a trusted partner domestically and abroad. We expanded our product portfolio through an acquisition, positioning us to capitalize on opportunities in both the military and industrial sectors. In our wind business, we showed year-over-year growth as INOX's business prospects strengthened, and our three-megawatt ECS demonstrated its capabilities. We believe all parts of the business are now aligned and poised to deliver improvement. Now I'll turn the call over to John Cassiba to review our financial results for the fourth quarter and full fiscal year 2024 and provide guidance for the first quarter of fiscal 2025, which will end June 30, 2025. John.