American Superconductor Corporation

Good day and welcome to the AMSC Third Quarter Fiscal 2025 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 a touch-tone phone. 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, Bailey. Good morning, everyone, and welcome to American Superconductor Corporation's third quarter of fiscal year 2025 conference call. I am Nicole Goles, AMSE'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 third quarter of fiscal year 2025. A copy of this release 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 American superconductors' 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 factors section of American Superconductors' 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, all of which are available on our website. The company disclaims any obligation to update these forward-looking statements. On today's call, management will refer to non-GAAP net income or 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. I will 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 third fiscal quarter, which ended December 31, 2025, and will provide guidance for the fourth fiscal quarter, which will end March 31, 2026. Following your comments, we'll open up the line to questions from our analysts. We are excited to share a quarter of outstanding financial results. Total revenue for the third quarter of fiscal year 2025 exceeded our guidance range and came in at over $74 million. Revenue grew over 20% versus the year-ago period, driven by organic growth as well as a few weeks of contributions from the acquisition of Contrapo, which we closed on December 5, 2025. The business outperformed this quarter. We delivered our sixth consecutive quarter of profitability and our 10th consecutive quarter of non-GAAP profitability. Strong market demand drove bookings, resulting in a robust 12-month backlog of over $250 million. Gross margins again topped 30 percent, and we closed the quarter with a strong balance sheet of over $145 million in cash after acquiring Comtropo. Total revenue for the past nine months is nearly total revenue for the entire previous fiscal year. This means that most of what we do in the fourth quarter will contribute to year-over-year growth. Our grid revenue accounted for 85 percent of AMSC's total revenue and grew over 20 percent versus the year-ago period. Nearly 15 percent of the revenue came from our wind business which grew by 25% versus the year-ago period. During our third quarter, we generated revenue across a diverse set of sectors. Traditional energy accounted for nearly one-third of shipments. Renewables represented about one-quarter. Military and utility markets each contributed over 15%. and materials, including semiconductors, made up more than 10 percent of revenue. Additionally, we delivered into a data center project this quarter. We've talked about this for the past couple of quarters. We believe this delivery marks an important milestone for additional potential opportunities in this market. We said we were going to deliver on a data center order and we did, but please remember these projects make up about 5% of total revenue. Our revenue mix is well diversified and we expect our recent acquisition to strengthen our reach to utilities while expanding our overall end market exposure. This quarter we did record a significant tax benefit due in large part to our recent history of sustained profitability and our forecasted future earnings outlook. This is an important moment in the history of our company's financial progress, and John will get into more details later in the call. Now I'll turn the call over to John Cassiba to review our financial results for the third quarter of fiscal year 2025 and provide guidance for the fourth quarter of fiscal year 2025, which will end March 31st. John?