American Superconductor Corporation

Good day and welcome to the AMSC Fourth 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 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, Keith. Good morning, everyone, and welcome to American Superconductor Corporation's fourth quarter and full 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 fourth quarter and full 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 future 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 American Superconductors' annual report on Form 10-K for the year ended March 31st, 2026, which the company filed with the Securities and Exchange Commission on May 27th, 2026, 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. On today's call, management will refer to non-GAAP net income on non-GAAP financial measures. 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. 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 fourth quarter and full fiscal year 2025. He will also provide guidance for the first quarter of fiscal 2026, which will end June 30, 2026. And following our remarks, we'll open up the line for questions from our analysts. We're really excited to report a record revenue quarter. Our fourth quarter closed a very successful fiscal 2025, and we delivered another year of significant growth. Revenue for the quarter came in at a new high, surpassing $85 million. We saw revenue grow by nearly 30% over the year-ago quarter. Our grid business revenue grew by more than 30%, over the year-ago quarter, while our wind business revenue increased by 15% for the same period. We delivered three recent record revenue quarters during the fiscal year, over $72 million for the first quarter, over $74 million in the third quarter, and now over $85 million in the fourth quarter. We have delivered seven consecutive quarters of GAAP profitability and 11 consecutive quarters of non-GAAP profitability. We believe these record results and continued profitability reflect the strong momentum and the discipline behind our success. The business is growing, the business is scaling, and the business has been consistently profitable. Now let's take a look at our order bookings for the quarter, which were extremely strong. Fourth quarter orders reached nearly $100 million, driven by strong utility and traditional energy demands. In the traditional energy sector, we are increasingly supporting the growing demand for reliable power across natural gas, coal and large industrial power applications. As these energy facilities expand and modernize, their operations rely on large motors, compressors and electrical systems that can create power quality and grid challenges. For example, LNG facilities cool natural gas into a liquid for easier transportation, then convert it back into gas for local distribution. These facilities utilize large motors, compressors, drives, and other heavy electrical loads that require certain level of power and can create harmonics, poor power factor, and voltage instability. To mitigate these electrical disturbances, we provide solutions which help the site maintain power quality and protect assets within their operations. Our offerings are for both power supplies and power quality solutions for this key market. Additionally, nearly 10% of our fourth quarter orders were driven by the data center sector within our utility market. This demand combined with our orders in traditional energy reflects a powerful tailwind across our core markets. We closed the fiscal year with a robust 12-month backlog of over $280 million. This represents nearly a 40% increase versus the year-ago 12-month backlog of $200 million. We believe that this puts us in great position to keep momentum going in the business for fiscal year 2026. Average quarterly orders in fiscal 2025 exceeded $70 million. This compares to about $60 million in the prior year, adjusting the numbers for the one-time Royal Canadian Navy order, which was more than $70 million itself. We booked a total of nearly $290 million of new orders in fiscal 2025 across larger projects, repeat customers, and increasing activity in our end markets. fiscal 2025 represented a significant step forward for our company. We completed the acquisition of Comtrafo, which broadened our transformer product portfolio and expanded our reach into Brazil and Latin America. We believe this acquisition creates new opportunities across utilities, transmission infrastructure, and grid expansion. We saw total revenue grow more than 30% to nearly $300 million. We saw revenue diversity across traditional energy, renewables, materials, military, utility, as well as some other sectors. Over half our sales came from traditional and renewable projects combined. The remainder came from materials at over 15%, followed by military and utility projects at over 10% each. A significant part of our strong performance was driven by our core business, which achieved approximately 25% organic growth for the fiscal year. We ended the year with over $145 million in cash. These accomplishments highlight the growing demand for our solutions, as well as our position as a trusted partner domestically and growingly abroad. We also made great strides in our military business. In fiscal year 2025, we completed the delivery of another ship protection system for the U.S. Navy San Antonio-class platform aboard the USS Richard McCool, Jr. Today, our power supplies play a critical role in the shipyards by providing steady, reliable power to vessels during assembly and docking when they're disconnected from other power sources. And principally, we are powering critical ship systems for the U.S. Navy. Through our renewable installations, we're facilitating the grid infrastructure needed to safely expand and integrate distributed power. This ensures utilities can maintain reliability without sacrificing performance. In our wind business, we showed year-over-year growth driven by INOX business and the proven capabilities of our two and three megawatt ECS. We believe the business is aligned and poised to deliver improvement. Now I'll turn the call over to John Kasiba to review our financial results for the fourth quarter and full fiscal year 2025, and provide guidance for the first quarter of fiscal 2026, which will end June 30, 2026. John?