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June 10, 2019

AMSC lost $8.4M in Q4

Ayer energy systems manufacturer AMSC lost $8.4 million in the last quarter of its fiscal year on $14.6 million in revenues. 

The revenues were at the lower end of the company’s guidance between $14 million and $16 million, but the company was only expecting a net loss of up to $6 million. 

The company’s full-year financial results, announced along with the fourth quarter last week, were much better, thanks in large part to a $57.5-million settlement with Chinese manufacturer Sinovel over allegations the company stole AMSC's trade secrets. AMSC also downsized out its Devens facility for a smaller headquarters in Ayer. 

For the company’s fiscal year, which ended in March, revenues were $56.2 million compared to $48.4 million last year. Profit was $26.8 million compared to last year’s net loss of $32.8 million. 

According to President and CEO Daniel McGahn, improvements were seen in several key areas, including its wind systems business. Revenues from that business increased from $14.3 million to nearly $22 million. 

McGahn said the company is posed to improve its financial and operational strength, but the first quarter could be a tough one.

The company is expecting a net loss of up to $9 million and revenues between $10 million and $13 million on a cash burn of up to $7 million. 

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