AMSC reports another $3M loss, even as revenues rise 54%
Photo | Grant Welker
AMSC's Ayer headquarters
Energy technology company AMSC of Ayer reported increased revenues of $21.2 million for the company’s first quarter of fiscal 2020, according to an earnings report released Wednesday, even as its net loss remained steady at $3.4 million.
Both figures represent a positive change compared to the same quarter last year, according to the earnings report, which company leadership attributed in part to grid segment revenues. Its grid products are mostly sold to utility companies and are designed to ensure the system's resilience from power outages and other disturbances.
Revenue for the quarter was up from $13.8 million for the same time period last year, and net losses decreased from $3.5 million.
Following the earnings report, AMSC's stock price was trading up 3.4% on Thursday morning at $10.74 per share on the Nasdaq.
“Grid segment revenues grew nearly 80% versus year ago results and were, in fact, the highest we have reported in nearly a decade,” said Daniel McGahn, chairmand, president and CEO of the AMSC, in a statement. “All of our grid products contributed to the strong growth in the quarter. Our growth through grid strategy is working.”
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