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American Superconductor Corporation (AMSC)

- NASDAQ
  • Yesterday, 12:45 PM
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  • Yesterday, 9:17 AM
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  • Yesterday, 9:16 AM
    • American Superconductor (NASDAQ:AMSC) has priced a 4M-share stock offering at $6, 40% below a Thursday close of $10. Net proceeds are expected to total $22.3M.
    • The company also states it expects FQ4 revenue of $24M-$25M, at the high end of a prior guidance range of $23M-$25M; consensus is at $24.6M.
    • A factor behind the offering: AMSC expects to report a cash balance of $24.5M for the end of FY14 (ended March 31), down from $37.6M at the end of FQ3. The Q/Q drop is due to an arbitration payment to ex-licensee Ghodawat Energy.
    • Shares have plunged to $6.80 in premarket trading. They had risen 32% on the week prior to the announcements, thanks in part to a Navy solicitation notice.
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  • Wed, Apr. 22, 12:45 PM
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  • Mon, Apr. 20, 6:53 PM
    • The U.S. Navy has "created a sole source solicitation notice" for American Superconductor's (NASDAQ:AMSC) high-temperature superconductor (HTS) equipment. AMSC has also "established a relationship with the Navy to develop HTS power cable hardware for ship board power applications."
    • AMSC notes it has collaborated with the Navy for several years on an HTS-based degaussing system, and that the system's core components are "transferable to other applications being targeted for ship implementation."
    • The company notes its ship protection systems for the Navy reduce a ship's magnetic signature, which in turn interferes with the ability of an undersea mine to detect and damage a ship. It claims its products can cut degaussing system weight by 50%-70%. On its site, AMSC claims its Amperium HTS wire "conducts approximately 200 times the electrical current of copper wire of similar dimensions."
    • Shares have risen to $8.41 AH, hitting their highest levels since a 1:10 reverse split took effect on March 25.
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  • Wed, Mar. 25, 10:16 AM
    • American Superconductor (NASDAQ:AMSC) is selling off as a 1-for-10 reverse split carried out to regain Nasdaq minimum bid compliance takes effects.
    • Shares are 14% above a split-adjusted low of $5.67, and 70% below a split-adjusted high of $21.50. With long-term liquidity concerns still around, AMSC trades for less than 0.4x estimated FY16 (ends March '16) sales after factoring net cash; the FY16 revenue growth consensus is at 47%.
    • SA author Hawkinvest made a bull case for the smart grid/wind turbine component maker in February, arguing Indian wind investments and GE's efforts to create resilient grid systems are positives.
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  • Wed, Mar. 25, 9:11 AM
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  • Tue, Mar. 24, 5:39 PM
    • With shares having traded below $1.00 for several months (thus running afoul of the Nasdaq's $1.00 minimum bid rule), American Superconductor (NASDAQ:AMSC) has signed off on a 1-for-10 reverse split. Shares begin trading on a post-split basis tomorrow.
    • AMSC +3.4% AH to $0.725.
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  • Thu, Mar. 12, 3:13 PM
    • Major tech gainers are about even with major decliners on a day the Nasdaq is up 0.8% (thanks to a broader market rally) in spite of Intel's Q1 warning.
    • Notable gainers include 3D printer maker Voxeljet (VJET +5.9%), cloud ERP/HR software provider NetSuite (N +3.7%), flash sales site Zulily (ZU +7.5%), stock photo marketplace Shutterstock (SSTK +6.5%), cloud telecom expense software vendor Tangoe (TNGO +5.6%), It services provider Virtusa (VRTU +4.7%), online video ad platform TubeMogul (TUBE +4%), and online ad campaign software provider Marin (MRIN +4.2%).
    • Notable decliners include several Chinese firms. Specifically, search/portal/game provider Sohu (SOHU -5.3%), entertainment/IM/gaming platform YY (YY -4.2%), mobile game publisher Sky-mobi (MOBI -5.8%), and sports lottery site 500.com (WBAI -5.6%).
    • Other big decliners include printer maker Lexmark (LXK -2.6%), chip packaging/testing provider ChipMOS (IMOS -4.7%), and smart grid/wind turbine component maker AMSC (AMSC -6.3%).
    • Zulily is just a day removed from making fresh lows the wake of last month's Q4 miss and soft guidance. BMO provided an upbeat note on TubeMogul yesterday.
    • YY has now more than given back the gains it saw last week following its Q4 beat. ChipMOS posts Q4 results after the close, and is two days removed from reporting its February sales rose 10.5% Y/Y, a slower pace than in recent months (thanks in part to the timing of the Chinese New Year). 500.com recently crashed due to license suspensions, but had bounced from its lows. Lexmark drop comes shortly after HP refreshed its printer lineup.
    • Previously covered: Box, Rosetta Stone, CyberArk, Integrated Silicon, Universal Display, Spherix, Synchronoss, Ingram Micro
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  • Thu, Feb. 5, 2:28 PM
    • American Superconductor (AMSC +2.5%) is guiding for FQ4 revenue of $23M-$25M, below a $25.8M consensus. However, EPS guidance of "less than" -$0.07 is above a -$0.11 consensus.
    • After falling 49% Y/Y in FQ2, AMSC's Wind division (turbine component) revenue rose 12% Y/Y in FQ3 to $15.1M. Grid division (smart grid component) revenue fell 13% to $6.1M, after dropping 47% in FQ2.
    • Gross margin fell to 14.8% from 22.9% a year ago. Operating expenses fell 4% to $10.9M (compares with 4% revenue growth). Thanks to AMSC's recent stock/warrant offering, its cash balance only fell by $600K Q/Q to $37.6M.
    • CEO Daniel McGhan: "Our baseline revenue is driven by our two established product lines: electrical control systems for wind turbines and D-VAR® reactive compensation systems. We also remain focused on the proliferation of our two disruptive solutions: ship protection systems for the U.S. Navy and Resilient Electric Grid systems for electric utilities."
    • Though higher today, shares remain well below where they traded a few months ago.
    • FQ3 results, PR
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  • Wed, Jan. 21, 6:22 PM
    • After dropping 6.5% today to new lows, American Superconductor (NASDAQ:AMSC) is down 19% over the last two trading days. Shares fell as low as $0.58 before bouncing a little.
    • The smart grid/wind turbine component maker's market cap is down to $53M, not counting dilution related to the company's November stock/warrant sale. With cash flow concerns still running high, shares go for less than 0.5x an FY16 (ends March '16) revenue consensus of $111.9M.
    • Cowen provided bullish coverage last month.
    • Update: In an 8-K filed after today's close, AMSC says it has been warned by the Nasdaq it's not in compliance with its $1 minimum bid requirement. The company has until July 13 to regain compliance. AMSC also says its Austrian unit has reached a settlement with insurance firm Catlin regarding reimbursement for an $11M arbitration award AMSC was ordered to pay ex-licensee Ghodawat Energy.
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  • Dec. 22, 2014, 10:04 AM
    • With shares having lost ~3/4 of their value over the last two years, Cowen's Jeffrey Osborne has launched coverage on American Superconductor (NASDAQ:AMSC) with an Outperform rating and $1.25 target.
    • Though admitting AMSC has seen "a large drop in its core customer base and broader revenue potential" in recent years, Osborne is pleased with the company's efforts to grow its offerings for Indian/Chinese wind manufacturers, and to go after superconductor wire opportunities in both the smart grid and industrial markets.
    • Osborne: "We like [AMSC's] current positioning for potential upside in wind market dynamics and adoption of smart grid technologies, especially given its product diversification and recent trimming and refining of its workforce and overhead."
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  • Dec. 1, 2014, 2:24 PM
    • Ultracapacitor vendor Maxwell (MXWL -7.8%) and smart grid/wind turbine component vendor American Superconductor (AMSC -6.5%) are among the slew of tech names seeing 5%+ declines today. AMSC has made fresh 52-week lows.
    • The declines come amid a major rout in energy and solar stocks following OPEC's Thursday decision to keep oil production unchanged.
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  • Nov. 13, 2014, 4:03 PM
    • American Superconductor (NASDAQ:AMSC) filed an 8-K this morning regarding its $9M stock/warrant offering, originally announced last Friday.
    • Shares made fresh 52-week lows on volume that was over 4x the company's 3-month average of 476K.
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  • Sep. 16, 2014, 9:20 AM
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  • Sep. 4, 2014, 10:13 AM
    • An ICC arbitration court has ruled American Superconductor's (NASDAQ:AMSC) Austrian subsidiary breached a 2008 license agreement with former Indian wind turbine tech licensee Ghodawat Energy, and has awarded Ghodawat $11M in damages and costs.
    • AMSC says it believes it has "sufficient available liquidity to satisfy the award, if required, and to fund its operations for at least the next twelve months." The company had $42.8M in cash at the end of FQ2 (its June quarter).
    • A $10.5M FQ3 charge is expected to be recorded for the ICC ruling.
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Company Description
American Superconductor Corp is a provider of megawatt-scale solutions. It operates its business under two market-facing business units: Wind and Grid.