American Superconductor Corp
amsc.comWhat Do They Do?
Builds power systems for utilities, industrial and energy-project operators, and navies. Also supplies turbine products and services to wind-turbine manufacturers.
10-K for FY2026, filed May 27, 2026Grid. Our Grid business segment enables electric utilities, industrial facilities, and traditional and renewable energy project developers…View ↗
Wind. Our Wind business segment enables manufacturers to field wind turbines with exceptional power output, reliability and affordability.…View ↗
Marine Protection Systems. We sell advanced degaussing systems to the U.S. Navy and the Royal Canadian Navy. Degaussing systems reduce a…View ↗
How Do They Make Money?
Grid revenue mainly comes from equipment and power systems, generally counted when delivered; some utility installations and development work count as the work progresses. Wind revenue comes from turbine controls, design licenses and service contracts; license fees can be upfront or milestone-based, and royalties are tied to customer sales.
10-K for FY2026, filed May 27, 2026Revenues in our Grid business segment are derived from our D-VAR product sales, Northeast Power Systems, Inc. ("NEPSI") product sales…View ↗
Revenues in our Wind business segment are derived from wind turbine electrical control systems and core components, wind turbine license…View ↗
In the Company's product sales, each contract with a customer summarizes each product sold to a customer, which typically represents…View ↗
For certain arrangements, such as contracts to perform research and development, prototype development contracts and certain customized…View ↗
The Company’s license agreements provide either for the payment of contractually determined paid-up front license fees or milestone based…View ↗
Included in the Company's performance of services, there are several different types of transactions and each begins with a contract with a…View ↗
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10-K for FY2026, filed May 27, 2026
FY2026 revenue by reportable segment ↗
$299.2M
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10-K for FY2026, filed May 27, 2026
$299.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Grid
|
84%
FY2023: 89%
|
Grid, FY2026
$251.3M Sources
|
|
|
Wind
Mix
10-K for FY2026, filed May 27, 2026 |
16%
FY2023: 11%
|
Wind, FY2026
$47.8M Sources
|
Mix |
Who Are Their Customers?
Utilities, industrial facilities and energy-project developers are served by a global direct sales force, with manufacturers’ representatives also marketing products to utilities. Navies buy ship protection systems, while wind-turbine manufacturers buy controls, designs and support.
10-K for FY2026, filed May 27, 2026We serve customers globally through a localized sales and field service presence in our core target markets. We have served over 100…View ↗
Our strategy is to serve customers locally in our core target markets through a direct sales force operating out of sales offices…View ↗
Marine Protection Systems. We sell advanced degaussing systems to the U.S. Navy and the Royal Canadian Navy. Degaussing systems reduce a…View ↗
Wind. Our Wind business segment enables manufacturers to field wind turbines with exceptional power output, reliability and affordability.…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 45 cents of every revenue dollar as net income in FY2026 and turned 6 cents into free cash flow.
10-K for FY2026, filed May 27, 2026
$11.4MView ↗
10-K for FY2026, filed May 27, 2026
$133.8MView ↗
10-K for FY2026, filed May 27, 2026
$18.2MView ↗
How Are They Changing?
10-Q for Q1 FY2027, filed Aug 5, 2026
Open tableView ↗
Growing. Revenue grew 2.8x in 4 years, from $108.4M in FY2022 to $299.2M in FY2026, about 29% a year.
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