American Superconductor Corporation (AMSC) Cash Flow Statement

The gap between net income and operating cash flow is the central signal in this dataset, and the 2026Q2 ratio is too extreme to treat as representative. Over the prior nine quarters the ratio has oscillated from 0.03 to 5.22, suggesting cash generation has been episodic rather than tied to a stable earnings base. Investors should monitor whether operating cash flow normalizes toward net income in coming periods, since the current quarter may reflect collection timing that could not repeat.

Free cash flow margins have swung between roughly 3% and 31% across the ten-quarter window, a range too wide to infer a stable underlying trajectory. The recent quarter's margin appears to reflect a large working capital inflow combined with modest capital expenditure rather than a structural improvement in unit economics. Weighting the trailing average more heavily than any single quarter provides a more reliable read on cash generation.

Low capex intensity is consistent with a hardware-assembly and engineering-services model rather than a capital-heavy manufacturer, which supports cash retention when revenue is strong. The 11.1% reading in 2026Q1 stands out and may indicate a discrete investment in capacity, though the reported data does not specify its purpose. The low baseline suggests quarterly depreciation of roughly $1.5M to $3.4M is being covered by maintenance-level spending.

Working capital movements of this magnitude relative to quarterly operating cash flow suggest collections, inventory, and milestone-based project billings are highly lumpy, consistent with percentage-of-completion revenue recognition. The alternating inflows and outflows imply reported operating cash flow may reflect billing timing more than underlying profitability. Investors should monitor contract assets and receivables for signs of either accelerating receipts or building balances.