Revenue and gross margin have trended higher, with 2026Q2 revenue of $94.0M and a 28.2% gross margin, but operating margin fell to 5.7% from 10.5% in the prior quarter, suggesting margin conversion remains the binding constraint.
American Superconductor Corporation (AMSC) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 349.05M | 299.15M | 222.82M | 145.64M | 105.98M | 108.44M | 87.13M | 63.84M | 56.21M | 48.4M | 75.19M | 96.02M | 70.53M | 84.12M | 87.42M | 76.54M | 286.6M | 315.95M | 182.75M | 112.4M | 52.18M | 50.87M | 58.28M | 41.31M | 21.02M | 11.65M | 16.77M | 15.11M | 11.26M | 15.13M | 10.55M |
| Revenue Growth % | 31.08% | 34.26% | 52.99% | 37.42% | -2.26% | 24.46% | 36.48% | 13.58% | 16.12% | -35.63% | -21.69% | 36.14% | -16.15% | -3.78% | 14.21% | -73.29% | -9.29% | 72.88% | 62.6% | 115.39% | 2.58% | -12.71% | 41.09% | 96.52% | 80.43% | -30.52% | 10.95% | 34.25% | -25.59% | 43.39% | 47.96% |
| Cost of Goods Sold | 252.53M | 210.15M | 160.96M | 110.36M | 97.46M | 94.94M | 69.67M | 54.39M | 42.19M | 44.61M | 64.35M | 74.04M | 67.44M | 72.86M | 71.94M | 82.88M | 308.18M | 200.98M | 130.88M | 80.36M | 52.7M | 53.45M | 57.87M | 44.28M | 32.2M | 19.4M | 14.12M | 12.44M | 12.02M | 14.33M | 10.58M |
| COGS % of Revenue | - | 70.25% | 72.24% | 75.77% | 91.96% | 87.56% | 79.97% | 85.2% | 75.06% | 92.16% | 85.58% | 77.11% | 95.62% | 86.62% | 82.29% | 108.28% | 107.53% | 63.61% | 71.62% | 71.5% | 100.99% | 105.07% | 99.3% | 107.19% | 153.19% | 166.52% | 84.19% | 82.32% | 106.78% | 94.74% | 100.25% |
| Gross Profit | 96.52M | 89.01M | 61.85M | 35.28M | 8.52M | 13.49M | 17.45M | 9.45M | 14.02M | 3.79M | 10.84M | 21.98M | 3.09M | 11.26M | 15.48M | -6.34M | -21.58M | 114.98M | 51.87M | 32.03M | -517K | -2.58M | 408.85K | -2.97M | -11.18M | -7.75M | 2.65M | 2.67M | -763.32K | 796.1K | -26.82K |
| Gross Margin % | 27.65% | 29.75% | 27.76% | 24.23% | 8.04% | 12.44% | 20.03% | 14.8% | 24.94% | 7.84% | 14.42% | 22.89% | 4.38% | 13.38% | 17.71% | -8.28% | -7.53% | 36.39% | 28.38% | 28.5% | -0.99% | -5.07% | 0.7% | -7.19% | -53.19% | -66.52% | 15.81% | 17.68% | -6.78% | 5.26% | -0.25% |
| Gross Profit Growth % | - | 43.9% | 75.31% | 314.07% | -36.84% | -22.7% | 84.8% | -32.62% | 269.35% | -65% | -50.67% | 611.85% | -72.57% | -27.28% | 344.23% | 70.63% | -118.77% | 121.65% | 61.94% | 6295.94% | 79.94% | -730.24% | 113.76% | 73.43% | -44.29% | -392.29% | -0.79% | 450.12% | -195.88% | 3068.42% | 86.62% |
| Operating Expenses | 74.36M | 72.15M | 62.93M | 46.65M | 41.53M | 34.58M | 40.62M | 32.57M | -20.01M | 35.95M | 38.38M | 42.1M | 55.6M | 52.69M | 73.22M | 130.1M | 156.4M | 76.32M | 60.07M | 56.92M | 36.02M | 30.91M | 20.76M | 22.71M | 77.33M | 53.8M | 37.05M | 22.15M | 16.49M | 13.71M | 13.48M |
| OpEx % of Revenue | - | 24.12% | 28.24% | 32.03% | 39.19% | 31.89% | 46.62% | 51.03% | -35.59% | 74.28% | 51.05% | 43.84% | 78.84% | 62.64% | 83.76% | 169.97% | 54.57% | 24.15% | 32.87% | 50.64% | 69.02% | 60.76% | 35.62% | 54.99% | 367.88% | 461.83% | 220.94% | 146.53% | 146.46% | 90.59% | 127.75% |
| Selling, General & Admin | 66.92M | 56.4M | 43.09M | 31.6M | 28.7M | 27.49M | 25.32M | 22.67M | 22.03M | 22.58M | 25.69M | 28.86M | 29.22M | 37.23M | 49.65M | 72.12M | 72.38M | 50.45M | 37.52M | 28.75M | 17.89M | 10.99M | 11.72M | 8.66M | 16.16M | 16.31M | 14.21M | 6.69M | 6.08M | 4.91M | 4.29M |
| SG&A % of Revenue | - | 18.85% | 19.34% | 21.7% | 27.08% | 25.36% | 29.06% | 35.51% | 39.19% | 46.64% | 34.16% | 30.06% | 41.42% | 44.26% | 56.8% | 94.22% | 25.26% | 15.97% | 20.53% | 25.58% | 34.29% | 21.6% | 20.11% | 20.96% | 76.87% | 140.03% | 84.77% | 44.24% | 53.99% | 32.46% | 40.67% |
| Research & Development | 15.41M | 15.74M | 11.43M | 7.99M | 8.97M | 10.47M | 11.02M | 9.56M | 9.87M | 11.59M | 12.54M | 12.3M | 11.88M | 12.17M | 15.32M | 27.27M | 32.52M | 23.59M | 19.68M | 15.65M | 17.45M | 14.96M | 9.04M | 14.06M | 21.94M | 27.81M | 22.83M | 13.21M | 10.41M | 8.64M | 8.48M |
| R&D % of Revenue | - | 5.26% | 5.13% | 5.49% | 8.46% | 9.66% | 12.64% | 14.98% | 17.57% | 23.95% | 16.68% | 12.81% | 16.84% | 14.47% | 17.53% | 35.63% | 11.35% | 7.47% | 10.77% | 13.92% | 33.45% | 29.41% | 15.5% | 34.03% | 104.38% | 238.75% | 136.17% | 87.38% | 92.47% | 57.12% | 80.35% |
| Other Operating Expenses | -1.32M | 0 | 8.41M | 7.06M | 3.86M | -3.38M | 4.28M | 340K | -51.91M | 1.78M | 157K | 936K | 14.51M | 3.29M | 8.25M | 30.71M | 51.5M | 2.28M | 2.88M | 12.52M | 668K | 4.96M | 0 | 0 | 39.23M | 9.68M | 0 | 2.25M | 0 | 154.74K | 710.11K |
| Operating Income | 22.16M | 16.86M | -1.08M | -11.37M | -33.01M | -21.09M | -23.16M | -23.13M | 34.02M | -32.16M | -27.54M | -20.12M | -52.52M | -41.43M | -57.74M | -136.44M | -177.98M | 38.66M | -8.2M | -24.89M | -36.53M | -33.49M | -20.35M | -25.69M | -88.51M | -61.55M | -34.4M | -19.47M | -17.25M | -12.91M | -13.5M |
| Operating Margin % | 6.35% | 5.64% | -0.48% | -7.81% | -31.15% | -19.45% | -26.59% | -36.23% | 60.53% | -66.44% | -36.63% | -20.95% | -74.46% | -49.25% | -66.05% | -178.25% | -62.1% | 12.24% | -4.48% | -22.14% | -70.01% | -65.82% | -34.91% | -62.18% | -421.08% | -528.35% | -205.13% | -128.85% | -153.24% | -85.33% | -128% |
| Operating Income Growth % | - | 1665.46% | 90.53% | 65.56% | -56.52% | 8.96% | -0.16% | -167.98% | 205.8% | -16.76% | -36.9% | 61.69% | -26.76% | 28.25% | 57.68% | 23.34% | -560.37% | 571.71% | 67.07% | 31.87% | -9.09% | -64.56% | 20.78% | 70.98% | -43.8% | -78.96% | -76.63% | -12.88% | -33.63% | 4.41% | -52.4% |
| EBITDA | 32.72M | 25.31M | 5.46M | -6.87M | -27.65M | -15.75M | -17.81M | -18.82M | 38.63M | -20.7M | -20.02M | -12.15M | -42.96M | -30.81M | -44.69M | -120.98M | -166.68M | 48.45M | 207K | -14.79M | -31.78M | -25.58M | -12.16M | -18.08M | -80.41M | -56.04M | -30.3M | -17.22M | -15.31M | -10.8M | -11.52M |
| EBITDA Margin % | 9.37% | 8.46% | 2.45% | -4.72% | -26.09% | -14.52% | -20.45% | -29.48% | 68.73% | -42.76% | -26.63% | -12.65% | -60.91% | -36.63% | -51.12% | -158.06% | -58.16% | 15.33% | 0.11% | -13.16% | -60.89% | -50.28% | -20.86% | -43.77% | -382.53% | -481.06% | -180.69% | -113.93% | -136.02% | -71.36% | -109.2% |
| EBITDA Growth % | 78.8% | 363.71% | 179.42% | 75.14% | -75.57% | 11.59% | 5.36% | -148.72% | 286.65% | -3.37% | -64.85% | 71.73% | -39.43% | 31.04% | 63.06% | 27.42% | -444.03% | 23305.8% | 101.4% | 53.44% | -24.22% | -110.45% | 32.78% | 77.51% | -43.48% | -84.98% | -75.95% | -12.46% | -41.83% | 6.29% | -59.19% |
| D&A (Non-Cash Add-back) | 10.56M | 8.45M | 6.54M | 4.49M | 5.36M | 5.34M | 5.35M | 4.31M | 4.61M | 11.46M | 7.52M | 7.97M | 9.55M | 10.62M | 13.05M | 15.46M | 11.3M | 9.79M | 8.4M | 10.1M | 4.76M | 7.91M | 8.19M | 7.6M | 8.1M | 5.51M | 4.1M | 2.25M | 1.94M | 2.11M | 1.98M |
| EBIT | 21.32M | 16.75M | 5.61M | -6.46M | -31.89M | -26.94M | -20.11M | -23.13M | -18.23M | -30.56M | -27.54M | -19.34M | -47.15M | -38.43M | -49.82M | -106.7M | -128.03M | 39.11M | -7.17M | -17.43M | -36.01M | -33.49M | -20.35M | -25.69M | -88.51M | -55.89M | -34.4M | -19.47M | -17.25M | -12.76M | -12.79M |
| Net Interest Income | 6.12M | 6.36M | 3.71M | 1.3M | 252K | 75K | 426K | 1.33M | 1.12M | 147K | -383K | -1.04M | -1.88M | -9.66M | -14.95M | 243K | 830K | 788K | 2.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6.12M | 6.36M | 3.71M | 1.3M | 252K | 75K | 426K | 1.33M | 1.12M | 147K | 0 | 0 | 0 | 0 | 0 | 243K | 830K | 788K | 2.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 383K | 1.04M | 1.88M | 9.66M | 14.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -54K | -112K | 3.44M | 566K | -1.82M | 47K | -345K | 6.23M | -882K | -780K | 1.31M | -630K | 3.68M | -13.98M | -8.65M | 981K | 7.65M | -1.91M | 296K | 2.32M | 1.75M | 33.49M | 20.35M | 25.69M | 88.51M | 61.55M | 34.4M | 19.47M | 17.25M | 12.91M | 13.5M |
| Pretax Income | 22.11M | 16.75M | 2.37M | -10.8M | -34.83M | -21.04M | -23.51M | -16.9M | 33.14M | -32.94M | -26.23M | -20.75M | -48.84M | -55.41M | -66.39M | -135.46M | -170.33M | 36.76M | -7.9M | -22.57M | -34.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 6.33% | 5.6% | 1.06% | -7.42% | -32.86% | -19.41% | -26.98% | -26.47% | 58.96% | -68.05% | -34.88% | -21.61% | -69.25% | -65.87% | -75.95% | -176.97% | -59.43% | 11.63% | -4.32% | -20.08% | -66.64% | - | - | - | - | - | - | - | - | - | - |
| Income Tax | -112.72M | -117.06M | -3.67M | 309K | 215K | -1.85M | -832K | 195K | 6.38M | -161K | 1.14M | 2.39M | -184K | 852K | -264K | 1.37M | 15.95M | 20.51M | 8.73M | 2.88M | -101K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -509.93% | -698.96% | -154.99% | -2.86% | -0.62% | 8.79% | 3.54% | -1.15% | 19.25% | 0.49% | -4.35% | -11.52% | 0.38% | -1.54% | 0.4% | -1.01% | -9.37% | 55.79% | -110.57% | -12.76% | 0.29% | - | - | - | - | - | - | - | - | - | - |
| Net Income | 134.82M | 133.81M | 6.03M | -11.11M | -35.04M | -19.19M | -22.68M | -17.1M | 26.76M | -32.78M | -27.37M | -23.14M | -48.66M | -56.26M | -66.13M | -136.83M | -186.28M | 16.25M | -16.64M | -25.45M | -34.67M | -30.88M | -19.66M | -26.73M | -87.63M | -56.98M | -21.68M | -17.6M | -15.33M | -12.38M | -13.38M |
| Net Margin % | 38.63% | 44.73% | 2.71% | -7.63% | -33.06% | -17.7% | -26.03% | -26.78% | 47.61% | -67.71% | -36.4% | -24.1% | -68.99% | -66.88% | -75.65% | -178.76% | -65% | 5.14% | -9.1% | -22.64% | -66.45% | -60.69% | -33.73% | -64.72% | -416.9% | -489.14% | -129.27% | -116.44% | -136.14% | -81.82% | -126.79% |
| Net Income Growth % | 790.29% | 2117.95% | 154.3% | 68.29% | -82.57% | 15.37% | -32.65% | -163.88% | 181.65% | -19.74% | -18.3% | 52.44% | 13.51% | 14.93% | 51.67% | 26.55% | -1246.5% | 197.67% | 34.63% | 26.61% | -12.3% | -57.05% | 26.46% | 69.49% | -53.78% | -162.89% | -23.17% | -14.82% | -23.82% | 7.47% | -82.75% |
| Net Income (Continuing) | 134.82M | 133.81M | 6.03M | -11.11M | -35.04M | -19.19M | -22.68M | -17.1M | 26.76M | -32.78M | -27.37M | -23.14M | -48.66M | -56.26M | -66.13M | -136.83M | -186.28M | 16.25M | -16.64M | -25.45M | -34.67M | -30.88M | -19.66M | -26.73M | -87.63M | -56.98M | -21.68M | -17.6M | -15.33M | -12.38M | -13.38M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.87 | 3.05 | 0.16 | -0.37 | -1.26 | -0.71 | -0.95 | -0.81 | 1.29 | -1.73 | -1.98 | -1.76 | -5.74 | -8.98 | -12.46 | -26.91 | -39.55 | 3.60 | -3.89 | -6.50 | -10.43 | -9.45 | -6.97 | -11.05 | -42.07 | -27.92 | -10.77 | -11.12 | -10.13 | -10.62 | -9.93 |
| EPS Growth % | 692.99% | 1806.25% | 143.24% | 70.63% | -77.46% | 25.26% | -17.28% | -162.79% | 174.57% | 12.63% | -12.5% | 69.34% | 36.08% | 27.93% | 53.7% | 31.96% | -1198.61% | 192.55% | 40.15% | 37.68% | -10.37% | -35.58% | 36.92% | 73.73% | -50.68% | -159.24% | 3.15% | -9.77% | 4.61% | -6.95% | -28.79% |
| EPS (Basic) | - | 3.12 | 0.16 | -0.37 | -1.26 | -0.71 | -0.95 | -0.81 | 1.32 | -1.73 | -1.98 | -1.76 | -5.74 | -8.98 | -12.46 | -26.91 | -39.55 | 3.70 | -3.89 | -6.50 | -10.43 | -9.45 | -6.97 | -11.05 | -42.07 | -27.92 | -10.77 | -11.12 | -10.13 | -10.62 | -9.93 |
| Diluted Shares Outstanding | 47.03M | 43.9M | 37.72M | 29.82M | 27.85M | 27.2M | 23.88M | 21.07M | 20.73M | 18.97M | 13.8M | 13.18M | 8.48M | 6.26M | 5.31M | 5.08M | 4.71M | 4.53M | 4.27M | 3.91M | 3.33M | 3.27M | 2.82M | 2.42M | 2.08M | 2.04M | 2.01M | 1.58M | 1.51M | 1.17M | 1.05M |
| Basic Shares Outstanding | 46.52M | 42.95M | 36.99M | 29.82M | 27.85M | 27.2M | 23.88M | 20.98M | 20.34M | 18.95M | 13.8M | 13.15M | 8.48M | 6.26M | 5.31M | 5.08M | 4.71M | 4.44M | 4.27M | 3.91M | 3.33M | 3.27M | 2.82M | 2.42M | 2.08M | 2.04M | 2.01M | 1.58M | 1.51M | 1.17M | 1.05M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AMSC stock.
For fiscal year 2025, American Superconductor Corporation (AMSC) reported total revenue of $299.2M. This represents a 2735.4% increase compared to $10.6M in 1996.
American Superconductor Corporation (AMSC) is profitable, generating $133.8M in net income for the fiscal year ending 2025 with a net profit margin of 44.7%.
American Superconductor Corporation (AMSC) reported an operating income of $16.9M, resulting in an operating profit margin of 5.6%. This margin reflects the operational efficiency of the business before interest and taxes.
American Superconductor Corporation (AMSC) generated $89.0M in gross profit for the year, representing a gross profit margin of 29.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue timing pull-forward
Metrics are mathematically derived from official filings.
Revenue Surge Partly Pulled Forward
As reported in the quarterly income statements, AMSC's revenue reached $94.0M in 2026Q2, up 42.8% year-over-year, though management attributed part of this strength to customer-requested delivery acceleration rather than purely incremental demand.
The 2026Q1 and 2026Q2 revenue levels both sit near $94M, suggesting the sequential growth has flattened after a steep ramp from roughly $40M in 2024Q1. The management commentary on accelerated deliveries implies that some of the recent top-line gains may reflect timing shifts, which warrants monitoring for whether order flow sustains this run-rate. Investors should track whether forward guidance floors near $80M signal an expected sequential slowdown.
Gross Margin Stabilizing Near Thirty Percent
According to reported quarterly figures, AMSC's gross margin has held in a 25.9% to 33.8% band over the last ten quarters, with 28.2% in 2026Q2, consistent with a hardware-heavy mix constrained by competitive utility bidding.
The gross margin range suggests a structural ceiling tied to the Grid segment's project-based hardware economics rather than a clear expansion trajectory. The decline from 33.8% in 2025Q1 to the mid-to-high twenties indicates pricing or mix pressure that has not yet reversed. Sustained margin expansion would likely depend on a higher share of recurring or licensing revenue, which the reported figures do not yet demonstrate.
Operating Leverage Emerging but Thin
Based on EDBL's reported figures, operating margin improved to 10.5% in 2026Q1 before compressing to 5.7% in 2026Q2, indicating that operating leverage is real but has not yet proven durable.
SG&A has stayed near $18M per quarter while revenue scaled, which is the mechanism behind the operating margin expansion from negative levels in 2024. The sharp Q2 drop despite higher revenue suggests the cost base is absorbing gains unevenly. Investors should evaluate whether SG&A discipline holds once delivery timing normalizes.
Net Income Distorted by Non-Operating Items
As reported in financial statements, AMSC's 2025Q3 net income of $117.8M against an operating income of $3.4M implies a non-operating gain far exceeding core earnings, so headline EPS of 2.62 should be treated with caution.
The gap between operating and net income in 2025Q3 is too large to reflect operating performance, and the cause is not identified in the supplied data, so it should not be assumed to be recurring or one-time without further disclosure review. Recent quarters show net income tracking operating income more closely, which makes the headline EPS a poor gauge of core earning power. Analysts should normalize earnings before applying any valuation multiple.
Miss Against Consensus Raises Questions
Based on the reported quarter, AMSC posted EPS of $0.06 against a $0.15 estimate despite $94.0M in revenue, which suggests margin conversion rather than top-line growth may be the binding constraint on earnings.
The EPS shortfall combined with maintained rather than raised guidance may indicate that the prior expectation of upward revisions has not materialized. Stock-based compensation of $6.5M in 2026Q2 consumes a meaningful share of operating income, which further compresses GAAP earnings. The bear case rests on whether revenue beats are being purchased with lower-margin mix and whether the current growth rate is sustainable once pull-forward effects fade.