Revenue growth reached 29.6% in 2025Q4, though gross margins remain constrained within a 25.9% to 33.8% range, suggesting a structural ceiling on profitability.
| Metric | 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 | 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 % | 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 | 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 | 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 % | 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 | 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 | 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 | 15.74M | 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 | 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 | 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 % | 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 | 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 % | 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 % | 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) | 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 | 16.86M | 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 | 6.36M | 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 | 6.36M | 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 | 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 | -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 | 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 % | 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 | -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 % | -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 | 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 % | 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 % | 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) | 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 |
| 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 |
| EPS (Diluted) | 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 % | 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 | 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 | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Defense budget concentration risk
According to quarterly financial disclosures, AMSC achieved a 29.6% year-over-year revenue increase in 2025Q4, signaling that the company's strategic pivot toward grid resiliency and naval defense contracts is successfully driving top-line expansion despite the inherent lumpiness of project-based revenue recognition models across its primary segments.
The consistent double-digit growth suggests that the company is successfully converting its specialized HTS technology into tangible utility and defense orders. Investors should monitor whether this momentum is sustainable or if it remains tethered to the timing of specific, large-scale government procurement cycles.
As reported in recent income statements, AMSC's gross margins have fluctuated between 25.9% and 33.8% over the last ten quarters, indicating that the company faces a structural ceiling likely imposed by the competitive bidding nature of its utility-scale grid projects and hardware-heavy revenue mix.
The inability to consistently breach the 35% margin threshold suggests that the company's current product mix lacks the high-margin software or recurring service components necessary to drive significant margin expansion. Future profitability improvements appear contingent on shifting toward higher-margin licensing or proprietary HTS service contracts.
Based on the provided income statement data, AMSC has transitioned from operating losses in early 2023 to positive operating income of $3.6 million in 2025Q4, demonstrating that the company is finally achieving the necessary scale to cover its intensive R&D and fixed overhead costs.
The recent improvement in operating margins suggests that management is successfully managing its cost base as revenue scales. However, the modest 4.2% operating margin indicates that the business remains sensitive to even minor fluctuations in project execution costs or unexpected increases in SG&A expenses.
Financial filings reveal a significant divergence between operating income and net income, most notably in 2025Q3 where net income reached $117.8 million, suggesting that headline earnings are heavily influenced by non-operating items rather than core industrial performance or sustainable operational efficiency gains.
The massive discrepancy between operating and net margins warrants further investigation into potential one-time tax benefits or litigation-related gains that do not reflect the company's underlying earnings power. Analysts should focus on operating income as a more reliable indicator of the company's true industrial health.
Data from the last ten quarters indicates that AMSC's reliance on percentage-of-completion accounting for long-term contracts creates significant revenue volatility, which may lead to aggressive revenue recognition and potential earnings misses if project timelines face delays or cost overruns in the naval and grid segments.
Short-term investors should be wary of the potential for contract assets to balloon, which may indicate that the company is booking revenue faster than it is receiving cash. This reliance on management's estimates for project progress introduces a layer of subjectivity that could obscure underlying operational challenges.
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.