American Superconductor Corp. on June 2 reported a non-GAAP net loss of $5.6 million, or 21 cents per share, for its fiscal fourth quarter of 2020, compared to the non-GAAP net loss of $5.1 million, or 24 cents per share, in the same period of fiscal 2019.
On a GAAP basis, the company's net loss for the quarter ended March 31 was $7.6 million, compared to a loss of $5.9 million in the corresponding quarter of fiscal 2019.
Revenues for the quarter clocked in at $21.2 million, compared to $18.1 million for the same period of fiscal 2019. The company attributed the year-over-year increase to higher revenues from its Grid segment.
For fiscal year 2020, American Superconductor posted a non-GAAP net loss of $14.1 million, or 59 cents per share, compared to a non-GAAP net loss of $19.5 million, or 93 cents per share, for fiscal year 2019.
On a GAAP basis, the company's net loss for the fiscal year was $22.7 million, compared to $17.1 million in fiscal year 2019.
American Superconductor's fiscal year 2020 revenues were $87.1 million, up from $63.8 million in fiscal year 2019
For the first fiscal quarter of 2021 ending June 30, the company expects its revenues to be $22 million to $26 million and projects that its net loss for the quarter will not exceed $6.5 million, or 24 cents per share. American Superconductor's non-GAAP net loss is expected not to exceed $4.6 million, or 17 cents per share, for the quarter.
In addition, American Superconductor on June 2 issued a preliminary prospectus for the potential sale of up to $250 million of the company's common stock, debt securities, warrants and units from time to time.