Key Highlights

  • American Superconductor (NASDAQ:AMSC) reported fiscal second-quarter 2027 Revenue of USD 94.0 million, up 43% from USD 65.9 million, with Grid revenue rising 41% to USD 76.7 million.
  • Net income fell to USD 3.0 million, or USD 0.06 per diluted share, from USD 4.8 million, or USD 0.11, as income tax expense climbed to USD 3.4 million from USD 0.1 million.
  • Gross Margin narrowed to 28% from 31%, Grid posted a USD 0.2 million operating loss, and Wind Operating Income increased to USD 4.2 million.
  • Six-month Operating Cash Flow reached USD 48.7 million compared with USD 10.6 million, and cash, equivalents and restricted cash ended at USD 181.9 million.

Comtrafo and Wind Growth Lift Revenue

American Superconductor (NASDAQ:AMSC) filed its Quarterly Report for the period ended September 30, 2026 on November 4, 2026. This is the second quarter of its fiscal 2027, which began on April 1, 2026. The company supplies grid, power electronics and ship protection systems and licenses wind turbine designs. Grid revenue reflects the Comtrafo transformer Business bought in December 2025 plus organic growth, while Wind revenue rose 51% to USD 17.4 million on more electrical control system shipments. Grid accounted for 82% of the total. Gross margin of USD 26.5 million, or 28%, reflected a less favorable product mix and Comtrafo purchase accounting entries. Grid revenue of roughly USD 76.7 million made up 82% of the total (calculated).

Operating Income Rises While Net Income Falls on Tax and SG&A

Operating income increased to USD 5.4 million from USD 3.0 million, helped by a USD 1.3 million gain from a lower contingent consideration Liability on the Comtrafo earnout. Even so, SG&A jumped 36% to USD 18.3 million, interest income net declined to USD 1.4 million from USD 2.3 million, and income tax expense climbed to USD 3.4 million. R&D held flat at USD 3.8 million. Pretax income of USD 6.4 million implies an effective tax rate of about 53% (calculated). Six-month net income reached USD 12.5 million, or USD 0.27 per diluted share, against USD 11.5 million, or USD 0.27, which included a USD 9.4 million contingent consideration gain. The effective tax rate of about 53% is a calculated figure rather than a company disclosure.

Cash Build, Earnout Terms and Customer Concentration

Operating cash generation reached USD 48.7 million over six months, helped by a USD 16.4 million inflow from deferred revenue, while property and equipment purchases totaled USD 14.4 million. The Comtrafo purchase included 300 million Brazilian real in cash, 2,417,142 shares and a possible earnout of up to 382.5 million real tied to three years of EBITDA. Shares outstanding stood at 48.5 million on October 30, 2026. Risks cited include reliance on a single Wind customer, government contract funding, Supply shortages, Middle East conflict effects and a history of losses. The filing provides no formal guidance.

Where Things Stand

Yes, at the per-share level. Gross margin slipped, selling costs rose with Comtrafo and the tax charge grew sharply, so American Superconductor (NASDAQ:AMSC) reported EPS of USD 0.06 even though revenue jumped 43%. Operating income still improved to USD 5.4 million, aided by a contingent consideration gain, and cash generation was strong. Next markers are whether Grid returns to an operating profit, how Comtrafo purchase accounting fades from gross margin and how the earnout accrual moves with Comtrafo's EBITDA forecast.