Massachusetts-based AMSC has announced its revenue for the first quarter of fiscal 2014 (Q1'14) was $11.7 million, a drop from the $23.1 million recorded during Q1'13. The company, which provides wind energy and power grid solutions, says the year-over-year decrease was due primarily to lower wind business sales with Chinese customers and lower D-VAR revenue in the company's grid segment.
AMSC's net loss for Q1'14 increased to $13.5 million, compared with $10.5 million for the same period of fiscal 2013. The company says cash, cash equivalents and restricted cash at June 30 totaled $42.8 million, compared with $49.4 million at March 31.
For the full fiscal 2014, AMSC says it continues to expect revenue to be down slightly compared to fiscal 2013.
‘We are focused on building the foundation required for growth in 2015 and beyond. At the same time, we have maintained the fiscal discipline to control our expenses,’ states Daniel P. McGahn, president and CEO of AMSC.
‘In June, we announced a major order from Inox Wind for turbine electrical control systems. In July, we announced a contract with the Department of Homeland Security to deploy AMSC's Resilient Electric Grid System into an urban electric grid in the United States. ComEd, Chicago's electric utility, agreed to be a lead utility in this program. We believe that these developments position us for growth in 2015 and beyond.’