American Superconductor Corp 8-K, filed Aug 5, 2020

American Superconductor Corp (AMSC)

8-K 2020-08-05 For: 2020-07-31

Added on April 11, 2026

About this 8-K

American Superconductor Corp filed this 8-K on August 5, 2020, reporting on events of July 31, 2020.

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value per share		AMSC		Nasdaq Global Select Market

		AMERICAN SUPERCONDUCTOR CORPORATION

Date:	August 5, 2020	By:	/S/ JOHN W. KOSIBA, JR.
			John W. Kosiba, Jr.
			Senior Vice President and Chief Financial Officer

	Three Months Ended
	June 30,
	2020			2019
Revenues
Grid	$	17,715		$	9,855
Wind		3,498			3,915
Total revenues		21,213			13,770

Cost of revenues		16,173			12,193

Gross margin		5,040			1,577

Operating expenses:
Research and development		2,499			2,473
Selling, general and administrative		5,637			5,255
Amortization of acquisition-related intangibles		121			85
Total operating expenses		8,257			7,813

Operating loss		(3,217	)		(6,236	)

Change in fair value of warrants		—			2,946
Interest income, net		158			505
Other expense, net		(170	)		(543	)
Loss before income tax expense		(3,229	)		(3,328	)

Income tax expense		188			211

Net loss	$	(3,417	)	$	(3,539	)

Net loss per common share
Basic	$	(0.16	)	$	(0.17	)
Diluted	$	(0.16	)	$	(0.17	)

Weighted average number of common shares outstanding
Basic		21,689			20,514
Diluted		21,689			20,514

	June 30, 2020			March 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	20,709		$	24,699
Marketable securities		30,260			30,149
Accounts receivable, net		8,203			16,987
Inventory		17,061			18,975
Prepaid expenses and other current assets		3,615			2,959
Restricted cash		508			508
Total current assets		80,356			94,277

Marketable securities		5,070			5,046
Property, plant and equipment, net		8,331			8,565
Intangibles, net		3,429			3,550
Right-of-use assets		3,264			3,359
Goodwill		1,719			1,719
Restricted cash		5,659			5,657
Deferred tax assets		1,580			1,551
Other assets		262			385
Total assets	$	109,670		$	124,109

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Accounts payable and accrued expenses	$	14,265		$	22,091
Lease liability, current portion		444			439
Deferred revenue, current portion		14,724			18,430
Total current liabilities		29,433			40,960

Deferred revenue, long term portion		7,661			7,712
Lease liability, long term portion		2,891			3,000
Deferred tax liabilities		231			180
Other liabilities		35			38
Total liabilities		40,251			51,890

Stockholders' equity:
Common stock		234			229
Additional paid-in capital		1,054,499			1,053,507
Treasury stock		(3,043	)		(2,666	)
Accumulated other comprehensive loss		(219	)		(216	)
Accumulated deficit		(982,052	)		(978,635	)
Total stockholders' equity		69,419			72,219
Total liabilities and stockholders' equity	$	109,670		$	124,109

	Three Months Ended June 30,
	2020			2019
Cash flows from operating activities:

Net loss	$	(3,417	)	$	(3,539	)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and amortization		1,000			1,149
Stock-based compensation expense		909			249
Provision for excess and obsolete inventory		789			89
Change in fair value of warrants		—			(2,946	)
Non-cash interest income		(134	)		(112	)
Other non-cash items		102			100
Unrealized foreign exchange loss on cash and cash equivalents		85			—
Changes in operating asset and liability accounts:
Accounts receivable		8,783			(2,874	)
Inventory		1,132			108
Prepaid expenses and other assets		(496	)		(1,002	)
Accounts payable and accrued expenses		(7,974	)		(181	)
Deferred revenue		(3,894	)		3,093
Net cash used in operating activities		(3,115	)		(5,866	)

Cash flows from investing activities:
Purchase of property, plant and equipment		(637	)		(836	)
Proceeds from the sale of property, plant and equipment		—			3,001
Change in other assets		128			94
Net cash (used in)/provided by investing activities		(509	)		2,259

Cash flows from financing activities:
Repurchase of treasury stock		(376	)		(283	)
Net cash used in financing activities		(376	)		(283	)

Effect of exchange rate changes on cash		12			359

Net decrease in cash, cash equivalents and restricted cash		(3,988	)		(3,531	)
Cash, cash equivalents and restricted cash at beginning of period		30,864			78,198
Cash, cash equivalents and restricted cash at end of period	$	26,876		$	74,667

	Three months ended
	June 30, 2020			June 30, 2019
Operating cash flow	$	(3,115	)	$	(5,866	)
Sinovel settlement (net of legal fees and expenses)		—			1,000
Non-GAAP operating cash flow	$	(3,115	)	$	(4,866	)

	Three months ending
	September 30, 2020
Net loss	$	(6.5	)
Stock-based compensation		0.9
Amortization of acquisition-related intangibles		0.1
Non-GAAP net loss	$	(5.5	)
Non-GAAP net loss per share	$	(0.25	)
Shares outstanding		21.9