AMSC Posts Record Fiscal 2025 Revenue, Backlog Grows

Stronger orders from grid, wind and data-center customers following Comtrafo integration prompted management to set Q1 revenue guidance above $85 million.

Overview

The company reported fourth-quarter revenue of $86.4 million, a 30% year-over-year increase, and full-year revenue of $299.2 million.
Reported net income jumped to $133.8 million for fiscal 2025 but the rise was mainly driven by a non-cash tax benefit tied to deferred tax assets.
Fourth-quarter orders approached $100 million and the 12-month backlog climbed to about $280 million, reflecting rising demand from grid projects, wind farms and utility-linked data centers.
AMSC reported $147.6 million in cash and equivalents on March 31, 2026, and issued Q1 guidance that calls for revenue above $85 million with GAAP net income above $3.0 million.
Shares slipped about 2% in pre-market trading as investors weighed the strong revenue and backlog against questions about the sustainability of tax-driven earnings gains.