AMSC posts record $299m revenue in fiscal 2025, backlog up 40%
AMSC (Nasdaq: AMSC) has reported record full-year revenues of $299.2 million for fiscal 2025 (year ended 31 March 2026), up 34% from $222.8 million in the prior year. The Massachusetts-headquartered power controls company attributed the growth to organic expansion across its Grid and Wind segments and the contribution of Comtrafo, a Latin American transformer business it acquired during the year.
Fourth-quarter revenues reached $86.4 million, a 30% year-on-year increase, while non-GAAP net income for the quarter rose to $14.1 million ($0.31 per share) from $4.8 million ($0.13 per share) in the equivalent prior-year period. GAAP net income for the full year was $133.8 million, though the company noted this figure was heavily inflated by a non-cash tax benefit of $117.1 million arising from the release of a valuation allowance against deferred tax assets; underlying non-GAAP net income for the year was $158.1 million, or $3.68 per share.
The 12-month backlog expanded to approximately $280 million, nearly 40% ahead of the prior year's figure, providing forward revenue visibility heading into fiscal 2026.
Data centre demand emerges as a growth driver
Chief executive Daniel McGahn highlighted data centre orders as a notable new vector: fourth-quarter orders approached $100 million, led by the traditional energy sector and what he described as "surging data centre demand within the utility market." AMSC's Grid segment — which supplies advanced grid systems, power electronics and engineering services — recorded $251.3 million of revenue for the full year, representing 84% of total revenues and growth of 34% year-on-year.
The data centre connection is not incidental. Hyperscale and AI-training facilities are placing enormous strain on utility grids, creating demand for the kind of grid-stabilisation and power-conversion hardware AMSC supplies. The company's existing relationships with utilities position it to benefit from the interconnection queue that is building across the US and Europe as power-hungry data centres seek grid access.
Market context and competitive positioning
AMSC competes in the grid-technology and power-electronics market alongside larger industrial conglomerates including Siemens Energy, ABB and Eaton, as well as specialist firms targeting utility-scale and naval applications. Its Wind segment — which supplies electronic controls and licences designs to turbine manufacturers — remains concentrated, with the company disclosing that a significant portion of Wind revenues derives from a single customer; this dependency remains a structural risk.
The Comtrafo acquisition, described by McGahn as targeting utility and industrial demand in Latin America, adds transformer manufacturing capability and expands AMSC's footprint in a region with substantial grid-upgrade investment pipelines. Total assets more than doubled year-on-year to $739.5 million following the acquisition, with goodwill rising from $48.2 million to $175.4 million — a metric that analysts will monitor closely if organic growth slows.
Outlook
For Q1 fiscal 2026 (three months to 30 June 2026), AMSC guided revenues above $85 million and GAAP net income above $3 million ($0.07 per share), with non-GAAP net income expected to exceed $8 million ($0.17 per share). Cash and restricted cash stood at $147.6 million at the year end, bolstered by a $124.5 million public equity offering completed during the year.
Management will discuss the results on a conference call on 28 May 2026 at 10:00 am Eastern Time. The company enters its new fiscal year with backlog, cash position and addressable-market tailwinds broadly aligned — though the concentration risk in Wind and the integration of Comtrafo remain the near-term execution tests.