AMSC loses $4.7M in 1Q
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AMSC CEO Daniel McGahn
Ayer energy company AMSC saw revenues rise 41 percent in the first quarter, hitting $12.6 million, the company reported Tuesday.
The company, which has gone through financial difficulties in recent years, still reported a net loss for the quarter, but it was narrower compared to a year prior: $4.7 million, or $0.23 per share, compared to $15.3 million.
AMSC, which works with wind and power grid operators, said its year-to-year sales increase was due to higher wind and grid revenues, particularly increased shipments of electric control systems.
AMSC said it still expects a loss in the second quarter but for revenue to rise to $13 million to $15 million.
The company's quarterly report comes amid a better summer for AMSC, which has otherwise gone through a rough period that has included downsizing from a much larger facility it occupied in Devens.
Last month, the company settled with Chinese wind turbine firm Sinovel for $57.5 million after Sinovel was found guilty of stealing AMSC's technology. As part of the settlement between the two firms, AMSC will grant a non-exclusive license for certain AMSC intellectual property to be used only in Sinovel's doubly fed wind turbines.
Sinovel, found guilty by a U.S. federal court of the injustice, was also fined $1.5 million.
The company's D-VAR power grid control system was chosen for an Iowa energy grid project in May, following previous orders for the system worth $10 million in February and $8 million last November.
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