AMSC Staggers Through Quarter
Struggles continued for Devens-based AMSC, formerly known as American Superconductor, in its most recent quarter, with losses surpassing $50 million and revenues falling drastically compared to last year.
The company reported revenues of $13.4 million in its second quarter, compared to $89.3 million during the same quarter last year. But the latest figure is up from the first quarter.
Through the first half of the year, the company reported an $89.3 million loss on $29.8 million in revenues, compared to a $17 million profit on $195 million in revenue during the same quarter last year.
The company said a majority of the losses were related to the company stopping plans to purchase The Switch Engineering Oy, a European-based wind turbine company. The company has been reeling since its largest customer, Sinovel, stopped accepting orders from the company last year. AMSC filed criminal charges related to the incident.
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