AMSC, a Devens wind- and power-grid planning and engineering company, reported sharp declines in revenue and net losses for the most recent quarter and full fiscal year.
Devens wind and power grid services provider AMSC on Monday announced it lost $2.8 million in the last quarter, a slight improvement from the $3 million it lost in the same quarter 2015.
Power grid and wind energy equipment manufacturer AMSC of Devens said Tuesday that revenue was up in its second quarter on the back of additional wind contracts and a $3.7 million government contract modification.
A series of strong sales from energy company AMSC in the last few months seem like good signals from the Devens-based company, but analysts are still looking for more as the organization continues to work toward profitability.
AMSC has been burning through cash since 2010, when its trade secrets were allegedly stolen by its largest customer, Sinovel Wind Group of China, which also refused to honor a $158.5 million contract. Since that time, AMSC has been embroiled in a $450 million lawsuit in China while trying to secure more wind customers and expand into other energy markets.
Power grid and wind energy equipment manufacturer AMSC said Monday it has received a $40 million order from Inox Wind Limited for wind turbine electrical control systems (ECS).
Devens-based AMSC more than doubled revenue in the first quarter of fiscal year 2015, while cutting losses and expanding cash reserves, the company announced Wednesday.
AMSC, the Devens-based manufacturer of wind and power grid technology, has received orders for $9 million in power grid-related productss in the U.S. and internationally, the company announced Tuesday.