AMSC - Earnings call transcript Q4 2018 | American Superconductor Corporation

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Operator

Welcome to the AMSC Fourth Quarter Fiscal 2018 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Sanjay Hurry, the LHA Investor Relations. Please go ahead, sir.

Sanjay Hurry

operator. you, Thank and fiscal everyone, AMSC’s quarter fourth Good XXXX welcome earnings full year conference and morning, to call. I’m Sanjay of agency AMSC’s Relations, Hurry of record. LHA Investor IR Daniel CEO; With Chairman, Vice today the us CFO. are on President and President John and and Kosiba, Senior call McGahn,

XXXX its year release fiscal earnings market the issued the fourth after AMSC and close. quarter for full yesterday

of For available in is release, a those copy www.amsc.com. of you at Investors who the page have website not seen the company’s the

that forth prospects, by call, XX, various during factors, purposes the like release. of ended XX-K may the statements provision I’d Private Litigation important March those materially harbor filed the may AMSC’s remind you under those for including reports safe of fourth SEC. a that with starting result was forward-looking factors make results in quarter year Securities that remarks the annual differ SEC from Before Reform today’s future such to management as expectations, constitute the about statements press Other of the various call Act the for Actual XXXX indicated the report plans company’s fiscal section company of and outlined of the Form has XXXX and with filed on forward-looking full set the earnings Risk the and Factors year that the in XXXX.

be relied to representing represent expectations subsequent today as management’s should only upon statements forward-looking not views of These any as as management’s today. date of and

forward-looking any obligation to and statements. While these AMSC disclaims the cause change, that company developments the may update specifically views events subsequent anticipates to company’s

expense non-cash before loss non-GAAP sale warrants defined intangibles, cash non-GAAP net Sinovel operating effect of in or flow. income loss income to Also contingent gain is value certain on consideration; refer and of adjustments. compensation, investments, acquisition-related of and on fair gain management today’s settlement, and inventory, consumption non-GAAP or of net net minority cost-basis income financial the loss on or interest Non-GAAP tax stock-based amortization measures, as call, net net, zero changes of will

as assist performance. of the management measures settlements, flow period Non-GAAP to net prior of believe consistent the tax current and results basis the non-GAAP and defined to flows believes not does results of or of other and settlement, fees these The by charges, on a investors cash net operating effect unusual expenses, company is cash on non-cash, these in operations cash the gain are the flow of our items. compare operating legal excluding or indicative that core operating period other it company’s non-recurring the before

Form in fiscal A in GAAP measures fourth reconciliation for be and found XXXX SEC of fiscal press on release XX, the year non-GAAP Form to full X-K issued and ended March and the can year to furnished the quarter the XXXX. earnings XX-K

that, With President Chairman to over I’d call and like McGahn. Daniel and the Daniel? to turn CEO,

Daniel McGahn

for recap XXXX, Sanjay, which XXXX. Thanks, March the quarter morning, provide XX, detailed results also fourth ended our of with begin June XXXX, which provide year review XXXX. XXXX. today will I’ll first and good fiscal the a then of a He XX, John everyone. fiscal guidance full will quarter the for fiscal will financial end Kosiba and

line the from up analysts. open we’ll covering remarks, our Following to questions our

driven XXXX. and pleased improvement wind increased by grid Full in year for fiscal segments. We’re report our strong to year-over-year, both revenues growth operational XX%

cost have footprint resulted a our diversification in wind grid in smaller savings to business move gross of and Our to margins in our improved XXXX. and work our fiscal our business stabilize Massachusetts,

and AMSC crucial intellectual history, from look battle in in to win financial Having reached forward to our operational that During we settlement the fiscal American ongoing protect of chapter enclosed year, strength. agreement we globally. growing a a property this a the position secured

positioned debt. resources well positive our are key operating and and execution with a continued the business. revenue $XX We of to the a reoccurring balance sheet our flexibility flow establish by and and expected we XXXX two plan cash balance smart a believe cash the and strategic support strategy. expect our long-term direction shift no merger sustained strong multi-year year more to be a new in predictable ended for XXXX software material smart reflects finished over generated in growth growth, million year the quarters in and proprietary fiscal We We Fiscal four our driven AMSC’s to and successful markets fiscal what in with markets. we of

business. In and we working. is strategy fiscal grew XXXX, grid Our diversified our

product Volt/VAR deploy optimizer Our agreed commercial Protection for our for year We utilities. consecutive growth. of U.S. revenue two fifth a placing in Navy. to a of Ship units Systems D-VAR we orders began Edison Chicago. with recorded U.S. system the electric received in And grid Commonwealth multiple We resilient

of again, year on fifth revenue but only record sales also D-VAR a performed D-VAR execute of the not with During to record XXXX, projects fiscal XXXX. D-VAR we fiscal the team consecutive year concluded backlog in growth, our a

across We wind world. to are farms connecting the the transmission grid

solution. in We well grid facilities market as are presence industrial to the as and with domestically reliable power abroad distribution our growing providing our clean, D-VAR

brings experiencing Volt list of the VVO believe expand VVO AMSC’s solution VAR is customers, growing performance products of and our to quality which and market or to distributed distribution The of increased to AMSC’s We introduction significantly. of team. use generation. and that’s our addressable Optimizer grid, renewables the enhancements our electric solution repeat reliability Our and testament a

and XXXX. utilities We during expand XXXX began expect sales VVO we to fiscal in placing with commercial units U.S. multiple fiscal

to system that additional platform, design our LPD. the aggressively System SPS degaussing Navy’s are have The goal the HTS-based Navy’s is now San baseline Ship degaussing is for Antonio vessel Protection we system working advanced And end. or Class to platforms. Our into

expect XXXX, to product SPS and capabilities fiscal our our manufacturing current In we establish delivery orders. for

Class. San We are Antonio orders for additional SPS anticipating the

modification, Company and it’s first a ComEd. DHS move or approval fiscal become we chosen the to business Grid manufacturing contract REG of Electric for Commonwealth was ComEd forward intend REG permanent power part XXXX. Our to Pending grid. REG the begin Chicago in of of system expected of Chicago’s Resilient Edison the by

are product other opportunities in developing deploy of country. REG a number across utilities We also our to the

wind to Electrical secure our Asian wind are with in other XXXX, as REG designs working solution markets. bring shipments a our System closely cities. orders revenues deploy the utilities grew improved business many We Inox to In to result fiscal of we to latest turbine and Control

market. wind starting high class Indian megawatt performance chapter We first in a India new new to Inox to licensed wind have for that as Indian Inox design generated wind. wind the over market bring million are years preferred we partner ago. X to X the a turbine $XXX megawatt wind together Since a with Inox work as revenue turbine our over in XX time, we

partnership signals Our turbine continued license agreement strong megawatt with for Inox. design that class a X

are Inox two X fact, won developers for working in approximately the SECI of of projects the the installation orders class announced auctions. new on they for In megawatt turbine from XXX units

stopping and to expand in as wind We Indian prepared are their we’re offering support But to market. the Inox enhance there. not they their position competitive work product

We’re larger designing wind even turbines.

expanding addressable market applications. on to our focused offshore We’re additional

class in Korean with megawatt wind fiscal We Heavy Industries. our Doosan expect partner X XXXX turbine enter offshore our the to market

our believe levelized efficient megawatt performance highest as well our We cost driving Asia, X design is class megawatt energy Southeast the well for turbine. wind our offshore wind wind Our suited expected down turbine of partners. as turbine our class for to most geographies Korea to-date, be X

fiscal fourth for to the Now provide XXXX. June to review quarter our of and quarter financial which over I’ll XX, turn the results XXXX Kosiba year first will and John? XXXX for fiscal John the full fiscal call end guidance

John Kosiba

fourth good revenues compared to ago year of fiscal for X% the ago the $XX.X generated $XX AMSC everyone. revenues year by Wind $X.X of by Thanks, Daniel, $XX.X million million in and XXXX, quarter. quarter. versus business million XX% ago Grid million year quarter. increased morning, of business versus revenues decreased of quarter the the

revenue, Moving and fourth in up of fiscal Electrical primarily for fiscal result grid. million Control to Yes, to Systems in $XX.X business a the is even by revenue from accounted shipments a consecutive XXXX, Wind revenues This grid XXXX. revenues as increased grew million. XX% on fiscal recap year XX% for by $XX.X to of in year revenues unit of XX% year-over-year wind our growth growth improved total marks Inox. with business XXXX,

in quarter footprint fiscal was improvement XXXX, fiscal in overhead of fixed to result a a product primarily associated the margin reduced grid revenue gross is depreciation gross by from the in Year-over-year margins of This grid to less factory the XX% year-ago basis move XXXX as smaller strong up and fourth favorable XX%. a U.S. margin in for factory mix, our was with X% for And XXXX. year driven compared points XX to XX% margins Gross fiscal quarter. increased

and down from SG&A total expenses was development the fourth $X.X the quarter. in $X in year ago This million quarter and fiscal million XXXX. Research of

For respectively The XXXX. was million. XXXX, both expenses SG&A year-over-year and decreased primarily the development fiscal by and fourth decrease SG&A were in from Approximately fiscal reduced to business in year is and fiscal year our $XX.X quarter expenses expenses wind year research and This research X% million grid units. by XX% $XX.X and full development R&D in driven and non-cash. down of

cash from fiscal costs in XXXX settlement. the net received million expenses of gain and Chinese direct was other in Included $XX.X operating the legal reflecting payments

fiscal fair with of was $X.X warrants expense Including $X.X to associated Our or year with expenses $X.XX net other in in $X quarter. settlement. fourth value million and million ago in of of net quarter $X.X per the taxes million compared and XXXX the the or share share per loss additional loss was the change $X.XX non-cash the million associated this

or or net or ago Our the of XXXX non-GAAP $X the gain margins, year $X.X operating per net per settlement in quarter million XXXX non-GAAP of was compared $X.XX million of in lower loss $XX.X share. and fiscal a of loss million expenses The with fourth the resulted share gross the on net higher share $X.XX combination in in $X.XX per fiscal income quarter. the

fiscal per $XX to loss compares a XXXX. net This of share or million $X.XX in

was year of on loss XXXX of $X.XX The fiscal in in with XXXX a cash of cash. This and $XX.X The the fiscal fiscal million This million XX, compares $XX.X loss cash December balance per million $XX.X $XX from million XXXX. in share XXXX. end share. received includes XXXX net settlement. proceeds cash with year Our of from end or fiscal million net for or equivalents cash, was non-GAAP $XX.X restricted down non-GAAP per net $X.XX

operating Our This the non-GAAP quarter settlement. paid with $X cash the fourth associated of legal million. expenses $X.X excludes million fiscal XXXX was burn in in

first financial of in million. be to Now will guidance to revenues our that fiscal quarter our $XX the expect for the million we of turning range XXXX, $XX

$X than expected more Our or share no net no net million million loss on to revenue more loss is expected non-GAAP to is per our $X.XX or that $X.XX be $X.X per be and share. than

flow million any We quarter burn XXXX. does first $X million in to not $X or payments cash other related the to settlement. minus in anticipate This costs minus operating include guidance of of the fiscal tax

fiscal $XX first no equivalents end the and cash. cash, to in less expect quarter We cash million of XXXX than with restricted

Our Devens cash the from payment which includes balance final during proceeds received $X.X end a guidance of of current was was quarter. quarter building, the million in

by basis line In our combination double-digit revenue operating events over closing, by these impacted of bottom our XXXX expenses our XX million. The achieved and results where $XX a gross lowered by points was growth, we year fiscal positively margin increased X%.

the review call Daniel. my turn over and now concludes I This back will to

Daniel McGahn

for project fiscal objectives grid a We revenue other and XX our Two Thanks, to the entered a These REG John. objectives. predictable cost to believe five transition X.X for focus for business the serve begin long our and to three wind. We offshore growth structure lead right success. We grow with to team and deliver state order advance delivered ECS XXXX were revenue. grow to wind for Doosan megawatt system reoccurring to complete business. time more to objectives LPD objectives

fiscal state XXXX. five for We our of executed business of objectives all on

strategy. we with the Now to our expected long-term advance and XXXX growth resources fiscal right rigor enter

base past we products leading new our initiatives believe changed led revenue several We with towards by over Navy. the have more predictable conclusion, our company. the a mix business undertaken shift in In years revenue the have the reoccurring our a U.S. are

and across our wind We our within grid mix revenue segments. are successfully diversifying and

beginning a chapter company. our of in progression are the We new

and across diversified executing and AMSC be transforming our are sustainable a to into what expect we We more all products business.

Our AMFC, employees guided new stands by the constantly for which AMSC our by being written values we for. chapters are who collaborating. are At

brightest. best We to our are We always accountable and to strive hire customers. the

we markets innovative. inherently is We to learn culture from Our the serve. and listen

I for year look also quarter again you of continuing fiscal support. am delivery to on forward to the XXXX. following our completion grateful for employees your commitment you I reporting I a and first successful thank fiscal our XXXX.

open the covering up can now to line Operator, to we our questions from analysts.

Operator

Sure, question from [Operator We’ll you. now take from sir. Craig-Hallum. Eric Thank Instructions] first Stine

Eric Stine

Hi, John. Daniel. Hi,

Daniel McGahn

Eric. Hello, morning. Good

John Kosiba

Good morning.

Eric Stine

Good morning.

questions So I a with just in want the grid couple to start segment.

So had of of couple pattern business had in your clearly a that D-VAR, breaks kind you’ve a year. from within months couple you a two that typical couple And orders weeks. noticeable mean, I acceleration ago of orders a of

curious what more the as Is to. expansion that industrial? Just the sustainable this you going detail it that forward? something – what you mean, maybe attribute into is I see

Daniel McGahn

it think fits I Yes, twofold, Eric.

the It that that next does markets geographies in And kind direction. serving then favorable moving in we’ve that industrial will going near-term for keep for all the for us. to one, renewables policies at you to and industries trends in then the into industrial sustainable there, to wind macro well. customers renewables customers it very be said, several we’re be least some right the we’re with think the years, of place in orders in the as appear have as I seen new beachhead seem

So grid that the good in feeling D-VAR time. the of that for to hope we we continue, anticipate part some business

Eric Stine

looking maybe quite the I Then XX second back it sooner. front XXXX into came know fiscal on LPD a just that to were it. the XX bit in of some and order LPD Got transcripts, just past Okay. later think I piece Navy, come turning you expecting at

So I view are ships just maybe many next a gen in plays that just of of segment? of growth kind platform? out And that how this as curious, does your change how then mean, reminder, more part

Daniel McGahn

Sure.

remind So accurately introduction ship calls kind LPD our a we you’re to I everybody else, probably XX you is ago. and the into And had and describing temperament few think builder. of really tenure the the

with with As builder. we’re Navy. the XX, is the XX doing LPD LPD we’re that doing directly ship

next have So point, we’re LPD ships LPD some now. at active or as XX so, year we the due in right two forth as coming well XX. hopefully

next should we two basically doing time shifts continue for So to years. a few at see the

We revenue. the called out

but the about mostly in tale. call for believe I look and we we talked I we the revenue shifts XX, originally, XX ships think think last another, talked XXXX LPD There’s about talked total into We I ships. at XX total. XXXX beyond about in

And and platforms year looking working everybody. many it then hopefully we’ll mentioned in there’s to expand that of area, So then when revenue news the we call other some out there. series not report on orders continued we have we’re just certainly good and we’re on to in that LPD,

Eric Stine

just sequential And has Maybe it. are that Inox, area in wind. track know things the I like you a Year-over-year lower I turbine up, goes I on you in near-term how transition the because thoughts that into for Got the don’t that, megawatt curious know me, order quarter. to back into does for It an down market. the sounds the maybe revenues have yet play Understood. XQ. last that just And then slightly book order that’s Indian on anticipate. expected were revenues that? but something X their about know maybe Maybe grown. you and in

Daniel McGahn

they first in the after new project Yes, we’ve the turbines was, yet looked with those is the they where grid. not completed think under on at listening call, SECI-X. are kind to the indicator are they with where challenge market rules, wind connecting have them key the And to their so I of the

on as making we’re that. go them sure there So focused they we’re support to through

milestone them. for that’s a think big I

will SECI-X the in interconnect point Our at is the other for some of projects, grid. same the and they potentially understanding

everybody up I’ll the opens plug-and-play. have looking be say it used know are true, to expands. capacity turns business nice those adding that mean their is low is has just difficulty a in as of they’ll here a have the get to that Inox that words to that Inox see peak something in at, We If degree to point in hopefully, relatively So Once that well. our that revenues substation company what more built, grid. is this watching The call keep at out that’s they their returns should near-term. which indicated,

to support We X that’s deliver future But field. X we’re megawatt the we instruction transition to need is activity. a focus point in the the to deliver sometime need We this work keep and for said, for we systems our design get we prototype. at megawatt, the to don’t on We an For our intend yet them Inox. coming for doing control have our doing or that and to to need as the in you support see their immediate We electrical turbines. the here. contractor done work where need customers to

Eric Stine

Got it.

thanks. Okay,

Operator

will Thank from Partners. question you. Shen next take [Operator Instructions] our now We from Philip Roth Capital

Philip Shen

the follow-up D-VAR, favorable. Thanks for segment more just a the be industrial wanted bit guys. what had, to trends you color Hey, that relates on Can those on that appear question us mentioned it Hey, Eric as might the questions. give trends to Dan, little be? you to

Daniel McGahn

Yes. and heavy increased we’re Kind at of in main of the – manufacturing looking jobs work. trends kind

mining heavy help vehicles, like segment. the the demand to in focused certainly and move more that We’re materials, electric batteries things on of

memory. There now kind semiconductor they’re where globe building see semiconductor also capital is fabs of cycle expansion in adding expenditures. on like fabs they’re We in and like the things across a areas of volatile going and a lot

we some growth. those proxies look of the future that for of are trends kind So at as

Philip Shen

medium-term know But XX us timing color else tough it can as you us relates see give And new more helpful. on you you guys all two can’t to something try it medium-term timeframe any into to the give that. of looking of near-term, you tell or next or about, color around something in to could I likely the as are we perhaps months some the to That’s it’s is Navy, us, talked expect then to platform. Great. it that together. that a to Is in years? plus degree expand

Daniel McGahn

bunch done goal Congress remember, a worked with if right. It’s We’ve over lot on We’ve hard platform on on that for platforms. to this qualification something kind point lot it’s a Phil, speculate, don’t a the we’re to new with we’ve at Yes. have platforms because of different my the desk get budget the different working already. worked me I owners, on because cycle. you line of

trying we’re as into kind as the point some something platform existing the able next were we to that’s that then they other And got on really to looking So to we’re the focused And insertion are example, an identify platforms. of current at to when to look insertion is design. we these of design. where change were LPD XX

these So news platforms. that’s I more per if for other is, good per value about of the know don’t the more per most some ones ship that year. we’re shifts or But indicator of a talking either good year are

good the we’ve can that excitement we So the I the on established additional report the also know generate some we call that we for as but out are well. here the know And sooner will think audience Navy, those indicators. do among business beachhead, beyond

Philip Shen

sale. and is utilities, and little VVO makes this? this provide go a us And sales VVO to nice expand of remarks, a Can PUC that prepared doesn’t the which it Dan. a you interesting in opportunity as have talked in year. your an Because it business, with about utilities to Thanks, bit you’re to they’re expecting Great. think necessarily you this how – more relates faster then I through the terms color on

funnel, a sales as year you can where kind we if have you category could approved, this a about and are utilities So of talk the cycle as vendor, celebration on what guys pipeline yeah, develops? see you the this fiscal

Daniel McGahn

repeat What we’re Yes. starting business XXXX see to is in already.

XXXX, becomes move were the volume want I significant can What product get This So allows doesn’t I’ve is of have We that us we now a to basis a It standard do market to ship units feature What sure order. largest this in possible configurations stock lot a kind is we want make with plural. to we to product. is cost right. where make of buy the past on customers they make said a blanket to sure that to in be pilot customers it. set us. orders of want that the the to to able address require

across So least growth lines, we strong year growth, out see XXXX, in about product specifically that we’re come growth this, we’ve for the grid. for since we’re actually calling calling all for been and for doing the grid the I’ve never at

to than in trying still the we’re We we XXXX, greater VVO. VVO there are last make revenues total. to be from small see bigger So I sure year fraction maybe but this growth in start right. get see a breakout year, hope we should a of

Philip Shen

about Can can it about two the you number utilities to ships being perhaps as it as talked you relates these VVO? quantify the relates of utilities? anything to talk in years, you’re And you

Daniel McGahn

only time recurring try been To and give I given time we’ve to far. with little Yes. couple of to it’s This able a from we’re color, a handfuls mean product you get announce product a at the them. to then few initial working an two so to hard

right with – we which goal of of for the through XXXX that customers then we we is handfuls again, the customers to these it get accelerate product. ordering, get style want more and couple blankets of the and to the larger then some So have objective

Philip Shen

it on. pass I’ll Dan. Thanks, Great.

Daniel McGahn

Philip. Thanks,

Operator

now We’ll from take question you. Oppenheimer. next from Colin Rusch Thank our

Colin Rusch

you’ve be shifted Thanks and you here are the with the do What company. so terms terms particularly getting able of costs to you out volumes, not reorganize chain but growth you may driving the opportunities of talk for the and supply about Can much, now guys. obviously of facilities reaching products? some great you’re cost points critical in in that reduction,

Daniel McGahn

Yes.

of the for cost if existing those you I of lines, ways bifurcate continually business strive lines. to think that D-VAR. ECS the both We in kind product product reduce and

chain start have you with volumes some you there. can at see enough reduction business to supply that that the We’re

either see going some of realize for production do this the even megawatts. perhaps volume the lower megawatt volume But you on numbers production in high X and there, some that. ECS X year a beginning to You to X give from cost benefits into kind that of we’re

additional a to in So as reset won’t new get probably in as as through the Similarly, it’s those first try is revenue a means exactly same product. have leverage which get areas a is will to almost to look product, on those, the REG SPS at we they it as VVO the fall units volume. a new product new

introducing revenue that the lot more that’s new chain. We’re doesn’t have history supply with a that

is demonstrated your these demonstrated the growing So is will on costs products, to continue we megawatt that as margin. time, that to able We’ve to with I right that strive point new we’ve to It’s over we be volume to better. the caveat do start But ECS demonstrated we want that able I think continue something, X that products see will improvement to in work good D-VAR, to think of at on always well. Colin, internally manage we’ve be that volume. we’re pretty and the

have be of that with to to get to to present volume supply of volume. need the the the work chain benefit You able

Colin Rusch

certain price point? some voltage guys for customers on then there sensitive the this And you opportunity reach a enable out of management Should you Great. drive to at pool larger solutions, are then and point? a price how particularly Is the costs demand? an

Daniel McGahn

we pricing regulators that testing The It do, the equipment. residential but XX%, know, by double like we’re that doesn’t of XX% market some know existing I class. exact this don’t we What to do are that electric does hypothesis. of compete or reducing today done get or for literally set a directly that. by feature is PV vehicles. answers, an or Yes, direct class we new that with what voltage is don’t not the There need something

markets. trying a up solar, open that use there’s may and points via test of vehicles, have price different different couple VVO patterns we’re electric to they via So that, via different industrial, with

clear but do we going learning we’re XXXX, definitive this So I more again, And that’s how go well. to on. don’t the XXXX. work see can business in as into be How more and do answer from have growth we we point, on have folding for business apologize, of that we at I’m that a that hopefully do clarity and more as coming leverage part see

Colin Rusch

incredibly so helpful. That’s Thanks much guys.

Operator

like for appears to no back you further turn any to the Thank At closing this would additional It or sir. conference questions, I remarks. you. time,

Daniel McGahn

appreciate Appreciate Great. attention of I Thank it. and you. everybody’s support the company.

look year over We our business. we grew what to to with you major XXXX, focus If was back we and to achieve into in trying fiscal past diversified were That we the grid our of we a business grid able XXXX. the at bring We and were it. effort that achieve can grid try year finished the a record control. backlog something look going is we and

that business we growth. direct can the drive of we and the part That’s think

enhance their driven grid our they from VVO, support for SPS do see Wind higher in as their REG. the growth some business significant and anticipate going end growth from ability be that to D-VAR Inox ability we We by position their is Inox’s we upon all revenues in XXXX, fiscal dependent But products, to back. competitive expect segment the And to deliver growth For and look in see numbers, to really that to third business is market. from starting even market. the deliver in to our we come

growing strength. forward financial at XXXX, to from and we a look we fiscal position operational look AMSC As of

we not key have on specifically the we’re going that to products deliver to the XXXX, with did capabilities think we of new is get have these I end SBS. to as

So coming the be from out very position, a $XX provided, to million. as John the heard quarter. of of strong that It’s balance that we We’re you remarks would guiding to cash a look June

turn X our class Doosan. megawatt the we the wind offshore our So expect turbine Korean market to as enter partner, future, to with we

for begin the DHS soon. approval system the manufacturing, parts more talk Pending Commonwealth this of first about We Edison. we contract to hope the intend to mod, of very

So this a basis. is day-to-day something that we’re working on literally on

that So the can come news all you very on some out with for of business. part we quickly we hope

just said I classes or mentioned orders. for doing different Antonio of But establish the do capabilities, we we and anticipate to as expect manufacturing bunch SPS a are I for orders San our We on current SPS product additional work platforms. delivery

as end appreciate to you potential you at what of the that opportunities report here to back And think XXXX, see we Thank the more trying see build can for more it. as we diversified We from. everybody look for We the we into XXXX being for talk we’re Then point that’s and company. revenue quarter. what to transition to as we more forward for first So able revenue prospects you for growth coming, well. on attention. about your the more

Operator

the and conclude Ladies this you for Thank you. participation. Thank conference your call. gentlemen, will

American Superconductor (AMSC) 6 Jun 192018 Q4 Earnings call transcript