Thanks, and John. I'll will results XX, fourth our fiscal the quarter, an a March today detailed Grid then Good you Wind on on which fiscal provide quarter, will for XX, December businesses. third which XXXX. our ended begin morning, update and XXXX, provide for with providing by review end of John Kosiba guidance financial everyone. our
our comments, questions line up from analysts. we'll to our Following the open
year. same compared of good is fiscal through. Grid XXXX of supported growing through next the am really fruition with direction more have the of look guidance the to exceeded And lot of third us fiscal XXXX. for quarter few you're change quarters see as and many behind revenues top that range starting say third $XX Grid. I million the today of just we today. as proud is Revenues to see last coming forward think At of this period through want And to team the doubled in we to news, how what in really in we the our than of going that's the of rallied quarter go I results idea here, you this a what the nearly when beginning we
for quarters prior revenues already fiscal of Grid year. surpassed the three from the fact, entire year this Grid In fiscal revenues have first
first this for Grid XX% And quarter-on-quarter. quarters three almost than of XX%. more fiscal business business year, grew Our the is our up Grid
than quarter-to-quarter XX% and by total Our year-on-year. grew business more
are growth through by executing diversify and our strategy our to reduce on business We Grid. volatility
we X.X Since visibility our the start into XXXX. sales extending of Doosan In quarter fiscal and the our XXXX. to business, fiscal further this we ECS Wind strengthening fiscal while our have began year, maintained backlog grid third during momentum, well our shipping megawatt
having supported business is momentum on The projects has margin. by segments. has and project year. effect both in positive gross the our which of D-VAR a Our base notable fiscal this D-VAR doubled, strong Industrial average being gained a It's Renewable of size
team Our manufacturing is performing very well.
well has able by business. anticipate revenues year. Grid as provide of fiscal respond Grid the should chain that of a and D-VAR supply for in been increasing We driven the into shipments quarter base this overall fourth D-VAR fiscal strong the for is as This demand to we backlog the year to have next that expectation Our D-VAR. strong
have now X consecutive we revenue. fact, of over grid in In revenues quarters which comprised total XX% reported
quarters growth a Our semiconductor of Grid from business ago. was comes total our today is our the larger manufacturing which industry, recent power. catalyst few clean, The D-VAR business reliable requires than just Industrial segment
and Renewable Our and positioned D-VAR grow. further performance here and abroad segment, in is in very the the both to market Connectivity U.S. strong
to more D-VAR stringent, wind to and more for opportunities we grid. systems transmission are our international grid get domestic As the farms connect codes seeing
electronic We our this turbine other grid to as of power are to as performance the Australia wind exceptional solutions. partnered well connectivity is a believe and the manufacturers We in wind with result quality markets. success top-tier of farm power provide high
we quarter, strong new in a orders of In fiscal XXXX. expect with $XX backlog XXXX and fiscal for the to orders enter delivery D-VAR million of third announced
the VVO product distribution quality grid. power on addresses Our
or Over the last and of particular, residential solar in commercial small installations. a years, energy the there's distributed utility distributed rapid rise PV in rooftop, in photovoltaics been generation from resources, form scale
sorry, by of capacity reached solar approximately in - approximately enough gigawatts PV Globally, the in and increase XXXX. Association, of XX% than solar and will solar. gigawatts double on U.S., electricity wind According the XX markets XXXX. principally both of - XXXX, expected in Energy Industries equivalent American to XXXX of by to to expected both wind both In to wind the U.S. gigawatts is to expected the generate Solar are millions by installed an XXXX Installed homes. VVO XXX in solar by U.S. capacity tens power of focused and more XXX XXXX. looking at is and more than by capacity is the additional the reached add the
what accommodate wind. is Because even contrast, you distribution network add which grids, intermittently dynamic while We variable for renewable superior seen in understand the in resource, potential quality customers. now bigger has opportunity efficiency we've and new the in energy capabilities than in power for this so the maintaining wind, solar their and to to numbers their nature, enhance be
offers benefits make over the and savings expected significant superior commercial fiscal utility, solutions. system for ready sure broader a a XXXX. power cost the product we fiscal initiated launch VVO quality, year In launch traditional we commercial have to an XXXX, environmental For targeted in
power X/X traditional solution quality residential on power Utilities lines of can are finding reconductoring feeder, reconductor or little solar because becoming that the proven already solution longer whether problem is distribution to with the cost has as of costly are our farms. commercial distribution that very from is VVO these no cost quality In be The undertaking. effectively improve the solar this is a types as PV, exaggerated applications, alternative necessary. to VVO which type the to now of
Grid year. We our have fiscal seen this VVO growth contributing through
to REG. Turning
to with link ComEd, infrastructure an electric formalized agreement you of install owned we the electric As existing know, power resilient our Exelon, REG to or within system city by Chicago. grid
first infrastructure their REG to technology AMSC's system existing utilize electric The will in power city. Chicago within link
for the entire to project's XXXX. to and project the hardware ComEd fabricated have expect deliver REG table ComEd in We the
XXXX. to a the expected is still We're the of X look We working ComEd is than which proposed to project to occur the is one. The link Chicago. second REG, substations that second in forward larger to to energization multiple current to also project, anticipated be evaluate potential with Xx expected successful project in
delivery Chicago. are and we to weather infrastructure aging power cause simply are Severe an the REG leading intensity issues the working States. utilities are floods power and increasing facing beyond storms. of Climate is of be cannot expand conventional and United systems. number We believe solved fires, using outages There the that change in
of outages to the is that power dollars. system outage the of of big in in exceed a believe And estimated that's have U.S. unique tens in needs REG sense power reported annual billion. can estimates billions cost utilities. our Cost are numbers makes sure. We These economic to now storms been way $XX recovery those address The for annually. for of
are a today. utilities understand help We that uniquely States, REG solves that the across are United problems to working priority
computer REG's the a recent grid efficient grid. modernize resilient footprint. words, In efforts physical some cybersecurity the without other by and be electric or allow properties without risks to the to posed digital
continue as pursue We as and Seattle, specific several Chicago D.C. well Washington with to cities. San projects other Francisco, Boston,
REGs XXXX. With our the REG will be from deployments - secured, of believe anticipate will the that fiscal We future system growth in REG first de-risked. we business
Turning to the Navy.
Antonio U.S. Ship platform design the called Class Our Protection LPD. for System ship the now Navy's San is baseline
our and capacity SPS deliver already LPD perspective, revenues segment Grid we putting fiscal quarter SPS on This to in on we third place to concurrently. contributed backlog a we systems the XX. the LPD established, XXXX. for SPS of to year, From capabilities planning are focused XX multiple into the manufacture have fiscal systems
orders the program ships total We XX understand class. the of SPS and Navy for XX potential on for closely anticipate our deployment We that a anticipate are for timing LPD the working to in LPD this has with XX. we approximately future
represent life the stream San has the San believe for Antonio class the the Navy. the ship Antonio system. The The SPS million first deployment for revenue SPS win of We with of San Navy remaining Class. Class identified a design potential is about over of our our design $XXX could Antonio Class of next our
and the beachhead that more additional and in a on the Class, destroyers, We get into Navy, ships We with in to U.S. frigates, our are carriers, additional future. pursuing With of as is littoral Antonio position combat expand believe vessels navies. established San vessels. the orders such to platforms classes we're SPS support strategy aircraft
the of applications for equipment. power, vision HTS expand a into variety through and technology propulsion long-term Our fleet to protection is
turbine units, In wind supplying with a offshore signed turbine for received agreement, X.X-megawatt electrical wind Turning to turbine. which systems XXXX, order manufacturer, X.X-megawatt Under wind agreement wind. are now Doosan for a control exclusive Korea with. we million ECS offshore and Doosan. supplier South the for we AMSC design is we Doosan Doosan's XXXX, In of X.X-megawatt the an $X
than to by this expect shipments order fiscal complete no We year later under XXXX.
farms by XXXX. Strategy, As Energy date, to Korean targeted the of there which the Gunsan at Trade, southwestern farm electricity wind X We and large-scale turbines part will XXXX range To It's expected capacity. generate pipeline, being development to gigawatts. gigawatts which wind are and XX% XX well renewables wind The for of Industry Ministry approximately a X South project. wind wind in as nearly total of XXXX supply South development X-gigawatt offshore of in wind as of are XX% X.X-gigawatt is the added least by understand is by a capacity Korea's XX wind the Doosan offshore project, developed. offshore
a with support strong believe and to their we're well working have long-term We positioned We Doosan. relationship plans. short-term
with team India, to we penetrating Inox's the execution project. offshore On are forward wind monitoring on market. we wind to SECI-X look is potentially Doosan. closely global And working the Our together,
auction. XXX According with in will required negatively won AMSC grid Inox wind ECS Inox, before India manufacturers have agreement, post our from in credit megawatts of reminder, ship to India. supply impacted build-out SECI-X the the turbine the Inox orders. a to is letters of all As delays Per
X-megawatt Last post under quarter, delinquent that of its Inox of we terms reported obligation supply sets forecasted on Inox the to the credits contract. to of for as ECS letters purchase
of third supply compliance the turbines in remain does past We slowdown the X-megawatt working strategic Indian agreement. the Inox X-megawatt working with believe their agreement, company last and through our While did quarter. to delinquent open on market the X-megawatt two ECS invoices supply strategic year. during regain amounts on to inventory fiscal due pay Inox is the wind is Inox
XXXX would Now as financial ending discuss fiscal March fourth John Kosiba guidance financial XX, the like XXXX. I fiscal results to our well John? of quarter for quarter for provide as third our
