美国超导 2026年季度报告

FORM 10-Q ☒QuarterlyReport pursuant to Section13 or 15(d)of the Securities Exchange Act of 1934For the quarterly period endedDecember 31, 2025☐Transition Report pursuant to Section13 or 15(d)of the Securities Exchange Act of 1934For the transition period from_____to_____.Commission File Number: 0-19672 American Superconductor Corporation(Exact name of registrant as specified in its charter) (978) 842-3000(Registrant’s telephone number, including area code) N/A(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which reCommon Stock,$0.01 par value per shareAMSCNasdaq Global Select Market Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and(2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Acceleratedfiler☐Smallerreportingcompany☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ Shares outstanding of the Registrant’s common stock: AMERICAN SUPERCONDUCTOR CORPORATIONINDEX PART I—FINANCIAL INFORMATION Item1.Financial Statements3Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations28Item3.Quantitative and Qualitative Disclosures About Market Risk36Item4.Controls and Procedures36PART II—OTHER INFORMATIONItem1.Legal Proceedings37Item1A.Risk Factors37Item2.Unregistered Sales of Equity Securities andUse of Proceeds37Item 3.Defaults Upon Senior Securities37Item 4.Mine Safety Disclosure37Item 5.Other Information37Item6.Exhibits38Signature392 AMERICAN SUPERCONDUCTOR CORPORATION PART I — FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS AMERICAN SUPERCONDUCTOR CORPORATIONUNAUDITEDCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) AMERICAN SUPERCONDUCTOR CORPORATIONUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) AMERICAN SUPERCONDUCTOR CORPORATIONUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITYFOR THETHREE AND NINE MONTHS ENDEDDECEMBER 31, 2025 AND 2024 (In thousands) AMERICAN SUPERCONDUCTOR CORPORATIONUNAUDITEDCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) AMERICAN SUPERCONDUCTOR CORPORATIONNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Nature of the Business and Operations Nature of the Business and Operations American Superconductor Corporation (together with its subsidiaries, “AMSC®” or the “Company”) was founded on April9, 1987.The Company is a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power onthe grid™andprotect and expand the capability of theNavy’s fleet.The Company’s system level products leverage its proprietary “smartmaterials” and “smart software and controls” to provide enhanced resiliency and improved performance of megawatt-scale power flow. These unauditedcondensed consolidated financial statements of the Company have been prepared on a going concern basis inaccordance with United States generally accepted accounting principles (“GAAP”) and the Securities and Exchange Commission’s (“SEC”)instructions to Form 10-Q.All significant intercompany accounts and transactions are eliminated in consolidation. Investments in entities inwhich we do not have a controlling interest are accounted for underthe equity method of accounting. The going concern basis of presentationassumes that the Company will continue operations and will be able to realize its assets and discharge its liabilities and commitments in thenormal course of business. Certain information and footnote disclosures normally included in thecondensed consolidated financial statementsprepared in accordance with GAAP hav