Power resiliency solutions provider American Superconductor (NASDAQ: AMSC) reported Q1 CY2026 results topping the market’s revenue expectations, with sales up 29.6% year on year to $86.41 million. Guidance for next quarter’s revenue was better than expected at $85 million at the midpoint, 0.8% above analysts’ estimates. Its non-GAAP profit of $0.17 per share was 12.1% below analysts’ consensus estimates.
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American Superconductor (AMSC) Q1 CY2026 Highlights:
- Revenue: $86.41 million vs analyst estimates of $81.57 million (29.6% year-on-year growth, 5.9% beat)
- Adjusted EPS: $0.17 vs analyst expectations of $0.19 (12.1% miss)
- Adjusted EBITDA: $18.55 million vs analyst estimates of $5.65 million (21.5% margin, significant beat)
- Revenue Guidance for Q2 CY2026 is $85 million at the midpoint, roughly in line with what analysts were expecting
- Adjusted EPS guidance for Q2 CY2026 is $0.17 at the midpoint, below analyst estimates of $0.24
- Operating Margin: -0.6%, down from 2.5% in the same quarter last year
- Free Cash Flow Margin: 8.7%, similar to the same quarter last year
- Market Capitalization: $2.53 billion
"AMSC delivered record quarterly and full-year results, reflecting exceptional strategic and operational execution," said Daniel P. McGahn, Chairman, President and CEO of AMSC.
Company Overview
Founded in 1987, American Superconductor (NASDAQ: AMSC) has shifted from superconductor research to developing power systems, adapting to changing energy grid needs and naval technology requirements.
Revenue Growth
A company’s long-term sales performance is one signal of its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Luckily, American Superconductor’s sales grew at an incredible 28% compounded annual growth rate over the last five years. Its growth surpassed the average industrials company and shows its offerings resonate with customers, a great starting point for our analysis.
Long-term growth is the most important, but within industrials, a half-decade historical view may miss new industry trends or demand cycles. American Superconductor’s annualized revenue growth of 43.3% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated. 
This quarter, American Superconductor reported robust year-on-year revenue growth of 29.6%, and its $86.41 million of revenue topped Wall Street estimates by 5.9%. Company management is currently guiding for a 17.5% year-on-year increase in sales next quarter.
Looking further ahead, sell-side analysts expect revenue to grow 17.8% over the next 12 months, a deceleration versus the last two years. Still, this projection is noteworthy and indicates the market is forecasting success for its products and services.
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Operating Margin
Although American Superconductor broke even this quarter from an operational perspective, it’s generally struggled over a longer time period. Its expensive cost structure has contributed to an average operating margin of negative 5.2% over the last five years. Unprofitable industrials companies require extra attention because they could get caught swimming naked when the tide goes out.
On the plus side, American Superconductor’s operating margin rose by 29.1 percentage points over the last five years, as its sales growth gave it operating leverage. Still, it will take much more for the company to reach long-term profitability.
American Superconductor’s operating margin was negative 0.6% this quarter.
Earnings Per Share
Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.
American Superconductor’s full-year EPS flipped from negative to positive over the last five years. This is a good sign and shows it’s at an inflection point.
Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business.
For American Superconductor, its one-year annual EPS growth of 40% was lower than its five-year trend. We still think its growth was good and hope it can accelerate in the future.
In Q1, American Superconductor reported adjusted EPS of $0.17, up from $0.12 in the same quarter last year. Despite growing year on year, this print missed analysts’ estimates, but we care more about long-term adjusted EPS growth than short-term movements. Over the next 12 months, Wall Street expects American Superconductor’s full-year EPS of $3.41 to shrink by 70.2%.
Key Takeaways from American Superconductor’s Q1 Results
We were impressed by how significantly American Superconductor blew past analysts’ EBITDA expectations this quarter. We were also excited its revenue outperformed Wall Street’s estimates by a wide margin. On the other hand, its adjusted operating income missed and its EPS fell short of Wall Street’s estimates. Overall, this was a softer quarter. The stock traded down 8% to $49.25 immediately following the results.
Is American Superconductor an attractive investment opportunity at the current price? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
