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AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) Annual Reports

Q: Where can I read AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 4 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

AMERICAN SUPERCONDUCTOR CORP /DE/ is listed on Nasdaq, classified by the SEC under Motors & Generators (SIC 3621). This page indexes 4 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： Nasdaq
Fiscal year end： 03/31
SEC CIK： 880807 →

Website：Official site ↗

Financial Highlights

FY2027 Q1 (quarterly, ended 2026-06-30)
	Current	Prior year	YoY
Revenue	$94.1M	$72.4M	+30.0%
Operating income	$9.8M	$5.6M	+74.2%
Net income	$9.5M	$6.7M	+41.1%
EPS (diluted)	$0.20	$0.17	+17.6%

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In mn (USD)

Revenue 94.1 mn Net income 9.49 mn

Periods follow the company’s fiscal year (Apple ends in September, Walmart in January), so they differ from calendar quarters.

Show table：Income statement

Item	2009Q4	2009Q2	2009Q3	2009Q4	2010Q4	2010Q2	2010Q3	2010Q4	2011Q4	2011Q2	2011Q3	2011Q4	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2015Q4	2015Q4	2015Q4	2016Q4	2016Q4	2016Q4	2016Q4	2017Q4	2017Q4	2017Q4	2017Q4	2018Q4	2018Q4	2018Q4	2019Q3	2019Q4	2020Q1	2020Q2	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3	2026Q4	2027Q1
Revenue	183	73.0	74.7	80.7	87.6	97.2	102	114	59.8	9.06	20.8	18.1	28.6	28.7	20.9	17.4	20.4	23.1	24.2	20.6	16.3	11.7	12.5	21.3	25.1	23.7	19.0	25.8	27.5	13.3	18.5	27.1	16.2	8.92	11.1	14.9	13.5	12.6	14.9	14.1	14.6	13.8	14.0	—	3.90	63.8	21.2	21.1	23.6	87.1	25.4	27.9	26.8	108	22.7	27.7	23.9	31.7	30.3	34.0	39.4	42.0	40.3	54.5	61.4	66.7	72.4	65.9	74.5	86.4	94.1
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	11.3	—	—	3.16	1.64	3.22	3.01	6.51	9.24	0.86	2.10	5.04	2.84	-4.49	0.27	5.02	2.99	3.89	3.62	3.74	2.76	1.58	3.76	—	1.59	9.45	5.04	5.52	3.96	17.4	3.37	3.26	3.57	13.5	2.22	1.97	0.52	3.81	6.28	8.59	9.98	10.4	12.2	15.6	16.3	17.7	24.5	20.4	22.9	23.6	24.7
Operating income	-8.20	6.39	10.3	10.4	11.5	16.1	15.9	21.5	-184	-38.3	-51.1	-26.6	-20.4	-6.13	-15.0	-20.6	-16.0	-8.85	-11.0	-6.67	-14.9	-12.7	-26.4	-7.73	-5.71	-8.26	-6.84	-3.31	-1.71	-9.34	-7.15	-4.06	-6.99	-14.7	-7.80	-3.85	-5.81	-5.13	24.7	20.8	-6.34	-6.24	-4.12	—	-6.62	-23.1	-3.22	-3.21	-9.26	-23.2	-7.50	-4.30	-4.38	-21.1	-8.87	-8.09	-9.21	-6.84	-5.33	-2.37	-1.44	-2.23	-3.29	-0.75	1.32	1.65	5.64	2.97	3.36	-0.52	9.83
Net income	-16.6	1.79	4.34	5.18	4.94	9.17	9.99	16.0	-185	-37.7	-51.7	-26.3	-21.2	-10.3	-15.9	-20.1	-19.8	-10.5	-14.6	-8.42	-22.7	-13.5	-25.4	-6.35	-3.36	-9.12	-7.70	-2.96	-3.36	-10.3	-7.32	-2.77	-6.92	-15.3	-7.28	-4.25	-5.99	-4.74	22.6	17.3	-8.35	-3.54	-0.82	-6.84	-6.84	-17.1	-3.42	-3.71	-7.93	-22.7	-5.40	-4.43	-4.32	-19.2	-8.71	-9.88	-9.58	-35.0	-5.40	-2.48	-1.65	-11.1	-2.52	4.89	2.47	1.21	6.72	4.75	118	4.53	9.49

Balance sheet

Quarterly · In mn (USD)

Total assets 762 mn Total liabilities 190 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2009Q4	2009Q2	2009Q3	2009Q4	2010Q4	2010Q2	2010Q3	2010Q4	2011Q4	2011Q2	2011Q3	2011Q4	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2015Q4	2015Q4	2015Q4	2016Q4	2016Q4	2016Q4	2016Q4	2017Q4	2017Q4	2017Q4	2017Q4	2018Q4	2018Q4	2018Q4	2019Q3	2019Q4	2020Q1	2020Q2	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3	2026Q4	2027Q1
Current assets	—	—	—	—	263	264	293	450	320	266	202	152	144	155	136	127	120	99.1	81.0	90.0	83.3	81.0	82.5	86.5	64.5	77.1	71.4	74.8	83.3	75.7	67.1	64.3	55.7	64.3	57.8	54.1	67.2	64.3	86.4	109	103	101	83.4	—	89.3	94.3	80.4	86.4	110	105	110	103	94.9	94.3	98.2	95.0	94.2	106	102	104	100	166	173	195	205	207	349	343	325	332	343
Total assets	—	—	—	—	400	410	465	640	441	394	326	275	255	264	242	225	217	194	173	178	169	161	156	157	134	143	134	136	135	126	116	110	100	105	101	96.8	88.2	84.5	106	129	119	120	117	—	123	124	110	111	175	169	192	184	175	174	177	172	165	176	171	171	166	233	240	298	310	311	453	446	720	739	762
Current liabilities	—	—	—	—	105	108	121	120	145	131	114	88.9	86.3	84.1	79.0	75.9	79.8	67.5	55.0	57.4	47.8	49.9	66.1	65.8	47.2	41.9	40.9	45.4	41.0	44.4	40.7	38.4	32.2	32.7	31.3	30.8	27.3	28.3	26.8	31.5	28.4	28.7	28.1	—	35.0	41.0	29.4	32.6	40.0	40.7	61.9	57.3	51.8	54.0	64.7	66.9	68.0	84.1	83.2	85.3	77.5	78.8	86.2	95.1	104	99.8	105	87.8	122	139	141
Total liabilities	—	—	—	—	119	124	140	140	148	134	118	92.3	90.2	108	97.5	90.5	91.6	75.7	59.7	67.2	56.3	58.1	74.5	74.5	53.9	48.3	46.6	50.8	51.8	52.9	49.0	46.5	40.0	41.3	39.9	39.4	36.0	36.5	34.9	39.8	38.1	41.7	40.8	—	46.3	51.9	40.3	44.8	52.1	52.3	73.6	68.3	62.3	64.5	74.6	76.4	77.9	93.8	92.7	94.4	86.8	88.2	96.8	111	118	113	120	103	183	184	190
Equity	222	—	—	—	281	286	326	500	293	260	208	183	165	156	145	135	125	118	113	111	112	102	81.3	82.5	79.9	94.6	87.6	85.0	83.5	73.2	66.7	63.8	60.2	63.3	60.6	57.4	52.2	47.9	70.7	88.7	81.2	78.4	76.7	—	77.2	72.2	69.4	66.4	123	117	119	116	113	109	102	95.4	87.2	81.8	77.9	76.9	79.5	145	143	187	193	197	333	342	537	555	572

Cash flow

Quarterly · In mn (USD)

Operating 16.0 mn Investing -10.5 mn Financing 0 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2009Q4	2009Q2	2009Q3	2009Q4	2010Q4	2010Q2	2010Q3	2010Q4	2011Q4	2011Q2	2011Q3	2011Q4	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2015Q4	2015Q4	2015Q4	2016Q4	2016Q4	2016Q4	2016Q4	2017Q4	2017Q4	2017Q4	2017Q4	2018Q4	2018Q4	2018Q4	2019Q3	2019Q4	2020Q1	2020Q2	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3	2026Q4	2027Q1
Operating	-2.43	-14.1	35.8	-22.8	41.8	-18.5	16.6	-14.5	-6.48	-57.8	-49.1	-26.4	-7.77	-11.6	-11.6	-17.5	-4.58	-9.31	-5.47	-3.59	5.10	-5.51	-5.86	-9.56	-11.7	-3.03	-4.73	-0.03	3.24	-2.06	-8.85	0.38	-0.68	-5.43	-8.11	-6.69	-4.59	-6.89	30.5	24.2	-5.07	-5.87	-4.62	-7.29	0	-16.5	-3.11	-3.44	1.68	-8.68	-5.83	-5.90	-4.19	-3.05	-5.86	-5.71	-5.49	-5.42	-2.24	0.9	1.25	2.24	-3.40	19.5	5.87	6.29	4.13	6.49	3.25	9.29	16.0
Investing	-3.49	7.71	-19.6	-24.4	-3.71	-0.04	-37.3	-27.8	-39.8	59.8	16.5	-7.91	-4.98	-6.85	1.91	9.63	2.66	3.77	-0.33	0.96	-0.39	-0.27	2.53	2.09	-2.55	-0.06	-0.16	5.08	0.02	-0.27	-0.1	0.73	-0.16	-0.09	0.57	-0.74	16.7	-0.17	-0.24	-0.24	2.82	2.26	-10.9	-26.2	0	-36.6	-0.51	24.3	-26.3	2.47	-11.7	4.88	-0.23	-0.11	-0.5	-0.16	-0.5	-0.35	-0.29	-0.15	-0.2	-0.32	-0.02	-33.5	-0.57	-1.14	-0.73	-1.39	-73.2	-1.81	-10.5
Financing	12.5	1.49	2.57	1.98	13.0	0.56	1.01	161	0.47	4.38	-4.50	0	0.18	32.9	-1.68	1.02	-1.04	-1.21	-1.05	12.0	3.05	-0.63	1.48	8.90	43.0	21.2	-0.98	-1.00	-1.00	-1.46	-1.03	-1.17	2.53	15.1	0.08	0	0.09	-0.24	-0.1	-0.06	0.09	-0.28	-0.12	6.08	0	5.78	-0.38	-0.19	51.2	50.8	-0.05	0.11	-0.01	0.09	-0.02	0.12	-0.02	0.09	-0.02	0.12	-0.02	65.3	-0.14	0	0	0.15	125	0.24	-0.96	-7.78	0
Cash at period end	70.7	66.8	86.8	40.4	87.6	64.8	52.6	169	124	131	93.5	58.6	46.3	60.5	49.1	42.5	39.2	32.6	25.9	35.4	43.1	36.6	34.7	36.0	20.5	38.6	32.6	36.4	39.3	35.2	25.3	25.1	26.8	37.5	30.3	22.1	34.1	26.8	56.2	80.0	77.5	74.0	52.8	31.2	25.5	24.7	20.7	41.3	67.9	67.8	50.1	48.5	43.9	40.6	33.4	27.8	23.7	23.4	22.0	22.8	24.0	90.5	93.5	72.1	75.2	79.5	208	213	141	141	144

Profitability

Quarterly · %

Gross margin 26.3% Operating margin 10.4% Net margin 10.1%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2009Q4	2009Q2	2009Q3	2009Q4	2010Q4	2010Q2	2010Q3	2010Q4	2011Q4	2011Q2	2011Q3	2011Q4	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2015Q4	2015Q4	2015Q4	2016Q4	2016Q4	2016Q4	2016Q4	2017Q4	2017Q4	2017Q4	2017Q4	2018Q4	2018Q4	2018Q4	2019Q3	2019Q4	2020Q1	2020Q2	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3	2026Q4	2027Q1
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	69.1%	—	—	14.8%	6.5%	13.6%	15.8%	25.3%	33.6%	6.5%	11.4%	18.6%	17.5%	-50.3%	2.5%	33.6%	22.2%	30.9%	24.4%	26.4%	18.9%	11.4%	26.9%	—	40.7%	14.8%	23.8%	26.1%	16.7%	20.0%	13.3%	11.7%	13.3%	12.4%	9.8%	7.1%	2.2%	12.0%	20.8%	25.3%	25.4%	24.8%	30.3%	28.7%	26.6%	26.5%	33.8%	31.0%	30.7%	27.3%	26.3%
Operating margin	-4.5%	8.8%	13.8%	12.9%	13.1%	16.5%	15.7%	18.8%	-308.3%	-423.1%	-245.8%	-147.1%	-71.3%	-21.3%	-71.7%	-118.4%	-78.5%	-38.3%	-45.6%	-32.5%	-91.3%	-108.3%	-212.0%	-36.4%	-22.7%	-34.8%	-36.0%	-12.8%	-6.2%	-70.0%	-38.6%	-15.0%	-43.1%	-164.7%	-70.6%	-25.8%	-43.0%	-40.7%	166.2%	146.9%	-43.5%	-45.3%	-29.4%	—	-169.7%	-36.2%	-15.2%	-15.2%	-39.2%	-26.6%	-29.5%	-15.4%	-16.3%	-19.4%	-39.1%	-29.2%	-38.6%	-21.5%	-17.6%	-7.0%	-3.6%	-5.3%	-8.2%	-1.4%	2.1%	2.5%	7.8%	4.5%	4.5%	-0.6%	10.4%
Net margin	-9.1%	2.5%	5.8%	6.4%	5.6%	9.4%	9.8%	14.0%	-309.8%	-416.0%	-248.6%	-145.5%	-73.9%	-35.8%	-76.4%	-115.6%	-96.8%	-45.5%	-60.5%	-40.9%	-139.4%	-115.6%	-204.1%	-29.9%	-13.4%	-38.5%	-40.5%	-11.5%	-12.2%	-77.6%	-39.6%	-10.2%	-42.8%	-170.9%	-65.9%	-28.4%	-44.4%	-37.6%	151.6%	122.3%	-57.3%	-25.7%	-5.9%	—	-175.5%	-26.8%	-16.1%	-17.6%	-33.6%	-26.0%	-21.3%	-15.9%	-16.1%	-17.7%	-38.4%	-35.7%	-40.1%	-110.4%	-17.8%	-7.3%	-4.2%	-26.4%	-6.3%	9.0%	4.0%	1.8%	9.3%	7.2%	158.1%	5.2%	10.1%

Returns & leverage

Quarterly · %

ROE 30.2% ROA 22.5% Debt ratio 24.9%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2009Q4	2009Q2	2009Q3	2009Q4	2010Q4	2010Q2	2010Q3	2010Q4	2011Q4	2011Q2	2011Q3	2011Q4	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2015Q4	2015Q4	2015Q4	2016Q4	2016Q4	2016Q4	2016Q4	2017Q4	2017Q4	2017Q4	2017Q4	2018Q4	2018Q4	2018Q4	2019Q3	2019Q4	2020Q1	2020Q2	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3	2026Q4	2027Q1
ROE	—	—	—	—	6.5%	8.3%	9.0%	8.0%	-52.3%	-72.1%	-96.9%	-88.1%	-59.8%	-52.6%	-41.7%	-42.5%	-45.6%	-48.3%	-50.5%	-43.4%	-47.4%	-53.6%	-72.2%	-70.2%	-50.6%	-44.9%	-31.4%	-27.6%	-28.3%	-29.1%	-31.1%	-32.0%	-38.1%	-47.3%	-50.6%	-55.6%	-58.3%	-40.0%	11.5%	39.9%	40.1%	44.3%	6.2%	—	-22.8%	-42.0%	-46.8%	-46.8%	-32.1%	-40.0%	-42.3%	-44.3%	-31.2%	-29.5%	-33.3%	-39.8%	-47.3%	-66.1%	-66.6%	-61.0%	-53.5%	-18.2%	-16.1%	-7.9%	-4.6%	3.5%	6.4%	5.7%	35.8%	35.6%	30.2%
ROA	—	—	—	—	4.1%	5.8%	6.3%	6.3%	-35.6%	-49.0%	-65.4%	-65.7%	-39.3%	-33.3%	-25.9%	-27.0%	-28.0%	-29.0%	-31.4%	-26.4%	-29.2%	-33.4%	-42.7%	-40.5%	-32.2%	-29.2%	-18.3%	-15.8%	-17.2%	-18.1%	-19.2%	-19.4%	-23.2%	-28.0%	-29.8%	-32.6%	-34.8%	-23.6%	7.4%	25.9%	25.8%	27.3%	4.1%	—	-14.9%	-25.9%	-30.1%	-27.9%	-21.5%	-25.8%	-26.3%	-27.4%	-21.0%	-19.5%	-19.9%	-23.6%	-27.8%	-36.2%	-34.5%	-30.6%	-26.9%	-10.1%	-8.7%	-4.4%	-2.6%	2.2%	4.4%	4.1%	25.3%	25.5%	22.5%
Debt ratio	—	—	—	—	29.8%	30.3%	30.0%	21.9%	33.6%	34.0%	36.1%	33.5%	35.4%	40.8%	40.3%	40.2%	42.3%	39.0%	34.6%	37.6%	33.4%	36.2%	47.8%	47.5%	40.3%	33.8%	34.7%	37.4%	38.3%	41.9%	42.4%	42.1%	39.9%	39.5%	39.7%	40.7%	40.8%	43.2%	33.0%	31.0%	32.0%	34.7%	34.7%	—	37.5%	41.8%	36.7%	40.3%	29.8%	31.0%	38.3%	37.0%	35.5%	37.1%	42.3%	44.5%	47.2%	53.4%	54.3%	55.1%	52.2%	37.9%	40.3%	37.3%	37.9%	36.5%	26.4%	23.2%	25.4%	24.9%	24.9%

EPS

Quarterly · US$

EPS US$0.20

Show table：EPS

Item	2009Q4	2009Q2	2009Q3	2009Q4	2010Q4	2010Q2	2010Q3	2010Q4	2011Q4	2011Q2	2011Q3	2011Q4	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2015Q4	2015Q4	2015Q4	2016Q4	2016Q4	2016Q4	2016Q4	2017Q4	2017Q4	2017Q4	2017Q4	2018Q4	2018Q4	2018Q4	2019Q3	2019Q4	2020Q1	2020Q2	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3	2026Q4	2027Q1
EPS（US$）	-0.39	0.04	0.10	0.11	0.11	0.20	0.22	0.33	-3.67	-0.74	-1.02	-0.52	-0.42	-0.20	-0.31	-0.38	-0.35	-0.18	-0.24	-0.14	-0.33	-0.17	-0.31	-0.07	-0.36	-0.75	-0.57	-0.22	-0.25	-0.76	-0.53	-0.20	-0.50	-0.91	-0.38	-0.21	-0.30	-0.23	1.10	0.83	-0.42	-0.17	-0.10	—	-0.35	-1.03	-0.16	-0.17	-0.31	-0.95	-0.20	-0.16	-0.16	-0.71	-0.32	-0.35	-0.34	-1.26	-0.19	-0.09	-0.06	-0.37	-0.07	0.13	0.06	0.03	0.17	0.11	2.62	0.04	0.20

Revenue & profit

Year-to-date · In mn (USD)

Revenue 94.1 mn Net income 9.49 mn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In mn (USD)

Total assets 762 mn Total liabilities 190 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In mn (USD)

Operating 16.0 mn Investing -10.5 mn Financing 0 mn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Gross margin 26.3% Operating margin 10.4% Net margin 10.1%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 30.2% ROA 22.5% Debt ratio 24.9%

EPS

Year-to-date · US$

EPS US$0.20

Revenue & profit

Annual · In mn (USD)

Revenue 299 mn Net income 134 mn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2013	2014	2015	2020	2021	2022	2023	2024	2025	2026
Revenue	87.4	84.1	139	—	153	189	106	146	223	299
Gross profit	—	—	—	—	32.0	23.7	8.52	35.3	61.9	91.4
Operating income	-57.7	-41.4	-70.9	—	-38.9	-37.3	-33.0	-11.4	-1.08	11.4
Net income	-66.1	-56.3	-68.4	-35.1	-37.7	-33.4	-63.2	-20.6	6.03	134

Balance sheet

Annual · In mn (USD)

Total assets 739 mn Total liabilities 184 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2013	2014	2015	2020	2021	2022	2023	2024	2025	2026
Current assets	120	83.3	64.5	94.3	105	94.3	106	166	207	332
Total assets	217	169	134	124	169	174	176	233	311	739
Current liabilities	79.8	47.8	47.2	41.0	40.7	54.0	84.1	78.8	99.8	139
Total liabilities	91.6	56.3	53.9	51.9	52.3	64.5	93.8	88.2	113	184
Equity	125	112	79.9	72.2	117	109	81.8	145	197	555

Cash flow

Annual · In mn (USD)

Operating 23.1 mn Investing -77.1 mn Financing 116 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2013	2014	2015	2020	2021	2022	2023	2024	2025	2026
Operating	-45.3	-13.3	-40.5	-34.3	-13.6	-19.0	-22.5	2.14	28.3	23.1
Investing	7.35	4.01	6.67	-71.5	-0.1	-7.16	-1.52	-0.96	-35.2	-77.1
Financing	31.2	12.8	72.0	11.4	101	0.14	0.16	65.4	0.01	116
Cash at period end	39.2	43.1	20.5	24.7	67.8	40.6	23.4	90.5	79.5	141

Profitability

Annual · %

Gross margin 30.6% Operating margin 3.8% Net margin 44.7%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2013	2014	2015	2020	2021	2022	2023	2024	2025	2026
Gross margin	—	—	—	—	20.9%	12.6%	8.0%	24.2%	27.8%	30.6%
Operating margin	-66.0%	-49.3%	-51.0%	—	-25.4%	-19.8%	-31.1%	-7.8%	-0.5%	3.8%
Net margin	-75.7%	-66.9%	-49.2%	—	-24.6%	-17.7%	-59.6%	-14.2%	2.7%	44.7%

Returns & leverage

Annual · %

ROE 35.6% ROA 25.5% Debt ratio 24.9%

Show table：Returns & leverage

Item	2013	2014	2015	2020	2021	2022	2023	2024	2025	2026
ROE	-52.9%	-47.4%	-71.2%	-46.2%	-40.0%	-29.5%	-66.1%	-18.2%	3.5%	35.6%
ROA	-30.5%	-29.2%	-45.3%	-27.3%	-25.8%	-19.5%	-36.2%	-10.1%	2.2%	25.5%
Debt ratio	42.3%	33.4%	40.3%	41.8%	31.0%	37.1%	53.4%	37.9%	36.5%	24.9%

EPS

Annual · US$

EPS US$2.94

Show table：EPS

Item	2013	2014	2015	2020	2021	2022	2023	2024	2025	2026
EPS（US$）	-1.24	-0.89	-2.45	—	-1.59	-1.23	-2.27	-0.71	0.15	2.94

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	10-K
2026	Open full text →
2025	Open full text →
2024	Open full text →
2023	Open full text →

10-K: annual report of a US domestic issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 4 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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