American Superconductor

American Superconductor Corporation, trading as AMSC, is an American electric power infrastructure company based in Ayer, Massachusetts, that builds grid control systems, superconductor wire and wind turbine electrical systems.American Superconductor Corporation（商号 AMSC）是一家总部位于马萨诸塞州艾尔的美国电力基础设施公司，制造电网控制系统、超导导线与风力发电机电气系统。

It was founded in 1987 by MIT materials scientist Gregory Yurek and three academic colleagues, listed on Nasdaq in 1991, and now sells to utilities, navies and wind turbine makers in more than a dozen countries.公司由麻省理工学院材料科学家 Gregory Yurek 与三位学界同仁于 1987 年创办，1991 年在纳斯达克上市，目前向十多个国家的电力公司、海军与风机制造商供货。

In fiscal 2025, the year ended 31 March 2026, AMSC reported revenue of US299.2 million and net income of US133.8 million, the latter inflated by a one-time release of a tax valuation allowance.在截至 2026 年 3 月 31 日的 2025 财年，AMSC 营收 2.992 亿美元，净利润 1.338 亿美元，后者受一次性释放递延税资产估值准备抬高。

History

• American Superconductor was incorporated on 9 April 1987 as a spin-out of high-temperature superconductor research at the Massachusetts Institute of Technology, with Gregory Yurek as founder and first chief executive.American Superconductor 于 1987 年 4 月 9 日注册成立，源自麻省理工学院的高温超导研究，Gregory Yurek 为创始人兼首任首席执行官。
• Its founding team also included Yet-Ming Chiang, David Rudman and John Vander Sande, materials scientists who saw ceramic superconductors as a route to compact, high-capacity power equipment.创始团队还包括 Yet-Ming Chiang、David Rudman 与 John Vander Sande，这几位材料科学家认为陶瓷超导体是制造紧凑型大容量电力设备的途径。
• The company raised public capital in a 1991 initial public offering on Nasdaq, giving it the funds to move superconducting wire from laboratory samples toward continuous industrial production.公司于 1991 年在纳斯达克首次公开募股，获得将超导导线从实验室样品推向连续工业化生产的资金。
• Two businesses that AMSC later bought were founded in 1995, Windtec in Völkermarkt, Austria, as a family-owned wind turbine developer, and NEPSI in New York state as a maker of medium-voltage capacitor banks.AMSC 后来收购的两项业务均创办于 1995 年，一是奥地利弗尔克马克特的家族风机开发商 Windtec，二是纽约州的中压电容器组制造商 NEPSI。
• In 2006 AMSC energised the world's first installed commercial-scale underground superconductor cable system, in Ohio, a project aimed at relieving congestion in dense urban distribution networks.2006 年，AMSC 在美国俄亥俄州投运全球首个商业规模地下超导电缆系统，项目旨在缓解密集城市配电网的阻塞。
• It acquired Windtec in 2007, adding wind turbine design and control software to its grid portfolio and gaining customers among turbine manufacturers in Europe and Asia.公司于 2007 年收购 Windtec，在电网产品之外增加风机设计与控制软件，并获得欧洲与亚洲风机制造商客户。
• In 2008 it energised a superconductor cable on Long Island, New York, that served about 300,000 homes while cutting the volume of conventional copper cable by 98 percent.2008 年，公司在纽约长岛投运一条超导电缆，为约 30 万户家庭供电，同时把常规铜缆的用量减少 98%。
• A 36.5 MW high-temperature superconductor ship propulsion motor, tested with Northrop Grumman in 2009, was the most powerful motor the US Navy had evaluated and cut size and weight by about half.2009 年，公司与 Northrop Grumman 测试了一台 36.5 兆瓦高温超导船用推进电机，这是美国海军当时评估过的最强电机，体积与重量约减半。
• By 2010 AMSC had introduced its second-generation Amperium wire, was named one of the world's 50 most innovative companies, and said its equipment helped generate nearly 10 percent of the world's wind electricity.到 2010 年，AMSC 推出第二代 Amperium 导线，入选全球 50 家最具创新力公司，并称其设备帮助生产了全球近 10% 的风电。
• The 2011 collapse of its relationship with Sinovel, its largest customer and about 70 percent of revenue at the end of 2010, cost AMSC most of its wind business and sent its shares down about 83 percent.2011 年，公司与最大客户华锐风电的关系破裂，华锐在 2010 年底约占其营收 70%，这使 AMSC 失去大部分风电业务，股价下跌约 83%。
• Sinovel stopped accepting shipments in April 2011 and denied wrongdoing, while AMSC pursued contract arbitration and software copyright suits in Beijing and later sought about US$1.2 billion across the cases.华锐风电于 2011 年 4 月停止收货并否认不当行为，AMSC 则在北京提起合同仲裁与软件著作权诉讼，各案索赔合计约 12 亿美元。
• In June 2013 the US Department of Justice indicted Sinovel for stealing AMSC trade secrets, alleging losses of more than US$800 million and marking one of the largest intellectual property cases involving a Chinese company.2013 年 6 月，美国司法部起诉华锐风电窃取 AMSC 商业秘密，指称损失超过 8 亿美元，成为涉及中国公司的最大知识产权案件之一。
• AMSC rebuilt its wind business in 2015 through strategic agreements worth US$210 million with Inox Wind of India, which became its largest customer for electrical control systems.2015 年，AMSC 通过与印度 Inox Wind 签署价值 2.1 亿美元的战略协议重建风电业务，后者成为其电气控制系统最大客户。
• The Sinovel dispute ended in July 2018, when a federal judge in the United States ordered Sinovel to pay US57.5 million in restitution plus a US1.5 million fine under a settlement.华锐风电纠纷于 2018 年 7 月了结，美国联邦法官依据和解协议判令华锐风电支付 5750 万美元赔偿及 150 万美元罚金。
• Between 2020 and 2025 AMSC bought NEPSI, Neeltran, NWL and Comtrafo, assembling a transformer and magnetics portfolio that widened its reach into military, industrial and Brazilian distribution markets.2020 至 2025 年间，AMSC 先后收购 NEPSI、Neeltran、NWL 与 Comtrafo，整合出变压器与磁性元件产品组合，把业务拓展到军工、工业与巴西配电市场。
• In 2024 the Royal Canadian Navy awarded AMSC its first allied-navy ship protection system contract, valued at US$75 million, extending the naval business beyond the United States.2024 年，加拿大皇家海军授予 AMSC 首份盟国海军舰艇防护系统合同，价值 7500 万美元，把海军业务扩展到美国以外。
• By 2026 the company said its equipment supported 18 GW of installed wind power and that it serviced a global installed base of more than 17 GW, alongside record revenue and net income.到 2026 年，公司称其设备支撑 18 吉瓦已装风电，并为全球超过 17 吉瓦的装机提供现场服务，同期营收与净利润均创纪录。

Business and products

• AMSC reports two segments, Grid and Wind, and in fiscal 2025 Grid produced US251.3 million of revenue, up 34 percent, while Wind produced US47.8 million, also up 34 percent.AMSC 按电网与风电两个分部报告，2025 财年电网分部营收 2.513 亿美元，增长 34%，风电分部营收 4780 万美元，同样增长 34%。
• Its D-VAR family of static synchronous compensators regulates voltage and reactive power for utilities and wind farms, and the company says the technology supports about 15 GW of power quality capacity, equivalent to 13 million US homes.其 D-VAR 系列静止同步补偿器为电力公司与风电场调节电压与无功功率，公司称该技术支撑约 15 吉瓦电能质量容量，相当于 1300 万美国家庭用电。
• The Resilient Electric Grid system uses superconducting cables to link neighbouring substations, allowing utilities to share capacity and keep power flowing when one link fails, and ComEd installed it in Chicago in 2018.Resilient Electric Grid 系统用超导电缆连接相邻变电站，使电力公司可以共享容量，并在单条线路故障时维持供电，ComEd 于 2018 年在芝加哥安装该系统。
• Amperium wire is AMSC's second-generation coated conductor, sold to makers of cables, fault current limiters and motors that need high current density in a small cross-section.Amperium 导线是 AMSC 的第二代涂层导体，出售给需要在小截面内承载高电流密度的电缆、故障限流器与电机制造商。
• The Ship Protection System is a degaussing system that reduces a warship's magnetic signature to lower the threat from sea mines, and AMSC has supplied it for US Navy San Antonio-class amphibious ships and for the Royal Canadian Navy.舰艇防护系统是一套消磁系统，通过降低军舰磁特征减少水雷威胁，AMSC 已为美国海军圣安东尼奥级两栖舰与加拿大皇家海军供货。
• In wind, AMSC supplies electrical control systems comprising converters, pitch controls and grid measurement, and licenses turbine designs through Windtec, including a 3 MW design for Inox Wind and an 8 MW offshore design with Doosan.在风电领域，AMSC 提供由变流器、变桨控制与电网测量组成的电气控制系统，并通过 Windtec 授权风机设计，包括为 Inox Wind 的 3 兆瓦机型与斗山重工的 8 兆瓦海上机型。
• The acquisitions added capacitor banks and harmonic filters from NEPSI, rectifiers and transformers from Neeltran, magnetics from NWL and distribution transformers from Brazil's Comtrafo.系列收购带来 NEPSI 的电容器组与谐波滤波器、Neeltran 的整流器与变压器、NWL 的磁性元件，以及巴西 Comtrafo 的配电变压器。
• AMSC earns recurring revenue from field service, spare parts and 24/7 on-call support for an installed base of more than 17 GW, which stabilises demand when new equipment orders slow.AMSC 通过现场服务、备件与 7×24 小时随叫支持，从超过 17 吉瓦的装机基础获得经常性收入，在新设备订单放缓时稳定需求。
• Customer concentration is high, with Inox Wind accounting for about 15 percent of fiscal 2025 revenue and Fuji Bridex about 10 percent, while 52 percent of revenue came from outside the United States.客户集中度较高，Inox Wind 约占 2025 财年营收 15%，Fuji Bridex 约占 10%，同时 52% 的营收来自美国以外。
• The company engineers and manufactures in the United States, Austria and Brazil, and its grid systems operate in more than a dozen countries across North America, Europe, Asia and South America.公司在美国、奥地利与巴西进行工程设计与制造，其电网系统在北美、欧洲、亚洲与南美的十多个国家运行。

Organization and governance

• American Superconductor Corporation is the listed operating parent, traded on the Nasdaq Global Select Market under AMSC, with a single class of common stock and no dual-class control structure.American Superconductor Corporation 是上市运营母公司，在纳斯达克全球精选市场以 AMSC 交易，仅有一类普通股，没有双重股权控制结构。
• Daniel P. McGahn has been chief executive officer since June 2011, president since December 2009 and chairman of the board since July 2018, after joining the company in December 2006.Daniel P. McGahn 自 2011 年 6 月起任首席执行官，2009 年 12 月起任总裁，2018 年 7 月起任董事长，他于 2006 年 12 月加入公司。
• John W. Kosiba Jr. serves as senior vice president, chief financial officer and treasurer, a role he has held since April 2017 and which covers financial reporting, treasury and investor relations.John W. Kosiba Jr. 任高级副总裁、首席财务官兼财务主管，自 2017 年 4 月履职，负责财务报告、资金与投资者关系。
• The board includes Laura A. Dambier, Arthur H. House, David R. Oliver Jr., Margaret D. Klein and Terence R. Donnelly, giving it a mix of finance, government and defence experience alongside the CEO.董事会成员包括 Laura A. Dambier、Arthur H. House、David R. Oliver Jr.、Margaret D. Klein 与 Terence R. Donnelly，在首席执行官之外汇集金融、政府与国防经验。
• Its named subsidiaries and business units are AMSC Windtec in Austria, NEPSI, Neeltran, NWL and Comtrafo, each tied to a specific product line rather than to a separate reporting segment.其具名子公司与业务单元包括奥地利的 AMSC Windtec、NEPSI、Neeltran、NWL 与 Comtrafo，各自对应特定产品线，而非独立报告分部。
• AMSC employed 1,195 people at 31 March 2026, a headcount that reflects the manufacturing acquisitions as well as its engineering and field service workforce.截至 2026 年 3 月 31 日，AMSC 拥有 1,195 名员工，这一人数既反映制造类收购，也反映其工程与现场服务队伍。
• Its headquarters is at 114 East Main Street in Ayer, Massachusetts, and ownership is widely dispersed among institutional and retail investors, with no founder or family controlling the company.公司总部位于马萨诸塞州艾尔东主街 114 号，股权分散于机构与散户投资者，没有创办人或家族控制公司。

Financials

• Revenue rose 34 percent to US299.2 million in fiscal 2025 from US222.8 million in fiscal 2024, a second consecutive year of rapid growth after US$145.6 million in fiscal 2023.2025 财年营收同比增长 34%，从 2024 财年的 2.228 亿美元增至 2.992 亿美元，在 2023 财年 1.456 亿美元的基础上连续第二年快速扩张。
• Grid revenue reached US251.3 million and Wind revenue US47.8 million in fiscal 2025, so grid products generated about 84 percent of the total.2025 财年电网分部营收 2.513 亿美元，风电分部 4780 万美元，电网产品约占总营收的 84%。
• Cost of revenue was US207.8 million, leaving gross profit of US91.4 million, a gross margin of about 30.5 percent for the year.营业成本为 2.078 亿美元，毛利润 9140 万美元，全年毛利率约 30.5%。
• Research and development spending was US$15.7 million in fiscal 2025, directed at superconductor wire, grid electronics and naval systems rather than at early-stage basic science.2025 财年研发支出 1570 万美元，投向超导导线、电网电子与海军系统，而非早期基础科学。
• Operating income was US$11.4 million, a modest margin of about 3.8 percent that shows how much of the gross profit is consumed by selling, general and administrative costs.营业利润 1140 万美元，利润率约 3.8%，显示毛利润中有多大比例被销售、一般及管理费用消耗。
• Net income was US133.8 million, including a US117.1 million income tax benefit from releasing a valuation allowance against deferred tax assets, so the figure far exceeded operating profit.净利润 1.338 亿美元，其中包含因释放递延税资产估值准备而产生的 1.171 亿美元所得税收益，因此远高于营业利润。
• Non-GAAP net income was US158.1 million and diluted earnings per share were US3.05, both measures that the company uses to separate operating performance from one-time tax effects.非公认会计准则净利润为 1.581 亿美元，摊薄每股收益 3.05 美元，公司用这两项指标把经营表现与一次性税务影响区分开。
• AMSC held US147.6 million of cash at 31 March 2026, against total assets of US739.5 million and stockholders' equity of US$555.4 million.截至 2026 年 3 月 31 日，AMSC 持有现金 1.476 亿美元，总资产 7.395 亿美元，股东权益 5.554 亿美元。
• The company does not pay a dividend and has funded growth through operating cash flow, its 1991 IPO proceeds and later equity and debt issuance rather than through a controlling investor.公司不派发股息，其增长资金来自经营现金流、1991 年首次公开募股所得以及后续股权与债务融资，而非来自控股投资者。

Reception

• In 2010 AMSC was named one of the world's 50 most innovative companies, recognition that coincided with the first commercial deployments of its Amperium wire and grid systems.2010 年，AMSC 入选全球 50 家最具创新力公司，这一认可与其 Amperium 导线和电网系统的首批商业部署同期出现。
• The Sinovel affair became a landmark trade secret case, ending in 2018 with US57.5 million in restitution and a US1.5 million criminal fine imposed by a US federal court.华锐风电案成为标志性商业秘密案件，2018 年以美国联邦法院判处的 5750 万美元赔偿与 150 万美元刑事罚金告终。
• The US Navy awarded AMSC ship protection system contracts for four San Antonio-class amphibious ships between 2017 and 2021, including USS Fort Lauderdale, USS Harrisburg, USS Pittsburgh and USS Richard M. McCool.2017 至 2021 年间，美国海军为四艘圣安东尼奥级两栖舰授予 AMSC 舰艇防护系统合同，包括劳德代尔堡号、哈里斯堡号、匹兹堡号与理查德·M·麦库尔号。
• The Royal Canadian Navy's US$75 million order in 2024 was the first allied-navy contract for the system, and AMSC presented it as validation of the product's export potential.加拿大皇家海军 2024 年的 7500 万美元订单是该系统的首份盟国海军合同，AMSC 将其视为产品出口潜力的验证。
• After years of losses following the Sinovel rupture, AMSC reported non-GAAP net income and positive operating cash flow in fiscal 2023, which management described as a record performance for the company.在因华锐风电关系破裂而连年亏损后，AMSC 于 2023 财年实现非公认会计准则净利润与正经营现金流，管理层称其为公司创纪录表现。
• Independent coverage of AMSC is thin relative to its grid peers, and its public reputation now rests mainly on naval contracts, the 17 GW service base and the 18 GW of wind power its controls support.与其电网行业同行相比，关于 AMSC 的独立报道较少，其公众声誉目前主要建立在海军合同、17 吉瓦服务装机与控制系统所支撑的 18 吉瓦风电之上。

Notable people

• Gregory Yurek, a professor of materials science at MIT, founded AMSC in 1987, led it as chief executive until June 2011 and remained chairman until July 2018.麻省理工学院材料科学教授 Gregory Yurek 于 1987 年创办 AMSC，任首席执行官至 2011 年 6 月，并留任董事长至 2018 年 7 月。
• Yet-Ming Chiang, a co-founder and MIT materials professor, later co-founded the lithium-ion battery maker A123 Systems in 2001, carrying the same materials-science approach into energy storage.联合创始人、麻省理工学院材料学教授 Yet-Ming Chiang 后来于 2001 年共同创办锂离子电池制造商 A123 Systems，把同样的材料科学思路带入储能领域。
• David Rudman and John Vander Sande were the other scientific co-founders, both drawn from MIT's superconductivity and materials research community in the late 1980s.David Rudman 与 John Vander Sande 是另外两位科学联合创始人，均出自 1980 年代末麻省理工学院的超导与材料研究群体。
• Daniel McGahn, chief executive since 2011 and chairman since 2018, previously worked at Konarka Technologies and led AMSC through the Sinovel crisis and its later acquisition strategy.Daniel McGahn 自 2011 年任首席执行官、2018 年任董事长，此前曾在 Konarka Technologies 任职，带领 AMSC 度过华锐风电危机并推进后续收购战略。
• John Kosiba, chief financial officer since 2017, manages a balance sheet that moved from post-Sinovel losses to US147.6 million of cash and US555.4 million of equity by March 2026.首席财务官 John Kosiba 自 2017 年任职，其管理的资产负债表从华锐风电事件后的亏损状态，转变为 2026 年 3 月的 1.476 亿美元现金与 5.554 亿美元权益。
• Board members David Oliver, an independent consultant, and Margaret Klein, a professor of ethical leadership at the Naval War College, reflect the defence orientation of the company's ship protection business.董事 David Oliver 是独立顾问，Margaret Klein 是海军战争学院伦理领导力教授，二人体现了公司舰艇防护业务的国防导向。