Note 1 - Nature of the Business and Operations and Liquidity	3 Months Ended
Jun. 30, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Nature of the Business and Operations and Liquidity Nature of the Business and Operations American Superconductor Corporation (together with its subsidiaries, “AMSC®” or the “Company”) was founded on April 9, 1987. The Company is a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid ™ , and that protect and expand the capability of the Navy's fleet. The Company's system level products leverage its proprietary “smart materials” and “smart software and controls” to provide enhanced resiliency and improved performance of megawatt-scale power flow. These unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with United States generally accepted accounting principles (“GAAP”) and the Securities and Exchange Commission's (“SEC”) instructions to Form 10 -Q. The going concern basis of presentation assumes that the Company will continue operations and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those instructions. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The unaudited condensed consolidated financial statements, in the opinion of management, reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim periods ended June 30, 2020 and 2019 and the financial position at June 30, 2020 ; however, these results are not necessarily indicative of results which may be expected for the full year. The interim condensed consolidated financial statements, and notes thereto, should be read in conjunction with the audited consolidated financial statements for the year ended March 31, 2020 , and notes thereto, included in the Company's Annual Report on Form 10 -K for the year ended March 31, 2020 filed with the SEC on June 2, 2020. Liquidity The Company has historically experienced recurring operating losses and as of June 30, 2020 , the Company had an accumulated deficit of $ 982.1 million. In addition, the Company has historically experienced recurring negative operating cash flows. At June 30, 2020 , the Company had cash, cash equivalents, and marketable securities of $ 56.0 million. Marketable securities include certificate of deposits with maturities between eight and twenty-one months. Cash used in operations for the three months ended June 30, 2020 was $ 3.1 million. In December 2015, the Company entered into a set of strategic agreements valued at approximately $210.0 million with Inox Wind Ltd. (“Inox” or “Inox Wind”), which includes a multi-year supply contract pursuant to which the Company will supply electrical control systems ("ECS") to Inox and a license agreement allowing Inox to manufacture a limited number of ECS. After Inox purchases the specified number of ECS required under the terms of the supply contract, Inox agreed that the Company will continue as Inox's preferred supplier and Inox will be required to purchase from the Company a majority of its ECS requirements for an additional three -year period. Pursuant to these strategic agreements, Inox must forecast future purchase orders of sets of ECS which become firm orders three months prior to shipment, and Inox must post letters of credit before the Company will ship such orders. Inox is currently delinquent on its obligation to post letters of credit for sets of ECS that Inox forecasted to purchase under the terms of the supply contract. On May 29, 2020, the Company sent written notice to Inox notifying Inox of its default under the supply contract due to Inox's failure to post letters of credit in the amount of €6.0 million for the payment of ECS that Inox is obligated to purchase under the terms of the supply contract. If Inox fails to post letters of credit in the amount of €6.0 million in accordance with the terms of the supply contract within the ninety day cure period after receipt of the default notice, then the Company may terminate the supply contract by providing written notice of such termination to Inox. We cannot predict if and when Inox will post letters of credit consistent with the forecasted ECS quantities. Inox's failure to post letters of credit and take delivery of forecasted ECS quantities would impact the Company's revenues and liquidity. In the event the Company were to terminate the supply contract, the Company's revenues and liquidity would also be impacted. In March 2020, the World Health Organization declared the disease caused by the novel coronavirus, COVID- 19, to be a pandemic. COVID- 19 has spread throughout the globe, including in the Commonwealth of Massachusetts where the Company's headquarters are located, and in other areas where the Company has business operations. In response to the outbreak, the Company has followed the guidelines of the U.S. Centers for Disease Control and Prevention and applicable state government authorities to protect the health and safety of the Company's employees, families, suppliers, customers and communities. While these existing measures and, COVID- 19 generally, have not materially disrupted the Company's business to date, any future actions necessitated by the COVID- 19 pandemic may result in disruption to the Company's business. While the COVID- 19 pandemic continues to rapidly evolve, the Company continues to assess the impact of the COVID- 19 pandemic to best mitigate risk and continue the operations of the Company's business. The extent to which the outbreak impacts the Company's business, liquidity, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including new information that may emerge concerning the severity of the COVID- 19 pandemic and the actions to contain it or treat its impact, among others. If the Company, its customers or suppliers experience prolonged shutdowns or other business disruptions, the Company's business, liquidity, results of operations and financial condition are likely to be materially adversely affected, and the Company's ability to access the capital markets may be limited. The Company believes that based on the information presented above and its quarterly management assessment, it has sufficient liquidity to fund its operations and capital expenditures for the next twelve months following the issuance of the financial statements for the three months ended June 30, 2020 . The Company's liquidity is highly dependent on its ability to increase revenues, including its ability to collect revenues under its agreements with Inox, its ability to control its operating costs, and its ability to raise additional capital, if necessary. The impact of the COVID- 19 pandemic on the global financing markets may reduce the Company's ability to raise additional capital, if necessary, which could negatively impact the Company's liquidity. There can be no assurance that the Company will be able to continue to raise additional capital, on favorable terms or at all, from other sources or execute on any other means of improving liquidity described above.

Nature of the Business and Operations and Liquidity

Nature of the Business and Operations

American Superconductor Corporation (together with its subsidiaries, “AMSC®” or the “Company”) was founded on

April

1987.

The Company is a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid

™

, and that protect and expand the capability of the Navy's fleet. The Company's system level products leverage its proprietary “smart materials” and “smart software and controls” to provide enhanced resiliency and improved performance of megawatt-scale power flow.

These unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with United States generally accepted accounting principles (“GAAP”) and the Securities and Exchange Commission's (“SEC”) instructions to Form

-Q. The going concern basis of presentation assumes that the Company will continue operations and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those instructions. The year-end condensed balance sheet data was derived from audited financial statements but does

not

include all disclosures required by GAAP. The unaudited condensed consolidated financial statements, in the opinion of management, reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim periods ended

June 30, 2020

and

2019

and the financial position at

June 30, 2020

; however, these results are

not

necessarily indicative of results which

may

be expected for the full year. The interim condensed consolidated financial statements, and notes thereto, should be read in conjunction with the audited consolidated financial statements for the year ended

March 31, 2020

, and notes thereto, included in the Company's Annual Report on Form

-K for the year ended

March 31, 2020

filed with the SEC on

June 2, 2020.

Liquidity

The Company has historically experienced recurring operating losses and as of

June 30, 2020

, the Company had an accumulated deficit of $

982.1

million. In addition, the Company has historically experienced recurring negative operating cash flows. At

June 30, 2020

, the Company had cash, cash equivalents, and marketable securities of $

56.0

million. Marketable securities include certificate of deposits with maturities between

eight

and

twenty-one

months. Cash used in operations for the

three

months ended

June 30, 2020

was $

3.1

million.

December 2015,

the Company entered into a set of strategic agreements valued at approximately

$210.0

million with Inox Wind Ltd. (“Inox” or “Inox Wind”), which includes a multi-year supply contract pursuant to which the Company will supply electrical control systems ("ECS") to Inox and a license agreement allowing Inox to manufacture a limited number of ECS. After Inox purchases the specified number of ECS required under the terms of the supply contract, Inox agreed that the Company will continue as Inox's preferred supplier and Inox will be required to purchase from the Company a majority of its ECS requirements for an additional

three

-year period. Pursuant to these strategic agreements, Inox must forecast future purchase orders of sets of ECS which become firm orders

three

months prior to shipment, and Inox must post letters of credit before the Company will ship such orders. Inox is currently delinquent on its obligation to post letters of credit for sets of ECS that Inox forecasted to purchase under the terms of the supply contract. On

May 29, 2020,

the Company sent written notice to Inox notifying Inox of its default under the supply contract due to Inox's failure to post letters of credit in the amount of

€6.0

million for the payment of ECS that Inox is obligated to purchase under the terms of the supply contract. If Inox fails to post letters of credit in the amount of

€6.0

million in accordance with the terms of the supply contract within the

ninety

day cure period after receipt of the default notice, then the Company

may

terminate the supply contract by providing written notice of such termination to Inox. We cannot predict if and when Inox will post letters of credit consistent with the forecasted ECS quantities. Inox's failure to post letters of credit and take delivery of forecasted ECS quantities would impact the Company's revenues and liquidity. In the event the Company were to terminate the supply contract, the Company's revenues and liquidity would also be impacted.

March 2020,

the World Health Organization declared the disease caused by the novel coronavirus, COVID-

19,

to be a pandemic. COVID-

has spread throughout the globe, including in the Commonwealth of Massachusetts where the Company's headquarters are located, and in other areas where the Company has business operations. In response to the outbreak, the Company has followed the guidelines of the U.S. Centers for Disease Control and Prevention and applicable state government authorities to protect the health and safety of the Company's employees, families, suppliers, customers and communities. While these existing measures and, COVID-

generally, have

not

materially disrupted the Company's business to date, any future actions necessitated by the COVID-

pandemic

may

result in disruption to the Company's business.

While the COVID-

pandemic continues to rapidly evolve, the Company continues to assess the impact of the COVID-

pandemic to best mitigate risk and continue the operations of the Company's business. The extent to which the outbreak impacts the Company's business, liquidity, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including new information that

may

emerge concerning the severity of the COVID-

pandemic and the actions to contain it or treat its impact, among others. If the Company, its customers or suppliers experience prolonged shutdowns or other business disruptions, the Company's business, liquidity, results of operations and financial condition are likely to be materially adversely affected, and the Company's ability to access the capital markets

may

be limited.

The Company believes that based on the information presented above and its quarterly management assessment, it has sufficient liquidity to fund its operations and capital expenditures for the next

twelve

months following the issuance of the financial statements for the

three

months ended

June 30, 2020

. The Company's liquidity is highly dependent on its ability to increase revenues, including its ability to collect revenues under its agreements with Inox, its ability to control its operating costs, and its ability to raise additional capital, if necessary. The impact of the COVID-

pandemic on the global financing markets

may

reduce the Company's ability to raise additional capital, if necessary, which could negatively impact the Company's liquidity. There can be

assurance that the Company will be able to continue to raise additional capital, on favorable terms or at all, from other sources or execute on any other means of improving liquidity described above.