Note 1 - Nature of the Business and Operations and Liquidity	12 Months Ended
Mar. 31, 2021
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 protect and expand the capability of the Navy's fleet. The Company's products leverage its proprietary “smart materials” and “smart software and controls” to provide enhanced resiliency and improved performance of megawatt-scale power flow. The Company's consolidated financial statements 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 -K. 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. Liquidity The Company has historically experienced recurring operating losses and as of March 31, 2021 , the Company had an accumulated deficit of $ 1,001.3 million. In addition, the Company has historically experienced recurring negative operating cash flows. At March 31, 2021 , the Company had cash, cash equivalents, and marketable securities of $ 73.0 million. Marketable securities includes a certificate of deposit with maturity in six months. Cash used in operations for the year ended March 31, 2021 was $ 8.7 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 to Inox and a license agreement allowing Inox to manufacture a limited number of electrical control systems. After Inox purchases the specified number of electrical control systems 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 electrical control systems requirements for an additional three -year period. Pursuant to these strategic agreements, Inox must forecast future purchase orders of sets of Electrical Control Systems ("ECS") which become firm orders three months prior to shipment, and Inox must post letters of credit before the Company will ship such orders. During the year ended March 31, 2020, Inox was delinquent on its obligation to post letters of credit for sets of ECS that Inox had agreed 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 failed 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 could have terminated the supply contract by providing written notice of such termination to Inox. On September 2, 2020, Inox delivered approved letters of credit in the amount of €1.3 million for the payment of a portion of the ECS that Inox was obligated to purchase under the terms of the supply contract. On September 11, 2020, the Company notified Inox that due to (i) the Company's business relationship with Inox, and (ii) Inox's delivery of approved letters of credit in the amount of €1.3 million as described above, the Company gave Inox until October 5, 2020 to regain compliance with the terms of the supply contract by providing approved letters of credit in the amount of €4.7 million for payment of the remaining ECS that Inox currently was obligated to purchase under the terms of the supply contract. On October 1, 2020, Inox delivered approved letters of credit for payment of the remaining ECS that Inox was obligated to purchase as a result of its then existing forecast under the terms of the supply contract and cured the default set forth in the May 29, 2020 default notice. On October 1, 2020 ( the "Acquisition Date"), the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with the selling stockholders named therein. Pursuant to the terms of the Stock Purchase Agreement and concurrently with entering into such agreement, the Company acquired all of the issued and outstanding (i) shares of capital stock of Northeast Power Systems, Inc., a New York corporation (“NEPSI”), and (ii) membership interests of Northeast Power Realty, LLC, a New York limited liability company, which holds the real property that serves as NEPSI's headquarters (the "NEPSI Acquisition"). NEPSI is a U.S.-based global provider of medium-voltage metal-enclosed power capacitor banks and harmonic filter banks for use on electric power systems. NEPSI is now a wholly-owned subsidiary of the Company and is operated by its Grid business unit. The purchase price was $26.0 million in cash and 873,657 restricted shares of common stock of the Company. As part of the transaction, the selling stockholders may receive up to an additional 1,000,000 shares of common stock of the Company upon the achievement of certain specified revenue objectives in the future. On October 22, 2020, the Company entered into an underwriting agreement with Oppenheimer & Co. Inc., as representative of the several underwriters named therein, relating to the issuance and sale (the "2020 Offering") of 3,670,000 shares of the Company's common stock at a public offering price of $15.00 per share. The net proceeds to the Company from the 2020 Offering were approximately $51.5 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. The 2020 Offering closed on October 26, 2020. In addition, the Company had granted the underwriters a 30 -day option to purchase up to an additional 550,500 shares of common stock at the public offering price which was not exercised. 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 (“CDC”) 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 annual 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 year ended March 31, 2021 . 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 protect and expand the capability of the Navy's fleet. The Company's products leverage its proprietary “smart materials” and “smart software and controls” to provide enhanced resiliency and improved performance of megawatt-scale power flow.

The Company's consolidated financial statements 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

-K. 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.

Liquidity

The Company has historically experienced recurring operating losses and as of

March 31, 2021

, the Company had an accumulated deficit of $

1,001.3

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

March 31, 2021

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

73.0

million. Marketable securities includes a certificate of deposit with maturity in

six

months. Cash used in operations for the year ended

March 31, 2021

was $

8.7

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 to Inox and a license agreement allowing Inox to manufacture a limited number of electrical control systems. After Inox purchases the specified number of electrical control systems 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 electrical control systems requirements for an additional

three

-year period. Pursuant to these strategic agreements, Inox must forecast future purchase orders of sets of Electrical Control Systems ("ECS") which become firm orders

three

months prior to shipment, and Inox must post letters of credit before the Company will ship such orders. During the year ended

March 31, 2020,

Inox was delinquent on its obligation to post letters of credit for sets of ECS that Inox had agreed 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 failed 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 could have terminated the supply contract by providing written notice of such termination to Inox. On

September 2, 2020,

Inox delivered approved letters of credit in the amount of

€1.3

million for the payment of a portion of the ECS that Inox was obligated to purchase under the terms of the supply contract. On

September 11, 2020,

the Company notified Inox that due to (i) the Company's business relationship with Inox, and (ii) Inox's delivery of approved letters of credit in the amount of

€1.3

million as described above, the Company gave Inox until

October 5, 2020

to regain compliance with the terms of the supply contract by providing approved letters of credit in the amount of

€4.7

million for payment of the remaining ECS that Inox currently was obligated to purchase under the terms of the supply contract. On

October 1, 2020,

Inox delivered approved letters of credit for payment of the remaining ECS that Inox was obligated to purchase as a result of its then existing forecast under the terms of the supply contract and cured the default set forth in the

May 29, 2020

default notice.

October 1, 2020 (

the "Acquisition Date"), the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with the selling stockholders named therein. Pursuant to the terms of the Stock Purchase Agreement and concurrently with entering into such agreement, the Company acquired all of the issued and outstanding (i) shares of capital stock of Northeast Power Systems, Inc., a New York corporation (“NEPSI”), and (ii) membership interests of Northeast Power Realty, LLC, a New York limited liability company, which holds the real property that serves as NEPSI's headquarters (the "NEPSI Acquisition"). NEPSI is a U.S.-based global provider of medium-voltage metal-enclosed power capacitor banks and harmonic filter banks for use on electric power systems. NEPSI is now a wholly-owned subsidiary of the Company and is operated by its Grid business unit. The purchase price was

$26.0

million in cash and

873,657

restricted shares of common stock of the Company. As part of the transaction, the selling stockholders

may

receive up to an additional

1,000,000

shares of common stock of the Company upon the achievement of certain specified revenue objectives in the future.

October 22, 2020,

the Company entered into an underwriting agreement with Oppenheimer & Co. Inc., as representative of the several underwriters named therein, relating to the issuance and sale (the

"2020

Offering") of

3,670,000

shares of the Company's common stock at a public offering price of

$15.00

per share. The net proceeds to the Company from the

2020

Offering were approximately

$51.5

million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. The

2020

Offering closed on

October 26, 2020.

In addition, the Company had granted the underwriters a

-day option to purchase up to an additional

550,500

shares of common stock at the public offering price which was

not

exercised.

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 (“CDC”) 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 annual 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 year ended

March 31, 2021

. 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.