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Note 17 - Business Segments | 3 Months Ended
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Jun. 30, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 17. Business Segments The Company reports its financial results in two reportable business segments: Grid and Wind. In accordance with ASC 280, Segment Reporting, the Company has identified two operating segments. The Company's operating segments reflect the way in which internally-reported financial information is used to make decisions and allocate resources. Through the Company’s power grid offerings, the Grid business segment enables electric utilities, industrial facilities, and renewable energy project developers to connect, transmit and distribute smarter, cleaner and better power through its transmission planning services, power electronics, and superconductor-based systems. The sales process is enabled by transmission planning services that allow it to identify power grid congestion, poor power quality and other risks, which helps the Company determine how its solutions can improve network performance. These services often lead to sales of grid interconnection solutions for wind farms and solar power plants, power quality systems, and transmission and distribution cable systems. The Company also sells ship protection products to the U.S. Navy through its Grid business segment. Through the Company’s wind power offerings, the Wind business segment enables manufacturers to field highly competitive wind turbines through its advanced power electronics and control system products, engineered designs, and support services. The Company supplies advanced power electronics and control systems, licenses its highly engineered wind turbine designs, and provides extensive customer support services to wind turbine manufacturers. The Company’s design portfolio includes a broad range of drive trains and power ratings of 2 megawatts ("MWs") and higher. The Company provides a broad range of power electronics and software-based control systems that are highly integrated and designed for optimized performance, efficiency, and grid compatibility. AMSC’s Chief Executive Officer Daniel McGahn is the chief operating decision maker. The chief operating decision maker uses segment operating income (loss) to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances on a monthly basis for segment operating income (loss) when making decisions about allocating capital and personnel to the segments. The chief operating decision maker also uses segment operating income or loss to assess the performance for each segment by comparing the results and return on assets of each segment with one another and in the compensation of certain employees. The following tables (i) summarize total sales by segment and (ii) reconcile each segment's sales to their respective segment operating income, including segment operating expenses, for each of the three months ended June 30, 2025 and 2024 (in thousands):
|  | Three Months Ended June 30, 2025 |
|  | Grid |  |  | Wind |  |  | Unallocated |  |  | Total |
Segment operating income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 60,087 |  |  | $ | 12,271 |  |  | $ | - |  |  | $ | 72,358 |
Less (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment other operating expenses (b) |  |  | 55,932 |  |  |  | 10,782 |  |  |  | - |  |  |  | 66,714 |
Segment operating income |  | $ | 4,155 |  |  | $ | 1,489 |  |  | $ | - |  |  | $ | 5,644 |
(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. (b) Segment other operating expense includes cost of sales, research and development expense, selling general, and administrative expense, and amortization of acquisition related intangibles.
|  | Three Months Ended June 30, 2024 |
|  | Grid |  |  | Wind |  |  | Unallocated |  |  | Total |
Segment operating income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 32,336 |  |  | $ | 7,954 |  |  | $ | - |  |  | $ | 40,290 |
Less (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment other operating expenses (b) |  |  | 32,573 |  |  |  | 7,088 |  |  |  | 3,920 |  |  |  | 43,581 |
Segment operating income (loss) |  | $ | (237 | ) |  | $ | 866 |  |  | $ | (3,920 | ) |  | $ | (3,291 | )
(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. (b) Segment other operating expense includes cost of sales, research and development expense, selling general, and administrative expense, amortization of acquisition related intangibles, and gain/loss on contingent consideration. Unallocated corporate expenses included a net loss on contingent consideration $3.9 million in the three months ended June 30, 2024. The reconciliation of segment operating loss to consolidated income before income taxes for the three months ended June 30, 2025, and 2024, respectively, is as follows (in thousands):
|  | Three Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Operating income (loss): |  | $ | 5,644 |  |  | $ | (3,291 | )
Interest income, net |  |  | 932 |  |  |  | 1,120 |
Other income (expense), net |  |  | 347 |  |  |  | (160 | )
Income (loss) before income tax expense |  | $ | 6,923 |  |  | $ | (2,331 | )
Depreciation and amortization expense by segment for the three months ended June 30, 2025, and 2024, respectively, is as follows (in thousands):
|  | Three Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Grid |  | $ | 1,202 |  |  | $ | 987 |
Wind |  |  | 27 |  |  |  | 21 |
Total |  | $ | 1,229 |  |  | $ | 1,008 |
The accounting policies of the business segments are the same as those for the consolidated Company. The Company’s business segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measures are segment revenues and segment operating income (loss). The disaggregated financial results of the segments reflect allocation of certain functional expense categories consistent with the basis and manner in which Company management internally disaggregates financial information for the purpose of assisting in making internal operating decisions. In addition, certain corporate expenses which the Company does not believe are specifically attributable or allocable to either of the two business segments have been excluded from the segment operating income (loss). Total assets for the two business segments as of June 30, 2025 and March 31, 2025, are as follows (in thousands):
|  | June 30, 2025 |  |  | March 31, 2025 |
Grid |  | $ | 221,959 |  |  | $ | 211,520 |
Wind |  |  | 17,437 |  |  |  | 13,697 |
Corporate assets |  |  | 213,450 |  |  |  | 85,304 |
Total |  | $ | 452,846 |  |  | $ | 310,521 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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