American Superconductor Corporation (AMSC): Business Model Canvas [Dec-2025 Updated]

You're looking to map out exactly how American Superconductor Corporation (AMSC) is turning its proprietary High Temperature Superconductor (HTS) wire into real revenue, especially after their strong showing where the Grid segment alone pulled in $54.3 million in Q2 FY2025. Honestly, this isn't just one business; it's a tight integration of defense contracts-like mine protection systems for the U.S. Navy-utility grid reliability tools like D-VAR®, and supporting wind turbine OEMs. With a solid $218.8 million cash position as of September 30, 2025, the real question is how these key resources and activities translate across their distinct customer segments to maintain that gross margin over 30%. So, let's break down the nine essential blocks of the American Superconductor Corporation (AMSC) Business Model Canvas right now.

American Superconductor Corporation (AMSC) - Canvas Business Model: Key Partnerships

You're looking at the structure of American Superconductor Corporation (AMSC) as of late 2025, and the partnerships are where the real revenue story is being written, especially given the company's strong cash position of $218.8 million as of September 30, 2025. The overall Fiscal Year 2025 revenue hit $222.82 million, with a solid gross margin topping 30% in Q2 Fiscal Year 2025.

The Key Partnerships block shows a clear diversification across defense, renewables, and high-density power infrastructure, which is crucial for stabilizing the revenue that swung between Q1 FY2025 revenue of $72.4 million and Q2 FY2025 guidance near $65 million to $70 million.

U.S. Navy for High Temperature Superconductor (HTS) ship protection systems

The defense segment is a critical anchor, leveraging the Ship Protection Systems (SPS) based on HTS technology. To date, American Superconductor Corporation (AMSC) has secured five SPS contracts for the San Antonio-class fleet, with the first three systems delivered for the USS Fort Lauderdale, the USS Harrisburg, and the USS Pittsburgh. The HTS-based degaussing system, designed to reduce a ship's magnetic signature, is estimated to enable a 50-80% reduction in the total degaussing system weight compared to copper-based systems. Furthermore, a contract for engineering and technical services to support the insertion of HTS ship protection systems into the surface fleet was valued up to $8.4 million in 2017. Separately, a pre-production HTS Magnetic Influence Mine Countermeasure Payload System award from Textron Systems, under a larger U.S. Navy program, was for approximately $8 million in 2023.

Wind turbine Original Equipment Manufacturers (OEMs) like Inox Wind

The collaboration with Inox Wind Limited remains a significant revenue driver for the Wind segment, which accounted for 17% of total Q1 FY2025 revenue. For the fiscal year ending March 31, 2025, American Superconductor Corporation (AMSC) secured nearly $35 million in orders for its Electrical Control Systems (ECS) supporting Inox Wind's 2-megawatt and 3-megawatt class turbines, with about half shipped during that year. This builds on prior momentum, as a follow-on order in 2024 for the 3MW class ECS was worth over $12 million. Earlier agreements with Inox Wind had an aggregate value of approximately $210 million over three to four years. Inox Wind's total backlog, supported by American Superconductor Corporation (AMSC) technology, was over 3 gigawatts.

Here's a look at the scale of the Inox Wind ECS relationship:

Engineering, Procurement, and Construction (EPC) firms for data center projects

While specific contract values with EPC firms for data centers aren't explicitly detailed in the latest filings, the Grid business unit, which includes grid resiliency solutions, drove 83% of Q1 FY2025 revenue, reaching $60.1 million in that quarter alone. The company notes that its solutions enable customers to scale capacity without adding grid strain, aligning with rising demand for smarter, more resilient infrastructure, which is a key need for data centers. The Grid segment saw revenue growth of over 85% year-over-year in Q1 FY2025.

Strategic suppliers for Amperium® HTS wire and components

The Amperium® HTS wire is the core technology enabling many of these partnerships. American Superconductor Corporation (AMSC) holds a dominant position in the High-Temperature Superconductors (HTS) market due to this second-generation (2G) wire. The wire itself is quite powerful; the copper-laminated version can conduct more than 100 times the electrical current of copper wire of similar dimensions. As an example of its capacity, just one of these ultra-thin HTS wires can carry enough power to serve the needs of approximately 10,000 US homes. The broader HTS energy segment, where this wire is critical for power transmission and control, was valued at $1.1 billion in 2024.

The reliance on suppliers is noted in the 10-K filing, where American Superconductor Corporation (AMSC) states that many revenue opportunities depend on the performance of business collaborators, including suppliers of cryogenic systems and manufacturers of electric power cables.

• Amperium® HTS wire conducts approximately 200 times the electrical current of copper wire of similar dimensions.
• The wire is available in copper, brass, and stainless steel laminates for different applications.
• The stainless steel wire width of 12 mm reduces wire requirements for a given operating current.

American Superconductor Corporation (AMSC) - Canvas Business Model: Key Activities

You're looking at the core engine room of American Superconductor Corporation (AMSC) as it scales up in 2025. The key activities here are all about turning advanced materials and designs into large-scale, revenue-generating power solutions.

Research and development (R&D) of advanced power electronics and HTS technology remains foundational, even as the company focuses on delivery. For the full fiscal year 2024, which sets the stage for 2025, Research and development and SG&A expenses totaled $54.5 million, up from $39.6 million in fiscal 2023. This spending supports the underlying technology for Gridtec™ and Marinetec™ systems.

The next critical activity is the manufacturing and integration of Gridtec™ and Marinetec™ solutions. This is where the bulk of the revenue is generated, with the Grid business being the dominant driver. The company achieved its fourth consecutive quarter of GAAP profitability in Q1 Fiscal Year 2025.

Here's how the revenue mix looked at the start of the fiscal year, reflecting the output of these manufacturing and integration activities:

Delivering large-scale electrical control systems is a tangible measure of success for both the Wind and Marinetec segments. For instance, the $12 million Inox Wind order for 3 MW class Electrical Control Systems (ECS) was a key event in the prior fiscal year, with shipments continuing into 2025. On the Marinetec side, the company secured a multi-year, multi-unit agreement with Irving Shipbuilding valued at approximately $75 million for Ship Protection Systems (SPS). The total order bookings for the full fiscal year 2024 reached nearly $320 million, providing strong visibility.

The final key activity involves providing engineering planning and consulting services (Gridtec). This service component is embedded within the Grid segment, which is the company's largest revenue source. The strength in this area is shown by the segment's performance:

• Grid revenue accounted for 83% of total revenue in Q1 FY2025.
• Grid revenue growth exceeded 85% year-over-year in Q1 FY2025.
• The company ended Q1 FY2025 with $213.4 million in cash, supporting ongoing project execution.

The company booked orders exceeding $63 million in Q1 FY2025 alone.

Finance: draft 13-week cash view by Friday.

American Superconductor Corporation (AMSC) - Canvas Business Model: Key Resources

The Key Resources for American Superconductor Corporation (AMSC) as of late 2025 are anchored in proprietary technology, a strong balance sheet, and strategic operational assets.

Proprietary High Temperature Superconductor (HTS) wire technology, Amperium®.

• Amperium® HTS wire conducts approximately 200 times the electrical current of copper wire of similar dimensions.
• The technology is available in copper, brass, and stainless steel laminates, allowing tailoring for specific end-use applications.
• Brass-laminated wire has demonstrated current carrying performance up to 200 amps for 4.4 mm width.
• Superconductor power cable systems using this technology can conduct up to 10 times the power of conventional copper cables.

The core value of Amperium® lies in its high power density, which reduces the size and weight of large-scale electrical equipment.

Strong cash position of $218.8 million as of September 30, 2025.

This financial strength provides significant strategic flexibility. Here are the key balance sheet and recent performance metrics:

The company reported its fifth consecutive quarter of profitability in Q2 FY2025. Also, the 12-month order backlog exceeded $200 million as of the end of Q2 FY2025.

Intellectual property (IP) portfolio covering D-VAR® and Marinetec™ systems.

American Superconductor Corporation (AMSC) protects its system-level solutions, including D-VAR® grid interconnection and voltage control systems, with a robust intellectual property portfolio of patents and patent applications worldwide, alongside exclusive and non-exclusive licenses. The HTS-based degaussing system for the U.S. Navy is also protected by this IP, offering an estimated weight reduction of 50-80% compared to legacy copper-based systems.

• D-VAR® systems are based on proprietary software and hardware combinations.
• HTS-based Navy systems aim to enable the all-electric ship concept.

Specialized manufacturing facilities (e.g., NWL, Inc. acquisition assets).

The manufacturing footprint includes assets from the NWL, Inc. acquisition, which contributed to the year-over-year revenue increase in Q2 FY2025. The company is focused on high factory utilization and capacity expansion via labor hiring and light Capital Expenditure (CapEx).

The Grid business unit revenue increased by 16% year-over-year in Q2 FY2025.

American Superconductor Corporation (AMSC) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose American Superconductor Corporation (AMSC) solutions right now, based on their late 2025 positioning. It's about resilience, capacity, and defense modernization.

Enhancing grid reliability and performance with D-VAR® power quality solutions.

The value here is stabilizing power flow for massive new loads and integrating renewables. The Grid business is the powerhouse, accounting for 83% of total revenue in the first quarter of fiscal 2025. This focus directly addresses the structural demand for grid modernization, which is supported by an addressable market driven by nearly $500 billion investment in renewables to update the aging infrastructure. D-VAR Systems are specifically cited as a cutting-edge offering for power grid stability. The company's overall revenue growth reflects this strength, with Q1 FY2025 revenue hitting $72.4 million, an 80% year-over-year increase.

Providing world-class mine protection for naval fleets, reducing ship weight by up to 80%.

For the Navy, the value proposition centers on system efficiency, enhanced warfare capabilities, and reliability through Ship Protection Systems (SPS). This is a direct play on the over $30 billion investment by the U.S. federal government in U.S. military ship systems. A major recent win was a multi-year delivery contract valued at approximately $75 million with Irving Shipbuilding Inc. for the Royal Canadian Navy's Canadian Surface Combatant (CSC) ships, with the first system delivery slated for 2026. This builds on prior work, such as the approximately $8 million delivery contract with Textron Systems for a pre-production HTS Magnetic Influence Mine Countermeasure Payload System for the U.S. Navy. The goal is to support the U.S. Navy's mission to electrify the fleet, which could involve purchasing 364 ships between 2025 and 2054.

Enabling rapid power capacity ramp-up for semiconductor fabs and data centers.

This value is rooted in providing the necessary power quality and materials to support the AI and domestic supply chain buildout. The Materials sector, driven directly by semiconductor capacity expansion, was a main growth driver in Q1 FY2025. The addressable market for this segment is bolstered by a $160 billion investment in semiconductor capacity. The company's strong order intake reflects this, with the total year-end orders for fiscal 2024 reaching nearly $320 million, and the 12-month backlog standing at over $200 million as of the end of Q1 FY2025. Management is actively strengthening substation power quality specifically for data center demand.

Offering integrated electrical control systems for wind turbine efficiency (Windtec™).

American Superconductor Corporation helps wind turbine manufacturers field more competitive turbines through integrated power electronics and control systems. The Windtec Solutions segment showed impressive growth, increasing nearly 55% year-over-year in Q1 FY2025. In fiscal 2024, the company secured nearly $35 million in orders for both 2-megawatt and 3-megawatt class systems. The global installed base that the company provides field service and spare parts for currently exceeds 18 Gigawatts (GW).

Here is a snapshot of the financial context supporting these value propositions as of late 2025:

You can see the tangible results of these value propositions in the financial outcomes:

• Net income in Q1 FY2025 exceeded $6 million, marking the fourth consecutive quarter of profitability.
• Grid revenue accounted for 83% of total revenue in Q1 FY2025.
• The company ended Q1 FY2025 with $213.4 million in cash and equivalents.
• The total addressable market for semiconductor capacity investment is estimated at $160 billion.

Finance: draft 13-week cash view by Friday.

American Superconductor Corporation (AMSC) - Canvas Business Model: Customer Relationships

You're looking at how American Superconductor Corporation (AMSC) manages the people and entities that buy its complex power solutions. It's not one-size-fits-all; the relationship style changes based on the customer segment.

Dedicated, long-term contractual relationships with defense customers (U.S. Navy).

The defense segment relies on deep, ongoing technical partnerships. For instance, American Superconductor Corporation (AMSC) previously entered a delivery contract for approximately $8 million with Textron Systems for a pre-production High-Temperature Superconductor (HTS) Magnetic Influence Mine Countermeasure Payload System, which was part of an initial award of over $20 million from the U.S. Navy for the MAGNUSS program. As of Fiscal Year 2023, American Superconductor Corporation (AMSC) had a total of five Ship Protection Systems, or SPS, for the San Antonio Class platform. The U.S. Navy's 2025 shipbuilding plan calls for 364 ships over the 2025-2054 period, which represents the long-term potential pipeline for these dedicated systems.

• Relationship type: Sole source contracts for HTS-based ship protection systems.
• Risk factor: Continued funding is subject to annual legislative appropriation.
• FY2025 context: Approximately 70% of revenue came from the U.S. in the prior fiscal year.

Direct sales and technical support for complex utility and industrial projects.

For larger, more involved grid projects, the sales approach is direct, involving significant technical hand-holding. This consultative approach is necessary for integrating megawatt-scale power resiliency solutions. The company's total annual revenue for Fiscal Year 2025 (ended March 31, 2025) was $222.82 million, showing the scale of the overall customer base being served across all segments.

The relationship often starts with experienced transmission planners identifying grid constraints, which then leads to sales. For example, in a recent period, American Superconductor Corporation (AMSC) announced $20 million of D-VAR® STATCOM system orders, most pertaining to the renewable energy sector in the U.S., which requires this direct engagement.

Transactional sales for standard D-VAR® and power quality products.

When customers need standard power quality fixes, the sales cycle is more straightforward. These are often classified as Static Compensators, or STATCOMs. While older data shows D-VAR® system orders valued at over $8 million, the more recent announcement of $20 million in D-VAR® system orders indicates the volume in this area. These sales are typically less consultative than the custom grid solutions.

High-touch, consultative engineering for custom grid solutions.

This involves working closely with renewable energy developers and industrial system operators on custom interconnection solutions. The first quarter of fiscal year 2025 (ended June 30, 2025) saw revenues of $72.4 million, demonstrating active project execution in the grid segment. The company's GAAP net income for that same quarter was over $6 million.

Here's a quick look at some order and financial data points relevant to the customer base:

The relationship with the executive team also shows activity; for example, the Chairman, President and CEO sold 6 times in the 6 months leading up to July 24, 2025.

American Superconductor Corporation (AMSC) - Canvas Business Model: Channels

You're looking at how American Superconductor Corporation (AMSC) gets its megawatt-scale power resiliency solutions and Windtec™ systems into the hands of customers as of late 2025. It's a mix of direct selling for big, complex projects and leveraging partners for broader reach.

Direct sales force targeting utilities, industrials, and defense

The core of American Superconductor Corporation (AMSC)'s engagement, especially for its Gridtec™ Solutions, relies on a direct sales approach. This team targets major utilities, large industrial users, and the defense sector directly. The financial results for the first quarter of fiscal year 2025 show just how dominant this channel is for the Grid business, which accounted for 83% of total revenue, seeing an 86% year-over-year increase. For the second quarter of fiscal 2025, the Grid segment specifically brought in $54.3 million of the total $65.9 million in revenue. This direct engagement is crucial for complex power quality and resiliency projects.

The company's Marinetec™ Solutions, focused on ship protection and power management for naval fleets, also heavily relies on this direct sales and engineering engagement, particularly with government entities. The overall revenue for the last twelve months ending September 30, 2025, hit $266.28 million, showing the scale of these direct sales efforts.

Global distribution network for Windtec™ electrical control systems

For the Windtec™ Solutions, which provides wind turbine electronic controls and systems, American Superconductor Corporation (AMSC) uses a distribution network alongside direct sales. This channel is key to powering gigawatts of renewable energy globally, with operations noted across Asia, Australia, Europe, and North America. While the Grid segment leads, the Wind business still represents a significant portion of the sales pipeline. In Q1 fiscal 2025, Wind Business Revenue was 17% of the total, growing 54% year-over-year. By Q2 fiscal 2025, this segment contributed $11.5 million in revenue.

Here's a quick look at how the revenue was split across the main product lines in the strongest reported quarter:

Direct engagement with U.S. government procurement channels

Direct engagement with U.S. government procurement is a specialized, high-value channel for American Superconductor Corporation (AMSC), primarily through its Marinetec™ Solutions supporting the Navy. These contracts are subject to annual congressional appropriation, which is a near-term risk you need to watch. For example, an earlier delivery contract for a U.S. Navy system was valued at approximately $8 million. The company's strategy involves building on prior work to expand its content per ship as these systems move toward fleet deployment. This channel is critical for securing long-term, high-specification work.

The reliance on government business means the channel success is tied to defense spending stability. The company noted that contracts with the U.S. and Canadian governments are subject to audit, modification, or termination.

Integration partners (EPCs) for large infrastructure and data center builds

While the search results don't give a specific revenue percentage for Engineering, Procurement, and Construction (EPC) partners, their role is implied within the Gridtec™ Solutions channel. EPCs are the typical route for deploying large infrastructure and the advanced grid systems American Superconductor Corporation (AMSC) provides to manage complex power flows. The context suggests this is a growing area, as management noted the increasing complexity of the grid due to distributed energy and the fact that data centers alone could double global power demand by as early as 2026. Working with EPCs allows American Superconductor Corporation (AMSC) to scale its grid solutions into these massive, new power-hungry builds without needing an equivalent expansion of its own direct sales force for every single project.

The company's overall backlog supports this channel activity:

• 12-Month Backlog stood at over $200 million (as of Q1 FY2025).
• Total Backlog was over $300 million (as of Q1 FY2025).

Finance: draft 13-week cash view by Friday.

American Superconductor Corporation (AMSC) - Canvas Business Model: Customer Segments

You're looking at American Superconductor Corporation (AMSC)'s customer base as of late 2025, and the numbers show a clear concentration in grid infrastructure, though other sectors are driving order growth. The company's revenue streams are primarily segmented into Grid and Wind for reporting purposes, but the underlying customers span several high-growth and critical areas.

The Gridtec Solutions segment, serving global electric utilities and grid operators, is the dominant revenue generator. For the second quarter of fiscal year 2025 (Q2 FY2025), this segment brought in $54.3 million, representing 83% of the total revenue of $65.9 million for that quarter. This concentration in grid solutions is a defining feature of the current business model, supported by the overall addressable global market estimated near $9 billion, with nearly $500 billion in investment targeted for renewables integration and grid updates.

The Wind segment, serving renewable energy developers and wind turbine OEMs, is the second largest by revenue contribution. In Q2 FY2025, this segment contributed $11.5 million, or 17% of total revenue. This business is heavily reliant on key partnerships. For example, the company supports its partner Inox Wind, which has a backlog exceeding 3 gigawatts. In fiscal year 2024, American Superconductor Corporation secured nearly $35 million in orders for its 2-megawatt and 3-megawatt class Electrical Control Systems (ECS). A more recent specific order from Inox Wind was for $12 million in ECS.

The U.S. Department of Defense, specifically the Navy (Marinetec), represents a crucial, high-value customer segment, though its revenue contribution is folded into the broader Grid segment reporting structure. The company is enhancing naval fleet capability with Ship Protection Systems (SPS) and developing propulsion and power management solutions. A key milestone was the international SPS contract with the Royal Canadian Navy, valued at approximately $75 million over multiple years. Revenue from this Canadian Navy contract is specifically anticipated to increase in fiscal year 2025, with initial deliveries projected for 2026. The total addressable market for U.S. military ship systems is estimated to be over $30 billion.

High-growth industrial sectors, including semiconductors and traditional energy, are significant drivers of new order intake, even if they don't constitute the majority of recognized revenue in a given quarter. New orders booked in Q1 FY2025 exceeded $63 million, reflecting demand across these areas. Looking at a prior order snapshot, Industrials accounted for about 40% of total orders, with Semiconductors and Mining making up a portion of the remaining 30%. The total addressable market related to semiconductor capacity and materials processing is estimated near $260 billion ($160 billion for semiconductors and nearly $100 billion for materials).

Here's a breakdown of the key customer-related financial metrics and order drivers as of late 2025:

The customer base is characterized by large, concentrated orders, which provides high revenue visibility but also introduces timing risk. The company's backlog provides a strong foundation for near-term execution:

• Total backlog exceeding $300 million offers strong revenue visibility.
• New orders in Q1 FY2025 surpassed $63 million.
• Industrials represented about 40% of new orders in a recent quarter.
• Renewables accounted for approximately 30% of new orders in a recent quarter.
• The Grid segment is the primary revenue driver at 83% in Q2 FY2025.

The company's focus on defense and grid modernization is supported by significant government spending estimates:

• U.S. federal government investment in U.S. military ship systems is estimated over $30 billion.
• The total addressable global market for American Superconductor Corporation's solutions is nearly $9 billion.

Finance: draft 13-week cash view by Friday.

American Superconductor Corporation (AMSC) - Canvas Business Model: Cost Structure

You're looking at the expenses that keep American Superconductor Corporation's specialized technology running. The cost structure is heavily weighted toward engineering and production complexity, which is typical for high-tech material science firms.

High fixed costs are a major component, driven by the need to maintain specialized infrastructure for High-Temperature Superconductor (HTS) manufacturing and ongoing Research & Development (R&D). For instance, in recent quarters of fiscal year 2025, R&D spending was estimated to be in the range of $3-$4 million per quarter. This investment is necessary to keep their technology proprietary and ahead of the curve in power electronics.

The cost of talent is significant, defintely for HTS material science and power engineering expertise. These specialized roles command premium compensation. The combined Selling, General, and Administrative (SG&A) and R&D expenses reflect this overhead. For the full Fiscal Year 2025 (FY2025) ending March 31, 2025, Total Operating Expenses were reported at $62.93 million against a Total Gross Profit of $61.85 million. For the second quarter of fiscal 2025, operating expenses alone totaled $17.47 million.

Cost of Goods Sold (COGS) relates directly to the complex system integration required for their Gridtec™ and Marinetec™ solutions. Maintaining a healthy gross margin is a constant focus, as input costs for specialized components can fluctuate. The company achieved a gross margin of 31% in the second quarter of fiscal 2025, an improvement from the full FY2025 margin of 27.8% reported as of March 2025. Still, recent quarterly performance shows the company is achieving margins over 30%.

Here's a look at the cost and margin performance around the close of the fiscal year:

Acquisition-related costs and integration expenses are another area of note, stemming from strategic purchases like NWL, Inc. The NWL acquisition, completed in August 2024, involved an initial cash payment of $25 million plus restricted stock valued around $31.4 million. Earlier guidance indicated a total cash consideration of $33.6 million for NWL. Post-acquisition, ongoing costs appear in the amortization of acquisition-related intangibles; for the three months ending December 31, 2025, this non-cash charge was $0.3 million.

You should watch these specific cost drivers:

• Amortization of Intangibles: $0.3 million in the quarter ending December 31, 2025.
• R&D Estimates: Roughly $3-$4 million per quarter in recent periods.
• Total Operating Expenses (FY2025): $62.93 million.
• NWL Cash Consideration: Initial cash outlay of $25 million.

Finance: draft 13-week cash view by Friday.

American Superconductor Corporation (AMSC) - Canvas Business Model: Revenue Streams

You're looking at how American Superconductor Corporation (AMSC) actually brings in the money as of late 2025. It's not just one thing; it's a mix of grid modernization, wind energy support, and defense work. Honestly, the revenue mix shows a clear focus on power resiliency.

The most recent concrete data comes from the second quarter of fiscal year 2025, which ended September 30, 2025. Total revenue for that quarter hit approximately $65.9 million, a solid increase of over 20% year-over-year. The company has been profitable for five consecutive quarters, which is a big deal for their financial story.

Here's the quick math on how those Q2 FY2025 dollars broke down by segment:

The Grid segment is definitely the financial backbone right now, driven by demand for power quality solutions like D-VAR® systems and NEPSI products. The Wind segment, which includes electronic controls and engineering services, still contributes significantly, showing a 52.9% year-over-year jump in revenue for that quarter.

Beyond the core product sales, American Superconductor Corporation (AMSC) pulls in revenue from specialized, high-value areas. You defintely need to track these:

• Defense contract revenue from Marinetec™ solutions, which supports U.S. Navy fleet capabilities.
• Revenue from High-Temperature Superconductor (HTS) systems, often tied to naval applications.
• Service and maintenance contracts for installed power quality equipment, which provides recurring revenue streams.

Regarding those defense contracts, the company has secured major awards. For example, they announced a $75 million international Ship Protection System (SPS) contract in fiscal year 2024, expanding their defense business into allied naval markets. Historically, they also secured a large, incrementally funded contract with the U.S. Navy for an HTS propulsion motor, valued at approximately $70 million in expected revenue for American Superconductor Corporation (AMSC).

The final historical stream involves the licensing of Windtec™ technology and designs. While the search results point to this as a key part of their diversification strategy in the past, there are no specific, current dollar amounts reported for licensing revenue in the Q2 FY2025 filings. Still, the business model relies on this technology transfer to reduce the cost of wind energy for licensees.

Finance: draft 13-week cash view by Friday.