Q3 2023 American Superconductor Corp Earnings Call

January 25, 2024

Operator: Good morning, and welcome to the AMSC, third quarter fiscal 2023 financial results conference call. All participants will be in listen-only mode, should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation there'll be an opportunity to ask questions, to ask a question you may press Star, then one on your telephone keypad. To withdraw your question, please press star then two please, pease note this event is being recorded. I would now like to turn the conference over to John Heilshorn of LHA, please go ahead.

Operator: Good morning, and welcome to the AMSC, third quarter fiscal 2023 financial results conference call.

Operator: All participants will be in listen-only mode, should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation there'll be an opportunity to ask questions, to ask a question you may press Star, then one on your telephone keypad. To withdraw your question, please press star then two please, pease note this event is being recorded. I would now like to turn the conference over to John Heilshorn of LHA, please go ahead.

Operator: All participants will be in listen-only mode, should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

Operator: After today's presentation there'll be an opportunity to ask questions, to ask a question you may press Star, then one on your telephone keypad. To withdraw your question, please press star then two please, pease note this event is being recorded. I would now like to turn the conference over to John Heilshorn of LHA, please go ahead.

Operator: After today's presentation there'll be an opportunity to ask questions, to ask a question you may press Star, then one on your telephone keypad.

After today's presentation there'll be an opportunity to ask questions to ask a question you May Press Star then one on your telephone keypad to withdraw your question. Please press Star then two please.

Operator: To withdraw your question, please press star then two please, pease note this event is being recorded. I would now like to turn the conference over to John Heilshorn of LHA, please go ahead.

Please note this event is being recorded.

I would now let's turn the conference over to John House Horn of L. H a please go ahead.

Thank you and good morning, everyone and welcome to American Superconductor Corporation's third quarter of fiscal 2023 earnings Conference call I'm, John Heilshorn of FHA Investor Relations and Betsy is the best Relations agency of record. With us on todays call are Daniel <unk>, Chairman, President and Chief Executive Officer, and John Kosiba, Senior Vice President and Chief Financial Officer and Treasurer. American Superconductor issued its earnings release for the third quarter of fiscal 2023 yesterday after the market close but those of you who have not yet seen the release a copy is available in the investors page of the company's website at www Dot a M S dot com. Before I start the call I would like to remind you that various remarks that management will make during today's call about American superconductors future expectations, including expectations regarding the company's fourth quarter of fiscal 2023 financial performance plans and prospects constitute forward looking statements for purposes of the safe Harbor provisions under the private. Securities Litigation Reform Act by 295. Actually results may differ materially from those indicated by such forward looking statements as a result of various important factors, including those set forth in the risk factors section of American Superconductors annual report on Form 10-K for the year ended March 31, 2020 tree, which the company filed with the Securities and Exchange Commission on May 31, 2020. Right and the company's other reports filed with the S E T. These forward looking statements represent management's expectations only as of today and should not be relied upon as representing management views as of any subsequent date to today. The company anticipates that subsequent events and developments may cause the company's views to change the company specifically disclaims any obligation to update these forward looking statements. Also on today's call imagine what referred to non-GAAP net loss, which are non-GAAP financial measures. The company believes that non-GAAP net income loss assist management and investors and comparing the company's performance across reporting periods.

John Heilshorn: Thank you, good morning everyone and welcome to American Superconductor Corporation's third quarter of fiscal 2023 earnings Conference call, I'm John Heilshorn of LHA Investor Relations, AMSC is the best relations agency of record. With us on today's call are Daniel McGahn, Chairman, President and Chief Executive Officer, and John Kosiba, Senior Vice President and Chief Financial Officer and Treasurer. American Superconductor issued it's earnings release for the third quarter of fiscal 2023 yesterday after the market closed, for those of you who have not yet seen the release, a copy is available in the investors page of the company's website at www.amsc.com. Before I start the call. I would like to remind you that various remarks that management will make during today's call about American superconductors future expectations, including expectations regarding the company's fourth quarter of fiscal 2023 financial performance. Plans, and prospects, constitute forward looking statements for purposes of the safe Harbor provisions under the private Securities Litigation Reform Act by 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Including those set forth in the risk factors section of American Superconductors annual report on Form 10-K for the year ended March 31, 2023, which the company filed with the Securities and Exchange Commission on May 31, 2023 and the company's other reports filed with the SEC. These forward looking statements represent management's expectations, only as of today, and should not be relied upon as representing management views as of any subsequent date to today. The company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward looking statements.

John Heilshorn: With us on today's call are Daniel McGahn, Chairman, President and Chief Executive Officer, and John Kosiba, Senior Vice President and Chief Financial Officer and Treasurer. American Superconductor issued it's earnings release for the third quarter of fiscal 2023 yesterday after the market closed, for those of you who have not yet seen the release, a copy is available in the investors page of the company's website at www.amsc.com. Before I start the call. I would like to remind you that various remarks that management will make during today's call about American superconductors future expectations, including expectations regarding the company's fourth quarter of fiscal 2023 financial performance. Plans, and prospects, constitute forward looking statements for purposes of the safe Harbor provisions under the private Securities Litigation Reform Act by 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Including those set forth in the risk factors section of American Superconductors annual report on Form 10-K for the year ended March 31, 2023, which the company filed with the Securities and Exchange Commission on May 31, 2023 and the company's other reports filed with the SEC. These forward looking statements represent management's expectations, only as of today, and should not be relied upon as representing management views as of any subsequent date to today. The company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward looking statements.

John Heilshorn: With us on today's call are Daniel McGahn, Chairman, President and Chief Executive Officer, and John Kosiba, Senior Vice President and Chief Financial Officer and Treasurer.

With us on todays call are Daniel <unk>, Chairman, President and Chief Executive Officer, and John Kosiba, Senior Vice President and Chief Financial Officer and Treasurer.

John Heilshorn: American Superconductor issued it's earnings release for the third quarter of fiscal 2023 yesterday after the market closed, for those of you who have not yet seen the release, a copy is available in the investors page of the company's website at www.amsc.com. Before I start the call. I would like to remind you that various remarks that management will make during today's call about American superconductors future expectations, including expectations regarding the company's fourth quarter of fiscal 2023 financial performance. Plans, and prospects, constitute forward looking statements for purposes of the safe Harbor provisions under the private Securities Litigation Reform Act by 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Including those set forth in the risk factors section of American Superconductors annual report on Form 10-K for the year ended March 31, 2023, which the company filed with the Securities and Exchange Commission on May 31, 2023 and the company's other reports filed with the SEC. These forward looking statements represent management's expectations, only as of today, and should not be relied upon as representing management views as of any subsequent date to today. The company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward looking statements.

American Superconductor issued its earnings release for the third quarter of fiscal 2023 yesterday after the market close but those of you who have not yet seen the release a copy is available in the investors page of the company's website at www Dot a M S dot com.

John W. Heilshorn: Before I start the call I would like to remind you that various remarks that management will make during today's call about American superconductors future expectations, including expectations regarding the company's fourth quarter of fiscal 2023 financial performance plans and prospects constitute forward looking statements for purposes of the safe Harbor provisions under the private.

John Heilshorn: Before I start the call. I would like to remind you that various remarks that management will make during today's call about American superconductors future expectations, including expectations regarding the company's fourth quarter of fiscal 2023 financial performance. Plans, and prospects, constitute forward looking statements for purposes of the safe Harbor provisions under the private Securities Litigation Reform Act by 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Including those set forth in the risk factors section of American Superconductors annual report on Form 10-K for the year ended March 31, 2023, which the company filed with the Securities and Exchange Commission on May 31, 2023 and the company's other reports filed with the SEC. These forward looking statements represent management's expectations, only as of today, and should not be relied upon as representing management views as of any subsequent date to today. The company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward looking statements.

John Heilshorn: Plans, and prospects, constitute forward looking statements for purposes of the safe Harbor provisions under the private Securities Litigation Reform Act by 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Including those set forth in the risk factors section of American Superconductors annual report on Form 10-K for the year ended March 31, 2023, which the company filed with the Securities and Exchange Commission on May 31, 2023 and the company's other reports filed with the SEC. These forward looking statements represent management's expectations, only as of today, and should not be relied upon as representing management views as of any subsequent date to today. The company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward looking statements.

John Heilshorn: Plans, and prospects, constitute forward looking statements for purposes of the safe Harbor provisions under the private Securities Litigation Reform Act by 1995.

John W. Heilshorn: Securities Litigation Reform Act by 295.

John Heilshorn: Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Including those set forth in the risk factors section of American Superconductors annual report on Form 10-K for the year ended March 31, 2023, which the company filed with the Securities and Exchange Commission on May 31, 2023 and the company's other reports filed with the SEC. These forward looking statements represent management's expectations, only as of today, and should not be relied upon as representing management views as of any subsequent date to today. The company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward looking statements.

John Heilshorn: Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors.

John W. Heilshorn: Actually results may differ materially from those indicated by such forward looking statements as a result of various important factors, including those set forth in the risk factors section of American Superconductors annual report on Form 10-K for the year ended March 31, 2020 tree, which the company filed with the Securities and Exchange Commission on May 31, 2020.

John Heilshorn: Including those set forth in the risk factors section of American Superconductors annual report on Form 10-K for the year ended March 31, 2023, which the company filed with the Securities and Exchange Commission on May 31, 2023 and the company's other reports filed with the SEC. These forward looking statements represent management's expectations, only as of today, and should not be relied upon as representing management views as of any subsequent date to today. The company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward looking statements.

John W. Heilshorn: Right and the company's other reports filed with the S E T.

John W. Heilshorn: These forward looking statements represent management's expectations only as of today and should not be relied upon as representing management views as of any subsequent date to today.

John Heilshorn: These forward looking statements represent management's expectations, only as of today, and should not be relied upon as representing management views as of any subsequent date to today. The company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward looking statements.

John W. Heilshorn: The company anticipates that subsequent events and developments may cause the company's views to change the company specifically disclaims any obligation to update these forward looking statements.

John Heilshorn: The company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward looking statements.

John W. Heilshorn: Also on today's call imagine what referred to non-GAAP net loss, which are non-GAAP financial measures. The company believes that non-GAAP net income loss assist management and investors and comparing the company's performance across reporting periods.

John Heilshorn: Also on today's call imagine what referred to non-GAAP net loss, which are non-GAAP financial measures. The company believes that non-GAAP net income loss assist management and investors and comparing the company's performance across reporting periods. Just a basis. Excluding these noncash nonrecurring or other charges and it does not believe are indicative of its core operating performance. A reconciliation of GAAP net loss to GAAP net income can be found in the third quarter of fiscal 2023 earnings press release, the company issued and furnished with the SEC last night on form 8-K. All of the all the American Superconductors press releases and our SEC filings can be accessed from the investors page of its website at www <unk> Dot com. With that I will now turn the call over to Chairman, President and Chief Executive Officer, Dan I'm again, Daniel Thanks, John and good morning, everyone.

John Heilshorn: Also on today's call management will refer to, non-GAAP net loss, which are non-GAAP financial measures. The company believes that non-GAAP net income loss is just to management and investors keep comparing the company's performance across reporting periods on a consistent basis. By excluding these non-cash, no-recurring or other charges and it does not believe are indicative of it's core operating performance. The reconciliation of GAAP net loss to GAAP net income can be found in the third quarter of fiscal 2023 earnings press release the company issued, and furnished with the SEC last night on form 8-K. All of the all the American Superconductors press releases and SEC filings can be accessed from the investors page of it's website at www.amsc.com. With that, I will now turn the call over to Chairman, President and Chief Executive Officer, Dan McGahn again, Daniel

John Heilshorn: Also on today's call management will refer to, non-GAAP net loss, which are non-GAAP financial measures.

John Heilshorn: The company believes that non-GAAP net income loss is just to management and investors keep comparing the company's performance across reporting periods on a consistent basis. By excluding these non-cash, no-recurring or other charges and it does not believe are indicative of it's core operating performance. The reconciliation of GAAP net loss to GAAP net income can be found in the third quarter of fiscal 2023 earnings press release the company issued, and furnished with the SEC last night on form 8-K. All of the all the American Superconductors press releases and SEC filings can be accessed from the investors page of it's website at www.amsc.com. With that, I will now turn the call over to Chairman, President and Chief Executive Officer, Dan McGahn again, Daniel

John Heilshorn: The company believes that non-GAAP net income loss is just to management and investors keep comparing the company's performance across reporting periods on a consistent basis.

Imagine: Just a basis.

John Heilshorn: By excluding these non-cash, no-recurring or other charges and it does not believe are indicative of it's core operating performance. The reconciliation of GAAP net loss to GAAP net income can be found in the third quarter of fiscal 2023 earnings press release the company issued, and furnished with the SEC last night on form 8-K. All of the all the American Superconductors press releases and SEC filings can be accessed from the investors page of it's website at www.amsc.com. With that, I will now turn the call over to Chairman, President and Chief Executive Officer, Dan McGahn again, Daniel

John Heilshorn: By excluding these non-cash, no-recurring or other charges and it does not believe are indicative of it's core operating performance.

Imagine: Excluding these noncash nonrecurring or other charges and it does not believe are indicative of its core operating performance.

John Heilshorn: The reconciliation of GAAP net loss to GAAP net income can be found in the third quarter of fiscal 2023 earnings press release the company issued, and furnished with the SEC last night on form 8-K. All of the all the American Superconductors press releases and SEC filings can be accessed from the investors page of it's website at www.amsc.com. With that, I will now turn the call over to Chairman, President and Chief Executive Officer, Dan McGahn again, Daniel

Imagine: A reconciliation of GAAP net loss to GAAP net income can be found in the third quarter of fiscal 2023 earnings press release, the company issued and furnished with the SEC last night on form 8-K.

Imagine: All of the all the American Superconductors press releases and our SEC filings can be accessed from the investors page of its website at www <unk> Dot com.

John Heilshorn: All of the all the American Superconductors press releases and SEC filings can be accessed from the investors page of it's website at www.amsc.com. With that, I will now turn the call over to Chairman, President and Chief Executive Officer, Dan McGahn again, Daniel

John Heilshorn: All of the all the American Superconductors press releases and SEC filings can be accessed from the investors page of it's website at www.amsc.com.

John Heilshorn: With that, I will now turn the call over to Chairman, President and Chief Executive Officer, Dan McGahn again, Daniel

Imagine: With that I will now turn the call over to Chairman, President and Chief Executive Officer, Dan I'm again, Daniel Thanks, John and good morning, everyone.

Daniel McGahn: Thanks, John and good morning, everyone. I'm really excited to share some great news with everyone today. I'll begin by providing an update and sharing a few remarks on our business. John Kosiba will then provide a detailed review of our financial results for the third fiscal quarter, which ended December 31, 2023, and will provide guidance for the fourth fiscal quarter, which will add in March 31, 2024, following our comments, we'll open up the. Line to questions from our analysts. We're really pleased to announce another quarter of outstanding financial results. Total revenues for the third quarter of fiscal year, 2023 exceeded our expectations and guidance range. The business really outperformed this quarter. We showed higher revenue we showed expanded gross margins we had positive operating cash flow, we generated non-GAAP net income and we continue the rate at which for booking orders to backlogs total revenue for the past nine months. It's about the same as total revenues for our entire previous fiscal year. Let me repeat that because I think it's important and I'm convinced that people are missing this point about the strength of our business through the first nine months of this fiscal year. We had about the same revenue for the 12 months as the previous entire fiscal year. This means that whatever we do in the fourth quarter will be year over year growth. I won't steal John's guidance later in the call, but given the fact the basis is about $100 million you basically see the revenue for our fourth quarter as the growth of our business for the fiscal year. This success was driven by our pricing initiatives product and regional masks. Overall customer demand all signs this quarter are very positive. Our third quarter revenue of over $39 million was driven by new energy power system shipments. This was due to customers' demand needing products earlier than forecasted. We're finding lead times were shrinking and our customers want products sooner. We see this as a great indicator of the health of our business. Our grid segment revenue accounted for approximately 85% of <unk> total revenue and grew over 60% versus a year ago period. This represents a record breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60, and 90%. These are big numbers during our third quarter. We saw a diverse set of product shipments, we shipped voltage compensator capacitor banks.

Daniel McGahn: Thanks John, and good morning everyone. I'm really excited to share some great news with everyone today. I'll begin by providing an update, and sharing a few remarks on our business, John Kosiba will then provide a detailed review of our financial results for the third fiscal quarter, which ended December 31, 2023, and will provide guidance for the fourth fiscal quarter, which will end in March 31, 2024. Following our comments, we'll open up the line to questions from our analysts. We're really pleased to announce another quarter of outstanding financial results. Total revenues for the third quarter of fiscal year, 2023 exceeded our expectations and guidance range, the business really outperformed this quarter. We showed higher revenue, we showed expanded gross margins, we had positive operating cash flow, we generated non-GAAP net income, and we continue the rate at which we're booking orders to backlogs. Total revenue for the past nine months it's about the same as total revenues for our entire previous fiscal year, let me repeat that because I think it's important, and I'm convinced that people are missing this point about the strength of our business. Through the first nine months of this fiscal year, we had about the same revenue for the 12 months as the previous entire fiscal year, this means that whatever we do in the fourth quarter will be year over year growth. I won't steal John's guidance later in the call, but given the fact the basis is about $100 million, you basically see the revenue for our fourth quarter is the growth of our business for the fiscal year. This success was driven by our pricing initiatives, product in regional [Inaudible] and overall customer demand, all signs this quarter are very positive. Our third quarter revenue of over $39 million dollars was driven by new energy power system shipments, this was due to customers demand, needing products earlier than forecasted. We're finding lead times are shrinking, and our customers want products sooner, we see this as a great indicator of the health of our business. Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period. This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

Daniel McGahn: Thanks John, and good morning everyone.

Daniel McGahn: I'm really excited to share some great news with everyone today. I'll begin by providing an update, and sharing a few remarks on our business, John Kosiba will then provide a detailed review of our financial results for the third fiscal quarter, which ended December 31, 2023, and will provide guidance for the fourth fiscal quarter, which will end in March 31, 2024. Following our comments, we'll open up the line to questions from our analysts. We're really pleased to announce another quarter of outstanding financial results. Total revenues for the third quarter of fiscal year, 2023 exceeded our expectations and guidance range, the business really outperformed this quarter. We showed higher revenue, we showed expanded gross margins, we had positive operating cash flow, we generated non-GAAP net income, and we continue the rate at which we're booking orders to backlogs. Total revenue for the past nine months it's about the same as total revenues for our entire previous fiscal year, let me repeat that because I think it's important, and I'm convinced that people are missing this point about the strength of our business. Through the first nine months of this fiscal year, we had about the same revenue for the 12 months as the previous entire fiscal year, this means that whatever we do in the fourth quarter will be year over year growth. I won't steal John's guidance later in the call, but given the fact the basis is about $100 million, you basically see the revenue for our fourth quarter is the growth of our business for the fiscal year. This success was driven by our pricing initiatives, product in regional [Inaudible] and overall customer demand, all signs this quarter are very positive. Our third quarter revenue of over $39 million dollars was driven by new energy power system shipments, this was due to customers demand, needing products earlier than forecasted. We're finding lead times are shrinking, and our customers want products sooner, we see this as a great indicator of the health of our business. Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period. This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

Daniel McGahn: I'm really excited to share some great news with everyone today.

Daniel: I'm really excited to share some great news with everyone today.

Daniel: I'll begin by providing an update and sharing a few remarks on our business. John Kosiba will then provide a detailed review of our financial results for the third fiscal quarter, which ended December 31, 2023, and will provide guidance for the fourth fiscal quarter, which will add in March 31, 2024, following our comments, we'll open up the.

Daniel McGahn: I'll begin by providing an update, and sharing a few remarks on our business, John Kosiba will then provide a detailed review of our financial results for the third fiscal quarter, which ended December 31, 2023, and will provide guidance for the fourth fiscal quarter, which will end in March 31, 2024. Following our comments, we'll open up the line to questions from our analysts. We're really pleased to announce another quarter of outstanding financial results. Total revenues for the third quarter of fiscal year, 2023 exceeded our expectations and guidance range, the business really outperformed this quarter. We showed higher revenue, we showed expanded gross margins, we had positive operating cash flow, we generated non-GAAP net income, and we continue the rate at which we're booking orders to backlogs. Total revenue for the past nine months it's about the same as total revenues for our entire previous fiscal year, let me repeat that because I think it's important, and I'm convinced that people are missing this point about the strength of our business. Through the first nine months of this fiscal year, we had about the same revenue for the 12 months as the previous entire fiscal year, this means that whatever we do in the fourth quarter will be year over year growth. I won't steal John's guidance later in the call, but given the fact the basis is about $100 million, you basically see the revenue for our fourth quarter is the growth of our business for the fiscal year. This success was driven by our pricing initiatives, product in regional [Inaudible] and overall customer demand, all signs this quarter are very positive. Our third quarter revenue of over $39 million dollars was driven by new energy power system shipments, this was due to customers demand, needing products earlier than forecasted. We're finding lead times are shrinking, and our customers want products sooner, we see this as a great indicator of the health of our business. Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period. This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

John W. Heilshorn: Line to questions from our analysts.

Daniel McGahn: Following our comments, we'll open up the line to questions from our analysts. We're really pleased to announce another quarter of outstanding financial results. Total revenues for the third quarter of fiscal year, 2023 exceeded our expectations and guidance range, the business really outperformed this quarter. We showed higher revenue, we showed expanded gross margins, we had positive operating cash flow, we generated non-GAAP net income, and we continue the rate at which we're booking orders to backlogs. Total revenue for the past nine months it's about the same as total revenues for our entire previous fiscal year, let me repeat that because I think it's important, and I'm convinced that people are missing this point about the strength of our business. Through the first nine months of this fiscal year, we had about the same revenue for the 12 months as the previous entire fiscal year, this means that whatever we do in the fourth quarter will be year over year growth. I won't steal John's guidance later in the call, but given the fact the basis is about $100 million, you basically see the revenue for our fourth quarter is the growth of our business for the fiscal year. This success was driven by our pricing initiatives, product in regional [Inaudible] and overall customer demand, all signs this quarter are very positive. Our third quarter revenue of over $39 million dollars was driven by new energy power system shipments, this was due to customers demand, needing products earlier than forecasted. We're finding lead times are shrinking, and our customers want products sooner, we see this as a great indicator of the health of our business. Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period. This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

Daniel McGahn: Following our comments, we'll open up the line to questions from our analysts. We're really pleased to announce another quarter of outstanding financial results.

John W. Heilshorn: We're really pleased to announce another quarter of outstanding financial results.

John W. Heilshorn: Total revenues for the third quarter of fiscal year, 2023 exceeded our expectations and guidance range.

Daniel McGahn: Total revenues for the third quarter of fiscal year, 2023 exceeded our expectations and guidance range, the business really outperformed this quarter. We showed higher revenue, we showed expanded gross margins, we had positive operating cash flow, we generated non-GAAP net income, and we continue the rate at which we're booking orders to backlogs. Total revenue for the past nine months it's about the same as total revenues for our entire previous fiscal year, let me repeat that because I think it's important, and I'm convinced that people are missing this point about the strength of our business. Through the first nine months of this fiscal year, we had about the same revenue for the 12 months as the previous entire fiscal year, this means that whatever we do in the fourth quarter will be year over year growth. I won't steal John's guidance later in the call, but given the fact the basis is about $100 million, you basically see the revenue for our fourth quarter is the growth of our business for the fiscal year. This success was driven by our pricing initiatives, product in regional [Inaudible] and overall customer demand, all signs this quarter are very positive. Our third quarter revenue of over $39 million dollars was driven by new energy power system shipments, this was due to customers demand, needing products earlier than forecasted. We're finding lead times are shrinking, and our customers want products sooner, we see this as a great indicator of the health of our business. Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period. This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

Daniel McGahn: Total revenues for the third quarter of fiscal year, 2023 exceeded our expectations and guidance range, the business really outperformed this quarter.

John W. Heilshorn: The business really outperformed this quarter.

Daniel McGahn: We showed higher revenue, we showed expanded gross margins, we had positive operating cash flow, we generated non-GAAP net income, and we continue the rate at which we're booking orders to backlogs. Total revenue for the past nine months it's about the same as total revenues for our entire previous fiscal year, let me repeat that because I think it's important, and I'm convinced that people are missing this point about the strength of our business. Through the first nine months of this fiscal year, we had about the same revenue for the 12 months as the previous entire fiscal year, this means that whatever we do in the fourth quarter will be year over year growth. I won't steal John's guidance later in the call, but given the fact the basis is about $100 million, you basically see the revenue for our fourth quarter is the growth of our business for the fiscal year. This success was driven by our pricing initiatives, product in regional [Inaudible] and overall customer demand, all signs this quarter are very positive. Our third quarter revenue of over $39 million dollars was driven by new energy power system shipments, this was due to customers demand, needing products earlier than forecasted. We're finding lead times are shrinking, and our customers want products sooner, we see this as a great indicator of the health of our business. Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period. This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

John W. Heilshorn: We showed higher revenue we showed expanded gross margins we had positive operating cash flow, we generated non-GAAP net income and we continue the rate at which for booking orders to backlogs total revenue for the past nine months.

Daniel McGahn: Total revenue for the past nine months it's about the same as total revenues for our entire previous fiscal year, let me repeat that because I think it's important, and I'm convinced that people are missing this point about the strength of our business. Through the first nine months of this fiscal year, we had about the same revenue for the 12 months as the previous entire fiscal year, this means that whatever we do in the fourth quarter will be year over year growth. I won't steal John's guidance later in the call, but given the fact the basis is about $100 million, you basically see the revenue for our fourth quarter is the growth of our business for the fiscal year. This success was driven by our pricing initiatives, product in regional [Inaudible] and overall customer demand, all signs this quarter are very positive. Our third quarter revenue of over $39 million dollars was driven by new energy power system shipments, this was due to customers demand, needing products earlier than forecasted. We're finding lead times are shrinking, and our customers want products sooner, we see this as a great indicator of the health of our business. Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period. This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

John W. Heilshorn: It's about the same as total revenues for our entire previous fiscal year.

John W. Heilshorn: Let me repeat that because I think it's important and I'm convinced that people are missing this point about the strength of our business through the first nine months of this fiscal year. We had about the same revenue for the 12 months as the previous entire fiscal year.

Daniel McGahn: Through the first nine months of this fiscal year, we had about the same revenue for the 12 months as the previous entire fiscal year, this means that whatever we do in the fourth quarter will be year over year growth. I won't steal John's guidance later in the call, but given the fact the basis is about $100 million, you basically see the revenue for our fourth quarter is the growth of our business for the fiscal year. This success was driven by our pricing initiatives, product in regional [Inaudible] and overall customer demand, all signs this quarter are very positive. Our third quarter revenue of over $39 million dollars was driven by new energy power system shipments, this was due to customers demand, needing products earlier than forecasted. We're finding lead times are shrinking, and our customers want products sooner, we see this as a great indicator of the health of our business. Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period. This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

John W. Heilshorn: This means that whatever we do in the fourth quarter will be year over year growth.

John: I won't steal John's guidance later in the call, but given the fact the basis is about $100 million you basically see the revenue for our fourth quarter as the growth of our business for the fiscal year.

Daniel McGahn: I won't steal John's guidance later in the call, but given the fact the basis is about $100 million, you basically see the revenue for our fourth quarter is the growth of our business for the fiscal year. This success was driven by our pricing initiatives, product in regional [Inaudible] and overall customer demand, all signs this quarter are very positive. Our third quarter revenue of over $39 million dollars was driven by new energy power system shipments, this was due to customers demand, needing products earlier than forecasted. We're finding lead times are shrinking, and our customers want products sooner, we see this as a great indicator of the health of our business. Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period. This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

John: This success was driven by our pricing initiatives product and regional masks.

John: Overall customer demand all signs this quarter are very positive.

Daniel McGahn: This success was driven by our pricing initiatives, product in regional [Inaudible] and overall customer demand, all signs this quarter are very positive. Our third quarter revenue of over $39 million dollars was driven by new energy power system shipments, this was due to customers demand, needing products earlier than forecasted. We're finding lead times are shrinking, and our customers want products sooner, we see this as a great indicator of the health of our business. Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period. This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

Daniel McGahn: This success was driven by our pricing initiatives, product in regional [Inaudible] and overall customer demand, all signs this quarter are very positive.

Our third quarter revenue of over $39 million was driven by new energy power system shipments.

Daniel McGahn: Our third quarter revenue of over $39 million dollars was driven by new energy power system shipments, this was due to customers demand, needing products earlier than forecasted. We're finding lead times are shrinking, and our customers want products sooner, we see this as a great indicator of the health of our business. Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period. This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

Daniel McGahn: Our third quarter revenue of over $39 million dollars was driven by new energy power system shipments, this was due to customers demand, needing products earlier than forecasted.

John: This was due to customers' demand needing products earlier than forecasted.

John: We're finding lead times were shrinking and our customers want products sooner.

Daniel McGahn: We're finding lead times are shrinking, and our customers want products sooner, we see this as a great indicator of the health of our business. Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period. This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

Daniel McGahn: We're finding lead times are shrinking, and our customers want products sooner, we see this as a great indicator of the health of our business.

John: We see this as a great indicator of the health of our business.

John: Our grid segment revenue accounted for approximately 85% of <unk> total revenue and grew over 60% versus a year ago period.

Daniel McGahn: Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period. This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

Daniel McGahn: Our grid segment revenue accounted for approximately 85% of AMSC's total revenue, and grew over 60% versus a year ago period.

John: This represents a record breaking grid quarter with unprecedented quarterly revenue.

Daniel McGahn: This represents a record-breaking grid quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60% and 90%, these are big numbers.

John: Nearly 15% of the revenue came from our wind business, which also grew about 90% versus a year ago period, 60, and 90%. These are big numbers during our third quarter. We saw a diverse set of product shipments, we shipped voltage compensator capacitor banks.

Daniel McGahn: These are big numbers during our third quarter. We saw a diverse set of product shipments, we shipped voltage compensator capacitor banks. Harmonic filters Transformers rectifiers bulk bar Optimizer is ship protection systems and electrical control systems. These products went into renewables and a variety of industrial markets, including semiconductor mining as well as our navy projects. During our third quarter, we booked over $34 million of new orders and grew our 12 months backlog to over $137 million. Our backlog at the end of the third quarter increased by nearly 25% when compared to the year ago period, we had $25 million of new energy power systems orders. Our new energy power systems orders have averaged over $30 million a quarter during fiscal year, 'twenty twenty-three varying by quarter because of timing. These third quarter orders serve an increasingly diverse market. They represent strong contributions from the renewables market with wind and solar projects accounting for approximately two thirds of the total. Industrial orders, which contributed approximately one third of the total include orders for utilities metals and mining. Well its semi conductor projects. With strong demand across our end markets, we expect to continue to grow and diversify our grid business through these and future strong bookings in both renewable and industrial sectors. Okay, let's talk about some great news and wins, we secured our second three megawatt electrical control systems or ECS order from <unk> wind IMAX wind has requested immediate delivery under this $8 million follow on order and we expect to ship. These ECS over the course of calendar year 'twenty 'twenty four. It is depending on their payments IMAX, but like all sets to be delivered during our first quarter of fiscal 2023. We see it impacting the first and second quarter it could take longer to deliver if they are not timely with their payments. <unk> business seems poised to take off in 2024. There are public information would lead one to believe this. We are off to an encouraging start in calendar year 2024, with this follow on order from our partner <unk> for our cutting edge three megawatt class ECS, we see continuous demand for their two megawatt turbine at our two megawatt ECS as well. Additionally, we have made progress on our Navy development programs and secured orders to continue that work.

Daniel McGahn: These are big numbers

Daniel McGahn: During our third quarter, we saw a diverse set of product shipments, we shipped voltage compensators, capacitor banks, harmonic filters, transformers, rectifiers, bulk bar optimizers, ship protection systems, and electrical control systems. These products went into renewables and a variety of industrial markets, including semiconductor mining, as well as our navy projects. During our third quarter, we booked over $34 million dollars of new orders, and grew our 12 months backlog to over $137 million dollars, our backlog at the end of the third quarter increased by nearly 25% when compared to the year ago period. We had $25 million dollars of new energy power systems orders, our new energy power systems orders have averaged over $30 million dollars a quarter during fiscal year 2023, varying by quarter because of timing. These third quarter orders serve an increasingly diverse market, they represent strong contributions from the renewables market, with wind and solar projects accounting for approximately two thirds of the total. Industrial orders, which contributed approximately one third of the total, include orders for utilities metals and mining, as well as semi-conductor projects. With strong demand across our end markets, we expect to continue to grow and diversify our grid business, through these and future strong bookings, in both renewable and industrial sector. Okay, let's talk about some great news and wins. We secured our second three megawatt electrical control systems or ECS order from Inox Wind. Inox Wind has requested immediate delivery under this $8 million dollars follow-on order, and we expect to ship these ECS over the course of calendar year 2024. It is depending on their payments, Inox would like all sets to be delivered during our first quarter of fiscal 2023 but we see it impacting the first and second quarter, it could take longer to deliver, if they are not timely with their payments. Inox's business seems poised to take off in 2024, their public information would lead one to believe this. We are off to an encouraging start in calendar year 2024, with this follow-on order from our partner Inox for our cutting-edge, three megawatt class ECS. We see continuous demand for their two megawatt turbine, and our two megawatt ECS as well.

Speaker Change: Harmonic filters Transformers rectifiers bulk bar Optimizer is ship protection systems and electrical control systems.

Daniel McGahn: These products went into renewables and a variety of industrial markets, including semiconductor mining, as well as our navy projects. During our third quarter, we booked over $34 million dollars of new orders, and grew our 12 months backlog to over $137 million dollars, our backlog at the end of the third quarter increased by nearly 25% when compared to the year ago period. We had $25 million dollars of new energy power systems orders, our new energy power systems orders have averaged over $30 million dollars a quarter during fiscal year 2023, varying by quarter because of timing. These third quarter orders serve an increasingly diverse market, they represent strong contributions from the renewables market, with wind and solar projects accounting for approximately two thirds of the total. Industrial orders, which contributed approximately one third of the total, include orders for utilities metals and mining, as well as semi-conductor projects. With strong demand across our end markets, we expect to continue to grow and diversify our grid business, through these and future strong bookings, in both renewable and industrial sector. Okay, let's talk about some great news and wins. We secured our second three megawatt electrical control systems or ECS order from Inox Wind. Inox Wind has requested immediate delivery under this $8 million dollars follow-on order, and we expect to ship these ECS over the course of calendar year 2024. It is depending on their payments, Inox would like all sets to be delivered during our first quarter of fiscal 2023 but we see it impacting the first and second quarter, it could take longer to deliver, if they are not timely with their payments. Inox's business seems poised to take off in 2024, their public information would lead one to believe this. We are off to an encouraging start in calendar year 2024, with this follow-on order from our partner Inox for our cutting-edge, three megawatt class ECS. We see continuous demand for their two megawatt turbine, and our two megawatt ECS as well.

Daniel McGahn: These products went into renewables and a variety of industrial markets, including semiconductor mining, as well as our navy projects.

These products went into renewables and a variety of industrial markets, including semiconductor mining as well as our navy projects.

Daniel McGahn: During our third quarter, we booked over $34 million dollars of new orders, and grew our 12 months backlog to over $137 million dollars, our backlog at the end of the third quarter increased by nearly 25% when compared to the year ago period. We had $25 million dollars of new energy power systems orders, our new energy power systems orders have averaged over $30 million dollars a quarter during fiscal year 2023, varying by quarter because of timing. These third quarter orders serve an increasingly diverse market, they represent strong contributions from the renewables market, with wind and solar projects accounting for approximately two thirds of the total. Industrial orders, which contributed approximately one third of the total, include orders for utilities metals and mining, as well as semi-conductor projects. With strong demand across our end markets, we expect to continue to grow and diversify our grid business, through these and future strong bookings, in both renewable and industrial sector. Okay, let's talk about some great news and wins. We secured our second three megawatt electrical control systems or ECS order from Inox Wind. Inox Wind has requested immediate delivery under this $8 million dollars follow-on order, and we expect to ship these ECS over the course of calendar year 2024. It is depending on their payments, Inox would like all sets to be delivered during our first quarter of fiscal 2023 but we see it impacting the first and second quarter, it could take longer to deliver, if they are not timely with their payments. Inox's business seems poised to take off in 2024, their public information would lead one to believe this. We are off to an encouraging start in calendar year 2024, with this follow-on order from our partner Inox for our cutting-edge, three megawatt class ECS. We see continuous demand for their two megawatt turbine, and our two megawatt ECS as well.

Speaker Change: During our third quarter, we booked over $34 million of new orders and grew our 12 months backlog to over $137 million.

Our backlog at the end of the third quarter increased by nearly 25% when compared to the year ago period, we had $25 million of new energy power systems orders.

Daniel McGahn: We had $25 million dollars of new energy power systems orders, our new energy power systems orders have averaged over $30 million dollars a quarter during fiscal year 2023, varying by quarter because of timing. These third quarter orders serve an increasingly diverse market, they represent strong contributions from the renewables market, with wind and solar projects accounting for approximately two thirds of the total. Industrial orders, which contributed approximately one third of the total, include orders for utilities metals and mining, as well as semi-conductor projects. With strong demand across our end markets, we expect to continue to grow and diversify our grid business, through these and future strong bookings, in both renewable and industrial sector. Okay, let's talk about some great news and wins. We secured our second three megawatt electrical control systems or ECS order from Inox Wind. Inox Wind has requested immediate delivery under this $8 million dollars follow-on order, and we expect to ship these ECS over the course of calendar year 2024. It is depending on their payments, Inox would like all sets to be delivered during our first quarter of fiscal 2023 but we see it impacting the first and second quarter, it could take longer to deliver, if they are not timely with their payments. Inox's business seems poised to take off in 2024, their public information would lead one to believe this. We are off to an encouraging start in calendar year 2024, with this follow-on order from our partner Inox for our cutting-edge, three megawatt class ECS. We see continuous demand for their two megawatt turbine, and our two megawatt ECS as well.

Speaker Change: Our new energy power systems orders have averaged over $30 million a quarter during fiscal year, 'twenty twenty-three varying by quarter because of timing.

Daniel McGahn: These third quarter orders serve an increasingly diverse market, they represent strong contributions from the renewables market, with wind and solar projects accounting for approximately two thirds of the total. Industrial orders, which contributed approximately one third of the total, include orders for utilities metals and mining, as well as semi-conductor projects. With strong demand across our end markets, we expect to continue to grow and diversify our grid business, through these and future strong bookings, in both renewable and industrial sector. Okay, let's talk about some great news and wins. We secured our second three megawatt electrical control systems or ECS order from Inox Wind. Inox Wind has requested immediate delivery under this $8 million dollars follow-on order, and we expect to ship these ECS over the course of calendar year 2024. It is depending on their payments, Inox would like all sets to be delivered during our first quarter of fiscal 2023 but we see it impacting the first and second quarter, it could take longer to deliver, if they are not timely with their payments. Inox's business seems poised to take off in 2024, their public information would lead one to believe this. We are off to an encouraging start in calendar year 2024, with this follow-on order from our partner Inox for our cutting-edge, three megawatt class ECS. We see continuous demand for their two megawatt turbine, and our two megawatt ECS as well.

Speaker Change: These third quarter orders serve an increasingly diverse market. They represent strong contributions from the renewables market with wind and solar projects accounting for approximately two thirds of the total.

Daniel McGahn: Industrial orders, which contributed approximately one third of the total, include orders for utilities metals and mining, as well as semi-conductor projects. With strong demand across our end markets, we expect to continue to grow and diversify our grid business, through these and future strong bookings, in both renewable and industrial sector. Okay, let's talk about some great news and wins. We secured our second three megawatt electrical control systems or ECS order from Inox Wind. Inox Wind has requested immediate delivery under this $8 million dollars follow-on order, and we expect to ship these ECS over the course of calendar year 2024. It is depending on their payments, Inox would like all sets to be delivered during our first quarter of fiscal 2023 but we see it impacting the first and second quarter, it could take longer to deliver, if they are not timely with their payments. Inox's business seems poised to take off in 2024, their public information would lead one to believe this. We are off to an encouraging start in calendar year 2024, with this follow-on order from our partner Inox for our cutting-edge, three megawatt class ECS. We see continuous demand for their two megawatt turbine, and our two megawatt ECS as well.

Daniel McGahn: Industrial orders, which contributed approximately one third of the total, include orders for utilities metals and mining, as well as semi-conductor projects.

Speaker Change: Industrial orders, which contributed approximately one third of the total include orders for utilities metals and mining.

Daniel McGahn: With strong demand across our end markets, we expect to continue to grow and diversify our grid business, through these and future strong bookings, in both renewable and industrial sector. Okay, let's talk about some great news and wins. We secured our second three megawatt electrical control systems or ECS order from Inox Wind. Inox Wind has requested immediate delivery under this $8 million dollars follow-on order, and we expect to ship these ECS over the course of calendar year 2024. It is depending on their payments, Inox would like all sets to be delivered during our first quarter of fiscal 2023 but we see it impacting the first and second quarter, it could take longer to deliver, if they are not timely with their payments. Inox's business seems poised to take off in 2024, their public information would lead one to believe this. We are off to an encouraging start in calendar year 2024, with this follow-on order from our partner Inox for our cutting-edge, three megawatt class ECS. We see continuous demand for their two megawatt turbine, and our two megawatt ECS as well.

Speaker Change: Well its semi conductor projects.

Speaker Change: With strong demand across our end markets, we expect to continue to grow and diversify our grid business through these and future strong bookings in both renewable and industrial sectors.

Daniel McGahn: Okay, let's talk about some great news and wins. We secured our second three megawatt electrical control systems or ECS order from Inox Wind. Inox Wind has requested immediate delivery under this $8 million dollars follow-on order, and we expect to ship these ECS over the course of calendar year 2024. It is depending on their payments, Inox would like all sets to be delivered during our first quarter of fiscal 2023 but we see it impacting the first and second quarter, it could take longer to deliver, if they are not timely with their payments. Inox's business seems poised to take off in 2024, their public information would lead one to believe this. We are off to an encouraging start in calendar year 2024, with this follow-on order from our partner Inox for our cutting-edge, three megawatt class ECS. We see continuous demand for their two megawatt turbine, and our two megawatt ECS as well.

Daniel McGahn: Okay, let's talk about some great news and wins.

Daniel McGahn: We secured our second three megawatt electrical control systems or ECS order from Inox Wind. Inox Wind has requested immediate delivery under this $8 million dollars follow-on order, and we expect to ship these ECS over the course of calendar year 2024. It is depending on their payments, Inox would like all sets to be delivered during our first quarter of fiscal 2023 but we see it impacting the first and second quarter, it could take longer to deliver, if they are not timely with their payments. Inox's business seems poised to take off in 2024, their public information would lead one to believe this. We are off to an encouraging start in calendar year 2024, with this follow-on order from our partner Inox for our cutting-edge, three megawatt class ECS. We see continuous demand for their two megawatt turbine, and our two megawatt ECS as well.

Daniel McGahn: We secured our second three megawatt electrical control systems or ECS order from Inox Wind.

Speaker Change: Okay, let's talk about some great news and wins, we secured our second three megawatt electrical control systems or ECS order from <unk> wind IMAX wind has requested immediate delivery under this $8 million follow on order and we expect to ship. These ECS over the course of calendar year 'twenty 'twenty four.

Daniel McGahn: Inox Wind has requested immediate delivery under this $8 million dollars follow-on order, and we expect to ship these ECS over the course of calendar year 2024. It is depending on their payments, Inox would like all sets to be delivered during our first quarter of fiscal 2023 but we see it impacting the first and second quarter, it could take longer to deliver, if they are not timely with their payments. Inox's business seems poised to take off in 2024, their public information would lead one to believe this. We are off to an encouraging start in calendar year 2024, with this follow-on order from our partner Inox for our cutting-edge, three megawatt class ECS. We see continuous demand for their two megawatt turbine, and our two megawatt ECS as well.

Daniel McGahn: Inox Wind has requested immediate delivery under this $8 million dollars follow-on order, and we expect to ship these ECS over the course of calendar year 2024.

Daniel McGahn: It is depending on their payments, Inox would like all sets to be delivered during our first quarter of fiscal 2023 but we see it impacting the first and second quarter, it could take longer to deliver, if they are not timely with their payments. Inox's business seems poised to take off in 2024, their public information would lead one to believe this. We are off to an encouraging start in calendar year 2024, with this follow-on order from our partner Inox for our cutting-edge, three megawatt class ECS. We see continuous demand for their two megawatt turbine, and our two megawatt ECS as well.

Speaker Change: It is depending on their payments IMAX, but like all sets to be delivered during our first quarter of fiscal 2023.

We see it impacting the first and second quarter it could take longer to deliver if they are not timely with their payments.

Daniel McGahn: Inox's business seems poised to take off in 2024, their public information would lead one to believe this. We are off to an encouraging start in calendar year 2024, with this follow-on order from our partner Inox for our cutting-edge, three megawatt class ECS. We see continuous demand for their two megawatt turbine, and our two megawatt ECS as well.

IMAX wind: <unk> business seems poised to take off in 2024.

IMAX wind: There are public information would lead one to believe this.

IMAX wind: We are off to an encouraging start in calendar year 2024, with this follow on order from our partner <unk> for our cutting edge three megawatt class ECS, we see continuous demand for their two megawatt turbine at our two megawatt ECS as well.

Daniel McGahn: Additionally, we have made progress on our Navy development programs, and secured orders to continue that work, we are working to insert our technology into multiple navies fleets. Over the past several years, we've taken a series of very deliberate actions to diversify our business, and grow through our grid business. Over a five year period, we nearly tripled our grid business revenue, and had consistent revenue growth of over 17% compounded annual growth rate. We acquired and integrated three companies, which have successfully broadened our sales leverage, expanded our content offerings, and contributed to our increased total revenue. We are pleased with these results, and super excited about the rest of the year. Now I'll turn the call over to John Kosiba, to review our financial results for the third quarter of fiscal year 2023, and provide guidance for the fourth quarter of fiscal year 2023, which will end March 31 2024, John.

Daniel McGahn: Additionally, we have made progress on our Navy development programs, and secured orders to continue that work, we are working to insert our technology into multiple navies fleets.

IMAX wind: Additionally, we have made progress on our Navy development programs and secured orders to continue that work.

IMAX wind: We are working to insert our technology into multiple navies fleets.

Daniel McGahn: Over the past several years, we've taken a series of very deliberate actions to diversify our business, and grow through our grid business. Over a five year period, we nearly tripled our grid business revenue, and had consistent revenue growth of over 17% compounded annual growth rate. We acquired and integrated three companies, which have successfully broadened our sales leverage, expanded our content offerings, and contributed to our increased total revenue. We are pleased with these results, and super excited about the rest of the year. Now I'll turn the call over to John Kosiba, to review our financial results for the third quarter of fiscal year 2023, and provide guidance for the fourth quarter of fiscal year 2023, which will end March 31 2024, John.

Daniel McGahn: Over the past several years, we've taken a series of very deliberate actions to diversify our business, and grow through our grid business.

IMAX wind: Over the past several years, we've taken a series of very deliberate actions to diversify our business and grow through our grid business over a five year period, we nearly tripled our grid business revenue and had consistent revenue growth up over 17% compounded annual growth rate, we acquired and integrated.

Daniel McGahn: Over a five year period, we nearly tripled our grid business revenue, and had consistent revenue growth of over 17% compounded annual growth rate. We acquired and integrated three companies, which have successfully broadened our sales leverage, expanded our content offerings, and contributed to our increased total revenue. We are pleased with these results, and super excited about the rest of the year. Now I'll turn the call over to John Kosiba, to review our financial results for the third quarter of fiscal year 2023, and provide guidance for the fourth quarter of fiscal year 2023, which will end March 31 2024, John.

Daniel McGahn: Over a five year period, we nearly tripled our grid business revenue, and had consistent revenue growth of over 17% compounded annual growth rate.

Daniel McGahn: We acquired and integrated three companies, which have successfully broadened our sales leverage, expanded our content offerings, and contributed to our increased total revenue. We are pleased with these results, and super excited about the rest of the year. Now I'll turn the call over to John Kosiba, to review our financial results for the third quarter of fiscal year 2023, and provide guidance for the fourth quarter of fiscal year 2023, which will end March 31 2024, John.

Daniel McGahn: We acquired and integrated three companies, which have successfully broadened our sales leverage, expanded our content offerings, and contributed to our increased total revenue.

IMAX wind: Three companies, which have successfully broadened our sales leverage expanded our content offerings and contributed to our increased total revenue. We are pleased with these results and Super excited about the rest of the year.

Daniel McGahn: We are pleased with these results, and super excited about the rest of the year. Now I'll turn the call over to John Kosiba, to review our financial results for the third quarter of fiscal year 2023, and provide guidance for the fourth quarter of fiscal year 2023, which will end March 31 2024, John.

Daniel McGahn: We are pleased with these results, and super excited about the rest of the year.

Daniel McGahn: Now I'll turn the call over to John Kosiba, to review our financial results for the third quarter of fiscal year 2023, and provide guidance for the fourth quarter of fiscal year 2023, which will end March 31 2024, John.

Now I'll turn the call over to John Kosiba to review, our financial results for the third quarter of fiscal year 2023, and provide guidance for the fourth quarter of fiscal year 2023, which will end March 31 2024, John.

John Kosiba: Thanks, Danielle and good morning, everyone. A M. A C generated revenues of $39 4 million for the third quarter of fiscal 2023 compared to $23 9 million in the year ago quarter. Our grid business unit accounted for 85% of total revenues, while our wind business unit accounted for 15%. Grid business unit revenues increased by 61% in the third quarter versus the year ago quarter, while our wind business unit increased by 87% over the same time period. Looking at the P&L in more detail gross margin for the third quarter of fiscal 2023 was 25% compared to 2% in the year ago quarter. Gross margin for the third quarter of fiscal 2023 was positively impacted by the higher revenues a more favorable product mix. The favorable impact across the business from pricing increases across all product lines. Moving on to operating expenses, R&D and SG&A expenses for the third quarter of fiscal 2023 were $10 million compared to $9 3 million in the year ago quarter. Approximately 11% of R&D and SG&A expenses in the third quarter of fiscal 2023 were noncash. Our non-GAAP net income for the third quarter of fiscal 2023 was 900000 or three cents per share compared with a net loss of $7 7 million or 27 cents per share in the year ago quarter. But net loss in the third quarter of fiscal 2023 was $1 6 million or six cents per share. This compares to a net loss of $9 6 million or 34 cents per share in the year ago quarter. Please see our press release issued last night for a reconciliation of GAAP to non-GAAP results. We ended the third quarter of fiscal 2023, with 25 million in cash cash equivalents and restricted cash. This compares with 24 million on September 32023. Our operating cash flow in the third quarter of fiscal 2023 generated $1 3 million. Now turning to our financial guidance for fourth quarter of fiscal 2023, we expect that our revenues will be in the range of $36 million to $40 million.

John Kosiba: Thanks, Danielle and good morning, everyone. AMSC generated revenues of $39.4 million for the third quarter of fiscal 2023, compared to $23.9 million in the year ago quarter. Our grid business unit accounted for 85% of total revenues, while our wind business unit accounted for 15%. Grid business unit revenues increased by 61% in the third quarter, versus the year ago quarter, while our wind business unit increased by 87% over the same time period. Looking at the P&L in more detail, gross margin for the third quarter of fiscal 2023 was 25% compared to 2% in the year ago quarter. Gross margin for the third quarter of fiscal 2023 was positively impacted by the higher revenues, a more favorable product mix, and the favorable impact across the business from pricing increases across all product lines. Moving on to operating expenses, R&D and SG&A expenses for the third quarter of fiscal 2023 were $10 million, compared to $9.3 million in the year ago quarter. Approximately 11% of R&D and SG&A expenses in the third quarter of fiscal 2023 were non-cash. Our non-GAAP net income for the third quarter of fiscal 2023 was 900,000, or three cents per share, compared with a net loss of $7.7 million, or 27 cents per-share in the year ago quarter. Our net loss in the third quarter of fiscal 2023 was $1.6 million, or six cents per share, this compares to a net loss of $9.6 million, or 34 cents per share in the year ago quarter. Please see our press release issued last night for a reconciliation of GAAP, to non-GAAP results. We ended the third quarter of fiscal 2023, with $25 million in cash, cash equivalents, and restricted cash. This compares with 24 million on September 30th 2023. Our operating cash flow in the third quarter of fiscal 2023 generated $1.3 million.

John Kosiba: Thanks, Danielle and good morning, everyone. AMSC generated revenues of $39.4 million for the third quarter of fiscal 2023, compared to $23.9 million in the year ago quarter.

A M. A C generated revenues of $39 4 million for the third quarter of fiscal 2023 compared to $23 9 million in the year ago quarter.

John Kosiba: Our grid business unit accounted for 85% of total revenues, while our wind business unit accounted for 15%. Grid business unit revenues increased by 61% in the third quarter, versus the year ago quarter, while our wind business unit increased by 87% over the same time period. Looking at the P&L in more detail, gross margin for the third quarter of fiscal 2023 was 25% compared to 2% in the year ago quarter. Gross margin for the third quarter of fiscal 2023 was positively impacted by the higher revenues, a more favorable product mix, and the favorable impact across the business from pricing increases across all product lines. Moving on to operating expenses, R&D and SG&A expenses for the third quarter of fiscal 2023 were $10 million, compared to $9.3 million in the year ago quarter. Approximately 11% of R&D and SG&A expenses in the third quarter of fiscal 2023 were non-cash. Our non-GAAP net income for the third quarter of fiscal 2023 was 900,000, or three cents per share, compared with a net loss of $7.7 million, or 27 cents per-share in the year ago quarter. Our net loss in the third quarter of fiscal 2023 was $1.6 million, or six cents per share, this compares to a net loss of $9.6 million, or 34 cents per share in the year ago quarter. Please see our press release issued last night for a reconciliation of GAAP, to non-GAAP results. We ended the third quarter of fiscal 2023, with $25 million in cash, cash equivalents, and restricted cash. This compares with 24 million on September 30th 2023. Our operating cash flow in the third quarter of fiscal 2023 generated $1.3 million.

John Kosiba: Our grid business unit accounted for 85% of total revenues, while our wind business unit accounted for 15%.

John W. Heilshorn: Our grid business unit accounted for 85% of total revenues, while our wind business unit accounted for 15%.

John Kosiba: Grid business unit revenues increased by 61% in the third quarter, versus the year ago quarter, while our wind business unit increased by 87% over the same time period. Looking at the P&L in more detail, gross margin for the third quarter of fiscal 2023 was 25% compared to 2% in the year ago quarter. Gross margin for the third quarter of fiscal 2023 was positively impacted by the higher revenues, a more favorable product mix, and the favorable impact across the business from pricing increases across all product lines. Moving on to operating expenses, R&D and SG&A expenses for the third quarter of fiscal 2023 were $10 million, compared to $9.3 million in the year ago quarter. Approximately 11% of R&D and SG&A expenses in the third quarter of fiscal 2023 were non-cash. Our non-GAAP net income for the third quarter of fiscal 2023 was 900,000, or three cents per share, compared with a net loss of $7.7 million, or 27 cents per-share in the year ago quarter. Our net loss in the third quarter of fiscal 2023 was $1.6 million, or six cents per share, this compares to a net loss of $9.6 million, or 34 cents per share in the year ago quarter. Please see our press release issued last night for a reconciliation of GAAP, to non-GAAP results. We ended the third quarter of fiscal 2023, with $25 million in cash, cash equivalents, and restricted cash. This compares with 24 million on September 30th 2023. Our operating cash flow in the third quarter of fiscal 2023 generated $1.3 million.

John Kosiba: Grid business unit revenues increased by 61% in the third quarter, versus the year ago quarter, while our wind business unit increased by 87% over the same time period.

John W. Heilshorn: Grid business unit revenues increased by 61% in the third quarter versus the year ago quarter, while our wind business unit increased by 87% over the same time period.

John Kosiba: Looking at the P&L in more detail, gross margin for the third quarter of fiscal 2023 was 25% compared to 2% in the year ago quarter. Gross margin for the third quarter of fiscal 2023 was positively impacted by the higher revenues, a more favorable product mix, and the favorable impact across the business from pricing increases across all product lines. Moving on to operating expenses, R&D and SG&A expenses for the third quarter of fiscal 2023 were $10 million, compared to $9.3 million in the year ago quarter. Approximately 11% of R&D and SG&A expenses in the third quarter of fiscal 2023 were non-cash. Our non-GAAP net income for the third quarter of fiscal 2023 was 900,000, or three cents per share, compared with a net loss of $7.7 million, or 27 cents per-share in the year ago quarter. Our net loss in the third quarter of fiscal 2023 was $1.6 million, or six cents per share, this compares to a net loss of $9.6 million, or 34 cents per share in the year ago quarter. Please see our press release issued last night for a reconciliation of GAAP, to non-GAAP results. We ended the third quarter of fiscal 2023, with $25 million in cash, cash equivalents, and restricted cash. This compares with 24 million on September 30th 2023. Our operating cash flow in the third quarter of fiscal 2023 generated $1.3 million.

John Kosiba: Looking at the P&L in more detail, gross margin for the third quarter of fiscal 2023 was 25% compared to 2% in the year ago quarter.

Danielle Smith: Looking at the P&L in more detail gross margin for the third quarter of fiscal 2023 was 25% compared to 2% in the year ago quarter.

John Kosiba: Gross margin for the third quarter of fiscal 2023 was positively impacted by the higher revenues, a more favorable product mix, and the favorable impact across the business from pricing increases across all product lines. Moving on to operating expenses, R&D and SG&A expenses for the third quarter of fiscal 2023 were $10 million, compared to $9.3 million in the year ago quarter. Approximately 11% of R&D and SG&A expenses in the third quarter of fiscal 2023 were non-cash. Our non-GAAP net income for the third quarter of fiscal 2023 was 900,000, or three cents per share, compared with a net loss of $7.7 million, or 27 cents per-share in the year ago quarter. Our net loss in the third quarter of fiscal 2023 was $1.6 million, or six cents per share, this compares to a net loss of $9.6 million, or 34 cents per share in the year ago quarter. Please see our press release issued last night for a reconciliation of GAAP, to non-GAAP results. We ended the third quarter of fiscal 2023, with $25 million in cash, cash equivalents, and restricted cash. This compares with 24 million on September 30th 2023. Our operating cash flow in the third quarter of fiscal 2023 generated $1.3 million.

Danielle Smith: Gross margin for the third quarter of fiscal 2023 was positively impacted by the higher revenues a more favorable product mix.

Danielle Smith: The favorable impact across the business from pricing increases across all product lines.

John Kosiba: Moving on to operating expenses, R&D and SG&A expenses for the third quarter of fiscal 2023 were $10 million, compared to $9.3 million in the year ago quarter. Approximately 11% of R&D and SG&A expenses in the third quarter of fiscal 2023 were non-cash. Our non-GAAP net income for the third quarter of fiscal 2023 was 900,000, or three cents per share, compared with a net loss of $7.7 million, or 27 cents per-share in the year ago quarter. Our net loss in the third quarter of fiscal 2023 was $1.6 million, or six cents per share, this compares to a net loss of $9.6 million, or 34 cents per share in the year ago quarter. Please see our press release issued last night for a reconciliation of GAAP, to non-GAAP results. We ended the third quarter of fiscal 2023, with $25 million in cash, cash equivalents, and restricted cash. This compares with 24 million on September 30th 2023. Our operating cash flow in the third quarter of fiscal 2023 generated $1.3 million.

John Kosiba: Moving on to operating expenses, R&D and SG&A expenses for the third quarter of fiscal 2023 were $10 million, compared to $9.3 million in the year ago quarter.

Danielle Smith: Moving on to operating expenses, R&D and SG&A expenses for the third quarter of fiscal 2023 were $10 million compared to $9 3 million in the year ago quarter.

John Kosiba: Approximately 11% of R&D and SG&A expenses in the third quarter of fiscal 2023 were non-cash. Our non-GAAP net income for the third quarter of fiscal 2023 was 900,000, or three cents per share, compared with a net loss of $7.7 million, or 27 cents per-share in the year ago quarter. Our net loss in the third quarter of fiscal 2023 was $1.6 million, or six cents per share, this compares to a net loss of $9.6 million, or 34 cents per share in the year ago quarter. Please see our press release issued last night for a reconciliation of GAAP, to non-GAAP results. We ended the third quarter of fiscal 2023, with $25 million in cash, cash equivalents, and restricted cash. This compares with 24 million on September 30th 2023. Our operating cash flow in the third quarter of fiscal 2023 generated $1.3 million.

Danielle Smith: Approximately 11% of R&D and SG&A expenses in the third quarter of fiscal 2023 were noncash.

Danielle Smith: Our non-GAAP net income for the third quarter of fiscal 2023 was 900000 or three cents per share compared with a net loss of $7 7 million or 27 cents per share in the year ago quarter.

John Kosiba: Our net loss in the third quarter of fiscal 2023 was $1.6 million, or six cents per share, this compares to a net loss of $9.6 million, or 34 cents per share in the year ago quarter. Please see our press release issued last night for a reconciliation of GAAP, to non-GAAP results. We ended the third quarter of fiscal 2023, with $25 million in cash, cash equivalents, and restricted cash. This compares with 24 million on September 30th 2023. Our operating cash flow in the third quarter of fiscal 2023 generated $1.3 million.

John Kosiba: Our net loss in the third quarter of fiscal 2023 was $1.6 million, or six cents per share, this compares to a net loss of $9.6 million, or 34 cents per share in the year ago quarter.

Danielle Smith: But net loss in the third quarter of fiscal 2023 was $1 6 million or six cents per share.

Danielle Smith: This compares to a net loss of $9 6 million or 34 cents per share in the year ago quarter.

John Kosiba: Please see our press release issued last night for a reconciliation of GAAP, to non-GAAP results. We ended the third quarter of fiscal 2023, with $25 million in cash, cash equivalents, and restricted cash. This compares with 24 million on September 30th 2023. Our operating cash flow in the third quarter of fiscal 2023 generated $1.3 million.

Danielle Smith: Please see our press release issued last night for a reconciliation of GAAP to non-GAAP results.

Danielle Smith: We ended the third quarter of fiscal 2023, with 25 million in cash cash equivalents and restricted cash.

John Kosiba: This compares with 24 million on September 30th 2023. Our operating cash flow in the third quarter of fiscal 2023 generated $1.3 million.

John Kosiba: This compares with 24 million on September 30th 2023.

Danielle Smith: This compares with 24 million on September 32023.

John Kosiba: Our operating cash flow in the third quarter of fiscal 2023 generated $1.3 million.

Danielle Smith: Our operating cash flow in the third quarter of fiscal 2023 generated $1 3 million.

John Kosiba: Now turning to our financial guidance for fourth quarter of fiscal 2023, we expect that our revenues will be in the range of $36 million to $40 million. Our net loss is expected not to exceed $3.5 million or 12 cents per share, our non-GAAP net loss is expected not to exceed $1.7 million, or six cents per share. We expect operating cash flow to be breakeven to positive cash generation of $2 million. We expect to end the fourth quarter with no less than $25 million in cash, cash equivalents, and restricted cash. With that I'll turn the call back over to Daniel.

John Kosiba: Now turning to our financial guidance for fourth quarter of fiscal 2023, we expect that our revenues will be in the range of $36 million to $40 million.

Danielle Smith: Now turning to our financial guidance for fourth quarter of fiscal 2023, we expect that our revenues will be in the range of $36 million to $40 million.

John Kosiba: Our net loss is expected not to exceed $3.5 million or 12 cents per share, our non-GAAP net loss is expected not to exceed $1.7 million, or six cents per share. We expect operating cash flow to be breakeven to positive cash generation of $2 million. We expect to end the fourth quarter with no less than $25 million in cash, cash equivalents, and restricted cash. With that I'll turn the call back over to Daniel.

John Kosiba: Our net loss is expected not to exceed $3.5 million or 12 cents per share, our non-GAAP net loss is expected not to exceed $1.7 million, or six cents per share.

Danielle Smith: Net loss is expected not to exceed $3 5 million or 12 cents per share. Our non-GAAP net loss is expected not to exceed $1 7 million or six cents per share.

John Kosiba: We expect operating cash flow to be breakeven to positive cash generation of $2 million. We expect to end the fourth quarter with no less than $25 million in cash, cash equivalents, and restricted cash. With that I'll turn the call back over to Daniel.

Danielle Smith: We expect operating cash flow to be breakeven to positive cash generation of $2 million.

Danielle Smith: We expect to end the fourth quarter with no less than $25 million in cash cash equivalents and restricted cash.

John Kosiba: With that I'll turn the call back over to Daniel.

Daniel: With that I'll turn the call back over to Daniel.

Daniel McGahn: Thanks, John. We didn't guide to that last quarter, but we are this quarter and that has meaning. This is the second quarter in a row, where we achieved positive operating cash flow and expect to do that again for a third quarter. Strong market demand from renewables industrials and utilities drove new energy power systems orders for our third quarter of fiscal year 2023. Our orders illustrates market diversification from customers and metals mining and materials. In semiconductors to military and utility applications, we see opportunities for our products and services as utilities address. The addition of distributed power into the electric grid, we have a robust pipeline of opportunities. Thanks to strong market demand and we are aggressively going after it. Those opportunities. We see the wind market strengthening in India. And that should translate into expanded business for us next year. We've been able to make significant progress in all our U S Navy programs and we see more ships on the horizon. Our resilient electric grid system in Chicago continues to operate as planned and we believe we have a solution that can solve many existing problems in the electrical grid of many cities. We are committed to the continued diversification of our business expanding our scale and reach domestically and internationally. And investing in resilient markets that create a path for a more sustainable world our key growth markets our renewables. Mining materials, and metals, particularly for electric and hybrid vehicles. Conductors utilities and military. We believe the March towards a more sustainable world will be a driver for the markets. We serve in the foreseeable future. Our products are expected to play a central role in this evolution and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing any business, that's supporting power management at the substation level for renewables mining and metals utilities and for military uses as well as supporting customers in the semiconductor industry. We have turned a corner. And delivered another outstanding quarter, we arent looking back we can see the fundamentals of our business are well grounded it feels like we have the wind at our back. Policy is driving more renewables the re shoring of semiconductor capacity in America. The rise of the electric vehicle and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de carbonization and you're wondering who will be providing these solutions you have come to the right place. To conclude we built a stable and diversified business that we believe is well positioned to capitalize on the future of investments in renewables the future of investments in semiconductors, the future of investment in electric vehicles and the mining of the materials that go into these three markets as well.

Daniel McGahn: Thanks, John. We didn't guide to that last quarter, but we are this quarter, and that has meaning. This is the second quarter in a row where we achieved positive operating cash flow, and expect to do that again for a third quarter. Strong market demand from renewables, industrials and utilities drove new energy power systems orders for our third quarter of fiscal year 2023. Our orders illustrates market diversification from customers and metals, mining and materials, and semiconductors to military and utility applications. We see opportunities for our products and services, as utilities address the addition of distributed power into the electric grid. We have a robust pipeline of opportunities thanks to strong market demand, and we are aggressively going after those opportunities. We see the wind market strengthening in India, and that should translate into expanded business for us next year. We've been able to make significant progress in all our US Navy programs, and we see more ships on the horizon. Our resilient electric grid system in Chicago continues to operate, as planned, and we believe we have a solution that can solve many existing problems in the electrical grid of many cities. We are committed to the continued diversification of our business, expanding our scale, and reach domestically and internationally, and investing in resilient markets that create a path for a more sustainable world. Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semi-conductors, utilities and military. We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Daniel McGahn: Thanks, John.

Daniel McGahn: We didn't guide to that last quarter, but we are this quarter, and that has meaning. This is the second quarter in a row where we achieved positive operating cash flow, and expect to do that again for a third quarter. Strong market demand from renewables, industrials and utilities drove new energy power systems orders for our third quarter of fiscal year 2023. Our orders illustrates market diversification from customers and metals, mining and materials, and semiconductors to military and utility applications. We see opportunities for our products and services, as utilities address the addition of distributed power into the electric grid. We have a robust pipeline of opportunities thanks to strong market demand, and we are aggressively going after those opportunities. We see the wind market strengthening in India, and that should translate into expanded business for us next year. We've been able to make significant progress in all our US Navy programs, and we see more ships on the horizon. Our resilient electric grid system in Chicago continues to operate, as planned, and we believe we have a solution that can solve many existing problems in the electrical grid of many cities. We are committed to the continued diversification of our business, expanding our scale, and reach domestically and internationally, and investing in resilient markets that create a path for a more sustainable world. Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semi-conductors, utilities and military. We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Daniel McGahn: We didn't guide to that last quarter, but we are this quarter, and that has meaning.

John: We didn't guide to that last quarter, but we are this quarter and that has meaning.

John: This is the second quarter in a row, where we achieved positive operating cash flow and expect to do that again for a third quarter.

Daniel McGahn: This is the second quarter in a row where we achieved positive operating cash flow, and expect to do that again for a third quarter. Strong market demand from renewables, industrials and utilities drove new energy power systems orders for our third quarter of fiscal year 2023. Our orders illustrates market diversification from customers and metals, mining and materials, and semiconductors to military and utility applications. We see opportunities for our products and services, as utilities address the addition of distributed power into the electric grid. We have a robust pipeline of opportunities thanks to strong market demand, and we are aggressively going after those opportunities. We see the wind market strengthening in India, and that should translate into expanded business for us next year. We've been able to make significant progress in all our US Navy programs, and we see more ships on the horizon. Our resilient electric grid system in Chicago continues to operate, as planned, and we believe we have a solution that can solve many existing problems in the electrical grid of many cities. We are committed to the continued diversification of our business, expanding our scale, and reach domestically and internationally, and investing in resilient markets that create a path for a more sustainable world. Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semi-conductors, utilities and military. We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Daniel McGahn: This is the second quarter in a row where we achieved positive operating cash flow, and expect to do that again for a third quarter.

John: Strong market demand from renewables industrials and utilities drove new energy power systems orders for our third quarter of fiscal year 2023.

Daniel McGahn: Strong market demand from renewables, industrials and utilities drove new energy power systems orders for our third quarter of fiscal year 2023. Our orders illustrates market diversification from customers and metals, mining and materials, and semiconductors to military and utility applications. We see opportunities for our products and services, as utilities address the addition of distributed power into the electric grid. We have a robust pipeline of opportunities thanks to strong market demand, and we are aggressively going after those opportunities. We see the wind market strengthening in India, and that should translate into expanded business for us next year. We've been able to make significant progress in all our US Navy programs, and we see more ships on the horizon. Our resilient electric grid system in Chicago continues to operate, as planned, and we believe we have a solution that can solve many existing problems in the electrical grid of many cities. We are committed to the continued diversification of our business, expanding our scale, and reach domestically and internationally, and investing in resilient markets that create a path for a more sustainable world. Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semi-conductors, utilities and military. We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Daniel McGahn: Strong market demand from renewables, industrials and utilities drove new energy power systems orders for our third quarter of fiscal year 2023.

John: Our orders illustrates market diversification from customers and metals mining and materials.

Daniel McGahn: Our orders illustrates market diversification from customers and metals, mining and materials, and semiconductors to military and utility applications. We see opportunities for our products and services, as utilities address the addition of distributed power into the electric grid. We have a robust pipeline of opportunities thanks to strong market demand, and we are aggressively going after those opportunities. We see the wind market strengthening in India, and that should translate into expanded business for us next year. We've been able to make significant progress in all our US Navy programs, and we see more ships on the horizon. Our resilient electric grid system in Chicago continues to operate, as planned, and we believe we have a solution that can solve many existing problems in the electrical grid of many cities. We are committed to the continued diversification of our business, expanding our scale, and reach domestically and internationally, and investing in resilient markets that create a path for a more sustainable world. Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semi-conductors, utilities and military. We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Daniel McGahn: Our orders illustrates market diversification from customers and metals, mining and materials, and semiconductors to military and utility applications.

Danielle Smith: In semiconductors to military and utility applications, we see opportunities for our products and services as utilities address. The addition of distributed power into the electric grid, we have a robust pipeline of opportunities. Thanks to strong market demand and we are aggressively going after it.

Daniel McGahn: We see opportunities for our products and services, as utilities address the addition of distributed power into the electric grid. We have a robust pipeline of opportunities thanks to strong market demand, and we are aggressively going after those opportunities. We see the wind market strengthening in India, and that should translate into expanded business for us next year. We've been able to make significant progress in all our US Navy programs, and we see more ships on the horizon. Our resilient electric grid system in Chicago continues to operate, as planned, and we believe we have a solution that can solve many existing problems in the electrical grid of many cities. We are committed to the continued diversification of our business, expanding our scale, and reach domestically and internationally, and investing in resilient markets that create a path for a more sustainable world. Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semi-conductors, utilities and military. We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Daniel McGahn: We see opportunities for our products and services, as utilities address the addition of distributed power into the electric grid.

Daniel McGahn: We have a robust pipeline of opportunities thanks to strong market demand, and we are aggressively going after those opportunities. We see the wind market strengthening in India, and that should translate into expanded business for us next year. We've been able to make significant progress in all our US Navy programs, and we see more ships on the horizon. Our resilient electric grid system in Chicago continues to operate, as planned, and we believe we have a solution that can solve many existing problems in the electrical grid of many cities. We are committed to the continued diversification of our business, expanding our scale, and reach domestically and internationally, and investing in resilient markets that create a path for a more sustainable world. Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semi-conductors, utilities and military. We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Daniel McGahn: We have a robust pipeline of opportunities thanks to strong market demand, and we are aggressively going after those opportunities.

Danielle Smith: Those opportunities.

Daniel McGahn: We see the wind market strengthening in India, and that should translate into expanded business for us next year. We've been able to make significant progress in all our US Navy programs, and we see more ships on the horizon. Our resilient electric grid system in Chicago continues to operate, as planned, and we believe we have a solution that can solve many existing problems in the electrical grid of many cities. We are committed to the continued diversification of our business, expanding our scale, and reach domestically and internationally, and investing in resilient markets that create a path for a more sustainable world. Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semi-conductors, utilities and military. We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Daniel McGahn: We see the wind market strengthening in India, and that should translate into expanded business for us next year.

Danielle Smith: We see the wind market strengthening in India.

Danielle Smith: And that should translate into expanded business for us next year.

Daniel McGahn: We've been able to make significant progress in all our US Navy programs, and we see more ships on the horizon. Our resilient electric grid system in Chicago continues to operate, as planned, and we believe we have a solution that can solve many existing problems in the electrical grid of many cities. We are committed to the continued diversification of our business, expanding our scale, and reach domestically and internationally, and investing in resilient markets that create a path for a more sustainable world. Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semi-conductors, utilities and military. We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Daniel McGahn: We've been able to make significant progress in all our US Navy programs, and we see more ships on the horizon.

Danielle Smith: We've been able to make significant progress in all our U S Navy programs and we see more ships on the horizon.

Daniel McGahn: Our resilient electric grid system in Chicago continues to operate, as planned, and we believe we have a solution that can solve many existing problems in the electrical grid of many cities. We are committed to the continued diversification of our business, expanding our scale, and reach domestically and internationally, and investing in resilient markets that create a path for a more sustainable world. Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semi-conductors, utilities and military. We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Danielle Smith: Our resilient electric grid system in Chicago continues to operate as planned and we believe we have a solution that can solve many existing problems in the electrical grid of many cities.

Daniel McGahn: We are committed to the continued diversification of our business, expanding our scale, and reach domestically and internationally, and investing in resilient markets that create a path for a more sustainable world. Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semi-conductors, utilities and military. We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Danielle Smith: We are committed to the continued diversification of our business expanding our scale and reach domestically and internationally.

Danielle Smith: And investing in resilient markets that create a path for a more sustainable world our key growth markets our renewables.

Daniel McGahn: Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semi-conductors, utilities and military. We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Daniel McGahn: Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semi-conductors, utilities and military.

Danielle Smith: Mining materials, and metals, particularly for electric and hybrid vehicles.

Daniel McGahn: We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Daniel McGahn: We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future.

Danielle Smith: Conductors utilities and military.

Danielle Smith: We believe the March towards a more sustainable world will be a driver for the markets. We serve in the foreseeable future. Our products are expected to play a central role in this evolution and we continue to intensify our efforts and collaboration to take advantage of these trends.

Daniel McGahn: Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Daniel McGahn: Our products are expected to play a central role in this evolution, and we continue to intensify our efforts and collaboration to take advantage of these trends.

Daniel McGahn: We continue to work towards growing a business that's supporting power management at the substation level, for renewables ,mining metals, utilities, and for military uses, as well as supporting customers in the semiconductor industry. We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Danielle Smith: We continue to work towards growing any business, that's supporting power management at the substation level for renewables mining and metals utilities and for military uses as well as supporting customers in the semiconductor industry.

Daniel McGahn: We have turned a corner and delivered another outstanding quarter, we aren't looking back, we can see the fundamentals of our business are well grounded, it feels like we have the wind at our back. Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Danielle Smith: We have turned a corner.

Danielle Smith: And delivered another outstanding quarter, we arent looking back we can see the fundamentals of our business are well grounded it feels like we have the wind at our back.

Daniel McGahn: Policy is driving more renewables, the re-shoring of semiconductor capacity in America, the rise of the electric vehicle, and investment in American infrastructure, all four we see as tailwind. If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Danielle Smith: Policy is driving more renewables the re shoring of semiconductor capacity in America. The rise of the electric vehicle and investment in American infrastructure, all four we see as tailwind.

Daniel McGahn: If you believe that there needs to be a solution to climate and de-carbonization, and you're wondering who will be providing these solutions? You have come to the right place.

Danielle Smith: If you believe that there needs to be a solution to climate and de carbonization and you're wondering who will be providing these solutions you have come to the right place.

Daniel McGahn: To conclude we built a stable and diversified business that we believe is well positioned to capitalize on the future of investments in renewables, the future of investments in semiconductors, the future of investment in electric vehicles, and the mining of the materials that go into these three markets, as well as the defense business. We are driven by the opportunities that climate change presents to us, as well as the electrification of transportation. Our products provide grid support at the power consumption point of electric vehicles, our products also provide support at the mining and factories for the metals and materials used to build these vehicles. We've evolved from being a very concentrated business, with both customer and market concentration, to a more diverse business while at the same time growing revenue, and improving margins. We are focused on improving the financial performance of our business, and continuing to deliver a diversified business, and on making progress towards our longer-term priority of building a sustainable business. I think the team has done a terrific job of achieving this. When we look at our prospects and what our sales pipeline looks like, they're strengthening, not weakening, orders are becoming larger, not smaller. The types of markets we serve are becoming more diverse, less concentrated. So when I look at the near term, say the next year or so, I think our prospects are great, we believe that our differentiated solutions and set of capabilities are a significant advantage that will allow us to serve our customers' ever more efficiently. I want to thank our team for their hard work and support, and I look forward to reporting back to you at the completion of our fourth fiscal quarter and fiscal year end. Gary we'll now take questions from our analysts.

Danielle Smith: To conclude we built a stable and diversified business that we believe is well positioned to capitalize on the future of investments in renewables the future of investments in semiconductors, the future of investment in electric vehicles and the mining of the materials that go into these three markets as well.

As the defense business.

Daniel McGahn: We are driven by the opportunities that climate change presents to us, as well as the electrification of transportation. Our products provide grid support at the power consumption point of electric vehicles, our products also provide support at the mining and factories for the metals and materials used to build these vehicles. We've evolved from being a very concentrated business, with both customer and market concentration, to a more diverse business while at the same time growing revenue, and improving margins. We are focused on improving the financial performance of our business, and continuing to deliver a diversified business, and on making progress towards our longer-term priority of building a sustainable business. I think the team has done a terrific job of achieving this. When we look at our prospects and what our sales pipeline looks like, they're strengthening, not weakening, orders are becoming larger, not smaller. The types of markets we serve are becoming more diverse, less concentrated. So when I look at the near term, say the next year or so, I think our prospects are great, we believe that our differentiated solutions and set of capabilities are a significant advantage that will allow us to serve our customers' ever more efficiently. I want to thank our team for their hard work and support, and I look forward to reporting back to you at the completion of our fourth fiscal quarter and fiscal year end. Gary we'll now take questions from our analysts.

Daniel McGahn: We are driven by the opportunities that climate change presents to us, as well as the electrification of transportation.

Danielle Smith: We are driven by the opportunities that climate change presents to us as well as the electrification of transportation.

Daniel McGahn: Our products provide grid support at the power consumption point of electric vehicles, our products also provide support at the mining and factories for the metals and materials used to build these vehicles. We've evolved from being a very concentrated business, with both customer and market concentration, to a more diverse business while at the same time growing revenue, and improving margins. We are focused on improving the financial performance of our business, and continuing to deliver a diversified business, and on making progress towards our longer-term priority of building a sustainable business. I think the team has done a terrific job of achieving this. When we look at our prospects and what our sales pipeline looks like, they're strengthening, not weakening, orders are becoming larger, not smaller. The types of markets we serve are becoming more diverse, less concentrated. So when I look at the near term, say the next year or so, I think our prospects are great, we believe that our differentiated solutions and set of capabilities are a significant advantage that will allow us to serve our customers' ever more efficiently. I want to thank our team for their hard work and support, and I look forward to reporting back to you at the completion of our fourth fiscal quarter and fiscal year end. Gary we'll now take questions from our analysts.

Danielle Smith: Our products provide grid support at the power consumption point of electric vehicle. Our products also provide support at the binding and factories for the metals and materials used to build these vehicles, we've evolved from being a very concentrated business with both customer and market concentration to a more diverse business.

Daniel McGahn: We've evolved from being a very concentrated business, with both customer and market concentration, to a more diverse business while at the same time growing revenue, and improving margins. We are focused on improving the financial performance of our business, and continuing to deliver a diversified business, and on making progress towards our longer-term priority of building a sustainable business. I think the team has done a terrific job of achieving this. When we look at our prospects and what our sales pipeline looks like, they're strengthening, not weakening, orders are becoming larger, not smaller. The types of markets we serve are becoming more diverse, less concentrated. So when I look at the near term, say the next year or so, I think our prospects are great, we believe that our differentiated solutions and set of capabilities are a significant advantage that will allow us to serve our customers' ever more efficiently. I want to thank our team for their hard work and support, and I look forward to reporting back to you at the completion of our fourth fiscal quarter and fiscal year end. Gary we'll now take questions from our analysts.

Danielle Smith: Well at the same time growing revenue and improving margins.

Daniel McGahn: We are focused on improving the financial performance of our business, and continuing to deliver a diversified business, and on making progress towards our longer-term priority of building a sustainable business. I think the team has done a terrific job of achieving this. When we look at our prospects and what our sales pipeline looks like, they're strengthening, not weakening, orders are becoming larger, not smaller. The types of markets we serve are becoming more diverse, less concentrated. So when I look at the near term, say the next year or so, I think our prospects are great, we believe that our differentiated solutions and set of capabilities are a significant advantage that will allow us to serve our customers' ever more efficiently. I want to thank our team for their hard work and support, and I look forward to reporting back to you at the completion of our fourth fiscal quarter and fiscal year end. Gary we'll now take questions from our analysts.

Danielle Smith: We are focused on improving the financial performance of our business and continuing to deliver a diversified business.

Danielle Smith: And on making progress towards our longer term priority of building a sustainable business I think the team has done a terrific job of achieving this.

Daniel McGahn: I think the team has done a terrific job of achieving this. When we look at our prospects and what our sales pipeline looks like, they're strengthening, not weakening, orders are becoming larger, not smaller. The types of markets we serve are becoming more diverse, less concentrated. So when I look at the near term, say the next year or so, I think our prospects are great, we believe that our differentiated solutions and set of capabilities are a significant advantage that will allow us to serve our customers' ever more efficiently. I want to thank our team for their hard work and support, and I look forward to reporting back to you at the completion of our fourth fiscal quarter and fiscal year end. Gary we'll now take questions from our analysts.

Danielle Smith: When we look at our prospects and what our sales pipeline looks like.

Danielle Smith: They are strengthening.

Daniel McGahn: The types of markets we serve are becoming more diverse, less concentrated. So when I look at the near term, say the next year or so, I think our prospects are great, we believe that our differentiated solutions and set of capabilities are a significant advantage that will allow us to serve our customers' ever more efficiently. I want to thank our team for their hard work and support, and I look forward to reporting back to you at the completion of our fourth fiscal quarter and fiscal year end. Gary we'll now take questions from our analysts.

Danielle Smith: Weakening orders are becoming larger not smaller.

Danielle Smith: The types of markets, we serve are becoming more diverse less concentrated.

Danielle Smith: So when I look at the near term say the next year or so I think our prospects are great. We believe that our differentiated solutions and set of capabilities are a significant advantage that will allow us to serve our customers' ever more efficiently.

Daniel McGahn: I want to thank our team for their hard work and support, and I look forward to reporting back to you at the completion of our fourth fiscal quarter and fiscal year end. Gary we'll now take questions from our analysts.

Daniel McGahn: I want to thank our team for their hard work and support, and I look forward to reporting back to you at the completion of our fourth fiscal quarter and fiscal year end.

Danielle Smith: Want to thank our team for their hard work and support and I look forward to reporting back to you at the completion of our fourth fiscal quarter and fiscal year end, Gary will now take questions from our analysts.

Daniel McGahn: Gary we'll now take questions from our analysts.

Operator: We will now begin the question and answer session, to ask a question you may press star, then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Eric Stine with Craig-Hallum. Please go ahead.

Operator: To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Eric Stine with Craig-Hallum. Please go ahead.

At this time, we will pause momentarily to assemble our roster.

Operator: At this time, we will pause momentarily to assemble our roster. Our first question comes from Eric Stine with Craig-Hallum. Please go ahead.

Danielle Smith: Yes.

Gary Smith: Our first question comes from Eric Stine with Craig Hallum. Please go ahead.

Eric Stine: Hi, Daniel, Hi, John. They are. Good morning. So maybe can we just start with wind could you just discuss you've talked about it a little bit, but I just want to make sure I'm clear on how you expect this this three megawatt order and I know, it's payment dependent but this the order for the three megawatt control systems, how you see that playing out here. In calendar year 'twenty four were you talking fiscal Q1, and Q2 is when you would expect the majority of that

Eric Stine: Hi, Daniel, Hi, John. They are.

Eric Stine: Hi, Daniel, Hi, John.

Daniel McGahn: Hi Eric.

Gary Smith: They are.

Eric Stine: Good morning. So maybe, can we just start with wind? Could you just discuss, you've talked about it a little bit, but I just want to make sure I'm clear on it. How you expect this three megawatt order, I know it's payment-dependent, but this, the order for the three megawatt control systems, how you see that playing out here in calendar year '24? Were you talking fiscal Q1, and Q2 is when you would expect the majority of that?

Eric Stine: Good morning. So maybe, can we just start with wind? Could you just discuss, you've talked about it a little bit, but I just want to make sure I'm clear on it.

Gary Smith: Good morning.

John: So maybe can we just start with wind could you just discuss you've talked about it a little bit, but I just want to make sure I'm clear on how you expect this this three megawatt order and I know, it's payment dependent but this the order for the three megawatt control systems, how you see that playing out here.

Eric Stine: How you expect this three megawatt order, I know it's payment-dependent, but this, the order for the three megawatt control systems, how you see that playing out here in calendar year '24? Were you talking fiscal Q1, and Q2 is when you would expect the majority of that?

John: In calendar year 'twenty four were you talking fiscal Q1, and Q2 is when you would expect the majority of that yeah. That's exactly right I think it'll be roughly balanced between the two the first two quarters. They want it as fast as possible, where we're at a point now where.

In calendar year 'twenty four were you talking fiscal Q1, and Q2 is when you would expect the majority of that

Eric Stine: Were you talking fiscal Q1, and Q2 is when you would expect the majority of that?

Daniel McGahn: Yeah, that's exactly right, I think it'll be roughly balanced between the two, the first two quarters. They want it as fast as possible, we're at a point now where they're gonna be handing them out in the short term, and we want to make sure we support them, as best we possibly can, as quickly as we possibly can. But I don't want to set your expectations too high, it even could leak a bit into the December quarter or third quarter. It really depends upon our ability to manage our supply chain, but it really starts with them paying everything on time, which to their credit, at least recently they've been pretty good at, but I do want to make sure that everybody on the call understands that risk.

Daniel McGahn: Yeah, that's exactly right, I think it'll be roughly balanced between the two, the first two quarters.

Daniel McGahn: They want it as fast as possible, we're at a point now where they're gonna be handing them out in the short term, and we want to make sure we support them, as best we possibly can, as quickly as we possibly can. But I don't want to set your expectations too high, it even could leak a bit into the December quarter or third quarter. It really depends upon our ability to manage our supply chain, but it really starts with them paying everything on time, which to their credit, at least recently they've been pretty good at, but I do want to make sure that everybody on the call understands that risk.

Gary Smith: They're gonna be hand to mouth in the short term and we want to make sure we support them as best we possibly can as quickly as we possibly can but I don't want to set your expectations to I R. It even could lead to a bit into the December quarter, our third quarter. It really depends upon our ability to manage our supply chain, but it really starts with them paying everything on time, which.

Daniel McGahn: But I don't want to set your expectations too high, it even could leak a bit into the December quarter or third quarter. It really depends upon our ability to manage our supply chain, but it really starts with them paying everything on time, which to their credit, at least recently they've been pretty good at, but I do want to make sure that everybody on the call understands that risk.

Daniel McGahn: But I don't want to set your expectations too high, it even could leak a bit into the December quarter or third quarter.

Daniel McGahn: It really depends upon our ability to manage our supply chain, but it really starts with them paying everything on time, which to their credit, at least recently they've been pretty good at, but I do want to make sure that everybody on the call understands that risk.

Gary Smith: To their credit at least recently they've been pretty good at but I do want to make sure that everybody on the call understands that risk.

Eric Stine: Yeah, no understood. And then, just sticking with wind on Q3, right I mean that, the December quarter. I would assume that the majority of that is the two megawatt, I mean systems for the two megawatt turbine, or there might be a little bit of three megawatt in there? How should we think about that?

Eric Stine: Yeah, no understood. And then, just sticking with wind on Q3, right I mean that, the December quarter.

Gary Smith: Understood and then.

Gary Smith: Just sticking with wind on Q3, right I mean that the December quarter.

Eric Stine: I would assume that the majority of that is the two megawatt, I mean systems for the two megawatt turbine, or there might be a little bit of three megawatt in there? How should we think about that?

Eric Stine: I would assume that the majority of that is the two megawatt, I mean systems for the two megawatt turbine, or there might be a little bit of three megawatt in there?

Gary Smith: I would assume that the majority of that is the two megawatt systems for the two megawatt turbine or there might be a little bit of three megawatt in there yeah, I really think about it than it is in Q3, and we're just starting to get ready to start to deliver on the beginnings of the order that we received back.

I would assume that the majority of that is the two megawatt systems for the two megawatt turbine or there might be a little bit of three megawatt in there

Eric Stine: How should we think about that?

Daniel McGahn: [Inaudible] in Q3, and we're just starting to get ready to start to deliver on the beginnings of the order that we received back a couple of quarters ago. We're at a point now where we're kind of where we were early in the two megawatt, but we're going to get, hopefully a series of successive orders, maybe they'll be similar in size, maybe they'll grow in size, but we actually have a chart in the slide deck where we try to show the history that we have for the two megawatt. We're hoping that we're going to see that happen again with the three, and all signs from India for Inox lead us to believe that that's probably correct.

Daniel McGahn: [Inaudible] in Q3, and we're just starting to get ready to start to deliver on the beginnings of the order that we received back a couple of quarters ago.

Daniel McGahn: We're at a point now where we're kind of where we were early in the two megawatt, but we're going to get, hopefully a series of successive orders, maybe they'll be similar in size, maybe they'll grow in size, but we actually have a chart in the slide deck where we try to show the history that we have for the two megawatt. We're hoping that we're going to see that happen again with the three, and all signs from India for Inox lead us to believe that that's probably correct.

Gary Smith: A couple of quarters ago, we're at a point now where we're kind of where we were early in the two megawatt where we're going to get.

Gary Smith: Hopefully a series of successive orders, maybe they'll be similar in size, maybe it will grow in size, but we actually have a chart in the slide deck, where we try to show the history. The history that we have for the two megawatt we're hoping that we're going to see that happen again with the three and all signs from India for my next lead us to believe that that's probably.

Daniel McGahn: We're hoping that we're going to see that happen again with the three, and all signs from India for Inox lead us to believe that that's probably correct.

Eric Stine: Okay, and so, I mean, when we think about this, you know, almost nearly $6 million dollars, now taking out the $8 million dollars for the three megawatt right. I mean, it's this of a representative number for the, primarily the two megawatt, you layer the three on top? Or how do you think about kind of a quarterly run rate, again, knowing that you might have two quarters that are higher? What that looks like here you know through fiscal '24?

Eric Stine: Okay, and so, I mean, when we think about this, you know, almost nearly $6 million dollars, now taking out the $8 million dollars for the three megawatt right.

Gary Smith: Okay, and so I.

Gary Smith: I mean, when we think about this you know almost nearly $6 million now taking out the $8 million for the three megawatt right. I mean, it's this is this kind of a representative number for for that.

Eric Stine: I mean, it's this of a representative number for the, primarily the two megawatt, you layer the three on top? Or how do you think about kind of a quarterly run rate, again, knowing that you might have two quarters that are higher? What that looks like here you know through fiscal '24?

Eric Stine: I mean, it's this of a representative number for the, primarily the two megawatt, you layer the three on top?

Danielle Smith: Primarily the two megawatt you layer the three on prop or how do you think about kind of a quarterly run rate again, knowing that you might have two quarters that are higher what that looks like here you know through fiscal 'twenty four.

Eric Stine: Or how do you think about kind of a quarterly run rate, again, knowing that you might have two quarters that are higher? What that looks like here you know through fiscal '24?

Eric Stine: Or how do you think about kind of a quarterly run rate, again, knowing that you might have two quarters that are higher?

Eric Stine: What that looks like here you know through fiscal '24?

Daniel McGahn: Yeah, I think if you go back, let's look at the previous say three quarters or so, so in looking at that run rate, that's probably where we are with the two. I think there are some indications in the market that they're going to sell more twos as well, but again, it's always hard with this customer to be able to forecast it, part of why we have focused so much on grid is. We love Inox, they're a great customer, but if their business slows down or starts up, their access to capital could either help her hamper their ability to deliver to their customers. So we want to do everything we can to support them, we've been waiting for years for this business to start to come back, and I think one of the key messages today, we really feel like the wind is on our back now literally are in India, and we should have a strong, we think '24.

Daniel McGahn: Yeah, I think if you go back, let's look at the previous say three quarters or so, so in looking at that run rate, that's probably where we are with the two. I

Daniel McGahn: think there are some indications in the market that they're going to sell more twos as well, but again, it's always hard with this customer to be able to forecast it, part of why we have focused so much on grid is. We love Inox, they're a great customer, but if their business slows down or starts up, their access to capital could either help her hamper their ability to deliver to their customers. So we want to do everything we can to support them, we've been waiting for years for this business to start to come back, and I think one of the key messages today, we really feel like the wind is on our back now literally are in India, and we should have a strong, we think '24.

Gary Smith: Did is we love IMAX, they're a great customer, but as their business slows down or starts up their access to capital could either help her hamper their ability to deliver to their customers. So we want to do everything we can to support them. We've been waiting for years for this business to start to come back and I think one of the key messages today, we really.

Daniel McGahn: We love Inox, they're a great customer, but if their business slows down or starts up, their access to capital could either help her hamper their ability to deliver to their customers. So we want to do everything we can to support them, we've been waiting for years for this business to start to come back, and I think one of the key messages today, we really feel like the wind is on our back now literally are in India, and we should have a strong, we think '24.

Daniel McGahn: So we want to do everything we can to support them, we've been waiting for years for this business to start to come back, and I think one of the key messages today, we really feel like the wind is on our back now literally are in India, and we should have a strong, we think '24.

Gary Smith: Like the Windows that are back now literally are in India, and we should we should have a strong we think our 24.

Eric Stine: Yeah, no that's great, you've been, I know you've been waiting on that for quite some time, maybe just turning to the Navy business. I know you've talked about it for quite some time about looking to get into allied navies, new ship platforms, it seems to me like your commentary today, you know, was stronger than I've heard in the past. I'm curious if that's a misread on my part, or if that was intentional? And you know kind of maybe next signposts we should look for?

Eric Stine: Yeah, no that's great, you've been, I know you've been waiting on that for quite some time, maybe just turning to the Navy business.

Eric Stine: I know you've talked about it for quite some time about looking to get into allied navies, new ship platforms, it seems to me like your commentary today, you know, was stronger than I've heard in the past. I'm curious if that's a misread on my part, or if that was intentional? And you know kind of maybe next signposts we should look for?

It seems to me like your commentary today, you know was stronger than I've heard in the past I'm curious if that's a misread on my part or if that was intentional and you know kind of maybe next signposts, we should look for.

Eric Stine: I'm curious if that's a misread on my part, or if that was intentional? And you know kind of maybe next signposts we should look for?

Daniel McGahn: Yeah and communication it's not what you say, it's what they hear, and you're hearing me, so clearly we see more ships on the horizon. So you know, the two, there's kind of three take home messages here are. We have a great new energy business that's supported by the backlog, we're converting orders at a very consistent rate, we feel the winds at our back, particularly in India, and we see more ships on the horizon and a clear path to them. These are not words you heard me say last quarter, or the quarter before that, it is a different feeling, it is a different message today.

Daniel McGahn: Yeah and communication it's not what you say, it's what they hear, and you're hearing me, so clearly we see more ships on the horizon.

Gary Smith: Clearly, we see more ships on the horizon. So you.

Daniel McGahn: So you know, the two, there's kind of three take home messages here are. We have a great new energy business that's supported by the backlog, we're converting orders at a very consistent rate, we feel the winds at our back, particularly in India, and we see more ships on the horizon and a clear path to them. These are not words you heard me say last quarter, or the quarter before that, it is a different feeling, it is a different message today.

Daniel McGahn: So you know, the two, there's kind of three take home messages here are.

Gary Smith: You know the the two there's kind of three take home messages here are we have a great new energy business. That's supported by the backlog. We're converting orders are at a very consistent rate, we feel the wins at our back, particularly in India, and we see more ships on the horizon and a clear path to them.

Daniel McGahn: We have a great new energy business that's supported by the backlog, we're converting orders at a very consistent rate, we feel the winds at our back, particularly in India, and we see more ships on the horizon and a clear path to them. These are not words you heard me say last quarter, or the quarter before that, it is a different feeling, it is a different message today.

Daniel McGahn: These are not words you heard me say last quarter, or the quarter before that, it is a different feeling, it is a different message today.

Gary Smith: These are not worried you heard me say last quarter or the quarter before that it is a different feeling it is a different message to that.

Eric Stine: Okay I'll turn it over thank you.

Operator: The next question is from Colin Rusch with Oppenheimer. Please go ahead.

Colin Rusch: Thanks, so much guys. Could you talk about the impact of pricing on your year-over-year growth here in the quarter, and how we should think about the mix of unit growth, and pricing growth driving top-line acceleration in calendar '24?

Colin Rusch: Thanks, so much guys.

Colin Rusch: Could you talk about the impact of pricing on your year-over-year growth here in the quarter, and how we should think about the mix of unit growth, and pricing growth driving top-line acceleration in calendar '24?

Gary Smith: Could you talk about the impact of pricing on your year over year growth here in the quarter and how we should think about the mix of unit growth and pricing growth driving top line acceleration in calendar 'twenty four.

Daniel McGahn: Well, we hope that the pricing initiatives are behind us, we've been able to reconcile cost and pricing, We've done a really good job, we think to try to support our customers needs at the same time. So when we look at, you know, the growth is, part of it is pricing, part of it is just the absolute value of the projects are greater. Many projects in renewables, many projects in semiconductor, and many projects in mining are leveraging not only one product line, but maybe two or three right, so the average order size for our project is going up as well. So pricing is a piece of it, I wouldn't expect that to continue. I guess, if theres more inflationary pressure we'll have to respond to those things. But we've been able to work, I think very well with our customers to ensure timely delivery and at a price that we think still is competitive, we are a premium priced product, we do have proprietary content in everything we do, so that that should garner that. But the growth going forward I think is really gonna be reflective of the pipeline and the ability for us to convert those orders, and that the order sizes are getting larger.

Daniel McGahn: So when we look at, you know, the growth is, part of it is pricing, part of it is just the absolute value of the projects are greater. Many projects in renewables, many projects in semiconductor, and many projects in mining are leveraging not only one product line, but maybe two or three right, so the average order size for our project is going up as well. So pricing is a piece of it, I wouldn't expect that to continue. I guess, if theres more inflationary pressure we'll have to respond to those things. But we've been able to work, I think very well with our customers to ensure timely delivery and at a price that we think still is competitive, we are a premium priced product, we do have proprietary content in everything we do, so that that should garner that. But the growth going forward I think is really gonna be reflective of the pipeline and the ability for us to convert those orders, and that the order sizes are getting larger.

Daniel McGahn: So when we look at, you know, the growth is, part of it is pricing, part of it is just the absolute value of the projects are greater.

Gary Smith: You know the growth is part of it is pricing part of it is just the absolute value of the projects are our greater many projects in renewables many projects in semiconductor and many projects and mining are leveraging not only one product line, but maybe two or three right. So the average order size.

Daniel McGahn: Many projects in renewables, many projects in semiconductor, and many projects in mining are leveraging not only one product line, but maybe two or three right, so the average order size for our project is going up as well. So pricing is a piece of it, I wouldn't expect that to continue. I guess, if theres more inflationary pressure we'll have to respond to those things. But we've been able to work, I think very well with our customers to ensure timely delivery and at a price that we think still is competitive, we are a premium priced product, we do have proprietary content in everything we do, so that that should garner that. But the growth going forward I think is really gonna be reflective of the pipeline and the ability for us to convert those orders, and that the order sizes are getting larger.

Daniel McGahn: So pricing is a piece of it, I wouldn't expect that to continue. I guess, if theres more inflationary pressure we'll have to respond to those things. But we've been able to work, I think very well with our customers to ensure timely delivery and at a price that we think still is competitive, we are a premium priced product, we do have proprietary content in everything we do, so that that should garner that. But the growth going forward I think is really gonna be reflective of the pipeline and the ability for us to convert those orders, and that the order sizes are getting larger.

Daniel McGahn: So pricing is a piece of it, I wouldn't expect that to continue. I guess, if theres more inflationary pressure we'll have to respond to those things.

Gary Smith: For our project is going up as well so pricing is a piece of it I wouldn't expect that to continue I.

Gary Smith: I guess, if theres more inflationary pressure will have to respond to those things, but we've been able to work I think very well with our customers to ensure timely delivery and at a price that we think still is competitive we are a premium priced product. We do have proprietary content and everything we do so that that should should garner that but the growth goes.

Daniel McGahn: But we've been able to work, I think very well with our customers to ensure timely delivery and at a price that we think still is competitive, we are a premium priced product, we do have proprietary content in everything we do, so that that should garner that. But the growth going forward I think is really gonna be reflective of the pipeline and the ability for us to convert those orders, and that the order sizes are getting larger.

Daniel McGahn: But the growth going forward I think is really gonna be reflective of the pipeline and the ability for us to convert those orders, and that the order sizes are getting larger.

Gary Smith: For it I think is really calling gonna be reflective of the pipeline and the ability for us to convert those orders and the order sizes are getting larger.

Colin Rusch: Fantastic and then on the on the supply side. You know obviously you've gone through some lumpiness in terms of the supply availability in some of these locations, as that normalizes and you guys scale a little bit. Can you talk a little bit about your ability to start driving costs out of the products? you know some incremental cost efficiencies from a manufacturing perspective as well.

Colin Rusch: Fantastic and then on the on the supply side.

Gary Smith: You know obviously you've gone through.

Colin Rusch: You know obviously you've gone through some lumpiness in terms of the supply availability in some of these locations, as that normalizes and you guys scale a little bit. Can you talk a little bit about your ability to start driving costs out of the products? you know some incremental cost efficiencies from a manufacturing perspective as well.

Colin Rusch: You know obviously you've gone through some lumpiness in terms of the supply availability in some of these locations, as that normalizes and you guys scale a little bit.

Gary Smith: Some lumpiness in terms of the supply availability in some dislocations as it normalizes and you guys scale a little bit can you talk a little bit about your ability to start driving costs out of the products you know some incremental cost efficiencies from a manufacturing perspective as well.

Colin Rusch: Can you talk a little bit about your ability to start driving costs out of the products? you know some incremental cost efficiencies from a manufacturing perspective as well.

Gary Smith: Yeah, I think those comments, and I said this on previous calls, when you start doing multiples of the same thing, and we're seeing that in different parts of the business, obviously, ECS and SPFs reflect that because you're making copies over and over that as you see that demand it'll allow rise, it'll allow us to potentially look at our supply chain and look for cost reduction. You know I'm very optimistic in wind that as they grow their volume, that we're gonna be there for them as a good partner to make sure we're providing proper pricing. So I think in the near term, most of the inflationary pressures are behind us, I won't say all, because there's always that risk. I think a lot of the availability pressures have been reduced, we're seeing lead times start to shrink, and we're seeing customers starting to push us to be able to deliver faster, which is I think a great indicator of the health of the business. Right. For me is just around the maturity and evolution of our customer conversations.

Daniel McGahn: Yeah, I think those comments, and I said this on previous calls. When you start doing multiples of the same thing, and we're seeing that in different parts of the business, obviously, ECS and SPFs reflect that because you're making copies over and over that as you see that demand it'll allow rise, it'll allow us to potentially look at our supply chain and look for cost reduction. You know I'm very optimistic in wind that as they grow their volume, that we're gonna be there for them as a good partner to make sure we're providing proper pricing. So I think in the near term, most of the inflationary pressures are behind us, I won't say all, because there's always that risk. I think a lot of the availability pressures have been reduced, we're seeing lead times start to shrink, and we're seeing customers starting to push us to be able to deliver faster, which is I think a great indicator of the health of the business.

Daniel McGahn: Yeah, I think those comments, and I said this on previous calls.

Gary Smith: Said this on previous calls when you start doing multiples of the same thing and we're seeing that in different parts of the business, obviously, ECS and S. P. S reflect that because youre, making copies over and over that.

Daniel McGahn: When you start doing multiples of the same thing, and we're seeing that in different parts of the business, obviously, ECS and SPFs reflect that because you're making copies over and over that as you see that demand it'll allow rise, it'll allow us to potentially look at our supply chain and look for cost reduction. You know I'm very optimistic in wind that as they grow their volume, that we're gonna be there for them as a good partner to make sure we're providing proper pricing. So I think in the near term, most of the inflationary pressures are behind us, I won't say all, because there's always that risk. I think a lot of the availability pressures have been reduced, we're seeing lead times start to shrink, and we're seeing customers starting to push us to be able to deliver faster, which is I think a great indicator of the health of the business.

Gary Smith: That as you see that demand at all low rise it'll allow us to potentially look at our supply chain.

Gary Smith: And look for for cost reduction.

Daniel McGahn: You know I'm very optimistic in wind that as they grow their volume, that we're gonna be there for them as a good partner to make sure we're providing proper pricing. So I think in the near term, most of the inflationary pressures are behind us, I won't say all, because there's always that risk. I think a lot of the availability pressures have been reduced, we're seeing lead times start to shrink, and we're seeing customers starting to push us to be able to deliver faster, which is I think a great indicator of the health of the business.

Daniel McGahn: You know I'm very optimistic in wind that as they grow their volume, that we're gonna be there for them as a good partner to make sure we're providing proper pricing.

Gary Smith: You know I'm very optimistic and wind.

Gary Smith: As they grow their volume that we're gonna be there for them as a good partner to make sure we're providing proper pricing.

Daniel McGahn: So I think in the near term, most of the inflationary pressures are behind us, I won't say all, because there's always that risk. I think a lot of the availability pressures have been reduced, we're seeing lead times start to shrink, and we're seeing customers starting to push us to be able to deliver faster, which is I think a great indicator of the health of the business.

Daniel McGahn: So I think in the near term, most of the inflationary pressures are behind us, I won't say all, because there's always that risk.

I think in the near term.

Gary Smith: Most of the inflationary pressures are behind us I won't say, all because there's always that risk I think a lot of the availability pressures have been reduced we're seeing lead times start to shrink and we're seeing customers starting to push us to be able to deliver faster, which is I think a great indicator of the health of the business.

Daniel McGahn: I think a lot of the availability pressures have been reduced, we're seeing lead times start to shrink, and we're seeing customers starting to push us to be able to deliver faster, which is I think a great indicator of the health of the business.

Right.

Gary Smith: For me is just around the maturity and evolution of our customer conversations.

Colin Rusch: Right, and then a final one for me, is just around the maturity and evolution of our customer conversations in lieu of the ongoing performance in Chicago, with the grid solution. Can you talk a little bit about how many folks you're talking to? How those conversations are maturing? And how you know how to think about the potential for another demonstration project or fall on order?

Colin Rusch: Right, and then a final one for me, is just around the maturity and evolution of our customer conversations in lieu of the ongoing performance in Chicago, with the grid solution.

Colin Rusch: And live with the ongoing performance in Chicago with the grid solution can you talk a little bit about how how many folks youre talking to you. How does those conversations are maturing and how you know how to think about the potential for another demonstration project or fall on order.

Colin Rusch: Can you talk a little bit about how many folks you're talking to? How those conversations are maturing? And how you know how to think about the potential for another demonstration project or fall on order?

Colin Rusch: Can you talk a little bit about how many folks you're talking to? How those conversations are maturing?

Colin Rusch: Can you talk a little bit about how many folks you're talking to?

Colin Rusch: How those conversations are maturing?

Colin Rusch: And how you know how to think about the potential for another demonstration project or fall on order?

Gary Smith: Yeah, I don't want to do another demonstration and I don't see the first one is a demonstration at all it's an asset that's in the grid, it's got full rate recovery. It's an operational capability that the utility wants and they want to do more of. You probably hear it may start to I'll say quiet my rhetoric with Reg. For those of you that have been around me for a while that I think can understand what that means I'm very excited about rack and the feedback we're getting from customers, particularly in the U S. We really do have a solution that's needed right now so I think as we make more progress demonstrable progress there, we'll give more updates, but I don't have anything else to say today great. Thanks, so much.

Daniel McGahn: Yeah, I don't want to do another demonstration, and I don't see the first one as a demonstration at all, it's an asset that's in the grid, it's got full rate recovery, it's an operational capability that the utility wants and they want to do more of. You're probably hearing me start to, I'll say quiet my rhetoric with REG, for those of you that have been around me for a while I think can understand what that means. I'm very excited about REG, and the feedback we're getting from customers, particularly in the US, we really do have a solution that's needed right now. So I think as we make more progress, demonstrable progress there, we'll give more updates, but I don't have anything else to say today.

Gary Smith: It's an operational capability that the utility wants and they want to do more of.

You probably hear it may start to I'll say quiet my rhetoric with Reg.

Daniel McGahn: You're probably hearing me start to, I'll say quiet my rhetoric with REG, for those of you that have been around me for a while I think can understand what that means. I'm very excited about REG, and the feedback we're getting from customers, particularly in the US, we really do have a solution that's needed right now. So I think as we make more progress, demonstrable progress there, we'll give more updates, but I don't have anything else to say today.

Daniel McGahn: You're probably hearing me start to, I'll say quiet my rhetoric with REG, for those of you that have been around me for a while I think can understand what that means.

Gary Smith: For those of you that have been around me for a while that I think can understand what that means I'm very excited about rack and the feedback we're getting from customers, particularly in the U S. We really do have a solution that's needed right now so I think as we make more progress demonstrable progress there, we'll give more updates, but I don't have anything else to say today great. Thanks, so much.

Daniel McGahn: I'm very excited about REG, and the feedback we're getting from customers, particularly in the US, we really do have a solution that's needed right now. So I think as we make more progress, demonstrable progress there, we'll give more updates, but I don't have anything else to say today.

Daniel McGahn: I'm very excited about REG, and the feedback we're getting from customers, particularly in the US, we really do have a solution that's needed right now.

Daniel McGahn: So I think as we make more progress, demonstrable progress there, we'll give more updates, but I don't have anything else to say today.

Colin Rusch: Great. Thanks, so much guys.

Operator: Again, if you have a question, please press star then one. The next question is from Justin Clare with Roth MPM. Please go ahead.

Gary Smith: Again, if you have a question. Please press Star then one.

Gary Smith: The next question is from Justin Clare with Roth M. P. M. Please go ahead.

Justin Clare: Hi, Thanks for taking my question.

Justin Clare: Hey, Justin So hey, so I guess first off you did mentioned that order sizes are getting larger here was wondering if you could just talk about what's driving those larger orders is this a function of you know more.

Daniel McGahn: Hey, Justin.

Justin Clare: so I guess first off you did mentioned that order sizes are getting larger here was wondering if you could just talk about what's driving those larger orders is this a function of you know more. Comprehensive product portfolio are there other factors are your customer project sizes, increasing maybe you can just give a little color on that yeah. I think both are contributing factors I think the first one is the main driver we're now bidding into projects with a larger scope, we're now becoming known in the market as being able to deliver.

Justin Clare: So, I guess first off, you did mentioned that order sizes are getting larger here, I was wondering if you could just talk about what's driving those larger orders? Is this a function of, you know, a more comprehensive product portfolio? Are there other factors? Are your customer project sizes increasing? Maybe you can just give a little color on that

Justin Clare: So, I guess first off, you did mentioned that order sizes are getting larger here, I was wondering if you could just talk about what's driving those larger orders?

Justin Clare: Is this a function of, you know, a more comprehensive product portfolio? Are there other factors? Are your customer project sizes increasing? Maybe you can just give a little color on that

Justin Clare: Is this a function of, you know, a more comprehensive product portfolio?

Justin Clare: Comprehensive product portfolio are there other factors are your customer project sizes, increasing maybe you can just give a little color on that yeah. I think both are contributing factors I think the first one is the main driver we're now bidding into projects with a larger scope, we're now becoming known in the market as being able to deliver.

Justin Clare: Are there other factors? Are your customer project sizes increasing? Maybe you can just give a little color on that

Justin Clare: Are there other factors?

Justin Clare: Are your customer project sizes increasing? Maybe you can just give a little color on that

Justin Clare: Are your customer project sizes increasing?

Justin Clare: Maybe you can just give a little color on that

Daniel McGahn: Yeah, I think both are contributing factors, I think the first one is the main driver, we're now bidding into projects with a larger scope, we're now becoming known in the market as being able to deliver, all of that is kind of a one stop shop and that I think is helping us. But I think also a lot of the work that we're looking at are larger projects be it on the renewable side or the industrial side as well. So those are all good indicators, we think about the health of the business.

Justin Clare: All of that is kind of a one stop shop and that I think is helping us but I think also a lot of the work that we're looking at are larger projects be it on the renewable side or the industrial side as well. So those are all good indicators, we think about the health of the business.

Daniel McGahn: But I think also a lot of the work that we're looking at are larger projects be it on the renewable side or the industrial side as well. So those are all good indicators, we think about the health of the business.

Daniel McGahn: But I think also a lot of the work that we're looking at are larger projects be it on the renewable side or the industrial side as well.

Daniel McGahn: So those are all good indicators, we think about the health of the business.

Justin Clare: Okay, great. And then how do you think about potentially further expanding that product portfolio? Whether it's, in-house development of products? Or looking at the acquisition that could, further support your products?

Justin Clare: Okay, great. And then how do you think about potentially further expanding that product portfolio?

Justin Clare: In house development of our.

Justin Clare: Whether it's, in-house development of products? Or looking at the acquisition that could, further support your products?

Justin Clare: Whether it's, in-house development of products?

Gary Smith: Products or looking at the acquisition.

Justin Clare: Or looking at the acquisition that could, further support your products?

Gary Smith: That could.

Gary Smith: You know further support your products.

Daniel McGahn: Yes, I think given the fact that we've had this appetite, we have a demonstrated track record now recently of doing these three deals that have helped expand. The first one was more content for the Navy, and then we've talked a lot about the last two or the previous couple of years here. We're known in the market as a good company to work with, and potentially be an acquirer, we're getting a lot of inbound traffic in that, so we want to be choosy about what we do and try to extend the business. We want to grow, and if acquiring more content allows us to grow more quickly, then we think that's something that we should certainly consider.

Daniel McGahn: Yes, I think given the fact that we've had this appetite, we have a demonstrated track record now recently of doing these three deals that have helped expand.

Daniel McGahn: The first one was more content for the Navy, and then we've talked a lot about the last two or the previous couple of years here. We're known in the market as a good company to work with, and potentially be an acquirer, we're getting a lot of inbound traffic in that, so we want to be choosy about what we do and try to extend the business. We want to grow, and if acquiring more content allows us to grow more quickly, then we think that's something that we should certainly consider.

Daniel McGahn: The first one was more content for the Navy, and then we've talked a lot about the last two or the previous couple of years here.

Gary Smith: Previous couple of years here were known in the market is as a good company to work with and potentially be an acquirer, we're getting a lot of inbound traffic and that so we want to be choosy about what we do and try to extend the business, we want to grow and if acquiring more content allows us to grow more.

Daniel McGahn: We're known in the market as a good company to work with, and potentially be an acquirer, we're getting a lot of inbound traffic in that, so we want to be choosy about what we do and try to extend the business. We want to grow, and if acquiring more content allows us to grow more quickly, then we think that's something that we should certainly consider.

Daniel McGahn: We want to grow, and if acquiring more content allows us to grow more quickly, then we think that's something that we should certainly consider.

Gary Smith: Quickly then we think that's something that we should certainly considered.

Justin Clare: Got it okay. And then, shifting gears a little bit here, you did mentioned that lead times are simply improving in your supply chain, I think last quarter, you had mentioned things moving from 15 months, to potentially under 12 months for some projects or for some products. I was wondering, how you see things trending ahead here? Or do you see further improvement on the Horizon? And then, could this enable a acceleration in your ability to convert backlog to to revenue?

Gary Smith: And then shifting gears a little bit here you did mentioned that lead times are.

Improving in your supply chain I think last quarter, you had mentioned things moving from you know 15 months to potentially under 12 months for some projects or for some products I was wondering how you see things trending ahead here.

Justin Clare: I was wondering, how you see things trending ahead here? Or do you see further improvement on the Horizon? And then, could this enable a acceleration in your ability to convert backlog to to revenue?

Justin Clare: I was wondering, how you see things trending ahead here?

Gary Smith: Or do you see further improvement on the Horizon and then you know could this enable a acceleration in your ability to convert backlog to to revenue yeah.

Justin Clare: Or do you see further improvement on the Horizon? And then, could this enable a acceleration in your ability to convert backlog to to revenue?

Justin Clare: Or do you see further improvement on the Horizon?

Justin Clare: And then, could this enable a acceleration in your ability to convert backlog to to revenue?

Daniel McGahn: Yeah, I think the potential is there. I think our lead times are now closer to nine to 15 months, depending upon the product line, which means that we can generate orders here, you know, this quarter, next quarter, and have some impact still in next fiscal year. So I think that's an important comment to make there, but we see a very robust pipeline of things that we're working on and trying to close. And we're, you know, if you haven't figured it out I'm tremendously excited, and probably the most excited I've been about the prospects of the business not just the results.

Daniel McGahn: Yeah, I think the potential is there.

Daniel McGahn: I think our lead times are now closer to nine to 15 months, depending upon the product line, which means that we can generate orders here, you know, this quarter, next quarter, and have some impact still in next fiscal year. So I think that's an important comment to make there, but we see a very robust pipeline of things that we're working on and trying to close. And we're, you know, if you haven't figured it out I'm tremendously excited, and probably the most excited I've been about the prospects of the business not just the results.

Which means that we can generate orders here are you.

Gary Smith: This quarter next quarter and have some impact still in next fiscal year. So I think that's an important comment to make there, but we see a very robust pipeline of things that we're working on and trying to close and where you know if you haven't figured it out I'm I'm tremendously excited and probably the most excited I've been about the prospects of the business not just the.

Daniel McGahn: So I think that's an important comment to make there, but we see a very robust pipeline of things that we're working on and trying to close. And we're, you know, if you haven't figured it out I'm tremendously excited, and probably the most excited I've been about the prospects of the business not just the results.

Daniel McGahn: So I think that's an important comment to make there, but we see a very robust pipeline of things that we're working on and trying to close.

Daniel McGahn: And we're, you know, if you haven't figured it out I'm tremendously excited, and probably the most excited I've been about the prospects of the business not just the results.

Gary Smith: Our results.

Justin Clare: Alright, well, that's great to hear, I'll pass it on thank you.

Operator: This concludes our question and answer session, I would like to turn the conference back over to Daniel McGhan for any closing remarks.

Daniel McGahn: I just wanted to make a few key points here you know our business hasn't been this strong and this strong of a position. Really ever when you think about the diversity you think about the numbers and the performance the business we've been talking about we've now built we. We've built a business that has generated cash from operations in the past two quarters and expect to do that and get into the March quarter. We've been able to add new pieces of new markets and we've been able to manage as we discuss pricing. We are growing we think there's a series of tailwind. Driven by climate change that are here to stay and are driving the new energy part of our business, including the re shoring of U S semiconductor capacity and the move to more electric vehicles. Wind in India appears to be strengthening we have a new product that's in our partners' hands and they're about to grow and build their business with us again. It feels much different now. It feels like the wins at our back. We also see more ships on the horizon. We have made progress with our development efforts with the U S Navy. We see an expansion of this business coming. Hopefully very soon. After all the work the team has done. Just feel that moment is near. Where we know what ships we could go on. And see them on the horizon, it's quite exciting indeed, I can't stress that enough. Lastly, we have been able to successfully integrate multiple acquisitions and believe that could continue in our future to add more pieces to attack our markets with more content a deeper broader offering means as we continue to push for growth we can get at it more quickly.

Daniel McGahn: I just want to make a few key points here. Our business hasn't been this strong, in this strong of a position really ever, when you think about the diversity, you think about the numbers and the performance, the business we've been talking about we've now built. We've built a business that has generated cash from operations in the past two quarters, and expects to do that again in the March quarter. We've been able to add new pieces of new markets, and we've been able to manage as we discuss pricing. We are growing, we think there's a series of tailwinds, driven by climate change that are here to stay, and are driving the new energy part of our business, including the re-shoring of US semiconductor capacity, and the move to more electric vehicles. Wind in India appears to be strengthening, we have a new product that's in our partner's hands, and they're about to grow and build their business, with us, again. It feels much different now, it feels like the wind's at our back. We also see more ships on the horizon, we have made progress with our development efforts with the US Navy, we see an expansion of this business coming, hopefully, very soon. After all the work the team has done, just feel that moment is near, where we know what ships we could go on and see them on the horizon. It's quite exciting indeed, I can't stress that enough.

Daniel McGahn: I just want to make a few key points here.

Daniel McGahn: Our business hasn't been this strong, in this strong of a position really ever, when you think about the diversity, you think about the numbers and the performance, the business we've been talking about we've now built. We've built a business that has generated cash from operations in the past two quarters, and expects to do that again in the March quarter. We've been able to add new pieces of new markets, and we've been able to manage as we discuss pricing. We are growing, we think there's a series of tailwinds, driven by climate change that are here to stay, and are driving the new energy part of our business, including the re-shoring of US semiconductor capacity, and the move to more electric vehicles. Wind in India appears to be strengthening, we have a new product that's in our partner's hands, and they're about to grow and build their business, with us, again. It feels much different now, it feels like the wind's at our back. We also see more ships on the horizon, we have made progress with our development efforts with the US Navy, we see an expansion of this business coming, hopefully, very soon. After all the work the team has done, just feel that moment is near, where we know what ships we could go on and see them on the horizon. It's quite exciting indeed, I can't stress that enough.

Gary Smith: Really ever when you think about the diversity you think about the numbers and the performance the business we've been talking about we've now built we.

Daniel Mccann: We've built a business that has generated cash from operations in the past two quarters and expect to do that and get into the March quarter.

Daniel McGahn: We've built a business that has generated cash from operations in the past two quarters, and expects to do that again in the March quarter. We've been able to add new pieces of new markets, and we've been able to manage as we discuss pricing. We are growing, we think there's a series of tailwinds, driven by climate change that are here to stay, and are driving the new energy part of our business, including the re-shoring of US semiconductor capacity, and the move to more electric vehicles. Wind in India appears to be strengthening, we have a new product that's in our partner's hands, and they're about to grow and build their business, with us, again. It feels much different now, it feels like the wind's at our back. We also see more ships on the horizon, we have made progress with our development efforts with the US Navy, we see an expansion of this business coming, hopefully, very soon. After all the work the team has done, just feel that moment is near, where we know what ships we could go on and see them on the horizon. It's quite exciting indeed, I can't stress that enough.

Daniel McGahn: We've built a business that has generated cash from operations in the past two quarters, and expects to do that again in the March quarter.

Daniel Mccann: We've been able to add new pieces of new markets and we've been able to manage as we discuss pricing. We are growing we think there's a series of tailwind.

Daniel McGahn: We've been able to add new pieces of new markets, and we've been able to manage as we discuss pricing. We are growing, we think there's a series of tailwinds, driven by climate change that are here to stay, and are driving the new energy part of our business, including the re-shoring of US semiconductor capacity, and the move to more electric vehicles. Wind in India appears to be strengthening, we have a new product that's in our partner's hands, and they're about to grow and build their business, with us, again. It feels much different now, it feels like the wind's at our back. We also see more ships on the horizon, we have made progress with our development efforts with the US Navy, we see an expansion of this business coming, hopefully, very soon. After all the work the team has done, just feel that moment is near, where we know what ships we could go on and see them on the horizon. It's quite exciting indeed, I can't stress that enough.

Daniel McGahn: We've been able to add new pieces of new markets, and we've been able to manage as we discuss pricing.

Daniel Mccann: Driven by climate change that are here to stay and are driving the new energy part of our business, including the re shoring of U S semiconductor capacity and the move to more electric vehicles.

Daniel McGahn: We are growing, we think there's a series of tailwinds, driven by climate change that are here to stay, and are driving the new energy part of our business, including the re-shoring of US semiconductor capacity, and the move to more electric vehicles. Wind in India appears to be strengthening, we have a new product that's in our partner's hands, and they're about to grow and build their business, with us, again. It feels much different now, it feels like the wind's at our back. We also see more ships on the horizon, we have made progress with our development efforts with the US Navy, we see an expansion of this business coming, hopefully, very soon. After all the work the team has done, just feel that moment is near, where we know what ships we could go on and see them on the horizon. It's quite exciting indeed, I can't stress that enough.

Daniel Mccann: Wind in India appears to be strengthening we have a new product that's in our partners' hands and they're about to grow and build their business with us again.

Daniel McGahn: Wind in India appears to be strengthening, we have a new product that's in our partner's hands, and they're about to grow and build their business, with us, again. It feels much different now, it feels like the wind's at our back. We also see more ships on the horizon, we have made progress with our development efforts with the US Navy, we see an expansion of this business coming, hopefully, very soon. After all the work the team has done, just feel that moment is near, where we know what ships we could go on and see them on the horizon. It's quite exciting indeed, I can't stress that enough.

Daniel McGahn: Wind in India appears to be strengthening, we have a new product that's in our partner's hands, and they're about to grow and build their business, with us, again.

Daniel Mccann: It feels much different now.

Gary Smith: It feels like the wins at our back.

Gary Smith: We also see more ships on the horizon.

Daniel McGahn: It feels much different now, it feels like the wind's at our back. We also see more ships on the horizon, we have made progress with our development efforts with the US Navy, we see an expansion of this business coming, hopefully, very soon. After all the work the team has done, just feel that moment is near, where we know what ships we could go on and see them on the horizon. It's quite exciting indeed, I can't stress that enough.

Daniel McGahn: It feels much different now, it feels like the wind's at our back.

Gary Smith: We have made progress with our development efforts with the U S Navy.

Daniel McGahn: We also see more ships on the horizon, we have made progress with our development efforts with the US Navy, we see an expansion of this business coming, hopefully, very soon. After all the work the team has done, just feel that moment is near, where we know what ships we could go on and see them on the horizon. It's quite exciting indeed, I can't stress that enough.

Daniel McGahn: We also see more ships on the horizon, we have made progress with our development efforts with the US Navy, we see an expansion of this business coming, hopefully, very soon.

Gary Smith: We see an expansion of this business coming.

Gary Smith: Hopefully very soon.

Gary Smith: After all the work the team has done.

Daniel McGahn: After all the work the team has done, just feel that moment is near, where we know what ships we could go on and see them on the horizon. It's quite exciting indeed, I can't stress that enough.

Gary Smith: Just feel that moment is near.

Gary Smith: Where we know what ships we could go on.

Gary Smith: And see them on the horizon, it's quite exciting indeed, I can't stress that enough.

Daniel McGahn: Lastly, we have been able to successfully integrate multiple acquisitions, and believe that could continue in our future, to add more pieces, to attack our markets with more content, a deeper broader offering means, as we continue to push for growth we can get at it more quickly. I hope after hearing us speak today, you are as excited as we are about our business. For those of you that have asked me why AMSC, and specifically why now? We have demonstrated a business for multiple quarters that generates cash from operations. That business has multiple policy tailwinds, we feel the wind is that our back in India, and it appears that we'll start to blow harder, we see more ships on the horizon, and see a clear path to them. We have successfully integrated multiple acquisitions and hope to continue that in the future. I'm looking forward to talking to you again when we report our fourth quarter, and full year results. Thank you and good day.

Gary Smith: Lastly, we have been able to successfully integrate multiple acquisitions and believe that could continue in our future to add more pieces to attack our markets with more content a deeper broader offering means as we continue to push for growth we can get at it more quickly.

Gary Smith: I hope after hearing I speak today, you are as excited as we are about our business.

Daniel McGahn: I hope after hearing us speak today, you are as excited as we are about our business. For those of you that have asked me why AMSC, and specifically why now? We have demonstrated a business for multiple quarters that generates cash from operations. That business has multiple policy tailwinds, we feel the wind is that our back in India, and it appears that we'll start to blow harder, we see more ships on the horizon, and see a clear path to them. We have successfully integrated multiple acquisitions and hope to continue that in the future. I'm looking forward to talking to you again when we report our fourth quarter, and full year results. Thank you and good day.

Daniel McGahn: I hope after hearing us speak today, you are as excited as we are about our business.

Daniel McGahn: For those of you that have asked me why AMSC, and specifically why now? We have demonstrated a business for multiple quarters that generates cash from operations. That business has multiple policy tailwinds, we feel the wind is that our back in India, and it appears that we'll start to blow harder, we see more ships on the horizon, and see a clear path to them. We have successfully integrated multiple acquisitions and hope to continue that in the future. I'm looking forward to talking to you again when we report our fourth quarter, and full year results. Thank you and good day.

Daniel McGahn: For those of you that have asked me why AMSC, and specifically why now? We have demonstrated a business for multiple quarters that generates cash from operations.

Gary Smith: For those of you that have asked me why M. S. M S C and specifically why now.

We have demonstrated a business for multiple quarters of generates cash from operations.

Daniel McGahn: That business has multiple policy tailwinds, we feel the wind is that our back in India, and it appears that we'll start to blow harder, we see more ships on the horizon, and see a clear path to them. We have successfully integrated multiple acquisitions and hope to continue that in the future. I'm looking forward to talking to you again when we report our fourth quarter, and full year results. Thank you and good day.

Gary Smith: That business has multiple policy tailwind, we feel the wind is that our back in India and it appears that we'll start to blow harder, we see more ships on the horizon and see a clear path to that.

Daniel McGahn: We have successfully integrated multiple acquisitions and hope to continue that in the future. I'm looking forward to talking to you again when we report our fourth quarter, and full year results. Thank you and good day.

Gary Smith: We have successfully integrated multiple acquisitions and hope to continue that in the future I'm looking forward to talking to you again, when we report our fourth quarter and full year results. Thank you.

Daniel McGahn: Thank you and good day.

Gary Smith: Good day.

Operator: The conference has now concluded. Thank you for attending today's presentation, you may now disconnect.

Gary Smith: [music].

Q3 2023 American Superconductor Corp Earnings Call

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