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Revenues for the third quarter of fiscal 2025 were $74.5 million compared with $61.4 million for the same period of fiscal 2024. The year-over-year increase was driven by organic growth and the acquisition of Comtrafo, which closed on December 5, 2025, contributing partial results from the final weeks of the quarter.
Our third quarter fiscal 2025 net income and non-GAAP net income include a $113.1 million tax benefit related to the release of a valuation allowance on a deferred tax asset. Given this discrete tax benefit, AMSC’s net income for the third quarter of fiscal 2025 was $117.8 million, or $2.68 per share, compared to $2.5 million, or $0.07 per share, for the same period of fiscal 2024. The Company’s non-GAAP net income for the third quarter of fiscal 2025 was $123.5 million, or $2.81 per share, compared with a non-GAAP net income of $6.0 million, or $0.16 per share, in the same period of fiscal 2024. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.
Cash, cash equivalents, and restricted cash on December 31, 2025, totaled $147.1 million, compared with $85.4 million at March 31, 2025.
"AMSC delivered an outstanding third quarter," said Daniel P. McGahn, Chairman, President, and CEO, AMSC. "We grew revenue by more than 20% year-over-year, and marked our sixth consecutive quarter of profitability and our tenth of non-GAAP profitability. Reflecting our shift to profitability, we also recorded a tax benefit event this quarter. Again, gross margin exceeded 30% and we ended the quarter with over $145 million in cash after completing the acquisition of Comtrafo. Strong market demand drove bookings resulting in a robust 12-month backlog of over $250 million. Revenue through the past nine months nearly matches our total revenue for the entire prior fiscal year, highlighting our company's financial and end-market momentum."
Business Outlook
For the fourth quarter ending March 31, 2026, AMSC expects that its revenues will exceed $80.0 million. The Company’s net income for the fourth quarter of fiscal 2025 is expected to exceed $3.0 million, or $0.07 per share. The Company's non-GAAP net income (as defined below) is expected to exceed $8.0 million, or $0.17 per share.