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No debt. Revenue up $1.1 million to $14.6 million in Q4. So, what is 2019 looking like:

Now turning to our financial guidance for the first quarter of fiscal 2019. We expect that our revenues will be in the range of $10 million to $13 million. Our net loss on net revenue is expected to be no more than $9 million or $0.42 per share. And our non-GAAP net loss is expected to be no more than $7.5 million or $0.35 per share. We anticipate an operating cash flow burn of minus $5 million to minus $7 million in the first quarter of fiscal 2019. This guidance does not include any tax payments or other costs related to the settlement.

Q1 is going to bring a decrease in revenue, a sharp decrease if it comes in at $10 million. The net loss, if $9 million, maybe $1 million less than total revenue. Yikes! That is not a pretty picture.

What about R&D?

Research and development and SG&A expenses totaled $8 million in the fourth quarter of fiscal 2018. This was down from $8.5 million in the year ago quarter. For fiscal year 2018, research and development and SG&A expenses decreased by 7% to $31.9 million. This is down from $34.2 million in fiscal year 2017. The year-over-year decrease was driven primarily by reduced research and development expenses in both our Wind and Grid business units.

R&D has been heading down year after year. But, to the company's credit, they are willing to spend $8 million in a quarter -- a big percentage of revenue. But, with revenue headed south, this is not a winning formula.

I see the sizzle. The steak just isn't there.

Enjoy reading the conference call:

https://finance.yahoo.com/news/edited-transcript-amsc-earnin...

W.D.
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