American Superconductor Corporation (AMSC) witnessed a significant surge of 16.05% in its stock price during the pre-market trading session on Thursday. This remarkable rally was fueled by the company's impressive financial performance for the third quarter of fiscal year 2024 and an optimistic outlook for the upcoming quarter.

In the third quarter, AMSC reported a 56% year-over-year increase in revenue to $61.4 million, driven by organic growth and the acquisition of NWL, Inc. The company achieved a net income of $2.5 million, or $0.07 per share, marking a substantial improvement compared to the net loss reported in the same period last year. Notably, AMSC's non-GAAP net income of $6.0 million, or $0.16 per share, surpassed analysts' estimates of $0.07 per share.

Further bolstering investor confidence, AMSC provided an upbeat outlook for the fourth quarter, projecting revenues in the range of $59.0 million to $63.0 million, and non-GAAP net income exceeding $2.5 million or $0.07 per share. This strong financial performance and positive guidance, coupled with robust cash flow generation during the quarter, were the key catalysts driving the stock's pre-market surge.