American Superconductor Corporation (AMSC) clocked in an excellent year, with big contracts driving revenues.

The Devens, Massachusetts, company reported net income of $1.3 million, or $0.03 per share, on revenue of $58.2 million for the fourth quarter, compared with a net loss of $1.8 million, or $0.04 per share, on revenue of $34.3 million for the same period a year ago.

AMSC exceeded Wall Street expectations, where analysts were forecasting net income of $480,000 on revenue of $57.9 million.

AMSC also reported net loss of $16.6 million, or $0.39 per share, on revenue of $168 million for the fiscal year, compared with net loss of $25.4 million, or $0.65 per share, on revenue of $96.8 million for the previous year.

When it came to full-year earnings, the company slightly beat out analyst expectations for net loss, but fell short of revenue projections. Wall Street was forecasting net loss of $17.6 million on revenue of $179.3 million.

AMSC attributed part of the net loss to the company’s self-financing of development and expansion. 

Although AMSC experienced a net loss this year, Jason Fredette, director of investor and media relations for AMSC, expressed optimism, especially for the upcoming year.

“On our superconductor side of business, we haven’t broken through commercially yet, but we’re on the cusp of doing so,” he said.

In January, AMSC completed a successful test of a 36.5 megawatt motor for the U.S. Navy, which the company claims is smaller, lighter, quieter, and more fuel efficient than traditional motors. The test could be one of the final pushes AMSC needs to commercialize its products.

Besides superconductor cables, generators, and motors, AMSC also has a side of business that deals with power systems, namely the smart grid and wind sectors. The company designs wind turbines from the ground up and can also sell the electrical system that goes into each turbine.

Contracts with wind companies such as Sinovel, one of China’s largest wind companies, and Acciona Energy, have helped drive revenue. However, Mr. Fredette also pointed to the production tax credit that the Obama administration recently extended as a way for AMSC to attract new companies entering the U.S. wind market.

To reflect the confidence of growth and expansion, the company projects an increase in revenue for the current fiscal year, forecasting a range of $225 to $235 million.

AMSC shares dropped $0.35, or 1.51 percent, at $22.86.