Exhibit 99.3

UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION

On December 5, 2025 (the “Closing Date”), Mardin Participações Ltda., an entity incorporated in Brazil (“AMSC Brazil”) and a wholly-owned subsidiary of American Superconductor Corporation, a Delaware corporation (the “Company”), entered into a Stock Exchange Agreement (the “Stock Exchange Agreement”) with each of the sellers listed on the signature pages thereto (each, a “Stockholder” and collectively, the “Stockholders”), Comtrafo Indústria de Transformadores Elétricos S.A., an entity incorporated in Brazil (“Comtrafo”), Irineu Minato, an individual, solely in his capacity as the stockholder representative thereunder (the “Stockholder Representative”), the stockholder group members listed on Schedule I thereto (each, a “Stockholder Group Member” and collectively, the “Stockholder Group Members”), and the Company solely for purposes of Section 1.1(a), Article IV, Section 5.5 and Section 5.7 of the Stock Exchange Agreement.

Additionally on the Closing Date, pursuant to the terms of four separate Public Deeds of Purchase and Sale of Real Estate Property (each, a “Real Property Agreement,” and together, the “Real Property Agreements”), AMSC Brazil, through Comtrafo, purchased certain real estate assets that Comtrafo uses for administrative and manufacturing operations.

The unaudited pro forma condensed consolidated financial information contained herein is based on the historical financial statements of the Company, and the historical financial statements of Comtrafo, which are filed as Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K/A, and has been adjusted to give effect to AMSC’s  acquisition of Comtrafo, which was accounted for under the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations

The following unaudited pro forma condensed combined financial information is presented to illustrate the estimated effects of the Comtrafo Acquisition and the Megatran acquisition (as defined below).

The Comtrafo Acquisition is included in AMSC’s historical results since December 5, 2025 as presented in AMSC’s Quarterly Report on Form 10-Q for the interim period ended December 31, 2025. As a result, an Unaudited Pro Forma Condensed Combined Balance Sheet has not been presented. See Note 2 to the unaudited condensed consolidated financial statements within AMSC’s Form 10-Q for the interim period ended December 31, 2025 for details of purchase consideration and the preliminary purchase price allocation. The unaudited pro forma condensed combined statements of operations for the year ended March 31, 2025, and the nine months ended December 31, 2025 are also based upon and derived from the historical financial information of the Company (as described in more detail below) and give effect to the Comtrafo Acquisition as if it had occurred on April 1, 2024.  The unaudited pro forma condensed combined statements of operations for the year ended March 31, 2025 and the nine months ended December 31, 2025 are also based upon and derived from the historical financial information of Megatran Industries, Inc. (“Megatran”), which was acquired by the Company on August 1, 2024 (the “Megatran acquisition” and, together with the Comtrafo Acquisition, the “Transactions”). The unaudited pro forma condensed combined statements of operations for the year ended March 31, 2025 were adjusted to give effect to the Megatran acquisition as if it had occurred on April 1, 2024.

AMSC and Comtrafo have different fiscal year ends and prepare their financial statements under different accounting frameworks. Accordingly, the unaudited pro forma condensed combined statements of operations for the year ended March 31, 2025 combine AMSC’s historical consolidated results for the year ended March 31, 2025 with Comtrafo’s historical consolidated results for the year ended December 31, 2024. The unaudited pro forma condensed combined statements of operations for the nine months ended December 31, 2025 combine AMSC’s historical consolidated results for the nine months ended December 31, 2025^[1] with Comtrafo’s historical consolidated results for the nine months ended September 30, 2025. These combinations reflect the differing fiscal periods of AMSC and Comtrafo and are presented solely to illustrate the effects of the Comtrafo Acquisition as if it had occurred on April 1, 2024.

^[1] AMSC’s historical consolidated results for the nine months ended December 31, 2025 include Comtrafo’s results from Closing Date onwards i.e. from December 5, 2025 through December 31, 2025 and the Comtrafo historical consolidated results for the nine months ended September 30, 2025 include Comtrafo’s results for the entire period.  Management considered them as immaterial for the purposes of this ProForma presentation and accordingly did not adjust the AMSC historical results for any duplication.  Comtrafo contributed $4.6 million of revenue and $0.9 million in net income for the Company for the nine months ended December 31, 2025.

Furthermore, Comtrafo has presented its financial information in accordance with International Financial Reporting Standards (“IFRS Accounting Standards”) while AMSC follows US GAAP. As such, the unaudited pro forma condensed combined statements of operations for the twelve months ended December 31, 2024 and the nine months ended September 30, 2025 have been prepared by adjusting the historical financial information of Comtrafo from IFRS Accounting Standards to US GAAP. For more details, refer to Note 5.

The Megatran acquisition was a significant business acquisition as defined by Rule 3-05 and Article 11 of Regulation S-X, and, as a result, the Company filed with the Securities and Exchange Commission (“SEC”) an 8-K/A on August 6, 2024, which included historical audited financial statements of Megatran as of and for the years ended December 31, 2023 and 2022 and unaudited pro forma condensed combined financial statements giving effect to the Megatran acquisition as of and for the year ended March 31, 2024 and for the three months ended June 30, 2024. Because both the Comtrafo Acquisition and the Megatran acquisition were deemed significant business acquisitions during the periods covered by unaudited pro forma condensed combined financial information, the pro forma information required by Item 9.01 of Form 8-K have been presented on a disaggregated basis due to the material nature of each such transaction.

The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X, as amended by the final rule, Release No. 33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses”. Article 11 of Regulation S-X provides requirements to depict the accounting for the transaction (“Transaction Accounting Adjustments”) and the option to present reasonably estimable synergies and other transaction effects that have occurred or are reasonably expected to occur (“Management’s Adjustments”). AMSC has elected not to present Management’s Adjustments in the unaudited pro forma condensed combined financial statements. The results set forth in the unaudited pro forma condensed combined financial information include adjustments that give effect to events that are directly attributable to the Comtrafo Acquisition.

The unaudited pro forma condensed combined financial statements should be read in conjunction with the accompanying notes to the unaudited pro forma financial information and:

The pro forma financial information is presented for illustrative purposes only and does not necessarily reflect what the combined company’s financial position or results of operations would have been, had the Transactions and the related financings occurred on the dates indicated. They also may not be useful in predicting the future financial condition and results of operations of the combined company. The unaudited pro forma condensed combined financial statements do not include the realization of any cost savings from operating efficiencies, synergies or other activities, or the recognition of any cost increases or dis-synergies that might result from the Transactions. The Company’s actual financial condition and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

Unaudited Pro Forma Condensed Combined Statement of Operations for the nine months ended December 31, 2025 (USD in thousands, except per share data)

Unaudited Pro Forma Condensed Combined Statement of Operations for the year ended March 31, 2025 (USD in thousands, except per share data)

See accompanying notes to unaudited pro forma condensed combined financial statements

Notes to Unaudited Pro Forma Condensed Combined Financial Information

Note 1 – Description of the Transaction

On December 5, 2025, American Superconductor Corporation completed the acquisition of Comtrafo Indústria de Transformadores Elétricos S.A. pursuant to the Stock Exchange Agreement. Under the terms of the Stock Exchange Agreement, AMSC acquired, directly or indirectly, all of the issued and outstanding share capital of Comtrafo in exchange for an aggregate purchase price of $202.7 million, consisting of:

Contemporaneously, real estate facilities, with over 100 acres of land, leased by Comtrafo for its factory operations, were purchased through the Real Property Agreements as part of the cash payment above. The total consideration payable pursuant to the above agreements aggregated $202.7 million and the above agreements were accounted for as a single business combination, in accordance with ASC Topic 805. The Company will record the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. Due to the timing of the acquisition, the Company’s purchase accounting related to the valuation of the inventory, fixed assets, intangible assets, goodwill and liabilities assumed is not yet complete and subject to revision.

On August 1, 2024, AMSC had consummated the Megatran acquisition, of which AMSC paid $30,000 thousand of cash and issued 1,297,600 shares of AMSC common stock to acquire all of the issued and outstanding shares of Megatran, based on the shares in issue as of August 1, 2024.

Note 2 – Basis of presentation

The unaudited pro forma condensed combined financial information and related notes are prepared in accordance with Article 11 of Regulation S-X, as amended by the final rule, Release No. 33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses”.

The unaudited pro forma financial information below combines the effects of the Stock Exchange Agreement and the Real Property Agreements, as these were negotiated as a single transaction and signed in contemplation of each other and together constitute the Comtrafo Acquisition. The Comtrafo Acquisition will be accounted for under the acquisition method of accounting for business combination pursuant to the provisions of ASC 805 with AMSC treated as the “accounting acquirer”. As a result of the Comtrafo Acquisition, AMSC controls Comtrafo as it beneficially owns 100% of the outstanding share capital of Comtrafo. Under the acquisition method of accounting, the estimated purchase price will be allocated to Comtrafo assets acquired and liabilities assumed based upon their estimated fair values, using the fair value concepts defined in ASC Topic 820, Fair Value Measurement, at the Acquisition Date. Any excess of consideration transferred over the preliminary estimate of the fair value of identified assets acquired and liabilities assumed will be recognized as goodwill. Significant judgment is required in determining the preliminary fair values of identified intangible assets, property, plant and equipment, inventories, certain other assets, and assumed liabilities. These preliminary valuations of assets acquired, and liabilities assumed are determined using market, income and cost approaches from the perspective of a market participant, which requires estimates and assumptions including, but not limited to, estimating future cash flows in addition to developing the appropriate market discount rates and obtaining available market pricing for comparable assets. The final valuation may materially change the allocation of the purchase price, which could materially affect the fair values assigned to the assets and liabilities and could result in a material change to the unaudited pro forma condensed combined financial information.

The historical audited and unaudited consolidated financial statements of AMSC were prepared in accordance with US GAAP and presented in U.S. dollars. The historical audited consolidated financial statements and unaudited consolidated interim financial statements of Comtrafo were prepared in accordance with IFRS Accounting Standards and presented in Brazilian Real (“BRL”). As such, the unaudited pro forma condensed combined statements of operations have been prepared by adjusting the historical financial information of Comtrafo from IFRS Accounting Standards to US GAAP. Refer to Note 5 for more details on such adjustments.

The following unaudited pro forma condensed combined financial information presents the combination of the financial information of AMSC and Comtrafo adjusted to give effect to the Comtrafo Acquisition and other events contemplated by the Stock Exchange Agreement as described herein. The unaudited pro forma condensed combined statements of income for the nine months ended December 31, 2025, and the year ended March 31, 2025, combines the historical statements of income of AMSC and Comtrafo on a pro forma basis assuming the Comtrafo Acquisition had occurred on April 1, 2024, the beginning of the earliest period presented.  Furthermore, since Eletrotrafo was not acquired as part of the Comtrafo Acquisition, Eletrotrafo’s income and expenses were eliminated as part of Transaction Accounting Adjustments.

In addition, the unaudited pro forma condensed combined statements of operations (AMSC) for the year ended March 31, 2025 and the nine months ended December 31, 2025, are also based upon and derived from the historical financial information of Megatran, which was combined with the Company on August 1, 2024. The unaudited pro forma condensed combined statements of operations for the year ended March 31, 2025, was adjusted to give effect to Megatran acquisition as if it had occurred on April 1, 2024.

The unaudited pro forma condensed combined financial information is not necessarily indicative of what the actual results of operations and financial position would have been had the Transactions taken place on the dates indicated, nor are they indicative of the future consolidated results of operations or financial position of AMSC and they are based on the information available at the time of their preparation. Actual results may differ materially from the assumptions within the unaudited pro forma condensed combined financial information.

The unaudited pro forma condensed combined financial information is intended to provide information about the impact of the Transactions as if it had been consummated earlier. The pro forma adjustments are based on available information and certain assumptions that management believes are factually supportable and are expected to have an impact on AMSC’s results of operations. In the opinion of management, all adjustments necessary to present fairly the unaudited pro forma condensed combined financial statements have been made.

Accounting policies and reclassification

For the purposes of preparing the unaudited pro forma condensed combined financial information, AMSC conducted a preliminary review of Comtrafo’s accounting policies to identify significant differences. Based on its preliminary review, management identified certain accounting policy differences that were presented within the US GAAP adjustments and also certain reclassification adjustments to conform Comtrafo’s historical financial statements presentation to AMSC’s financial statement presentation (refer Note 5 for details). Management will perform a comprehensive review of Comtrafo’s accounting policies. As a result of the review, management may identify differences between the accounting policies or financial statement classification of the two businesses which, when conformed, could have a material impact on the consolidated financial statements of Comtrafo and AMSC.

Note 3 – Transaction accounting adjustments

The following pro forma adjustments (including eliminations) are included in the unaudited condensed combined pro forma statements of operations:

Statement of Operations for the nine months ended September 30, 2025 and year ended December 31, 2024 (USD in thousands)

Eletrotrafo's historical results are presented separately solely to illustrate the elimination of its results, as it was excluded from the Comtrafo Acquisition.

The historical amortization expense for the year ended March 31, 2025, and the nine months ended December 31, 2025, has been eliminated and amortization expense associated with the acquired intangible assets has been recorded within cost of revenues for backlog and within operating expenses for customer relationships.

Note 4 – Pro Forma adjustments pertaining to acquisition of Megatran Acquisition included in the unaudited pro forma condensed combined statement of operations for the year ended March 31, 2025

The following table summarizes the preliminary estimated fair values of Megatran’s identifiable intangible assets, as of April 1, 2024, and their estimated useful lives, along with the estimated amortization expense calculated using the straight-line method of amortization:

Transaction accounting adjustments:

The pro forma adjustments included in the unaudited pro forma condensed combined financial information are as follows (amounts in thousands):

Note 5 – Reclassification and US GAAP Adjustments

Comtrafo’s historical financial statements have been prepared in accordance with IFRS Accounting Standards, which differs in certain material respects from US GAAP. In order to prepare pro forma financial statements, Comtrafo’s historical financial statements have been adjusted to reflect Comtrafo consolidated statements of operations on a US GAAP basis by recording appropriate adjustments (“US GAAP adjustments”).

During the preparation of this unaudited pro forma condensed combined financial information, management performed a preliminary review of Comtrafo’s financial information to identify US GAAP adjustments, differences in accounting policies and financial statement presentation as compared to those of AMSC. At the time of preparing the unaudited pro forma condensed combined financial information, AMSC was not aware of any material differences other than the adjustments described herein. However, AMSC will continue to perform its detailed review of Comtrafo accounting policies, including convergence of its accounting policies to US GAAP. Upon completion of that review, differences may be identified between the accounting policies of the two businesses that, when confirmed, could have a material impact on the unaudited pro forma condensed combined financial information.

Unaudited Combined Historical Statement of Operations for the nine months ended September 30, 2025 (USD in thousands)

Unaudited Adjusted Historical Statement of Operations for the year ended December 31, 2024 (USD in thousands)

Notes to US GAAP adjustments:

In Comtrafo's historical consolidated financial statements, leases were recognized on the balance sheet as right-of-use assets and lease liabilities, in accordance with IFRS Accounting Standards. The right-of-use asset was depreciated over the lease term on a straight-line basis, with the impact recorded in the income statement as depreciation expense within cost of revenues. The lease liability was amortized using the incremental borrowing rate, and the impact was recorded in the income statement as interest expense within net interest income.

Under US GAAP, operating lease expense is recognized on a straight-line basis over the term of the lease.

The following adjustments were made to the statements of operations:

Additionally, for the twelve months ended December 31, 2024, and the nine months ended September 30, 2025, historical interest expense of BRL 593 thousand and BRL 402 thousand, respectively, was reversed.         

Represents reclassifications of historical Comtrafo financial statement line items to conform to the expected financial statement line items of the combined company following the Comtrafo Acquisition.

The adjusted historical results have been translated from Brazilian Real to U.S. Dollars as below: