Capstone Green Energy Holdings, the publicly traded successor to Capstone Green Energy Corporation, has released its financial results for the quarter ending June 30, 2024, marking the first quarter of fiscal year 2025. The company has successfully filed all required SEC reports for prior periods and is actively implementing its post-restructuring business plan.
For Q1 of fiscal 2025, Capstone reported revenue of $15.6 million, a decline from $23.9 million in the same quarter of fiscal 2024. This decrease is largely attributed to the ongoing challenges stemming from the restructuring activities completed in fiscal 2024.
Key Highlights from Q1 Fiscal 2025:
- Gross Profit: The gross profit for the first quarter reached $3.8 million, reflecting a $0.4 million improvement over the previous year, driven by price increases and a favorable sales mix.
- Gross Margin: Gross margin increased significantly to 24%, up from 14% in Q1 of fiscal 2024.
- Net Loss: The company recorded a net loss of $3.9 million, including one-time charges of $2.5 million. This represents a 31% improvement compared to the net loss of $5.7 million in the same quarter last year.
- Adjusted EBITDA: Adjusted EBITDA showed a remarkable improvement, increasing by 153% to a positive $0.7 million, compared to a negative $1.4 million in Q1 of the previous year. This growth was primarily due to enhanced gross profit and controlled operating expenses.
- Cash Position: As of June 30, 2024, total cash stood at $4.0 million, an increase of $1.9 million from $2.1 million on March 31, 2024.
- Net Cash from Operating Activities: The company generated $2.1 million in net cash from operating activities for Q1 of fiscal 2025, a significant improvement of $6.9 million compared to the cash usage of $4.8 million in the first quarter of fiscal 2024. This positive shift is mainly attributed to the reduction in net loss and lower working capital requirements.
Capstone continues to comply with its debt covenants.
“We are pleased to announce that with the filing of our first-quarter 10-Q for fiscal year 2025, the Company is now current with all SEC filings. This achievement positions us to move forward with the next steps in applying for the trading of our common stock on an over-the-counter market,” stated John Juric, Chief Financial Officer of Capstone.
Vince Canino, Chief Executive Officer of Capstone, added, “The improvements in gross profit and adjusted EBITDA demonstrate our ability to instill financial, business, and operational discipline within the company. Achieving financial health is a key pillar of strength in our journey toward driving profitable performance.”
Additional Information:
As the public successor to the predecessor Capstone (CGRN) for SEC reporting, the company is now eligible to seek quotation of its common stock on the OTC Pink Sheet Market, following the completion of its SEC filings. The CUSIP number for the company’s common stock, post-reorganization in December 2023, is 14067D607, with the ISIN number being US14067D6076.
