Capstone Green Energy Holdings, Inc. (“the Company”), the successor to Capstone Green Energy Corporation, has announced its financial results for the quarter ending June 30, 2024 (Q1 fiscal year 2025). The Company has successfully filed all outstanding SEC reports and is actively progressing with its post-restructuring business plan.
Revenue for the first quarter of fiscal 2025 totaled $15.6 million, down from $23.9 million in the same period last year. This decrease reflects the ongoing challenges the Company faces in overcoming the negative impacts of its fiscal 2024 restructuring activities.
First Quarter Fiscal 2025 Highlights:
- Gross Profit: Increased to $3.8 million, benefiting from price hikes and a favorable sales mix, showing a $0.4 million improvement over Q1 fiscal 2024.
- Gross Margin: Rose to 24%, up from 14% in the same period last year.
- Net Loss: The Company reported a net loss of $3.9 million, including $2.5 million in one-time charges. This is a 31% improvement compared to the $5.7 million net loss in Q1 fiscal 2024.
- Adjusted EBITDA: Improved by 153% to a positive $0.7 million, compared to negative $1.4 million in Q1 fiscal 2024, driven by stronger gross profit and better control over operating expenses.
- Cash Position: Total cash stood at $4.0 million as of June 30, 2024, a $1.9 million increase from $2.1 million at the end of March 2024.
- Net Cash from Operating Activities: The Company generated $2.1 million in operating cash flow in Q1 fiscal 2025, a $6.9 million turnaround from the $4.8 million cash outflow in the same quarter last year. This improvement was mainly driven by reduced net loss and better working capital management.
- Debt Covenants: The Company remains in compliance with its debt covenants.
John Juric, Chief Financial Officer, commented, “We’re pleased to announce that with the filing of our Q1 10-Q for fiscal year 2025, the Company is now up to date with all SEC filings. This milestone sets us on course to pursue trading of our common stock on an over-the-counter market.”
Vince Canino, Chief Executive Officer, added, “The improvements in gross profit and adjusted EBITDA demonstrate our disciplined approach to financial and operational management. Achieving financial stability is a key priority as we strive for profitable growth.”
