Capstone Energy+ (CEPL) lifts margins and turns operating profit in Q1 2027

Rhea-AI Filing Summary

Capstone Energy+, Inc. reported fiscal first quarter 2027 results for the period ended June 30, 2026. Revenue was $24.9 million, down from $27.9 million a year earlier, mainly due to timing of large product orders, project milestones, shipment schedules and lower rental utilization.

Despite lower revenue, gross profit rose 16% to $8.8 million and gross margin expanded to 35% from 27%, driven by a favorable product mix, cost-reduction initiatives and Distribution Services. Income from operations was $1.0 million versus a prior operating loss of $0.2 million. Net income was $0.04 million, compared with a net loss of $0.7 million, although PIK dividends on preferred stock resulted in a net loss available to common shareholders of $0.9 million and a reported net loss per share of $0.03.

Adjusted EBITDA was $2.7 million, flat year over year. Cash and restricted cash totaled $32.3 million at June 30, 2026, up from $28.9 million at March 31, 2026. Net cash provided by operating activities was $5.4 million, versus net cash used of $1.6 million in the prior-year quarter, benefiting from a $3.7 million customer deposit tied to an order scheduled for year-end delivery.

Positive

• Gross profit and margin improved materially, with gross profit up to $8.8 million and gross margin expanding to 35% from 27%, reflecting better mix and cost controls.
• Return to operating profitability, shifting from a $0.2 million operating loss in Q1 2026 to $1.0 million of income from operations in Q1 2027.
• Strong operating cash flow swing, from net cash used of $1.6 million to $5.4 million provided by operating activities, boosting cash and restricted cash to $32.3 million.

Negative

• Revenue declined over 10%, falling to $24.9 million from $27.9 million, driven by order timing and weaker rental utilization.
• Common shareholders still incur losses, with net loss available to common and non-voting common stockholders of $0.9 million and a basic and diluted net loss per share of $0.03.
• Balance sheet remains highly leveraged, with total liabilities of $85.1 million, redeemable preferred stock of $74.9 million, and a stockholders’ deficit of $45.2 million.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Revenue Q1 2027: $24.9 million Gross Profit Q1 2027: $8.8 million Gross Margin Q1 2027: 35% +5 more

8 metrics

Revenue Q1 2027 $24.9 million Fiscal first quarter 2027 revenue versus $27.9 million in Q1 2026

Gross Profit Q1 2027 $8.8 million Gross profit increased from $7.6 million in Q1 2026

Gross Margin Q1 2027 35% Expanded from 27% in the prior-year quarter

Income from Operations $1.0 million Q1 2027 income from operations versus $0.2 million loss in Q1 2026

Net Cash from Operating Activities $5.4 million Q1 2027 operating cash flow versus $1.6 million used in Q1 2026

Cash and Restricted Cash $32.3 million Balance at June 30, 2026 compared with $28.9 million at March 31, 2026

Adjusted EBITDA Q1 2027 $2.7 million Adjusted EBITDA for Q1 2027 and Q1 2026

Stockholders’ Deficit $45.2 million Total stockholders’ deficit at June 30, 2026

Key Terms

Adjusted EBITDA, redeemable preferred stock, Exit notes, factory protection plan liability, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA, a non-GAAP metric reconciled below, was $2.7 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

redeemable preferred stock financial

"Redeemable preferred stock, $0.001 par value; 1,000,000 shares authorized"

A redeemable preferred stock is an ownership share that pays a steady dividend and gives holders priority over common shareholders for dividends and bankruptcy payouts, but can be bought back by the issuing company at a predetermined price or after a set date. It matters to investors because it combines income-like stability with limited upside—think of it as a preferred seat with an exit button the issuer can press—so you gain income and safety relative to common stock but face the risk of being forced to sell back at the issuer’s chosen price.

Exit notes financial

"Exit notes, net of discount, current | $ | 25,337"

Exit notes are short-term IOUs or debt obligations that become payable or convert into equity when a company undergoes a liquidity event, such as a sale or public offering. For investors and shareholders they matter because exit notes can change who gets paid first and how much equity is diluted at the time of a sale—think of them as a loan that must be settled from the proceeds when the company’s ownership changes hands.

factory protection plan liability financial

"Factory protection plan liability | $ | 4,904"

Energy as a Service technical

"Capstone also offers flexible Energy as a Service solutions"

A business model where customers pay a provider to deliver and manage their energy needs—such as electricity supply, on-site generation, storage, efficiency upgrades and billing—rather than buying or operating the equipment themselves. For investors, it matters because it converts one-time sales into recurring, contract-backed revenue streams, shifts capital and operational risk from the customer to the provider, and ties returns to long-term performance and regulatory changes; think of it like subscribing to an internet service instead of owning the modem and wiring.

Earnings Snapshot

Revenue: $24.9 million

Fiscal first quarter 2027 ended June 30, 2026

Revenue $24.9 million down from $27.9 million in Q1 2026

Gross profit $8.8 million up from $7.6 million in Q1 2026

Gross margin 35% up from 27% in Q1 2026

Income from operations $1.0 million improved from a $0.2 million loss in Q1 2026

Net income (loss) $0.04 million improved from a $0.7 million net loss in Q1 2026

Net loss per share $0.03 improved from $0.04 net loss per share in Q1 2026

Adjusted EBITDA $2.7 million flat versus $2.7 million in Q1 2026

Net cash from operating activities $5.4 million improved from $1.6 million of cash used in Q1 2026

FAQ

How did Capstone Energy+ (CEPL) revenue perform in Q1 2027?

Capstone Energy+ reported Q1 2027 revenue of $24.9 million, down from $27.9 million in Q1 2026. The decline was mainly due to timing of large product orders, project milestones, shipment schedules, and lower rental utilization.

What were Capstone Energy+ (CEPL) gross profit and margin in Q1 2027?

Capstone Energy+ generated gross profit of $8.8 million in Q1 2027, up from $7.6 million a year earlier. Gross margin expanded to 35% from 27%, benefiting from favorable product mix, cost reductions and Distribution Services revenue.

Did Capstone Energy+ (CEPL) achieve profitability in Q1 2027?

Capstone Energy+ recorded income from operations of $1.0 million and net income of $0.04 million in Q1 2027, versus a net loss of $0.7 million in Q1 2026. However, after preferred dividends, common shareholders still reported a net loss.

How much operating cash flow did Capstone Energy+ (CEPL) generate in Q1 2027?

Capstone Energy+ generated $5.4 million in net cash from operating activities in Q1 2027, compared with $1.6 million of cash used in Q1 2026. Results benefited from a $3.7 million customer deposit for an order due at fiscal year-end.

What was Capstone Energy+ (CEPL) Adjusted EBITDA for Q1 2027?

Capstone Energy+ reported Adjusted EBITDA of $2.7 million for Q1 2027, essentially unchanged from $2.7 million in Q1 2026. Adjusted EBITDA excludes stock-based compensation, restructuring, financing and certain legal and transaction expenses.

What does Capstone Energy+’s (CEPL) balance sheet look like after Q1 2027?

At June 30, 2026, Capstone Energy+ had total assets of $114.8 million, total liabilities of $85.1 million, redeemable preferred stock of $74.9 million and a stockholders’ deficit of $45.2 million, alongside cash and restricted cash of $32.3 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Understanding 8-K Material Events →

Available on EDGAR 08/12/2026 - 04:01 PM Accepted by SEC EDGAR 08/12/2026 - 04:00 PM Learn about SEC filing dates

Capstone Energy Plus, Inc.0001009759false00010097592026-08-122026-08-12

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

​

FORM 8-K

CURRENT REPORT

​

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

​

Date of Report (Date of earliest event reported): August 12, 2026

​

CAPSTONE ENERGY+, INC.

(Exact name of registrant as specified in its charter)

​	​	​	​	​
Delaware		001-15957		20-1514270
(State or other jurisdiction		(Commission File Number)		(IRS Employer
of incorporation)				Identification No.)

​	​	​	​	​
16640 Stagg Street,
Van Nuys, California		​		91406
(Address of principal executive offices)		​		(Zip Code)

​

(818) 734-5300

(Registrant’s telephone number, including area code)

​

Former name or former address, if changed since last report: N/A

​

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

​

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 Securities registered pursuant to Section 12(b) of the Act:

	​		​
Title of each class	​	Trading Symbol(s)	​	Name of exchange on which registered
Common Stock, par value $0.001 per share	​	CEPL	​	The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

​

Item 2.02      Results of Operations and Financial Condition.

​

On August 12, 2026, Capstone Energy+, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter of fiscal year 2027 ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in Item 2.02 in this Current Report on Form 8-K (including Exhibit 99.1) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

​

Item 9.01      Financial Statements and Exhibits.

​

(d) Exhibits.

​

Exhibit Number	​ ​ ​	Description
99.1	​	Press Release of Capstone Energy+, Inc., dated August 12, 2026 (furnished herewith).
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document).

​

​

​

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

​

​	​
​	CAPSTONE ENERGY+, INC.
​	​
​	​
Date: August 12, 2026	By:	/s/ John P. Miller
​	​	Name: John P. Miller
​	​	Title: Interim Chief Financial Officer ​

​

Exhibit 99.1

Capstone Energy+ Reports Results for First Quarter of Fiscal 2027

Gross Profit Increased 16% to $8.8 Million

​

Company Generated $5.4 Million in Operating Cash Flow

​

LOS ANGELES, CA / BUSINESS WIRE / August 12, 2026 — Capstone Energy+, Inc. (NASDAQ: CEPL) (“Capstone” or the “Company”), a leading provider of behind-the-meter clean microturbine energy solutions for industrial and commercial businesses, as well as solutions designed for emerging data center applications, today reported its financial results for the fiscal first quarter 2027, ended June 30, 2026.

Fiscal First Quarter 2027 and Recent Operational Highlights

● Commenced trading on the NASDAQ Stock Market under the ticker symbol “CEPL.” The Company’s common stock began trading on the Nasdaq Global Market on July 8^th, a milestone that broadens access to institutional investors and enhances visibility with the investment community.

● Secured a CHP project for a premier Utah hospitality destination. The order includes two C800 Signature Series microturbines designed to provide reliable on-site electricity and recovered thermal energy for a large-scale golf and hospitality resort, showing the economic and operational benefits of combined heat and power in energy-intensive commercial settings.

● Received a follow-on order from Chilean state-owned energy company ENAP. The additional C800 Signature Series microturbine will expand the Capstone-powered system at ENAP’s Gregorio Refinery from 1.4 MW to 2.2 MW, reinforcing the reliability of Capstone’s technology in remote, mission-critical environments.

● Expanded the Energy-as-a-Service model through a flare-gas recovery project in Gabon. Under a 36-month lease-to-own agreement, Capstone will provide a C600 Signature Series microturbine to Maurel & Prom to convert recovered associated gas into reliable on-site electricity.

● Advanced a 2 MW CHP installation at Scripps Mercy Hospital San Diego. Two C1000 Signature Series microturbines are designed to provide highly efficient on-site electricity and thermal energy while supporting island-mode operation during utility outages.

​

Fiscal First Quarter 2027 Financial Results

Results compare the fiscal first quarter ended June 30, 2026 (“Q1 2027”) to the fiscal first quarter ended June 30, 2025 (“Q1 2026”) unless otherwise indicated.

Revenue for Q1 2027 was $24.9 million, compared to $27.9 million in Q1 2026. The decrease was primarily due to the timing of large product orders, project milestones and shipment schedules, as well as lower rental utilization amid uncertainty surrounding oil prices. The performance was partially offset by growth in Parts and Service revenue, which increased 21% to $9.7 million.

Gross profit for Q1 2027 increased 16% to $8.8 million, up from $7.6 million, while gross margin expanded 800 basis points to 35% from 27%. The improvement primarily reflected a favorable product mix, including the sale of previously rented microturbine systems, the continued benefit of cost-reduction initiatives, and a contribution from Distribution Services revenue. Income from operations was $1.0 million, compared to a loss from operations of $0.2 million in Q1 2026.

​

Net income for Q1 2027 was approximately $0.04 million, compared to a net loss of $0.7 million in Q1 2026.

Reported net loss per share for Q1 2027 was $0.03, compared to a reported net loss per share of $0.04 in Q1 2026. Q1 2027 net loss attributable to common stockholders included a $1.0 million non-cash adjustment related to the accretion of the Operating Subsidiary’s Preferred Units despite operating net income.

Adjusted EBITDA, a non-GAAP metric reconciled below, was $2.7 million for each of the Q1 2027 and 2026 periods.

Cash and restricted cash totaled $32.3 million at June 30, 2026, compared to $28.9 million at March 31, 2026. Net cash provided by operating activities was $5.4 million in Q1 2027, compared to net cash used in operating activities of $1.6 million in Q1 2026. Operating cash flow benefited from a $3.7 million customer deposit associated with an order scheduled for delivery at the end of the fiscal year.

Management Commentary

“We continued to demonstrate improvement in our underlying earnings power in Q1, even as quarterly revenue was affected by the timing of large product shipments and lower rental-fleet utilization,” said Vince Canino, President and Chief Executive Officer of Capstone Energy+. “We expanded gross margin by 800 basis points year over year, generated positive operating income, and produced $5.4 million in operating cash flow, demonstrating our three-pillar strategy continues to be a positive impact on our business even during some market turbulence.”

“Our activity during and after the quarter demonstrated the breadth of the markets Capstone can serve. Recent projects across healthcare, hospitality, and flare-gas recovery show the value of reliable, efficient, and scalable on-site power in environments where energy is critical. Our priorities for the balance of Fiscal 2027 focus on activity in our Major Growth Markets, in particular, Data Centers and Ports.  Activity has steadily increased over the prior quarter.”

Earnings Conference Call and Webcast Details

Capstone will host its fiscal first quarter 2027 financial results conference call and webcast today, Tuesday, August 12, 2026, at 1:45 p.m. Pacific Time / 4:45 p.m. Eastern Time.

Participant Dial-In Details:

● North America Toll-Free: (833) 461-5787

● International Toll: +1 (585) 542-9983

● Conference ID: 809 321 732

Webcast Access:
The live webcast will be available via the Investor Relations section of Capstone’s website or directly at: Capstone Energy+ FQ1 2027 Earnings Webcast.

Following prepared remarks, management will host a question-and-answer session for analysts and address select questions submitted by webcast participants. A replay of the webcast will be archived on the Company’s website for a minimum of 90 days.

​

About Capstone Energy+

For nearly four decades, Capstone Energy+ has designed, developed, and delivered proven behind-the-meter, on-site energy solutions that help businesses operate with certainty in an increasingly constrained power environment. Our evolution from “Green” to “Plus” reflects who we are today, delivering clean, innovative energy solutions that go beyond electricity.

Capstone Energy+: On Site. On Demand. Always On.

With more than 10,800 units shipped across 89 countries through our global distributor network, Capstone provides highly reliable, low-maintenance, fuel-flexible power systems engineered for mission-critical operations. Built on our core 30kW, 65kW, and 200kW microturbine platforms, our scalable multi-megawatt solutions are designed for rapid deployment, continuous operation, and simplified maintenance.

Capstone Energy+ serves critical industries including data centers, hospitals, agriculture, and industrial facilities where uptime and energy certainty are essential. Beyond power generation, our solutions support the circular economy by converting waste streams into usable fuel and capturing waste heat to produce valuable thermal energy with a lower carbon footprint.

To support evolving customer needs, Capstone also offers flexible Energy as a Service solutions, including power purchase or energy service agreements (PPAs/ESAs), leasing, rentals, and embedded service contracts (ESCs) designed to reduce upfront costs, accelerate deployment, and provide life-cycle cost predictability.

Our modular plug-and-play architecture enables customers to scale quickly, reduce integration risk, and adapt to growing energy demands with resilient, always-available power solutions.

For more information about the Company, please visit www.CapstoneEnergyPlus.com

Follow Capstone Energy+ on X, LinkedIn, Instagram, Facebook, and YouTube.

​

Cautionary Notes

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements related to future profitability and the growth of the business. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the Company’s liquidity position and ability to access capital, including the Company’s ability to repay or refinance outstanding indebtedness; the Company’s ability to realize the anticipated benefits of its financial restructuring; the Company’s ability to comply with the restrictions imposed by covenants contained in the exit financing; the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policies; employee attrition, and the Company’s ability to retain senior management and other key personnel; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil, natural gas and AI industries and other general

​

business, industry and economic conditions;   and the impact of litigation and regulatory proceedings. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K and quarterly report on Form 10-Q. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances, future events, or for any other reason.

Non-GAAP Financial Measures

EBITDA and adjusted EBITDA are non-GAAP financial measures that remove the impact of certain non-cash and non-recurring costs. Management believes that the use of such non-GAAP financial measures provides investors with additional useful information with respect to the impact of various adjustments, which we view as a better measure of our operating performance. Refer to the attached table for the reconciliation of such non-GAAP financial measures to the most comparable GAAP financial measure.

​

-Financial Tables to Follow-

​

​

CAPSTONE ENERGY+, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

​

​	​	​	​	​	​	​
​	​ ​ ​	June 30,		​ ​ ​	March 31,
​	​	2026		​	2026
​	​	​	(Unaudited)	​	​	​
Assets	​	​	​	​	​	​
Current Assets:	​	​	​	​	​	​
Cash	​	$	31,582	​	$	28,179
Restricted cash	​	​	715	​	​	715
Accounts receivable, net of allowances of $1,417 at June 30, 2026 and $1,337 at March 31, 2026	​		12,821	​		12,911
Inventories	​		26,962	​		22,106
Prepaid expenses and other current assets	​	​	4,002	​	​	3,924
Total current assets	​		76,082	​		67,835
Property, plant, equipment and rental assets, net	​		12,865	​		16,185
Intangible assets, net	​	​	5,272	​	​	5,546
Finance lease right-of-use assets	​	​	4,609	​	​	4,789
Operating lease right-of-use assets	​	​	8,695	​	​	9,859
Non-current portion of inventories	​		2,900	​		2,736
Other assets	​	​	4,380	​	​	4,500
Total assets	​	$	114,803	​	$	111,450
Liabilities, Temporary Equity and Stockholders’ Deficit	​	​	​	​	​	​
Current Liabilities:	​	​	​	​	​	​
Accounts payable	​	$	19,347	​	$	17,614
Accrued expenses	​	​	7,087	​	​	7,029
Accrued warranty reserve	​		990	​		971
Deferred revenue, current	​		13,049	​		10,040
Deferred acquisition costs, current	​	​	1,776	​	​	1,726
Finance lease liability, current	​	​	1,289	​	​	1,520
Operating lease liability, current	​	​	2,083	​	​	1,862
Factory protection plan liability	​	​	4,904	​	​	4,698
Exit notes, net of discount, current	​	​	25,337	​	​	25,320
Total current liabilities	​		75,862	​		70,780
Deferred revenue, non-current	​	​	551	​	​	648
Deferred acquisition costs, non-current	​	​	967	​	​	1,430
Finance lease liability, non-current	​	​	784	​	​	991
Operating lease liability, non-current	​	​	6,936	​	​	8,132
Total liabilities	​	​	85,100	​	​	81,981
Commitments and contingencies (Note 12)	​	​	​	​	​	​
Temporary equity:	​	​	​	​	​	​
Redeemable preferred stock, $0.001 par value; 1,000,000 shares authorized, 80,000 shares issued and outstanding at June 30, 2026 and March 31, 2026, respectively (Note 13)	​	​	74,922	​	​	73,936
Total temporary equity	​	​	74,922	​	​	73,936
Stockholders’ deficit:	​	​	​	​	​	​
Common stock, $0.001 par value; 100,000,000 shares authorized, 32,557,301 shares issued and outstanding at June 30, 2026 and 30,163,613 shares issued and outstanding at March 31, 2026	​		35	​		30
Non-voting common stock, $0.001 par value; 600,000 shares authorized, 333,120 shares issued and outstanding at June 30, 2026 and March 31, 2026, respectively	​		1	​		1
Additional paid-in capital	​		929,613	​		930,234
Accumulated deficit	​		(974,138)	​		(974,175)
Treasury stock, at cost; 298,824 shares at June 30, 2026 and 269,603 shares at March 31, 2026	​	​	(730)	​	​	(557)
Total stockholders’ deficit	​		(45,219)	​		(44,467)
Total liabilities, temporary equity and stockholders' deficit	​	$	114,803	​	$	111,450

​

​

CAPSTONE ENERGY+, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

​

​	​	​	​	​	​	​
​	​	Three Months Ended June 30,
​	​ ​ ​	2026		​ ​ ​	2025
Revenue, net:	​	​	​	​	​	​
Product and accessories	​	$	12,964	​	$	15,720
Parts and services	​	​	9,722	​	​	7,938
Rentals	​	​	2,237	​	​	4,213
Total revenue, net	​	​	24,923	​	​	27,871
Cost of goods sold:	​		​	​		​
Product and accessories	​	​	8,997	​	​	14,518
Parts and services	​	​	5,732	​	​	3,759
Rentals	​	​	1,434	​	​	2,030
Total cost of goods sold	​	​	16,163	​	​	20,307
Gross profit	​		8,760	​		7,564
Operating expenses:	​	​	​	​	​	​
Research and development	​		1,221	​	​	814
Selling, general and administrative	​		6,572	​	​	6,921
Total operating expenses	​		7,793	​		7,735
Income (loss) from operations	​		967	​	​	(171)
Other income (expense), net	​		(227)	​	​	436
Interest income	​		159	​	​	53
Interest expense	​		(857)	​	​	(1,011)
Income (loss) before provision for income taxes	​		42	​		(693)
Provision for income taxes	​		5	​	​	5
Net income (loss)	​	$	37	​	$	(698)
​	​	​	​	​	​	​
Net loss per share of common stock and non-voting common stock—basic and diluted	​	$	(0.03)	​	$	(0.04)
Weighted average shares used to calculate basic net loss per share of common stock and non-voting common stock	​		34,335	​		19,366

​

​	​	​	​	​	​	​
​	​	Three Months Ended June 30,
​	​ ​ ​	2026		​ ​ ​	2025
Numerator:	​	​	​	​	​	​
Consolidated net income (loss)	​	$	37	​	$	(698)
Less: PIK dividends on Series A Convertible Preferred Stock	​	​	(986)	​	​	—
Net loss available to holders of common stock and non-voting common stock	​	$	(949)	​	$	(698)
Denominator:	​	​	​	​	​	​
Weighted average shares outstanding of common stock and non-voting common stock	​		34,335	​		19,366
Weighted average shares outstanding - diluted	​	​	34,335	​	​	19,366
Net loss per share of common stock and non-voting common stock—basic and diluted	​	$	(0.03)	​	$	(0.04)

​

​

CAPSTONE ENERGY+, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

​	​	​	​	​	​	​
​	​	Three Months Ended June 30,
​	​ ​ ​ ​	2026		​ ​ ​ ​	2025
Cash Flows from Operating Activities:	​	​	​	​	​	​
Net income (loss)	​	$	37	​	$	(698)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	​	​	​	​	​	​
Depreciation and amortization	​	​	1,168	​	​	926
Amortization of financing costs and discounts	​	​	17	​	​	23
Paid-in-kind interest expense	​	​	—	​	​	493
Interest related to deferred acquisition costs	​	​	87	​	​	—
Non-cash lease expense	​	​	526	​	​	821
Non-cash cost of assets sold	​	​	3,500	​	​	—
Provision for credit loss expense	​	​	80	​	​	227
Inventory write-down	​	​	—	​	​	166
Provision for warranty expenses	​	​	76	​	​	70
Gain on termination of lease	​	​	(50)	​	​	—
Stock-based compensation	​	​	365	​	​	349
Changes in operating assets and liabilities:	​	​	​	​	​	​
Accounts receivable	​	​	10	​	​	(4,170)
Inventories	​	​	(5,020)	​	​	253
Lease receivable	​	​	29	​	​	25
Prepaid expenses, other current assets and other assets	​	​	11	​	​	274
Accounts payable	​	​	1,740	​	​	2,356
Accrued expenses	​	​	(572)	​	​	124
Operating lease liability, net	​	​	(288)	​	​	(847)
Accrued salaries and wages and long-term liabilities	​	​	632	​	​	617
Accrued warranty reserve	​	​	(57)	​	​	(6)
Deferred revenue	​	​	(804)	​	​	(3,222)
Deposits	​	​	3,716	​	​	—
Factory protection plan liability	​	​	206	​	​	623
Net cash provided by (used in) operating activities	​	​	5,409	​	​	(1,596)
Cash Flows from Investing Activities:	​	​	​	​	​	​
Payment of deferred acquisition costs	​	​	(500)	​	​	—
Expenditures for property, plant, equipment and rental assets	​	​	(894)	​	​	(126)
Net cash used in investing activities	​	​	(1,394)	​	​	(126)
Cash Flows from Financing Activities:	​	​	​	​	​	​
Acquisition of treasury stock	​	​	(173)	​	​	(134)
Repayment of finance lease obligations	​	​	(439)	​	​	(187)
Net cash used in financing activities	​	​	(612)	​	​	(321)
Net increase in cash and restricted cash	​	​	3,403	​	​	(2,043)
Cash and restricted cash, Beginning of Period	​	​	28,894	​	​	8,671
Cash and restricted cash, End of Period	​	$	32,297	​	$	6,628
Supplemental Disclosures of Cash Flow Information:	​	​	​	​	​	​
Cash paid during the period for:	​	​	​	​	​	​
Interest	​	$	862	​	$	479
Income taxes	​	$	63	​	$	14
Supplemental Disclosures of Non-Cash Information:	​	​	​	​	​	​
Right-of-use assets obtained in exchange for operating lease obligations	​	$	—	​	$	1,419
Right-of-use assets obtained in exchange for finance lease obligations	​	$	—	​	$	396
Acquisition of treasury stock with accrued liabilities	​	$	—	​	$	46
Settlement of lease liabilities through accounts receivable	​	$	—	​	$	210
Operating lease modified to finance lease	​	$	—	​	$	614
Accounts payable negotiated in lease modification	​	$	—	​	$	1,289

​

​

CAPSTONE ENERGY+, INC. AND SUBSIDIARIES

PRESENTATION OF NON-GAAP FINANCIAL MEASURES

(In thousands, except per share data)

(Unaudited)

​	​	​	​	​	​	​
​	​	Three Months Ended June 30,
​	​	2026		​	2025
Net income (loss)	​	$	37	​	$	(698)
Interest expense	​	​	857	​	​	1,011
Provision for income taxes	​	​	5	​	​	5
Depreciation and amortization	​	​	1,168	​	​	926
EBITDA	​	$	2,067	​	$	1,244
​	​	​	​	​	​	​
Stock-based compensation	​	​	365	​	​	349
Restructuring expense	​	​	25	​	​	189
Financing expense	​	​	246	​	​	55
Extraordinary legal costs	​	​	(4)	​	​	(25)
Restatement & SEC investigation costs	​	​	—	​	​	337
Merger and acquisition expense	​	​	42	​	​	549
Adjusted EBITDA	​	$	2,741	​	$	2,698

​

To supplement the Company’s unaudited financial data presented on a generally accepted accounting principles (GAAP) basis, management has presented Adjusted EBITDA, a non-GAAP financial measure. This non-GAAP financial measure is among the indicators management uses as a basis for evaluating the Company’s financial performance as well as for forecasting future periods. Management establishes performance targets, annual budgets and makes operating decisions based in part upon this metric. Accordingly, disclosure of this non-GAAP financial measure provides investors with the same information that management uses to understand the company’s economic performance year-over-year.

EBITDA is defined as net income (loss) before interest, provision for income taxes and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA before stock-based compensation, restructuring, financing, non-recurring legal, and restatement and SEC investigation expenses. Restructuring expenses relate to the Chapter 11 bankruptcy filing and financing expenses related to the evaluation and negotiation of the Company’s senior indebtedness. Shareholder litigation expense resulting from the restatement of the Company’s financials and non-recurring legal expenses are one-time non-recurring legal fees. Restatement expenses are professional fees related to the restatement of the Company’s prior year financials. SEC investigation expenses relate to the costs arising from the restatement of the Company’s financials. Merger and acquisition expense relates to expenses incurred for the acquisition of Cal Microturbine.

Adjusted EBITDA is not a measure of the Company’s liquidity or financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of its liquidity.

While management believes that the Company’s presentation of Adjusted EBITDA provides useful supplemental information to investors, there are limitations associated with the use of this non-GAAP financial measure. Adjusted EBITDA is not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the methods of calculation. The Company’s non-GAAP financial measure is not meant to be considered

​

in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP.

​

Capstone Energy+, Inc. ir@capstoneenergyplus.com 818-407-3628 ​

Media and Investor Inquiries: Gateway Group, Inc. CEPL@gateway-grp.com 949-574-3860

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 381.7 KB

Other Documents

• EX-101 EX-101.SCH 3.5 KB
• EX-101 EX-101.DEF 2.8 KB
• EX-101 EX-101.LAB 16.2 KB
• EX-101 EX-101.PRE 10.6 KB