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Capstone Green Energy Holdings Inc. (CGEH-5.06%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $20.1 million from $14.6 million in the same quarter the previous year. The increase is attributed to higher demand for microturbine products, parts, and rentals.
Gross profit for the quarter was $5.0 million, representing 25% of revenue, compared to $3.0 million or 21% of revenue in the previous year. This improvement was due to increased sales volume, pricing adjustments, and reduced warranty charges.
Operating expenses decreased to $7.1 million from $10.3 million, primarily due to reductions in legal and accounting fees and stock-based compensation.
Net loss for the quarter was $2.7 million, compared to a net income of $24.2 million in the previous year, which was impacted by non-recurring reorganization items.
Cash provided by operating activities was $2.2 million, while cash used in investing and financing activities was $0.8 million and $0.2 million, respectively.
Capstone had a working capital deficit of $15.6 million as of December 31, 2024. The company acknowledges its dependence on positive cash flow and potential financing to meet future obligations.
The filing details various financial agreements, including an Exit Note Purchase Agreement with Goldman Sachs and a related waiver obtained to address covenant compliance.
Capstone does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting due to insufficient accounting resources and ineffective controls over certain financial reporting aspects.
Capstone continues to focus on expanding its Energy-as-a-Service business and improving its product offerings to meet market demand.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Capstone Green Energy Holdings Inc. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.