Capstone Green Energy Files Reports on Form 10-Q for First and Second Quarters of Fiscal 2024

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LOS ANGELES--(BUSINESS WIRE)-- Capstone Green Energy Holdings, Inc. (the "Company"), the public successor to Capstone Green Energy Corporation, is pleased to announce the filing today of its quarterly reports on Form 10-Q for the quarter ended June 30, 2023 and the quarter ended September 30, 2023, reports with the United States Securities and Exchange Commission (SEC). These are the first two quarters of the Company's fiscal year ended March 31, 2024.

"Filing these Form 10-Q quarterly reports is a significant step toward achieving SEC compliance. Our immediate focus is now on submitting the remaining SEC reports needed to bring the Company current and in compliance with the SEC reporting requirements for a public company. We will then concentrate on taking other necessary steps to facilitate trading our common stock in a public, over-the-counter market," stated John Juric, Capstone's Chief Financial Officer.

Vince Canino, President and Chief Executive Officer of Capstone, stated, "We take yet another step toward our SEC compliance goal. The effort involved requires acute attention to detail, and we are proud to celebrate the efforts of our finance organization for this accomplishment. As we work towards completing all of our outstanding filings, we will continue to double our efforts on growing the business so that we can strengthen our performance and financial health. We see great opportunities in the marketplace as the demand for distributed generation and microgrids are increasingly becoming an important part of the equation to meet global power needs resulting from AI and cleantech manufacturing growth. We are confident that our initiatives focusing on cutting-edge cleantech solutions will help solve the trilemma of resiliency, sustainability, and affordability as well as create new market opportunities. This commitment to innovation and sustainability is essential to our long-term success. We greatly appreciate our shareholders' continued support and patience as we work through this critical phase."

Additional Information

The Company is the public successor to Predecessor Capstone (CGRN) for SEC reporting purposes. Once the Company completes its filings for Fiscal Year 2024, it expects that it will be eligible to obtain quotation of its common stock on the OTC Pink Market. The CUSIP number for the Company's common stock following the reorganization transactions consummated in December 2023 is 14067D607, and the ISIN number is US14067D6076.

About Capstone Green Energy

For over three decades, Capstone Green Energy has been at the forefront of microturbine technology, revolutionizing how businesses manage their energy supply. In partnership with our worldwide team of dedicated distributors, we have shipped over 10,000 units to 83 countries, providing environmentally friendly and highly efficient on-site energy systems and microgrid solutions.

Today, our commitment to a cleaner future is unwavering. We offer customers a range of commercial, industrial, and utility-scale options tailored to their specific needs, ranging from 65kW to multiple MWs. Capstone's product portfolio not only showcases our core microturbine technology but also includes flexible Energy-as-a-Service (EaaS), which includes a build, own, and operate models as well as rental services.

In our pursuit of cutting-edge solutions, we've forged strategic partnerships to extend our impact. Through these collaborations, we proudly offer renewable gas products along with heat recovery solutions that enhance the sustainability and efficiency of our client's operations, contributing to a cleaner and more responsible energy landscape.

Capstone offers fast, turnkey power rental solutions for customers with limited capital or short-term needs; for more information, contact rentals@CGRNenergy.com.

For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, 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 regarding the filing of delinquent SEC reports, the Company’s expectations regarding future trading of its common stock on an over-the-counter market and the other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. 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; the Company’s ability to continue as a going concern; the Company’s ability to successfully remediate the material weaknesses in internal control over financial reporting; 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 and the new subsidiary limited liability company agreement; employee attrition and the Company’s ability to retain senior management and other key personnel following the restructuring; 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 and natural gas industry and other general business, industry and economic conditions; the impact of litigation and regulatory proceedings; risks related to the previously announced restatement (including delay in the filing of late Form 10-K’s and Form 10-Q’s due to the Company’s efforts to complete the restatement; the time, costs and expenses associated with the restatement; inquiries from the SEC; the potential material adverse effect on the price of the Company’s common stock and stockholder lawsuits). 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. 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 or future events or for any other reason.

The Company reminds investors that, although the Company is today filing its quarterly reports for the first two fiscal quarters of its fiscal year ended March 31, 2024 (FY24), the Company is not yet current in its SEC filings. The Company cautions investors and prospective investors that its operating results for, and its financial condition as of the end of, the fiscal quarters included in the quarterly reports filed today may not be indicative of its financial results for, and financial condition as of the end of, the fiscal quarters and fiscal year that have not yet been reported, and the Company cautions investors and prospective investors not to place undue reliance on the financial and other information contained in the quarterly reports filed by the Company today.

Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

Source: Capstone Green Energy Holdings, Inc.

Released August 5, 2024