Capstone Green Energy Holdings, Inc. reported a net revenue of $85.6 million for the fiscal year ending March 31, 2025, a decrease of 6% from $91.2 million in the previous fiscal year. The decline was primarily attributed to an 18% drop in product and accessories revenue, which fell to $40.2 million from $49.1 million, largely due to distributor hesitancy following the company's emergence from Chapter 11 bankruptcy. However, rental revenue increased by 27% to $14.5 million, reflecting higher utilization of the rental fleet. The company's gross profit rose significantly to $23.3 million, or 27% of revenue, compared to $14.3 million, or 16% of revenue, in the prior year, driven by improved margins on rental units and cost efficiencies.
In terms of operational changes, Capstone emerged from Chapter 11 bankruptcy on December 7, 2023, following a reorganization that included a new corporate structure. The company transitioned from Capstone Green Energy Corporation to Capstone Green Energy Holdings, Inc., with Goldman Sachs acquiring a significant equity interest. The restructuring aimed to stabilize the company’s financial position and enhance its operational capabilities. As of March 31, 2025, Capstone had 100 full-time employees, a slight decrease from 101 the previous year, indicating a stable workforce during the transition period.
Geographically, the company saw varied performance across its markets. Revenue from the United States and Canada increased to $56.5 million, while European revenue decreased significantly from $18.3 million to $11.3 million, primarily due to higher natural gas costs and ongoing instability in the region. Latin America and Asia also showed modest growth, contributing $9.1 million and $8.1 million, respectively. The company reported a backlog of $23.5 million at the end of the fiscal year, up from $14.2 million a year earlier, indicating a positive trend in new orders.
Looking ahead, Capstone is focusing on expanding its Energy-as-a-Service (EaaS) offerings and enhancing its product lines, particularly in the energy efficiency and renewable energy sectors. The company is also investing in research and development, particularly in hydrogen technology, with ongoing projects aimed at developing microturbines capable of operating on 100% hydrogen. Despite the challenges posed by its recent bankruptcy and market conditions, Capstone aims to leverage its technological advancements and strategic partnerships to drive future growth and improve its financial stability.
About Capstone Green Energy Holdings, Inc.
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