2024 8,633 6,552
Inventories 19,877 20,642
Prepaid expenses and other current
assets 4,172 5,449
---------- --------
Total current assets 35,395 34,728
Property, plant, equipment and rental
assets, net 22,428 25,854
Finance lease right-of-use assets 4,089 4,391
Operating lease right-of-use assets 10,326 12,279
Non-current portion of inventories 3,206 3,917
Other assets 2,862 3,037
---------- --------
Total assets $ 78,306 $ 84,206
========== ========
Liabilities, Temporary Equity and
Stockholders' Deficiency
Current Liabilities:
Accounts payable and accrued
expenses $ 21,108 $ 18,212
Accrued salaries and wages 1,147 1,220
Accrued warranty reserve 1,145 1,437
Deferred revenue, current 9,267 11,183
Finance lease liability, current 926 964
Operating lease liability, current 3,991 4,041
Factory protection plan liability 5,566 7,259
Exit new money notes, net of
discount, current -- 28,911
---------- --------
Total current liabilities 43,150 73,227
Deferred revenue, non-current 617 675
Finance lease liability, non-current 1,854 2,300
Operating lease liability, non-current 6,604 8,527
Exit new money notes, net of discount,
non-current 30,855 --
Other non-current liabilities 264 264
---------- --------
Total liabilities 83,344 84,993
---------- --------
Commitments and contingencies (Note
13)
Temporary equity:
----------- -----------
Redeemable noncontrolling
interests 13,859 13,859
---------- --------
Stockholders' deficiency:
Preferred stock, $.001 par
value; 1,000,000 shares
authorized, and none issued -- --
Common stock, $.001 par value;
59,400,000 shares authorized,
18,540,789 shares issued and
outstanding at September 30,
2024 and March 31, 2024 18 18
Non-voting common stock, $.001
par value; 600,000 shares
authorized, 508,475 shares
issued and outstanding at
September 30, 2024 and March
31, 2024 1 1
Additional paid-in capital 955,254 955,145
Accumulated deficit (974,170) (969,810)
---------- --------
Total stockholders'
deficiency (18,897) (14,646)
---------- --------
Total liabilities,
temporary equity and
stockholders' deficiency $ 78,306 $ 84,206
========== ========
CAPSTONE GREEN ENERGY HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
------------------ ---------------------
2024 2023 2024 2023
-------- -------- -------- -----------
Revenue, net:
Product and
accessories $11,270 $15,092 $16,631 $ 28,299
Parts, services
and rentals 11,452 13,276 21,733 23,972
------ ------ ------ -------
Total revenue, net 22,722 28,368 38,364 52,271
------ ------ ------ -------
Cost of goods sold:
Product and
accessories 10,589 15,332 16,549 29,462
Parts, services
and rentals 5,123 7,781 11,019 14,117
------ ------ ------ -------
Total cost of goods
sold 15,712 23,113 27,568 43,579
------ ------ ------ -------
Gross profit 7,010 5,255 10,796 8,692
------ ------ ------ -------
Operating expenses:
Research and
development 592 653 1,139 1,318
Selling, general
and
administrative 6,400 9,160 13,183 15,964
------ ------ ------ -------
Total operating
expenses 6,992 9,813 14,322 17,282
------ ------ ------ -------
Income (loss) from
operations 18 (4,558) (3,526) (8,590)
Other income (loss),
net 622 (4) 1,213 6
Interest income 1 41 3 99
Interest expense (1,039) (1,822) (2,017) (3,519)
Reorganization
items, net -- 453 -- 453
------ ------ ------ -------
Loss before
provision (benefit)
for income taxes (398) (5,890) (4,327) (11,551)
Provision (benefit)
for income taxes 25 (3) 33 15
------ ------ ------ -------
Net loss $ (423) $(5,887) $(4,360) $(11,566)
====== ====== ====== =======
Net loss per share
of common stock and
non-voting common
stock--basic and
diluted $ (0.02) $ (0.32) $ (0.23) $ (0.63)
====== ====== ====== =======
Weighted average
shares used to
calculate basic and
diluted net loss
per share of common
stock and
non-voting common
stock 19,049 18,492 19,049 18,457
====== ====== ====== =======
CAPSTONE GREEN ENERGY HOLDINGS, INC. AND SUBSIDIARIES
PRESENTATION OF NON-GAAP FINANCIAL MEASURES
--------------------------------------------------------------
(In thousands, except per share data)
(Unaudited)
Three Months
Ended Six Months Ended
Reconciliation of
Reported Net Loss
to EBITDA and
Adjusted EBITDA September 30, September 30,
------------------- ----------------- ---------------------
2024 2023 2024 2023
------- -------- -------- -----------
Net loss, as
reported $ (423) $(5,887) $(4,360) $(11,566)
Interest expense 1,039 1,822 2,017 3,519
Provision for
income taxes 25 (3) 33 15
Depreciation and
amortization 1,063 1,017 2,076 1,961
----- ------ ------ -------
EBITDA $1,704 $(3,051) $ (234) $ (6,071)
Stock-based
compensation
and other
expense 52 81 109 387
Restructuring
charges 896 1,297 1,130 1,322
Financing
expense 11 2,698 47 3,956
Shareholder
litigation
expense 199 -- 707 --
Extraordinary
legal expense 298 11 468 11
Restatement and
SEC
investigation
expenses 674 1,227 2,340 1,281
Reorganization
items -- (453) -- (453)
----- ------ ------ -------
Adjusted EBITDA $3,834 $ 1,810 $ 4,567 $ 433
===== ====== ====== =======
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.
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