Slides
Page 1
Smarter Energy for a Cleaner Future September 2025 OTCID: CGEH Investor Presentation
Page 2
OTCID: CGEH OTCID: CGEH 2 Safe Harbor This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the financial outlook, business strategy and plans and market trends, opportunities and positioning of Capstone Green Energy Holdings, Inc. (the “Company,” “Capstone,” “we,” “our” or “us”) as well as statements regarding the impact of the acquisition of Cal Microturbine on the Company’s earnings, cash flow and operational efficiency. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward- looking statements contain these identifying words. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Factors that could cause actual results to differ from those projected include, but are 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 its material weakness in internal control over financial reporting; the Company's ability to realize the anticipated benefits of its financial restructuring; the Company's continuing ability to comply with the restrictions imposed by covenants contained in the exit financing and the limited liability company agreement of its operating subsidiary; 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 following the restructuring; the Company being unable to achieve the anticipated benefits of the recently announced acquisition of Cal Microturbine; the acquired business not performing as expected; he Company assuming unexpected risks, liabilities and obligations of the acquired business; 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 and stockholder lawsuits). Further information on these and other factors that could affect the Company's financial results is included in the reports on Form 10-K, Quarterly Reports on Form 10-Q and other periodic filings with the Securities and Exchange Commission from time to time. Because of the risks and uncertainties, Capstone cautions you not to place undue reliance on these statements, which speak only as of the date of this presentation. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Except as expressly required by the federal securities laws, we undertake no obligation, and specifically disclaim any obligation, to release any revision to any forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.
Page 3
OTCID: CGEH Capstone Green Energy Leading Clean Technology Solutions Investor presentation showcasing our transformation to profitability and sustainable energy leadership 3
Page 4
OTCID: CGEH 9.4% - 14.2% Gas-Fired Distributed Generation Explosive Growth Digital Services / Data Centers Clean Tech Mfg Oil & Gas Microgrids Agr 10 Year CAGR Source: IEA World Energy Outlook 2024 & EIA Annual Energy Outlook 2024 0 200 400 600 800 1000 Gas-Fired DG Capacity (GW) Natural Gas Microturbines Reciprocating Engines Gas Turbines Total Gas DG Grid Fragility 4
Page 5
OTCID: CGEH OTCID: CGEH Strategic Gas Distributed Generation Position Capstone's natural gas microturbines are well positioned to capture the exploding gas-fired distributed generation market, offering ultra- low emissions and 24/7 reliability which help solve the energy Tri- lemma of Resiliency, Affordability and Sustainability (RAS). Capstone's clean-burning natural gas microturbines align with the massive shift toward gas-fired distributed generation, providing scalable solutions for baseload power, peak shaving, and combined heat and power applications. $66B Gas DG Market by 2034 Capstone Green Energy Gas-Fired Opportunities Source: Market.US Report August 2025 5
Page 6
6 How We Grow – Revenue & Margins Natural Extension Leverage existing Distribution base and strategic plays ▪ Blue Ocean plays: ➢ Alternate Fuels (Biogas, Sour Gas, Landfill Gas, DME, H2) Territory Direct Sales Self-funding acquisition strategies to create 20-25 pts of margin expansion ▪ Won’t chase top-performing distributors Big Sky Play in untapped markets where significant opportunity exists ▪ Data Centers, Ports, Utility -Microgrids, Station Power
Page 7
OTCID: CGEH Capturing the Explosive Growth of DG Low Capture Rates | Big Revenues Station Power Ports/Terminals Microgrids Data Centers ~557 CCGT Plants $31+B ~1,125 Terminals $18+B 971K Sites $140+B 28,000MW’s $100+B Gas-fired distributed generation is experiencing rapid expansion as utilities and industries seek reliable, resilient, affordable and environmentally sustainable power solutions. Natural gas microturbines and reciprocating engines are becoming the preferred choice 24/7 Resiliency, Affordability and Sustainably (RAS). = = = = Traditional C&I Source: Goldman Sachs Equity Research – April 2024 & WattAI Presentation 7
Page 8
OTCID: CGEH 8 10,600+ SYSTEMS DEPLOYED GLOBALLY 88 COUNTRIES SERVED 12 Billion POUNDS OF CO2 SAVED 37+ YEARS OF INNOVATION Clean Energy ▪ Proven technology with 37+ years of innovation and global deployment success ▪ 10,600+ systems operational worldwide ▪ Trusted across 88 countries globally ▪ Mission-critical applications proven Innovation ▪ Patented air-bearing technology ▪ Proprietary Inverter based Power Electronics ▪ Low NOx emissions below 9ppm ▪ Reduced carbon footprint vs. grid• ▪ Multiple renewable fuel options ▪ Super lean & clean combustion technology ▪ Efficiency driven & compact recuperator technology ▪ Headquartered in Van Nuys, CA ▪ Hub in Fareham, UK ▪ Global Distribution Network ▪ Operational flexibility ▪ Repeatable and scalable business models ▪ Predictable recurring revenue stream models ▪ Global footprint for technical services Key Highlights Advanced T echnology Solutions Power Anywhere, Anytime Worldwide Reach Reducing Environmental Impact Capstone At-A-Glance
Page 9
OTCID: CGEH 1989 1988 1998 2000 2006 2008 2022 Received contracts to develop components of turbogenerator technology from industry titans Company founded Capstone listed on NASDAQ First commercial microturbine sold New C65 kW microturbine introduced Shipped first 200kW microturbine 2009 Shipped first 1000kW microturbine 2017 2020 Capstone launches Energy as a Service (EaaS) business C65 and C200S safely operate on 30% H2 blend 2023 Capstone enters and emerges from Chapter 11 in 60 days time 2015 C1000 Signature Series introduced at PowerGen Int. 2021 Capstone transforms into Capstone Green Energy C200 Signature Series introduced 9 Why We Exist | Our Purpose WHAT HOW WHY Capstone Green Energy traces its origins back to 1988. The company was built on a mission to develop innovative energy solutions, supported by patents in heat pumps, solar power generators, and turbine engines. With funding from organizations like Ford and NASA, NoMac advanced groundbreaking concepts in microturbine technology. Capstone exists because we make the Impossible Possible. 2024 Vince Canino joins Capstone as President and CEO 2025 Capstone achieves full year EBITDA profitability Post restructuring 2025 Capstone Green Energy Holdings, Inc. is listed on OTC Market: CGEH 2025 Capstone acquires Cal Microturbine, now offering direct sales and support in CA, HI, NV, OR, and WA CGEH
Page 10
OTCID: CGEH 10 How We Do It | Our What why every detail matters. HOW WHY We strive to be the first choice when energy matters . By pushing boundaries, challenging convention, and driving change, we make the impossible, possible - delivering clean, resilient, and affordable energy with sustainability at its core. Oil-free air bearings designed to ride on a cushion of air for better efficiency AIR BEARING A compact annular recuperator designed to improve engine efficiency RECUPERATOR Inverter-based electromagnetics eliminate gear boxes and switchgears ELECTRONICS Our combustion technology created low emissions while mastering the use of many gaseous fuels COMBUSTOR By combining simplicity, sleek elegance, and an unmatched versatile operating profile, we create clean technology that directly tackles the energy trilemma. WHAT
Page 11
OTCID: CGEH 11 HOT WATER ELECTRIC 11 CHILLED WATER Our “WHAT” Creates a Circular Economy Recycling the microturbine’s waste heat provides useful thermal energy in a lower carbon footprint. 90% 11
Page 12
OTCID: CGEH Product Description Example End Use C65 Provides up to 65 kW of power in a compact enclosure featuring a single shaft with a compressor, turbine and generator Oil & gas, wastewater treatment plants, saunas, spas, recreational pools C200S Provides up to 200 kW of power in a compact microturbine in an enclosure featuring a single shaft with a compressor, turbine and generator Hotels, universities, manufacturing, agriculture C600S Provides up to 600 kW of power via three 200 kw patented air- bearing microturbine engines Food processing plants, textile plants, breweries C800S Provides up to 800 kW of power via four 200 kW patented air-bearing microturbines Ports, shipping yards, landfill gas C1000S Provides up to 1000 kW of power via five 200 kW patented air- bearing microturbines Oil & gas, data centers, pharmaceutical manufacturing, hospitals, station power 12 Product Portfolio Overview Clean-and-Green Microturbines: Scalable in Multiple Modules on a Wide Range of Fuels
Page 13
OTCID: CGEH 13 The Microturbine Advantage Factory guaranteed low operating costs Inverter Based w/ One Moving Part No lubricants or coolants needed Proprietary Air Bearing Technology Natural gas, biogas, liquid fuels & a hydrogen blend Fuel Availability Compact footprint with small modular design High Power Density Supports aging utility infrastructure w/on-site resiliency Stand Alone Or Grid Connect Thermal energy for cogeneration or trigeneration Free Clean Waste Heat View performance and diagnostics 24/7/365 Remote Monitoring Multiple applications and industries Scalable To Match Demand C65 (65 kW) C200 (200 kW) C600 (600 kW) C800 (800 kW) C1000 (1 MW) Capstone Green Energy’s Core Technology
Page 14
OTCID: CGEH Energy Efficiency Generateon-site power and capture thermal energy from the exhaust in CHP and CCHP applicationsfor Hotels, Large Residential Complexes, Retail Buildingsand Office Buildings Microgrids Provide reliable, resilient on-site power througha dual-mode microturbine or in conjunctionwith other distributedenergy resourcesthat can operateindependentlyof the utility grid to balance loads and generation EV Charging Using renewableenergy to power the EV charging infrastructureeliminates strain on the grid and the environment,especially when paired with smart EV charging solutions Oil, Gas & Other Natural Resources Produce on-site power for all phases of O&G productionin both onshore & offshore applicationsfor Drilling Operations, Flare Gas Reduction, Gas Compression, Mining& Water Conversion Renewable Energy Cleanly and efficiently generateon-site power from biogas and other waste productsto create high-efficiency renewable power and heat for Farm Digesters, Landfills, Food Waste and Solid Waste Management Critical Power Supply Mission-critical businesseshave an uninterruptiblepower source with the world’s only microturbine- poweredUPS solution for Data Centers, Hospitals, Telecomand Power Rentals Diversified End-Markets 14
Page 15
OTCID: CGEH 15 $7.9M POSITIVE ADJUSTED EBITDA 27% GROSS MARGIN $8.7M CASH POSITION $85.6M TOTAL REVENUE Financial Health â–Ş Q4 performance of $27.1 million demonstrates strong momentum. â–Ş Gross profit improved to 27% representing an 11-point improvement. â–Ş Improved product pricing and cost efficiencies through DFMA initiatives. Sustainable Excellence â–Ş Achieved five consecutive quarters of positive Adjusted EBITDA. â–Ş Net loss for Fiscal Year 2025 reduced to $7.2 million from the previous year. â–Ş Strengthened financial discipline across all business segments. â–Ş Revenue diversification across products and services. â–Ş Enhanced Energy as a Service (EaaS) utilization. â–Ş Positioned for data center and microgrid growth. For Period: April 1, 2024 - March 31, 2025 Market Position Historic profitability milestone with first full-year positive Adjusted EBITDA of $7.9 million, compared to negative $0.5 million in FY2024. Capstone Green Energy FY2025 Highlights Enhanced market position in distributed generation and microgrid solutions with expanding customer confidence. Successfully executing our Three Pillar strategy focusing on financial health, sustainable excellence, and culture revitalization. Non-GAAP financial measure. See Appendix, Slide 23
Page 16
OTCID: CGEH 16 FY2026 – Q1 Results Metric Q1 FY2025 Q1 FY2026 Improvement % Change Revenue ($M) 15.6 27.9 +12.3 +79% Gross Profit ($M) 3.8 7.6 +3.8 +100% Gross Margin (%) 24 27 +3pts +12.5% Net Loss ($M) -3.9 -0.7 +3.2 +82% Adjusted EBITDA ($M) 0.7 2.7 +2.0 +286% Our financial transformation demonstrates the success of our Three Pillar strategy with significant improvements across all key performance indicators, positioning us for sustained growth in the expanding clean energy market. Key Metrics
Page 17
OTCID: CGEH 17 Q1 FY2026 Results Capstone is positioned for significant value creation as the Distributed Generation market accelerates. With proven clean energy technology, improving financials, and expanding market opportunities, Capstone is poised for exciting sustainable growth. â–Ş 79% revenue growth in Q1 FY2026 over same period â–Ş Strong gross margin expansion to 27% â–Ş Shrinking non-recurring SG&A expenses â–Ş Streamlining OPEX to industry standards while investing in growth Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Total $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 Adj. EBITDA Bridge 5 Quarters of Positive Adj. EBITDA
Page 18
OTCID: CGEH Q&A 18
Page 19
OTCID: CGEH Appendix 19
Page 20
OTCID: CGEH YTD FY25 vs. YTD FY24 Financial Results 20 ** Non-GAAP financial measure. See Appendix, Slide 23 (In millions) YTD FY25 YTD FY24 Microturbine Product and Accessories $40.2 $49.1 Parts, Service & Rental $45.4 $42.1 Total Revenue $85.6 $91.2 Gross Profit $23.3 $14.3 Gross Margin Percent 27% 16% R&D Expenses $ 2.7 $ 2.5 SG&A Expenses $26.2 $32.2 Total Operating Expenses $28.9 $34.7 Reorganization Items $ 0.0 $32.5 Other Income and Interest $( 1.4) $( 4.7) Income Tax Provision $( 0.2) $( 0.0) Net Income (Loss) $( 7.2) $ 7.4 Adjusted EBITDA ** $ 7.9 $( 0.5)
Page 21
OTCID: CGEH (In millions) Q1 FY26 Q1 FY25 Microturbine Product and Accessories $15.7 $ 5.4 Parts, and services $ 7.9 $ 7.8 Rental $ 4.3 $ 2.4 Total Revenue $27.9 $15.6 Gross Profit $ 7.6 $ 3.8 Gross Margin Percent 27% 24% R&D Expenses $ 0.8 $ 0.5 SG&A Expenses $ 6.9 $ 6.8 Total Operating Expenses $ 7.7 $ 7.3 Other Income + Interest income/(loss) $(0.6) $(0.4) Income Tax Provision $(0.0) $ (0.0) Net Income (Loss) $(0.7) $(3.9) Adjusted EBITDA ** $ 2.7 $ 0.7 Q1 FY26 vs. Q1 FY25 Financial Results ** Non-GAAP financial measure. See Appendix, Slide 23 21
Page 22
OTCID: CGEH (In millions ) June 30, 2025 March 31, 2025 Cash & Cash Equivalents $ 6.6 $ 8.7 Cash Provided by (Used in) Operating Activities for the Three Months Ended June 30 $( 1.6) $ 5.5 Accounts Receivable, Net of Allowances $ 10.7 $ 7.0 Total Inventories $ 19.7 $ 20.1 Accounts Payable & Accrued Expenses $16.8 $ 15.5 Q1 FY26 Select Balance Sheet & Cash Flow Items 22
Page 23
OTCID: CGEH Q1’26 YTD Reconciliation of Non-GAAP Financial Measures 23 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, shareholder litigation, non-recurring legal, restatement and SEC investigation expenses, and reorganization items. 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 resulted 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. Reorganization items represent adjustments occurring during the bankruptcy period. 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. EBTIDA and Adjusted EBITDA ( in thousands) Net Loss $ (698) $ (3,937) Interest Expense 1,011 978 Provision for income taxes 5 8 Depreciation 926 1,014 EBITDA $ 1,244 $ (1,937) Stock-based compensation 349 57 Restructuring Expense 189 234 Financing Expense 55 35 Shareholder litigation — 508 Extraordinary Legal Costs (25) 170 Restatement & SEC Investigation Costs 337 1,666 Merger and Acquisition Activity 549 — Adjusted EBITDA $ 2,698 $ 733 Three Months and YTD period ended June 30, 2025 2024
Page 24
OTCID: CGEH “ Time to take the power in your hands. 16640 Stagg Street | Van Nuys, CA | 91406 USA www.capstonegreenenergy.com OTCID: CGEH Thank you for your time!