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Innovating Today for a Cleaner Tomorrow OTCQX: CGEH Second Quarter Fiscal Year 2026 Ended September 30, 2025 Earnings Conference Call/Webcast
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OTCQX: 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, developments in demand for 800 Volts DC 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 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 the material weaknesses in internal control over financial reporting; 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, including the recent departure of the Company’s Chief Financial Officer, and the Company's ability to retain senior management and other key personnel; 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 and AI industry and other general business, industry and economic conditions; and the impact of litigation and regulatory proceedings. 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.
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OTCQX: CGEH Welcome & Leadership Update Vince Canino President & Chief Executive Officer
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OTCQX: CGEH OTCQX: CGEH 4 Financial Momentum & Operational Strength Topline/Bottomline Dashboards Q2 Revenue Q2 Adj. EBITDA $5,663 Q2 Revenue Up 25% YOY Products 18% Q2 Adjusted EBITDA Up YoY 6 Quarters of Positive Adj. EBITDA $22,722 $28,385 FY25 FY26 FY25FY26 *See Appendix slide for reconciliation of the Non-GAAP financial measure. $0.7MM Q2 Adjusted EBITDA Up YoY EaaS 43% 25% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Total $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 Adj. EBITDA Bridge $4,529 $3,834
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OTCQX: CGEH 5 Revenue Mix Transformation Bookings Continue to Drive Increase Revenue Growth Product mix shifting to big box units C65’s flat due to geopolitical issues in EU TTM Product revenues now >50%+ contribution Larger block orders are growing North America continues to drive growth Most vertical markets are showing growth except for the commercial building segment Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 TMM Product Revenue In thousands
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OTCQX: CGEH 6 Financial Performance – Gross Profit & Net Income Trends Trailing Six Quarter (TSQ) Shows Positive Progress (5,000) (4,000) (3,000) (2,000) (1,000) - 1,000 2,000 Net Income Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26In thousands In thousands 0% 5% 10% 15% 20% 25% 30% 35% - 2,000 4,000 6,000 8,000 10,000 12,000 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Gross Margin Gross Margin Gross % Linear (Gross Margin)
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7 Injector Assembly Optimization Context: Current State: Fully assembled injectors are welded together by the supplier. History: Capstone previously welded injectors in- house but outsourced to reduce overhead. DFMA Analysis: DFMA team calculated Should Cost for machined components—significantly lower than the current paid price. Conducted cost-benefit analysis for bringing welding back in- house—revealed major savings potential. Action Taken (Strategic): Team engaged suppliers to align with Should Cost. Current supplier agreed to revised pricing and to return welding operations to Capstone. Result (Strong, Forward- Looking): Capstone will ramp up injector production internally while maintaining performance and reliability. Outcome: 44% cost savings and a more resilient, cost-efficient supply chain. DFMA Impact: In-House Injector Welding & Assembly *”DFMA” - Design for Manufacture and Assembly
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OTCQX: CGEH (In millions) Q2 FY26 Q2 FY25 1H FY26 1H FY25 Microturbine Product and Accessories $16.1 $11.3 $31.8 $16.7 Parts and Services $ 7.9 $ 7.9 $15.9 $15.8 Rental $ 4.4 $ 3.5 $ 8.6 $ 5.9 Total Revenue $28.4 $22.7 $56.3 $38.4 Gross Profit $ 9.0 $ 7.0 $16.5 $10.8 Gross Margin Percent 32% 31% 29% 28% R&D Expenses $ 0.8 $ 0.6 $ 1.6 $ 1.1 SG&A Expenses $ 6.8 $ 6.4 $13.7 $13.2 Total Operating Expenses $ 7.6 $ 7.0 $15.3 $14.3 Other Income + Interest Income/(Expense) $ (0.5) $ (0.4) $ (1.0) $ (0.8) Income Tax Provision $ (0.0) $ (0.0) $ (0.0) $ (0.0) Net Income (Loss) $ 0.8 $ (0.4) $ 0.1 $ (4.4) Adjusted EBITDA ** $ 4.5 $ 3.8 $ 7.2 $ 4.6 Q2 FY26 vs. Q2 FY25 Financial Results * See Appendix slide for reconciliation of the Non-GAAP financial measure. 8
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OTCQX: CGEH (In millions ) September 30, 2025 March 31, 2025 Cash & Cash Equivalents $ 7.7 $ 8.7 Accounts Receivable, Net of Allowances $ 14.3 $ 7.0 Total Inventories $ 20.3 $ 20.1 Accounts Payable & Accrued Expenses $19.9 $ 15.5 (In millions ) September 30, 2025 September 30, 2024 Cash Provided by (Used in) Operating Activities for the Six Months Ended $ (1.0) $ 0.9 Q2 FY26 Select Balance Sheet & Cash Flow Items 9
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OTCQX: CGEH 10 Advanced Power Platform Successfully demonstrated our groundbreaking 800 VDC platform specifically designed for next-generation AI Factories, delivering superior power efficiency and reliability for high- performance computing environments. New Combustion Liners that can Deliver ~5ppm NOx Developed new Combustion Liners capable of delivering approximately 5ppmv NOx emissions, representing a significant breakthrough in clean combustion technology and environmental compliance. Strategic Technology Investments Innovating Today for a Cleaner Tomorrow Enhanced Heat Recovery Engineering a new approach to Heat Recovery Module (HRM) design that simultaneously improves thermal performance while reducing manufacturing costs, optimizing overall system efficiency and market competitiveness. C250 Engine Successful Test Run The C250 Engine achieved its successful test run, marking a critical milestone in our advanced engine development program and validating core design principles. Performance Optimization Phase Currently conducting comprehensive performance testing and optimization to ensure the C250 meets our rigorous efficiency and reliability standards before market introduction.
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OTCQX: CGEH OTCQX: CGEH 11 800 Volts DC: Why It Matters 800 VDC – All The Buzz “Eaton unveils next-generation architecture to advance 800 VDC power infrastructure for AI factories” “Schneider Electric highlights innovation in 800 VDC power systems in support of NVIDIA’s next-generation GPUs” “Infineon advances leading- edge 800 Volt AI data center power architecture enabling better efficiency and serviceability” “STMicroelectronics advances power solutions for 800 VDC architectures enabling next- generation AI factories” “Delta Electronics demonstrates winning 800 VDC power solutions showcased at OCP Global Summit 2025” “Vertiv collaborates with NVIDIA to Advance 800 Platform Designs to Power the Next Generation of AI Factories” The 800 VDC revolution is not just about power efficiency – it’s about enabling the next frontier of AI capabilities (October 13, 2025) (October 13, 2025) (October 14, 2025) (October 13, 2025) (October 13, 2025) (October 13, 2025)
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OTCQX: CGEH 12 Strategic Resilience in a Changing Energy Landscape Strong Tailwinds Powering the Next Phase of Growth Grid Fragility Driving Resiliency Issues High Infrastructure Costs Technology Maturation Efficiency and Responsiveness Decarbonization Without Disruption Electrification Load Growth EV and Substation Constraints 20262025 2027 New Tailwinds Can Drive 3-5X GrowthPipeline Growth 1x 2x 3x 4x 5x Traditional Distributed Generation Growth from New Tailwinds
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OTCQX: CGEH Q&A 13
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OTCQX: CGEH APPENDIX 14
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OTCQX: CGEH 15 The current Capstone microturbine system relies on double conversion from high- frequency AC to DC, then from DC to low-voltage AC (e.g., 480VAC at 60 Hz). The new HVDC microturbine system will have higher efficiency via single conversion of the turbine generator’s AC power directly to an HVDC microgrid. The Missing Piece in the 800 VDC Roadmap Key Strategy: Maintain turbine generator and AC to DC converter architecture Redesign proprietary controls to output HVDC target 800 VDC Include protective relays and HVDC-rated, hermetically sealed contactor Develop DC pre-charge wakeup circuit Utilize field proven IGBT power electronics for over-current fault protection
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OTCQX: CGEH 16 Microturbine Product Suite 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 ICHP C200 ICHP C600 ICHP C800 ICHP C1000 ICHP Capstone Green Energy’s Core Technology
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OTCQX: CGEH Capturing the Explosive Tailwinds of DG Total Addressable Markets (TAM) | Low Capture Rates | Big Revenues 17 28,000 MWs $126+B TAM (Global) Data Centers 971K Sites 140+B TAM (CA) Microgrids ~1,125 Terminals $18+B TAM (Global) Ports/Terminals ~557 CCGT Plants $20+B TAM (USA) Station Power $304B TAM Source: Goldman Sachs Equity Research – April 2024 & WattAi Presentation
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OTCQX: CGEH Q2’26 YTD Reconciliation of Non-GAAP Financial Measures 18 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 and non-recurring legal, restatement and SEC investigation expenses, acquisition 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. Acquisition expenses relate to the acquisition of Cal Microturbine. 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.
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OTCQX: CGEH “ Time to take the power in your hands. 16640 Stagg Street | Van Nuys, CA | 91406 USA www.capstonegreenenergy.com OTCQX: CGEH Thank you for your time! OTCQX: CGEH