Slides
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Innovating Today for a Cleaner Tomorrow 02.12.2026 OTCQX: CGEH Third Quarter Fiscal Year 2026 Ended December 31, 2025 Capstone Green Energy 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 potential dilutive impact of future financing transactions; 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, 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 industries and the AI data center 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 Q3 Revenue Q3 Adj. EBITDA $6,614 Q3 Revenue Up 33% YOY 867% Q3 Adjusted EBITDA Up YoY 7 Quarters of Positive Adj. EBITDA FY25FY26 *See Appendix slide for reconciliation of the Non-GAAP financial measure. $4.6M Q3 Adjusted EBITDA Up YoY $5,114 $529 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Total $- $5,000 $10,000 $15,000 $20,000 $25,000 Adj. EBITDA Bridge $26,763 $20,149 FY26 FY25 $3,889 Q3 Net Income Up 144% YOY
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OTCQX: CGEH 5 Revenue Transformation Larger Deals… Longer Close Cycles In thousands Rising Power Shortfalls Highlight Need for Reliable Capacity U.S. DOE – July 2025 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 - 20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 Total Revenue Trailing Twelve Months Distributed Generation Addresses On -site Reliability and Energy Security
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6 Cost-Out Corner: DFMA Impact Project Highlight *”DFMA” - Design for Manufacture and Assembly Insource Decal Printing ▪ DFMA Cost analysis revealed Should Cost to be much lower than supplier costs. ▪ Team strategized to in-source Decal Printing for all systems. ▪ CAPEX was required to acquire Decal Printer. ▪ Goal was to achieve savings with identical design, quality, and reliability. ▪ Capstone Team Members sourced materials and developed processes to ensure consistently high -quality decals at a lower cost. ▪ Investing in CAPEX and in -sourcing yields 71% annual savings with < 5 months ROI. First year savings $55k. Cost Supplier Note $990 US Supplier C1000 Decal Cost $282 Capstone C1000 Raw Material & Labor Cost $708 Savings 71% saving
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OTCQX: CGEH 7 Financial Performance – Gross Profit & Net Income Trends Trailing Six Quarter Shows Positive Progress Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 In thousands In thousands 0% 5% 10% 15% 20% 25% 30% 35% 40% - 2,000 4,000 6,000 8,000 10,000 12,000 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Gross Margin Gross Margin Gross % Linear (Gross Margin) (3,000) (2,500) (2,000) (1,500) (1,000) (500) - 500 1,000 1,500 Net Income
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OTCQX: CGEH (In millions) Q3 FY26 Q3 FY25 9mo FY26 9mo FY25 Microturbine Product and Accessories $13.6 $ 8.3 $45.4 $25.0 Parts and Services $ 9.3 $ 7.4 $25.1 $23.2 Rental $ 3.9 $ 4.5 $12.5 $10.4 T otal Revenue $26.8 $20.1 $83.0 $58.5 Gross Profit $ 10.4 $ 5.0 $ 27.0 $15.8 Gross Margin Percent 39% 25% 32% 27% R&D Expenses $ 1.0 $ 0.7 $ 2.6 $ 1.9 SG&A Expenses $ 7.4 $ 6.3 $21.1 $19.5 T otal Operating Expenses $ 8.4 $ 7.1 $23.7 $21.4 Other Income + Interest Income/(Expense) $ (0.9) $ (0.6) $ (1.9) $ (1.4) Income T ax Provision $ (0.0) $ (0.0) $ (0.0) $ (0.0) Net Income (Loss) $ 1.2 $ (2.7) $ 1.3 $ (7.1) Adjusted EBITDA * $ 5.1 $ 0.5 $ 12.3 $ 5.1 Q3 FY26 vs. Q3 FY25 Financial Results * See Appendix slide for reconciliation of the Non-GAAP financial measure. 8
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OTCQX: CGEH (In millions ) December 31, 2025 March 31, 2025 Cash & Cash Equivalents $ 15.2 $ 8.7 Accounts Receivable, Net of Allowances $ 11.4 $ 7.0 Total Inventories $ 21.2 $ 20.1 Accounts Payable & Accrued Expenses $21.0 $ 15.5 (In millions ) December 31, 2025 December 31, 2024 Cash Provided by (Used in) Operating Activities for the Six Months Ended $ 2.0 $ 2.2 Q3 FY26 Select Balance Sheet & Cash Flow Items 9
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OTCQX: CGEH Enhanced Heat Recovery 10 800 VDC Platform • Smart Power Switch (SPS) developed; testing underway ▪ Building fully capable 800 VDC C600 pilot unit for qualification ▪ Initial test results show improved efficiency over current AC systems New Combustion Liners that can Deliver ~5ppm NOx ▪ Finalizing testing of new combustor liner offering ▪ Results demonstrate <5ppm NOx without emissions aftertreatment Strategic Technology Investments Innovating Today for a Cleaner Tomorrow Engineering a new approach to Heat Recovery Module (HRM) design. ▪ Fabrication complete and prototype received ▪ Installation completed ▪ Preliminary test results show new HRM performs better than incumbent C250 Engine Successful Test Run Performance Optimization Phase ▪ Scaling Beta production with key suppliers ▪ Advancing engine and electronics qualification testing ▪ Establishing full-system certification path
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OTCQX: CGEH 11 Future Proofing for Step Change Growth Blue Sky Use Cases Ports Microgrids Station Power Data Centers ▪ Ship to Shore power ▪ EV Charging for electrified port ops ▪ Resilient power for logistics and cold storage ▪ Emissions compliance without grid dependence ▪ Mobile and/or temporary power solutions ▪ Integrated renewables, storage, and dispatchable power ▪ Transformer protection program ▪ Resilient community and campus energy systems ▪ Industrial electrification without grid upgrades ▪ Interconnect flexibility programs ▪ Power for power plant auxiliary loads plus cooling for gas turbine inlet cooling ▪ Black Start power for Heavy Duty Gas Turbine power plants ▪ Modular, low-emissions alternatives to diesel ▪ High-availability power in grid-constrained regions ▪ Scalable, behind -the-meter energy for rapid expansion ▪ Cost-predictable, lower - carbon baseload power
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OTCQX: CGEH 12 The Changing Landscape of Distributed Generation Grid Pressure is Structural, Not Cyclical Rising Demand Grid Constraints Reliability Risks Shift to Local Power No Longer Optional Now Strategic Necessity Power is Moving Closer to the Load Electrification & AI Extreme Weather Driving Demand Grids Can Keep Up Efficiency Gain Less Line Losses Resilience Wins Fuel-flexible Lower Emissions Cost Control Operational Control Higher Uptime Greater Adaptability Major Shift from “Alternative” to “Essential” Powering the Future with Resilient, On - Site Energy
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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 Source: Bulge Bracket Bank Equity Research R eport Published in 2024 & WattAi Presentation & EIA & UNCTAD & C ompany estimates 15% market penetration 1. Assumes $3.2 Million per MW for total installed cost per Company estimates 2. Illustrative revenue shown here are based on management estimates of the potential annual revenue opportunities associated wi th the Company capturing the portions of market categories shown above. These estimates are provided for illustration purposes only to assist readers in evaluating our total addressable market opportunities and are not meant a s guidance or to be indicative of future company performance, which is subject to many uncertainties. Refer to our "Safe Harbor" statements on slide 2. 3. Assumes 50% of locations are not viable candidates - https://www.eia.gov/todayinenergy/detail.php?id=65464&utm_source 4. https://unctad.org/system/files/official -document/rmt2024_en.pdf?utm_source 5. WattAi Presentation 17 Executing in Large Addressable Markets *Potential Market Share Capture Station Power ~292 GW CCGT Plants3 $20+B TAM (USA) Ports/Terminals ~930 T erminals4 $18+B TAM (Global) Microgrids 971K Sites5 $140+B TAM (CA) Data Centers 28,000MW’s $90+B TAM1 (Global) Trad. Commercial & Industrial Potential Market Share Capture *4x 20MW Sites = $280 MM Potential Market Share Capture *5 Terminals = $81 MM Potential Market Share Capture *2,400 Sites = $352 MM Potential Market Share Capture *100 MWs = ~$350 MM Potential Market Share Capture *100M + 10% Year Growth Illustrative Revenue Opportunity2 $265B+ TAM Examples – Not Guidance
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OTCQX: CGEH Q3’26 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. EBTIDA and Adjusted EBITDA ( in thousands) FY26 Q3 Actual FY25 Q3 Actual FY26 YTD Actual FY25 YTD Actual Net Income (Loss) $ 1,185 $ (2,704) $ 1,321 $ (7,064) Interest Expense 1,136 986 3,262 3,003 Provision for income taxes 5 23 14 56 Depreciation 977 947 2,903 3,023 Amortization 219 - 249 - EBITDA $ 3,522 $ (748) $ 7,749 $ (981) Stock-based compensation 130 59 590 168 Restructuring Expense 73 479 333 1,609 Financing Expense 990 12 1,487 59 Shareholder litigation - 316 - 1,023 Extraordinary Legal Costs 23 221 20 689 Reorganization & SEC Investigation Costs - 189 333 2,530 Merger and Acquisition Costs 375 - 1,829 - Adjusted EBITDA $ 5,113 $ 528 $ 12,341 $ 5,097
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16640 Stagg Street | Van Nuys, CA | 91406 USA www.capstonegreenenergy.com Over 20 years of operation:16-C65 Capstone Green Energy microturbines installed at the Ronald Reagan Presidential Library in Simi Valley, California, that provide power, hot water and air conditioning for the Air Force One Pavilion – Installed October 2005 Thank you for your time! 20+ Years of Proven Reliability Sixteen Capstone C65 natural gas microturbines, operating in a combined cooling, heating, and power (CCHP) configuration, have reduced dependence on the local utility grid for more than two decades at the Ronald Reagan Presidential Library in Simi Valley, California. These systems supply approximately 95% of the energy required by the 100,000 -square-foot facility, including electricity for the Air Force One Pavilion – home to Air Force One, tail number 27000, which served seven U.S. Presidents. OTCQX: CGEH