Here are 1-3 brief analogies to describe Capstone:

1. The GE of microturbines.

2. A greener, more advanced Caterpillar for on-site power.

3. A specialized Siemens Energy providing compact, clean power generation.

• Microturbine Energy Systems: Compact, low-emission generators that provide on-site power, often used in combined heat and power (CHP) or distributed generation applications.
• Energy as a Service (EaaS) Solutions: Comprehensive service offerings including system rentals, long-term maintenance, and custom energy solutions to provide reliable power without significant upfront capital investment.
• Aftermarket Parts and Services: Providing essential spare parts, routine maintenance, and technical support to ensure the continuous and optimal operation of their installed microturbine systems.

Capstone Green Energy (symbol: CAPS) sells primarily to other companies (B2B).

However, Capstone Green Energy does not publicly disclose specific major customer companies by name that account for a significant portion of its revenue. Instead, the company serves a diverse range of end-use customers through a global network of independent distributors, as well as through direct sales. These customers are typically companies operating in the following industrial categories:

• Oil and Gas: Companies involved in upstream, midstream, and downstream operations, utilizing Capstone's microturbines for applications such as remote power generation, flare gas reduction, and combined heat and power.
• Commercial and Industrial: A broad sector encompassing manufacturing facilities, hospitals, hotels, data centers, and other large commercial establishments that deploy Capstone's solutions for reliable on-site power, combined heat and power (CHP), and energy cost savings.
• Renewable Energy: Entities integrating Capstone's microturbines with renewable energy sources like biogas or landfill gas, or as part of hybrid power systems to enhance efficiency and reduce emissions.
• Critical Power Supply: Organizations requiring highly reliable and uninterrupted power for critical infrastructure, including telecommunications sites, military bases, and various government facilities.

Major Suppliers for Capstone (CAPS):

• Danfoss A/S (Private Company)

Edward Schultz, Chief Financial Officer, Vice President, and Treasurer
Edward Schultz continues in his role as Chief Financial Officer, Vice President, and Treasurer of Capstone Holding Corp. He was appointed to these positions effective August 25, 2023. Mr. Schultz also serves as the Vice President of Finance of TotalStone, LLC, a position he has held since June 2021. Before his time at Capstone and TotalStone, he was the Director of Financial Reporting and Technical Accounting for Brookfield Properties Retail from September 2012 to June 2021.

Michael Toporek, Chairman of the Board
Michael Toporek resigned as CEO of Capstone Holding Corp. on December 2, 2024, but continues to serve as the Chairman of the Board. He has been a director of the company since July 14, 2017. Since 2003, Mr. Toporek has been the Managing General Partner of Brookstone Partners, a lower/middle market private equity firm. He also served as the Chief Executive Officer of Soluna Holdings, Inc. from November 2020 until May 2023 and has been its Executive Chairman of the Board since that date. Prior to founding Brookstone Partners, Mr. Toporek was active as both a principal investor and an investment banker.

The rapid advancement and decreasing cost of renewable energy technologies, particularly solar photovoltaics (PV), when combined with sophisticated battery energy storage systems (BESS), represent a clear emerging threat. This combination offers a non-combustion-based, increasingly cost-effective, and environmentally friendly solution for distributed power generation that directly competes with Capstone's microturbine systems. As solar PV and battery storage continue to improve in efficiency and reduce in price, they are increasingly capable of providing reliable, resilient, and clean on-site power, potentially displacing demand for gas-fired distributed generation solutions.

The addressable markets for Capstone's main products and services are as follows:

• Microturbines:
  • The global microturbine market size was valued at $234.7 million in 2021 and is projected to reach $547.9 million by 2031, growing at a Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2031.
  • Another estimate places the global micro turbine market size at USD 219.1 million in 2023, with a projection to grow at a CAGR of 8.7% from 2024 to 2030.
  • The global microturbines market was valued at USD 337 million in 2024 and is projected to reach USD 543 million by 2032, exhibiting a CAGR of 7.3% during the forecast period.
  • North America is a dominant region in the microturbines market, accounting for approximately 70% of the global share.
  • The microturbine market share of U.S. Combined Heat and Power (CHP) installations (in the 100 kW to 5 MW range) reached a record 25% between 2013 and 2017.
• Energy-as-a-Service (EaaS): Capstone offers Energy-as-a-Service solutions, which include rental programs for its microturbine systems. While a specific overall market size in monetary value for EaaS was not found, Capstone has shown significant growth in this segment, with 39 megawatts (MW) under contract as of February 2023, aiming for 50 MW by March 2023. Their rental fleet had 7 MW under contract in March 2021, 26 MW in March 2022, and 34 MW at the end of July (year not specified but context suggests 2022).

Here are 3-5 expected drivers of future revenue growth for Capstone (symbol: CAPS) over the next 2-3 years:

1. Strategic Acquisitions: Capstone Holding Corp. aims to double its size through targeted strategic acquisitions, actively evaluating multiple acquisition targets. The company's acquisition strategy focuses on tuck-in acquisitions, sister companies, and new platform targets with favorable deal structures. This strategy is expected to contribute to the company's reaffirmed target of a $100 million revenue run-rate and $10 million in adjusted EBITDA by the end of 2025.
2. Organic Growth and Proprietary Brands: Capstone is strengthening its portfolio of proprietary brands and expanding its geographic footprint. The Aura Natural Landscapes brand is specifically cited as a growth driver, reflecting increasing demand for outdoor living products. Additionally, the launch of new products, such as the outdoor hardscape and landscape products debuted at Hardscape North America, has generated strong initial demand from dealers and contractors, further reinforcing organic top-line growth.
3. Customer Acquisition and Geographic Expansion: Instone, a wholly-owned operating subsidiary, is central to Capstone's growth strategy, with a focus on customer acquisition. Efforts include expanding the company's reach into new states, exemplified by the introduction of Toro Stone in six new states, which led to the installation of 90 displays and securing orders from over 50 customers.
4. Favorable Market Outlook in Remodeling: Capstone is strategically positioned to capture a significant share of the anticipated remodeling demand rebound projected for 2026. The company serves both residential and commercial construction markets.

Share Issuance

• Capstone Holding Corp. secured an Equity Line of Credit (ELOC) to access acquisition capital as needed, aiming to avoid high-interest debt or significant upfront equity dilution, with the intention to use it only for immediately accretive transactions.
• As of June 30, 2025, Capstone Holding Corp. had 5,406,305 shares of common stock issued, a substantial increase from 157,610 shares as of December 31, 2024.
• The company also issued 985,063 shares of Series B Preferred Stock as of June 30, 2025, with no shares authorized or issued at the end of 2024.

Inbound Investments

• Capstone Holding Corp. drew $3.25 million from a $10 million senior secured convertible note facility to finance an acquisition, with the convertible notes having an 8.34% original issue discount, a 7.0% annual interest rate, and a maturity date of July 29, 2026.
• The company received working capital funding from its Director and former CEO, Stewart Wallach, since 2022, and from Coppermine starting in 2024. Coppermine provided $292,295 in working capital funding as of the filing date and committed to lend an additional $485,163 through September 30, 2025.

Outbound Investments

• Capstone Holding Corp. is actively pursuing an aggressive M&A strategy with a goal to reach a $100 million revenue run-rate by 2026.
• In 2025, Capstone completed four revenue- and EBITDA-accretive acquisitions as part of its strategy to expand its building products distribution network.
• In October 2025, the company used $3.25 million to advance an acquisition of a multi-location stone distributor with approximately $15 million in annual revenue, which is expected to be immediately accretive to revenue and EBITDA.