Think of Capstone Energy+ as:

• Amazon Web Services (AWS) for a company's energy infrastructure.
• Tesla Energy for advanced, multi-source business microgrids.

• Microgrid Solutions: Provides customized microgrid installations and on-site resilient energy-as-a-service (EaaS) solutions.
• Distributed Power Generation Systems: Offers stationary distributed power generation and energy distribution solutions, including cogeneration (combined heat, power, and cooling) systems.
• Inverter Technologies: Supplies inverter-based technologies that serve as the stabilizing backbone for microgrid installations.
• Microturbine Energy Systems: Provides energy conversion products, specifically microturbine energy systems, tailored to customer needs.
• Energy Rental Solutions: Offers energy systems on a rental basis.
• Aftermarket Services & Parts: Includes factory protection plan service contracts and the sale of aftermarket spare parts.
• AI and Data Center Energy Solutions: Develops specialized energy solutions designed for AI and data center applications.
• Energy Surplus Program: An integrated architectural program for managing energy surplus.

Capstone Energy+ (CEPL) primarily sells its advanced energy solutions, including customized microgrids, on-site resilient energy-as-a-service (EaaS), and energy technology systems, to other businesses and organizations (B2B).

Based on the provided company description, specific names of major customer companies are not explicitly listed.

However, the description indicates the types of applications and sectors that would typically represent its major customers. These include:

• Organizations operating AI and data centers, requiring specialized energy solutions for these high-demand applications.
• Companies and projects within the Renewable Energy sector, utilizing solutions for power generation, distribution, and microgrid integration.
• Enterprises in Natural Resources applications, which often require robust and reliable distributed power solutions for their operations.
• Facilities with Critical Power Supply applications, such as industrial plants, commercial buildings, or essential services, needing resilient and uninterrupted energy.

Vincent J. Canino, President and Chief Executive Officer

Mr. Canino was appointed President and Chief Executive Officer and a member of the Board on March 11, 2024. Prior to joining Capstone Energy+, he served as the Chief Operating Officer of ESS Tech, Inc. (NYSE: GWH), a developer of long-duration energy storage solutions, from September 2022 to March 2024. He previously spent approximately eight years with Smardt Chiller Group, Inc. (“Smardt”), a manufacturer of oil-free chillers, where he most recently served as its President and Chief Executive Officer. Mr. Canino also serves as a Board of Directors member of Western Washington University.

John P. Miller, Interim Chief Financial Officer

Mr. Miller was appointed Interim Chief Financial Officer effective November 2, 2025. He brings over 40 years of broad-based executive management experience across the manufacturing, distribution, and transportation industries, having held senior finance and leadership roles at both public and private companies. He previously served as Chair of the Audit Committee on the Board of Directors of Capstone Green Energy Holdings, Inc. and currently serves as Chairman of the Audit Committee on the Board of Directors of Spruce Power Holding Corporation since 2022. From 2008 to 2016, Mr. Miller held operational and financial management roles at Navistar International Corporation, including Senior Vice President of Operations and Corporate Finance. Earlier in his career, he served as Chief Financial Officer of Laidlaw International, Inc., Chicago Metallic Corporation, Fleetpride, Inc., and Peapod, Inc.

Candice Graves, Chief Accounting Officer

Ms. Graves serves as the Chief Accounting Officer for Capstone Energy+. She represents the company at financial conferences alongside the CEO and Interim CFO.

Jennifer Derstine, Vice President of Distribution, Policy & Commercial Operations

Ms. Derstine was appointed Vice President of Distribution, Policy & Commercial Operations on December 16, 2025. In this role, she manages and directs the execution of the Company’s Distribution strategy, Policy, and Commercial initiatives. She joined Capstone in 2012 as Director of Policy, where she served as the company’s government affairs lead, and later led a team with additional responsibilities for strategic market and competitive analysis as well as distribution channel development.

John Toor, Vice President of Operations

Mr. Toor was appointed Vice President of Operations on January 27, 2025. He leads efforts to enhance the Company’s operations, focusing on optimizing production and supply chain functions. With over 16 years of experience in manufacturing, Mr. Toor has held multiple senior leadership roles in operations and supply chain management at organizations such as Meggitt Control Systems, Parker Hannifin, and All Clear Aerospace and Defense.

The key risks for Capstone Energy+ (CEPL) include its substantial indebtedness and associated bankruptcy risk, its history of net losses and ongoing need to raise additional capital, and the execution risk tied to its evolving business model and expansion into new markets such as AI and data centers.

1. Substantial Indebtedness and Bankruptcy Risk: Capstone Energy+ faces significant risks due to its substantial indebtedness and long-term liquidity requirements. The company emerged from Chapter 11 in late 2023. It has "Exit Notes borrowings of $25.3 million maturing on December 7, 2026," and there is a warning that meeting liquidity and adjusted EBITDA covenants may be difficult. This situation raises "renewed bankruptcy risk if capital cannot be raised or waivers obtained." The company’s ability to repay or refinance this outstanding debt is a critical factor for its continued operation.
2. History of Net Losses and Ability to Raise Additional Capital: Despite reporting a return to full-year profitability in fiscal 2026, Capstone Energy+ has a history of net losses. The company’s ability to raise additional capital to fund its future operating requirements and expansion opportunities, particularly into the high-growth AI market, is a significant ongoing risk. Furthermore, the company has relied on external funding and has experienced substantial shareholder dilution in the past.
3. Execution Risk in Evolving Business Model and New Markets: Capstone Energy+ is actively evolving its business model and expanding into new strategic areas, notably AI solutions and data centers. However, the company has "limited experience with respect to new markets" like data centers, which presents considerable execution risk. The successful transition from developing solutions to achieving widespread deployment and scaling in these new, competitive markets is crucial, and failing to meet demand could undermine its growth strategy.

Capstone Energy+ (CEPL) operates in several significant addressable markets related to distributed energy solutions and microgrids. The global market sizes for its main products and services demonstrate substantial growth.

Microgrid Solutions

The global microgrid market was valued at approximately USD 99.8 billion in 2025 and is projected to reach USD 406.2 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 19.7% from 2026 to 2033. Another estimate indicates the global microgrid market size was USD 35.9 billion in 2025 and is forecast to reach USD 169.9 billion by 2035, with a CAGR of 16.8% during the forecast period from 2026 to 2035. North America held a significant share of the global microgrid market, accounting for approximately 35.8% in 2025.

Energy-as-a-Service (EaaS) Solutions

The global energy-as-a-service market was valued at USD 94.87 billion in 2025 and is projected to grow to USD 191.91 billion by 2034, registering a CAGR of 7.77% over the forecast period. Other reports show the market size at USD 84.68 billion in 2025, with an expectation to reach USD 204.23 billion by 2035, expanding at a CAGR of 9.2% from 2026 to 2035. North America held a dominant position in the EaaS market, representing 43.58% of the total market revenue in 2025.

Cogeneration Systems (Combined Heat and Power - CHP)

The global combined heat and power (CHP) market size was valued at USD 31.42 billion in 2025 and is anticipated to grow to USD 50.92 billion by 2034, with a CAGR of 5.6% from 2026 to 2034. Another projection estimates the global cogeneration equipment market size was USD 30.1 billion in 2024 and is projected to reach USD 72.9 billion by 2035, expanding at a CAGR of 4.0% from 2025 to 2035. North America continues to be a significant region in the cogeneration market, holding a substantial market share.

Distributed Energy Generation (DEG)

As Capstone Energy+ provides distributed power generation solutions, the broader distributed energy generation market is also relevant. The global distributed energy generation market size was valued at USD 509.83 billion in 2025 and is projected to grow to USD 854.22 billion by 2034, exhibiting a CAGR of 5.9% during the forecast period. Another source indicates a market size of USD 389.65 billion in 2025, projected to exceed USD 1.23 trillion by 2035, expanding at a CAGR of more than 12.2% between 2026 and 2035. North America accounts for approximately 35% of the Distributed Energy Generation Market.

Energy Solutions for AI and Data Center Applications

The global data center power system market size was valued at approximately USD 10.42 billion in 2025 and is projected to grow to USD 20.31 billion by 2034, at a CAGR of 7.7% during the forecast period 2026-2034. The global data center energy management solution market size is expected to reach nearly USD 91.15 billion by 2030, with a CAGR of 21.4% during the forecast period.

Capstone Energy+ (CEPL) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and increasing market demand for its energy solutions.

Here are the key drivers of Capstone Energy+'s future revenue growth:

1. Growth in AI and Data Center Applications: Capstone Energy+ is strategically targeting the rapidly expanding market for AI and data center power solutions. The company is actively pitching its microturbine-based, on-site generation for data centers, especially as grid constraints intensify. Analysts have expressed strong conviction in Capstone Energy+'s role in this sector, citing a growing pipeline of potential projects. The company provides scalable, modular power solutions designed for hyperscale and enterprise data centers, which are experiencing unprecedented growth due to AI, cloud computing, and high-density GPU workloads. Key product development efforts, such as the advancement of the C250 and 800 VDC AI Power Blocks and an 800 VDC platform supporting MW-scale AI workloads, are specifically aimed at this market. Management considers data centers a dominant growth driver for the energy sector.
2. Expansion of Microgrid Solutions and Energy-as-a-Service (EaaS): Capstone Energy+ provides customized microgrid solutions and on-site resilient Energy-as-a-Service (EaaS) offerings. The total addressable market for microgrids is estimated to be over $140 billion. The company's solutions are designed for mission-critical operations requiring high uptime, including healthcare and telecommunications. Recent projects, such as the installation of two C1000 Signature Series microturbines at Scripps Mercy Hospital for 2 megawatts of combined heat and power (CHP), highlight the increasing demand for resilient behind-the-meter energy systems in critical industries. Capstone's EaaS solutions, including power purchase agreements and leasing, aim to reduce upfront costs for customers and accelerate deployment.
3. Product and Technology Advancements: Continuous innovation and product development are expected to fuel revenue growth. Capstone Energy+ is advancing its C250 and 800 VDC AI Power Blocks. The company is also developing a new 5 ppm combustion liner for its microturbines, designed to reduce nitrogen oxide emissions significantly without aftertreatment, with commercial readiness targeted by year-end. Additionally, efforts in hydrogen-blend validation demonstrate the company's commitment to cleaner fuel sources.
4. Geographic and Market Expansion: Capstone Energy+ is actively expanding its market presence both domestically and internationally. The acquisition of Cal Microturbine has bolstered direct sales in the Western U.S., complementing its existing global distributor network. The company has also secured its first C1000 Signature Series order in Brazil, expanding its footprint in Latin America and continuing to grow its global presence in various sectors like energy, hospitality, and manufacturing.
5. Increased Adoption of Combined Heat and Power (CHP) and Waste-to-Energy Solutions: The company's focus on highly efficient CHP systems and waste-to-energy projects presents a significant growth opportunity. Projects like the installation at Scripps Mercy Hospital demonstrate the value of CHP in providing reliable on-site electricity and thermal energy with high efficiency. Furthermore, Capstone Energy+ is involved in renewable biogas projects, such as a 6.6MW system in North Carolina that converts animal waste into renewable power and thermal energy, showcasing its role in the circular economy and providing sustainable energy solutions.

Share Repurchases

• Capstone Energy+ had a 3-Year Share Buyback Ratio of -25.90% as of March 2026.
• In Q3 2026, the company spent $2K on share buybacks.
• For Fiscal 2026 (ended March 31, 2026), the company did not make any share repurchases through publicly announced programs, but did withhold a limited number of shares to satisfy employee tax withholding obligations related to restricted stock units.

Share Issuance

• In March 2026, Capstone Green Energy Holdings, Inc. issued $80 million in senior convertible preferred stock and $15 million of common stock to Monarch Alternative Capital LP as part of a strategic investment.
• A concurrent private placement (PIPE) in March 2026 resulted in the issuance of an additional $17.5 million of common stock (or pre-funded warrants) to accredited investors.
• In July 2026, Capstone Energy+, Inc. filed a Form S-3 shelf registration, allowing it to offer up to $500,000,000 of various securities, including common stock and preferred stock, in future offerings.

Inbound Investments

• In March 2026, Capstone Green Energy Holdings, Inc. secured a $112.5 million strategic investment led by funds managed by Monarch Alternative Capital LP.
• This investment comprised the purchase of $80 million in newly issued senior convertible preferred stock and $15 million in common stock by Monarch.
• An additional $17.5 million was raised through a concurrent private placement of common stock (or pre-funded warrants) to accredited investors, including some existing company investors.

Capital Expenditures

• In Q4 2026, Capstone Energy+ invested $62K in capital expenditures, which funded long-term assets and infrastructure.
• A portion of the net proceeds from the $112.5 million strategic investment (closed March 2026) is intended for growth initiatives, including building engineering and technology capabilities and increasing capacity.
• The company's Energy as a Service (EaaS) offerings and rental services are designed to minimize upfront capital requirements for customers, and Capstone continues to invest in expanding and refreshing its rental fleet.