Capstone Green Energy Holdings Inc. · OTC:CGEH
Capstone Green Energy — Capstone Energy Plus — Investor Presentation (May 2026)
31 slides from Capstone Green Energy's investor presentation, May 18, 2026
Slide 1: Distributed Energy. Delivered. On site. On demand. Always On.
May 2026 | Investor Presentation Distributed Energy. Delivered. On site. On demand. Always On. OTCQX: CGEH
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Capstone Energy+, Inc. (the "Company”) solely for informational purposes. This presentation is not intended to constitute investment advice or a recommendation to buy, sell, or hold any securities of the Company. The information contained in this pre
Slide 3: Safe Harbor
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. Forward-looking statements include, without limitation, statements regarding the financial outlook, business strategy, plans,
Slide 4: Why Capstone Energy+ Investment Highlights
Proven Technology 30+ years, 10,600+ units deployed globally Best in Class GT & Recip Emissions <9 PPM NOx compliant in strictest air districts - CARB certified unit for CA - No abatement needed. Subject to site-specific permitting and requirements Capital Efficiency Restructured balance sheet via $
Slide 5: Building Foundation for the Future
Capstone Building Foundation for the Future Revenue Growth + Margin Expansion1 Revenue ($M’s) Gross Margin % 1. As reported in SEC Filed Financials 5 Capstone is Delivering on its Three-Pillar Strength Strategy Financial Health | Sustainable Excellence | Revitalization of Culture and Talent
Slide 6: Flexible Solutions for Every Industry
6 Flexible Solutions for Every Industry 65 kW To Multi-MW Systems, Scalable On Site, On Demand Solutions Serve Diverse Mission-Critical Applications From Compact Sites to Mission-Critical Power Data Centers Microgrids Ports Oil & Gas EV Charging Industrial Events Representative End-use Applications
Slide 7: $1.4T Distributed Energy Generation Market by 2033
$1.4 T Distributed Energy Generation Market by 2033 “An industry at an inflection point—balancing explosive expansion with evolving challenges in power availability, cost pressures, and infrastructure investment.ˮ — Data Center Frontier (from CBRE, PwC, and Synergy Research) Source: Allied Market Re
Slide 8: Why the Grid is Under Pressure
8 THE TAKEAWAY The grid can't catch up. Power is moving behind the meter. Why the Grid is Under Pressure Multiple Forces are Straining the Electric Grid and Creating Reliability Constraints Shrinking Base Load Generation Retirement of reliable coal and nuclear plants reduces steady, always-on power
Slide 9: Grid Constraints and AI Compute Growth Increasing Demand for On Site Power
Grid Constraints and AI Compute Growth are Increasing Demand for Reliable On Site Power DRIVER 1: GRID FRAGILITY Extreme Weather Is Reshaping Power Reliability 12.8 hrs1 Avg U.S. outage — up 58% since 2022 • 45% of customers lost power in H1 2025 • Hurricanes drove 80% of 2024 outage hours DRIVER 2:
Slide 10: Capstone Value Drivers
Capstone Value Drivers Proprietary Air Bearing Technology Proprietary Power Electronics Proprietary Combustion Tech Proprietary Recuperator Fuel Flexibility High Grade Waste Heat Single Moving Part Scalable To Match Demand 1 2 3 OVERALL COST EFFICIENCY Low Maintenance Fuel Flexibility Energy-a
Slide 11: Total Cost of Ownership Advantage
11 Total Cost of Ownership Advantage Capstone is Competitively Priced Compared to its Competitors 1MW CHP Modeled TCO: $0.067/kWh vs. $0.094/kWh for natural gas reciprocating engines Source: Management estimates and operational experience with Capstone microturbine systems and selected competitive t
Slide 12: Source: Bulge Bracket Bank Equity Research Report Published in 2024 & WattAi Presentation &
Source: Bulge Bracket Bank Equity Research Report Published in 2024 & WattAi Presentation & EIA & UNCTAD & Company 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 th
Slide 13: Capstone's Integrated Data Center Power Solution
Capstone’s Integrated Data Center Power Solution Energy Surplus Program (ESP) ESP is intended to bring together established technologies into a unified architecture designed to support AI-driven workloads. Combining: Microturbine power Low-emission, modular, efficient footprint integrated redundant
Slide 14: Major Shift in AI Compute Space Constraints
Major Shift in AI Compute Space Constraints 800 VDC GPUs have less space constraints than the 54 V GPU racks Limits of Legacy Racks Major Transition Underway to 800 VDC Data Center Power Infrastructure Supporting 1 MW IT Racks and Beyond Source: NVIDIA Developer Technical Blog (May 20, 2025). Third-
Slide 15: Mission-Critical Power Roadmap
Mission-Critical Power Roadmap Aligning Capstone’s Technology with Emerging Data Center Power Architectures Time to Power, Time to Market C250 C500 C1000 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 AC Voltage 800 VDC 1500 VDC C250 Roadmap timing and specifications are subject to developme
Slide 16: Strategic Technology Investments Supporting the Roadmap
System Efficiency Strategic Technology Investments Supporting the Roadmap Targeted Development Priorities Tied to Power Architecture, Emissions, Scale and System Efficiency Power Architecture 800 VDC Platform • Smart Power Switch (SPS) developed with testing underway • C600 pilot unit for qualificat
Slide 17: The Grid Can't Keep Up. We Can.
99.999% Uptime Reliability <9 PPM NOx Best in Class Emissions Recovers Waste Heat into Useful Thermal Energy Circular Economy Scalable Pay as You Grow Modules Fuel-Flexible H2/ RNG/ Biogas Ready Capstone delivers resilient, on site power. Fast. Purpose-built for the AI data center era The Grid Can't
Slide 18: Questions?
Questions?
Slide 19: Thank you
OTCQX: CGEH 16640 Stagg Street | Van Nuys, CA 91406 T: +1 818.734.5300 | M: +1 818.960.9780 CapstoneEnergyPlus.com On Site. On Demand. Always On. Thank you.
Slide 20: Appendix
Appendix
Slide 21: Financial Momentum & Operational Strength
Financial Momentum & Operational Strength Continuous Improvements in Operating Leverage and Profitability Q3 Revenue Q3 Adj. EBITDA 7 Consecutive Quarters of Positive Adj. EBITDA* FY25 FY26 $5.1M $0.5M Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Total $- $5,000 $10,000 $15,000 $20,000 $2
Slide 22: Financial Momentum & Operating Discipline
22 Financial Momentum & Operating Discipline Disciplined Execution and Stronger Product Mix Translating to Higher Revenue and Improved Profitability $5,114 $529 $6.6M Q3 Revenue Up 33% YOY 867% Q3 Adjusted EBITDA* Up YoY $4.6M Q3 Adjusted EBITDA* Up YoY $3.9M Q3 Net Income Up 144% YOY • Commercial d
Slide 23: Q3 FY26 vs. Q3 FY25 Financial Results
(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 Total 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
Slide 24: Q3 FY26 Select Balance Sheet & Cash Flow Items
(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) Oper
Slide 25: Q3'26 YTD Reconciliation of Non-GAAP Financial Measures
Q3’26 YTD Reconciliation of Non-GAAP Financial Measures 25 EBITDA 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 Deprec
Slide 26: Capstone Inspirational Resilience
26 Capstone Inspirational Resilience – The 37 Year Journey From Mobility to Stationary Power why every detail matters. HOW 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, res
Slide 27: Product Description and Example End-Use
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
Slide 28: Markets We Serve
Markets We Serve Maintenance Significantly less cost & maintenance Availability Less maintenance higher availability Emissions Lowest out of the box emissions levels Thermal Recovery Higher grade waste heat, more thermal HW, CW, Steam, clean CO2) Noise (Sound Levels) No friction bearings = low noise
Slide 29: Data Center – Illustrative Case Study
29 Data Center – Illustrative Case Study Sample 100+ MW Concept Layout Revenue Capital Equip. Est. Annual Service Rev. Delivery Capability Service Self funded with Growth Balance Of Plant Multiple suppliers globally Dry Coolers in House Microturbines Current Facility: 21MW / week Ability for Mobile
Slide 30: Capstone VDC Roadmap
Capstone 800 VDC Roadmap Simple Component Modification & Transition from VAC to VDC 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 High Voltage Direct Current (“HVDC”) microturbine syst
Slide 31: 16640 Stagg Street | Van Nuys, CA 91406 T: +1 818.734.5300 | M: +1
OTCQX: CGEH 16640 Stagg Street | Van Nuys, CA 91406 T: +1 818.734.5300 | M: +1 818.960.9780 CapstoneEnergyPlus.com On Site. On Demand. Always On.
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