In a move to increase investor transparency, Capstone Turbine Corp. released selected preliminary fiscal fourth quarter financial results Monday that showed an 11 percent increase in revenue.
The Chatsworth manufacturer of small electricity-generating turbines also reported it borrowed $22 million from a Wells Fargo credit facility during the quarter. While the announcement said revenue increased 11 percent since the previous quarter and 16 percent compared to a year ago, the company didn’t provide any revenue numbers.
Chief Executive Darren Jamison said the company is working to manage its cash more effectively and diversify its customer base to reach profitability.
“We are at war with operating costs and will continue our focus on lowering our cash burn by looking at every area where we can reduce expenses, increase inventory turns, increase efficiency and improve our cash cycle,” Jamison said in a statement. “We have made tremendous strides in this area, as reported business expenses for the third quarter were down over 35 percent from the same period a year ago.”
Shares of Capstone (CPST) closed Monday up 1 cent, or nearly 2 percent, to 80 cents on the Nasdaq.