Narrower Than Expected Loss, Reports Capstone

Capstone Green Energy Corp. missed on Wall Street expectations when it came to revenue but just beat on earnings for its first fiscal quarter.The Van Nuys microturbine and clean energy products manufacturer on Wednesday reported a net loss of $2.2 million (-16 cents a share) for the quarter ending June 30, compared with a net loss of $1.8 million (-17 cents) in the same period a year earlier. Revenue increased by 13 percent to $16 million.Analysts on average expected earnings of -17 cents on revenue of $18.1 million, according to Thomson Financial Network.Chief Executive Darren Jamison said he was pleased that the company was able to drive year-over-year revenue growth as the economic recovery from the global pandemic evolved.The company rents its power-generating turbines, and it was able to expand its long-term rental fleet to 12.1 megawatts as it gets toward its goal of growing the fleet to 21.1 megawatts by the end of the current fiscal year in March 2022, Jamison said.“This remains a key driver in our long-term strategy, as rental-related revenue drives a much higher margin than a typical product sale. This, along with our Factory Protection Plan program, are important supporting pillars in growing our Energy as a Service business,” Jamison added in a statement.Capstone (CGRN) released its earnings after the markets closed. Shares closed down 12 cents, or about 2.5 percent, to $4.60 on the Nasdaq on Wednesday, a day when that market closed down a fraction of a percent.