Capstone Turbine (CPST) Reports Select Preliminary Q1 Financial Results

Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ: CPST), the world's leading clean technology manufacturer of microturbine energy systems, is announcing select preliminary financial results for its fiscal first quarter ended June 30, 2020, and an update on its Adjusted EBITDA Positive goal.

"Our preliminary financial results show us on track to achieving our goal of positive adjusted EBITDA for the June quarter. While we will not have final results until our books are closed and our financial review completed, the preliminary results indicate a significant improvement when compared to the fourth quarter that ended on March 31, 2020, and the first quarter of fiscal 2020 that ended on June 30, 2019," said Darren Jamison, President and Chief Executive Officer of Capstone Turbine. "The improvements are being driven by the work we have put into lowering our operating expenses, in combination with improving aftermarket service margins and a small rebound in product shipments versus the fiscal 2020 fourth quarter," added Mr. Jamison.

Select Preliminary Financial Highlights of First Quarter Fiscal 2021:

• Total preliminary revenue for the first quarter of fiscal 2021 was approximately $14.1 million, up 22%, compared to $11.6 million in the fourth quarter of fiscal 2020.
• Preliminary accessories, parts, aftermarket service, FPP long-term contracts, rentals, and Distributor Support System (DSS) revenue is approximately $8.0 million, up 3% from $7.8 million in the fourth quarter of fiscal 2020.
• Inventory receipts decreased by $2.9 million, or 36%, to $5.2 million in the first quarter compared to $8.0 million in the fourth quarter of fiscal 2020 and decreased $9.0 million, or 63%, compared to $14.1 million in the first quarter of fiscal 2020, as the Company actively manages its working capital needs thereby driving improved liquidity.
• Total cash and cash equivalents as of June 30, 2020, are estimated to be $16.2 million, an increase of $1.1 million, compared to $15.1 million as of March 31, 2020, despite ongoing impacts from the COVID-19 pandemic.
• New gross product orders were approximately $5.5 million and the book-to-bill ratio was 0.9:1 for the first quarter of fiscal 2021.
• The Company received $3.3 million from financing activities during the quarter as the company focused on liquidity as part of its COVID-19 Business Continuity Plan.

(Consensus sees Q1 revenue of $16.25 million)

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