Capstone Energy Plus, Inc.
Capstone Energy Plus, Inc. develops and sells microturbine-based distributed energy systems for on-site power generation and microgrid applications. Its offerings are used in industrial and commercial settings, including critical power, data centers, ports, station power, renewable energy, and combined heat and power applications, with sales supported through a global distributor and OEM network.
Fiscal year 2026 · change from previous year
Development 2021–2026
Business
Share of revenueStationary microturbine equipment sold for distributed power and microgrid use.
Replacement parts and related product sales used to support installed systems.
Factory protection plans, scheduled maintenance, and field service support.
On-site energy solutions delivered as a service through recurring contracts.
Rental units and other project-based energy solution offerings.
Products
Reported · share of revenue- Product and Accessories53.7 %
- Parts and Service31.3 %
- Rentals15.0 %
Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells primarily to industrial and commercial customers that need reliable on-site power, lower-emission generation, or backup capacity. End markets highlighted in the filings include data centers, ports, station power, renewable energy, natural resources, and other critical power applications. A significant portion of sales flows through distributors, OEMs, and national accounts that resell to end users or support project delivery.
Buy microturbine systems and EaaS solutions for reliable on-site power, resiliency, and emissions benefits.
Buy engineered power and cooling packages for high-availability AI and digital infrastructure loads.
Purchase products for resale and project delivery across regional markets.
Buy systems for ports, station power, and other uptime-sensitive applications.
Use the company's systems in microgrid, CHP, and distributed generation projects.
Strategy
The company is focused on expanding repeatable demand through strategic distribution partners and by targeting verticals with recurring need for resilient on-site power. It is also extending its microgrid platform into AI and data center infrastructure, while continuing to emphasize service, EaaS, and larger engineered solutions that can support longer customer relationships.
A wider channel network helps reach more end markets and supports global sales execution.
Targeting critical power and microgrid applications can reduce reliance on one-off niche projects.
Recurring service contracts can deepen customer relationships and stabilize demand.
New engineered packages may open a larger infrastructure market for microturbines.
Geography
Q2/2026The company sells globally, with revenue reported across the United States and Canada, Europe, Latin America, Asia and Australia, and the Middle East and Africa. Its distribution network is split between North America and international markets, with a larger share of distributors, OEMs, and national accounts outside the United States and Canada. Manufacturing and office operations are based in Van Nuys, California.
Share of the revenue the company reports by geography.
Risks
The company faces going-concern and liquidity risk, which can limit access to capital, supplier confidence, and customer relationships. Its business is also exposed to project timing, distributor concentration, and execution risk in newer markets such as AI infrastructure, where demand is still unproven and competition is intense.
- Going-concern and liquidity pressureImpact: CriticalLikelihood: High
Cash constraints and short-term obligations can restrict operations and financing flexibility.
Exposure - AI infrastructure commercialization riskImpact: HighLikelihood: Medium
The company has only recently entered this market and has not yet generated sales there.
Exposure: New product adoption and competitive positioning
- Project timing and backlog conversionImpact: High
Revenue depends on customer delivery schedules, part availability, and shipment timing.
Exposure: Quarterly revenue and order fulfillment
- Distributor and channel concentrationImpact: Medium
A large share of sales flows through third-party distributors and OEMs.
Exposure: Sales execution and end-customer reach
- Tariffs and geopolitical supply-chain riskImpact: Medium
Imported components and global sourcing can raise costs and disrupt delivery.
Exposure: Direct materials and manufacturing economics
Accounting
Judgemental itemsRevenue depends on shipment, delivery, and service contract timing.
Impact: Can cause quarterly volatility in reported sales
Microturbine components and finished goods require judgment on obsolescence and realizability.
Impact: Affects gross margin and asset carrying values
Installed equipment may require future repair or replacement costs.
Impact: Influences accrued liabilities and operating expense
Distributor and project customers may have varying collectability risk.
Impact: Affects receivables and earnings
Fair value and redemption features can require periodic remeasurement.
Impact: Can affect equity and non-operating items
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Last updated: 24/09/2026