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Capstone Turbine Corporation (NASDAQ: CPST) will release its third-quarter fiscal year 2021 financial results on February 9, 2021, after market close. A live webcast to discuss the results is scheduled for 1:45 PM PT (4:45 PM ET) on the same day. CEO Darren Jamison anticipates sharing highlights of the largest quarterly revenue in over a year, alongside developments in geographic distribution, direct sales, and their growing rental business. The company has nearly 10,000 microturbine shipments across 83 countries, saving clients $219 million in energy costs in FY20.
Capstone Turbine Corporation (NASDAQ:CPST) announced orders for eight C65 microturbines for six long-term care facilities across California. Each microturbine will deliver 65 to 130 kW of power, incorporating integrated heat recovery modules for improved efficiency. Expected to be commissioned in late 2021, these units will provide reliable baseload power and can operate independently during grid outages. The company's microturbines are recognized for their short payback periods, high reliability, and operational efficiency, making them appealing to healthcare and hospitality sectors as demand grows.
Capstone Turbine Corporation (NASDAQ:CPST) is set to present at the Sidoti Winter 2021 Virtual Conference on January 13 at 4:00 pm ET. CEO Darren Jamison will review fiscal 2021 successes, including positive adjusted EBITDA and record quarterly revenue despite COVID-19 challenges. The presentation will also cover plans for expanding the distribution network and the new Energy as a Service model. Registered attendees can join via this link.
Capstone Turbine Corporation (NASDAQ: CPST) reported preliminary financial results for Q3 2021, revealing revenues of $20.6 million, a 38% increase sequentially from Q2 and up 18% year-over-year. Cash increased to $32.0 million, attributed to an amended Goldman Sachs Note Purchase Agreement. New gross product bookings reached $10.5 million, a 7% rise from the previous quarter. The company continues to focus on revenue growth strategies despite ongoing impacts from the COVID-19 pandemic.
Capstone Turbine Corporation (NASDAQ: CPST) has announced its first renewable energy C600 Signature Series microturbine order in South Korea for the Nambu Sewage Treatment Plant in Busan. The order, secured by exclusive distributor CY Tech, involves a biogas-fueled microturbine expected to be commissioned in August 2021. This project aims to modernize the treatment facility while significantly reducing emissions. Company CEO Darren Jamison highlighted this move as part of their strategy to enhance top-line revenue and expand their renewable energy market segment.
Capstone Turbine Corporation (NASDAQ:CPST) announced the appointment of Robert Flexon as Chair of the Board effective January 1, 2021. This change follows the leadership of Holly Van Deursen, who will remain as an independent Director. The Board believes that under Flexon's guidance, the company is poised to capitalize on the anticipated green industrial revolution under the new Biden administration, which may implement a $2 trillion climate action plan. Flexon's experience with major energy firms positions him to drive Capstone's growth, particularly in Energy as a Service and hydrogen solutions.
Capstone Turbine Corporation (NASDAQ:CPST) announced the extension of the 10% federal Investment Tax Credit (ITC) through 2023 and the production tax credit (PTC) for renewable projects due to the COVID-19 stimulus package signed on December 27, 2020. This extension supports microturbine and combined heat and power projects, allowing for further adoption of Capstone's energy solutions. The U.S. Department of Energy's CHP Technical Assistance Partnerships are also re-authorized through 2025, promoting research in energy efficiency and alternative fuels.
Capstone Turbine Corporation (NASDAQ: CPST) has secured a follow-on order for a five-bay C600 Signature Series microturbine to be installed at a latex product manufacturing plant in Guadalajara, Mexico. This installation is part of a combined heat and power (CHP) system expected to be commissioned by year-end, offering reliable electrical and thermal energy. Previously, a 1 MW microturbine saved the customer approximately 62% in energy costs, with a projected payback period of two years. The new order further enhances energy efficiency and supports Mexico's emission reduction targets.
Capstone Turbine Corporation (NASDAQ:CPST) has announced a renewal of a Factory Protection Plan (FPP) service contract for 1.6 megawatts of its microturbines, securing an additional 10 years with Horizon Power Systems. The microturbines, operational since 2009 at a gas compressor station in Arizona, have achieved over 700,000 hours of uninterrupted service. The renewal reflects a growing recurring revenue model, with the global fleet now comprising 284 MW in FPP contracts, about 58% of eligible systems.
Capstone Turbine Corporation (NASDAQ: CPST) announced a long-term rental order for a C1000 Signature Series microturbine from a major oil and gas company in West Texas, set to be delivered in January 2021. This order will help expand Capstone's rental fleet from 8.6 MWs to a target of 10 MWs by March 31, 2021, and eventually 21.1 MWs by March 31, 2022. Last quarter, Capstone generated $1.9 million in cash from operating activities, showcasing the resilience of its Energy as a Service (EaaS) model. The company emphasizes the growing demand for its technology in the oil and gas sector.