Capstone Green Energy (CGEH) 10-Q 13 Feb 25 2025 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	9 Months Ended
	Dec. 31, 2024	Feb. 13, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Securities Act File Number	001-15957
Entity Registrant Name	Capstone Green Energy Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1514270
Entity Address, Address Line One	16640 Stagg Street
Entity Address, City or Town	Van Nuys
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91406
City Area Code	818
Local Phone Number	734-5300
Title of 12(b) Security	Common Stock, par value $0.001 per share
Entity Listing, Par Value Per Share	$ 0.001
Trading Symbol	CGEH
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Central Index Key	0001009759
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false
Voting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,540,789
Non-voting common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		508,475

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Current Assets:
Cash	$ 3,314	$ 2,085
Accounts receivable, net as of allowances of $535 at December 31, 2024 and $3,287 as of March 31, 2024	11,426	6,552
Inventories	19,413	20,642
Prepaid expenses and other current assets	3,805	5,449
Total current assets	37,958	34,728
Property, plant, equipment and rental assets, net	21,058	25,854
Finance lease right-of-use assets	3,938	4,391
Operating lease right-of-use assets	9,321	12,279
Non-current portion of inventories	3,295	3,917
Other assets	2,791	3,037
Total assets	78,361	84,206
Current Liabilities:
Accounts payable and accrued expenses	17,603	18,212
Accrued salaries and wages	1,053	1,220
Accrued warranty reserve	1,080	1,437
Deferred revenue, current	15,332	11,183
Finance lease liability, current	595	964
Operating lease liability, current	3,775	4,041
Factory protection plan liability	6,298	7,259
Exit new money notes, net of discount, current	7,845	28,911
Total current liabilities	53,581	73,227
Deferred revenue, non-current	609	675
Finance lease liability, non-current	1,933	2,300
Operating lease liability, non-current	5,806	8,527
Exit new money notes, net of discount, non-current	23,851
Other non-current liabilities	264	264
Total liabilities	86,044	84,993
Commitments and contingencies (Note 13)
Temporary equity:
Redeemable noncontrolling interests	13,859	13,859
Stockholders' deficiency:
Preferred stock, $.001 par value; 1,000,000 shares authorized, and none issued
Additional paid-in capital	955,313	955,145
Accumulated deficit	(976,874)	(969,810)
Total stockholders' deficiency	(21,542)	(14,646)
Total liabilities, temporary equity and stockholders' deficiency	78,361	84,206
Voting Common Stock
Stockholders' deficiency:
Common stock	18	18
Non-voting common stock
Stockholders' deficiency:
Common stock	$ 1	$ 1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Accounts receivable, allowances
Accounts receivable, allowances	$ 535	$ 3,287
Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Voting Common Stock
Common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	59,400,000	59,400,000
Common stock, shares issued (in shares)	18,540,789	18,540,789
Common stock, shares outstanding (in shares)	18,540,789	18,540,789
Non-voting common stock
Common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	600,000	600,000
Common stock, shares issued (in shares)	508,475	508,475
Common stock, shares outstanding (in shares)	508,475	508,475

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenue, net:
Total revenue, net	$ 20,148	$ 14,600	$ 58,513	$ 66,871
Cost of goods sold:
Total cost of goods sold	15,154	11,582	42,723	55,161
Gross profit	4,994	3,018	15,790	11,710
Operating expenses:
Research and development	744	579	1,882	1,897
Selling, general and administrative	6,313	9,749	19,496	25,713
Total operating expenses	7,057	10,328	21,378	27,610
Loss from operations	(2,063)	(7,310)	(5,588)	(15,900)
Other income, net	364	53	1,577	59
Interest income	4	7	6	106
Interest expense	(986)	(1,100)	(3,003)	(4,619)
Reorganization items, net		32,589		33,042
Income (loss) before provision (benefit) for income taxes	(2,681)	24,239	(7,008)	12,688
Provision (benefits) for income taxes	23	(1)	56	14
Net income (loss)	$ (2,704)	$ 24,240	$ (7,064)	$ 12,674
Net income (loss) per share of common stock and non-voting common stock-basic (in dollars per share)	$ (0.14)	$ 1.27	$ (0.37)	$ 0.68
Net income (loss) per share of common stock and non-voting common stock-diluted (in dollars per share)	$ (0.14)	$ 1.27	$ (0.37)	$ 0.68
Weighted average shares used to calculate basic net income (loss) per share of common stock and non-voting common stock (in shares)	19,049	19,047	19,049	18,655
Weighted average shares used to calculate diluted net income (loss) per share of common stock and non-voting common stock (in shares)	19,049	19,047	19,049	18,655
Product and accessories
Revenue, net:
Total revenue, net	$ 8,272	$ 5,165	$ 24,903	$ 33,464
Cost of goods sold:
Total cost of goods sold	9,072	6,575	25,622	36,037
Parts, services and rentals
Revenue, net:
Total revenue, net	11,876	9,435	33,610	33,407
Cost of goods sold:
Total cost of goods sold	$ 6,082	$ 5,007	$ 17,101	$ 19,124

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND STOCKHOLDERS' DEFICIENCY - USD ($) $ in Thousands	Common Stock Voting Common Stock	Common Stock Non-voting common stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock	Voting Common Stock	Non-voting common stock	Total
Beginning Balance at Mar. 31, 2023	$ 18		$ 955,228	$ (977,202)	$ (2,139)			$ (24,095)
Beginning Balance (in shares) at Mar. 31, 2023	18,511,555
Balance, treasury stock (in shares) at Mar. 31, 2023					117,014
Increase (Decrease) in Stockholders' Equity
Vested restricted stock awards			11		$ (11)
Vested restricted stock awards (in shares)	39,923				8,771
Stock-based compensation			306					306
Net Income (Loss)				(5,679)				(5,679)
Ending Balance at Jun. 30, 2023	$ 18		955,545	(982,881)	$ (2,150)			(29,468)
Ending Balance (in shares) at Jun. 30, 2023	18,551,478
Balance, treasury stock (in shares) at Jun. 30, 2023					125,785
Beginning Balance at Mar. 31, 2023	$ 18		955,228	(977,202)	$ (2,139)			(24,095)
Beginning Balance (in shares) at Mar. 31, 2023	18,511,555
Balance, treasury stock (in shares) at Mar. 31, 2023					117,014
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)								12,674
Ending Balance at Dec. 31, 2023	$ 18	$ 1	955,146	(964,528)				(9,363)
Ending Balance (in shares) at Dec. 31, 2023	18,540,789	508,475
Temporary equity , Ending Balance at Dec. 31, 2023								$ 13,859
Temporary equity , Ending Balance (in shares) at Dec. 31, 2023								10,449,863
Beginning Balance at Jun. 30, 2023	$ 18		955,545	(982,881)	$ (2,150)			$ (29,468)
Beginning Balance (in shares) at Jun. 30, 2023	18,551,478
Balance, treasury stock (in shares) at Jun. 30, 2023					125,785
Increase (Decrease) in Stockholders' Equity
Vested restricted stock awards			4		$ (4)
Vested restricted stock awards (in shares)	10,743				3,730
Issuance of non-voting common stock		$ 1						1
Issuance of non-voting common stock (in shares)		508,475
Stock awards to Board of Directors (in shares)	97,275
Stock-based compensation			81					81
Net Income (Loss)				(5,887)				(5,887)
Ending Balance at Sep. 30, 2023	$ 18	$ 1	955,630	(988,768)	$ (2,154)			(35,273)
Ending Balance (in shares) at Sep. 30, 2023	18,659,496	508,475
Balance, treasury stock (in shares) at Sep. 30, 2023					129,515
Increase (Decrease) in Stockholders' Equity
Vested restricted stock awards (in shares)	10,808
Stock-based compensation			1,670					1,670
Cancellation of Capstone Green Energy Corporation stock	$ (18)	$ (1)	(2,154)		$ 2,154			(19)
Cancellation of Capstone Green Energy Corporation stock (shares)	(18,670,392)	(508,475)			(129,515)
Issuance of Capstone Green Energy Holdings, Inc. stock	$ 18	$ 1						19
Issuance of Capstone Green Energy Holdings, Inc. stock (shares)	18,540,877	508,475
Net Income (Loss)				24,240				24,240
Ending Balance at Dec. 31, 2023	$ 18	$ 1	955,146	(964,528)				(9,363)
Ending Balance (in shares) at Dec. 31, 2023	18,540,789	508,475
Increase (Decrease) in Temporary Equity
Preferred units issued, subject to possible redemption								$ 13,859
Preferred units issued, subject to possible redemption (in shares)								10,449,863
Temporary equity , Ending Balance at Dec. 31, 2023								$ 13,859
Temporary equity , Ending Balance (in shares) at Dec. 31, 2023								10,449,863
Beginning Balance at Mar. 31, 2024	$ 18	$ 1	955,145	(969,810)				$ (14,646)
Beginning Balance (in shares) at Mar. 31, 2024	18,540,789	508,475				18,540,789	508,475
Increase (Decrease) in Stockholders' Equity
Stock-based compensation			57					57
Net Income (Loss)				(3,937)				(3,937)
Ending Balance at Jun. 30, 2024	$ 18	$ 1	955,202	(973,747)				(18,526)
Ending Balance (in shares) at Jun. 30, 2024	18,540,789	508,475
Temporary equity , Beginning Balance at Mar. 31, 2024								$ 13,859
Temporary equity , Beginning Balance (in shares) at Mar. 31, 2024								10,449,863
Temporary equity , Ending Balance at Jun. 30, 2024								$ 13,859
Temporary equity , Ending Balance (in shares) at Jun. 30, 2024								10,449,863
Beginning Balance at Mar. 31, 2024	$ 18	$ 1	955,145	(969,810)				$ (14,646)
Beginning Balance (in shares) at Mar. 31, 2024	18,540,789	508,475				18,540,789	508,475
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)								(7,064)
Ending Balance at Dec. 31, 2024	$ 18	$ 1	955,313	(976,874)				(21,542)
Ending Balance (in shares) at Dec. 31, 2024	18,540,789	508,475				18,540,789	508,475
Temporary equity , Beginning Balance at Mar. 31, 2024								$ 13,859
Temporary equity , Beginning Balance (in shares) at Mar. 31, 2024								10,449,863
Temporary equity , Ending Balance at Dec. 31, 2024								$ 13,859
Temporary equity , Ending Balance (in shares) at Dec. 31, 2024								10,449,863
Beginning Balance at Jun. 30, 2024	$ 18	$ 1	955,202	(973,747)				$ (18,526)
Beginning Balance (in shares) at Jun. 30, 2024	18,540,789	508,475
Increase (Decrease) in Stockholders' Equity
Stock-based compensation			52					52
Net Income (Loss)				(423)				(423)
Ending Balance at Sep. 30, 2024	$ 18	$ 1	955,254	(974,170)				(18,897)
Ending Balance (in shares) at Sep. 30, 2024	18,540,789	508,475
Temporary equity , Beginning Balance at Jun. 30, 2024								$ 13,859
Temporary equity , Beginning Balance (in shares) at Jun. 30, 2024								10,449,863
Temporary equity , Ending Balance at Sep. 30, 2024								$ 13,859
Temporary equity , Ending Balance (in shares) at Sep. 30, 2024								10,449,863
Increase (Decrease) in Stockholders' Equity
Stock-based compensation			59					$ 59
Net Income (Loss)				(2,704)				(2,704)
Ending Balance at Dec. 31, 2024	$ 18	$ 1	$ 955,313	$ (976,874)				(21,542)
Ending Balance (in shares) at Dec. 31, 2024	18,540,789	508,475				18,540,789	508,475
Temporary equity , Ending Balance at Dec. 31, 2024								$ 13,859
Temporary equity , Ending Balance (in shares) at Dec. 31, 2024								10,449,863

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities:
Net income (loss)	$ (7,064)	$ 12,674
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	3,023	3,001
Amortization of financing costs and discounts	71	49
Paid-in-kind interest expense	2,714	1,100
Non-cash lease expense	2,957	2,482
Provision for credit loss expense	621	0
Inventory provision	639	552
Provision (benefit) for warranty expenses	(203)	143
Stock-based compensation	168	2,057
Non-cash reorganization items, net		(35,255)
Changes in operating assets and liabilities:
Accounts receivable	(6,066)	981
Inventories	4,279	6,638
Prepaid expenses, other current assets and other assets	1,887	(1,029)
Accounts payable and accrued expenses	(606)	(4,646)
Operating lease liability, net	(2,988)	(2,464)
Accrued salaries and wages and long-term liabilities	(166)	59
Accrued warranty reserve	(154)	(126)
Deferred revenue	4,083	(5,752)
Factory protection plan liability	(961)	(2,527)
Net cash provided by (used in) operating activities	2,234	(22,063)
Cash Flows from Investing Activities:
Expenditures for property, plant, equipment and rental assets	(841)	(4,551)
Net cash used in investing activities	(841)	(4,551)
Cash Flows from Financing Activities:
Proceeds from debtors-in-process facility		12,000
Debt issuance costs		(244)
Repayment of finance lease obligations	(164)	(115)
Net cash provided by (used in) financing activities	(164)	17,641
Net increase (decrease) in Cash	1,229	(8,973)
Cash, Beginning of Period	2,085	12,839
Cash, End of Period	3,314	3,866
Supplemental Disclosures of Cash Flow Information: Cash paid during the period for:
Interest	97	1,620
Supplemental Disclosures of Cash Flow Information: Cash paid during the period for:
Income taxes	100	14
Supplemental Disclosures of Non-Cash Information:
Right-of-use assets obtained in exchange for lease obligations		7,348
Rental assets transferred to inventory	3,067
Rental assets capitalized from prepaids		623
Settlement of lease liabilities through accounts receivable	$ 572	502
Conversion of inventory to rental assets		280
Paid-in-kind debt discount in connection with the three-year term note		500
Term Note Payable, Amended and Restated Note Purchase Agreement
Cash Flows from Financing Activities:
Proceeds from three-year term note		3,000
New Money Notes
Cash Flows from Financing Activities:
Proceeds from three-year term note		$ 3,000

Business and Organization

Business and Organization	9 Months Ended
	Dec. 31, 2024
Business and Organization
Business and Organization	1. Business and Organization Capstone Green Energy Holdings, Inc. (f/k/a Capstone Turbine International, Inc.), along with its consolidated operating subsidiary Capstone Green Energy LLC (the “Operating Subsidiary”) is a provider of customized microgrid solutions, on-site resilient Energy-as-a-Service (“EaaS”) solutions, and on-site energy technology systems focused on helping customers around the globe solve the “Energy Trilemma” of resiliency, sustainability, and affordability. These solutions include stationary distributed power generation applications and distribution networks, including cogeneration (combined heat and power (“CHP”), integrated combined heat and power (“ICHP”), and combined cooling, heat and power (“CCHP”), renewable energy, natural resources, and critical power supply. The Company’s inverter-based technologies solve resiliency by being able to seamlessly connect to the electric grid or be the backbone of a localized microgrid. The Company’s Energy Conversion Products business line is driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions. Through the EaaS business line the Company offers build, own, operate and maintain (“BOOM”) as well as energy rental solutions utilizing the Company’s microturbine energy systems. The Company offers comprehensive factory protection plan service contracts that limit life-cycle costs, as well as providing aftermarket spare parts. The Company’s emerging business line is Hydrogen Energy Solutions. Through the Hydrogen Energy Solutions business line, the Company offers customers the ability to run on hydrogen blended fuel source. Because this is still an emerging offering, Hydrogen Energy Solutions revenue has been immaterial to date. Historically, the business described above was conducted by Capstone Green Energy Corporation, which was organized in 1988 and has been commercially producing its microturbine generators since 1998. In connection with the emergence from Chapter 11 Bankruptcy (the “Chapter 11 Bankruptcy”) on December 7, 2023 (the “Effective Date”), Capstone Green Energy Corporation was reorganized (the “Reorganization”) and became a privately-held company (“Reorganized PrivateCo”). Capstone Turbine International, Inc., a former wholly owned subsidiary of Capstone Green Energy Corporation, which was incorporated in Delaware on June 10, 2004, became a publicly-traded company and was renamed Capstone Green Energy Holdings, Inc. The Operating Subsidiary was also formed as part of the Reorganization. As a result of past delays in filing the Company’s periodic reports with the Securities Exchange Commission (the “SEC”) and the requirements relating to Market Value of Listed Securities (“MVLS”), the Company was unable to comply with the Nasdaq listing standards. The Company’s common stock was su with all of its periodic filings with the SEC. On January 2, 2025, the Company’s common stock was approved for trading by Financial Industry Regulatory Authority on the over-the-counter market. All references in these footnotes to “the Company,” “we,” “us,” “our,” or “Capstone” are to Capstone Green Energy Corporation and its consolidated subsidiaries for the three and nine months ended December 31, 2023 and to Capstone Green Energy Holdings, Inc. and its consolidated subsidiaries as of December 31, 2024 and March 31, 2024 and for the three and nine months ended December 31, 2024.

Basis of Presentation, Signific

Basis of Presentation, Significant Accounting Policies and Going Concern	9 Months Ended
	Dec. 31, 2024
Basis of Presentation, Significant Accounting Policies and Going Concern
Basis of Presentation, Significant Accounting Policies and Going Concern	2. Basis of Presentation, Significant Accounting Policies and Going Concern The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). They do not include all of the information and footnotes required by GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of March 31, 2024 was derived from audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the interim Condensed Consolidated Financial Statements include all adjustments (including normal recurring adjustments) necessary for a fair presentation of the financial condition, results of operations and cash flows for such periods. Results of operations for any interim period are not necessarily indicative of results for any other interim period or for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024 filed with the SEC on September 26, 2024. This Quarterly Report on Form 10-Q (this “Form 10-Q”) refers to the Company’s fiscal years ending March 31 as its “Fiscal” years. Basis for Consolidation Significant Accounting Policies Going Concern In connection with the preparation of these Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2024, management evaluated whether there were conditions and events, considered in the aggregate, that raised substantial doubt about the Company’s ability to meet its obligations as they become due over the next twelve months from the date of the issuance of the financial statements. As of December 31, 2024, the Company had cash of $3.3 million and a working capital deficit of $15.6 million. The Company incurred a net loss of $7.1 million during the nine months ended December 31, 2024. On September 28, 2023, the Company filed for a prepackaged financial restructuring with its senior lender, Goldman Sachs, under the U.S. Chapter 11 Bankruptcy laws. The Company emerged from bankruptcy on December 7, 2023 and effected a financial and organizational restructuring. Given its current cash position, lack of liquidity, limits to accessing capital and debt funding options, current economic and market risks, and the continued impact of the Chapter 11 Bankruptcy and the Reorganization on customer and vendor relationships, there is substantial doubt regarding the Company’s ability to continue as a going concern and its ability to meet its financial obligations as they become due over the next twelve months from the date of issuance of the financial statements as of, and for the period ended December 31, 2024.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
	Dec. 31, 2024
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	3. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting : Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures ​ In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date entities such as the Company. ASU No. 2024-03 mandates disclosures in the notes to financial statements detailing the composition and trends of key expense categories within major income statement captions. These enhanced disclosures are intended to help investors more effectively assess the entity’s performance, understand its cost structure, and make more accurate forecasts of future cash flows. For public business entities, ASU No. 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, which for the Company will be for Fiscal 2028 and for interim reporting periods beginning with the first quarter of Fiscal 2029. The Company is in the process of assessing the effect adoption of ASU No. 2024-03 will have on its annual consolidated financial statement disclosure.

Customer Concentrations and Acc

Customer Concentrations and Accounts Receivable	9 Months Ended
	Dec. 31, 2024
Customer Concentrations and Accounts Receivable
Customer Concentrations and Accounts Receivable	4. Customer Concentrations and Accounts Receivable Accounts receivables are presented on the Condensed Consolidated Balance Sheets, net of estimated credit losses. The Company applies the aging method by pooling receivables based on levels of delinquency and applying historical loss rates on what has been historically uncollectible by aging categories. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts of future losses, as necessary. Additionally, the allowance for credit loss calculation includes subjective adjustments for qualitative risk In accordance with Accounting Standard Codification (“ASC”) 326, the Company evaluates the collectability of outstanding accounts receivable balances to determine an allowance for credit loss that reflects its best estimate of the current expected credit losses (“CECL”) on a quarterly basis. Changes in the CECL allowance for accounts receivable are as follows (in thousands): ​ ​ ​ ​ ​ Balance, March 31, 2024 ​ $ 3,287 Provision for credit loss ​ 621 Recoveries ​ ​ 12 Write-offs ​ (3,385) Balance, December 31, 2024 ​ $ 535 ​ E -Finity Distributed Generation (“E-Finity”), Lone Star Power Solutions, LLC (“Lone Star”) and Cal Microturbine, three Cal Microturbine accounted for 17% of revenue for the three months ended December 31, 2023. E-Finity and Lone Star E-Finity and Cal Microturbine accounted for 14% and 11% of revenue for the nine months ended December 31, 2023, respectively. Additionally, Pan American Energy SL, one of the Company’s international direct customers, Cal Microturbine, Lone Star and E-Finity accounted for 16%, 15%, 14% and 12% of accounts receivable as of December 31, 2024, respectively. Supernova Energy Services SAS (“Supernova”), one of the Company’s international distributors, and Capstone Engineered Solutions (“CES”), one of the Company’s national accounts, accounted for 14% and 11% of accounts receivable as of March 31, 2024, respectively. The Company recorded a credit loss expense of $0.2 million and zero during the three months ended December 31, 2024 and 2023, respectively. The Company recorded a credit loss expense of $0.6 million and zero during the nine months ended December 31, 2024 and 2023, respectively. ​

Inventories

Inventories	9 Months Ended
	Dec. 31, 2024
Inventories
Inventories	5. Inventories Inventories are valued at the lower of cost (determined on a first-in, first-out (“FIFO”) basis) or net realizable value and consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31, ​ ​ 2024 ​ 2024 Raw materials $ 21,800 $ 23,779 Work in process ​ ​ 173 ​ — Finished goods ​ ​ 735 ​ ​ 780 Total ​ ​ 22,708 ​ ​ 24,559 Less: non-current portion ​ ​ (3,295) ​ ​ (3,917) Total inventory, net non-current portion ​ $ 19,413 ​ $ 20,642 ​ The non-current portion of inventories represents that portion of inventories in excess of amounts expected to be sold or used in the next twelve months. The non-current inventories are primarily comprised of parts for older generation products that are still in operation but are not technologically compatible with current configurations. The Company expects to use the non-current portion of the inventories on hand as of December 31, 2024 over the periods presented in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Non-current Inventory ​ ​ ​ Balance Expected Expected Period of Use ​ ​ to be Used 13 to 24 months ​ $ 1,378 25 to 36 months ​ 1,917 Total ​ $ 3,295 ​

Property, Plant, Equipment and

Property, Plant, Equipment and Rental Assets	9 Months Ended
	Dec. 31, 2024
Property, Plant, Equipment and Rental Assets
Property, Plant, Equipment and Rental Assets	6. Property, Plant, Equipment and Rental Assets Property, plant, equipment and rental assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31, ​ 2024 2024 Machinery, equipment, automobiles and furniture ​ $ 14,954 ​ $ 14,921 Leasehold improvements ​ 8,889 ​ 8,889 Molds and tooling ​ ​ 3,476 ​ ​ 3,476 Rental assets ​ ​ 28,551 ​ ​ 31,762 Total property, plant, equipment and rental assets ​ 55,870 ​ 59,048 Less: accumulated depreciation ​ (34,812) ​ (33,194) Total property, plant, equipment and rental assets, net ​ $ 21,058 ​ $ 25,854 ​ The Company regularly assesses the useful lives of property and equipment and retires assets no longer in service. Depreciation expense for property, plant, equipment and rental assets was $0.9 million and $1.0 million for the three months ended December 31, 2024 and 2023, respectively. Depreciation expense for property, plant, equipment and rental assets was $3.0 million and $3.0 million for the nine months ended December 31, 2024 and 2023, respectively.

Temporary Equity

Temporary Equity	9 Months Ended
	Dec. 31, 2024
Temporary Equity
Temporary Equity	7. Temporary Equity Redeemable Preferred Units Redeemable noncontrolling interests are reported on the Condensed Consolidated Balance Sheet as Temporary Equity. During Fiscal 2024, in connection with the Reorganization, the Operating Subsidiary issued 10,449,863 Series A Redeemable Preferred Units (the “Preferred Units”) that include a redemption feature. The Preferred Units have an aggregate value representing 37.5% equity ownership in the Operating Subsidiary (“Aggregate Purchase Price”). At any time during the six-month period following the sixth anniversary of the Effective Date, the holders of the Preferred Units may elect to have all, but not less than all, of the then outstanding Preferred Units redeemed. Therefore, the Preferred Units are probable of becoming redeemable and are classified as temporary (‘mezzanine’) equity. The Preferred Units also provide the holder with the option to convert all or less than all of the Preferred Units into Operating Subsidiary Common Units (“Common Units”) at any time and from time to time without the payment of additional consideration. If the holder elects to convert the Preferred Units, the specified number of Preferred Units to be converted will be divided by the total number of Preferred Units then outstanding times 37.50% of the Common Units deemed outstanding. To the extent some, but not all of the Preferred Units are converted, the 37.50% percentage will be proportionately reduced, and the same adjustment will apply for purposes of calculating other as-converted entitlements of the Preferred Units. None of the Preferred Units had been converted into Common Units as of December 31, 2024. Additionally, the Preferred Units provide the holder with a put option to sell the shares to the Operating Subsidiary and the Liquidation Preference provides the holder with the option to exchange the Preferred Units for cash (together, the “Features”). The holder of the noncontrolling interest hold a liquidation preference that protects the holder from absorbing losses. The Company incurred a net loss of $2.7 million and $7.1 million during the three and nine months ended December 31, 2024, respectively, therefore, there were no earnings to allocate to Operating Subsidiary. The fair value of $1.32 and $1.33 per Preferred Unit at December 31, 2024 and March 31, 2024, respectively, below were determined through the use of an option-pricing method (“OPM”) that treats the common and preferred units as call options on the enterprise value of the Company with exercise prices based on the liquidation preference of the preferred units. The OPM incorporated multiple thresholds that represent future change of control sale prices where the payout structure would differ based on the rights and preferences of each share class. The OPM used was the Black-Scholes Merton (“BSM”) model to price the call option, which includes the below variables. The enterprise value utilized by the Company in the OPM represents the value agreed upon by the parties involved in the r as approved by the Bankruptcy Court: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31, ​ ​ 2024 ​ 2024 Fair value of common units ​ $ 1.15 ​ ​ $ 1.15 ​ Dividend yield ​ ​ — % ​ ​ — % Volatility ​ ​ 105.0 % ​ ​ 93.0 % Risk-free interest rate ​ ​ 4.4 % ​ ​ 4.2 % Expected term ​ ​ 5.4 years ​ ​ ​ 6.2 years ​ ​ ​ ​ ​ ​ ​ At each reporting period, the Company remeasures the redemption value of the Preferred Units and adjusts the carrying value, if that value exceeds the initial fair value, to equal the maximum redemption value to retained earnings. The i nitial fair value was $13.9 million. Subsequent remeasurements of fair value have not exceeded the initial fair value; therefore, no adjustments have been made prior to the current period. The remeasurement as of December 31, 2024 resulted in a fair value of $13.8 million, which does not exceed the initial fair value; therefore, an adjustment to the carrying value was not recorded .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2024
Fair Value Measurements
Fair Value Measurements	8. Fair Value Measurements The FASB has established a framework for measuring fair value using GAAP. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described as follows: Level 1. Level 2. ● Quoted prices for similar assets or liabilities in active markets ● Quoted prices for identical or similar assets or liabilities in inactive markets ● Inputs other than quoted prices that are observable for the asset or liability ● Inputs that are derived principally from or corroborated by observable market data by correlation or other means If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used must maximize the use of observable inputs and minimize the use of unobservable inputs. Basis for Valuation The carrying values reported in the Condensed Consolidated Balance Sheets for cash, accounts receivable, accounts payable and the exit notes approximate their fair values because of the immediate or short-term maturities of these financial instruments. The fair value of the Company’s Exit Notes (as defined below) on the date of issuance approximated their carrying value based on a comparable market yield analysis completed by the Company. . ​

Balance Sheet Information

Balance Sheet Information	9 Months Ended
	Dec. 31, 2024
Balance Sheet Information
Balance Sheet Information	9. Balance Sheet Information Prepaid Expenses and Other Assets As of December 31, 2024, the Company had $2.3 million of royalty-related assets remaining recorded within the Prepaid expenses and other current assets and Other assets line items on the accompanying Condensed Consolidated Balance Sheets. The assets are being amortized over a 15-year period through September 2033 using an effective royalty rate. A 15-year amortization period is the minimum expected life cycle of the current generation of products. The effective royalty rate is calculated as the prepaid royalty settlement divided by total projected C200 System units over the 15-year amortization period. On a quarterly basis, the Company performs a re-forecast of C200 System unit shipments to determine if an adjustment to the effective royalty rate is necessary and accordingly whether an impairment exists. The Company determined an impairment did not exist as of December 31, 2024. The current and long-term portions of prepaid royalties and prepaid and other assets were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2024 ​ 2024 Other royalty-related current assets ​ $ 124 ​ $ 124 Other royalty-related non-current assets ​ ​ 2,156 ​ 2,239 Total royalty-related assets ​ $ 2,280 ​ $ 2,363 Prepaid vendor inventory ​ ​ 2,229 ​ ​ 3,417 Prepaid insurance ​ ​ 605 ​ ​ 908 Deposits ​ ​ 341 ​ ​ 366 Prepaid taxes ​ ​ 736 ​ ​ 397 Other assets ​ ​ 405 ​ ​ 1,035 Total Prepaid expenses, and other current assets and Other assets ​ $ 6,596 ​ $ 8,486 ​ Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31, ​ ​ 2024 ​ 2024 Trade payables ​ $ 14,540 ​ $ 15,095 Accrued professional fees ​ ​ 732 ​ ​ 2,827 Accrued commissions ​ ​ 690 ​ ​ 148 Other ​ ​ 1,641 ​ ​ 142 Total Accounts payable and accrued expenses ​ $ 17,603 ​ $ 18,212 ​

Accrued Warranty Reserve

Accrued Warranty Reserve	9 Months Ended
	Dec. 31, 2024
Accrued Warranty Reserve
Accrued Warranty Reserve	10. Accrued Warranty Reserve The Company provides for the estimated costs of warranties at the time revenue is recognized. The specific terms and conditions of those warranties vary depending upon the microturbine product sold and the geography of sale. The Company’s product warranties generally start from the delivery date and continue for up to twenty-four months. Factors that affect the Company’s warranty obligation include product failure rates, anticipated hours of product operations and costs of repair or replacement in correcting product failures. These factors are estimates that may change based on new information that becomes available each period. Similarly, the Company also accrues the estimated costs to address reliability repairs on products no longer in warranty when, in the Company’s judgment, and in accordance with a specific plan developed by the Company, it is prudent to provide such repairs. The Company assesses the adequacy of recorded warranty liabilities quarterly and adjusts to the liability, as necessary. When the Company has sufficient evidence that product changes are altering the historical failure occurrence rates, the impact of such changes is then taken into account in estimating future warranty liabilities. Changes in the accrued warranty reserve consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ 2024 2024 Balance, beginning of the year ​ $ 1,437 ​ $ 1,576 Standard warranty provision ​ (203) ​ 32 Deductions for warranty claims ​ (154) ​ (171) Balance, end of the period ​ $ 1,080 ​ $ 1,437 ​

Debt

Debt	9 Months Ended
	Dec. 31, 2024
Debt
Debt	11. Debt Exit Note Purchase Agreement The Company entered into an Exit Facility during Fiscal 2024 (the “Exit Note Purchase Agreement”), for an aggregated principal amount of $28.1 million, consisting of $21.1 million of Exit Roll Up Notes, including accrued and unpaid interest and commitment fees and $7.0 million of Exit New Money Notes (together the “Exit Notes”) subject to the terms and conditions set forth in the Exit Note Purchase Agreement by and among Operating Subsidiary, as the issuer, the Company and Capstone Financial Services, as the guarantors (the “Guarantors”), Broad Street Credit Holdings LLC (the “Purchaser”) and Goldman Sachs Specialty Lending Holdings, Inc. (the “Collateral Agent”). The Exit Note Purchase Agreement also provides for a $10.0 million uncommitted incremental facility. The proceeds from the fully drawn $7.0 million of Exit New Money Notes were used to fund restructuring expenses and for working capital, for general corporate purposes. The Exit Notes bear interest at a rate equal to the Adjusted Term SOFR The Exit Roll Up Notes mature on December 7, 2026, and the Exit New Money Notes mature on December 7, 2025. ​ The scheduled maturities of the Company’s debt are as follows as of December 31, 2024: ​ ​ ​ ​ ​ Year Ending March 31, ​ 2025 (remainder of fiscal year) ​ $ — 2026 ​ ​ 7,881 2027 ​ ​ 23,985 2028 ​ ​ — 2029 ​ ​ — Thereafter ​ ​ — Total principal payments and debt maturities ​ ​ 31,866 Less unamortized issuance costs ​ ​ (170) Net principal payments and debt maturities ​ $ 31,696 ​ The Exit Notes issued pursuant to the Exit Note Purchase Agreement are secured by a lien on substantially all of the present and future property and assets of Operating Subsidiary and each Guarantor, subject to customary exceptions and exclusions. The Exit Note Purchase Agreement also includes conditions precedent, representations and warranties, affirmative and negative covenants, events of default, and other customary provisions, including financial covenants with respect to minimum consolidated liquidity and minimum consolidated adjusted EBITDA. On March 27, 2024, the Company obtained a waiver from the Purchaser and the Collateral Agent in anticipation of default on March 31, 2024. The waiver granted was specific to the $1.0 million consolidated adjusted EBITDA covenant for the measurement date of March 31, 2024, and covered the period through June 30, 2024. There can be no assurance that the Purchase and the Collateral Agent will waive any future defaults that may occur. If future defaults occur, the Purchaser and the Collateral Agent can exercise their rights and remedies under the Exit Note Purchase Agreement (and other security related documents), including a right to accelerate the maturity of the Company’s repayment obligations under the Exit Notes. The Company has the right to cure an event of default for a breach of the consolidated adjusted EBITDA covenant with a prepayment on the Exit Notes up to the amount that is required to achieve the minimum consolidated adjusted EBITDA covenant for the quarter. In the event the Company does not cure the breach, the requisite Purchaser may cause the Collateral Agent to enforce any and all liens and security interests created pursuant to the Collateral Documents and may enforce any and all rights and remedies available. The Company believes it is probable the consolidated liquidity and consolidated adjusted EBITDA financial covenants discussed below will be satisfied for all measurement dates in the upcoming 12 months. On June 28, 2024, the Company entered into the First Amendment (the “First Amendment”) to the Exit Note Purchase Agreement. The First Amendment provides for: (i) the amendment of the minimum consolidated adjusted EBITDA financial covenant to (a) allow adjustment for costs related to the restatement of, or other adjustments to, the financial statements of the Company for the period beginning on the Closing Date (as defined in the Exit Note Purchase Agreement) and ending at the end of the 2025 Fiscal Year and (b) the minimum consolidated adjusted EBITDA financial covenant to be first tested at the quarter ended September 30, 2024, (ii) the amendment of the minimum consolidated liquidity financial covenant to (a) reduce the minimum consolidated liquidity to $1,000,000 from September 30, 2024 to March 30, 2025 and (b) defer the testing of the minimum consolidated liquidity financial covenant to September 30, 2024 and (iii) the extension of the deadline for the delivery of the Company’s audited financial statements for the fiscal year ended March 31, 2024 (the “fiscal 2024 financial statements”) to September 27, 2024 and the removal of the covenant that the fiscal 2024 financial statements be accompanied by a report and opinion of an independent certified public accountant which is not subject to any “going concern” or like qualification. The minimum consolidated liquidity covenant will be tested at all times from and after September 30, 2024, and requires the Company and its subsidiaries to maintain a minimum average Consolidated Liquidity (as defined in the First Amendment) during any seven consecutive day period of no less than: (i) from September 30, 2024 to March 30, 2025, $1,000,000; (ii) from March 31, 2025 to June 29, 2025, $2,500,000; (iii) from June 30, 2025 to September 29, 2025, $3,000,000; (iv) from September 30, 2025 to March 30, 2026, $3,500,000; and (v) from March 31, 2026 to December 7, 2026, $4,000,000. The minimum consolidated adjusted EBITDA covenant will be tested on the last day of each fiscal quarter, commencing with September 30, 2024, and will require the Company and its subsidiaries to maintain a minimum consolidated adjusted EBITDA (as defined in the First Amendment) as at ​ ​ ​ Fiscal Quarter Ending Consolidated Adjusted EBITDA September 30, 2024 $2,500,000 December 31, 2024 $4,000,000 March 31, 2025 $5,000,000 June 30, 2025 $5,500,000 September 30, 2025 $6,000,000 December 31, 2025 $6,500,000 March 31, 2026 $8,000,000 June 30, 2026 $8,000,000 September 30, 2026 $8,000,000 ​ As of December 31, 2024, the Company has an outstanding Exit Notes balance of $31.7 million, comprised of $21.1 million of Exit Roll Up Notes, $7.0 million of Exit New Money Notes and $3.8 million of total PIK interest, less debt issuance costs of $0.2 million. Debt issuance costs in relation to the Exit New Money Notes and the Exit Roll Up Notes are being amortized over the term at an effective interest

Revenue Recognition

Revenue Recognition	9 Months Ended
	Dec. 31, 2024
Revenue Recognition
Revenue Recognition	12. Revenue Recognition The Company derives its revenues primarily from the sale of microturbine products, accessories, parts, equipment rentals and services. The Company determines revenue recognition through the following steps: ● Identification of the contract, or contracts, with a customer ● Identification of the performance obligations in the contract ● Determination of the transaction price ● Allocation of the transaction price to the performance obligations in the contract ● Recognition of revenue when, or as, the Company satisfies a performance obligation Microturbine Products Accessories Parts and Services accounted for as fulfillment costs and are included in cost of goods sold. Sales taxes and other usage-based taxes are excluded from revenue. The Company extends payment terms past one year only on a limited basis, and thus any financing component is not considered material. Factory Protection Plan and Service Cost Reimbursement Comprehensive factory protection plan service contracts require payment at the beginning of the contract period. Advance payments are not considered a significant financing component as they are typically received less than one year before the related performance obligations are satisfied. These payments are treated as a contract liability and are classified in deferred revenue in the Condensed Consolidated Balance Sheets. Once control transfers to the customer and the Company meets the revenue recognition criteria, the deferred revenue is recognized in the Condensed Consolidated Statement of Operations. The deferred revenue relating to the annual maintenance service contracts is recognized in the Condensed Consolidated Statement of Operations on a straight-line basis over the expected term of the contract. Some FPPs offer labor reimbursement on the labor performed on a microturbine system. Due to the nature of the arrangement, labor reimbursements are accounted for under ASC 460. An Authorized Service Provider (“ASP”) must perform the labor. ASPs submit claims for labor reimbursements and are credited for the cost of labor if the repairs meet the Company’s prescribed standards. The Company is unable to develop a reasonable estimate of the maximum potential payout under these arrangements because the FPPs do not contain a limit on the number of labor reimbursements that may be submitted. However, given historical practice, the Company has priced the FPP to cover all costs incurred related to the labor reimbursement and is not exposed to significant losses over the FPP premium. The labor reimbursement is separate and distinct from the parts offering; therefore, the Company allocates a portion of the transaction price to the labor reimbursement based on SSP. The Company applies judgment in determining the SSP as the labor reimbursement is not sold separately. The Company will recognize a liability at the inception of the executed FPP agreement for the premium received in advance for the Labor offering. Income will be recognized on a net, straight-line basis with labor reimbursement costs recognized when incurred. Contracts with Multiple Performance Obligations The Company enters into contracts with its customers that often include promises to transfer multiple products, parts, accessories, FPP and services. A performance obligation is a promise in a contract with a customer to transfer products or services that are distinct. Determining whether products and services are distinct performance obligations that should be accounted for separately or combined as one unit of accounting may require significant judgment. Products, parts and accessories are distinct as such services are often sold separately. In determining whether FPP and service contracts are distinct, the Company considers the following factors for each FPP and services agreement: availability of the services from other vendors, the nature of the services, the timing of when the services contract was signed in comparison to the product delivery date and the contractual dependence of the product on the customer’s satisfaction with the professional services work. To date, the Company has concluded that all of the FPP and services contracts included in contracts with multiple performance obligations are distinct. The Company allocates the transaction price to each performance obligation on a relative standalone selling price (“SSP”) basis. The SSP is the price at which the Company would sell a promised product or service separately to a customer. Judgment is required to determine the SSP for each distinct performance obligation. The Company determines SSP by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include the Company’s discounting practices, the size and volume of the Company’s transactions, the customer demographic, the geographic area where systems and services are sold, price lists, its go-to-market strategy, historical sales and contract prices. The determination of SSP is made through approval by the Company’s management, taking into consideration the go-to-market strategy. As the Company’s go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes to SSP. In certain cases, the Company is able to establish SSP based on observable prices of products or services sold separately in comparable circumstances to similar customers. The Company uses a single amount to estimate SSP when it has observable prices. If SSP is not directly observable, for example when pricing is highly variable, the Company uses a range of SSP. The Company determines the SSP range using information that may include market conditions or other observable inputs. The Company typically has more than one SSP for individual products and services due to the stratification of those products and services by customer size and geography. The following table presents disaggregated revenue by business group (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, ​ Nine Months Ended December 31, ​ 2024 2023 2024 2023 Microturbine Products ​ $ 7,873 ​ $ 5,078 ​ $ 24,021 ​ $ 32,553 Accessories ​ ​ 399 ​ ​ 87 ​ ​ 882 ​ ​ 911 Total Product and Accessories ​ ​ 8,272 ​ ​ 5,165 ​ ​ 24,903 ​ ​ 33,464 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Parts and Services ​ ​ 7,405 ​ ​ 6,603 ​ ​ 23,228 ​ ​ 23,906 Rentals ​ 4,471 ​ 2,832 ​ 10,382 ​ 9,501 Total Revenue ​ $ 20,148 ​ $ 14,600 ​ $ 58,513 ​ $ 66,871 ​ The following table presents disaggregated revenue by geography based on the primary operating location of the Company’s customers (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, ​ Nine Months Ended December 31, ​ 2024 2023 2024 2023 United States ​ $ 12,447 ​ $ 8,032 ​ $ 37,233 ​ $ 36,879 Mexico ​ 800 ​ ​ 1,310 ​ ​ 2,418 ​ ​ 4,553 All other North America ​ 18 ​ 526 ​ 155 ​ 1,213 Total North America ​ 13,265 ​ 9,868 ​ 39,806 ​ 42,645 Europe ​ ​ 3,271 ​ ​ 2,578 ​ ​ 8,222 ​ ​ 13,898 Asia ​ 1,027 ​ 1,019 ​ 1,923 ​ 2,786 Australia ​ 367 ​ 850 ​ 2,284 ​ 4,179 All other ​ 2,218 ​ 285 ​ 6,278 ​ 3,363 Total Revenue ​ $ 20,148 ​ $ 14,600 ​ $ 58,513 ​ $ 66,871 ​ Contract Balances The Company’s deferred revenues consist of advance payments for microturbine products, parts, accessories and FPP contracts, as well as advance payments on service obligations and extended warranties. Deferred revenue is included in Deferred revenue, current and Deferred revenue, non-current liability line items on the Condensed Consolidated Balance Sheets. Changes in deferred revenue consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2024 ​ 2024 ​ ​ ​ ​ ​ ​ ​ Opening balance, beginning of the year ​ $ 11,858 ​ $ 24,189 Closing balance, end of the period ​ $ 15,941 ​ $ 11,858 Revenue recognized in the period from: ​ ​ ​ ​ ​ Amounts included in deferred revenue at the beginning of the period ​ $ 4,447 ​ $ 16,527 ​ Deferred revenue attributed to FPP contracts represent the unearned portion of the Company’s contracts. FPP contracts are generally paid quarterly in advance, with revenue recognized on a straight-line basis over the contract period. As of December 31, 2024, approximately $5.5 million of revenue is expected to be recognized from the remaining performance obligations for FPP contracts. The Company expects to recognize revenue on approximately $4.9 million of these remaining performance obligations over the next 12 months and the balance of $0.6 million will be recognized thereafter. The Distributor Support System (“DSS”) provides additional support for distributor business development activities, customer lead generation, brand awareness and tailored marketing services for each of our major geographic and market verticals. This program is funded by the distributors and was developed to provide improved worldwide distributor training, access to online documentation and technical publications, paperless service software, sales efficiency, website development, company branding and funding for increased strategic business-to-business marketing activities. Capstone Distributor Support Services Corporation (CDSSC), a related party, owns and operates the DSS program for the Company under a service agreement. Refer to Note 13— Commitments and Contingencies— Services Agreement between Reorganized PrivateCo and Operating Subsidiary for further details. Unsatisfied Performance Obligations The Company has elected the practical expedient to disclose only the value of unsatisfied performance obligations for contracts with an original expected length greater than one year. The majority of the Company’s revenues resulted from sales of inventoried systems with short periods of manufacture and delivery and thus are excluded from this disclosure. Practical Expedients The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract when the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses in the accompanying Condensed Consolidated Statements of Operations.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2024
Commitments and Contingencies.
Commitments and Contingencies	13. Commitments and Contingencies Purchase Commitments As of December 31, 2024, the Company had firm commitments to purchase inventories of approximately $23.8 million through Fiscal 2027. Certain inventory delivery dates and related payments are not scheduled; therefore, amounts under these firm purchase commitments will be payable upon the receipt of the related inventories. Lease Commitments See Note 14— Leases. Related Party Transactions On the Effective Date, Reorganized PrivateCo continues to own assets consisting of (i) all of the Company’s right, title, and interest in and to certain trademarks of the Company and (ii) assets owned by the Company relating to distributor support services ((i) and (ii) together, the “Retained Assets”) and certain income tax attributes that remained with Reorganized PrivateCo. Services Agreement between Reorganized PrivateCo and Operating Subsidiary On the Effective Date, Operating Subsidiary entered into a Services Agreement by and among Reorganized PrivateCo and Operating Subsidiary (the “Reorganized PrivateCo Services Agreement”). The Reorganized PrivateCo Services Agreement provides that, among other things, Operating Subsidiary will provide certain services to Reorganized PrivateCo, and Reorganized PrivateCo will provide the Operating Subsidiary’s distributors on a subcontracted basis and, where applicable, to Operating Subsidiary, certain ongoing services and transition services related to Reorganized PrivateCo’s distributor support services business. Reorganized PrivateCo will pay to Operating Subsidiary a service fee (the “Reorganized PrivateCo Services Fee”) of an amount in cash equal to 90% of Reorganized PrivateCo’s Income (as defined in the Reorganized PrivateCo Services Agreement) less itemized expenses incurred and actually paid in cash by Reorganized PrivateCo in direct support of Operating Subsidiary’s distributors and in Reorganized PrivateCo’s performance of the services (excluding the Reorganized PrivateCo Services Fees). The Company reported $0.4 and $1.7 million of DSS service fees in Other income, net, during the three and nine months ended December 31, 2024, respectively. Trademark License Agreement On the Effective Date, the Company entered into a Trademark License Agreement (the “Trademark License Agreement”) by and between Reorganized PrivateCo, as licensor, and the Company, as licensee. The Trademark License Agreement provides that, among other things, Reorganized PrivateCo grants the Company a non-exclusive, royalty-bearing, non-transferable, non-sublicensable (except to the Company’s affiliates), worldwide, perpetual (subject to the terms and conditions of the Trademark License Agreement), irrevocable (subject to the terms and conditions of the Trademark License Agreement), limited license, under all of its right, title and interest in and to the Capstone Trademarks (as defined in the Trademark License Agreement) to use the Capstone Trademarks solely in connection with the Business (as defined in the Trademark License Agreement). In consideration for the license, the Company pays Reorganized PrivateCo an annual royalty of $100,000. Reorganized PrivateCo may not assign the Capstone Trademarks to any third party without the Company’s consent, not to be unreasonably withheld, delayed or conditioned (subject to the terms and conditions of the Trademark License Agreement). If Reorganized PrivateCo does not use any of the Capstone Trademarks for six consecutive months, then the Capstone Trademarks will be assigned to the Company for no further consideration. Services Agreement between the Company and Operating Subsidiary On the Effective Date, the Company entered into a Services Agreement (the “Services Agreement”) by and among the Company and Operating Subsidiary. The Services Agreement provides, among other things, that the Company will provide certain services to Operating Subsidiary, in its capacity as a majority equity holder of Operating Subsidiary, and in consideration for the services provided by the Company, Operating Subsidiary will reimburse the Company for its reasonable audit, board and executive compensation expenses incurred in connection with being a publicly traded company (the “New Capstone Services Fee”). The New Capstone Services Fee will not exceed $2,500,000 per fiscal year (the “Services Fee Cap”), to be increased on April 1 of each year, beginning with April 1, 2024, by an amount equal to the greater of (a) 3.5000% and (b) the Consumer Price Index, as set by the U.S. Bureau of Labor Statistics and available on March 31 of each year; provided however, that for the Fiscal Year ending March 31, 2024, such amount was prorated based on the number of days in such fiscal year following the execution of the Reorganized PublicCo Services Agreement; provided, further, however, that such increase effective on April 1, 2024, was equal to 1.7500%. ​ Service Agreement with CFGI Other Commitments The Company has agreements with certain of its distributors requiring that, if the Company renders parts obsolete in inventories the distributors own and hold in support of their obligations to serve fielded microturbines, then the Company is required to replace the affected stock at no cost to the distributors. While the Company has never incurred costs or obligations for these types of replacements, it is possible that future changes in the Company’s product technology could result in and yield costs to the Company if significant amounts of inventory are held at distributors. As of December 31, 2024, no significant inventories of this nature were held at distributors. Legal Matters Capstone Turbine Corporation v. Turbine International, LLC On February 3, 2020, Capstone Turbine Corporation filed suit against its former distributor, Turbine International, LLC (“Turbine Intl.”), in the Superior Court of California alleging breach of contract relating to the parties’ prior distributor relationship (which terminated at the end of March 2018) and Turbine Intl.’s failure to satisfy its payment obligations under certain financial agreements; namely an accounts receivable agreement and promissory note in favor of Capstone. The Company is seeking approximately $4.8M in compensatory damages, along with injunctive relief and attorney’s fees, interest, and costs. While the Court set a trial date for December 31, 2024, it subsequently ordered default judgments against Turbine International and struck its counterclaim, then ordered default judgements against the remaining defendants. The ability of Capstone to collect on the judgement is unclear, as the defendants are overseas or without U.S.-based assets. No liability was required to be recorded by the Company as of December 31, 2024, as the Company has prevailed in the legal matters. SEC Investigation In June 2023, prior to the issuance of the Company’s consolidated financial statements for the fiscal year ended March 31, 2023, the Audit Committee of the Company’s Board commenced an Investigation into certain accounting and internal control matters of the Company, principally focused on certain revenue recognition matters (the “Revenue Recognition Investigation”), and self-reported its findings to the Division of Enforcement of the SEC. Following the self-report, the SEC Enforcement Division commenced an investigation into the circumstances surrounding the restatement of the Company’s quarterly and annual financial statements (the “SEC Investigation”). The Audit Committee further self-reported its findings pursuant to an investigation into FPP related practices to the SEC. The Company is cooperating with the SEC in connection with its investigation. Investigations of this nature are costly and require management to devote considerable time and attention away from the ongoing operation of the business. The Company cannot predict the duration or outcome of this matter and has not recorded a liability as of December 31, 2024, as a loss cannot be reasonably estimated. Cal Microturbine Arbitration On March 13, 2024, Cal Microturbine, a current distributor of the Company, filed a complaint before the American Arbitration Association, seeking approximately $24.5 million in damages and alleging that the Company breached the Distributor Agreement between the parties and committed fraud in allowing another company, to sell, rent and service turbines in Cal Microturbine’s exclusive territory under the Distribution Agreement. On August 18, 2024, Cal Microturbine amended its complaint and reduced its damage claims to $18.8 million. On September 9, 2024, the Company filed a counterclaim against Cal Microturbine for $20.0 million, alleging various violations of the Distributor Agreement. On September 27, 2024, Cal Microturbine provided the second amendment to its complaint to increase its claims and damages to $25.0 million. The parties have completed selection of a three-person arbitration panel which set a hearing date in June 2025, with a backup date of September 2025. The parties engaged in mediation in November and December 2024, and they are in settlement discussions. Discovery, which was scheduled to begin in November 2024, has been stayed until the parties conclude mediation and their settlement discussions. A termination notice of the Distributor Agreement was issued on December 8, 2024, and has been extended while settlement discussions are ongoing. The Company has not recorded a liability as of December 31, 2024, as it is unable to estimate the possible loss or range of any possible loss. Spitzer v. Flexon, Jamison, Juric, Robinson, and Hencken On October 13, 2023, a putative securities class action was filed in the U.S. District Court for the Central District of California, captioned Spitzer v. Flexon, et al., Case No. 2:23-cv-08659, naming certain of the Company’s current and former directors and officers as defendants. The suit alleges various claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 based on allegedly false and misleading statements and allegedly inadequate disclosure regarding the Company’s business, operations and prospects and the circumstances leading up to the restatement of the Company’s quarterly and annual financial statements. The suit is purportedly brought on behalf of persons and entities that purchased or otherwise acquired the Company’s securities between June 14, 2021 and September 22, 2023, and seeks to recover unspecified compensatory damages and other relief, including attorney’s fees. The Company is not a named respondent in this matter and has not engaged legal counsel. In August 2024, Petitioners made an unprompted settlement demand. The action has been stayed since September 6, 2024 as the parties explored settlement. Expenses up to the $1.2 million amount have either been incurred or accrued. Mark Estrada and Ricardo Montalvo, vs. Capstone Green Energy LLC and Erick Kim In August 2024, two filings were made by the Bibiyan Law Group against Capstone and an individual supervisory employee at Capstone (to retain state court jurisdiction) on behalf of current and former non-exempt California Capstone employees. Both filings allege various pay violations including failure to pay overtime wages, failure to provide meal periods and breaks, and failure to issue accurate pay statements. The first action was filed with the Superior Court of the State of California and requests that the Court certify the non-exempt employees as a Class. The Court has not ruled on that request. Notably, Capstone has arbitration agreements in place with such current and former employees, which agreements include a class action waiver that it believes is enforceable. Accordingly, Capstone has moved that the Court compel arbitration, which Plaintiffs have opposed. The parties await the Court’s decision on the motion. The second filing was made with the Labor Development Workforce Agency (“Agency”). As the 65 days that the Agency had to accept the claim expired, Plaintiffs are able to pursue the claim privately under the Private Attorney General Act (“PAGA”). It is expected the Plaintiffs will file under PAGA if the Court rules to compel arbitration since mandatory arbitration provisions are not effective against the Agency. It is notable that recent PAGA reform creates uncertainty in two areas. First, under the reform statute, a defendant can now cap its potential penalties if it conducts an audit into the alleged violations and proposes remedial action. Capstone did conduct such an audit based on its review of the plaintiffs’ letter, its pay records, and its existing policies and procedures. The audit did not reveal any deficiencies. Second, under the reform statute, once the Plaintiffs begin to pursue the claims under PAGA, Capstone can request that the Agency conduct an early evaluation and assessment. It is unclear how the Agency will respond to Capstone’s request. The Company has not recorded a liability as of December 31, 2024, as the Company is unable to estimate the possible loss or range of any possible loss. The Company intends to fight the claims vigorously. DV Energy, LLC vs Capstone Green Energy Holdings, Inc, Capstone Turbine Corporation, Capstone Green Energy Corporation, and Capstone Green Energy, LLC. On August 26, 2024, DV Energy, LLC (“DV Energy”), a Capstone distributor in Russia, filed a lawsuit in the Superior Court of California, County of Los Angeles to recover a $0.7 million parts deposit, along with interest and legal fees. Among other things, DV Energy alleges breach of contract associated with a deposit that it made for a product order that Capstone was unable to deliver to it due to the imposition of U.S. sanctions following Russia’s invasion of Ukraine. DV Energy originally was an unsecured creditor in Capstone’s bankruptcy proceeding, but during settlement negotiations, DV Energy filed a complaint in state court. Capstone is disputing DV Energy’s state court claim based upon the terms of the contract. The Chapter 11 Bankruptcy court ordered the parties to reach a resolution on DV Energy’s claim as a pre-condition of closing the bankruptcy cases. As a result, the Chapter 11 Bankruptcy matters remain open. Interrogatories, discovery and settlement discussion pertaining to the state court litigation are ongoing. The parties continue settlement discussions. The value of the DV Energy deposit is recorded in the Company’s financial statements as a current liability as of December 31, 2024.

Leases

Leases	9 Months Ended
	Dec. 31, 2024
Leases
Leases	14. Leases Lessor The Company rents microturbine equipment to its customers for terms up to thirty-nine months with an extension option, which may impact the lease term. Monthly rental payments are fixed; however, the leases may include variable payments for fuel, excess labor, additional equipment, or technician labor and engineering support. As further described below, the Company rents certain microturbine equipment back from customers and subleases this equipment to end users as a part of its Energy-as-a-Service business. At December 31, 2024, the Company’s minimum rental revenue to be received was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Leased ​ Owned and Year Ending March 31, Assets Financed Assets 2025 (remainder of fiscal year) ​ $ 860 ​ $ 2,781 2026 ​ 1,369 ​ 4,900 2027 ​ — ​ 672 2028 ​ — ​ 550 2029 ​ — ​ 286 Thereafter ​ ​ — ​ ​ 792 Total minimum rental revenue ​ $ 2,229 ​ $ 9,981 ​ Lessee The Company leases facilities and equipment under various non-cancelable operating and finance leases expiring at various times through Fiscal 2037. All of the leases require the Company to pay maintenance, insurance and property taxes. The lease agreements for primary office and manufacturing facilities provide for rent escalation over the lease term and renewal options for five-year periods. Lease expense is recognized on a straight-line basis over the term of the lease, which may include extension periods. During the nine months ended December 31, 2024, the Company did not enter into any rental agreements to rent used microturbine equipment from customers where that equipment was not currently in use. The existing rental agreements provide the Company an option to extend the lease, however, the Company is not likely to exercise these options and therefore not included in the determination of the lease term. As of December 31, 2024, lease commitments totaled approximately 18.4 megawatts of microturbines and had an average term of 36 months and a total remaining commitment value of approximately $9.7 million. The components of lease expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, ​ Nine Months Ended December 31, ​ 2024 2023 2024 2023 Finance lease costs (1) ​ $ 177 ​ $ 207 ​ $ 552 ​ $ 608 Operating lease costs ​ ​ 1,324 ​ ​ 1,362 ​ ​ 4,011 ​ ​ 3,585 Total lease costs ​ $ 1,501 ​ $ 1,569 ​ $ 4,563 ​ $ 4,193 (1) Supplemental balance sheet information related to the leases was as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2024 ​ 2024 Finance lease right-of-use assets ​ $ 3,938 ​ $ 4,391 Operating lease right-of-use assets ​ ​ 9,321 ​ ​ 12,279 Total right-of-use assets ​ $ 13,259 ​ $ 16,670 ​ ​ ​ ​ ​ ​ ​ Finance lease liability, current ​ $ 595 ​ $ 964 Operating lease liability, current ​ ​ 3,775 ​ ​ 4,041 Finance lease liability, non-current ​ ​ 1,933 ​ ​ 2,300 Operating lease liability, non-current ​ 5,806 ​ 8,527 Total lease liabilities ​ $ 12,109 ​ $ 15,832 Finance leases: ​ ​ ​ ​ ​ ​ Weighted average remaining lease life ​ 0.66 years ​ 1.41 years Weighted average discount rate ​ ​ 12.77% ​ ​ 13.00% Operating leases: ​ ​ ​ ​ ​ ​ Weighted average remaining lease life ​ 4.34 years ​ 4.48 years Weighted average discount rate ​ ​ 12.40% ​ ​ 13.00% Supplemental cash flow information related to the leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended December 31, ​ 2024 2023 Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ Finance cash flows from finance leases ​ $ 736 ​ $ 764 Operating cash flows from finance leases ​ $ 98 ​ $ 33 Operating cash flows from operating leases ​ $ 4,041 ​ $ 3,568 Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ Finance leases ​ $ — ​ $ 447 Operating leases ​ $ — ​ $ 6,901 ​ At December 31, 2024, the Company’s minimum commitments under non-cancelable operating and finance leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating Year Ending March 31, Leases Leases 2025 (remainder of fiscal year) ​ $ 278 ​ $ 1,339 2026 ​ ​ 2,052 ​ ​ 4,368 2027 ​ 252 ​ 1,747 2028 ​ — ​ 1,636 2029 ​ — ​ 1,337 Thereafter ​ ​ — ​ ​ 1,882 Total lease payments ​ $ 2,582 ​ $ 12,309 Less: imputed interest ​ ​ (54) ​ ​ (2,728) Present value of lease liabilities ​ $ 2,528 ​ $ 9,581 ​

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Dec. 31, 2023
Net Loss Per Common Share
Net Loss Per Common Share	15. Net Loss Per Common Share The Company has common and non-voting common stock outstanding. The non-voting common stock has the same economic rights as the common stock; therefore, earnings per share is presented on a combined basis. Basic income (loss) per share is computed using the weighted-average number of common shares and non-voting common shares outstanding for the period. Diluted income (loss) per share is computed without consideration of potentially dilutive common stock equivalents such as stock options, restricted stock units and warrants as the effect would have been anti-dilutive if the Company incurred a loss. In addition, the change in the carrying value of the Preferred Units are excluded from the calculation of diluted earnings per share. The Company did not have any outstanding stock options or warrants as of December 31, 2024. In addition, there were no adjustments to the carrying value of the Preferred Units for the three and nine months ended December 31, 2024, as s ubsequent remeasurements of fair value have not exceeded the initial fair value .

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2024
Subsequent Events
Subsequent Events	​ 16. Subsequent Events The Company has evaluated all subsequent events through the filing date of this Form 10-Q with the SEC, to ensure that this filing includes appropriate disclosure of events both recognized in the financial statements as of December 31, 2024, and events which occurred subsequently but were not recognized in the financial statements. There were no subsequent events, other than what has been described above, which required recognition, adjustment to or disclosure in the financial statements. ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,704)	$ (423)	$ (3,937)	$ 24,240	$ (5,887)	$ (5,679)	$ (7,064)	$ 12,674

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation, Signif_2

Basis of Presentation, Significant Accounting Policies and Going Concern (Policies)	9 Months Ended
	Dec. 31, 2024
Basis of Presentation, Significant Accounting Policies and Going Concern
Basis for Consolidation	Basis for Consolidation
Significant Accounting Policies	Significant Accounting Policies
Going Concern	Going Concern In connection with the preparation of these Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2024, management evaluated whether there were conditions and events, considered in the aggregate, that raised substantial doubt about the Company’s ability to meet its obligations as they become due over the next twelve months from the date of the issuance of the financial statements. As of December 31, 2024, the Company had cash of $3.3 million and a working capital deficit of $15.6 million. The Company incurred a net loss of $7.1 million during the nine months ended December 31, 2024. On September 28, 2023, the Company filed for a prepackaged financial restructuring with its senior lender, Goldman Sachs, under the U.S. Chapter 11 Bankruptcy laws. The Company emerged from bankruptcy on December 7, 2023 and effected a financial and organizational restructuring. Given its current cash position, lack of liquidity, limits to accessing capital and debt funding options, current economic and market risks, and the continued impact of the Chapter 11 Bankruptcy and the Reorganization on customer and vendor relationships, there is substantial doubt regarding the Company’s ability to continue as a going concern and its ability to meet its financial obligations as they become due over the next twelve months from the date of issuance of the financial statements as of, and for the period ended December 31, 2024.

Customer Concentrations and A_2

Customer Concentrations and Accounts Receivable (Tables)	9 Months Ended
	Dec. 31, 2024
Customer Concentrations and Accounts Receivable
Schedule of changes in the CECL allowance for accounts receivable	Changes in the CECL allowance for accounts receivable are as follows (in thousands): ​ ​ ​ ​ ​ Balance, March 31, 2024 ​ $ 3,287 Provision for credit loss ​ 621 Recoveries ​ ​ 12 Write-offs ​ (3,385) Balance, December 31, 2024 ​ $ 535

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2024
Inventories
Summary of inventory	Inventories are valued at the lower of cost (determined on a first-in, first-out (“FIFO”) basis) or net realizable value and consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31, ​ ​ 2024 ​ 2024 Raw materials $ 21,800 $ 23,779 Work in process ​ ​ 173 ​ — Finished goods ​ ​ 735 ​ ​ 780 Total ​ ​ 22,708 ​ ​ 24,559 Less: non-current portion ​ ​ (3,295) ​ ​ (3,917) Total inventory, net non-current portion ​ $ 19,413 ​ $ 20,642
Schedule of expected usage for non-current inventory	The Company expects to use the non-current portion of the inventories on hand as of December 31, 2024 over the periods presented in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Non-current Inventory ​ ​ ​ Balance Expected Expected Period of Use ​ ​ to be Used 13 to 24 months ​ $ 1,378 25 to 36 months ​ 1,917 Total ​ $ 3,295 ​

Property, Plant, Equipment an_2

Property, Plant, Equipment and Rental Assets (Tables)	9 Months Ended
	Dec. 31, 2024
Property, Plant, Equipment and Rental Assets
Schedule of property, plant, equipment and rental assets	Property, plant, equipment and rental assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31, ​ 2024 2024 Machinery, equipment, automobiles and furniture ​ $ 14,954 ​ $ 14,921 Leasehold improvements ​ 8,889 ​ 8,889 Molds and tooling ​ ​ 3,476 ​ ​ 3,476 Rental assets ​ ​ 28,551 ​ ​ 31,762 Total property, plant, equipment and rental assets ​ 55,870 ​ 59,048 Less: accumulated depreciation ​ (34,812) ​ (33,194) Total property, plant, equipment and rental assets, net ​ $ 21,058 ​ $ 25,854

Temporary Equity (Tables)

Temporary Equity (Tables)	9 Months Ended
	Dec. 31, 2024
Temporary Equity
Schedule of preferred units valuation assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31, ​ ​ 2024 ​ 2024 Fair value of common units ​ $ 1.15 ​ ​ $ 1.15 ​ Dividend yield ​ ​ — % ​ ​ — % Volatility ​ ​ 105.0 % ​ ​ 93.0 % Risk-free interest rate ​ ​ 4.4 % ​ ​ 4.2 % Expected term ​ ​ 5.4 years ​ ​ ​ 6.2 years ​

Balance Sheet Information (Tabl

Balance Sheet Information (Tables)	9 Months Ended
	Dec. 31, 2024
Balance Sheet Information
Schedule of current and long-term portions of prepaid royalties	The current and long-term portions of prepaid royalties and prepaid and other assets were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2024 ​ 2024 Other royalty-related current assets ​ $ 124 ​ $ 124 Other royalty-related non-current assets ​ ​ 2,156 ​ 2,239 Total royalty-related assets ​ $ 2,280 ​ $ 2,363 Prepaid vendor inventory ​ ​ 2,229 ​ ​ 3,417 Prepaid insurance ​ ​ 605 ​ ​ 908 Deposits ​ ​ 341 ​ ​ 366 Prepaid taxes ​ ​ 736 ​ ​ 397 Other assets ​ ​ 405 ​ ​ 1,035 Total Prepaid expenses, and other current assets and Other assets ​ $ 6,596 ​ $ 8,486
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consisted of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31, ​ ​ 2024 ​ 2024 Trade payables ​ $ 14,540 ​ $ 15,095 Accrued professional fees ​ ​ 732 ​ ​ 2,827 Accrued commissions ​ ​ 690 ​ ​ 148 Other ​ ​ 1,641 ​ ​ 142 Total Accounts payable and accrued expenses ​ $ 17,603 ​ $ 18,212 ​

Accrued Warranty Reserve (Table

Accrued Warranty Reserve (Tables)	9 Months Ended
	Dec. 31, 2024
Accrued Warranty Reserve
Schedule of changes in accrued warranty reserve	Changes in the accrued warranty reserve consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ 2024 2024 Balance, beginning of the year ​ $ 1,437 ​ $ 1,576 Standard warranty provision ​ (203) ​ 32 Deductions for warranty claims ​ (154) ​ (171) Balance, end of the period ​ $ 1,080 ​ $ 1,437 ​

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 31, 2024
Debt
Schedule of maturities of the debt	​ ​ ​ ​ ​ Year Ending March 31, ​ 2025 (remainder of fiscal year) ​ $ — 2026 ​ ​ 7,881 2027 ​ ​ 23,985 2028 ​ ​ — 2029 ​ ​ — Thereafter ​ ​ — Total principal payments and debt maturities ​ ​ 31,866 Less unamortized issuance costs ​ ​ (170) Net principal payments and debt maturities ​ $ 31,696
Schedule of Consolidated Adjusted EBITDA	​ ​ ​ Fiscal Quarter Ending Consolidated Adjusted EBITDA September 30, 2024 $2,500,000 December 31, 2024 $4,000,000 March 31, 2025 $5,000,000 June 30, 2025 $5,500,000 September 30, 2025 $6,000,000 December 31, 2025 $6,500,000 March 31, 2026 $8,000,000 June 30, 2026 $8,000,000 September 30, 2026 $8,000,000

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Dec. 31, 2024
Revenue Recognition
Schedule of disaggregated revenue by business group	The following table presents disaggregated revenue by business group (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, ​ Nine Months Ended December 31, ​ 2024 2023 2024 2023 Microturbine Products ​ $ 7,873 ​ $ 5,078 ​ $ 24,021 ​ $ 32,553 Accessories ​ ​ 399 ​ ​ 87 ​ ​ 882 ​ ​ 911 Total Product and Accessories ​ ​ 8,272 ​ ​ 5,165 ​ ​ 24,903 ​ ​ 33,464 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Parts and Services ​ ​ 7,405 ​ ​ 6,603 ​ ​ 23,228 ​ ​ 23,906 Rentals ​ 4,471 ​ 2,832 ​ 10,382 ​ 9,501 Total Revenue ​ $ 20,148 ​ $ 14,600 ​ $ 58,513 ​ $ 66,871
Schedule of disaggregated revenue by geography based on the primary operating location of the Company's customers	The following table presents disaggregated revenue by geography based on the primary operating location of the Company’s customers (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, ​ Nine Months Ended December 31, ​ 2024 2023 2024 2023 United States ​ $ 12,447 ​ $ 8,032 ​ $ 37,233 ​ $ 36,879 Mexico ​ 800 ​ ​ 1,310 ​ ​ 2,418 ​ ​ 4,553 All other North America ​ 18 ​ 526 ​ 155 ​ 1,213 Total North America ​ 13,265 ​ 9,868 ​ 39,806 ​ 42,645 Europe ​ ​ 3,271 ​ ​ 2,578 ​ ​ 8,222 ​ ​ 13,898 Asia ​ 1,027 ​ 1,019 ​ 1,923 ​ 2,786 Australia ​ 367 ​ 850 ​ 2,284 ​ 4,179 All other ​ 2,218 ​ 285 ​ 6,278 ​ 3,363 Total Revenue ​ $ 20,148 ​ $ 14,600 ​ $ 58,513 ​ $ 66,871
Schedule of changes in deferred revenue	Changes in deferred revenue consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2024 ​ 2024 ​ ​ ​ ​ ​ ​ ​ Opening balance, beginning of the year ​ $ 11,858 ​ $ 24,189 Closing balance, end of the period ​ $ 15,941 ​ $ 11,858 Revenue recognized in the period from: ​ ​ ​ ​ ​ Amounts included in deferred revenue at the beginning of the period ​ $ 4,447 ​ $ 16,527

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2024
Leases
Schedule of Company's minimum rental revenue to be received under operating leases	At December 31, 2024, the Company’s minimum rental revenue to be received was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Leased ​ Owned and Year Ending March 31, Assets Financed Assets 2025 (remainder of fiscal year) ​ $ 860 ​ $ 2,781 2026 ​ 1,369 ​ 4,900 2027 ​ — ​ 672 2028 ​ — ​ 550 2029 ​ — ​ 286 Thereafter ​ ​ — ​ ​ 792 Total minimum rental revenue ​ $ 2,229 ​ $ 9,981
Schedule of components of lease expense	The components of lease expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, ​ Nine Months Ended December 31, ​ 2024 2023 2024 2023 Finance lease costs (1) ​ $ 177 ​ $ 207 ​ $ 552 ​ $ 608 Operating lease costs ​ ​ 1,324 ​ ​ 1,362 ​ ​ 4,011 ​ ​ 3,585 Total lease costs ​ $ 1,501 ​ $ 1,569 ​ $ 4,563 ​ $ 4,193 (1)
Schedule of supplemental information related to the leases	Supplemental balance sheet information related to the leases was as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2024 ​ 2024 Finance lease right-of-use assets ​ $ 3,938 ​ $ 4,391 Operating lease right-of-use assets ​ ​ 9,321 ​ ​ 12,279 Total right-of-use assets ​ $ 13,259 ​ $ 16,670 ​ ​ ​ ​ ​ ​ ​ Finance lease liability, current ​ $ 595 ​ $ 964 Operating lease liability, current ​ ​ 3,775 ​ ​ 4,041 Finance lease liability, non-current ​ ​ 1,933 ​ ​ 2,300 Operating lease liability, non-current ​ 5,806 ​ 8,527 Total lease liabilities ​ $ 12,109 ​ $ 15,832 Finance leases: ​ ​ ​ ​ ​ ​ Weighted average remaining lease life ​ 0.66 years ​ 1.41 years Weighted average discount rate ​ ​ 12.77% ​ ​ 13.00% Operating leases: ​ ​ ​ ​ ​ ​ Weighted average remaining lease life ​ 4.34 years ​ 4.48 years Weighted average discount rate ​ ​ 12.40% ​ ​ 13.00% Supplemental cash flow information related to the leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended December 31, ​ 2024 2023 Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ Finance cash flows from finance leases ​ $ 736 ​ $ 764 Operating cash flows from finance leases ​ $ 98 ​ $ 33 Operating cash flows from operating leases ​ $ 4,041 ​ $ 3,568 Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ Finance leases ​ $ — ​ $ 447 Operating leases ​ $ — ​ $ 6,901
Schedule of maturities of operating lease liabilities	At December 31, 2024, the Company’s minimum commitments under non-cancelable operating and finance leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating Year Ending March 31, Leases Leases 2025 (remainder of fiscal year) ​ $ 278 ​ $ 1,339 2026 ​ ​ 2,052 ​ ​ 4,368 2027 ​ 252 ​ 1,747 2028 ​ — ​ 1,636 2029 ​ — ​ 1,337 Thereafter ​ ​ — ​ ​ 1,882 Total lease payments ​ $ 2,582 ​ $ 12,309 Less: imputed interest ​ ​ (54) ​ ​ (2,728) Present value of lease liabilities ​ $ 2,528 ​ $ 9,581 ​
Schedule of maturities of finance lease liabilities	At December 31, 2024, the Company’s minimum commitments under non-cancelable operating and finance leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating Year Ending March 31, Leases Leases 2025 (remainder of fiscal year) ​ $ 278 ​ $ 1,339 2026 ​ ​ 2,052 ​ ​ 4,368 2027 ​ 252 ​ 1,747 2028 ​ — ​ 1,636 2029 ​ — ​ 1,337 Thereafter ​ ​ — ​ ​ 1,882 Total lease payments ​ $ 2,582 ​ $ 12,309 Less: imputed interest ​ ​ (54) ​ ​ (2,728) Present value of lease liabilities ​ $ 2,528 ​ $ 9,581 ​

Basis of Presentation, Signif_3

Basis of Presentation, Significant Accounting Policies and Going Concern (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Basis of Presentation, Significant Accounting Policies and Going Concern
Cash	$ 3,314						$ 3,314		$ 2,085
Working capital deficit	15,600						15,600
Net loss	$ 2,704	$ 423	$ 3,937	$ (24,240)	$ 5,887	$ 5,679	$ 7,064	$ (12,674)

Customer Concentrations and A_3

Customer Concentrations and Accounts Receivable - Changes in CECL Allowance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Customer Concentrations and Accounts Receivable
Allowance for Doubtful Accounts Receivable, Current, Beginning Balance			$ 3,287
Provision for credit loss	$ 200	$ 0	621	$ 0
Recoveries			12
Write-offs			(3,385)
Allowance for Doubtful Accounts Receivable, Current, Ending Balance	$ 535		$ 535

Customer Concentrations and A_4

Customer Concentrations and Accounts Receivable - General Information (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2024 USD ($) Distributor	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) Distributor	Dec. 31, 2023 USD ($)	Mar. 31, 2024 Distributor
Risk Concentrations
Provision for credit loss expense | $	$ 200	$ 0	$ 621	$ 0
Revenue from Contract with Customer Benchmark | Customer concentrations
Risk Concentrations
Number of distributors	3
Revenue from Contract with Customer Benchmark | Customer concentrations | Lone Star
Risk Concentrations
Concentration percentage (as a percent)	14%		13%
Revenue from Contract with Customer Benchmark | Customer concentrations | Cal Microturbine
Risk Concentrations
Concentration percentage (as a percent)	11%	17%		11%
Revenue from Contract with Customer Benchmark | Customer concentrations | E-Finity
Risk Concentrations
Concentration percentage (as a percent)	15%		16%	14%
Accounts Receivable | Customer concentrations
Risk Concentrations
Number of distributors			1		1
Number of international distributors					1
Accounts Receivable | Customer concentrations | Lone Star
Risk Concentrations
Concentration percentage (as a percent)			14%
Accounts Receivable | Customer concentrations | Pan American Energy SL
Risk Concentrations
Concentration percentage (as a percent)			16%
Accounts Receivable | Customer concentrations | Cal Microturbine
Risk Concentrations
Concentration percentage (as a percent)			15%
Accounts Receivable | Customer concentrations | E-Finity
Risk Concentrations
Concentration percentage (as a percent)			12%
Accounts Receivable | Customer concentrations | Supernova Energy Services
Risk Concentrations
Concentration percentage (as a percent)					14%
Accounts Receivable | Customer concentrations | Capstone Engineered Solutions
Risk Concentrations
Concentration percentage (as a percent)					11%

Inventories - Composition (Deta

Inventories - Composition (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Inventories
Raw materials	$ 21,800	$ 23,779
Work in process	173
Finished goods	735	780
Total	22,708	24,559
Less: non-current portion	(3,295)	(3,917)
Total inventory, net non-current portion	$ 19,413	$ 20,642

Inventories - Noncurrent (Detai

Inventories - Noncurrent (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Inventories
13 to 24 Months	$ 1,378
25 to 36 Months	1,917
Total	$ 3,295	$ 3,917

Property, Plant, Equipment an_3

Property, Plant, Equipment and Rental Assets - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Property, Plant and Equipment, Net [Abstract]
Property, plant, equipment and rental assets, gross	$ 55,870	$ 59,048
Less: accumulated depreciation	(34,812)	(33,194)
Total Property, plant, equipment and rental assets, net	21,058	25,854
Machinery, equipment, automobiles and furniture
Property, Plant and Equipment, Net [Abstract]
Property, plant, equipment and rental assets, gross	14,954	14,921
Leasehold improvements
Property, Plant and Equipment, Net [Abstract]
Property, plant, equipment and rental assets, gross	8,889	8,889
Molds and tooling
Property, Plant and Equipment, Net [Abstract]
Property, plant, equipment and rental assets, gross	3,476	3,476
Rental assets
Property, Plant and Equipment, Net [Abstract]
Property, plant, equipment and rental assets, gross	$ 28,551	$ 31,762

Property, Plant, Equipment an_4

Property, Plant, Equipment and Rental Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Property, Plant, Equipment and Rental Assets
Depreciation expense	$ 0.9	$ 1	$ 3	$ 3

Temporary Equity - Redeemable N

Temporary Equity - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Preferred units issued, subject to possible redemption (in shares)				10,449,863
Number of preferred units converted to common units							0
Net Income (Loss)	$ (2,704)	$ (423)	$ (3,937)	$ 24,240	$ (5,887)	$ (5,679)	$ (7,064)	$ 12,674
Redeemable Noncontrolling Interest, Equity, Preferred, Fair Value	13,800						$ 13,800
Capstone Green Energy LLC
Class of Warrant or Right [Line Items]
Preferred units issued, subject to possible redemption (in shares)							10,449,863
Preferred Units, Ownership Interest							37.50%
Percentage of common units deemed outstanding							37.50%
Percentage of proportionate Preferred Units reduced							37.50%
Initial fair value of Temporary Equity recorded	$ 13,900						$ 13,900

Temporary Equity - Black-Schole

Temporary Equity - Black-Scholes Merton Model (Details)	Dec. 31, 2024 $ / shares Y	Mar. 31, 2024 $ / shares Y
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Temporary equity par or stated value pershare	$ 1.32	$ 1.33
Fair value of common units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Temporary equity, measurement input	1.15	1.15
Volatility
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Temporary equity, measurement input	1.05	0.93
Risk-free interest rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Temporary equity, measurement input	0.044	0.042
Expected term
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Temporary equity, measurement input | Y	5.4	6.2

Balance Sheet Information - Gen

Balance Sheet Information - General Information (Details) $ in Millions	9 Months Ended
	Dec. 31, 2024 USD ($)
Balance Sheet Information
Accrued royalties	$ 2.3
Amortization period of prepaid royalty	15 years

Balance Sheet Information - Tab

Balance Sheet Information - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Royalty-related assets
Other royalty-related current assets	$ 124	$ 124
Other royalty-related non-current assets	2,156	2,239
Total royalty-related assets	2,280	2,363
Prepaid vendor inventory	2,229	3,417
Prepaid insurance	605	908
Deposits	341	366
Prepaid taxes	736	397
Other assets	405	1,035
Total Prepaid expenses, and other current assets and Other assets	$ 6,596	$ 8,486

Balance Sheet Information - Acc

Balance Sheet Information - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Balance Sheet Information
Trade payables	$ 14,540	$ 15,095
Accrued professional fees	732	2,827
Accrued commissions	690	148
Other	1,641	142
Total Accounts payable and accrued expenses	$ 17,603	$ 18,212

Accrued Warranty Reserve (Detai

Accrued Warranty Reserve (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Accrued Warranty Reserve
Maximum period of product warranties	24 months
Balance, beginning of the year	$ 1,437	$ 1,576
Standard warranty provision	(203)	32
Deductions for warranty claims	(154)	(171)
Balance, end of the period	$ 1,080	$ 1,437

Debt - General Information (Det

Debt - General Information (Details)			9 Months Ended
	Jun. 28, 2024 USD ($) D	Dec. 07, 2023	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 27, 2024 USD ($)
Debt
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember
Consecutive day period during minimum average consolidated liquidity | D	7
Exit new money notes, net of discount, non-current			$ 31,700,000
Issuance costs			170,000
Interest paid in kind			3,800,000
Period From September 30, 2024, to March 30, 2025
Debt
Minimum amount of average consolidated liquidity	$ 1,000,000
Exit Financing
Debt
Aggregate principal amount				$ 28,100,000
Variable interest rate basis spread (as a percent)		7%
Exit Financing | Period From September 30, 2024, to March 30, 2025
Debt
Minimum amount of average consolidated liquidity	1,000,000
Exit Financing | Period from March 31, 2025 to June 29, 2025
Debt
Minimum amount of average consolidated liquidity	2,500,000
Exit Financing | Period from June 30, 2025 to September 29, 2025
Debt
Minimum amount of average consolidated liquidity	3,000,000
Exit Financing | Period from September 30, 2025 to March 30, 2026
Debt
Minimum amount of average consolidated liquidity	3,500,000
Exit Financing | Period from March 31, 2026 to December 7, 2026
Debt
Minimum amount of average consolidated liquidity	$ 4,000,000
Exit Financing | Period from March 31 2024 until June 30 2024
Debt
Waiver granted to the minimum consolidated adjusted EBITDA					$ 1,000,000
Roll-up of DIP new Money Notes
Debt
Amount of new money DIP notes				21,100,000
New Money Notes
Debt
Amount of new money DIP notes				7,000,000
DIP note, borrowing outstanding			$ 7,000,000
Effective interest rate			11.95%
Proceeds from DIP financing, net of debt issuance costs				7,000,000
Uncommitted incremental facility
Debt
Amount of new money DIP notes				$ 10,000,000
Debtor in possession exit roll up notes
Debt
DIP note, borrowing outstanding			$ 21,100,000
Effective interest rate			11.95%

Debt - Scheduled Maturities (De

Debt - Scheduled Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt
2026	$ 7,881
2027	23,985
Total principal payments and debt maturities	31,866
Less unamortized issuance costs	(170)
Net principal payments and debt maturities	$ 31,696

Debt - Consolidated Adjusted EB

Debt - Consolidated Adjusted EBITDA (Details) - Exit Financing	Jun. 28, 2024 USD ($)
Fiscal Quarter Ending September 30, 2024
Debt
Consolidated adjusted EBITDA	$ 2,500,000
Fiscal Quarter Ending December 31, 2024
Debt
Consolidated adjusted EBITDA	4,000,000
Fiscal Quarter Ending March 31, 2025
Debt
Consolidated adjusted EBITDA	5,000,000
Fiscal Quarter Ending June 30, 2025
Debt
Consolidated adjusted EBITDA	5,500,000
Fiscal Quarter Ending September 30, 2025
Debt
Consolidated adjusted EBITDA	6,000,000
Fiscal Quarter Ending December 31, 2025
Debt
Consolidated adjusted EBITDA	6,500,000
Fiscal Quarter Ending March 31, 2026
Debt
Consolidated adjusted EBITDA	8,000,000
Fiscal Quarter Ending June 30, 2026
Debt
Consolidated adjusted EBITDA	8,000,000
Fiscal Quarter Ending September 30, 2026
Debt
Consolidated adjusted EBITDA	$ 8,000,000

Revenue Recognition - Factory P

Revenue Recognition - Factory Protection Plan (Details)	9 Months Ended
	Dec. 31, 2024
Recent Accounting Pronouncements
Factory protection plan, contract term	30 days
Period One Member | Previously Reported
Recent Accounting Pronouncements
Factory protection plan, contract term	5 years
Period Two Member | Previously Reported
Recent Accounting Pronouncements
Factory protection plan, contract term	10 years
Period Three Member | Previously Reported
Recent Accounting Pronouncements
Factory protection plan, contract term	15 years
Period Four Member | Previously Reported
Recent Accounting Pronouncements
Factory protection plan, contract term	20 years

Revenue Recognition - Revenues

Revenue Recognition - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenue, net:
Total revenue, net	$ 20,148	$ 14,600	$ 58,513	$ 66,871
Product and accessories
Revenue, net:
Total revenue, net	8,272	5,165	24,903	33,464
Microturbine Products
Revenue, net:
Total revenue, net	7,873	5,078	24,021	32,553
Accessories
Revenue, net:
Total revenue, net	399	87	882	911
Service
Revenue, net:
Total revenue, net	7,405	6,603	23,228	23,906
Rentals
Revenue, net:
Total revenue, net	4,471	2,832	10,382	9,501
Total North America
Revenue, net:
Total revenue, net	13,265	9,868	39,806	42,645
United States
Revenue, net:
Total revenue, net	12,447	8,032	37,233	36,879
Mexico
Revenue, net:
Total revenue, net	800	1,310	2,418	4,553
All other North America
Revenue, net:
Total revenue, net	18	526	155	1,213
Europe
Revenue, net:
Total revenue, net	3,271	2,578	8,222	13,898
Asia
Revenue, net:
Total revenue, net	1,027	1,019	1,923	2,786
Australia
Revenue, net:
Total revenue, net	367	850	2,284	4,179
All other
Revenue, net:
Total revenue, net	$ 2,218	$ 285	$ 6,278	$ 3,363

Revenue Recognition - Contract

Revenue Recognition - Contract Balances - Tabular Disclosure (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Contract with Customer, Liability
Opening balance, beginning of the year	$ 11,858	$ 24,189
Closing balance, end of the period	15,941	11,858
Revenue recognized in the period from:
Amounts included in deferred revenue at the beginning of the period	$ 4,447	$ 16,527

Revenue Recognition - Contrac_2

Revenue Recognition - Contract Balances - Performance Obligations (Details) $ in Millions	9 Months Ended
	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Practical expedient to disclose only the value of unsatisfied performance obligations for contracts with an original expected length greater than one year	true
Practical expedient to expense costs as incurred for costs to obtain a contract when the amortization period would have been one year or less	true
FPP agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 5.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | FPP agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 4.9
Remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | FPP agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 0.6
Remaining performance obligation, expected timing of satisfaction, period

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 27, 2024

Sep. 26, 2024

Sep. 09, 2024

Aug. 18, 2024

Mar. 13, 2024

Dec. 07, 2023

Feb. 03, 2020

Aug. 31, 2024

Dec. 31, 2024

Dec. 31, 2024

Dec. 31, 2024

Jan. 30, 2025

Dec. 07, 2022

Commitments and Contingencies

Services fee

$ 2,500,000

Services fee cap threshold incremental percentage

3.50%

Services fee cap incremental percentage

1.75%

Loss contingency, damages sought, value

$ 25,000,000

$ 700,000

$ 24,500,000

Class action in the U.S. district court for the central district of california

Commitments and Contingencies

Accrued legal fees

$ 1,200,000

Suit made by bibiyan law group

Commitments and Contingencies

Loss contingency, number of days to accept the claim

65 days

Cal Microturbine

Commitments and Contingencies

Loss contingency, damages sought, value

$ 20,000,000

$ 18,800,000

Capstone turbine corporation | Lawsuit filed against former distributor, turbine international, LLC

Commitments and Contingencies

Loss contingency, damages sought, value

$ 4,800,000

Purchase commitment

Commitments and Contingencies

Commitment to purchase inventories

$ 23,800,000

$ 23,800,000

$ 23,800,000

Reorganized PrivateCo | Reorganized PrivateCo Services Agreement

Commitments and Contingencies

Percentage of PrivateCo's income

90%

Other income

$ 400,000

$ 1,700,000

Reorganized PrivateCo | Trademark License Agreement

Commitments and Contingencies

Annual royalty payment

$ 100,000

Related Party | Service Agreement With CFGI

Commitments and Contingencies

Service fees

1,200,000

Payment for service fees

900,000

Payment for commission compensation

$ 16,000

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	9 Months Ended
	Dec. 31, 2024 USD ($) MW
Lessee, Finance Lease, Description
Extension option	true
Maximum
Lessee, Finance Lease, Description
Term of contract	39 months
Primary Office and Manufacturing Facilities
Lessee, Operating Lease, Description
Renewal options, operating leases	true
Renewal options term, operating leases	5 years
Lessee, Finance Lease, Description
Renewal options, finance leases	true
Renewal options term, finance leases	5 years
Unused Microturbine Equipment
Lessee, Finance Lease, Description
Capacity of microturbine (in MW) | MW	18.4
Average term of lease agreement	36 months
Total remaining commitment value | $	$ 9.7

Leases - Maturity of Lessor Ope

Leases - Maturity of Lessor Operating Leases Revenue (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Minimum rental revenue to be received under leased assets
2025 (remainder of fiscal year)	$ 860
2026	1,369
Total minimum rental revenue	2,229
Minimum rental revenue to be received under owned and financed assets leases
2025 (remainder of fiscal year)	2,781
2026	4,900
2027	672
2028	550
2029	286
Thereafter	792
Total minimum rental revenue	$ 9,981

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Lease, Cost
Finance lease costs	$ 177	$ 207	$ 552	$ 608
Operating lease costs	1,324	1,362	4,011	3,585
Total lease costs	$ 1,501	$ 1,569	$ 4,563	$ 4,193

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Leases
Finance lease right-of-use assets	$ 3,938	$ 4,391
Operating lease right-of-use assets	9,321	12,279
Total right-of-use assets	13,259	16,670
Finance lease liability, current	595	964
Operating lease liability, current	3,775	4,041
Finance lease liability, non-current	1,933	2,300
Operating lease liability, non-current	5,806	8,527
Total lease liabilities	$ 12,109	$ 15,832
Finance leases, weighted average remaining lease life	7 months 28 days	1 year 4 months 28 days
Finance leases, weighted average discount rate	12.77%	13%
Operating leases, weighted average remaining lease life	4 years 4 months 2 days	4 years 5 months 23 days
Operating leases, weighted average discount rate	12.40%	13%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases
Cash paid for amounts included in the measurement of lease liabilities, financing cash flows from finance leases	$ 736	$ 764
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from finance leases	98	33
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from operating leases	$ 4,041	3,568
Right-of-use assets obtained in exchange for lease obligations, finance leases		447
Right-of-use assets obtained in exchange for lease obligations, operating leases		$ 6,901

Leases - Minimum Commitments un

Leases - Minimum Commitments under Non-cancelable Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Maturities of finance lease liabilities:
2025 (remainder of fiscal year)	$ 278
2026	2,052
2027	252
Total lease payments, finance lease	2,582
Less: imputed interest, finance lease	(54)
Present value of finance lease liabilities	2,528
Maturities of operating lease liabilities:
2025 (remainder of fiscal year)	1,339
2026	4,368
2027	1,747
2028	1,636
2029	1,337
Thereafter	1,882
Total lease payments, operating lease	12,309
Less: imputed interest, operating lease	(2,728)
Present value of operating lease liabilities	$ 9,581

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - shares	3 Months Ended	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2024
Employee Stock Option
Net Loss Per Common Share
Antidilutive securities excluded from diluted net loss per common share computations (in shares)		0
Warrants.
Net Loss Per Common Share
Antidilutive securities excluded from diluted net loss per common share computations (in shares)	0	0