DELIVERY OF 5.2 MW U.S. PIPELINE PROJECT FUELS CAPSTONE’S PUSH TOWARDS ITS BREAK EVEN MILESTONE
Sign-Up for Free Energy, Facility, Power Newsletter (EFPN) newsletter
- On October 10, 2017, Capstone announced a new plan to further lower total operating expense by an additional $500 thousand per quarter. As a result, the new management quarterly total operating expense target is set at $5 million.
- On October 12, 2017, Capstone announced it was winding down its $5.2 million field upgrade retrofit program and anticipated reduced cash burn, additional revenue growth and gross margin expansion in its aftermarket business.
- On October 18, 2017, Capstone announced entering into an agreement with a new distribution partner for the Russian oil and gas market in exchange for $6.4 million in cash. The initial payments under the agreement, totaling $2.5 million, are scheduled to be received over the next two quarters and will be recorded as bad debt recovery.
- Last week Capstone announced the successful completion of its consolidation plan for its two manufacturing facilities into a single manufacturing facility allowing for an immediate increase in operational efficiency and reduced facility expense when the exited facility is subleased.