Capstone Energy Plus, Inc.
CGEH · Engines & Turbines · 18.5M shares · +16%/yr ↑ shares · EDGAR filings ↗
Reference price $2.00 · est. market cap ~$37M — last insider purchase, 2025-11-25 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D52Microturbine leader growing fast but facing a binary refinancing wall on Exit Notes maturing December 2026.
Strengths
- Revenue up 24% (77th pct) with gross profit +45% and a swing to $2.8M operating net income
- Market leader in microturbines with an emerging AI-data-center power opportunity
Risks
- $25.3M Exit Notes mature Dec 7, 2026, are unrefinanced and classified as current; filing warns it may be forced back into bankruptcy
- Covenant (liquidity/EBITDA) breach risk and floating SOFR+7% rate; current ratio 0.96, ROE -6.4%
- Just emerged from Chapter 11; net loss to common of -$66.8M after preferred accretion
Notable findings
- BankruptcyFollowing our emergence from Chapter 11 and reorganization, we are party to an Exit Note Purchase Agreement (the “Exit Note Purchase Agreement”), for an aggregated principal amount of $21 8-K ↗
- Negative equityNegative book equity (debt/equity -0.57)
- Cash burnNegative free cash flow (-3.4M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Weak liquidityCurrent ratio 0.96 (<1)
- Chronic dilutionShare count +16%/yr over 4y (dilution)
- Revenue declineRevenue -14.1% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
32.0%
Operating margin
3.2%
Net margin
2.7%
Return on equity
-6.4%
Return on assets
2.5%
Revenue growth (QoQ)
-14.1%
Debt / equity
-0.6×
Net debt / EBITDA
-0.4×
Current ratio
1.0×
Free cash flow
-$3M
EBITDA
$8M
Tangible book value
-$50M
Cash & investments
$28M
Cash runway
34q
Stock comp / revenue
0.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-12 | Canino Vincent J. | Grant | 65K | — |
| 2026-04-27 | Graves Candice | Grant | 20K | — |
| 2026-04-07 | Canino Vincent J. | Tax withheld | 5.9K | $5.93 |
| 2026-03-18 | Canino Vincent J. | Tax withheld | 54K | $6.29 |
| 2025-11-25 | Close Christopher J. | Buy | 12K | $2.00 |
| 2025-11-25 | Graves Candice | Buy | 10K | $2.00 |
| 2025-11-25 | Beard Robert F. | Buy | 12K | $2.00 |
| 2025-11-25 | Powelson Robert F | Buy | 12K | $2.00 |
| 2025-11-25 | Canino Vincent J. | Buy | 75K | $2.00 |
| 2025-11-25 | Miller John P. | Buy | 25K | $2.00 |
| 2025-09-30 | Juric John J | Tax withheld | 3.7K | $2.68 |
| 2025-09-30 | Canino Vincent J. | Tax withheld | 3.0K | $2.68 |
| 2025-09-08 | Graves Candice | Grant | 80K | — |
| 2025-08-12 | Wilson Denise | Grant | 4.1K | — |
| 2025-08-12 | Powelson Robert F | Grant | 4.1K | — |
| 2025-08-12 | Fu Ping | Grant | 4.1K | — |
| 2025-08-12 | Close Christopher J. | Grant | 4.1K | — |
| 2025-08-12 | Miller John P. | Grant | 4.1K | — |
| 2025-08-12 | FLEXON ROBERT C | Grant | 4.1K | — |
| 2025-08-12 | Beard Robert F. | Grant | 4.1K | — |
| 2025-06-20 | Close Christopher J. | Grant | 2.2K | — |
| 2025-06-11 | Fanning Celia | Grant | 15K | $1.00 |
| 2025-06-11 | Fanning Celia | Tax withheld | 6.2K | $1.00 |
| 2025-04-03 | Juric John J | Grant | 45K | $0.73 |
| 2025-04-03 | Canino Vincent J. | Grant | 49K | $0.73 |
| 2025-04-03 | Fanning Celia | Grant | 2.6K | $0.73 |
| 2025-04-01 | Juric John J | Grant | 125K | $0.70 |
| 2025-04-01 | Juric John J | Tax withheld | 40K | $0.70 |
| 2025-03-11 | Canino Vincent J. | Tax withheld | 54K | $0.80 |
| 2025-02-12 | FLEXON ROBERT C | Grant | 13K | — |
| 2025-02-12 | Miller John P. | Grant | 13K | — |
| 2025-02-12 | Fu Ping | Grant | 13K | — |
| 2025-02-12 | Wilson Denise | Grant | 13K | — |
| 2025-02-12 | Powelson Robert F | Grant | 13K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | ResultsExhibits | filing ↗ |
| 2026-05-18 | Reg FDExhibits | filing ↗ |
| 2026-04-30 | 5.03Exhibits | filing ↗ |
| 2026-04-23 | Exec/director changeExhibits | filing ↗ |
| 2026-04-01 | 5.03Reg FDExhibits | filing ↗ |
| 2026-03-30 | Material agreement3.02Exec/director change5.03Reg FDExhibits | filing ↗ |
| 2026-02-12 | ResultsExhibits | filing ↗ |
| 2025-11-25 | Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-25 | 0001104659-26-077769 ↗ |
| 10-K | 2026-06-25 | 2026-03-31 | 0001104659-26-077817 ↗ |
| 8-K | 2026-05-18 | 2026-05-18 | 0001104659-26-063188 ↗ |
| 8-K | 2026-04-30 | 2026-04-29 | 0001104659-26-052878 ↗ |
| 8-K | 2026-04-23 | 2026-04-21 | 0001104659-26-046968 ↗ |
| 8-K | 2026-04-01 | 2026-03-31 | 0001104659-26-038627 ↗ |
| 8-K | 2026-03-30 | 2026-03-29 | 0001104659-26-036455 ↗ |
| 8-K | 2026-02-12 | 2026-02-12 | 0001104659-26-014296 ↗ |
| 10-Q | 2026-02-12 | 2025-12-31 | 0001104659-26-014292 ↗ |
| 8-K | 2025-11-25 | 2025-11-25 | 0001104659-25-116035 ↗ |
| 8-K | 2025-11-24 | 2025-11-24 | 0001104659-25-115134 ↗ |
| 8-K/A | 2025-11-14 | 2025-10-30 | 0001009759-25-000057 ↗ |