Capstone Turbine Corp. beat analyst estimates on its earnings for the fiscal third quarter while just missing on revenue.
The Chatsworth microturbine manufacturer reported a net loss of $6 million (-34 cents a share) for the quarter ending Dec. 31, compared with a net loss of $4 million (-24 cents) in the same period a year earlier. Revenue declined 29 percent to $21.5 million.
Analysts on average expected a loss of 37 cents on revenue of $22 million, according to Thomson Financial Network.
During the fiscal third quarter, Capstone regained compliance with Nasdaq’s minimum pricing requirement after its shares had not traded above $1 for more than a year. The share price went up following a 1-for-20 reverse stock split in November.
Chief Executive Darren Jamison noted that other highlights during the quarter were the launch of the new C1000 Signature Series microturbine and formation of Capstone Energy Finance to providing upfront funding for installations of Capstone equipment.
“These notable milestones, combined with our team’s resilience and proactive measures, have placed Capstone back into the driver’s seat as we reduced expenses, improved the gross margin and increased bookings,” Jamison said in a prepared statement.
Shares closed unchanged at $1.28 on the Nasdaq.