Capstone Green Energy (CGRN) – Results In Line – Shift In Company Focus Is Exciting

Friday, June 11, 2021

Capstone Green Energy (CGRN)
Results In Line – Shift In Company Focus Is Exciting

Capstone Green Energy Corp is the producer of low-emission microturbine systems.The company develops, manufactures, markets and services microturbine technology solutions for use in stationary distributed power generation applications. Capstone Turbine’s products include onboard generation for hybrid electric vehicles; conversion of oil field and biomass waste gases into electricity; combined heat, power, and chilling solutions; capacity addition; and standby power.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Results were generally in line with expectations. Capstone reported revenues of $17.9 million for the quarter (up 16% sequentially and 54% yoy) versus our $18.0 million estimate. Adjusted EBITDA was $(1.9) million versus our estimate of $(1.1) million. The company’s cash position rose to $49.5 million from $15.1 million at the end of last year. Bookings rose to $12.7 million topping off a steady quarter-by-quarter climb over the last four quarters.

    Capstone is repositioning to be a broader company.  The change started with a change in the company’s name on Earth Day to Capstone Green Energy Corporation from Capstone Turbine. Management took a further step today by announcing an expansion in the number of its operating divisions. New operating divisions are Energy As A Service, Energy Conversion, Energy Storage Solutions, and Hydrogen & …



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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Release – Capstone Green Energy Reports Fourth Quarter and Full-Year Fiscal 2021 Financial Results

 


Capstone Green Energy (Nasdaq:CGRN) Reports Fourth Quarter & Full-Year Fiscal 2021 Financial Results – Outlines Goals For New Fiscal Year

 

Annual Cash Provided by Operating Activities of $1.7M – Highest in Company History

Cash and Cash Equivalents Expands to $49.5M

VAN NUYS, CA / ACCESSWIRE / June 10, 2021 / Capstone Green Energy Corporation (NASDAQ:CGRN), formerly Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) (“Capstone,” the “Company,” “we” or “us”), a global leader in carbon reduction and on-site resilient green energy solutions, today announced its fourth-quarter and full-year fiscal 2021 financial results and outlined new goals for the upcoming year. 

“I’m pleased to announce that we substantially achieved our goal of improving Adjusted EBITDA by $10 million year-over-year, and this was accomplished despite the global COVID-19 pandemic extending beyond what we originally forecasted in our fiscal 2021 planning sessions,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “The global pandemic combined with our goal to build a stronger balance sheet, including as a selling point to our customers, put driving stronger liquidity at the top of our list of strategic goals. I’m proud to report that not only did we end the fiscal year with the best cash from operations performance in the company’s history, but we also achieved the highest ending cash balance since fiscal 2012,” concluded Mr. Jamison.

Financial Highlights of Fourth Quarter Fiscal 2021 vs. Fiscal 2020:

  • Total revenue of $17.9 million for the quarter, up from $11.6 million year-over-year
  • Negative gross margin of $2.6 million, or negative 14% as a percentage of revenue, compared to $0.5 million, or 4% of revenue, in the same period last year
  • Non-GAAP gross margin of $2.7 million, or 15% of revenue, compared to 6% in the same period last year
  • Net loss of $4.8 million for the quarter, improved from a net loss of $6.9 million in the fourth quarter of fiscal 2020
  • Negative Adjusted EBITDA, excluding executive bonus, of $1.9 million, compared to negative Adjusted EBITDA of $5.0 million in the fourth quarter of fiscal 2020
  • Generated positive cash from operations of $5.1 million, including a one-time $5.0 million legal settlement, compared to negative $4.0 million in the fourth quarter of fiscal 2020
  • Cash and cash equivalents increased to $49.5 million, compared to $15.1 million as of March 31, 2020

Financial Highlights of Fiscal 2021 vs. Fiscal 2020:

  • Total revenue of $67.6 million, compared to $68.9 million year-over-year, despite the global pandemic
  • Gross margin of $6.9 million, or 10% of revenue, compared to $9.0 million, or 13% of revenue, in fiscal 2020
  • Non-GAAP gross margin of $12.8 million, or 19% of revenue, compared to $10.2 million, or 15% or revenue, in the same period last year
  • Net loss of $18.4 million for the fiscal year compared to $21.9 million last year
  • Negative Adjusted EBITDA, excluding executive bonus, of $4.0 million, compared to Negative Adjusted EBITDA of $13.2 million in fiscal 2020
  • Cash provided by operating activities of $1.7 million compared to cash used in operating activities of $19.7 million in fiscal 2020

Fiscal 2021 – The Year in Review

Despite COVID-19’s challenging business environment, the Company took swift, proactive steps to deliver the forecasted positive Adjusted EBITDA in the first quarter that ended on June 30, 2020. Those results represented a $5.1 million improvement compared to the prior quarter, March 31, 2020, and a $3.5 million improvement compared to the prior year quarter ended June 30, 2019. This was the culmination of our strategic plans to invest capital dollars to expend our long-term microturbine rental fleet and substantially lower operating costs in the following ways:

  • Reduce direct material costs by $3.0 million annually
  • Cut R&D spending by approximately 25%
  • Closely manage operating expenses
  • Increase aftermarket spare parts margins in part from our newly upgraded United Kingdom Integrated Remanufacturing Facility

In the second quarter of the Company’s fiscal year, we announced $1.9 million positive cash provided by operating activities and continued in our improvements in total revenue and gross new product bookings.

In the third quarter, we reported revenue of $20.7 million, which was a 39% percent increase from the prior quarter. We also proactively upsized our Goldman Sachs three-year term note from $30.0 million to $50.0 million, bringing $20.0 million of new cash into the business, with a reduction in the interest rate. Part of these new funds are to be used to grow our rental fleet from 10.6 to 21.1 megawatts (MW).

In the fourth quarter we saw continued growth in our gross product bookings, which drives future top-line revenue growth.

 

In addition, our total cash and cash equivalents increased $34.4 million to $49.5 million, compared to $15.1 million as of March 31, 2020, the start of the pandemic. This increase was primarily due to the upsize of our Goldman Sachs term note, equity sales of $15.9 million, net, from our at-the-market offering, and a beneficial $5.0 million settlement from the lawsuit we initiated with a former supplier for a faulty generator part, which were offset by operating costs and the building of rental assets.

New Fiscal 2022 Strategic Goals
Capstone Green Energy remains sharply focused on sustaining and achieving our strategic business goals to build competitive advantages and expand the total addressable markets (TAM) in the regions we service. These efforts are designed to position us as a green energy leader in fiscal 2022 and beyond. Our goals include:

  • Broadening our already diverse energy products and service offerings
  • Expanding our direct solutions sales team focused on growing top line
  • Expanding our high-margin, long-term rental fleet to 21 MW and beyond
  • Increasing aftermarket margins across the board
  • Continuing to focus on managing working capital
  • Continuing to grow the Distributor Support System (DSS) subscription program

New Hydrogen Products
During the year, Capstone continued to expand and develop our new hydrogen products. The Company released our first commercially available hydrogen-based Combined Heat and Power (CHP) product, which can safely run on a 10% hydrogen-90% natural gas mix, and we are targeting a commercial release of 30% hydrogen-70% natural gas mix product by March 31, 2022.

In addition, in May, we announced a demonstration project with Blue Economy CRC, a cooperative research center in partnership with national and international universities and industry that was established to bring together sustainable seafood production and renewable energy in order to further develop Australia’s aquaculture industry. This microturbine system is intended to run on 100% hydrogen.

ESG and a Sustainable Future
As part of our overall strategy, we are focusing on the significance of environmental, social, and governance (ESG) principles in everything we do. As a leading green energy solutions provider, we take pride in offering a diverse product offering that emphasizes protecting the environment by leaving it better than before. Capstone estimates that, over the last three years, it has helped save companies approximately $700 million on energy costs and over approximately one million tons of carbonWe are committed to offering our innovative and green, sustainable, and affordable energy solutions and to providing long-term, resilient, clean power to end users the world over.

Financial Results for the Fiscal 2021 Fourth Quarter and Full-Year
Total revenue for the fourth quarter of fiscal 2021 increased 54%, or $6.3 million, to $17.9 million, compared with $11.6 million in the fourth quarter of fiscal 2020. Despite the significant impacts of the global pandemic, total revenue for fiscal 2021 decreased only 2%, or $1.3 million, to $67.6 million, compared with total revenue of $68.9 million in fiscal 2020.

Gross margin was negative $2.6 million, or negative 14% as a percentage of revenue, compared to $0.5 million, or 4% as a percentage of revenue, in the fourth quarter of fiscal 2020. On a full-year basis, gross margin decreased to $6.9 million in fiscal 2021, compared to $9.0 million for fiscal 2020. The negative gross margin in the fourth quarter of fiscal 2021, was primarily due to a $4.9 million reliability repair accrual established to replace remaining fielded units affected by a supplier defect.

Non-GAAP gross margin, which is gross margin less depreciation and amortization, stock-based compensation expense, and the expense related to the reliability repair accrual, was $2.7 million, or 15% of revenue, compared to $0.7 million, or 6% of revenue, in the fourth quarter of fiscal 2020. The increase as a percentage of revenue was primarily due to improved Factory Protection Plan (FPP) margins year-over-year. On a full-year basis, non-GAAP gross margin increased to $12.8 million, or 19% of revenue, in fiscal 2021, compared to $10.2 million, or 15% of revenue, for fiscal 2020. The increase as a percentage of revenue was primarily due to lower overhead costs from the COVID-19 Business Continuity Plan on similar revenue levels.

Operating expenses in the quarter decreased $0.1 million, to $5.9 million, compared with $6.0 million in the fourth quarter of fiscal 2020 despite a $0.6 million executive bonus expense recognized in the fourth quarter of fiscal 2021 (with none in the prior year quarter). Operating expenses for fiscal 2021 were $20.8 million compared with $25.9 million for fiscal 2020. The decrease was primarily due to cost savings from the COVID-19 Business Continuity Plan.

Net loss was $4.8 million in the fourth quarter of fiscal 2021, compared to $6.9 million in the fourth quarter of fiscal 2020. Net loss was $18.4 million in fiscal 2021, compared to $21.9 million in fiscal 2020.

Adjusted EBITDA, excluding executive bonus, was negative $1.9 million in the fourth quarter of fiscal 2021, compared to Adjusted EBITDA of negative $5.0 million in the fourth quarter of fiscal 2020. Adjusted EBITDA, excluding executive bonus, for fiscal 2021 was negative $4.0 million compared to Adjusted EBITDA of negative $13.2 million in fiscal 2020.

Cash and cash equivalents were $49.5 million as of March 31, 2021, compared to $15.1 million as of March 31, 2020.

About Capstone Green Energy
Capstone Green Energy (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are 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, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated to be $698 million in energy savings and 1,115,100 tons of carbon savings.

For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on TwitterLinkedInInstagramFacebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements under the caption “New Fiscal 2022 Strategic Goals” and other statements, statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events, or for any other reason.

Financial Tables to Follow:

CAPSTONE GREEN ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)

March 31, March 31,
2021 2020
Assets
Current Assets:
Cash and cash equivalents
$ 49,533 $ 15,068
Accounts receivable, net of allowances of $314 at March 31, 2021 and $703 at March 31, 2020
20,593 16,240
Inventories, net
11,829 21,460
Prepaid expenses and other current assets
4,953 3,987
Total current assets
86,908 56,755
Property, plant, equipment and rental assets, net
9,630 7,749
Non-current portion of inventories
1,845 1,221
Other assets
7,639 8,230
Total assets
$ 106,022 $ 73,955
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable and accrued expenses
$ 19,767 $ 15,000
Accrued salaries and wages
1,889 1,644
Accrued warranty reserve
5,850 1,934
Deferred revenue
6,374 7,898
Current portion of notes payable and lease obligations
576 477
Total current liabilities
34,456 26,953
Deferred revenue – non-current
765 944
Term note payable, net
52,865 27,963
Long-term portion of notes payable and lease obligations
4,762 5,074
Total liabilities
92,848 60,934
Commitments and contingencies (Note 12)
Stockholders’ Equity:
Preferred stock, $.001 par value; 1,000,000 shares authorized; none issued
Common stock, $.001 par value; 51,500,000 shares authorized, 12,898,144 shares issued and 12,824,190 shares outstanding at March 31, 2021; 10,286,366 shares issued and 10,228,789 shares outstanding at March 31, 2020
13 10
Additional paid-in capital
934,381 915,755
Accumulated deficit
(919,271 ) (900,869 )
Treasury stock, at cost; 73,954 shares at March 31, 2021 and 57,577 shares at March 31, 2020
(1,949 ) (1,875 )
Total stockholders’ equity
13,174 13,021
Total liabilities and stockholders’ equity
$ 106,022 $ 73,955

CAPSTONE GREEN ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)

Three Months Ended Year Ended
March 31, March 31,
2021 2020 2021 2020
Revenue:
Product and accessories
$ 9,946 $ 4,053 $ 36,517 $ 35,338
Parts and service
7,916 7,507 31,119 33,588
Total revenue
17,862 11,560 67,636 68,926
Cost of goods sold:
Product and accessories
15,554 4,494 42,025 42,273
Parts and service
4,859 6,608 18,756 17,622
Total cost of goods sold
20,413 11,102 60,781 59,895
Gross margin
(2,551 ) 458 6,855 9,031
Operating expenses:
Research and development
714 838 2,417 3,649
Selling, general and administrative
5,158 5,196 18,391 22,211
Total operating expenses
5,872 6,034 20,808 25,860
Loss from operations
(8,423 ) (5,576 ) (13,953 ) (16,829 )
Other income (expense)
4,989 (32 ) 4,993 133
Interest income
7 8 30 8
Interest expense
(1,321 ) (1,345 ) (5,156 ) (5,198 )
Loss on debt extinguishment
(4,282 )
Loss before provision for income taxes
(4,748 ) (6,945 ) (18,368 ) (21,886 )
Provision for income taxes
9 4 19 12
Net loss
(4,757 ) (6,949 ) (18,387 ) (21,898 )
Less: Deemed dividend on purchase warrant for common shares
15 12 15 87
Net loss attributable to common stockholders
$ (4,772 ) $ (6,961 ) $ (18,402 ) $ (21,985 )
Net loss per common share attributable to common stockholders-basic and diluted
$ (0.39 ) $ (0.73 ) $ (1.63 ) $ (2.70 )
Weighted average shares used to calculate basic and diluted net loss per common share attributable to common stockholders
12,335 9,477 11,280 8,150

CAPSTONE GREEN ENERGY CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands)

Three months ended Year ended
Reconciliation of Reported Net Loss to EBITDA and Adjusted EBITDA
March 31, March 31,
2021 2020 2021 2020
Net loss, as reported
$ (4,757 ) $ (6,949 ) $ (18,387 ) $ (21,898 )
Interest expense
1,321 1,345 5,156 5,198
Provision for income taxes
9 4 19 12
Depreciation and amortization
380 392 1,452 1,616
EBITDA
$ (3,047 ) $ (5,208 ) $ (11,760 ) $ (15,072 )
Loss on debt extinguishment
4,282
Stock-based compensation and other expense
259 244 1,599 913
Restructuring charges
927
Non-recurring legal settlement
(5,000 ) (5,000 )
Reliability repair accrual
4,945 4,945
Non-recurring legal costs related to settlement
300 720
Adjusted EBITDA
(2,543 ) (4,964 ) (5,214 ) (13,232 )
Executive bonus
611 1,230
Adjusted EBITDA excluding executive bonus
$ (1,932 ) $ (4,964 ) $ (3,984 ) $ (13,232 )

Three months ended March 31,

Year ended March 31,

Reconciliation of Reported Gross Margin to

As % of

As % of

As % of

As % of

Non-GAAP Gross Margin

2021

revenue

2020

revenue

2021

revenue

2020

revenue

Gross Margin, as reported

$

(2,551)

(14)%

$

458

4%

$

6,855

10%

$

9,031

13%

Depreciation and amortization

265

1%

259

2%

964

2%

1,079

2%

Stock-based compensation expense

24

17

83

69

Reliability repair accrual

4,945

28%

4,945

7%

Non-GAAP Gross Margin

$

2,683

15%

$

734

6%

$

12,847

19%

$

10,179

15%

To supplement the Company’s unaudited financial data presented on a generally accepted accounting principles (GAAP) basis, management has presented Adjusted EBITDA and Adjusted EBITDA excluding Executive Bonus, and Non-GAAP Gross Margin, which are non-GAAP measures. These non-GAAP measures are among the indicators management uses as a basis for evaluating the Company’s financial performance, as well as for forecasting future periods. Management establishes incentive compensation performance targets and annual budgets and makes operating decisions based in part upon these metrics. Accordingly, disclosure of these non-GAAP measures provides investors with some of the same information that management uses to understand the Company’s economic performance year-over-year.

EBITDA is defined as net income (loss) before interest, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA before loss on debt extinguishment, stock-based compensation and other expense, restructuring charges, non-recurring legal settlement, reliability repair accrual, and non-recurring legal costs related to settlement. Loss on debt extinguishment includes expenses associated with the accounting for the October 2020 Goldman Sachs note transaction. Stock-based compensation and other expense includes expense related to stock issued to employees, directors, and vendors. Restructuring charges include facility consolidation costs and costs related to the Company’s cost reduction initiatives. Non-recurring legal settlement is a one-time payment from a lawsuit we initiated with a former supplier for a part defect. The reliability repair accrual accounts for the replacement of remaining high risk failure parts in some of our fielded units due to the former supplier part defect. Non-recurring legal costs related to settlement are legal costs associated with above settlement. Adjusted EBITDA excluding Executive Bonus is defined as EBITDA before expense related to Executive Bonus accruals.

Non-GAAP Gross Margin is defined as Gross Margin before depreciation and amortization expense, stock-based compensation expense, and a reliability repair accrual. Stock-based compensation expense includes expense related to stock issued to employees. The reliability repair accrual accounts for the replacement of remaining high risk failure parts in some of our fielded units due to the former supplier part defect.

EBITDA, Adjusted EBITDA, Adjusted EBITDA excluding Executive Bonus, and Non-GAAP Gross Margin are not measures of the Company’s liquidity or financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure presented in accordance with GAAP, or as an alternative to cash flows from operating activities or any other measure of liquidity presented in accordance with GAAP.

While management believes that the non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation

Capstone Green Energy Reports Fourth Quarter & Full-Year Fiscal 2021 Financial Results – Outlines Goals For New Fiscal Year

 


Capstone Green Energy (Nasdaq:CGRN) Reports Fourth Quarter & Full-Year Fiscal 2021 Financial Results – Outlines Goals For New Fiscal Year

 

Annual Cash Provided by Operating Activities of $1.7M – Highest in Company History

Cash and Cash Equivalents Expands to $49.5M

VAN NUYS, CA / ACCESSWIRE / June 10, 2021 / Capstone Green Energy Corporation (NASDAQ:CGRN), formerly Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) (“Capstone,” the “Company,” “we” or “us”), a global leader in carbon reduction and on-site resilient green energy solutions, today announced its fourth-quarter and full-year fiscal 2021 financial results and outlined new goals for the upcoming year. 

“I’m pleased to announce that we substantially achieved our goal of improving Adjusted EBITDA by $10 million year-over-year, and this was accomplished despite the global COVID-19 pandemic extending beyond what we originally forecasted in our fiscal 2021 planning sessions,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “The global pandemic combined with our goal to build a stronger balance sheet, including as a selling point to our customers, put driving stronger liquidity at the top of our list of strategic goals. I’m proud to report that not only did we end the fiscal year with the best cash from operations performance in the company’s history, but we also achieved the highest ending cash balance since fiscal 2012,” concluded Mr. Jamison.

Financial Highlights of Fourth Quarter Fiscal 2021 vs. Fiscal 2020:

  • Total revenue of $17.9 million for the quarter, up from $11.6 million year-over-year
  • Negative gross margin of $2.6 million, or negative 14% as a percentage of revenue, compared to $0.5 million, or 4% of revenue, in the same period last year
  • Non-GAAP gross margin of $2.7 million, or 15% of revenue, compared to 6% in the same period last year
  • Net loss of $4.8 million for the quarter, improved from a net loss of $6.9 million in the fourth quarter of fiscal 2020
  • Negative Adjusted EBITDA, excluding executive bonus, of $1.9 million, compared to negative Adjusted EBITDA of $5.0 million in the fourth quarter of fiscal 2020
  • Generated positive cash from operations of $5.1 million, including a one-time $5.0 million legal settlement, compared to negative $4.0 million in the fourth quarter of fiscal 2020
  • Cash and cash equivalents increased to $49.5 million, compared to $15.1 million as of March 31, 2020

Financial Highlights of Fiscal 2021 vs. Fiscal 2020:

  • Total revenue of $67.6 million, compared to $68.9 million year-over-year, despite the global pandemic
  • Gross margin of $6.9 million, or 10% of revenue, compared to $9.0 million, or 13% of revenue, in fiscal 2020
  • Non-GAAP gross margin of $12.8 million, or 19% of revenue, compared to $10.2 million, or 15% or revenue, in the same period last year
  • Net loss of $18.4 million for the fiscal year compared to $21.9 million last year
  • Negative Adjusted EBITDA, excluding executive bonus, of $4.0 million, compared to Negative Adjusted EBITDA of $13.2 million in fiscal 2020
  • Cash provided by operating activities of $1.7 million compared to cash used in operating activities of $19.7 million in fiscal 2020

Fiscal 2021 – The Year in Review

Despite COVID-19’s challenging business environment, the Company took swift, proactive steps to deliver the forecasted positive Adjusted EBITDA in the first quarter that ended on June 30, 2020. Those results represented a $5.1 million improvement compared to the prior quarter, March 31, 2020, and a $3.5 million improvement compared to the prior year quarter ended June 30, 2019. This was the culmination of our strategic plans to invest capital dollars to expend our long-term microturbine rental fleet and substantially lower operating costs in the following ways:

  • Reduce direct material costs by $3.0 million annually
  • Cut R&D spending by approximately 25%
  • Closely manage operating expenses
  • Increase aftermarket spare parts margins in part from our newly upgraded United Kingdom Integrated Remanufacturing Facility

In the second quarter of the Company’s fiscal year, we announced $1.9 million positive cash provided by operating activities and continued in our improvements in total revenue and gross new product bookings.

In the third quarter, we reported revenue of $20.7 million, which was a 39% percent increase from the prior quarter. We also proactively upsized our Goldman Sachs three-year term note from $30.0 million to $50.0 million, bringing $20.0 million of new cash into the business, with a reduction in the interest rate. Part of these new funds are to be used to grow our rental fleet from 10.6 to 21.1 megawatts (MW).

In the fourth quarter we saw continued growth in our gross product bookings, which drives future top-line revenue growth.

 

In addition, our total cash and cash equivalents increased $34.4 million to $49.5 million, compared to $15.1 million as of March 31, 2020, the start of the pandemic. This increase was primarily due to the upsize of our Goldman Sachs term note, equity sales of $15.9 million, net, from our at-the-market offering, and a beneficial $5.0 million settlement from the lawsuit we initiated with a former supplier for a faulty generator part, which were offset by operating costs and the building of rental assets.

New Fiscal 2022 Strategic Goals
Capstone Green Energy remains sharply focused on sustaining and achieving our strategic business goals to build competitive advantages and expand the total addressable markets (TAM) in the regions we service. These efforts are designed to position us as a green energy leader in fiscal 2022 and beyond. Our goals include:

  • Broadening our already diverse energy products and service offerings
  • Expanding our direct solutions sales team focused on growing top line
  • Expanding our high-margin, long-term rental fleet to 21 MW and beyond
  • Increasing aftermarket margins across the board
  • Continuing to focus on managing working capital
  • Continuing to grow the Distributor Support System (DSS) subscription program

New Hydrogen Products
During the year, Capstone continued to expand and develop our new hydrogen products. The Company released our first commercially available hydrogen-based Combined Heat and Power (CHP) product, which can safely run on a 10% hydrogen-90% natural gas mix, and we are targeting a commercial release of 30% hydrogen-70% natural gas mix product by March 31, 2022.

In addition, in May, we announced a demonstration project with Blue Economy CRC, a cooperative research center in partnership with national and international universities and industry that was established to bring together sustainable seafood production and renewable energy in order to further develop Australia’s aquaculture industry. This microturbine system is intended to run on 100% hydrogen.

ESG and a Sustainable Future
As part of our overall strategy, we are focusing on the significance of environmental, social, and governance (ESG) principles in everything we do. As a leading green energy solutions provider, we take pride in offering a diverse product offering that emphasizes protecting the environment by leaving it better than before. Capstone estimates that, over the last three years, it has helped save companies approximately $700 million on energy costs and over approximately one million tons of carbonWe are committed to offering our innovative and green, sustainable, and affordable energy solutions and to providing long-term, resilient, clean power to end users the world over.

Financial Results for the Fiscal 2021 Fourth Quarter and Full-Year
Total revenue for the fourth quarter of fiscal 2021 increased 54%, or $6.3 million, to $17.9 million, compared with $11.6 million in the fourth quarter of fiscal 2020. Despite the significant impacts of the global pandemic, total revenue for fiscal 2021 decreased only 2%, or $1.3 million, to $67.6 million, compared with total revenue of $68.9 million in fiscal 2020.

Gross margin was negative $2.6 million, or negative 14% as a percentage of revenue, compared to $0.5 million, or 4% as a percentage of revenue, in the fourth quarter of fiscal 2020. On a full-year basis, gross margin decreased to $6.9 million in fiscal 2021, compared to $9.0 million for fiscal 2020. The negative gross margin in the fourth quarter of fiscal 2021, was primarily due to a $4.9 million reliability repair accrual established to replace remaining fielded units affected by a supplier defect.

Non-GAAP gross margin, which is gross margin less depreciation and amortization, stock-based compensation expense, and the expense related to the reliability repair accrual, was $2.7 million, or 15% of revenue, compared to $0.7 million, or 6% of revenue, in the fourth quarter of fiscal 2020. The increase as a percentage of revenue was primarily due to improved Factory Protection Plan (FPP) margins year-over-year. On a full-year basis, non-GAAP gross margin increased to $12.8 million, or 19% of revenue, in fiscal 2021, compared to $10.2 million, or 15% of revenue, for fiscal 2020. The increase as a percentage of revenue was primarily due to lower overhead costs from the COVID-19 Business Continuity Plan on similar revenue levels.

Operating expenses in the quarter decreased $0.1 million, to $5.9 million, compared with $6.0 million in the fourth quarter of fiscal 2020 despite a $0.6 million executive bonus expense recognized in the fourth quarter of fiscal 2021 (with none in the prior year quarter). Operating expenses for fiscal 2021 were $20.8 million compared with $25.9 million for fiscal 2020. The decrease was primarily due to cost savings from the COVID-19 Business Continuity Plan.

Net loss was $4.8 million in the fourth quarter of fiscal 2021, compared to $6.9 million in the fourth quarter of fiscal 2020. Net loss was $18.4 million in fiscal 2021, compared to $21.9 million in fiscal 2020.

Adjusted EBITDA, excluding executive bonus, was negative $1.9 million in the fourth quarter of fiscal 2021, compared to Adjusted EBITDA of negative $5.0 million in the fourth quarter of fiscal 2020. Adjusted EBITDA, excluding executive bonus, for fiscal 2021 was negative $4.0 million compared to Adjusted EBITDA of negative $13.2 million in fiscal 2020.

Cash and cash equivalents were $49.5 million as of March 31, 2021, compared to $15.1 million as of March 31, 2020.

About Capstone Green Energy
Capstone Green Energy (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are 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, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated to be $698 million in energy savings and 1,115,100 tons of carbon savings.

For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on TwitterLinkedInInstagramFacebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements under the caption “New Fiscal 2022 Strategic Goals” and other statements, statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events, or for any other reason.

Financial Tables to Follow:

CAPSTONE GREEN ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)

March 31, March 31,
2021 2020
Assets
Current Assets:
Cash and cash equivalents
$ 49,533 $ 15,068
Accounts receivable, net of allowances of $314 at March 31, 2021 and $703 at March 31, 2020
20,593 16,240
Inventories, net
11,829 21,460
Prepaid expenses and other current assets
4,953 3,987
Total current assets
86,908 56,755
Property, plant, equipment and rental assets, net
9,630 7,749
Non-current portion of inventories
1,845 1,221
Other assets
7,639 8,230
Total assets
$ 106,022 $ 73,955
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable and accrued expenses
$ 19,767 $ 15,000
Accrued salaries and wages
1,889 1,644
Accrued warranty reserve
5,850 1,934
Deferred revenue
6,374 7,898
Current portion of notes payable and lease obligations
576 477
Total current liabilities
34,456 26,953
Deferred revenue – non-current
765 944
Term note payable, net
52,865 27,963
Long-term portion of notes payable and lease obligations
4,762 5,074
Total liabilities
92,848 60,934
Commitments and contingencies (Note 12)
Stockholders’ Equity:
Preferred stock, $.001 par value; 1,000,000 shares authorized; none issued
Common stock, $.001 par value; 51,500,000 shares authorized, 12,898,144 shares issued and 12,824,190 shares outstanding at March 31, 2021; 10,286,366 shares issued and 10,228,789 shares outstanding at March 31, 2020
13 10
Additional paid-in capital
934,381 915,755
Accumulated deficit
(919,271 ) (900,869 )
Treasury stock, at cost; 73,954 shares at March 31, 2021 and 57,577 shares at March 31, 2020
(1,949 ) (1,875 )
Total stockholders’ equity
13,174 13,021
Total liabilities and stockholders’ equity
$ 106,022 $ 73,955

CAPSTONE GREEN ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)

Three Months Ended Year Ended
March 31, March 31,
2021 2020 2021 2020
Revenue:
Product and accessories
$ 9,946 $ 4,053 $ 36,517 $ 35,338
Parts and service
7,916 7,507 31,119 33,588
Total revenue
17,862 11,560 67,636 68,926
Cost of goods sold:
Product and accessories
15,554 4,494 42,025 42,273
Parts and service
4,859 6,608 18,756 17,622
Total cost of goods sold
20,413 11,102 60,781 59,895
Gross margin
(2,551 ) 458 6,855 9,031
Operating expenses:
Research and development
714 838 2,417 3,649
Selling, general and administrative
5,158 5,196 18,391 22,211
Total operating expenses
5,872 6,034 20,808 25,860
Loss from operations
(8,423 ) (5,576 ) (13,953 ) (16,829 )
Other income (expense)
4,989 (32 ) 4,993 133
Interest income
7 8 30 8
Interest expense
(1,321 ) (1,345 ) (5,156 ) (5,198 )
Loss on debt extinguishment
(4,282 )
Loss before provision for income taxes
(4,748 ) (6,945 ) (18,368 ) (21,886 )
Provision for income taxes
9 4 19 12
Net loss
(4,757 ) (6,949 ) (18,387 ) (21,898 )
Less: Deemed dividend on purchase warrant for common shares
15 12 15 87
Net loss attributable to common stockholders
$ (4,772 ) $ (6,961 ) $ (18,402 ) $ (21,985 )
Net loss per common share attributable to common stockholders-basic and diluted
$ (0.39 ) $ (0.73 ) $ (1.63 ) $ (2.70 )
Weighted average shares used to calculate basic and diluted net loss per common share attributable to common stockholders
12,335 9,477 11,280 8,150

CAPSTONE GREEN ENERGY CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands)

Three months ended Year ended
Reconciliation of Reported Net Loss to EBITDA and Adjusted EBITDA
March 31, March 31,
2021 2020 2021 2020
Net loss, as reported
$ (4,757 ) $ (6,949 ) $ (18,387 ) $ (21,898 )
Interest expense
1,321 1,345 5,156 5,198
Provision for income taxes
9 4 19 12
Depreciation and amortization
380 392 1,452 1,616
EBITDA
$ (3,047 ) $ (5,208 ) $ (11,760 ) $ (15,072 )
Loss on debt extinguishment
4,282
Stock-based compensation and other expense
259 244 1,599 913
Restructuring charges
927
Non-recurring legal settlement
(5,000 ) (5,000 )
Reliability repair accrual
4,945 4,945
Non-recurring legal costs related to settlement
300 720
Adjusted EBITDA
(2,543 ) (4,964 ) (5,214 ) (13,232 )
Executive bonus
611 1,230
Adjusted EBITDA excluding executive bonus
$ (1,932 ) $ (4,964 ) $ (3,984 ) $ (13,232 )

Three months ended March 31,

Year ended March 31,

Reconciliation of Reported Gross Margin to

As % of

As % of

As % of

As % of

Non-GAAP Gross Margin

2021

revenue

2020

revenue

2021

revenue

2020

revenue

Gross Margin, as reported

$

(2,551)

(14)%

$

458

4%

$

6,855

10%

$

9,031

13%

Depreciation and amortization

265

1%

259

2%

964

2%

1,079

2%

Stock-based compensation expense

24

17

83

69

Reliability repair accrual

4,945

28%

4,945

7%

Non-GAAP Gross Margin

$

2,683

15%

$

734

6%

$

12,847

19%

$

10,179

15%

To supplement the Company’s unaudited financial data presented on a generally accepted accounting principles (GAAP) basis, management has presented Adjusted EBITDA and Adjusted EBITDA excluding Executive Bonus, and Non-GAAP Gross Margin, which are non-GAAP measures. These non-GAAP measures are among the indicators management uses as a basis for evaluating the Company’s financial performance, as well as for forecasting future periods. Management establishes incentive compensation performance targets and annual budgets and makes operating decisions based in part upon these metrics. Accordingly, disclosure of these non-GAAP measures provides investors with some of the same information that management uses to understand the Company’s economic performance year-over-year.

EBITDA is defined as net income (loss) before interest, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA before loss on debt extinguishment, stock-based compensation and other expense, restructuring charges, non-recurring legal settlement, reliability repair accrual, and non-recurring legal costs related to settlement. Loss on debt extinguishment includes expenses associated with the accounting for the October 2020 Goldman Sachs note transaction. Stock-based compensation and other expense includes expense related to stock issued to employees, directors, and vendors. Restructuring charges include facility consolidation costs and costs related to the Company’s cost reduction initiatives. Non-recurring legal settlement is a one-time payment from a lawsuit we initiated with a former supplier for a part defect. The reliability repair accrual accounts for the replacement of remaining high risk failure parts in some of our fielded units due to the former supplier part defect. Non-recurring legal costs related to settlement are legal costs associated with above settlement. Adjusted EBITDA excluding Executive Bonus is defined as EBITDA before expense related to Executive Bonus accruals.

Non-GAAP Gross Margin is defined as Gross Margin before depreciation and amortization expense, stock-based compensation expense, and a reliability repair accrual. Stock-based compensation expense includes expense related to stock issued to employees. The reliability repair accrual accounts for the replacement of remaining high risk failure parts in some of our fielded units due to the former supplier part defect.

EBITDA, Adjusted EBITDA, Adjusted EBITDA excluding Executive Bonus, and Non-GAAP Gross Margin are not measures of the Company’s liquidity or financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure presented in accordance with GAAP, or as an alternative to cash flows from operating activities or any other measure of liquidity presented in accordance with GAAP.

While management believes that the non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation

Forecasted Oil Prices for the Second Half of 2021


Image Credit: Imseong Kang (Flickr)


Official U.S. Oil Price and Inventory Forecasts for Second Half 2021 and Beyond

 

Global consumption of crude oil is likely to increase through 2022, according to a new forecast by the U.S. Energy Information Administration (EIA). Earlier in June, the EIA forecast increasing global production of petroleum and other liquid fuels would be driven by OPEC, Russia, and the U.S. These forecasts, higher consumption and production, point to a cooling of the recent pace of price increases for Bent and West Texas Intermediate Crude.  These two most recent reports by the EIA suggest more price stability in the second half of the year than we experienced in the first six months. The report then forecasts another mismatch of supply and demand.

 

Oil Price Expectations
Through 2022

Although the EIA sees global consumption likely increasing through 2022, they also forecast production increasing more rapidly. This would end the drawdowns in oil inventories we’ve been experiencing in 2021. As indicated in the forecast in the graph below, inventories are expected to remain relatively flat through the next two quarters and then increase in 2022.  

The EIA forecast estimates that swelling worldwide
petroleum inventory should limit rising oil prices in the coming months, then put
downward pressure on crude oil prices later this year and into 2022.

 

 

Risks Associated with the EIA Forecast

The EIA points out several risks to the accuracy of their forecast:

First- Higher sustained crude oil prices over the next several months could cause some OPEC+ members to increase their production more than provided for in the active OPEC+ agreement.

Second- The forecast assumes that Iran’s crude oil production will continue to increase in 2021. There continue to be sanctions that target Iran’s crude oil exports; however, crude oil exports from Iran have risen since the end of 2020. The risk here is crude oil production may increase faster than the EIA forecast.

Third- There is the possibility that U.S. operators will add fewer drilling rigs than expected. This would lower U.S. crude oil production in 2022, which would provide less downward pressure on oil prices.

 

 

Take-Away

Current higher crude oil prices and planned OPEC+ production increases allow for an EIA forecast that worldwide petroleum supply will increase over the next several months. They expect that this will provide an essentially balanced market through much of the second half of 2021. Then, inventories are projected to build through 2022, pushing prices down modestly.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading:

Is Oil Demand Stronger than Estimated?

InPlay Oil Virtual Roadshow (Video)



Indonesia Energy Virtual Roadshow (Video)

Energy Industry – Exploration and Production, Review and Outlook

 

Sources:

https://www.eia.gov/petroleum/weekly/

https://www.eia.gov/outlooks/steo/archives/jun21.pdf

 

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Release – Flotek Welcomes Lisa Mayr To Board Of Directors


Flotek Welcomes Lisa Mayr To Board Of Directors

 

HOUSTON, June 7, 2021 – Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) welcomes Lisa Mayr to its Board of Directors (“Board”), increasing its directors from six to seven. Mayr was appointed a member of the audit committee and has been designated an “audit committee financial expert” by the Board as a result of her accounting and financial management experience. She will also serve as a member of the corporate governance and nominating committee.

Mayr brings more than 25 years of financial and accounting experience to the Board. She is currently the Chief Financial Officer (CFO) of digital infrastructure provider Internap Holding LLC, a position she has held since July 2020. Prior to joining Internap, Mayr served as CFO of multiple software and technology companies, including MicroStrategy Incorporated, a data analytics software company, and educational technology companies Blackboard and EverFi. She has also held financial leadership roles at both public and private companies such as LivingSocial, GeoEye and Sunrise Senior Living.  Early in her career, she served at Ernst & Young LLP in the transaction and advisory services practice.

John W. Gibson, Jr., Chairman, President, and Chief Executive Officer of Flotek stated: “After an extensive search prioritizing gender diversity, financial acumen, digital transformation and executive experience, we have found a highly qualified director in Lisa. She brings strong financial leadership from both public and private companies and a passion for maximizing her impact based on her experience. I know she will immediately and positively contribute to our board and Company.”

Mayr said, “I am excited to join the Flotek team and be a part of a high-performing, high-quality board. I look forward to working with the team during such an important time in the Company’s history.”

Mayr currently serves as a board observer and on the audit committee of WorldStrides, an educational travel company, and is the board chair of STEM for Her, a non-profit that encourages girls and young women to pursue careers in STEM. She has a bachelor’s degree in International Studies and Economics from American University and a Master of Business Administration from Georgetown University.

The Board search was conducted by Heidrick & Struggles.

Board Committee Assignments Announced

Following its Annual Meeting on June 3, 2021, the Company announces the following Board roles and Committee assignments.

Chairman of the Board

John W. Gibson, Jr.

Lead Independent Director

David Nierenberg

Audit Committee

David Nierenberg, Chair

Harsha Agadi

Lisa Mayr

Compensation Committee

Harsha Agadi, Chair

Ted Brown

Michael Fucci

Paul Hobby

Corporate Governance & Nominating Committee

Paul Hobby, Chair

Ted Brown

Lisa Mayr

David Nierenberg

 Risk & Sustainability Committee

Michael Fucci, Chair

Harsha Agadi

John W. Gibson, Jr.

Paul Hobby

David Nierenberg

 About Flotek

Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty chemistry and data company, Flotek helps customers across industrial, commercial and consumer markets improve their Environmental, Social and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit Flotek’s web site at www.flotekind.com.

Forward-Looking Statements

Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release.  Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents.  Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

 

Contact:

Danielle Allen

Senior Vice President, Chief of Staff

E: DAllen@flotekind.com

P: (713) 726-5322

Release – Gevo Set to Join Russell 3000 Index


Gevo Set to Join Russell 3000® Index

 

ENGLEWOOD, Colorado – June 8, 2021 Gevo, Inc. (NASDAQ: GEVO), announced today that it expects to join the broad-market Russell 3000®

 Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the US market opens on June 28, 2021 according to a preliminary list of additions posted June 4, 2021 by FTSE Russell.

Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 7, 2021, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000®

Index or small-cap Russell 2000®

Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

 

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

 

About FTSE Russell:

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $17.9 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering. FTSE Russell is wholly owned by London Stock Exchange Group. For more information, visit www.ftserussell.com.

 

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters including, without limitation, the addition of Gevo to any FTSE Russell indexes and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. Gevo cannot guarantee future results, performance or achievements and makes no endorsement of an investment in Gevo based on inclusion in any FTSE index. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

 

Gevo Investor and Media Contact
+1 720-647-9605

IR@gevo.com

Gevo Set to Join Russell 3000® Index


Gevo Set to Join Russell 3000® Index

 

ENGLEWOOD, Colorado – June 8, 2021 Gevo, Inc. (NASDAQ: GEVO), announced today that it expects to join the broad-market Russell 3000®

 Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the US market opens on June 28, 2021 according to a preliminary list of additions posted June 4, 2021 by FTSE Russell.

Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 7, 2021, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000®

Index or small-cap Russell 2000®

Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

 

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

 

About FTSE Russell:

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $17.9 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering. FTSE Russell is wholly owned by London Stock Exchange Group. For more information, visit www.ftserussell.com.

 

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters including, without limitation, the addition of Gevo to any FTSE Russell indexes and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. Gevo cannot guarantee future results, performance or achievements and makes no endorsement of an investment in Gevo based on inclusion in any FTSE index. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

 

Gevo Investor and Media Contact
+1 720-647-9605

IR@gevo.com

Flotek Welcomes Lisa Mayr To Board Of Directors


Flotek Welcomes Lisa Mayr To Board Of Directors

 

HOUSTON, June 7, 2021 – Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) welcomes Lisa Mayr to its Board of Directors (“Board”), increasing its directors from six to seven. Mayr was appointed a member of the audit committee and has been designated an “audit committee financial expert” by the Board as a result of her accounting and financial management experience. She will also serve as a member of the corporate governance and nominating committee.

Mayr brings more than 25 years of financial and accounting experience to the Board. She is currently the Chief Financial Officer (CFO) of digital infrastructure provider Internap Holding LLC, a position she has held since July 2020. Prior to joining Internap, Mayr served as CFO of multiple software and technology companies, including MicroStrategy Incorporated, a data analytics software company, and educational technology companies Blackboard and EverFi. She has also held financial leadership roles at both public and private companies such as LivingSocial, GeoEye and Sunrise Senior Living.  Early in her career, she served at Ernst & Young LLP in the transaction and advisory services practice.

John W. Gibson, Jr., Chairman, President, and Chief Executive Officer of Flotek stated: “After an extensive search prioritizing gender diversity, financial acumen, digital transformation and executive experience, we have found a highly qualified director in Lisa. She brings strong financial leadership from both public and private companies and a passion for maximizing her impact based on her experience. I know she will immediately and positively contribute to our board and Company.”

Mayr said, “I am excited to join the Flotek team and be a part of a high-performing, high-quality board. I look forward to working with the team during such an important time in the Company’s history.”

Mayr currently serves as a board observer and on the audit committee of WorldStrides, an educational travel company, and is the board chair of STEM for Her, a non-profit that encourages girls and young women to pursue careers in STEM. She has a bachelor’s degree in International Studies and Economics from American University and a Master of Business Administration from Georgetown University.

The Board search was conducted by Heidrick & Struggles.

Board Committee Assignments Announced

Following its Annual Meeting on June 3, 2021, the Company announces the following Board roles and Committee assignments.

Chairman of the Board

John W. Gibson, Jr.

Lead Independent Director

David Nierenberg

Audit Committee

David Nierenberg, Chair

Harsha Agadi

Lisa Mayr

Compensation Committee

Harsha Agadi, Chair

Ted Brown

Michael Fucci

Paul Hobby

Corporate Governance & Nominating Committee

Paul Hobby, Chair

Ted Brown

Lisa Mayr

David Nierenberg

 Risk & Sustainability Committee

Michael Fucci, Chair

Harsha Agadi

John W. Gibson, Jr.

Paul Hobby

David Nierenberg

 About Flotek

Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty chemistry and data company, Flotek helps customers across industrial, commercial and consumer markets improve their Environmental, Social and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit Flotek’s web site at www.flotekind.com.

Forward-Looking Statements

Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release.  Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents.  Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

 

Contact:

Danielle Allen

Senior Vice President, Chief of Staff

E: DAllen@flotekind.com

P: (713) 726-5322

Release – Capstone Green Energy Corporation To Present At LD Micro InvitationaL XI

 


Capstone Green Energy Corporation (Nasdaq:CGRN) To Present At LD Micro InvitationaL XI

 

Company Presentation Scheduled for Wednesday, June 9, 2021 at 1:30 PM ET

VAN NUYS, CA / ACCESSWIRE / June 7, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) formerly Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) (“Capstone” or the “Company”), a global leader in carbon reduction and on-site resilient green energy solutions, announced today that management will present virtually at the upcoming LD Micro Invitational XI event on Wednesday, June 9 at 1:30 PM ET.

Darren Jamison, President & CEO of Capstone Green Energy, is scheduled to host a virtual presentation to investors during the event as follows:

Event: Capstone Green Energy Presentation at the LD Micro Invitational XI
Date: Wednesday, June 9, 2021
Time: 1:30 PM ET
Webcast: https://ldmicrojune2021.mysequire.com

“I look forward to discussing our recent transformation to Capstone Green Energy with the investment community,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy.

A live audio webcast and archive of the event presentation will be available using the webcast link above. For more information on the LD Micro Invitational XI, or to register for the event, please visit here.

Supporting presentation materials will be available on the day of the conference by visiting the Investor Relations section of the Company’s website at www.CapstoneGreenEnergy.com

Summary of LD Micro Invitational XI Event

The 2021 LD Micro Invitational will be held on the Sequire Virtual Events platform on Tuesday, June 8th – Thursday, June 10th, 2021.

The festivities run from 7:00 AM PT – 3:00 PM PT / 10:00 AM ET – 6:00 PM ET each day.

This three-day, virtual investor conference is expected to feature around 180 companies, presenting for 25 minutes each, as well as several influential keynotes. The first day of this conference will also feature an exceptional one-time event: the LD Micro Hall of Fame.

About LD Micro (NASDAQ: SRAX)

LD Micro aims to be the most crucial resource in the micro-cap world. Whether it is the index, comprehensive data, or hosting the most significant events on an annual basis, LD’s sole mission is for the Texas Rangers to win the World Series and serve as an invaluable asset for all those interested in finding the next generation of great companies. http://www.ldmicro.com

About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are 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, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and approximately $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on TwitterLinkedInInstagramFacebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains, and the Company’s presentation and responses to questions at the LD Micro Invitational XI virtual investor conference will contain, forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT:

Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation

Release – enCore Energy Corp To Present at LD Micro Invitational XI


enCore Energy Corp To Present at LD Micro Invitational XI

 

VANCOUVER, BCJune 7, 2021 /PRNewswire/ – enCore Energy Corp. (TSXV: EU) (OTCQB: ENCUF) (the “Company“) is pleased to announce the company will be hosting a corporate presentation at the LD Micro Invitational XI Event. William M. Sheriff,  Executive Chairman, & Paul Goranson, CEO will be presenting on Tuesday, June 8th @ 2:30 PM ET. To register to watch the presentation here.

The 2021 LD Micro Invitational will be held on the Sequire Virtual Events platform from June 8th to June 10th, 2021 10 AM to 6 PM ET. This three-day, virtual investor conference features approximately 180 companies plus several influential keynote speakers.

About LD Micro (NASDAQ: SRAX)
LD Micro aims to be the most crucial resource in the micro-cap world. Whether it is the index, comprehensive data, or hosting the most significant events on an annual basis, LD’s sole mission to serve as an invaluable asset for all those interested in finding the next generation of great companies. For more information: http://www.ldmicro.com  

About enCore Energy Corp.
enCore Energy Corp. is a U.S. domestic uranium developer focused on becoming a leading in-situ recovery (ISR) uranium producer. The Company is led by a team of industry experts with extensive knowledge and experience in the development and operations of in situ recovery uranium operations. enCore Energy’s opportunities are created from the Company’s transformational acquisition of its two South Texas production facilities, the changing global uranium supply/demand outlook and opportunities for industry consolidation. These short-term opportunities are augmented by our strong long term commitment to working with local indigenous communities in New Mexico where the company holds significant uranium resources.

www.encoreenergycorp.com  

SOURCE enCore Energy Corp.

Release – Energy Fuels to Present at LD Micro Invitational on Tuesday, June 8 2021 as Hall of Fame Presenter

 

 


Energy Fuels to Present at LD Micro Invitational on Tuesday, June 8, 2021 as Hall of Fame Presenter

 

LAKEWOOD, Colo.June 7, 2021 /CNW/ – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Energy Fuels” or the “Company”), the number one U.S. producer of uranium and an emerging U.S. producer of rare earth elements, is pleased to announce that it will be a Hall of Fame Presenter at the upcoming LD Micro Invitational XI virtual event on Tuesday, June 8 at 11:00 AM ET.

Mark S. Chalmers, President and CEO of Energy Fuels, will discuss the Company’s growing, monazite-based rare earth element (“REE”) business under which Energy Fuels recently began ramping up U.S. production of an intermediate REE product, called a mixed REE carbonate, at its White Mesa Mill in Utah. Upon successful ramp-up, this will be a product ready for separation into individual REE oxides. The Company expects to sell this product to a processing facility owned by Neo Performance Materials in Europe. At that point, Energy Fuels and Neo will have integrated a U.S.-Europe rare earth supply chain decoupled from China. The Company is also advancing toward building its own REE separation capabilities at the mill in the coming years, in addition to potentially metal-making and alloying, thereby fully integrating a U.S.-centric rare earth supply chain available to supply growing clean energy markets, including electric vehicles (EVs) and renewable energy systems.

Chris Lahiji, Founder of LD Micro stated: “The Hall of Fame not only highlights companies that have achieved a high rate of return but have also been beneficial to society. I think the world of Energy Fuels and its management, and I’m very proud of what they have achieved. We are looking forward to hosting them at the invitational.”

Event: Energy Fuels’ Hall of Fame Presentation at the LD Micro Invitational XI
Date:   Tuesday, June 8, 2021
Time:   1:00 pm ET (11:00 am MT)

Please register to watch the presentation here.

Summary of LD Micro Invitational XI Event

The 2021 LD Micro Invitational will be held on the Sequire Virtual Events platform on Tuesday, June 8th – Thursday, June 10th, 2021. The festivities run from 7:00 AM PT – 3:00 PM PT / 10:00 AM ET – 6:00 PM ET each day.

This three-day, virtual investor conference is expected to feature around 180 companies, presenting for 25 minutes each, as well as several influential keynotes. The first day of this conference will also feature an exceptional one-time event: the LD Micro Hall of Fame.

About Energy Fuels: Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant, and is in the process of ramping-up to expected commercial production of REE carbonate in 2021. Its corporate offices are in Lakewood, Colorado near Denver, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR“) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE carbonate and uranium from Monazite. The Nichols Ranch ISR Project is currently on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also currently on standby. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” Energy Fuels’ website is www.energyfuels.com. 

Cautionary Note Regarding Forward-Looking Statements: This news release contains “forward-looking information” within the meaning of applicable securities laws in the United States and Canada. Forward-looking information may relate to future events or future performance of Energy Fuels. All statements in this release, other than statements of historical facts, with respect to Energy Fuels’ objectives and goals, as well as statements with respect to its beliefs, plans, objectives, expectations, anticipations, estimates, and intentions, are forward-looking information. Specific forward-looking statements in this discussion include, but are not limited to, the following: Energy Fuels ability to maintain its current position as the leading U.S. producer of uranium; the ability of the White Mesa Mill to produce a mixed REE carbonate to meet commercial specifications on a commercial scale at acceptable costs; the ability of Neo to separate REE carbonate to meet commercial specifications on a commercial scale at acceptable costs; the ability of the Company to license, permit, and construct the infrastructure required to produce separated rare earth oxides and rare earth metals and alloys; and market factors including future demand and prices for rare earths, and the ability of the company to supply EV and renewable energy markets. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: Energy Fuels ability to maintain its current position as the leading U.S. producer of uranium; the ability of the White Mesa Mill to produce a mixed REE carbonate to meet commercial specifications on a commercial scale at acceptable costs; the ability of Neo to separate REE carbonate to meet commercial specifications on a commercial scale at acceptable costs; the ability of the Company to license, permit, and construct the infrastructure required to produce separated rare earth oxides and rare earth metals and alloys; and market factors including future demand and prices for rare earths, and the ability of the company to supply EV and renewable energy markets. Forward-looking statements contained herein are made as of the date of this news release, and Energy Fuels disclaim, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Energy Fuels assumes no obligation to update the information in this communication, except as otherwise required by law.

SOURCE Energy Fuels Inc.

For further information: Investor Inquiries: Energy Fuels Inc., Curtis Moore, VP – Marketing and Corporate Development, (303) 974-2140 or Toll free: (888) 864-2125, investorinfo@energyfuels.com, www.energyfuels.com

Energy Fuels to Present at LD Micro Invitational on Tuesday, June 8, 2021 as Hall of Fame Presenter

 

 


Energy Fuels to Present at LD Micro Invitational on Tuesday, June 8, 2021 as Hall of Fame Presenter

 

LAKEWOOD, Colo.June 7, 2021 /CNW/ – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Energy Fuels” or the “Company”), the number one U.S. producer of uranium and an emerging U.S. producer of rare earth elements, is pleased to announce that it will be a Hall of Fame Presenter at the upcoming LD Micro Invitational XI virtual event on Tuesday, June 8 at 11:00 AM ET.

Mark S. Chalmers, President and CEO of Energy Fuels, will discuss the Company’s growing, monazite-based rare earth element (“REE”) business under which Energy Fuels recently began ramping up U.S. production of an intermediate REE product, called a mixed REE carbonate, at its White Mesa Mill in Utah. Upon successful ramp-up, this will be a product ready for separation into individual REE oxides. The Company expects to sell this product to a processing facility owned by Neo Performance Materials in Europe. At that point, Energy Fuels and Neo will have integrated a U.S.-Europe rare earth supply chain decoupled from China. The Company is also advancing toward building its own REE separation capabilities at the mill in the coming years, in addition to potentially metal-making and alloying, thereby fully integrating a U.S.-centric rare earth supply chain available to supply growing clean energy markets, including electric vehicles (EVs) and renewable energy systems.

Chris Lahiji, Founder of LD Micro stated: “The Hall of Fame not only highlights companies that have achieved a high rate of return but have also been beneficial to society. I think the world of Energy Fuels and its management, and I’m very proud of what they have achieved. We are looking forward to hosting them at the invitational.”

Event: Energy Fuels’ Hall of Fame Presentation at the LD Micro Invitational XI
Date:   Tuesday, June 8, 2021
Time:   1:00 pm ET (11:00 am MT)

Please register to watch the presentation here.

Summary of LD Micro Invitational XI Event

The 2021 LD Micro Invitational will be held on the Sequire Virtual Events platform on Tuesday, June 8th – Thursday, June 10th, 2021. The festivities run from 7:00 AM PT – 3:00 PM PT / 10:00 AM ET – 6:00 PM ET each day.

This three-day, virtual investor conference is expected to feature around 180 companies, presenting for 25 minutes each, as well as several influential keynotes. The first day of this conference will also feature an exceptional one-time event: the LD Micro Hall of Fame.

About Energy Fuels: Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant, and is in the process of ramping-up to expected commercial production of REE carbonate in 2021. Its corporate offices are in Lakewood, Colorado near Denver, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR“) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE carbonate and uranium from Monazite. The Nichols Ranch ISR Project is currently on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also currently on standby. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” Energy Fuels’ website is www.energyfuels.com. 

Cautionary Note Regarding Forward-Looking Statements: This news release contains “forward-looking information” within the meaning of applicable securities laws in the United States and Canada. Forward-looking information may relate to future events or future performance of Energy Fuels. All statements in this release, other than statements of historical facts, with respect to Energy Fuels’ objectives and goals, as well as statements with respect to its beliefs, plans, objectives, expectations, anticipations, estimates, and intentions, are forward-looking information. Specific forward-looking statements in this discussion include, but are not limited to, the following: Energy Fuels ability to maintain its current position as the leading U.S. producer of uranium; the ability of the White Mesa Mill to produce a mixed REE carbonate to meet commercial specifications on a commercial scale at acceptable costs; the ability of Neo to separate REE carbonate to meet commercial specifications on a commercial scale at acceptable costs; the ability of the Company to license, permit, and construct the infrastructure required to produce separated rare earth oxides and rare earth metals and alloys; and market factors including future demand and prices for rare earths, and the ability of the company to supply EV and renewable energy markets. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: Energy Fuels ability to maintain its current position as the leading U.S. producer of uranium; the ability of the White Mesa Mill to produce a mixed REE carbonate to meet commercial specifications on a commercial scale at acceptable costs; the ability of Neo to separate REE carbonate to meet commercial specifications on a commercial scale at acceptable costs; the ability of the Company to license, permit, and construct the infrastructure required to produce separated rare earth oxides and rare earth metals and alloys; and market factors including future demand and prices for rare earths, and the ability of the company to supply EV and renewable energy markets. Forward-looking statements contained herein are made as of the date of this news release, and Energy Fuels disclaim, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Energy Fuels assumes no obligation to update the information in this communication, except as otherwise required by law.

SOURCE Energy Fuels Inc.

For further information: Investor Inquiries: Energy Fuels Inc., Curtis Moore, VP – Marketing and Corporate Development, (303) 974-2140 or Toll free: (888) 864-2125, investorinfo@energyfuels.com, www.energyfuels.com

enCore Energy Corp To Present at LD Micro Invitational XI


enCore Energy Corp To Present at LD Micro Invitational XI

 

VANCOUVER, BCJune 7, 2021 /PRNewswire/ – enCore Energy Corp. (TSXV: EU) (OTCQB: ENCUF) (the “Company“) is pleased to announce the company will be hosting a corporate presentation at the LD Micro Invitational XI Event. William M. Sheriff,  Executive Chairman, & Paul Goranson, CEO will be presenting on Tuesday, June 8th @ 2:30 PM ET. To register to watch the presentation here.

The 2021 LD Micro Invitational will be held on the Sequire Virtual Events platform from June 8th to June 10th, 2021 10 AM to 6 PM ET. This three-day, virtual investor conference features approximately 180 companies plus several influential keynote speakers.

About LD Micro (NASDAQ: SRAX)
LD Micro aims to be the most crucial resource in the micro-cap world. Whether it is the index, comprehensive data, or hosting the most significant events on an annual basis, LD’s sole mission to serve as an invaluable asset for all those interested in finding the next generation of great companies. For more information: http://www.ldmicro.com  

About enCore Energy Corp.
enCore Energy Corp. is a U.S. domestic uranium developer focused on becoming a leading in-situ recovery (ISR) uranium producer. The Company is led by a team of industry experts with extensive knowledge and experience in the development and operations of in situ recovery uranium operations. enCore Energy’s opportunities are created from the Company’s transformational acquisition of its two South Texas production facilities, the changing global uranium supply/demand outlook and opportunities for industry consolidation. These short-term opportunities are augmented by our strong long term commitment to working with local indigenous communities in New Mexico where the company holds significant uranium resources.

www.encoreenergycorp.com  

SOURCE enCore Energy Corp.