Capstone Turbine (NASDAQ: CPST) reported annual losses that widened to 25 cents per share from 20 cents per share last year on lackluster revenue growth. On an annual basis, revenue grew just 1%, even as the company was expecting double-digit growth.
Meanwhile, the manufacturer of microturbine energy systems said its Q4 revenues grew 4% to $22 billion, surpassing the street view of $21.06 billion.
Product revenue increased 11% to $12.8 million, driven by the replacement of underperforming distributors in key markets and the overall continued maturation of the global distribution network.
Adjusted EBITDA loss was $2.2 million, compared to adjusted EBITDA of $0.1 million in the year ago period.
CPST shares rose 1.30% during aftermarket trading on Tuesday. The stock has lost 48% of its value over the past 12 months.
During the fourth quarter of fiscal 2019, Capstone shipped 11.8 megawatts and booked new gross product orders of approximately $18 million. This is compared with $15.4 million of new gross product orders booked during the year-ago period.
In April, the company had reported preliminary Q4 results, where it said quarterly product revenue improved 11% in Q4, lifting the total revenue up 4%.
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