Capstone Green Energy (CGRNQ) 10-Q13 Feb 232023 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - $ / shares	9 Months Ended
Document and Entity Information - $ / shares	Dec. 31, 2022	Feb. 10, 2023
Document Information [Line Items]
Entity Central Index Key	0001009759
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-15957
Entity Registrant Name	Capstone Green Energy Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4180883
Entity Address, Address Line One	16640 Stagg Street
Entity Address, City or Town	Van Nuys
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91406
City Area Code	818
Local Phone Number	734-5300
Entity Listing, Par Value Per Share	$ 0.001
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,347,840
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.001 per share
Trading Symbol	CGRN
Security Exchange Name	NASDAQ
Series B Junior Participating Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series B Junior Participating Preferred Stock Purchase Rights
No Trading Symbol Flag	true

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Current Assets:
Cash and cash equivalents	$ 16,618	$ 22,559
Accounts receivable, net of allowances of $1,013 at December 31, 2022 and $845 at March 31, 2022	15,119	24,665
Inventories, net	25,602	18,465
Prepaid expenses and other current assets	7,125	5,519
Total current assets	64,464	71,208
Property, plant, equipment and rental assets, net	25,906	18,038
Non-current portion of accounts receivable	107	1,212
Non-current portion of inventories	3,055	1,680
Other assets	11,334	8,635
Total assets	104,866	100,773
Current Liabilities:
Accounts payable and accrued expenses	26,087	25,130
Accrued salaries and wages	1,421	1,147
Accrued warranty reserve	1,540	1,483
Deferred revenue	9,699	9,185
Current portion of notes payable and lease obligations	2,201	675
Term note payable	50,974
Total current liabilities	91,922	37,620
Deferred revenue - non-current	817	981
Term note payable - non-current		50,949
Long-term portion of notes payable and lease obligations	11,036	5,809
Total liabilities	103,775	95,359
Commitments and contingencies (Note 14)
Stockholders' Equity:
Preferred stock, $.001 par value; 1,000,000 shares authorized; none issued
Common stock, $.001 par value; 51,500,000 shares authorized, 18,464,854 shares issued and 18,347,840 shares outstanding at December 31, 2022; 15,398,368 shares issued and 15,296,735 shares outstanding at March 31, 2022	18	15
Additional paid-in capital	954,982	946,969
Accumulated deficit	(951,770)	(939,482)
Treasury stock, at cost; 117,014 shares at December 31, 2022 and 101,633 shares at March 31, 2022	(2,139)	(2,088)
Total stockholders' equity	1,091	5,414
Total liabilities and stockholders' equity	$ 104,866	$ 100,773

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Accounts receivable, allowances
Accounts receivable, allowances	$ 1,013	$ 845
Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	51,500,000	51,500,000
Common stock, shares issued (in shares)	18,464,854	15,398,368
Common stock, shares outstanding (in shares)	18,347,840	15,296,735
Treasury stock
Treasury stock, shares (in shares)	117,014	101,633

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenue, net:
Total revenue, net	$ 19,606	$ 20,609	$ 59,033	$ 53,887
Cost of goods sold:
Total cost of goods sold	16,937	18,392	49,482	46,312
Gross profit	2,669	2,217	9,551	7,575
Operating expenses:
Research and development	634	767	1,726	2,637
Selling, general and administrative	5,397	5,293	15,423	17,055
Total operating expenses	6,031	6,060	17,149	19,692
Loss from operations	(3,362)	(3,843)	(7,598)	(12,117)
Other income (expense)	5	(21)	(43)	639
Interest income	43	5	74	16
Interest expense	(1,900)	(1,287)	(4,618)	(3,800)
Gain (loss) on debt extinguishment				1,950
Loss before provision for income taxes	(5,214)	(5,146)	(12,185)	(13,312)
Provision for income taxes			6	10
Net loss	(5,214)	(5,146)	(12,191)	(13,322)
Less: Deemed dividend on purchase warrant for common shares			97
Net loss attributable to common stockholders	$ (5,214)	$ (5,146)	$ (12,288)	$ (13,322)
Net loss per common share attributable to common stockholders-basic (in dollars per share)	$ (0.28)	$ (0.34)	$ (0.73)	$ (0.92)
Net loss per common share attributable to common stockholders-diluted (in dollars per share)	$ (0.28)	$ (0.34)	$ (0.73)	$ (0.92)
Weighted average shares used to calculate basic net loss per common share attributable to common stockholders (in shares)	18,351	15,236	16,824	14,548
Weighted average shares used to calculate diluted net loss per common share attributable to common stockholders (in shares)	18,351	15,236	16,824	14,548
Product and accessories
Revenue, net:
Total revenue, net	$ 10,003	$ 12,329	$ 29,773	$ 29,183
Cost of goods sold:
Total cost of goods sold	11,629	12,689	33,017	30,479
Parts, service and rentals
Revenue, net:
Total revenue, net	9,603	8,280	29,260	24,704
Cost of goods sold:
Total cost of goods sold	$ 5,308	$ 5,703	$ 16,465	$ 15,833

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock	Total
Balance at Mar. 31, 2021	$ 13	$ 934,381	$ (919,271)	$ (1,949)	$ 13,174
Balance (in shares) at Mar. 31, 2021	12,898,144
Balance, treasury stock (in shares) at Mar. 31, 2021				73,954
Increase (Decrease) in Stockholders' Equity
Purchase of treasury stock				$ (29)	(29)
Purchase of treasury stock (in shares)				3,353
Vested restricted stock awards		29			29
Vested restricted stock awards (in shares)	19,096
Stock-based compensation		305			305
Issuance of common stock, net of issuance costs	$ 2	11,203			11,205
Issuance of common stock, net of issuance costs (in shares)	2,289,651
Net loss			(2,182)		(2,182)
Balance at Jun. 30, 2021	$ 15	945,918	(921,453)	$ (1,978)	22,502
Balance (in shares) at Jun. 30, 2021	15,206,891
Balance, treasury stock (in shares) at Jun. 30, 2021				77,307
Balance at Mar. 31, 2021	$ 13	934,381	(919,271)	$ (1,949)	13,174
Balance (in shares) at Mar. 31, 2021	12,898,144
Balance, treasury stock (in shares) at Mar. 31, 2021				73,954
Increase (Decrease) in Stockholders' Equity
Net loss					(13,322)
Balance at Dec. 31, 2021	$ 15	946,621	(932,593)	$ (2,078)	11,965
Balance (in shares) at Dec. 31, 2021	15,343,125
Balance, treasury stock (in shares) at Dec. 31, 2021				98,963
Balance at Jun. 30, 2021	$ 15	945,918	(921,453)	$ (1,978)	22,502
Balance (in shares) at Jun. 30, 2021	15,206,891
Balance, treasury stock (in shares) at Jun. 30, 2021				77,307
Increase (Decrease) in Stockholders' Equity
Purchase of treasury stock				$ (92)	(92)
Purchase of treasury stock (in shares)				20,006
Vested restricted stock awards		53			53
Vested restricted stock awards (in shares)	48,313
Stock-based compensation		333			333
Stock awards to Board of Directors (in shares)	70,260
Issuance of common stock, net of issuance costs		(26)			(26)
Net loss			(5,994)		(5,994)
Balance at Sep. 30, 2021	$ 15	946,278	(927,447)	$ (2,070)	16,776
Balance (in shares) at Sep. 30, 2021	15,325,464
Balance, treasury stock (in shares) at Sep. 30, 2021				97,313
Increase (Decrease) in Stockholders' Equity
Purchase of treasury stock				$ (8)	(8)
Purchase of treasury stock (in shares)				1,650
Vested restricted stock awards		8			8
Vested restricted stock awards (in shares)	17,661
Stock-based compensation		335			335
Net loss			(5,146)		(5,146)
Balance at Dec. 31, 2021	$ 15	946,621	(932,593)	$ (2,078)	11,965
Balance (in shares) at Dec. 31, 2021	15,343,125
Balance, treasury stock (in shares) at Dec. 31, 2021				98,963
Balance at Mar. 31, 2022	$ 15	946,969	(939,482)	$ (2,088)	$ 5,414
Balance (in shares) at Mar. 31, 2022	15,398,368				15,398,368
Balance, treasury stock (in shares) at Mar. 31, 2022				101,633	101,633
Increase (Decrease) in Stockholders' Equity
Purchase of treasury stock				$ (36)	$ (36)
Purchase of treasury stock (in shares)				9,296
Vested restricted stock awards		36			36
Vested restricted stock awards (in shares)	33,234
Stock-based compensation		232			232
Net loss			(2,059)		(2,059)
Balance at Jun. 30, 2022	$ 15	947,237	(941,541)	$ (2,124)	3,587
Balance (in shares) at Jun. 30, 2022	15,431,602
Balance, treasury stock (in shares) at Jun. 30, 2022				110,929
Balance at Mar. 31, 2022	$ 15	946,969	(939,482)	$ (2,088)	$ 5,414
Balance (in shares) at Mar. 31, 2022	15,398,368				15,398,368
Balance, treasury stock (in shares) at Mar. 31, 2022				101,633	101,633
Increase (Decrease) in Stockholders' Equity
Net loss					$ (12,191)
Balance at Dec. 31, 2022	$ 18	954,982	(951,770)	$ (2,139)	$ 1,091
Balance (in shares) at Dec. 31, 2022	18,485,482				18,464,854
Balance, treasury stock (in shares) at Dec. 31, 2022				117,014	117,014
Balance at Jun. 30, 2022	$ 15	947,237	(941,541)	$ (2,124)	$ 3,587
Balance (in shares) at Jun. 30, 2022	15,431,602
Balance, treasury stock (in shares) at Jun. 30, 2022				110,929
Increase (Decrease) in Stockholders' Equity
Purchase of treasury stock				$ (15)	(15)
Purchase of treasury stock (in shares)				6,085
Vested restricted stock awards		15			15
Vested restricted stock awards (in shares)	28,882
Stock-based compensation		154			154
Stock awards to Board of Directors (in shares)	54,585
Issuance of common stock, net of issuance costs	$ 3	7,247			7,250
Issuance of common stock, net of issuance costs (in shares)	2,934,498
Deemed dividend on purchase warrant for common shares		97	(97)
Net loss			(4,918)		(4,918)
Balance at Sep. 30, 2022	$ 18	954,750	(946,556)	$ (2,139)	6,073
Balance (in shares) at Sep. 30, 2022	18,449,567
Balance, treasury stock (in shares) at Sep. 30, 2022				117,014
Increase (Decrease) in Stockholders' Equity
Vested restricted stock awards (in shares)	35,915
Stock-based compensation		232			232
Net loss			(5,214)		(5,214)
Balance at Dec. 31, 2022	$ 18	$ 954,982	$ (951,770)	$ (2,139)	$ 1,091
Balance (in shares) at Dec. 31, 2022	18,485,482				18,464,854
Balance, treasury stock (in shares) at Dec. 31, 2022				117,014	117,014

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net loss	$ (12,191)	$ (13,322)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,345	1,337
Amortization of financing costs and discounts	60	26
Amortization of right-of-use assets	848	552
Gain on debt extinguishment		(1,950)
Bad debt expense	237
Inventory provision	771	386
Provision for warranty expenses	369	358
Provision for sales returns, net	81
Stock-based compensation	617	973
Changes in operating assets and liabilities:
Accounts receivable	9,077	(6,249)
Inventories	(9,080)	(5,637)
Prepaid expenses, other current assets and other assets	(933)	509
Accounts payable and accrued expenses	(276)	5,953
Accrued salaries and wages and long-term liabilities	274	(168)
Accrued warranty reserve	(312)	(4,780)
Deferred revenue	350	(981)
Net cash used in operating activities	(7,763)	(22,993)
Cash Flows from Investing Activities:
Expenditures for property, plant, equipment and rental assets	(3,999)	(5,748)
Net cash used in investing activities	(3,999)	(5,748)
Cash Flows from Financing Activities:
Repayment of notes payable and lease obligations	(1,429)	(590)
Cash used in employee stock-based transactions	(52)	(129)
Net proceeds from issuance of common stock and warrants	7,302	11,194
Net cash provided by financing activities	5,821	10,475
Net increase (decrease) in Cash and Cash Equivalents	(5,941)	(18,266)
Cash and Cash Equivalents, Beginning of Period	22,559	49,533
Cash and Cash Equivalents, End of Period	16,618	31,267
Supplemental Disclosures of Cash Flow Information:
Interest	4,128	3,818
Income taxes	13	17
Supplemental Disclosures of Non-Cash Information:
Acquisition of property and equipment through accounts payable and notes payable	565	118
Renewal of insurance contracts financed by notes payable	665	567
Issuance of common stock for services to be received		$ 75
Deemed dividend	97
Right-of-use assets obtained in exchange for lease obligations	$ 9,764

Business and Organization

Business and Organization	9 Months Ended
Business and Organization	Dec. 31, 2022
Business and Organization
Business and Organization	1. Business and Organization Capstone Green Energy Corporation (“Capstone” or the “Company”) is a provider of customized microgrid solutions, on site resilient green Energy as a Service (“EaaS”) solutions, and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. These solutions include stationary distributed power generation applications and distribution networks, including cogeneration (combined heat and power (“CHP”)), integrated combined heat and power (“ICHP”), and combined cooling, heat and power (“CCHP”), renewable energy, natural resources, and critical power supply. In April 2021, the Company added additional products to its portfolio and shifted its focus to four key business lines. The Energy Conversion Products business line is driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems, which offer scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. Through the Energy as a Service business line, the Company offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive factory protection plan service contracts that guarantee life-cycle costs, as well as aftermarket spare parts. The Company’s two emerging business lines are Energy Storage Products and Hydrogen Energy Solutions. The Energy Storage Products business line is driven by the design and installation of microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through the Company’s Hydrogen Energy Solutions business line, it offers customers a variety of hydrogen products, including the Company’s microturbine energy systems. Because these are still emerging offerings, Energy Storage Products and Hydrogen Energy Solutions’ revenue has been immaterial to date. The Company was organized in 1988 and has been commercially producing its microturbine generators since 1998.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
Basis of Presentation and Significant Accounting Policies	Dec. 31, 2022
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The condensed consolidated balance sheet at March 31, 2022 was derived from audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the Fiscal year ended March 31, 2022. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the interim condensed consolidated financial statements include all adjustments (including normal recurring adjustments) necessary for a fair presentation of the financial condition, results of operations and cash flows for such periods. Results of operations for any interim period are not necessarily indicative of results for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the Fiscal Year 2022 filed with the SEC on July 13, 2022. This Quarterly Report on Form 10-Q (this “Form 10-Q”) refers to the Company’s fiscal years ending March 31 as its “Fiscal” years. Significant Accounting Policies Liquidity and Going Concern alternatives related to the Note Payable as well as to raise incremental capital for general corporate purposes. Greenhill’s refinancing efforts are ongoing as of December 31, 2022. As there is no guarantee that the Company will successfully complete these financing activities, these conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the date of the financial statements are issued. Basis for Consolidation

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
Recently Issued Accounting Pronouncements	Dec. 31, 2022
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	3. Recently Issued Accounting Pronouncements Not yet adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this ASU provide guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable forecasts. With certain exceptions, the transition to the new guidance will be through a cumulative effect adjustment to opening accumulated deficit as of the beginning of the first reporting period in which the guidance is adopted. In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) (“ASU 2019-10”), which defers the adoption of ASU 2016-13 for Smaller Reporting Companies (“SRCs”) as defined by the SEC for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of ASU 2016-13 on its condensed consolidated financial statements and related disclosures. Management considers the applicability and impact of all Accounting Standards Updates (“ASUs”). The ASUs not listed were assessed and determined by management to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial position and/or results of operations.

Customer Concentrations and Acc

Customer Concentrations and Accounts Receivable	9 Months Ended
Customer Concentrations and Accounts Receivable	Dec. 31, 2022
Customer Concentrations and Accounts Receivable
Customer Concentrations and Accounts Receivable	4. Customer Concentrations and Accounts Receivable RSP Systems and Cal Microturbine, two of the Company’s domestic distributors, accounted for 21% and 14% of revenue for the three months ended December 31, 2022, respectively. E-Finity Distributed Generation, LLC (“E-Finity”), one of the Company’s domestic distributors, Radian Oil & Gas Services Co, one of the Company’s international direct customers, and RSP Systems, accounted for 13%, 10%, and 10% of revenue for the three months ended December 31, 2021, respectively. Cal Microturbine and RSP Systems accounted for 16% and 13% of revenue for the nine months ended December 31, 2022, respectively. E-Finity accounted for 15% of revenue for the nine months ended December 31, 2021. Additionally, E-Finity accounted for 13% and 28% of net accounts receivable as of December 31, 2022 and March 31, 2022, respectively. The Company recorded a net bad debt expense of $0.2 million during the three and nine months ended December 31, 2022. The Company had no bad debt expense during the three and nine months ended December 31, 2021.

Inventories

Inventories	9 Months Ended
Inventories	Dec. 31, 2022
Inventories
Inventories	5. Inventories Inventories are valued at the lower of cost (determined on a first in first out (“FIFO”) basis) or net realizable value and consisted of the following (in thousands): December 31, March 31, 2022 2022 Raw materials $ 30,648 $ 20,071 Finished goods 399 1,935 Total 31,047 22,006 Less: inventory reserve (2,390) (1,861) Less: non-current portion (3,055) (1,680) Total inventory, net-current portion $ 25,602 $ 18,465 The non-current portion of inventories represent the portion of inventories in excess of amounts expected to be sold or used in the next twelve months and is primarily comprised of repair parts for older generation products still in operation but not technologically compatible with current configurations. The non-current portion also includes inventory that has long lead times. The weighted average age of the non-current portion of inventories on hand as of December 31, 2022 is 0.8 years. The Company expects to use the non-current portion of the inventories on hand as of December 31, 2022 over the periods presented in the following table (in thousands): Non-current Inventory Balance Expected Expected Period of Use to be Used 13 to 24 months $ 1,645 25 to 36 months 1,410 Total $ 3,055

Property, Plant, Equipment and

Property, Plant, Equipment and Rental Assets	9 Months Ended
Property, Plant, Equipment and Rental Assets	Dec. 31, 2022
Property, Plant, Equipment and Rental Assets
Property, Plant, Equipment and Rental Assets	6. Property, Plant, Equipment and Rental Assets Property, plant, equipment and rental assets consisted of the following (in thousands): December 31, March 31, 2022 2022 Machinery, equipment, automobiles and furniture $ 14,603 $ 15,945 Leasehold improvements 8,868 8,848 Molds and tooling 3,516 3,469 Rental assets 28,519 17,079 55,506 45,341 Less: accumulated depreciation (29,600) (27,303) Total property, plant, equipment and rental assets, net $ 25,906 $ 18,038 During the nine months ended December 31, 2022, the Company deployed an additional 12.4 megawatts (“MWs”) of microturbine systems with a book value of approximately $11.4 million under its long-term rental program, bringing the total rental fleet to 33.5 MWs. The Company regularly assesses the useful lives of property and equipment and retires assets no longer in service. Depreciation expense for property, plant, equipment and rental assets was $0.9 million and $0.5 million for the three months ended December 31, 2022 and 2021, respectively. Depreciation expense for property, plant, equipment and rental assets was $2.3 million and $1.2 million for the nine months ended December 31, 2022 and 2021, respectively.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Dec. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	7. Stock-Based Compensation The following table summarizes, by condensed consolidated statements of operations line item, stock-based compensation expense (in thousands): Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Cost of goods sold $ 8 $ 29 $ 23 $ 86 Research and development 24 22 73 57 Selling, general and administrative 200 284 521 830 Stock-based compensation expense $ 232 $ 335 $ 617 $ 973 Stock Plans 2000 Equity Incentive Plan and 2017 Equity Incentive Plan In June 2017, the Company’s Board adopted the Capstone Green Energy Corporation 2017 Equity Incentive Plan (the “2017 Plan”), which was approved by the stockholders at the Company’s 2017 annual meeting of stockholders on August 31, 2017 (the “2017 Annual Meeting”). The 2017 Plan initially provided for awards of up to 300,000 shares of Common Stock. The 2017 Plan is administered by the Compensation and Human Capital Committee designated by the Board (the “Compensation Committee”). The Compensation Committee’s authority includes determining the number of incentive awards and vesting provisions. On June 5, 2018, the Company’s Board of Directors adopted an amendment to the 2017 Plan to increase the aggregate number of shares of Common Stock authorized for issuance under the 2017 Plan by 300,000 shares of Common Stock. The amendment of the 2017 Plan was approved by the Company’s stockholders at the 2018 annual meeting of stockholders on August 30, 2018. Since this time, the Company’s stockholders have approved amendments to increase the aggregate number of shares authorized for issuance under the 2017 Plan by an additional 2,200,000 shares of Common Stock, including, most recently, on June 7, 2022, the Company’s Board of Directors adopted Amendment No. 6 (the “Plan Amendment”) of the 2017 Plan to increase the aggregate number of shares of Common Stock authorized for issuance under the 2017 Plan by 600,000 shares of Common Stock. The Plan amendment was approved by the Company’s stockholders at the 2022 annual meeting of stockholders on September 12, 2022. As of December 31, 2022, there were 1,117,061 shares available for future grants under the 2017 Plan. Restricted Stock Units and Performance Restricted Stock Units The Company issued restricted stock units under the Company’s 2000 Equity Incentive Plan, as well as issued (and may in the future issue) restricted stock units under the 2017 Plan to employees, non-employee directors and consultants. The restricted stock units are valued based on the closing price of the Company’s Common Stock on the date of issuance, and compensation cost is recorded on a straight-line basis over the vesting period. The restricted stock units issued to employees vest over a period of two three one one one one date. The following table summarizes restricted stock unit and performance restricted stock unit (“PRSU”) activity during the nine months ended December 31, 2022: Weighted Average Grant Date Fair Restricted Stock Units and Performance Restricted Stock Units Shares Value Non-vested restricted stock units outstanding at March 31, 2022 591,805 $ 5.66 Granted 512,164 2.11 Vested and issued (152,616) 5.81 Forfeited (214,517) 4.55 Non-vested restricted stock units outstanding at December 31, 2022 736,836 3.48 Restricted stock units expected to vest beyond December 31, 2022 736,836 $ 3.48 The following table provides additional information on restricted stock units and performance restricted stock units: Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Restricted stock compensation expense (in thousands) $ 232 $ 335 $ 617 $ 973 Aggregate fair value of restricted stock units vested and issued (in thousands) $ 37 $ 94 $ 423 $ 798 Weighted average grant date fair value of restricted stock units granted during the period $ 1.59 $ 4.70 $ 2.11 $ 5.45 As of December 31, 2022, there was approximately $1.7 million of total compensation cost related to unvested restricted stock units that is expected to be recognized as an expense over a weighted average period of 2.3 years. The Company’s PRSU activity is included in the above restricted stock units tables. The PRSU program has a three-year performance measurement period. The performance measurement occurs in the third year (for a three-year grant) following the grant date. The program is intended to have overlapping performance measurement periods (e.g., a new three-year cycle begins each year on April 1), subject to Compensation Committee approval. The overall performance at the end of the three-year period will be defined as the average of the yearly goals to determine the payout. Overall performance and payout at the end of the three-year period will be defined as the average of the three annual goals performance versus that years actual. At the end of each performance measurement period, the Compensation Committee will determine the achievement against the performance objectives. During the nine months ended December 31, 2022, the Company granted 72,412 PRSUs with a three-year performance measurement and the criteria measured by the Company’s aftermarket sales absorption. During the nine months ended December 31, 2021, the Company granted 35,986 PRSUs with a three-year performance measurement period. The target PRSU awards for each participant, will be paid upon achievement of the target level of performance for cash flow from operations and aftermarket sale absorption, taking into account the applicable weighing for the individual metric. Achievement of a performance goal at the threshold level will result in a payment that is 50% of the target PRSU award. Achievement of a performance goal at the maximum level will result in a payment that is 150% of the target PRSU award. The Compensation Committee will use an interpolation table that weighs performance between levels for determining the portion of the Target PRSU that is earned. The weighted average per share grant date fair value of PRSUs granted during the nine months ended December 31, 2022 and 2021, was $3.80 and $8.39, respectively. Based on the Company’s assessment as of December 31, 2022, the Company will not meet the threshold of the performance measurements, and as a result, no compensation expense was recorded during the nine months ended December 31, 2022 and 2021. Compensation expense is recognized over the corresponding requisite service period and will be adjusted in subsequent reporting periods if the Company’s assessment of the probable level of achievement of the performance goals change. The Company will continue to assess the likelihood of the PRSU threshold being met until the end of the applicable performance period. Stockholder Rights Plan On May 6, 2019, the Board declared a dividend of one right (a “New Right”) for each of the Company’s issued and outstanding shares of Common Stock. The dividend was paid to the stockholders of record at the close of business on May 16, 2019 (the “Record Date”). Each New Right entitles the registered holder, subject to the terms of the NOL Rights Agreement (as defined below), to purchase from the Company one one The NOL Rights Agreement replaced the Company’s Rights Agreement, dated May 6, 2016, by and between the Company and Broadridge Financial Solutions, Inc., as successor-in-interest to Computershare Inc., as rights agent (the “Original Rights Agreement”). The Original Rights Agreement, and the rights thereunder to purchase fractional shares of Preferred Stock, expired at 5:00 p.m., New York City time, on May 6, 2019 and the NOL Rights Agreement was entered into immediately thereafter. The purpose of the NOL Rights Agreement is to diminish the risk that the Company’s ability to use its net operating losses and certain other tax assets (collectively, “Tax Benefits”) to reduce potential future federal income tax obligations would become subject to limitations by reason of the Company’s experiencing an “ownership change,” as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the “Tax Code”). A company generally experiences such an ownership change if the percentage of its stock owned by its “5-percent shareholders,” as defined in Section 382 of the Tax Code, increases by more than 50 percentage points over a rolling three-year period. The NOL Rights Agreement is designed to reduce the likelihood that the Company will experience an ownership change under Section 382 of the Tax Code by (i) discouraging any person or group from becoming a 4.9% or greater shareholder and (ii) discouraging any existing 4.9% or greater shareholder from acquiring additional shares of the Company’s stock. The New Rights will not be exercisable until the earlier to occur of (i) the close of business on the tenth business day after a public announcement or filing that a person has, or group of affiliated or associated persons have, become an “Acquiring Person,” which is defined as a person or group of affiliated or associated persons who, at any time after the date of the NOL Rights Agreement, have acquired, or obtained the right to acquire, beneficial ownership of 4.9% or more of the Company’s outstanding shares of Common Stock, subject to certain exceptions or (ii) the close of business on the tenth business day after the commencement of, or announcement of an intention to commence, a tender offer or exchange offer the consummation of which would result in any person becoming an Acquiring Person (the earlier of such dates being called the “Distribution Date”). Certain synthetic interests in securities created by derivative positions, whether or not such interests are considered to be ownership of the underlying Common Stock or are reportable for purposes of Regulation 13D of the Exchange Act, are treated as beneficial ownership of the number of shares of Common Stock equivalent to the economic exposure created by the derivative position, to the extent actual shares of the Common Stock are directly or indirectly held by counterparties to the derivatives contracts. With respect to certificates representing shares of Common Stock outstanding as of the Record Date, until the Distribution Date, the New Rights will be evidenced by such certificates for shares of Common Stock registered in the names of the holders thereof, and not by separate Rights Certificates, as described further below. With respect to book entry shares of Common Stock outstanding as of the Record Date, until the Distribution Date, the New Rights will be evidenced by the balances indicated in the book entry account system of the transfer agent for the Common Stock. Until the earlier of the Distribution Date and the Expiration Date, as described below, the transfer of any shares of Common Stock outstanding on the Record Date will also constitute the transfer of the New Rights associated with such shares of Common Stock. As soon as practicable after the Distribution Date, separate certificates evidencing the New Rights (“Right Certificates”) will be mailed to holders of record of the Common Stock as of the close of business on the Distribution Date, and such Right Certificates alone will evidence the New Rights. The New Rights, which are not exercisable until the Distribution Date, will expire prior to the earliest of (i) May 6, 2022 or such later day as may be established by the Board prior to the expiration of the New Rights, provided that the extension is submitted to the Company’s stockholders for ratification at the next annual meeting of stockholders of the Company succeeding such extension; (ii) the time at which the New Rights are redeemed pursuant to the NOL Rights Agreement; (iii) the time at which the New Rights are exchanged pursuant to the NOL Rights Agreement; (iv) the time at which the New Rights are terminated upon the occurrence of certain transactions; (v) the close of business on the first day after the Company’s 2019 annual meeting of stockholders, if approval by the stockholders of the Company of the NOL Rights Agreement has not been obtained on or prior to the close of business on the first day after the Company’s 2019 annual meeting of stockholders; (vi) the close of business on the effective date of the repeal of Section 382 of the Tax Code, if the Board determines that the NOL Rights Agreement is no longer necessary or desirable for the preservation of Tax Benefits; and (vii) the close of business on the first day of a taxable year of the Company to which the Board determines that no Tax Benefits are available to be carried forward, (the earliest of (i), (ii), (iii), (iv), (v), (vi) and (vii) is referred to as the “Expiration Date”). Each share of Preferred Stock will be entitled, when, as and if declared, to a preferential per share quarterly dividend payment equal to the greater of (i) $1.00 per share or (ii) an amount equal to 1,000 times the aggregate quarterly dividend declared per share of Common Stock since the immediately preceding quarterly dividend payment date for the Common Stock (or, with respect to the first quarterly dividend payment on the Common Stock, since the first issuance of the Preferred Stock). Each share of Preferred Stock will entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Company. In the event of any merger, consolidation or other transaction in which shares of Common Stock are converted or exchanged, each share of Preferred Stock will be entitled to receive 1,000 times the amount received per one share of Common Stock. On April 7, 2022, the Board approved an extension of the NOL Rights Agreement from May 6, 2022 to May 6, 2025. This extension was approved by the stockholders at the 2022 annual meeting of stockholders held on September 12, 2022.

Offerings of Common Stock and W

Offerings of Common Stock and Warrants	9 Months Ended
Offerings of Common Stock and Warrants	Dec. 31, 2022
Offerings of Common Stock and Warrants
Offerings of Common Stock and Warrants	8. Offerings of Common Stock and Warrants Common Stock Offerings On June 17, 2021, the Company entered into an amended and restated underwriting agreement (the “Wainwright Underwriting Agreement”) with H.C. Wainwright & Co., LLC (”Wainwright”) whereby the Company agreed to sell to Wainwright, and Wainwright agreed to purchase, in a firm commitment underwritten public offering 1,904,763 shares (the “Wainwright Shares”) of the Company’s Common Stock, $0.001 par value per share (the “Wainwright Offering”). The offering price to the public in the Offering was $5.25 per share of Common Stock, and the Underwriter agreed to purchase the Wainwright Shares from the Company pursuant to the Wainwright Underwriting Agreement at a price of $4.91 per share, representing an underwriting discount of 6.5%. Pursuant to the Wainwright Underwriting Agreement, the Company also granted Wainwright an option to purchase, for a period of 30 days from the date of the Underwriting Agreement, up to an additional 285,714 shares of Common Stock (the “Option Shares”). On June 21, 2021, Wainwright exercised the option in full. The Wainwright Offering of the Wainwright Shares was registered pursuant to a shelf registration statement (No. 333-254290) on Form S-3 filed by the Company with the Securities and Exchange Commission on March 22, 2021, and declared effective on April 14, 2021 (the “Registration Statement”), and made pursuant to a prospectus supplement, dated June 17, 2021, and accompanying prospectus that form a part of the Registration Statement relating to the Offering. The Offering closed on June 22, 2021, and the Company received net proceeds of $10.5 million after deducting $1.0 million in underwriting discounts, commissions and offering expenses paid by the Company. On August 18, 2022, the Company entered into an underwriting agreement (the “Lake Street Underwriting Agreement”) with Lake Street Capital Markets, LLC and Joseph Gunnar and Company, LLC (the “Underwriters”) whereby the Company agreed to sell to the Underwriters, and the Underwriters agreed to purchase, in a firm commitment underwritten public offering 2,934,498 (the “Lake Street Shares”) of the Company’s Common Stock, $0.001 par value per share (the “Lake Street Offering”) and accompanying warrants to purchase up to 2,934,498 shares of common stock. The offering price to the public in the Offering was $2.75 per share of Common Stock and accompanying warrant, and the Underwriter agreed to purchase the shares and accompanying warrants from the Company pursuant to the Underwriting Agreement at a price of $2.585 per share and accompanying warrant, representing an underwriting discount of 6.0%. The Lake Street Offering of the Lake Street Shares was registered pursuant to the Registration Statement, and made pursuant to a prospectus supplement, dated August 22, 2022, and accompanying prospectus that form a part of the Registration Statement relating to the Lake Street Offering. The Lake Street Offering closed on August 24, 2022, and the Company received net proceeds of $7.3 million after deducting $0.8 million in underwriting discounts, commissions and offering expenses paid by the Company. Warrants Goldman Warrant On February 4, 2019, the Company sold to Goldman Sachs & Co. LLC (the “Holder”), a Purchase Warrant Warrant On December 9, 2019, the Company entered into an Amendment No. 1 to the Purchase Warrant for Common Shares (the “Amendment No. 1”) with Special Situations Investing Group II, LLC (as successor in interest to Goldman Sachs & Co. LLC) (the “Warrant Holder”) that amends the Warrant. The Amendment No. 1 amended the Warrant to increase the number of Warrant Shares issuable under the Warrant (on a post-reverse split basis) and to decrease the exercise price from $8.86 per share (on a post-reverse split basis) to $3.80 per share (the “Per Share Warrant Exercise Price”). The Amendment No. 1 also amends the Warrant such that the Per Share Anti-Dilution Price is equal to the Per Share Warrant Exercise Price. As a result of the decrease in exercise price, the Company recorded the change in valuation of $0.3 million as additional debt discount with a corresponding entry to additional paid-in capital in the condensed consolidated balance sheets and statements of stockholders equity. On June 16, 2020, the Company entered into an Amendment No. 2 to the Purchase Warrant for Common Shares (“Amendment No. 2”) with the Warrant Holder to increase the number of Warrant Shares (as defined therein) issuable under the Warrant and to decrease the exercise price from $3.80 per share to $2.61 per share (the “Per Share Warrant Exercise Price”). The Company would receive aggregate gross proceeds of $1,186,313 if the outstanding Warrant is exercised at the new Per Share Warrant Exercise Price. Goldman “2020 Warrant” On October 1, 2020, the Company entered into an Amendment No. 3 to the Purchase Warrant for Common Shares (the “Amendment No. 3”) with Special Situations Investing Group II, LLC (as successor in interest to Goldman Sachs & Co. LLC) (the “Warrant Holder”) that amends that certain Purchase Warrant for Common Shares originally issued by the Company to Goldman Sachs & Co. LLC, dated February 4, 2019, as amended (the “Original Warrant”). Amendment No. 3 amends the Original Warrant to amend Section 2.1, Section 2.2(c) and Section 18.1 of the Original Warrant to, among other things, make certain changes necessitated by the issuance of a second warrant (the “2020 Warrant”) to the Warrant Holder pursuant to the Company’s entry into the Amended & Restated (“A&R”) Note Purchase Agreement (see Note 10 – Term Note Payable). On October 1, 2020, and pursuant to the Company’s entry into the A&R Note Purchase Agreement, the Company sold to the Warrant Holder the 2020 Warrant Warrant Option Pricing model Risk-free interest rate 0.2% Contractual term 3 years Expected volatility 81.0% Amendment No. 2 also amends the Warrant such that the Per Share Anti-Dilution Price (as defined therein) is equal to the Per Share Warrant Exercise Price as provided in the Amendment No. 2 to the Warrant. As a result of the decrease in exercise price, the Company recorded the change in valuation of $0.1 million as additional debt discount with a corresponding entry to additional paid in capital in the condensed consolidated balance sheets and statements of stockholders equity. All other terms and provisions in the Warrant remain in effect. September 2019 Pre-Funded and Series D Warrants On September 4, 2019, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with certain institutional and accredited investors pursuant to which the Company agreed to issue and sell in a registered direct offering (the “Registered Direct Offering”) an aggregate of 580,000 shares of Common Stock, at a negotiated purchase price of $5.00 per share, and pre-funded warrants to purchase up to an aggregate of 440,000 shares of Common Stock at a negotiated purchase price of $5.00 per pre-funded warrant, for aggregate gross proceeds of approximately $5.1 million (580,000 shares of Common Stock plus 440,000 pre-funded warrants at a $5.00 per share purchase price), before deducting placement agent fees and other offering expenses. Net proceeds from the offering were $4.6 million. The offering closed on September 9, 2019. On October 24, 2019, a warrant holder exercised its rights to the warrant agreement to exercise on a cash basis 440,000 pre-funded warrants at an exercise price of $0.001 per share under the warrant agreement. In a concurrent private placement, the Company issued to the purchasers warrants to purchase 765,000 shares of Common Stock, which represent 75% of the number of shares of Common Stock and shares underlying the pre-funded warrants purchased in the Registered Direct Offering, pursuant to the Securities Purchase Agreement. The Common Warrants will be exercisable for shares of Common Stock at an initial exercise price of $6.12 per share for a period of five years, starting on April 2, 2020 and expiring on April 2, 2025. In January 2021, three warrant holders exercised their rights to the warrant agreement to exercise on a cashless basis 690,000 Series D warrants at an exercise price of $6.12 per share under the warrant agreement. In accordance with terms of the warrant agreement, after taking into account the shares withheld to satisfy the cashless exercise option, the Company issued 352,279 shares of Common Stock. As of December 31, 2022, there were 75,000 Series D warrants outstanding. August 2022 Warrants On August 24, 2022 the Company issued 2,934,498 of common stock warrants with an exercise price of $2.75 in conjunction with the Lake Street Offering. Stock to Vendors From time to time, the Company may enter into agreements with vendors for sponsorship, marketing or investor relation services whereby it may agree to compensate the vendor in cash and unregistered shares of Common Stock of the Company. The value of the unregistered shares of Common Stock is recorded as prepaid marketing cost and included in prepaid expenses and other current assets and stockholder’s equity in the Condensed Consolidated Balance Sheets and is amortized in proportion to the terms of their respective agreements. On February 17, 2021 and April 1, 2021, the Company issued 105,933 and 9,541 shares of the Company’s Common Stock, under a sponsorship agreement and an investor relations consulting agreement, respectively, to vendors. The prepaid marketing cost amortization associated with the Common Stock issued were $0.5 million and $1.0 million during the three and nine months ended December 31, 2021, respectively, and were included in selling, general and administrative expenses in the condensed consolidated statements of operations. As of December 31, 2022, there are no amounts remaining in prepaid marketing cost, prepaid expenses and other current assets in the condensed consolidated balance sheets related to the value of shares issued under the sponsorship agreement and investor relations consulting agreement.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Dec. 31, 2022
Fair Value Measurements
Fair Value Measurements	9. Fair Value Measurements The FASB has established a framework for measuring fair value using generally accepted accounting principles. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described as follows: Level 1. Level 2. Inputs to the valuation methodology include: ● Quoted prices for similar assets or liabilities in active markets ● Quoted prices for identical or similar assets or liabilities in inactive markets ● Inputs other than quoted prices that are observable for the asset or liability ● Inputs that are derived principally from or corroborated by observable market data by correlation or other means If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used must maximize the use of observable inputs and minimize the use of unobservable inputs. Basis for Valuation The carrying values reported in the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximate their fair values because of the immediate or short-term maturities of these financial instruments. The term note payable has been recorded net of a discount based on the fair value of the associated warrant and capitalized debt issuance costs and as of December 31, 2022 includes the Three-Year Term Note as discussed in Note 10 – Term Note Payable. The carrying values and estimated fair values of these obligations are as follows (in thousands): As of As of December 31, 2022 March 31, 2022 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Term note payable $ 50,974 $ 51,000 $ 50,949 $ 51,000

Term Note Payable

Term Note Payable	9 Months Ended
Term Note Payable	Dec. 31, 2022
Term Note Payable
Term Note Payable	10. Term Note Payable Three-Year Term Note On February 4, 2019, the Company entered into a Note Purchase Agreement (as amended, the “Note Purchase Agreement”), by and among the Company, certain subsidiaries of the Company party thereto as guarantors, Goldman Sachs Specialty Lending Holdings, Inc. and any other purchasers party thereto from time to time (collectively, the “Purchaser”). Under the Note Purchase Agreement, the Company sold the Purchaser $30.0 million aggregate principal amount of senior secured notes (the “Notes”), bearing interest at a rate of 13.0% per annum and payable quarterly on March 31, June 30, September 30 and December 31 of each year until maturity. On October 1, 2020, the Company entered into an Amended & Restated Note Purchase Agreement (the “A&R Note Purchase Agreement”). The A&R Note Purchase Agreement amends and restates that certain Note Purchase Agreement, as amended, dated February 4, 2019, by and among the Company, certain of its subsidiaries as guarantors, the Collateral Agent and various purchasers party thereto. Under the A&R Note Purchase Agreement, the Company issued an additional $20 million in Notes, increasing total borrowings to $50.0 million. Following entry into the A&R Note Purchase Agreement, all outstanding Notes bear interest at the Adjusted (London Interbank Offer) LIBO Rate (as defined in the A&R Note Purchase Agreement) plus 8.75% per annum, payable on the last day of each interest period of one-, two-, three- or six-months (but, in the case of a six-month interest period, every three months). The Notes do not amortize and the entire principal balance is due in a single payment on the maturity date, October 1, 2023. As of December 31, 2022, $51.0 million in borrowings were outstanding under the Notes, which includes the accrual for an exit fee to be paid at maturity or upon pre-payment. Obligations under the A&R Note Purchase Agreement are secured by all of the Company’s assets, including intellectual property and general intangibles. The A&R Note Purchase Agreement contains customary covenants, including, among others, covenants that restrict the Company’s ability to incur debt, grant liens, make certain investments and acquisitions, pay dividends, repurchase equity interests, repay certain debt, amend certain contracts, enter into affiliate transactions and asset sales or make certain equity issuances (including equity issuances that would cause an ownership change within the meaning of Section 382 of the Internal Revenue Code), and covenants that require the Company to, among other things, provide annual, quarterly and monthly financial statements, together with related compliance certificates, maintain its property in good condition, maintain insurance and comply with applicable laws. The financial covenants of the A&R Note Purchase Agreement require the Company not to exceed specified levels of Adjusted EBITDA losses relative to its financial model, beginning with the fiscal quarter ending September 30, 2021. Additionally, the Company shall not permit the Company’s minimum consolidated liquidity, which consists of its cash and cash equivalents, to be less than $9.0 million. Furthermore, the covenants require the Company to expand its Rental Fleet (as defined in the A&R Note Purchase Agreement) by (i) at least 6.25 MW by the 9-month anniversary of the Closing Date, and (ii) at least 12.50 MW by the 18-month anniversary of the Closing Date. On May 13, 2021, the Company and the collateral agent, entered into a First Amendment, dated as of May 13, 2021 (the “Amendment”), to the A&R Note Purchase Agreement. The Amendment amends certain provisions of the A&R Note Purchase Agreement, including to (a) require the Company to expand its Rental Fleet (as defined in the A&R Note Purchase Agreement) by (i) at least 2.00 MW by the 9-month anniversary of the Closing Date (instead of 6.25 MW as provided in the A&R Note Purchase Agreement prior to the Amendment), and (ii) at least 12.50 MW by the 18-month anniversary of the Closing Date (which is unchanged from the covenant set forth in the A&R Note Purchase Agreement prior to the Amendment), and (b) increase the Company’s minimum consolidated liquidity requirement from $9.0 million to $12.2 million for the period from the Amendment Date to March 31, 2022, and $9.0 million thereafter. The financial covenants of the A&R Note Purchase Agreement require the Company not to exceed specified levels of Adjusted EBITDA losses relative to its financial model, beginning with the fiscal quarter ending September 30, 2021. As of March 31, 2022, the Company was not in compliance with the Adjusted EBITDA covenant contained in the A&R Note Purchase Agreement and did not cure such non-compliance by prepaying the Notes. As a result, the Company was in breach of the Adjusted EBITDA covenant as of May 27, 2022. On July 13, 2022 the Company entered into the A&R NPA Second Amendment with the Purchaser and the Collateral Agent, pursuant to which (i) the Purchaser and the Collateral Agent waived our breach of the Adjusted EBITDA covenant and (ii) the A&R Note Purchase Agreement has been amended to, among other things, add certain new covenants, including requirements that the Company uses its commercially reasonable best efforts to raise at least $10 million through a sale of its common stock by September 14, 2022 and refinance the Notes by October 1, 2022. The Company was compliant with the Adjusted EBITDA covenant as of December 31, 2022. On August 24, 2022 the Company completed a public stock offering with net proceeds of $7.3 million. (See Note 8 – Offering of Common Stocks and Warrants), which Goldman Sachs Specialty Lending Group, L.P. agreed satisfied the Company’s obligation to use commercially reasonable best efforts to raise at least $10 million through a sale of its common stock by September 14, 2022. On September 9, 2022, the Company engaged Greenhill as financial advisor and investment banker in conjunction with the commercially reasonable best effort of refinancing the Notes. Greenhill’s refinancing efforts are ongoing as of December 31, 2022. The Notes have been recorded net of a discount based on the debt issuance costs totaling $0.1 million. Amortization of the debt discount and debt issuance costs was $9,000 and $26,000 for the three and nine months ended December 31, 2022, respectively, based on an effective interest rate, and has been recorded as interest expense in the condensed consolidated statements of operations. Interest expense related to the Notes payable during the three months ended December 31, 2022 and 2021 was $1.9 million and $1.3 million, respectively, and includes $9,000 in amortization of debt issuance costs in both periods. Interest expense related to the Notes payable during the nine months ended December 31, 2022 and 2021 was $4.6 million and $3.8 million, respectively, and includes $26,000 in amortization of debt issuance costs in both periods. SBA Paycheck Protection Program Loan On April 15, 2020, the Company submitted an application to its banking partner Western Alliance Bank, an Arizona corporation (“Western Alliance”) under the Small Business Administration (the “SBA”) Paycheck Protection Program (“PPP”) enabled by the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”). Western Alliance entered into a note on April 24, 2020 with the Company and agreed to make available to the Company a loan in the amount of $2,610,200 (the “PPP Loan”). The Company received the full amount of the PPP Loan on April 24, 2020 (the “Initial Disbursement Date) and has used the proceeds to support fixed costs such as payroll costs, rent and utilities in accordance with the relevant terms and conditions of the CARES Act. The advance under the Loan bears interest at a rate per annum of 1%. The term of the PPP Loan is two years, ending April 24, 2022. On May 13, 2020, the Company repaid $660,200 of the PPP Loan in accordance with the Fourth Amendment to the Note Purchase Agreement between the Company and Goldman Sachs Specialty Lending Group, L.P. In February 2021, the Company applied for forgiveness of the PPP Loan, and the loan was forgiven in full on June 30, 2021 (See “Gain on extinguishment of debt” below). Gain on extinguishment of debt

Accrued Warranty Reserve

Accrued Warranty Reserve	9 Months Ended
Accrued Warranty Reserve	Dec. 31, 2022
Accrued Warranty Reserve
Accrued Warranty Reserve	11. Accrued Warranty Reserve The Company provides for the estimated costs of warranties at the time revenue is recognized. The specific terms and conditions of those warranties vary depending upon the microturbine product sold and the geography of sale. The Company’s product warranties generally start from the delivery date and continue for up to twenty-four months. Factors that affect the Company’s warranty obligation include product failure rates, anticipated hours of product operations and costs of repair or replacement in correcting product failures. These factors are estimates that may change based on new information that becomes available each period. Similarly, the Company also accrues the estimated costs to address reliability repairs on products no longer in warranty when, in the Company’s judgment, and in accordance with a specific plan developed by the Company, it is prudent to provide such repairs. The Company assesses the adequacy of recorded warranty liabilities quarterly and makes adjustments to the liability as necessary. When the Company has sufficient evidence that product changes are altering the historical failure occurrence rates, the impact of such changes is then taken into account in estimating future warranty liabilities. Changes in the accrued warranty reserve during the nine months ended December 31, 2022 are as follows (in thousands): Balance, beginning of the period $ 1,483 Standard warranty provision 369 Deductions for warranty claims (312) Balance, end of the period $ 1,540 During the fourth quarter of Fiscal 2021, the Company recorded a specific $4.9 million accrual related to a reliability repair program to account for the replacement of remaining high risk failure parts in some of the Company’s fielded units due to a supplier defect. As of December 31, 2022, the accrual related to this reliability repair program was zero as the Company has determined it replaced a sufficient quantity of high-risk failure parts in its fielded units under this reliability repair program and that it should be terminated.

Revenue Recognition

Revenue Recognition	9 Months Ended
Revenue Recognition	Dec. 31, 2022
Revenue Recognition
Revenue Recognition	12. Revenue Recognition The Company derives its revenues primarily from system sales, service contracts and professional services. Revenues are recognized when control of the systems and services is transferred to the Company’s customers in an amount that reflects the consideration it expects to be entitled to in exchange for those services. The Company determines revenue recognition through the following steps: ● Identification of the contract, or contracts, with a customer ● Identification of the performance obligations in the contract ● Determination of the transaction price ● Allocation of the transaction price to the performance obligations in the contract ● Recognition of revenue when, or as, the Company satisfies a performance obligation The Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied, which generally occurs, for systems, upon the transfer of control in accordance with the contractual terms and conditions of the sale. The majority of the Company’s revenue associated with systems is recognized at a point in time when the system is shipped to the customer. Revenue from service contracts and post-shipment performance obligations is recognized when or as those obligations are satisfied. The Company primarily offers assurance-type standard warranties that do not represent separate performance obligations and will separately offer and price extended warranties that are separate performance obligations for which the associated revenue is recognized over-time based on the extended warranty period. The Company records amounts billed to customers for reimbursement of shipping and handling costs within revenue. Shipping and handling costs associated with outbound freight after control over a system has transferred to a customer are accounted for as fulfillment costs and are included in cost of goods sold. Sales taxes and other usage-based taxes are excluded from revenue. Comprehensive Factory Protection Plan (“FPP”) service contracts require payment at the beginning of the contract period. Advance payments are not considered a significant financing component as they are typically received less than one year before the related performance obligations are satisfied. These payments are treated as a contract liability and are classified in deferred revenue in the Condensed Consolidated Balance Sheets. Once control transfers to the customer and the Company meets the revenue recognition criteria, the deferred revenue is recognized in the Condensed Consolidated Statement of Operations. The deferred revenue relating to the annual maintenance service contracts is recognized in the Condensed Consolidated Statement of Operations on a straight-line basis over the expected term of the contract. Significant Judgments - Contracts with Multiple Performance Obligations The Company enters into contracts with its customers that often include promises to transfer multiple products, parts, accessories, FPP and services. A performance obligation is a promise in a contract with a customer to transfer products or services that are distinct. Determining whether products and services are distinct performance obligations that should be accounted for separately or combined as one unit of accounting may require significant judgment. Products, parts and accessories are distinct as such services are often sold separately. In determining whether FPP and service contracts are distinct, the Company considers the following factors for each FPP and services agreement: availability of the services from other vendors, the nature of the services, the timing of when the services contract was signed in comparison to the product delivery date and the contractual dependence of the product on the customer’s satisfaction with the professional services work. To date, the Company has concluded that all of the FPP and services contracts included in contracts with multiple performance obligations are distinct. The Company allocates the transaction price to each performance obligation on a relative standalone selling price (“SSP”) basis. The SSP is the price at which the Company would sell a promised product or service separately to a customer. Judgment is required to determine the SSP for each distinct performance obligation. The Company determines SSP by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include the Company’s discounting practices, the size and volume of the Company’s transactions, the customer demographic, the geographic area where systems and services are sold, price lists, its go-to-market strategy, historical sales and contract prices. The determination of SSP is made through consultation with and approval by the Company’s management, taking into consideration the go-to-market strategy. As the Company’s go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes to SSP. In certain cases, the Company is able to establish SSP based on observable prices of products or services sold separately in comparable circumstances to similar customers. The Company uses a single amount to estimate SSP when it has observable prices. If SSP is not directly observable, for example when pricing is highly variable, the Company uses a range of SSP. The Company determines the SSP range using information that may include market conditions or other observable inputs. The Company typically has more than one SSP for individual products and services due to the stratification of those products and services by customer size and geography. The following table presents disaggregated revenue by business group (in thousands): Nine Months Ended December 31, 2022 2021 Microturbine Products $ 28,201 $ 28,234 Accessories 1,572 949 Total Product and Accessories 29,773 29,183 Parts, Service and Rentals 29,260 24,704 Total Revenue $ 59,033 $ 53,887 The following table presents disaggregated revenue by geography based on the primary operating location of the Company’s customers (in thousands): Nine Months Ended December 31, 2022 2021 United States $ 38,798 $ 26,052 Mexico 2,684 2,142 All other North America 1,384 480 Total North America 42,866 28,674 Russia 2,138 3,099 All other Europe 8,377 8,911 Total Europe 10,515 12,010 Asia 1,732 1,755 Australia 2,529 3,861 All other 1,391 7,587 Total Revenue $ 59,033 $ 53,887 Contract Balances The Company’s contract liabilities consist of advance payments for systems as well as deferred revenue on service obligations and extended warranties. The current portion of deferred revenue is included in current liabilities under deferred revenue and the non-current portion of deferred revenue is included in deferred revenue non-current liabilities in the Condensed Consolidated Balance Sheets. As of December 31, 2022, the balance of deferred revenue was approximately $10.5 million compared to $10.2 million as of March 31, 2022. The overall increase of $0.3 million was due to an increase in deferred revenue attributed to FPP contracts. Changes in deferred revenue during the nine months ended December 31, 2022 are as follows (in thousands): FPP Balance, beginning of the period $ 4,544 FPP Billings 14,624 FPP Revenue recognized (14,296) Balance attributed to FPP contracts 4,872 DSS Program 447 Deposits 5,197 Deferred revenue balance, end of the period $ 10,516 Deferred revenue attributed to FPP contracts represents the unearned portion of the Company’s contracts. FPP contracts are generally paid quarterly in advance, with revenue recognized on a straight-line basis over the contract period. As of December 31, 2022, approximately $4.9 million of revenue is expected to be recognized from remaining performance obligations for FPP contracts. The Company expects to recognize revenue on approximately $4.1 million of these remaining performance obligations over the next 12 months and the balance of $0.8 million will be recognized thereafter. The DSS program provides additional support for distributor business development activities, customer lead generation, brand awareness and tailored marketing services for each of the Company’s major geography and market vertical. This program is funded by the Company’s distributors and was developed to provide improved worldwide distributor training, sales efficiency, website development, company branding and provide funding for increased strategic marketing activities. DSS program revenue is generally paid quarterly with revenue recognized on a straight-line basis over a calendar year period. Deposits are primarily non-refundable cash payments from distributors for future orders. Unsatisfied Performance Obligations The Company has elected the practical expedient to disclose only the value of unsatisfied performance obligations for contracts with an original expected length greater than one year. The majority of the Company’s revenues resulted from sales of inventoried systems with short periods of manufacture and delivery and thus are excluded from this disclosure. As of December 31, 2022, the FPP backlog was approximately $71.5 million, which represents the value of the contractual agreement for FPP services that had not been earned and extends through Fiscal 2042. Practical Expedients The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract when the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses in the accompanying Condensed Consolidated Statements of Operations.

Other Assets

Other Assets	9 Months Ended
Other Assets	Dec. 31, 2022
Other Assets
Other Assets	13. Other Assets The Company was a party to a Development and License Agreement with Carrier Corporation (“Carrier”) regarding the payment of royalties on the sale of each of the Company’s 200 kilowatt (“C200”) microturbines. In 2013, the Company reached its repayment threshold and the fixed rate royalty was reduced by 50%. On July 25, 2018, the Company and Carrier entered into a Second Amendment to the Development and License Agreement (“Second Amendment”) whereby the Company agreed to pay Carrier approximately $3.0 million to conclude the Company’s current royalty obligation under the Development and License Agreement, dated as of September 4, 2007, as amended (“Development Agreement”), and release the Company from any future royalty payment obligations. The Second Amendment also removed non-compete provisions from the Development Agreement, allowing the Company to design market or sell its C200 System in conjunction with any energy system and compete with Carrier products in the CCHP market. On September 19, 2018, the Company paid in full the negotiated royalty settlement of $3.0 million to Carrier, and as such, there is no further royalty obligation to Carrier. The prepaid royalty of $3.0 million has been recorded under the captions “Prepaid expenses and other current assets” and “Other assets” in the accompanying condensed consolidated balance sheets and will be amortized in the accompanying condensed consolidated statements of operations over a 15-year amortization period through September 2033 using an effective royalty rate. A 15-year amortization period is the minimum expected life cycle of the current generation of product. The effective royalty rate is calculated as the prepaid royalty settlement divided by total projected C200 System units over the 15-year amortization period. On an annual basis, the Company performs a re-forecast of C200 System unit shipments, to determine if an adjustment to the effective royalty rate is necessary. Accordingly, if the Company’s future projections change, its effective royalty rates may also change, which could affect the amount and timing of royalty expense the Company recognizes. If impairment exists, then the prepaid royalty asset would be written down to fair value. Prepaid royalties are classified as current assets to the extent that such amounts will be recognized in the Company’s condensed consolidated statements of operations within the next 12 months. The current and long-term portions of prepaid royalties, included in other current assets and other assets, respectively, consisted of (in thousands): December 31, March 31, 2022 2022 Other current assets $ 124 $ 124 Other assets 2,423 2,506 Royalty-related assets $ 2,547 $ 2,630

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	14. Commitments and Contingencies Purchase Commitments As of December 31, 2022, the Company had firm commitments to purchase inventories of approximately $58.4 million through Fiscal 2023. Certain inventory delivery dates and related payments are not firmly scheduled; therefore, amounts under these firm purchase commitments will be payable upon the receipt of the related inventories. Lease Commitments See Note 15 – Leases. Other Commitments The Company has agreements with certain of its distributors requiring that, if the Company renders parts obsolete in inventories the distributors own and hold in support of their obligations to serve fielded microturbines, then the Company is required to replace the affected stock at no cost to the distributors. While the Company has never incurred costs or obligations for these types of replacements, it is possible that future changes in the Company’s product technology could result and yield costs to the Company if significant amounts of inventory are held at distributors. As of December 31, 2022, no significant inventories of this nature were held at distributors. Legal Matters Capstone Turbine Corporation v. Turbine International, LLC. On February 3, 2020, Capstone Turbine Corporation filed suit against its former distributor, Turbine International, LLC (“Turbine Intl.”), in the Superior Court of California for the County of Los Angeles under the following caption: Capstone Turbine Corporation v. Turbine International, LLC; Case No. 20STCV04372 (“Capstone-Turbine Intl. Litigation”). The Company has alleged claims against Turbine Intl. for breach of contract and for injunctive relief relating to the parties’ prior distributor relationship, which terminated at the end of March 2018, and Turbine Intl.’s failure to satisfy its payment obligations under certain financial agreements, namely an accounts receivable agreement and promissory note in favor of Capstone. As remedies for these claims, the Company is seeking compensatory, consequential, along with injunctive relief and attorney’s fees, interest, and costs. On March 18, 2020, Turbine Intl. filed its answer and cross-claims in the Capstone-Turbine Intl. Litigation. In its cross-claims, Turbine Intl. asserted claims against Capstone, and individually against Mr. James Crouse, Capstone’s Chief Revenue Officer, for breach of contract under the distributor agreement, accounts receivable agreement and promissory note, fraud, breach of the covenant of good faith and fair dealing, unjust enrichment and constructive trust, negligent misrepresentation, violation of the California unfair practices act, violation of racketeer influenced corrupt organizations act, and conspiracy to commit fraud. As remedies for these alleged claims, Turbine Intl. are seeking compensatory, consequential, and punitive damages along with attorney’s fees, interest, and costs. Capstone answered the cross-claims on May 7, 2020. On June 29, 2020, Capstone filed a motion to file a First Amended Complaint that would add, among other things, a claim for enforcement of a guaranty signed by an entity related to Turbine Intl., Hispania Petroleum, S.A., and personal claims against the principals of Turbine Intl. and Hispania. That motion was granted on August 19, 2020, and the First Amended Complaint (“FAC”) is now on file. All of the new defendants have been served and have filed answers. Discovery is ongoing.

Leases

Leases	9 Months Ended
Leases	Dec. 31, 2022
Leases
Leases	15. Leases The Company leases facilities and equipment under various non-cancelable operating and finance leases expiring at various times through Fiscal 2037. All of the leases require the Company to pay maintenance, insurance and property taxes. The lease agreements for primary office and manufacturing facilities provide for rent escalation over the lease term and renewal options for five-year periods During Fiscal 2023, the Company entered into several rental agreements, to rent used microturbine equipment from customers where that equipment was not currently in use. The Company is then renting this equipment to end users as part of its Energy as a Service business. These agreements totaled approximately 12.8 MW of microturbines and have an average term of 36 months, and a total commitment value of approximately $9.8 million. The components of lease expense were as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Operating lease costs $ 84 $ 295 $ 635 $ 799 Finance lease costs 293 — 702 — Total lease costs $ 377 $ 295 $ 1,337 $ 799 Supplemental balance sheet information related to the leases was as follows (dollars in thousands): December 31, 2022 March 31, 2022 Operating lease right-of-use assets $ 8,702 $ 5,959 Finance lease right-of-use assets (1) 6,497 — Total right-of-use assets $ 15,199 $ 5,959 Operating lease liability, current $ 1,292 $ 586 Finance lease liability, current 843 — Operating lease liability, non-current 7,572 5,619 Finance lease liability, non-current 3,322 — Total lease liabilities $ 13,029 $ 6,205 Operating leases: Weighted average remaining lease life 5.95 years 8.35 years Weighted average discount rate 12.00% 12.00% (1) Included in property, plant, equipment and rental assets in the Company’s condensed consolidated balance sheets. Also see Note 6 – Property, Plant, Equipment and Rental Assets. The Company records its operating lease right-of-use assets within other assets (non-current) and its operating lease liabilities within current and long-term portion of notes payable and lease obligations. As of December 31, 2022, the Company offset $1.3 million of its customer accounts receivable against its notes payable related to its rental obligations that are contractually satisfied by reducing the customers’ accounts receivable and qualify to be offset. Supplemental cash flow information related to the leases was as follows (in thousands): Nine Months Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 701 $ 805 Operating cash flows from finance leases $ 671 $ — Right-of-use assets obtained in exchange for lease obligations Operating leases $ 3,590 $ 1,877 Finance leases $ 6,174 $ — Maturities of operating lease liabilities as of December 31, 2022 were as follows (in thousands): Operating Year Ending March 31, Leases 2023 (remainder of fiscal year) $ 688 2024 2,760 2025 2,685 2026 1,653 2027 1,279 Thereafter 3,358 Total lease payments $ 12,423 Less: imputed interest (3,559) Present value of operating lease liabilities $ 8,864

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
Net Loss Per Common Share	Dec. 31, 2022
Net Loss Per Common Share
Net Loss Per Common Share	16. Net Loss Per Common Share Basic loss per common share is computed using the weighted-average number of Common Shares outstanding for the period. Diluted loss per share is also computed without consideration to potentially dilutive instruments because the Company incurred losses which would make such instruments anti-dilutive. Outstanding stock options and restricted stock units at December 31, 2022 and 2021 totaled 0.7 million. As of December 31, 2022 and 2021, the number of warrants excluded from diluted net loss per common share computations was approximately 3.8 million and 0.8 million, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events
Subsequent Events	17. Subsequent Events The Company has evaluated subsequent events through the filing date of this Form 10-Q with the SEC, to ensure that this filing includes all appropriate footnote disclosure of events both recognized in the financial statements as of December 31, 2022, and events that occurred subsequently but were not recognized in the financial statements. There were no subsequent events that required recognition, adjustment to or disclosure in the financial statements.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2022
Basis of Presentation and Significant Accounting Policies
Liquidity and Going Concern	Liquidity and Going Concern alternatives related to the Note Payable as well as to raise incremental capital for general corporate purposes. Greenhill’s refinancing efforts are ongoing as of December 31, 2022. As there is no guarantee that the Company will successfully complete these financing activities, these conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the date of the financial statements are issued.
Basis for Consolidation	Basis for Consolidation
Recently Issued Accounting Pronouncements	Not yet adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this ASU provide guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable forecasts. With certain exceptions, the transition to the new guidance will be through a cumulative effect adjustment to opening accumulated deficit as of the beginning of the first reporting period in which the guidance is adopted. In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) (“ASU 2019-10”), which defers the adoption of ASU 2016-13 for Smaller Reporting Companies (“SRCs”) as defined by the SEC for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of ASU 2016-13 on its condensed consolidated financial statements and related disclosures. Management considers the applicability and impact of all Accounting Standards Updates (“ASUs”). The ASUs not listed were assessed and determined by management to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial position and/or results of operations.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
Inventories (Tables)	Dec. 31, 2022
Inventories
Summary of inventory	Inventories are valued at the lower of cost (determined on a first in first out (“FIFO”) basis) or net realizable value and consisted of the following (in thousands): December 31, March 31, 2022 2022 Raw materials $ 30,648 $ 20,071 Finished goods 399 1,935 Total 31,047 22,006 Less: inventory reserve (2,390) (1,861) Less: non-current portion (3,055) (1,680) Total inventory, net-current portion $ 25,602 $ 18,465
Schedule of expected usage for non-current inventory	The Company expects to use the non-current portion of the inventories on hand as of December 31, 2022 over the periods presented in the following table (in thousands): Non-current Inventory Balance Expected Expected Period of Use to be Used 13 to 24 months $ 1,645 25 to 36 months 1,410 Total $ 3,055

Property, Plant, Equipment an_2

Property, Plant, Equipment and Rental Assets (Tables)	9 Months Ended
Property, Plant, Equipment and Rental Assets (Tables)	Dec. 31, 2022
Property, Plant, Equipment and Rental Assets
Schedule of property, plant, equipment and rental assets	Property, plant, equipment and rental assets consisted of the following (in thousands): December 31, March 31, 2022 2022 Machinery, equipment, automobiles and furniture $ 14,603 $ 15,945 Leasehold improvements 8,868 8,848 Molds and tooling 3,516 3,469 Rental assets 28,519 17,079 55,506 45,341 Less: accumulated depreciation (29,600) (27,303) Total property, plant, equipment and rental assets, net $ 25,906 $ 18,038

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2022
Stock-Based Compensation
Summary of stock-based compensation expense by statement of operations line item	The following table summarizes, by condensed consolidated statements of operations line item, stock-based compensation expense (in thousands): Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Cost of goods sold $ 8 $ 29 $ 23 $ 86 Research and development 24 22 73 57 Selling, general and administrative 200 284 521 830 Stock-based compensation expense $ 232 $ 335 $ 617 $ 973
Summary of stock option activity	Weighted Average Grant Date Fair Restricted Stock Units and Performance Restricted Stock Units Shares Value Non-vested restricted stock units outstanding at March 31, 2022 591,805 $ 5.66 Granted 512,164 2.11 Vested and issued (152,616) 5.81 Forfeited (214,517) 4.55 Non-vested restricted stock units outstanding at December 31, 2022 736,836 3.48 Restricted stock units expected to vest beyond December 31, 2022 736,836 $ 3.48
Summary of restricted stock activity	Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Restricted stock compensation expense (in thousands) $ 232 $ 335 $ 617 $ 973 Aggregate fair value of restricted stock units vested and issued (in thousands) $ 37 $ 94 $ 423 $ 798 Weighted average grant date fair value of restricted stock units granted during the period $ 1.59 $ 4.70 $ 2.11 $ 5.45

Offerings of Common Stock and_2

Offerings of Common Stock and Warrants (Tables)	9 Months Ended
Offerings of Common Stock and Warrants (Tables)	Dec. 31, 2022
Offerings of Common Stock and Warrants
Schedule of fair value assumptions - warrants	Risk-free interest rate 0.2% Contractual term 3 years Expected volatility 81.0%

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 2022
Fair Value Measurements
Schedule of carrying values and estimated fair values of these obligations	The carrying values and estimated fair values of these obligations are as follows (in thousands): As of As of December 31, 2022 March 31, 2022 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Term note payable $ 50,974 $ 51,000 $ 50,949 $ 51,000

Accrued Warranty Reserve (Table

Accrued Warranty Reserve (Tables)	9 Months Ended
Accrued Warranty Reserve (Tables)	Dec. 31, 2022
Accrued Warranty Reserve
Schedule of changes in accrued warranty reserve	Changes in the accrued warranty reserve during the nine months ended December 31, 2022 are as follows (in thousands): Balance, beginning of the period $ 1,483 Standard warranty provision 369 Deductions for warranty claims (312) Balance, end of the period $ 1,540

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
Revenue Recognition (Tables)	Dec. 31, 2022
Revenue Recognition
Schedule of disaggregated revenue by business group	The following table presents disaggregated revenue by business group (in thousands): Nine Months Ended December 31, 2022 2021 Microturbine Products $ 28,201 $ 28,234 Accessories 1,572 949 Total Product and Accessories 29,773 29,183 Parts, Service and Rentals 29,260 24,704 Total Revenue $ 59,033 $ 53,887
Summary of geographic revenue information based on primary operation location of customer	Nine Months Ended December 31, 2022 2021 Microturbine Products $ 28,201 $ 28,234 Accessories 1,572 949 Total Product and Accessories 29,773 29,183 Parts, Service and Rentals 29,260 24,704 Total Revenue $ 59,033 $ 53,887
Schedule of changes in deferred revenue	. Changes in deferred revenue during the nine months ended December 31, 2022 are as follows (in thousands): FPP Balance, beginning of the period $ 4,544 FPP Billings 14,624 FPP Revenue recognized (14,296) Balance attributed to FPP contracts 4,872 DSS Program 447 Deposits 5,197 Deferred revenue balance, end of the period $ 10,516

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
Other Assets (Tables)	Dec. 31, 2022
Other Assets
Schedule of current and long-term portions of prepaid royalties	The current and long-term portions of prepaid royalties, included in other current assets and other assets, respectively, consisted of (in thousands): December 31, March 31, 2022 2022 Other current assets $ 124 $ 124 Other assets 2,423 2,506 Royalty-related assets $ 2,547 $ 2,630

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Dec. 31, 2022
Leases
Schedule of operating leases	The components of lease expense were as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Operating lease costs $ 84 $ 295 $ 635 $ 799 Finance lease costs 293 — 702 — Total lease costs $ 377 $ 295 $ 1,337 $ 799 Supplemental balance sheet information related to the leases was as follows (dollars in thousands): December 31, 2022 March 31, 2022 Operating lease right-of-use assets $ 8,702 $ 5,959 Finance lease right-of-use assets (1) 6,497 — Total right-of-use assets $ 15,199 $ 5,959 Operating lease liability, current $ 1,292 $ 586 Finance lease liability, current 843 — Operating lease liability, non-current 7,572 5,619 Finance lease liability, non-current 3,322 — Total lease liabilities $ 13,029 $ 6,205 Operating leases: Weighted average remaining lease life 5.95 years 8.35 years Weighted average discount rate 12.00% 12.00% Supplemental cash flow information related to the leases was as follows (in thousands): Nine Months Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 701 $ 805 Operating cash flows from finance leases $ 671 $ — Right-of-use assets obtained in exchange for lease obligations Operating leases $ 3,590 $ 1,877 Finance leases $ 6,174 $ —
Schedule of maturities of operating lease liabilities	Nine Months Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 701 $ 805 Operating cash flows from finance leases $ 671 $ — Right-of-use assets obtained in exchange for lease obligations Operating leases $ 3,590 $ 1,877 Finance leases $ 6,174 $ —

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Liquidity and Going Concern - Debt (Details) $ in Millions	Dec. 31, 2022 USD ($)
Senior Notes \| Term Note Payable
Term Note Payable
Long-term debt	$ 51

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Liquidity and Going Concern - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Mar. 31, 2022
Basis of Presentation and Significant Accounting Policies
Cash and cash equivalents	$ 16,618	$ 22,559
Going concern	true

Recently Issued Accounting Stan

Recently Issued Accounting Standards (Details)	Dec. 31, 2022
Accounting Standards Update 2016-13
Recent Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted	false

Customer Concentrations and A_2

Customer Concentrations and Accounts Receivable (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($) Distributor	Dec. 31, 2021 USD ($) Distributor	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2022
Risk Concentrations
Bad debt expense \| $			$ 237
RSP Systems and Cal Microturbine
Risk Concentrations
Number of distributors	2
E-Finity
Risk Concentrations
Number of distributors		1
Radian Oil And Gas Services Co
Risk Concentrations
Number of distributors		1
Revenue from Contract with Customer Benchmark \| Customer concentrations
Risk Concentrations
Bad debt expense \| $	$ 200	$ 0	$ 200	$ 0
Revenue from Contract with Customer Benchmark \| Customer concentrations \| RSP Systems
Risk Concentrations
Concentration percentage (as a percent)	21%	10%	13%
Revenue from Contract with Customer Benchmark \| Customer concentrations \| Cal Microturbine
Risk Concentrations
Concentration percentage (as a percent)	14%		16%
Revenue from Contract with Customer Benchmark \| Customer concentrations \| E-Finity
Risk Concentrations
Concentration percentage (as a percent)		13%	13%	15%	28%
Revenue from Contract with Customer Benchmark \| Customer concentrations \| Radian Oil And Gas Services Co
Risk Concentrations
Concentration percentage (as a percent)		10%

Inventories - Tabular Disclosur

Inventories - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Inventories
Raw materials	$ 30,648	$ 20,071
Finished goods	399	1,935
Total	31,047	22,006
Less: inventory reserve	(2,390)	(1,861)
Less: non-current portion	(3,055)	(1,680)
Total inventory, net-current portion	$ 25,602	$ 18,465

Inventories - Noncurrent - Gene

Inventories - Noncurrent - General Information (Details)	9 Months Ended
Inventories - Noncurrent - General Information (Details)	Dec. 31, 2022
Inventories
Weighted average age of noncurrent inventories	9 months 18 days

Inventories - Noncurrent - Tabu

Inventories - Noncurrent - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Inventories
Non-current inventory, 13 to 24 Months	$ 1,645
Non-current inventory, 25 to 36 Months	1,410
Total	$ 3,055	$ 1,680

Property, Plant, Equipment an_3

Property, Plant, Equipment and Rental Assets - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Property, plant, equipment and rental assets, gross	$ 55,506	$ 45,341
Less: accumulated depreciation	(29,600)	(27,303)
Total property, plant, equipment and rental assets, net	25,906	18,038
Machinery, equipment, automobiles and furniture
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Property, plant, equipment and rental assets, gross	14,603	15,945
Leasehold improvements
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Property, plant, equipment and rental assets, gross	8,868	8,848
Molds and tooling
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Property, plant, equipment and rental assets, gross	3,516	3,469
Rental assets
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Property, plant, equipment and rental assets, gross	$ 28,519	$ 17,079

Property, Plant, Equipment an_4

Property, Plant, Equipment and Rental Assets - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2022 USD ($) MW	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) MW	Dec. 31, 2021 USD ($)
Property, Plant, Equipment and Rental Assets
Capacity of fleet deployed \| MW			12.4
Value of deployed under factory rental program \| $			$ 11.4
Depreciation expense \| $	$ 0.9	$ 0.5	$ 2.3	$ 1.2
Capacity of fleet \| MW	33.5		33.5

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation
Stock-based compensation expense	$ 232	$ 335	$ 617	$ 973
Cost of goods sold
Stock-Based Compensation
Stock-based compensation expense	8	29	23	86
Research and development
Stock-Based Compensation
Stock-based compensation expense	24	22	73	57
Selling, general and administrative
Stock-Based Compensation
Stock-based compensation expense	$ 200	$ 284	$ 521	$ 830

Stock-Based Compensation - 2000

Stock-Based Compensation - 2000 Equity Incentive Plan and 2017 Equity Incentive Plan (Details) - 2017 Plan - shares	Jun. 07, 2022	Aug. 30, 2018	Jun. 05, 2018	Dec. 31, 2022
Stock-Based Compensation
Number of shares of common stock reserved for issuance (in shares)				300,000
Number of shares of common stock increased under amended and restated plan (in shares)	600,000	2,200,000	300,000
Number of shares available for future grant (in shares)				1,117,061

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units and Performance Restricted Stock Units - General Information (Details) - Restricted stock units	9 Months Ended
	Dec. 31, 2022 item
Share-based Payment Arrangement, Nonemployee
Additional disclosures
Vesting period	1 year
Share-based Payment Arrangement, Tranche One \| Share-based Payment Arrangement, Employee
Additional disclosures
Vesting period	2 years
Vesting percentage (as a percent)	100%
Share-based Payment Arrangement, Tranche Two \| Share-based Payment Arrangement, Employee
Additional disclosures
Vesting period	3 years
Vesting percentage (as a percent)	100%
Vesting periods	3
Share-based Payment Arrangement, Tranche Two, Annual Periods \| Share-based Payment Arrangement, Employee
Additional disclosures
Vesting percentage (as a percent)	33.33%
Share-based Payment Arrangement, Tranche Three \| Share-based Payment Arrangement, Employee
Additional disclosures
Vesting period	4 years
Vesting percentage (as a percent)	100%
Vesting periods	4
Share-based Payment Arrangement, Tranche Three, Annual Periods \| Share-based Payment Arrangement, Employee
Additional disclosures
Vesting percentage (as a percent)	25%

Stock-Based Compensation - Re_2

Stock-Based Compensation - Restricted Stock Units and Performance Restricted Stock Units - Activity (Details) - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Shares
Nonvested, balance at the beginning of the period (in shares)			591,805
Granted (in shares)			512,164
Vested and issued (in shares)			(152,616)
Forfeited (in shares)			(214,517)
Nonvested, balance at the end of the period (in shares)	736,836		736,836
Awards expected to vest (in shares)	736,836		736,836
Weighted Average Grant-Date Fair Value
Nonvested restricted stock units outstanding at the beginning of the period (in dollars per share)			$ 5.66
Granted (in dollars per share)			2.11
Vested and issued (in dollars per share)			5.81
Forfeited (in dollars per share)			4.55
Nonvested restricted stock units outstanding at the end of the period (in dollars per share)	$ 3.48		3.48
Awards expected to vest (in dollars per share)	3.48		3.48
Restricted stock units
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)	$ 1.59	$ 4.70	$ 2.11	$ 5.45

Stock-Based Compensation - Re_3

Stock-Based Compensation - Restricted Stock Units and Performance Restricted Stock Units - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Additional disclosures
Stock-based compensation expense	$ 232	$ 335	$ 617	$ 973
Weighted average grant of restricted stock units granted during the period (in dollars per share)			$ 2.11
Restricted stock units
Additional disclosures
Stock-based compensation expense	232	335	$ 617	973
Aggregate fair value of restricted stock units vested and issued	$ 37	$ 94	$ 423	$ 798
Weighted average grant of restricted stock units granted during the period (in dollars per share)	$ 1.59	$ 4.70	$ 2.11	$ 5.45

Stock-Based Compensation - Re_4

Stock-Based Compensation - Restricted Stock Units and Performance Restricted Stock Units - Unvested Restricted Stock Units (Details) - Restricted stock units $ in Millions	9 Months Ended
	Dec. 31, 2022 USD ($)
Stock-based Compensation
Unrecognized compensation cost	$ 1.7
Weighted average period for recognizing compensation cost	2 years 3 months 18 days

Stock-Based Compensation - Re_5

Stock-Based Compensation - Restricted Stock Units and Performance Restricted Stock Units - Performance Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Additional disclosures
Granted (in shares)			512,164
Stock-based compensation expense	$ 232	$ 335	$ 617	$ 973
Granted (in dollars per share)			$ 2.11
Restricted stock units
Additional disclosures
Stock-based compensation expense	$ 232	$ 335	$ 617	$ 973
Granted (in dollars per share)	$ 1.59	$ 4.70	$ 2.11	$ 5.45
Performance Shares
Additional disclosures
Granted (in shares)			72,412	35,986
Performance measurement period			3 years	3 years
Performance goal payment as a percentage of target	50%		50%
Stock-based compensation expense			$ 0	$ 0
Granted (in dollars per share)			$ 3.80	$ 8.39
Performance Shares \| Share-based Payment Arrangement, Tranche Two
Additional disclosures
Performance measurement period			3 years
Performance Shares \| Maximum
Additional disclosures
Performance goal payment as a percentage of target	150%		150%

Stock-Based Compensation - St_2

Stock-Based Compensation - Stockholder Rights Plan (Details) - Series B Junior Participating Preferred Stock	May 06, 2019 Vote $ / shares
Stockholder Rights Plan
Preferred stock conversion basis	0.0001
Purchase price (in dollars per share)	$ 5.22
Beneficial ownership of common stock (as a percent)	4.90%
Preferred stock dividend minimum if declared	$ 1
Preferred stock rights ratio over common stock	1,000
Number of votes per share \| Vote	1,000
Ratio of consideration received in event of conversion or exchange transaction	1,000

Offerings of Common Stock and_3

Offerings of Common Stock and Warrants - Common Stock Offering (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 24, 2022	Aug. 18, 2022	Jun. 22, 2021	Jun. 17, 2021	Dec. 31, 2022	Mar. 31, 2022
Sale of Stock
Common stock, par value (in dollars per share)					$ 0.001	$ 0.001
Over-Allotment Option
Sale of Stock
Common stock sold (in shares)		2,934,498		1,904,763
Common stock, par value (in dollars per share)		$ 0.001		$ 0.001
Offering price to public		2.75		5.25
Underwriters, Share Price		$ 2.585		$ 4.91
Percentage Of Underwriters Discount		6%		6.50%
Period Of Underwriters Option To Purchase Shares				30 days
Number Of Options Shares				285,714
Net proceeds of public stock offering	$ 7.3		$ 10.5
Payments Of Underwriting Discounts, Commissions And Offering Expenses	$ 0.8		$ 1

Offerings of Common Stock and_4

Offerings of Common Stock and Warrants - General Information (Details)							1 Months Ended
	Oct. 01, 2020 USD ($) $ / shares shares	Jun. 16, 2020 USD ($) $ / shares	Dec. 09, 2019 USD ($) $ / shares	Oct. 24, 2019 $ / shares shares	Sep. 04, 2019 $ / shares shares	Feb. 04, 2019 USD ($) $ / shares shares	Jan. 31, 2021 item $ / shares shares	Dec. 31, 2022 USD ($) shares	Aug. 24, 2022 $ / shares shares
Goldman Warrant, Purchase Warrant for Common Shares
Warrants
Issued warrants (in shares)						1
Exercise price (in dollars per share) \| $ / shares		$ 2.61	$ 3.80			$ 8.86
Aggregate shares called by warrants (in shares)						404,634		463,067
Aggregate shares called by each warrant (in shares)						404,634
Purchase price of warrants \| $						$ 150,000
Date from which warrants exercisable						Aug. 04, 2019
Maturity date						Feb. 04, 2024
Expected proceeds from warrants \| $		$ 1,186,313
Amortization of debt discount (additional debt discount) \| $		$ (100,000)	$ (300,000)
Value of warrants \| $								$ 2,300,000
Goldman 2020 Warrant, Purchase Warrant for Common Shares
Warrants
Issued warrants (in shares)	1
Exercise price (in dollars per share) \| $ / shares	$ 4.76
Aggregate shares called by warrants (in shares)	291,295
Aggregate shares called by each warrant (in shares)	291,295
Date from which warrants exercisable	Oct. 01, 2020
Maturity date	Feb. 04, 2024
Private placement, purchase price \| $	$ 10,000
Value of warrants \| $	$ 800,000
September 2019 Pre-Funded Common Stock Warrants
Warrants
Exercise price (in dollars per share) \| $ / shares				$ 0.001
Aggregate shares called by warrants (in shares)					440,000
Purchase price per warrant (in dollars per share) \| $ / shares					$ 5
Warrants exercised (in shares)				440,000
September 2019 Series D Common Stock Warrants
Warrants
Outstanding warrants (in shares)								75,000
Exercise price (in dollars per share) \| $ / shares					$ 6.12		$ 6.12
Aggregate shares called by warrants (in shares)					765,000
Term					5 years
Date from which warrants exercisable					Apr. 02, 2020
Maturity date					Apr. 02, 2025
Shares as percentage of Registered Direct Offering (as a percent)					75%
Number of warrant holders \| item							3
Warrants exercised (in shares)							690,000
Warrants exercised, shares issued (in shares)							352,279
August 2022 Warrants
Warrants
Exercise price (in dollars per share) \| $ / shares									$ 2.75
Aggregate shares called by warrants (in shares)									2,934,498

Offerings of Common Stock and_5

Offerings of Common Stock and Warrants - Valuation Assumptions (Details)	Dec. 31, 2022 Y
Fair Value Measurement Inputs and Valuation Techniques
Warrants and Rights Outstanding, Valuation Technique	us-gaap:ValuationTechniqueOptionPricingModelMember
Goldman 2020 Warrant, Purchase Warrant for Common Shares \| Measurement Input, Risk Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques
Warrants and Rights Outstanding, Measurement Input	0.002
Goldman 2020 Warrant, Purchase Warrant for Common Shares \| Measurement Input, Expected Term
Fair Value Measurement Inputs and Valuation Techniques
Warrants and Rights Outstanding, Measurement Input	3
Goldman 2020 Warrant, Purchase Warrant for Common Shares \| Measurement Input, Price Volatility
Fair Value Measurement Inputs and Valuation Techniques
Warrants and Rights Outstanding, Measurement Input	0.810

Offerings of Common Stock and_6

Offerings of Common Stock and Warrants (Details) $ / shares in Units, $ in Millions	Sep. 04, 2019 USD ($) $ / shares shares
Offerings of Common Stock and Warrants
Registered Direct Offering, common stock, aggregate shares offered, shares (in shares) \| shares	580,000
Registered Direct Offering, common stock, aggregate shares offered, share price (in dollars per share) \| $ / shares	$ 5
Proceeds from issuance of common stock and warrants, Registered Direct Offering	$ 5.1
Proceeds from issuance of common stock and warrants, net of offering costs	$ 4.6

Offerings of Common Stock and_7

Offerings of Common Stock and Warrants - Stock to Vendors (Details) - Andretti Autosport 6, Inc. - USD ($) $ in Millions			3 Months Ended	9 Months Ended
	Apr. 01, 2021	Feb. 17, 2021	Dec. 31, 2021	Dec. 31, 2021
Offerings of Common Stock and Warrants and At-the-Market Offering Program
Shares issued (in shares)	9,541	105,933
Sponsorship agreement, sponsorship fee, amortization of prepaid marketing credit			$ 0.5	$ 1

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Carrying Value
Carrying values and estimated fair values of obligations
Term note payable	$ 50,974	$ 50,949
Total
Carrying values and estimated fair values of obligations
Term note payable	$ 51,000	$ 51,000

Term Note Payable - Three-Year

Term Note Payable - Three-Year Term Note - General Information (Details)					3 Months Ended			9 Months Ended
	Aug. 24, 2022 USD ($)	Jun. 22, 2021 USD ($)	Oct. 01, 2020 USD ($)	Feb. 04, 2019 USD ($)	Dec. 31, 2022 USD ($) MW	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) MW	Dec. 31, 2021 USD ($)	Jul. 13, 2022 USD ($)	Mar. 31, 2022 USD ($)	May 13, 2021 USD ($) MW	May 12, 2021 USD ($) MW
Term Note Payable
Interest expenses					$ 1,900,000		$ 1,287,000	$ 4,618,000	$ 3,800,000
Amortization of debt issuance costs								60,000	26,000
Over-Allotment Option
Term Note Payable
Net proceeds of public stock offering	$ 7,300,000	$ 10,500,000
Term Note Payable \| Senior Notes
Term Note Payable
Term of loan				3 years
Long-term debt					51,000,000			51,000,000
Requirements to use commercially reasonable best efforts to raise at least financing through a sale of common stock by September 14, 2022	$ 10,000,000
Debt discount and debt issuance costs, net					100,000			100,000
Interest expenses					1,900,000		1,300,000	4,600,000	3,800,000
Amortization of debt issuance costs					9,000	$ 9,000	$ 9,000	26,000	$ 26,000
Term Note Payable, Note Purchase Agreement \| Senior Notes
Term Note Payable
Debt instrument, issuance date				Feb. 04, 2019
Aggregate principal amount				$ 30,000,000
Interest rate (as a percent)				13%
Debt instrument, frequency of periodic payment				quarterly
Term Note Payable, Amended and Restated Note Purchase Agreement \| Senior Notes
Term Note Payable
Debt instrument, issuance date			Oct. 01, 2020
Proceeds from Issuance of Debt			$ 20,000,000
Long-term debt			$ 50,000,000
Debt instrument, covenants, minimum consolidated liquidity					$ 9,000,000			$ 9,000,000			$ 9,000,000	$ 12,200,000	$ 9,000,000
Debt instrument, covenants, minimum power of Rental Fleet by 9-month anniversary of Closing Date \| MW					6.25			6.25				2	6.25
Debt instrument, covenants, minimum power of Rental Fleet by 18-month anniversary of Closing Date \| MW					12.50			12.50				12.50
Requirements to use commercially reasonable best efforts to raise at least financing through a sale of common stock by September 14, 2022										$ 10,000,000
Term Note Payable, Amended and Restated Note Purchase Agreement \| Senior Notes \| London Interbank Offered Rate (LIBOR)
Term Note Payable
Interest rate (as a percent)			8.75%

Term Note Payable - SBA Paychec

Term Note Payable - SBA Paycheck Protection Program Loan (Details) - Paycheck Protection Program, CARES Act - Loans Payable - USD ($)			1 Months Ended
	May 13, 2020	Apr. 24, 2020	Jun. 30, 2021
Term Note Payable
Loan amount		$ 2,610,200
Debt instrument, issuance date		Apr. 24, 2020
Loans repaid	$ 660,200
Interest rate (as a percent)		1%
Term of loan		2 years
Debt instrument, maturity date		Apr. 24, 2022
Previously repaid debt			$ 660,200

Term Note Payable - Three-Yea_2

Term Note Payable - Three-Year Term Note - Gain on Extinguishment of Debt (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jun. 30, 2021	Dec. 31, 2021
Gain on extinguishment of debt
Gain (loss) on extinguishment of debt	$ 1,900,000	$ 1,950,000
Paycheck Protection Program, CARES Act \| Loans Payable
Gain on extinguishment of debt
Previously repaid debt	$ 660,200

Accrued Warranty Reserve (Detai

Accrued Warranty Reserve (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Accrued Warranty Reserve (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2022
Accrued Warranty Reserve
Maximum period of product warranties		24 months
Balance, beginning of the period		$ 1,483
Standard warranty provision		369
Deductions for warranty claims		(312)
Balance, end of the period		1,540
Accrual related to reliability repair programs	$ 4,900	$ 0

Revenue Recognition - Revenues

Revenue Recognition - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenue, net:
Total revenue, net	$ 19,606	$ 20,609	$ 59,033	$ 53,887
Product and accessories
Revenue, net:
Total revenue, net	10,003	12,329	29,773	29,183
Total from Micro turbine Products
Revenue, net:
Total revenue, net			28,201	28,234
Accessories and parts
Revenue, net:
Total revenue, net			1,572	949
Parts, service and rentals
Revenue, net:
Total revenue, net	$ 9,603	$ 8,280	29,260	24,704
Total North America
Revenue, net:
Total revenue, net			42,866	28,674
United States
Revenue, net:
Total revenue, net			38,798	26,052
Mexico
Revenue, net:
Total revenue, net			2,684	2,142
All other North America
Revenue, net:
Total revenue, net			1,384	480
Russia
Revenue, net:
Total revenue, net			2,138	3,099
All other Europe
Revenue, net:
Total revenue, net			8,377	8,911
Total Europe
Revenue, net:
Total revenue, net			10,515	12,010
Asia
Revenue, net:
Total revenue, net			1,732	1,755
Australia
Revenue, net:
Total revenue, net			2,529	3,861
All other
Revenue, net:
Total revenue, net			$ 1,391	$ 7,587

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Revenue Recognition
Increase (decrease) in balance of deferred revenue	$ 350	$ (981)
Changes in deferred revenue
DSS program	447
Deposits	5,197
Deferred revenue balance, end of the period	10,516
Estimated revenue to be recognized thereafter	800
FPP agreements
Revenue Recognition
Increase (decrease) in balance of deferred revenue	300
Changes in deferred revenue
FPP Balance, beginning of the period	4,544
FPP Billings	14,624
FPP Revenue recognized	(14,296)
Balance attributed to FPP contracts	4,872
Estimated revenue to be recognized in the next 12 months	4,100
Distributor Support System
Changes in deferred revenue
Deferred revenue balance, end of the period	$ 10,500		$ 10,200

Revenue Recognition - Practical

Revenue Recognition - Practical Expedients (Details)	9 Months Ended
Revenue Recognition - Practical Expedients (Details)	Dec. 31, 2022
Practical Expedients
Practical expedient to disclose only the value of unsatisfied performance obligations for contracts with an original expected length greater than one year	true
Practical expedient to expense costs as incurred for costs to obtain a contract when the amortization period would have been one year or less	true

Revenue Recognition - Unsatisfi

Revenue Recognition - Unsatisfied Performance Obligations (Details) $ in Millions	Dec. 31, 2022 USD ($)
FPP agreements
Unsatisfied Performance Obligations
Remaining performance obligation	$ 71.5

Other Assets - General Informat

Other Assets - General Information (Details) $ in Thousands		3 Months Ended	9 Months Ended
Other Assets - General Information (Details) $ in Thousands	Sep. 19, 2018 USD ($)	Sep. 30, 2013	Dec. 31, 2022 USD ($) kW	Mar. 31, 2022 USD ($)	Sep. 18, 2018 USD ($)	Jul. 25, 2018 USD ($)
Other Assets
Prepaid royalty			$ 2,547	$ 2,630
Carrier
Other Assets
Reduction in fixed rate royalty (as a percent)		50%
Accrued royalties			$ 0			$ 3,000
Payment of royalty settlement	$ 3,000
Prepaid royalty					$ 3,000
Amortization period of prepaid royalty			15 years
Carrier \| C200
Other Assets
Capacity of microturbine (in kW) \| kW			200

Other Assets - Tabular Disclosu

Other Assets - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Royalty-related assets
Royalty-related assets	$ 2,547	$ 2,630
Other current assets
Royalty-related assets
Royalty-related assets	124	124
Other assets
Royalty-related assets
Royalty-related assets	$ 2,423	$ 2,506

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2022 USD ($)
Inventory
Commitments and Contingencies
Commitment to purchase inventories	$ 58.4

Leases - Lease Terms (Details)

Leases - Lease Terms (Details) - Primary Office and Manufacturing Facilities	9 Months Ended
	Dec. 31, 2022
Lessee, Operating Lease, Description
Renewal options, operating leases	true
Renewal options term, operating leases	5 years
Lessee, Finance Lease, Description
Renewal options, finance leases	true
Renewal options term, finance leases	5 years

Leases - Rental Agreements (Det

Leases - Rental Agreements (Details) - Used Microturbine Equipment Rented to End Users $ in Millions	9 Months Ended
	Dec. 31, 2022 USD ($) MW
Lessee, Lease, Description [Line Items]
Microturbines, power output \| MW	12.8
Commitment value \| $	$ 9.8
Arithmetic Average
Lessee, Lease, Description [Line Items]
Term of contract	36 months

Leases - Lease Expense (Details

Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Lease, Cost
Operating lease costs	$ 84	$ 295	$ 635	$ 799
Finance lease costs	293		702
Total lease costs	$ 377	$ 295	$ 1,337	$ 799

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Leases
Operating lease right-of-use assets	$ 8,702	$ 5,959
Operating lease right-of-use assets, balance sheet location	Other assets	Other assets
Finance lease right-of-use assets	$ 6,497
Finance lease right-of-use assets, balance sheet location	Property, plant, equipment and rental assets, net	Property, plant, equipment and rental assets, net
Total right-of-use assets	$ 15,199	$ 5,959
Operating lease liability, current	$ 1,292	$ 586
Operating lease liability, current, balance sheet location	Current portion of notes payable and lease obligations	Current portion of notes payable and lease obligations
Finance lease liability, current	$ 843
Finance lease liability, current, balance sheet location	Current portion of notes payable and lease obligations	Current portion of notes payable and lease obligations
Operating lease liability, non-current	$ 7,572	$ 5,619
Operating lease liability, non-current, balance sheet location	Long-term portion of notes payable and lease obligations	Long-term portion of notes payable and lease obligations
Finance lease liability, non-current	$ 3,322
Finance lease liability, non-current, balance sheet location	Long-term portion of notes payable and lease obligations	Long-term portion of notes payable and lease obligations
Total lease liabilities	$ 13,029	$ 6,205

Leases - Additional Information

Leases - Additional Information (Details)	Dec. 31, 2022	Mar. 31, 2022
Leases
Operating leases, weighted average remaining lease life	5 years 11 months 12 days	8 years 4 months 6 days
Operating leases, weighted average discount rate	12%	12%

Leases - Right-of-offset for Ac

Leases - Right-of-offset for Accounts Receivables Related to Notes Payable (Details) $ in Millions	9 Months Ended
	Dec. 31, 2022 USD ($)
Leases
Right-of-offset for accounts receivables related to notes payable	$ 1.3

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from operating leases	$ 701	$ 805
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from finance leases	671
Right-of-use assets obtained in exchange for lease obligations, operating leases	3,590	$ 1,877
Right-of-use assets obtained in exchange for lease obligations, finance leases	$ 6,174

Leases - Maturities of Operatin

Leases - Maturities of Operating Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Maturities of operating lease liabilities:
2023 (remainder of fiscal year)	$ 688
2024	2,760
2025	2,685
2026	1,653
2027	1,279
Thereafter	3,358
Total lease payments	$ 12,423

Leases - Present Value of Opera

Leases - Present Value of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases
Total lease payments	$ 12,423
Less: imputed interest	(3,559)
Present value of operating lease liabilities	$ 8,864

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - shares shares in Millions	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive stock options and restricted stock units
Net Loss Per Common Share
Antidilutive securities excluded from diluted net loss per common share computations (in shares)	0.7	0.7
Warrants
Net Loss Per Common Share
Antidilutive securities excluded from diluted net loss per common share computations (in shares)	3.8	0.8