@veteranashe It generates mass and energy for the owner only.
There is an upper limit as to how much mass it can generate, it won't generate more than that. (So if you have enough engineers, you can actually mass stall while you have a paragon.) The amount of mass generated is also limited by the owner's need for mass. It won't generate extra mass to fill up your mass storage and overflow to teammates. So if you're not spending all of the potential mass, it is lost forever.
Energy works the same way: There is an upper limit as to how much energy it can generate, it won't generate more than that. The amount of energy generated is also limited by the owner's need for energy. It won't generate energy to fill up the e bar or to overflow it to teammates. It only generates enough to cover what you're attempting to spend (up to the aforementioned upper limit).
If we allowed paragons to always generate up to the limit regardless of whether the owner's mass bar was full/empty, the owner would almost always be overflowing lots of mass and energy to teammates which would give the teammates the chance to spend it.