TECOGEN INC.

Listed Company

TGENCIK 0001537435NYSENon-AcceleratedSmaller ReportingAir-Cond & Warm Air Heatg Equip & Comm & Indl Refrig EquipDelawareFY ends Dec 31

Period

FY 2025

Revenue

$27.07M

Net Income

$-8.25M

Total Assets

$36.99M

Equity

$21.65M

Shares Out

29.86M

Op. Cash Flow

$-9.91M

Business

TECOGEN INC. designs, manufactures, markets, and maintains high-efficiency, ultra-clean cogeneration and chiller systems for distributed power generation. It offers natural gas engine-driven combined heat and power units, air-cooled and hybrid-drive chillers, refrigeration compressors, water heaters, emissions control (Ultera) technology, and long-term operations and maintenance services. The company operates through three segments: Products (design and manufacturing), Services (O&M and maintenance contracts), and Energy Production (owns and sells on-site energy via long-term energy sales agreements). Its customers are primarily commercial, institutional and industrial users in high-utility-rate U.S. regions and Canada, and products are sold direct and through independent sales agents and representatives.

Summary from filing dated 2025-03-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	27	23	25	25	24
Total cost of sales	17	13	15	14	13
Gross profit	10	10	10	11	12
General and administrative	14	11	12	11	10
Selling	2	2	2	2	2
Research and development	1	961,837	840,011	732,873	542,079
Loss (gain) on sale of assets	183	−12,181	−36,207	−41,931	−10,486
Long-lived asset impairment	15,005	0	0	4,674	7,400
Goodwill impairment	1	217,295	0	0	0
Operating Expenses	18	14	15	13	13
Loss from operations	−8	−5	−4	−2	−1
Interest and other income (expense)	151,711	−26,814	−61,003	−34,713	−23,746
Interest expense	−150,289	−90,304	−16,050	—	—
Gain on the sale of marketable securities	3,687	0	—	0	6,046
Unrealized gain on marketable securities	10,993	0	0	18,749	−37,497
Total other expense, net	16,102	−117,118	−77,053	−32,219	5
Loss before income taxes	−8	−5	−4	−2	4
State income tax provision	20,615	22,565	32,491	16,352	—
Consolidated net loss	−8	−5	−5	−2	4
Loss (income) attributable to the noncontrolling interest	588	−86,468	−74,952	−50,215	−45,017
Net loss attributable to Tecogen Inc.	−8	−5	−5	−2	4
Net income (loss) per share - basic (in USD per share)	−0.3	−0.19	−0.19	−0.1	0.15
Weighted average shares outstanding - basic (in shares)	27	25	25	25	25
Net income (loss) per share - diluted (in USD per share)	−0.3	−0.19	−0.19	−0.1	0.15
Weighted average shares outstanding - diluted (in shares)	27	25	25	25	25

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	12	5	1	2	4
Accounts receivable, net	4	6	7	7	8
Unbilled revenue	138,020	398,898	1	2	3
Inventory, net	11	10	11	10	8
Prepaid and other current assets	1	680,565	360,639	401,189	578,801
Total current assets	29	22	20	22	25
Property, plant and equipment, net	2	2	1	1	2
Right of use assets - operating leases	1	2	743,096	1	2
Right of use assets - finance leases	1	452,390	200,187	—	—
Intangible assets, net	2	3	2	997,594	1
Goodwill	1	2	3	2	2
Other assets	176,358	166,474	201,771	165,230	148,140
TOTAL ASSETS	37	31	28	28	32
Related party notes payable	0	2	505,505	0	—
Accounts payable	3	4	5	3	4
Accrued expenses	3	3	3	2	2
Deferred revenue	2	7	2	1	2
Operating lease liability, current	538,641	430,382	248,933	—	—
Finance lease obligations, current	280,265	85,646	40,540	—	—
Acquisition liabilities, current	677,162	902,552	845,363	0	—
Unfavorable contract liabilities, current	44,433	113,449	176,207	236,705	330,032
Total current liabilities	9	17	10	8	9
Deferred revenue, net of current portion	3	1	369,611	371,823	208,456
Operating lease liability, long-term	1	1	523,660	—	—
Finance lease obligations, net of current portion	992,285	325,235	159,647	—	—
Acquisition liabilities, net of current portion	826,757	1	1	0	—
Unfavorable contract liability, net of current portion	160,902	309,390	422,839	583,512	929,474
Total liabilities	16	21	13	9	11
Commitments and contingencies	—	—	—	—	—
Stockholders equity:	29,847	24,950	24,850	24,850	24,850
Additional paid-in capital	78	58	58	57	57
Unearned compensation	−712,019	0	—	—	—
Accumulated deficit	−56	−48	−43	−38	−36
Equity, Attributable to Parent, Total	22	10	15	19	21
Noncontrolling interest	−173,034	−104,807	−94,301	−106,560	−79,939
Equity, Including Portion Attributable to Noncontrolling Interest, Total	21	10	15	19	21
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	37	31	28	28	32

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, accretion and amortization, net	877,675	553,783	567,712	428,348	469,854
Provision for credit losses	62,958	146,010	902,432	−70,987	131,206
Provision for inventory reserve	110,488	70,530	402,883	107,000	0
Unrealized gain on marketable securities	−10,993	0	0	−18,749	37,497
Stock-based compensation	348,029	172,987	250,394	334,149	202,431
Goodwill and long-lived asset impairment	1	217,295	—	—	—
Non-cash interest expense	43,476	45,025	5,505	—	—
Accounts receivable	2	608,929	−81,195	2	57,618
Inventory, net	−1	848,884	−82,525	−3	−596,393
Unbilled revenue	260,879	859,634	56,994	1	1
Prepaid assets and other current assets	−405,745	−319,926	40,550	177,612	18,343
Other non-current assets	464,576	510,723	265,725	625,320	−231,478
Accounts payable	−761,131	−371,736	1	−246,401	−674,750
Accrued expenses	−76,736	386,257	128,869	−109,282	374,802
Deferred revenue	−3	6	543,842	−678,758	756,722
Other current liabilities	−871,627	−832,162	−421,049	−645,236	227,271
Net cash provided by (used in) operating activities	−10	4	−817,810	−1	465,033
Purchases of property and equipment	−400,781	−969,163	−46,851	−314,879	−91,451
Proceeds on sale of property and equipment	4,290	51,400	34,655	72,655	10,486
Distributions to noncontrolling interest	−67,639	−96,974	−62,693	−76,836	−82,633
Net used in investing activities	−464,130	−1	−244,889	−348,565	−215,058
Proceeds from follow-on offering, net of transaction costs	18	0	—	—	—
(Repayment of) proceeds from related party note	−1	1	—	—	—
Finance lease principal payments	−324,065	−62,847	0	—	—
Proceeds from exercise of stock options	696,779	71,000	0	—	0
Net cash provided by financing activities	17	1	500,000	0	2
Change in cash and cash equivalents	7	4	−562,699	−2	2
Cash paid for interest	183,354	45,278	10,926	14,597	241
Cash paid for taxes	20,615	22,565	32,491	16,352	19,491
Right-of-use assets obtained in exchange for operating lease liabilities	193,480	2	148,093	—	—
Right-of-use assets acquired under finance leases	1	295,085	200,187	0	—
Contingent consideration	0	272,901	1	0	—
Related party note conversion to common stock	514,148	0	—	—	—

Filings

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