0001537435-26-000013
SEC filingTecogen Inc. reported FY 2025 total revenues of $27.1M, up 19.7% YoY from $22.6M in 2024, driven by Products segment growth of 105.5% to $9.1M from chiller sales, offset by Energy Production decline of 37.0% to $1.3M. Services revenues rose 3.4% to $16.6M. Gross profit was $9.8M (36.3% margin), down from 43.6% YoY due to higher Services costs. Operating loss widened to $8.2M from $4.5M, reflecting $18.1M operating expenses including $1.1M goodwill impairment. Net loss attributable to Tecogen was $8.2M or -$0.30 per basic share, versus $4.8M or -$0.19 in 2024. Cash and equivalents ended at $12.4M, up from prior year after $18.1M equity raise; operating cash used $9.9M. Balance sheet shows $37.0M assets, $21.5M equity. Strategic focus on data centers via Vertiv partnership and hybrid chillers positions for growth amid power constraints, though impairments and losses highlight execution risks.
Tecogen Inc.'s FY 2025 revenues reached $27.1M, +19.7% YoY from $22.6M, fueled by Products surge to $9.1M (+105.5%) via chillers ($5.7M, +243.5%). Services grew modestly to $16.6M (+3.4%), while Energy Production fell to $1.3M (-37.0%) from expirations. Gross profit $9.8M (36.3% margin) declined from 43.6% due to Services cost pressures. Operating expenses $18.1M included $1.1M goodwill impairment, yielding $8.2M operating loss (vs. $4.5M prior). Net loss $8.2M or -$0.30/share (vs. -$0.19). Cash rose to $12.4M post $18.1M equity raise; total assets $37.0M, equity $21.5M.
Products drove growth at $9.1M (+105.5% YoY), with chillers $5.7M (+243.5%), cogeneration $3.1M (+14.8%), accessories $0.4M (+238.4%). Services $16.6M (+3.4%) from existing contracts, Aegis additions offset by declines. Energy Production $1.3M (-37.0%) hit by expirations, repairs. No geographic breakdown disclosed; customers in high-utility regions (CA, Midwest, Northeast). Backlog $2.5M vs. $12.3M prior.
Gross margin 36.3% vs. 43.6% YoY; Products 33.2% (up 1.0 pt), Services 38.6% (down 8.9 pts) from labor/materials, Energy 28.3% (down 9.7 pts). G&A $13.5M (+19.1%), Selling $2.3M (+20.5%), R&D $1.2M (+21.3%). Impairments $1.1M goodwill, $15K long-lived. Operating margin -30.5%.
Operating cash -$9.9M (vs. +$4.1M prior) from losses, working capital shifts (AR -$1.7M, inventory +$1.4M, deferred rev -$3.1M). Investing -$0.5M (capex $0.4M). Financing +$17.4M (equity $18.1M, note repay -$1.1M). Cash $12.4M (end), up $7.0M. Current assets $28.9M, liabilities $9.3M; total liabilities $15.5M, no related party notes outstanding.
Focus on AI data centers via Vertiv partnership (Feb 2025), hybrid chillers (shipments 2025). Uplist to NYSE American (May 2025). Aegis contracts expanded. Risks: impairments, customer concentration, regulations, supply chain. Working capital $19.6M supports 12 months; may seek funding for growth.