TECOGEN INC. TGEN
Tecogen Inc., a Delaware corporation (together with its subsidiaries "we", "our", "us", "Tecogen," or "Company") produces commercial and industrial, natural-gas-fueled engine-driven, combined heat and power (CHP) products that reduce energy costs, decrease greenhouse gas emissions and alleviate congestion on the national power grid. Our products supply electric power or mechanical power for cooling, while heat from the engine is recovered and purposefully used at a customer facility. The majority of our customers are located in regions with the highest utility rates, typically California, the Midwest and the Northeast.
We were incorporated in the State of Delaware on September 15, 2020. We have two wholly-owned subsidiaries American DG Energy, Inc. ("ADGE") and Tecogen CHP Solutions, Inc.. In addition, we own a 51% interest in American DG New York, LLC ("ADGNY"), a joint venture. ADGE and ADGNY distribute, own, and operate clean, on-site energy systems that produce electricity, hot water, heat and cooling. ADGE and ADGNY own the equipment that is installed at customers' facilities and sell the energy produced to the customer on a long-term contractual basis.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.1M | $22.6M | $25.1M | $25.0M | $24.4M | $28.3M | $33.4M | $35.9M | $33.2M | $24.5M |
| Cost of revenue | $17.2M | $12.7M | $14.9M | $13.9M | $12.8M | $17.4M | $20.9M | $22.3M | $20.2M | $15.2M |
| Gross profit | $9.8M | $9.9M | $10.2M | $11.1M | $11.6M | $10.8M | $12.5M | $13.6M | $13.0M | $9.3M |
| R&D | $1.2M | $961.8K | $840.0K | $732.9K | $542.1K | $767.3K | $1.5M | $1.3M | $936.9K | $667.1K |
| SG&A | $13.5M | $11.4M | $11.9M | $10.9M | $9.8M | $10.3M | $17.1M | $19.1M | $12.7M | $10.3M |
| Total operating expenses | $18.1M | $14.4M | $14.6M | $13.4M | $12.8M | $16.8M | — | — | — | — |
| Operating income | -$8.2M | -$4.5M | -$4.4M | -$2.3M | -$1.2M | -$6.0M | -$4.7M | -$5.5M | $225.2K | -$997.5K |
| Interest expense | $150.3K | $90.3K | $16.1K | $16.3K | $14.2K | $125.8K | $101.9K | $120.0K | $155.1K | $175.8K |
| Pre-tax income | -$8.2M | -$4.7M | -$4.5M | -$2.4M | $3.8M | -$6.2M | -$4.8M | -$5.8M | $97.7K | -$1.2M |
| Income tax | $20.6K | $22.6K | $32.5K | $16.4K | $19.5K | $30.2K | $15.2K | $32.7K | $0 | $0 |
| Net income | -$8.2M | -$4.8M | -$4.6M | -$2.4M | $3.7M | -$6.2M | -$4.7M | -$5.7M | $47.4K | -$1.1M |
| EPS, basic | -0.30 | -0.19 | -0.19 | -0.10 | 0.15 | -0.25 | — | -0.23 | 0.00 | -0.06 |
| EPS, diluted | -0.30 | -0.19 | -0.19 | -0.10 | 0.15 | -0.25 | -0.19 | -0.23 | 0.00 | -0.06 |
| Shares, diluted (wtd. avg.) | 27.2M | 24.9M | 24.9M | 24.9M | 25.1M | 24.9M | — | 24.8M | 23.3M | 19.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $12.4M | $5.4M | $1.4M | $1.9M | $3.6M | $1.5M | $877.7K | $272.6K | $1.7M | $3.7M |
| Receivables | $4.3M | $6.0M | $6.7M | $6.7M | $8.5M | $8.7M | $14.6M | $14.2M | $9.5M | $8.6M |
| Inventory | $10.9M | $9.6M | $10.6M | $10.5M | $7.8M | $7.2M | $6.4M | $6.3M | $5.1M | $4.8M |
| Total current assets | $28.9M | $22.1M | $20.3M | $22.0M | $25.0M | $22.2M | $27.9M | $26.4M | $21.7M | $20.1M |
| Property, plant and equipment | $1.6M | $1.7M | $1.2M | $1.4M | $1.8M | $2.3M | $3.5M | $11.3M | $12.3M | $517.1K |
| Goodwill | $1.2M | $2.3M | $2.7M | $2.4M | $2.4M | $2.4M | $5.3M | $9.0M | $13.4M | $40.9K |
| Other intangibles | $2.1M | $2.5M | $2.4M | $997.6K | $1.2M | $1.4M | $1.6M | $2.9M | $2.9M | $1.1M |
| Total assets | $37.0M | $31.1M | $27.8M | $28.3M | $32.4M | $30.1M | $41.1M | $49.9M | $50.7M | $23.7M |
| Accounts payable | $3.4M | $4.1M | $4.5M | $3.3M | $3.5M | $4.2M | $5.3M | $7.2M | $5.1M | $3.4M |
| Total current liabilities | $9.3M | $16.8M | $10.5M | $7.7M | $8.8M | $9.2M | $13.4M | $13.2M | $8.7M | $5.6M |
| Total liabilities | $15.5M | $21.0M | $13.1M | $9.3M | $11.2M | $12.8M | $17.8M | $21.9M | $17.0M | $9.2M |
| Retained earnings | -$55.9M | -$47.6M | -$42.9M | -$38.3M | -$35.8M | -$39.5M | -$33.4M | -$28.7M | -$22.8M | -$22.8M |
| Total equity | $21.6M | $10.2M | $14.7M | $19.0M | $21.1M | $17.3M | $23.4M | $28.0M | $33.7M | $14.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$9.9M | $4.1M | -$817.8K | -$1.4M | $465.0K | $1.4M | -$4.5M | -$3.9M | -$591.3K | -$2.7M |
| Depreciation and amortisation | $877.7K | $553.8K | $567.7K | $428.3K | $469.9K | $414.1K | $437.1K | $789.1K | $587.8K | $264.0K |
| Stock-based compensation | $348.0K | $173.0K | $250.4K | $334.1K | $202.4K | $190.9K | $163.5K | $181.2K | $183.8K | $165.9K |
| Capital expenditure | $400.8K | $969.2K | $46.9K | $314.9K | $91.5K | $60.0K | $95.6K | $828.1K | $580.0K | $139.7K |
| Investing cash flow | -$464.1K | -$1.0M | -$244.9K | -$348.6K | -$215.1K | -$217.8K | $4.7M | $1.3M | $1.5M | -$2.3M |
| Financing cash flow | $17.4M | $1.0M | $500.0K | $0 | $1.9M | -$576.9K | $382.9K | $1.2M | -$3.0M | $3.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001537435-26-000029.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.5M | $33.2M | $35.9M | $33.4M | $28.3M | $24.4M | $25.0M | $25.1M | $22.6M | $27.1M |
| Gross profit | $9.3M | $13.0M | $13.6M | $12.5M | $10.8M | $11.6M | $11.1M | $10.2M | $9.9M | $9.8M |
| Net income | -$1.1M | $47.4K | -$5.7M | -$4.7M | -$6.2M | $3.7M | -$2.4M | -$4.6M | -$4.8M | -$8.2M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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