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Tecogen Inc (TGEN+4.17%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $5,630,130 from $7,112,530 in the same quarter the previous year. The decrease is attributed to reduced production capacity due to relocation of manufacturing operations.
Product revenues were $1,391,016, down from $2,938,789 in the previous year, impacted by delays in customer orders. Service revenues slightly increased to $3,850,551 from $3,842,600, while energy production revenues rose to $388,563 from $331,141.
Cost of sales for the quarter was $3,149,216, representing 55.9% of sales, compared to 58.9% in the same quarter of the previous year. This decrease in cost ratio is due to lower service contract maintenance costs.
The company reported a gross profit of $2,480,914 for the quarter, compared to $2,926,021 in the previous year, with the decline attributed to lower product sales.
Operating expenses increased slightly to $3,354,137 from $3,294,315, driven by higher research and development costs.
Net loss for the quarter was $930,408, compared to a net loss of $481,573 in the previous year. The loss increase is due to lower product revenues.
Cash used in operating activities was $116,995, compared to $1,020,250 in the previous year. The improvement is attributed to changes in working capital accounts.
Tecogen had a working capital of $6,328,441 as of September 30, 2024. The company plans to address liquidity needs through a private equity offering of up to $2 million.
The filing also details a related party financing agreement, under which Tecogen received $1,500,000 in loans from directors.
Tecogen continues to focus on expanding its service portfolio and developing new products, including the Tecochill Hybrid-Drive Air-Cooled Chiller.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tecogen Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.