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Tecogen Inc (TGEN) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a decrease in total revenue to $22,619,536 from $25,139,419 in the previous year. This decline is attributed to a decrease in product sales, particularly chillers.
Service revenue increased by 10.7% to $16,074,870, driven by the acquisition of maintenance contracts from Aegis Energy Services.
Energy production revenue rose by 19.6% to $2,100,670 due to increased run hours at certain sites.
Cost of sales decreased by 14.7% to $12,749,363, with an overall gross margin improvement to 43.6%.
Operating expenses slightly decreased by 1.4% to $14,404,260, with general and administrative expenses down by 4.4%.
The company reported a loss from operations of $4,534,087, compared to a loss of $4,413,612 in the previous year.
Net loss attributable to Tecogen Inc was $4,760,238, compared to $4,598,108 in the previous year.
The company ended the year with cash and cash equivalents of $5,405,233, an increase of $4,053,963 from the previous year.
Tecogen's backlog increased to $12,336,248, reflecting new business opportunities, particularly in the data center market.
The filing details a Sales and Marketing Agreement with Vertiv Corporation to market Tecogen's DTx chillers for data center cooling applications.
The company also addressed the impact of anti-fossil fuel sentiment and utility power constraints on its business, highlighting opportunities in controlled environment agriculture and data centers.
Tecogen's liquidity and cash flows are discussed, with management confident in meeting working capital requirements for the next twelve months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tecogen Inc annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.