Tecogen Financials
This page shows Tecogen (TGEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Tecogen has an operating margin of -20.1%, meaning the company retains $-20 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -17.6% the prior year.
Tecogen's revenue declined 10% year-over-year, from $25.1M to $22.6M. This contraction results in a growth score of 0/100.
Tecogen has a moderate D/E ratio of 2.05. This balance of debt and equity financing earns a leverage score of 35/100.
Tecogen's current ratio of 1.32 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.
Tecogen converts 13.7% of revenue into free cash flow ($3.1M). This strong cash generation earns a score of 68/100.
Tecogen passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Tecogen generates $-0.85 in operating cash flow ($4.1M OCF vs -$4.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Tecogen earns $-50.2 in operating income for every $1 of interest expense (-$4.5M vs $90K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Tecogen generated $22.6M in revenue in fiscal year 2024. This represents a decrease of 10.0% from the prior year.
Tecogen's EBITDA was -$4.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.5% from the prior year.
Tecogen generated $3.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 457.5% from the prior year.
Tecogen reported -$4.8M in net income in fiscal year 2024. This represents a decrease of 3.5% from the prior year.
Tecogen earned $-0.19 per diluted share (EPS) in fiscal year 2024. This represents an increase of 0.0% from the prior year.
Tecogen held $5.4M in cash against $0 in long-term debt as of fiscal year 2024.
Tecogen had 25M shares outstanding in fiscal year 2024. This represents an increase of 0.4% from the prior year.
Tecogen's gross margin was 43.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 3.1 percentage points from the prior year.
Tecogen's operating margin was -20.1% in fiscal year 2024, reflecting core business profitability. This is down 2.5 percentage points from the prior year.
Tecogen's net profit margin was -21.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 2.7 percentage points from the prior year.
Tecogen invested $962K in research and development in fiscal year 2024. This represents an increase of 14.5% from the prior year.
Tecogen invested $969K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 1968.6% from the prior year.
TGEN Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.2M-1.5% | $7.3M+0.2% | $7.3M+23.4% | $5.9M-17.1% | $7.1M+5.4% | $6.7M+25.4% | $5.4M+18.7% | $4.5M |
| Cost of Revenue | $5.0M+3.5% | $4.8M+19.1% | $4.1M+14.3% | $3.5M-15.2% | $4.2M+7.0% | $3.9M+19.1% | $3.3M+52.8% | $2.2M |
| Gross Profit | $2.2M-11.3% | $2.5M-23.5% | $3.2M+37.1% | $2.3M-19.7% | $2.9M+3.2% | $2.8M+35.5% | $2.1M-12.1% | $2.4M |
| R&D Expenses | $298K+10.9% | $269K-8.2% | $293K+36.6% | $214K+33.9% | $160K-32.3% | $237K+3.3% | $229K+17.0% | $196K |
| SG&A Expenses | $3.4M+10.4% | $3.1M+5.6% | $2.9M+104.8% | $1.4M-56.6% | $3.3M-8.9% | $3.6M+2.1% | $3.5M+178.6% | $1.3M |
| Operating Income | -$2.1M-48.8% | -$1.4M-137.6% | -$594K+67.3% | -$1.8M-392.9% | -$368K+52.8% | -$780K+46.2% | -$1.4M-3.7% | -$1.4M |
| Interest Expense | $41K+7.8% | $38K+18.0% | $32K+335.6% | $7K+16.7% | $6K+242.3% | $2K+347.5% | $415+0.2% | $414 |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$2.1M-45.5% | -$1.5M-121.9% | -$660K+64.3% | -$1.8M-283.4% | -$482K+38.3% | -$780K+47.6% | -$1.5M-4.6% | -$1.4M |
| EPS (Diluted) | $-0.07-16.7% | $-0.06-100.0% | $-0.03+62.5% | $-0.08-300.0% | $-0.02+33.3% | $-0.03+50.0% | $-0.060.0% | $-0.06 |
TGEN Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $41.5M+46.2% | $28.4M-4.6% | $29.7M+7.0% | $27.8M-4.8% | $29.2M-2.1% | $29.8M+5.5% | $28.2M0.0% | $28.3M |
| Current Assets | $32.1M+68.5% | $19.0M-7.7% | $20.6M+1.5% | $20.3M-6.0% | $21.6M-0.8% | $21.8M-2.6% | $22.4M+1.5% | $22.0M |
| Cash & Equivalents | $15.3M+829.6% | $1.6M-59.7% | $4.1M+201.0% | $1.4M+109.1% | $646K-65.5% | $1.9M+14.9% | $1.6M-14.9% | $1.9M |
| Inventory | $9.6M-1.3% | $9.7M-2.1% | $9.9M-6.3% | $10.6M-4.4% | $11.0M-8.2% | $12.0M+1.4% | $11.9M+13.2% | $10.5M |
| Accounts Receivable | $6.2M-6.3% | $6.6M+13.5% | $5.8M-13.2% | $6.7M-12.5% | $7.7M+37.1% | $5.6M-16.9% | $6.8M+0.7% | $6.7M |
| Goodwill | $2.3M0.0% | $2.3M0.0% | $2.3M-14.5% | $2.7M-12.3% | $3.1M0.0% | $3.1M+30.0% | $2.4M0.0% | $2.4M |
| Total Liabilities | $16.1M-16.8% | $19.4M-4.0% | $20.2M+53.8% | $13.1M+2.8% | $12.8M-1.5% | $13.0M+21.9% | $10.7M+15.0% | $9.3M |
| Current Liabilities | $11.8M-15.4% | $14.0M-6.6% | $14.9M+42.6% | $10.5M+3.5% | $10.1M-1.0% | $10.2M+9.0% | $9.4M+22.1% | $7.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $25.5M+179.8% | $9.1M-5.7% | $9.6M-34.6% | $14.7M-10.7% | $16.5M-2.4% | $16.9M-4.3% | $17.7M-7.4% | $19.1M |
| Retained Earnings | -$51.9M-4.3% | -$49.8M-3.0% | -$48.3M-12.6% | -$42.9M-4.5% | -$41.0M-1.2% | -$40.6M-2.0% | -$39.8M-3.9% | -$38.3M |
TGEN Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.6M-36.8% | -$2.6M-121.8% | -$1.2M-679.6% | $202K+117.2% | -$1.2M-367.7% | $439K+253.9% | -$285K+69.0% | -$918K |
| Capital Expenditures | $75K-48.4% | $146K+10.6% | $132K+773.0% | $15K+24.8% | $12K-38.2% | $20K | $0-100.0% | $28K |
| Free Cash Flow | -$3.6M-32.3% | -$2.7M-110.5% | -$1.3M-796.9% | $187K+115.8% | -$1.2M-383.1% | $419K+247.1% | -$285K+69.9% | -$946K |
| Investing Cash Flow | -$74K+52.3% | -$156K+5.6% | -$165K-6278.7% | $3K+105.2% | -$51K+74.1% | -$197K | $0+100.0% | -$48K |
| Financing Cash Flow | $17.2M+5094.6% | $332K+259509.4% | -$128-100.0% | $500K | $0 | $0 | $0 | $0 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TGEN Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.4%-3.4pp | 33.8%-10.5pp | 44.3%+4.4pp | 39.8%-1.3pp | 41.1%-0.9pp | 42.0%+3.1pp | 38.9%-13.6pp | 52.5% |
| Operating Margin | -29.3%-9.9pp | -19.4%-11.2pp | -8.2%+22.6pp | -30.8%-25.6pp | -5.2%+6.4pp | -11.6%+15.4pp | -27.0%+3.9pp | -30.9% |
| Net Margin | -29.7%-9.6pp | -20.1%-11.0pp | -9.1%+22.2pp | -31.3%-24.5pp | -6.8%+4.8pp | -11.6%+16.1pp | -27.7%+3.7pp | -31.4% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -5.1%+0.0pp | -5.2%-2.9pp | -2.2%+4.4pp | -6.6%-5.0pp | -1.7%+1.0pp | -2.6%+2.7pp | -5.3%-0.2pp | -5.0% |
| Current Ratio | 2.71+1.4 | 1.36-0.0 | 1.38-0.6 | 1.94-0.2 | 2.130.0 | 2.13-0.3 | 2.38-0.5 | 2.87 |
| Debt-to-Equity | 0.63-1.5 | 2.13+0.0 | 2.09+1.2 | 0.89+0.1 | 0.770.0 | 0.77+0.2 | 0.60+0.1 | 0.49 |
| FCF Margin | -50.6%-13.0pp | -37.7%-19.7pp | -17.9%-21.1pp | 3.2%+19.9pp | -16.7%-22.9pp | 6.2%+11.5pp | -5.3%+15.6pp | -20.9% |
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Frequently Asked Questions
What is Tecogen's annual revenue?
Tecogen (TGEN) reported $22.6M in total revenue for fiscal year 2024. This represents a -10.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Tecogen's revenue growing?
Tecogen (TGEN) revenue declined by 10% year-over-year, from $25.1M to $22.6M in fiscal year 2024.
Is Tecogen profitable?
No, Tecogen (TGEN) reported a net income of -$4.8M in fiscal year 2024, with a net profit margin of -21.0%.
What is Tecogen's earnings per share (EPS)?
Tecogen (TGEN) reported diluted earnings per share of $-0.19 for fiscal year 2024. This represents a 0.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Tecogen's EBITDA?
Tecogen (TGEN) had EBITDA of -$4.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Tecogen's gross margin?
Tecogen (TGEN) had a gross margin of 43.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Tecogen's operating margin?
Tecogen (TGEN) had an operating margin of -20.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Tecogen's net profit margin?
Tecogen (TGEN) had a net profit margin of -21.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Tecogen's free cash flow?
Tecogen (TGEN) generated $3.1M in free cash flow during fiscal year 2024. This represents a 457.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Tecogen's operating cash flow?
Tecogen (TGEN) generated $4.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Tecogen's total assets?
Tecogen (TGEN) had $31.1M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Tecogen's capital expenditures?
Tecogen (TGEN) invested $969K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Tecogen spend on research and development?
Tecogen (TGEN) invested $962K in research and development during fiscal year 2024.
How many shares does Tecogen have outstanding?
Tecogen (TGEN) had 25M shares outstanding as of fiscal year 2024.
What is Tecogen's current ratio?
Tecogen (TGEN) had a current ratio of 1.32 as of fiscal year 2024, which is considered adequate.
What is Tecogen's debt-to-equity ratio?
Tecogen (TGEN) had a debt-to-equity ratio of 2.05 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tecogen's return on assets (ROA)?
Tecogen (TGEN) had a return on assets of -15.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Tecogen's Piotroski F-Score?
Tecogen (TGEN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tecogen's earnings high quality?
Tecogen (TGEN) has an earnings quality ratio of -0.85x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Tecogen cover its interest payments?
Tecogen (TGEN) has an interest coverage ratio of -50.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Tecogen?
Tecogen (TGEN) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.