Tecogen Financials
This page shows Tecogen (TGEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
External capital is carrying liquidity while higher sales are arriving with weaker economics and little operating self-funding.
FY2024 showed unusual positive cash conversion despite a net loss, but FY2025 flipped the other way: operating cash flow moved from$4.1M to-$9.9M while revenue recovered. The stronger cash balance therefore says more about fresh capital than about a repaired operating model.
The FY2025 sales rebound did not translate into better unit economics: gross margin fell to
The balance sheet became more liquid on the surface, with cash at
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Tecogen's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Tecogen scores 3.69, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($133.7M) relative to total liabilities ($15.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Tecogen passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Tecogen generates $1.20 in operating cash flow (-$9.9M OCF vs -$8.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Tecogen earns $-54.9 in operating income for every $1 of interest expense (-$8.2M vs $150K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Tecogen generated $27.1M in revenue in fiscal year 2025. This represents an increase of 19.7% from the prior year.
Tecogen's EBITDA was -$7.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 85.1% from the prior year.
Tecogen reported -$8.2M in net income in fiscal year 2025. This represents a decrease of 73.3% from the prior year.
Tecogen earned $-0.30 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 57.9% from the prior year.
Cash & Balance Sheet
Tecogen generated -$10.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 433.6% from the prior year.
Tecogen held $12.4M in cash against $0 in long-term debt as of fiscal year 2025.
Tecogen had 30M shares outstanding in fiscal year 2025. This represents an increase of 19.6% from the prior year.
Margins & Returns
Tecogen's gross margin was 36.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 7.4 percentage points from the prior year.
Tecogen's operating margin was -30.4% in fiscal year 2025, reflecting core business profitability. This is down 10.4 percentage points from the prior year.
Tecogen's net profit margin was -30.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 9.4 percentage points from the prior year.
Tecogen's ROE was -38.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 8.4 percentage points from the prior year.
Capital Allocation
Tecogen invested $1.2M in research and development in fiscal year 2025. This represents an increase of 21.3% from the prior year.
Tecogen invested $401K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 58.6% from the prior year.
TGEN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.3M+19.1% | $5.3M-26.0% | $7.2M-1.5% | $7.3M+0.2% | $7.3M+19.8% | $6.1M+7.9% | $5.6M+19.1% | $4.7M |
| Cost of Revenue | $3.7M+11.5% | $3.4M-32.8% | $5.0M+3.5% | $4.8M+19.1% | $4.1M+21.4% | $3.3M+6.1% | $3.1M+18.9% | $2.6M |
| Gross Profit | $2.6M+32.3% | $2.0M-10.4% | $2.2M-11.3% | $2.5M-23.5% | $3.2M+17.8% | $2.7M+10.2% | $2.5M+19.3% | $2.1M |
| R&D Expenses | $364K+18.3% | $307K+3.2% | $298K+10.9% | $269K-8.2% | $293K+29.0% | $227K-3.0% | $234K-5.1% | $246K |
| SG&A Expenses | $3.7M-9.1% | $4.1M+19.9% | $3.4M+10.4% | $3.1M+5.6% | $2.9M0.0% | $2.9M+9.2% | $2.7M-7.5% | $2.9M |
| Operating Income | -$2.1M+48.4% | -$4.1M-97.0% | -$2.1M-48.8% | -$1.4M-137.6% | -$594K+47.7% | -$1.1M-30.2% | -$873K+40.8% | -$1.5M |
| Interest Expense | $34K-11.5% | $39K-5.9% | $41K+7.8% | $38K+18.0% | $32K+5.1% | $31K+33.7% | $23K+28.7% | $18K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$2.1M+46.9% | -$4.0M-87.4% | -$2.1M-45.5% | -$1.5M-121.9% | -$660K+44.4% | -$1.2M-27.5% | -$930K+39.5% | -$1.5M |
| EPS (Diluted) | $-0.07 | N/A | $-0.07-16.7% | $-0.06-100.0% | $-0.03 | N/A | $-0.04+33.3% | $-0.06 |
TGEN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $34.5M-6.8% | $37.0M-10.8% | $41.5M+46.2% | $28.4M-4.6% | $29.7M-4.4% | $31.1M+13.1% | $27.5M+1.2% | $27.2M |
| Current Assets | $26.5M-8.1% | $28.9M-10.0% | $32.1M+68.5% | $19.0M-7.7% | $20.6M-6.9% | $22.1M+21.9% | $18.2M+0.6% | $18.1M |
| Cash & Equivalents | $9.3M-24.9% | $12.4M-18.5% | $15.3M+829.6% | $1.6M-59.7% | $4.1M-24.8% | $5.4M+321.5% | $1.3M+52.3% | $842K |
| Inventory | $11.4M+4.5% | $10.9M+14.6% | $9.6M-1.3% | $9.7M-2.1% | $9.9M+2.6% | $9.6M-2.6% | $9.9M-2.2% | $10.1M |
| Accounts Receivable | $5.1M+18.1% | $4.3M-31.2% | $6.2M-6.3% | $6.6M+13.5% | $5.8M-2.9% | $6.0M+10.6% | $5.4M+1.6% | $5.4M |
| Goodwill | $1.2M0.0% | $1.2M-46.8% | $2.3M0.0% | $2.3M0.0% | $2.3M0.0% | $2.3M-8.5% | $2.6M0.0% | $2.6M |
| Total Liabilities | $14.9M-3.8% | $15.5M-3.9% | $16.1M-16.8% | $19.4M-4.0% | $20.2M-3.6% | $21.0M+28.7% | $16.3M+8.2% | $15.1M |
| Current Liabilities | $8.8M-5.1% | $9.3M-21.6% | $11.8M-15.4% | $14.0M-6.6% | $14.9M-11.1% | $16.8M+42.0% | $11.8M+2.9% | $11.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $19.7M-8.9% | $21.6M-15.0% | $25.5M+179.8% | $9.1M-5.7% | $9.6M-5.7% | $10.2M-9.5% | $11.3M-7.3% | $12.2M |
| Retained Earnings | -$58.0M-3.8% | -$55.9M-7.7% | -$51.9M-4.3% | -$49.8M-3.0% | -$48.3M-1.4% | -$47.6M-2.6% | -$46.5M-2.0% | -$45.5M |
TGEN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.1M-20.7% | -$2.6M+27.7% | -$3.6M-36.8% | -$2.6M-121.8% | -$1.2M-128.1% | $4.2M+2115.3% | -$207K-31.3% | -$158K |
| Capital Expenditures | $46K-2.9% | $47K-36.9% | $75K-48.4% | $146K+10.6% | $132K+1.4% | $130K-53.9% | $282K-37.5% | $452K |
| Free Cash Flow | -$3.2M-20.3% | -$2.6M+27.9% | -$3.6M-32.3% | -$2.7M-110.5% | -$1.3M-132.3% | $4.0M+926.7% | -$490K+19.7% | -$610K |
| Investing Cash Flow | $50K+172.8% | -$69K+6.9% | -$74K+52.3% | -$156K+5.6% | -$165K-38.5% | -$119K+63.5% | -$327K+34.3% | -$497K |
| Financing Cash Flow | -$40K+77.8% | -$179K-101.0% | $17.2M+5094.6% | $332K+259509.4% | -$128-100.2% | $65K-93.4% | $974K+7335.0% | -$13K |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.9%+4.1pp | 36.8%+6.4pp | 30.4%-3.4pp | 33.8%-10.5pp | 44.3%-0.8pp | 45.0%+1.0pp | 44.1%+0.1pp | 44.0% |
| Operating Margin | -33.7%+44.1pp | -77.8%-48.6pp | -29.3%-9.9pp | -19.4%-11.2pp | -8.2%+10.5pp | -18.7%-3.2pp | -15.5%+15.7pp | -31.2% |
| Net Margin | -33.5%+41.6pp | -75.1%-45.4pp | -29.7%-9.6pp | -20.1%-11.0pp | -9.1%+10.5pp | -19.5%-3.0pp | -16.5%+16.0pp | -32.6% |
| Return on Equity | -10.8%+7.7pp | -18.5%-10.1pp | -8.4%+7.7pp | -16.1%-9.2pp | -6.8%+4.8pp | -11.6%-3.4pp | -8.2%+4.4pp | -12.6% |
| Return on Assets | -6.2%+4.7pp | -10.8%-5.7pp | -5.1%+0.0pp | -5.2%-2.9pp | -2.2%+1.6pp | -3.8%-0.4pp | -3.4%+2.3pp | -5.7% |
| Current Ratio | 3.02-0.1 | 3.12+0.4 | 2.71+1.4 | 1.36-0.0 | 1.38+0.1 | 1.32-0.2 | 1.53-0.0 | 1.57 |
| Debt-to-Equity | 0.76+0.0 | 0.72+0.1 | 0.63-1.5 | 2.13+0.0 | 2.09+0.0 | 2.05+0.6 | 1.44+0.2 | 1.24 |
| FCF Margin | -49.8%-0.5pp | -49.3%+1.3pp | -50.6%-13.0pp | -37.7%-19.7pp | -17.9%-84.6pp | 66.6%+75.3pp | -8.7%+4.2pp | -12.9% |
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Frequently Asked Questions
What is Tecogen's annual revenue?
Tecogen (TGEN) reported $27.1M in total revenue for fiscal year 2025. This represents a 19.7% 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 grew by 19.7% year-over-year, from $22.6M to $27.1M in fiscal year 2025.
Is Tecogen profitable?
No, Tecogen (TGEN) reported a net income of -$8.2M in fiscal year 2025, with a net profit margin of -30.5%.
What is Tecogen's EBITDA?
Tecogen (TGEN) had EBITDA of -$7.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Tecogen's gross margin?
Tecogen (TGEN) had a gross margin of 36.3% in fiscal year 2025, 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 -30.4% in fiscal year 2025, 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 -30.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Tecogen's return on equity (ROE)?
Tecogen (TGEN) has a return on equity of -38.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Tecogen's free cash flow?
Tecogen (TGEN) generated -$10.3M in free cash flow during fiscal year 2025. This represents a -433.6% 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 -$9.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Tecogen's total assets?
Tecogen (TGEN) had $37.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tecogen's capital expenditures?
Tecogen (TGEN) invested $401K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Tecogen spend on research and development?
Tecogen (TGEN) invested $1.2M in research and development during fiscal year 2025.
What is Tecogen's current ratio?
Tecogen (TGEN) had a current ratio of 3.12 as of fiscal year 2025, which is generally considered healthy.
What is Tecogen's debt-to-equity ratio?
Tecogen (TGEN) had a debt-to-equity ratio of 0.72 as of fiscal year 2025, 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 -22.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Tecogen's cash runway?
Based on fiscal year 2025 data, Tecogen (TGEN) had $12.4M in cash against an annual operating cash burn of $9.9M. This gives an estimated cash runway of approximately 15 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Tecogen's Altman Z-Score?
Tecogen (TGEN) has an Altman Z-Score of 3.69, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Tecogen's Piotroski F-Score?
Tecogen (TGEN) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1.20x, considered low quality (accrual-driven). 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 -54.9x, 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 40 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.