Tecogen Stock Price, News & Analysis

Tecogen Inc. (OTCQX:TGEN) reported Q2 2024 results with revenues of $4.7 million and a net loss of $1.5 million, compared to revenues of $6.7 million and a net loss of $0.8 million in Q2 2023. The company generated $0.1 million in cash from operations during H1 2024. Key points:

- EPS for Q2 2024 was $(0.06)/share vs $(0.03)/share in Q2 2023
- Products revenue decreased 95.1% due to manufacturing relocation
- Service revenue increased 4.4% to $4.1 million
- Energy Production revenue increased 37.5% to $482,000
- Gross margin improved to 44.0% from 42.0% in Q2 2023
- Adjusted EBITDA was negative $1.3 million for Q2 2024

CEO Abinand Rangesh expressed optimism about new markets and potential product orders in Q3 2024.

Tecogen Inc. (OTCQX:TGEN) has announced the schedule for its Q2 2024 earnings release and conference call. The company will release its financial results on Thursday, August 8th. A conference call and webcast with senior management will be held on the same day at 9:30 AM Eastern Time to discuss the company's Q2 2024 financial performance.

Investors can access the earnings press release and supplemental call slides on Tecogen's website in the 'Investor Relations' section under 'Financial Results'. To participate in the audio portion of the call, dial 800-715-9871 (US/Canada) or 646-307-1963 (international) and ask to join the Tecogen earnings call or enter company ID 3016326. A webcast option is also available. The call will be recorded and available for playback one hour after it ends.

Tecogen has announced the acquisition of balance of plant service contracts in Canada, significantly expanding their current agreements. Previously, Tecogen serviced only cogeneration units, but the new contracts include ancillary equipment, leading to a projected annual revenue increase of $400,000 to $500,000 for their Canadian service center. CEO Abinand Rangesh expressed satisfaction with the expanded services, highlighting the potential for sustained revenue growth and future expansion in Ontario.

Tecogen Inc. reported revenues of $6.2 million with a 15% QoQ increase compared to the previous year. The net loss decreased to $1.1 million from $1.5 million in 2023. Cash from operations was $0.2 million, ending with a cash balance of $1.5 million. The company highlighted record service revenue, positive cash flow, and no further line of credit drawdowns.

Tecogen Inc. (TGEN) has acquired service agreements for 31 additional cogeneration units, totaling 83 for the year. In February, the company acquired agreements for 52 units, with 16 presently in operation and 36 to be online later this year. Tecogen's CEO, Abinand Rangesh, highlighted that service contracts increase uptime, leading to higher customer savings. The company plans to secure more service contracts to boost revenue and cover fixed costs while pursuing larger product orders.