TurboGen Reports First Half 2026 Financial Results and Advances Commercialization Preparations

The August placement added gross proceeds after the June cash balance; initial installations remain expected later in 2026.

Rhea-AI Summary

TurboGen (TRBG) reported a $4.2 million net loss for the first half of 2026 as it prepared its microturbines for commercialization.

The company generated no revenue. Its net loss narrowed 45% from $7.6 million a year earlier, mainly reflecting a $6.4 million favorable change in warrant fair-value and debt-extinguishment effects that partly offset higher operating expenses. Operating loss rose to $5.2 million from $2.3 million, while cash used in operations increased to $2.7 million from $1.4 million. Cash was $7.2 million and shareholders’ equity was $1.6 million at June 30.

TurboGen raised $5 million in gross proceeds through an August 2026 private placement, and its ordinary shares began Nasdaq trading on August 31. It completed assembly of its first TR8000, an 80kW model, and expects initial installations of 32kW to 80kW systems toward the end of 2026.

Positive

• Net loss narrowed 45% to $4.2 million in first-half 2026.
• Cash rose to $7.2 million from $3.9 million at year-end 2025.
• August private placement raised $5 million in gross proceeds.

Negative

• Operating loss rose to $5.2 million from $2.3 million a year earlier.
• Operating cash use rose to $2.7 million from $1.4 million a year earlier.

Market Context

The Sept. 16 MOU announcement had a recorded 14.51% decline; that earlier non-binding customer indic...

Analysis

The Sept. 16 MOU announcement had a recorded 14.51% decline; that earlier non-binding customer indication provides context for the commercialization preparations reported here, while remaining distinct from a completed sale.

Key Figures

Cash and cash equivalents: $7.2 million Private placement proceeds: $5 million gross Revenue: $0 +5 more

Cash and cash equivalents

$7.2 million

As of June 30, 2026

Private placement proceeds

$5 million gross

Raised in August 2026

Revenue

$0

First half 2026

Net loss

$4.2 million; narrowed 45%

Six months ended June 30, 2026; compared with $7.6 million in 2025

Operating loss

$5.2 million

First half 2026; compared with $2.3 million in 2025

Net cash used in operating activities

$2.7 million

First half 2026; compared with $1.4 million in the prior-year period

First TR8000 system

80kW

First model assembly completed

Expected initial installations

32kW to 80kW

Expected toward the end of 2026

Historical Context

1 past event · Latest: Sep 16

1 event

1. Sep 16

   Commercial MOU

   24h Move

   -14.5%

   Non-binding MOU anticipated purchase of roughly 40 80-kW systems, subject to definitive agreement.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

chp, energy-as-a-service, share-based compensation, warrant fair-value

4 terms

chp technical

"Completed assembly of its first TR8000 model, an 80kW system"

CHP stands for combined heat and power, a system that generates electricity and captures the usable heat that would otherwise be wasted to provide heating or industrial steam. Like getting both electricity and hot water from the same machine, CHP boosts energy efficiency, cuts fuel costs and often lowers emissions, so investors watch CHP projects for their potential to reduce operating expenses, improve margins and qualify for regulatory incentives or lower carbon risk.

energy-as-a-service financial

"enter a long-term Energy-as-a-Service (“EaaS”) agreement"

A business model where customers pay a provider for delivered energy services—such as electricity, heating, charging or efficiency improvements—instead of buying and running the equipment themselves. Like leasing a car with the manufacturer handling maintenance and fuel, the provider installs, operates and guarantees performance, creating predictable, subscription-style revenue for the provider and shifting upfront cost, maintenance and performance risk away from the customer, which investors watch for recurring income, contract stability and growth potential.

share-based compensation financial

"reflecting increased testing, materials and contractor costs"

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

warrant fair-value financial

"a $6.4 million favorable change in warrant fair-value"

Warrant fair-value is the estimated monetary worth of a stock warrant — a tradable right to buy a company’s shares at a set price — calculated using valuation models that reflect current market prices, expected share volatility, time until expiry, interest rates, and dividends. Investors use it like a price tag for the warrant; it matters because the fair-value figure is used in accounting, to compare what the company received or paid against market-based expectations, and to gauge how much potential upside or dilution the warrant represents.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Cash and cash equivalents of $7.2 million as of June 30, 2026; subsequent $5 million gross proceeds from private placement supports development and market readiness.

PETAH TIKVA, Israel, Sept. 24, 2026 (GLOBE NEWSWIRE) -- TurboGen Ltd. (NASDAQ:TRBG) (TASE:TURB) (“TurboGen” or the “Company”), a developer of combined heat and power systems based on multifuel microturbines, today reports financial results for the six months ended June 30, 2026 and provides a business update. The Company reported positive shareholders’ equity of $1.6 million as of June 30, 2026.

“Our strong cash position of $7.2 million as of June 30, 2026, combined with the $5 million raised in August 2026, supports our preparations for commercialization,” said Yaron Gilboa, TurboGen’s Chief Executive Officer. “Our recent Nasdaq Capital Market (“Nasdaq”) listing is an important milestone that we believe will broaden our visibility among U.S. investors as we advance our commercial strategy. Our priorities are to prepare for initial installations, adapt our systems for scaled production, and advance commercialization in the United States and Europe.”

Business Overview

TurboGen develops compact, multi-fuel microturbine systems designed to generate electricity and heat for customers where needed.

The Company intends to serve owners and developers of office, residential, hotels and building clusters, as well as off-grid consumers, small server farms, and data centers. Its primary target markets are the United States and European Union countries with established natural gas infrastructure.

TurboGen offers two commercial models. Customers can purchase an installed system with a service contract or enter a long-term Energy-as-a-Service (“EaaS”) agreement to buy the electricity and heat generated by the system with little to no upfront cost. The Company also plans to integrate its systems with commercially available electricity and heat storage technologies to create local microgrids, supported by an energy management system that coordinates electricity and heat supplied from multiple sources.

First Half 2026 Business Highlights and Subsequent Events

●	Completed assembly of its first TR8000 model, an 80kW system designed for large buildings and micro data centers.
●	Raised $5 million in gross proceeds in an August 2026 private placement.
●	TurboGen’s ordinary shares began trading on Nasdaq on August 31, 2026.
●	First installations of our microturbine systems ranging from 32kW to 80kW expected toward the end of 2026.

First Half 2026 Financial Results

TurboGen remained a development-stage company and generated no revenue during this period. Research and development expenses increased to $1.9 million from $0.6 million for the same period in 2025, reflecting increased testing, materials and contractor costs, preparations for scale production, and share-based compensation.

Sales and marketing expenses were $281,000, compared to $203,000 for the same period in 2025, primarily reflecting higher compensation expenses.

General and administrative expenses increased to $3.1 million from $1.4 million for the same period in 2025, reflecting higher share-based compensation and professional expenses associated with the Nasdaq listing.

Operating loss increased to $5.2 million from $2.3 million for the same period last year.

Net loss narrowed 45% to $4.2 million, compared to $7.6 million for the same period in 2025. The improvement primarily reflected a $6.4 million favorable change in warrant fair-value and debt-extinguishment effects, partially offset by higher operating expenses.

Cash and cash equivalents totaled $7.2 million on June 30, 2026, compared to $3.9 million on December 31, 2025. Net cash used in operating activities was $2.7 million, compared to $1.4 million in the prior-year period. Shareholders’ equity was positive at $1.6 million as of June 30, 2026, an improvement of $4.7 million from December 31, 2025.

About TurboGen

Founded in response to technologically address the threat of climate change and the lack of grid capacity, TurboGen Ltd. (NASDAQ:TRBG) (TASE:TURB) develops combined heat and power systems based on multifuel microturbines. These microturbines are used for local electricity, energy, and heat production. To learn more, please visit: https://turbogenchp.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, TurboGen is using forward looking statement in this press release when it discusses the use cases of its products, the likelihood of success of its projects, its preparations for commercialization, its belief that listing on Nasdaq is an important milestone that will broaden our visibility among U.S. investors, advancement of its commercial strategy, its expectations for initial installations toward the end of 2026, and its priorities to adapt its systems for scaled production and advance commercialization in the United States and Europe. Because such statements deal with future events and are based on TurboGen’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of TurboGen could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Registration Statement on Form F-1 filed with the Securities and Exchange Commission (the “SEC”) on March 12, 2026, as amended. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

IR and Communications Contact:
IR@turbogenchp.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did TurboGen's first-half 2026 net loss narrow?

TurboGen's net loss narrowed 45% to $4.2 million from $7.6 million in the same period of 2025. The improvement primarily reflected a $6.4 million favorable change in warrant fair-value and debt-extinguishment effects, partly offset by higher operating expenses.

How does TurboGen plan to sell its microturbine systems?

TurboGen offers customers two models: they can buy an installed system with a service contract, or enter a long-term Energy-as-a-Service agreement to buy the electricity and heat it generates with little to no upfront cost.