Tecogen Inc. (OTC: TGEN) Q2 2026 revenue drops 21% as losses deepen
Rhea-AI Filing Summary
Tecogen Inc. reported weaker results for the quarter and six months ended June 30, 2026. Quarterly revenues were $5.75 million, down 21.2% from 2025, driven by a 64.0% drop in Products revenue to $1.13 million, partly offset by Services growth of 10.3% to $4.38 million and Energy Production growth of 35.4% to $0.24 million. Gross profit was $2.17 million, with gross margin improving to 37.8% from 33.8% on higher Products segment margin.
Loss from operations widened to $2.15 million from $1.41 million, and net loss attributable to Tecogen increased to $2.15 million (loss of $0.07 per share) from $1.46 million (loss of $0.06). Adjusted EBITDA for the quarter was negative $1.68 million, compared with negative $1.16 million a year earlier.
For the first half of 2026, revenues were $12.08 million, down 17.1%, with Products revenue down 59.4% and Services up 9.8%. Net loss for the six months was $4.27 million (loss of $0.14 per share) versus $2.12 million in 2025. Cash and cash equivalents were $6.78 million at June 30, 2026, compared with $12.43 million at year-end. Management highlighted a non–data center backlog of approximately $8 million, expected additional orders of $2 million or more, and recent product demonstrations with large data centers representing more than 8 gigawatts of existing capacity.
Positive
- Gross margin improved to 37.8% in Q2 2026 from 33.8% in Q2 2025, helped by higher Products segment margins.
- Services revenue grew 10.3% year over year in Q2 2026 to $4.38 million, supported by acquired Aegis maintenance contracts and existing service contracts.
- Non–data center backlog is about $8 million, with $2 million or more in additional orders expected over the next few months, supporting higher Q3 product revenue expectations.
- Cash and cash equivalents were $6.78 million at June 30, 2026, and management stated the cash position remains over $6 million due to lower cash burn.
Negative
- Total revenue declined 21.2% in Q2 2026 to $5.75 million, driven by a 64.0% drop in Products revenue.
- Net loss widened 46.8% in Q2 2026 to $2.15 million, and six‑month net loss doubled to $4.27 million from $2.12 million.
- Adjusted EBITDA deteriorated to negative $1.68 million in Q2 2026 from negative $1.16 million, reflecting lower Products revenue and higher costs.
- Cash balance fell by $5.65 million in the first half of 2026, from $12.43 million at December 31, 2025 to $6.78 million at June 30, 2026, mainly due to operating cash outflows.
Filing Explained
The balance sheet reports 30,179,072 common shares issued and outstanding at June 30, 2026, versus 29,846,479 at December 31, 2025; without a corresponding change in an existing holder’s shares, that higher share count represents a lower percentage ownership for that holder.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $5,746,136
Q2 2026 Net Loss: $2,148,603
Six‑Month 2026 Revenue: $12,081,905
+5 more
8 metrics
Q2 2026 Revenue
$5,746,136
Total revenues for the three months ended June 30, 2026
Q2 2026 Net Loss
$2,148,603
Net loss attributable to Tecogen Inc. for the three months ended June 30, 2026
Six‑Month 2026 Revenue
$12,081,905
Total revenues for the six months ended June 30, 2026
Six‑Month 2026 Net Loss
$4,269,176
Net loss attributable to Tecogen Inc. for the six months ended June 30, 2026
Q2 2026 Adjusted EBITDA
$(1,684,672)
Adjusted EBITDA for the three months ended June 30, 2026
Cash and Cash Equivalents
$6,782,573
Cash and cash equivalents at June 30, 2026
Non–Data Center Backlog
$8,000,000
Approximate non–data center backlog as described by management
Products Revenue Decline
64.0%
Year‑over‑year decrease in Products revenue in Q2 2026
Key Terms
Adjusted EBITDA, gross profit margin, backlog, noncontrolling interest, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA was negative $1.68 million for the three months ended June 30, 2026"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
gross profit margin financial
"Gross margin increased to 37.8% in the three months ended June 30, 2026"
Gross profit margin shows how much money a company keeps from sales after paying for the goods or services it sold. It’s like checking how much profit is left over from each dollar earned before covering other costs. A higher margin indicates the company makes more money from its sales, which helps assess its profitability and efficiency.
backlog financial
"Our non-data center backlog currently stands at approximately $8 million"
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
noncontrolling interest financial
"(Income) loss attributable to the noncontrolling interest"
The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.
right-of-use assets financial
"Right-of-use assets - operating leases | 1,241,494"
Right-of-use assets are the rights a company gains to use a physical space or equipment under a lease agreement. They are recorded as assets on the company's balance sheet, reflecting the value of future benefits from the leased item. For investors, these assets provide a clearer picture of a company's obligations and resources related to leasing arrangements, helping to assess its financial health and operational commitments.
unfavorable contract liability financial
"Unfavorable contract liability, current portion | 41,043"
Earnings Snapshot
Q2 2026 Revenue: $5,746,136 · Guidance included
Three and six months ended June 30, 2026
Q2 2026 Revenue
$5,746,136
-21.2% vs Q2 2025
Q2 2026 Net Loss
$2,148,603
46.8% wider loss vs Q2 2025
Six‑Month 2026 Revenue
$12,081,905
-17.1% vs six months 2025
Six‑Month 2026 Net Loss
$4,269,176
Higher loss vs $2,124,027 in six months 2025
Q2 2026 Adjusted EBITDA
$(1,684,672)
45.1% more negative vs Q2 2025
Guidance
Management indicated expectations for higher Q3 2026 product revenue and noted service revenue was currently 10% higher compared to the same period last year.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Tecogen (TGEN) perform financially in Q2 2026?
Tecogen reported Q2 2026 revenue of $5.75 million, down 21.2% year over year, and a net loss of $2.15 million, compared with a $1.46 million loss in Q2 2025, as Products revenue declined sharply.
What were Tecogen’s (TGEN) revenues and net loss for the first half of 2026?
For the six months ended June 30, 2026, Tecogen generated $12.08 million in revenue and a net loss of $4.27 million, versus revenue of $14.57 million and a $2.12 million net loss in the same period of 2025.
How is Tecogen’s (TGEN) cash position and cash flow trending?
Tecogen ended June 30, 2026 with $6.78 million in cash and cash equivalents, down from $12.43 million at year‑end 2025, after using $5.46 million in net cash for operating activities during the first half.
What drove Tecogen’s (TGEN) revenue decline in Q2 2026?
The 21.2% Q2 2026 revenue decline was mainly due to a 64.0% drop in Products revenue to $1.13 million, partially offset by 10.3% growth in Services and 35.4% growth in Energy Production revenues.
How did Tecogen’s (TGEN) margins and Adjusted EBITDA change in Q2 2026?
Gross margin rose to 37.8% from 33.8% in Q2 2025, but Adjusted EBITDA fell to negative $1.68 million from negative $1.16 million, reflecting lower Products volume and higher operating expenses.
What growth opportunities did Tecogen (TGEN) highlight in its Q2 2026 update?
Management cited a non–data center backlog of about $8 million, expected additional orders of $2 million or more, and 12 product demonstrations with data centers representing over 8 gigawatts of existing capacity as key opportunities.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 12, 2026
(Exact Name of Registrant as Specified in Charter)
(State or Other Jurisdiction of Incorporation)
| (Commission File Number) | (IRS Employer Identification No.) | |||||||
| (Address of Principal Executive Offices and Zip Code) | ||
(781 ) 466-6400
(Registrant's telephone number, including area code)
Securities registered or to be registered pursuant to Section 12(b) of the Act.
| Title of each class | Trading Symbol | Name of exchange on which registered | ||||||
| Common Stock, $0.001 par value per share | TGEN | NYSE American, LLC | ||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Section 2 - Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.
On August 12, 2026, Tecogen Inc. (the “Company”) issued a press release with earnings commentary and supplemental information for the three months and six months ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 and Exhibit 99.1 to this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.
Section 7.01 - Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure
On August 13, 2026, the Company will present the attached slides online in connection with an earnings conference call. The slides are being furnished as Exhibit 99.2 to this Current Report on Form 8-K.
The information in this Item 7.01 and Exhibit 99.2 to this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.
Section 9 - Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit | Description | ||||
| 99.1 | Press Release, dated August 12, 2026 * | ||||
| 99.2 | Earnings Call Presentation, dated August 13, 2026 * | ||||
| * | Filed herewith. | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| TECOGEN INC. | ||||||||
By: /s/ Abinand Rangesh | ||||||||
| August 12, 2026 | Abinand Rangesh, Chief Executive Officer | |||||||
Tecogen Reports
Second Quarter 2026 Financial Results
NORTH BILLERICA, Mass., August 12, 2026 - Tecogen Inc. (NYSE American:TGEN), a leading manufacturer of clean energy products, reported revenues of $5.75 million and net loss of $2.15 million for the three months ended June 30, 2026 compared to revenues of $7.29 million, and a net loss of $1.46 million in 2025. For the six months ended June 30, 2026, revenues were $12.08 million, and the net loss was $4.27 million, compared to revenues of $14.57 million, and a net loss of $2.12 million in 2025. Our cash and cash equivalents balance was $6.78 million at June 30, 2026.
Abinand Rangesh, CEO of Tecogen, commented, “Over the last two months, we have been flat out hosting product demonstrations. Reaching this point has taken many grueling months of relationship building, but we may now have a shot at the hyperscalers and big brand data centers.
We hosted 12 product demonstrations in total, six in person, and six virtual. Cumulatively, these data centers represent greater than eight gigawatts of capacity operating today and many gigawatts of contracted development. To put this in perspective, these data centers control 15% to 20% of all US data center capacity.
Unlike previously, when our opportunity pipeline was primarily filled with smaller data centers, most of the data centers that attended the recent demos have the capital, permitted projects, and the influence to shape the whole industry.
My confidence level in our prospects has increased to the point that we are building inventory of our dual power source chiller and power generation systems in order to respond quickly as these opportunities progress.
Our non-data center backlog currently stands at approximately $8 million with $2 million or more in additional orders expected over the next few months. Therefore, we expect our Q3 product revenue to be higher than Q1 and Q2, and our service revenue is currently 10% higher compared to the same period last year.
We finished the quarter with over $6.78 million in cash and our cash position today remains over $6 million due to lower cash burn because of cost reductions and deposit collection.
Tomorrow, I will be able to shed more light on why it has taken this long and why I think our prospects are fundamentally different now.”
Key Takeaways
Net Loss and Earnings Per Share
•The net loss for the three months ended June 30, 2026 was $2.15 million compared to a net loss of $1.46 million for the same period of 2025, an increase in the net loss of $0.68 million, due to decreased gross
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profit from our Products segment and an increase in operating expenses. EPS for the quarter ended June 30, 2026 and 2025 was a loss of $(0.07)/share and $(0.06), respectively.
•The net loss for the six months ended June 30, 2026 was $4.27 million compared to a net loss of $2.12 million for the same period of 2025, an increase in the net loss of $2.15 million, due to decreased gross profit from our Products segment and an increase in operating expenses. EPS for the six months ended June 30, 2026 and 2025 was a loss of $(0.14)/share and $(0.08)/share, respectively.
Loss from Operations
•Loss from operations for the three months ended June 30, 2026 was $2.15 million compared to a loss from operations of $1.41 million for the same period in 2025, an increase of $0.74 million, due to decreased gross profit from our Products segment and an increase in operating expenses.
•Loss from operations for the six months ended June 30, 2026 was $4.29 million compared to a loss from operations of $2.01 million for the same period in 2025, an increase of $2.28 million, due to decreased gross profit from our Products segment and an increase in operating expenses.
Revenues
•Revenues for the three months ended June 30, 2026 were $5.75 million compared to $7.29 million for the same period in 2025, a 21.2% decrease.
◦Products revenues in the quarter ended June 30, 2026 were $1.13 million compared to $3.16 million for the same period in 2025, a decrease of 64.0%. The decrease in revenue during the quarter ended June 30, 2026 is due to decreased chiller and cogeneration revenue.
◦Services revenues in the three months ended June 30, 2026 were $4.38 million, compared to $3.97 million for the same period in 2025, an increase of 10.3% due to increased revenues from the acquired Aegis maintenance contracts and increased revenues from existing service contracts.
◦Energy Production revenues in the three months ended June 30, 2026 were $0.24 million compared to $0.17 million for the same period in 2025, an increase of 35.4%. The increase in Energy Production revenue is due to improved site operations in the three months ended June 30, 2026.
•Revenues for the six months ended June 30, 2026 were $12.08 million compared to $14.57 million for the same period in 2025, a 17.1% decrease.
◦Products revenues in the six months ended June 30, 2026 were $2.31 million compared to $5.69 million for the same period in 2025, a decrease of 59.4%. The decrease in revenue during the six months ended June 30, 2026 is due to decreased chiller and cogeneration revenue.
◦Services revenues in the six months ended June 30, 2026 were $9.01 million, compared to $8.21 million for the same period in 2025, an increase of 9.8% due to increased revenues from existing contracts and increased revenues from the acquired Aegis maintenance contracts.
◦Energy Production revenues in the six months ended June 30, 2026 were $0.76 million compared to $0.67 million for the same period in 2025, an increase of 12.9%. The increase in Energy Production revenue is due to improved site operations in the six months ended June 30, 2026.
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Gross Profit
•Gross profit for the three months ended June 30, 2026 was $2.17 million compared to $2.46 million in the same period in 2025. Gross margin increased to 37.8% in the three months ended June 30, 2026 compared to 33.8% for the same period in 2025. The increase is due to higher Products segment margin in the three months ended June 30, 2026.
•Gross profit for the six months ended June 30, 2026 was $4.76 million compared to $5.68 million in the same period in 2025. Gross margin increased to 39.4% in the six months ended June 30, 2026 compared to 39.0% for the same period in 2025. The increase in gross margin was due to higher Products segment margin in the six months ended June 30, 2026.
Operating Expenses
•Operating expenses increased $0.45 million, or 11.6%, to $4.32 million in the three months ended June 30, 2026 compared to $3.87 million in the same period in 2025, due to increased payroll, benefits, depreciation and amortization, stock-based compensation and business insurance.
•Operating expenses increased $1.36 million, or 17.7%, to $9.05 million in the six months ended June 30, 2026 compared to $7.69 million in the same period in 2025, due to increased payroll, benefits, depreciation and amortization, stock-based compensation and business insurance.
Adjusted EBITDA
Adjusted EBITDA was negative $1.68 million for the three months ended June 30, 2026 compared to negative $1.16 million for the three months ended June 30, 2025. For the six months ended June 30, 2026, adjusted EBITDA was a negative $3.36 million compared to a negative $1.54 million for the six months ended June 30, 2025. (Adjusted EBITDA is defined as net income or loss attributable to Tecogen, adjusted for interest, income taxes, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on investment securities, goodwill impairment charges and other non-cash non-recurring charges or gains including abandonment of intangible assets and asset impairment. See the table following the Condensed Consolidated Statements of Operations for a reconciliation from net income (loss) to Adjusted EBITDA, as well as important disclosures about the Company's use of Adjusted EBITDA).
Conference Call Scheduled for August 13, 2026, at 9:30 am ET
Tecogen will host a conference call on August 13, 2026 to discuss the second quarter results beginning at 9:30 am eastern time. To listen to the call please dial (877) 407-7186 within the U.S. and Canada, or +1 (201) 689-8052 from other international locations. Participants should ask to be joined to the Tecogen Second Quarter conference call. Please begin dialing 10 minutes before the scheduled starting time. The earnings press release will be available on the Company website at www.Tecogen.com in the "News and Events" section under "About Us." The earnings conference call will be webcast live. To view the associated slides, register for and listen to the webcast, go to https://ir.tecogen.com/ir-calendar. Following the call, the recording will be archived for 14 days.
The earnings conference call will be recorded and available for playback one hour after the end of the call. To listen to the playback, dial (877) 660-6853 within the U.S. and Canada, or (201) 612-7415 from other international locations and use Conference Call ID#: 13752231.
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About Tecogen
Tecogen Inc. designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including engine-driven combined heat and power, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company provides cost effective, environmentally friendly and reliable products for energy production that nearly eliminate criteria pollutants and significantly reduce a customer’s carbon footprint. In business for over 35 years, Tecogen has shipped more than 3,200 units, supported by an established network of engineering, sales, and service personnel in key markets in North America. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.
Forward Looking Statements
This press release contains “forward-looking statements” which may describe strategies, goals, outlooks or other non-historical matters, or projected revenues, income, returns or other financial measures, that may include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "target," "potential," "will," "should," "could," "likely," or "may" and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements except as required under the securities laws.
In addition to those factors described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and in our Current reports on Form 8-K, under “Risk Factors,” and elsewhere therein, among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, the impact of tariffs, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth.
In addition to GAAP financial measures, this press release includes certain non-GAAP financial measures, including adjusted EBITDA which excludes certain expenses as described in the presentation. We use Adjusted EBITDA as an internal measure of business operating performance and believe that the presentation of non-GAAP financial measures provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance by eliminating items that vary from period to period without correlation to our core operating performance and highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures.
Tecogen Media & Investor Relations Contact Information:
Abinand Rangesh
P: 781-466-6487
E: Abinand.Rangesh@tecogen.com
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TECOGEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
| June 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 6,782,573 | $ | 12,430,287 | |||||||
Accounts receivable, net of allowances for expected credit losses of $445,683 and $389,079, respectively | 4,199,469 | 4,280,991 | |||||||||
| Unbilled revenue | 138,020 | 138,020 | |||||||||
| Inventories, net | 12,027,655 | 10,949,697 | |||||||||
| Prepaid and other current assets | 874,627 | 1,086,310 | |||||||||
| Total current assets | 24,022,344 | 28,885,305 | |||||||||
| Long-term assets: | |||||||||||
| Property, plant and equipment, net | 1,530,309 | 1,609,321 | |||||||||
| Right-of-use assets - operating leases | 1,241,494 | 1,490,094 | |||||||||
| Right-of-use assets - finance leases, net | 1,514,653 | 1,434,080 | |||||||||
| Intangible assets, net | 1,968,132 | 2,146,503 | |||||||||
| Goodwill | 1,248,442 | 1,248,442 | |||||||||
| Other assets | 79,065 | 176,358 | |||||||||
| TOTAL ASSETS | $ | 31,604,439 | $ | 36,990,103 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 3,069,563 | $ | 3,381,545 | |||||||
| Accrued expenses | 2,686,971 | 2,814,150 | |||||||||
| Deferred revenue, current portion | 967,604 | 1,530,977 | |||||||||
| Operating lease obligations, current portion | 478,847 | 538,641 | |||||||||
| Finance lease obligations, current portion | 332,087 | 280,265 | |||||||||
| Acquisition liabilities, current portion | 633,382 | 677,162 | |||||||||
| Unfavorable contract liability, current portion | 41,043 | 44,433 | |||||||||
| Total current liabilities | 8,209,497 | 9,267,173 | |||||||||
| Long-term liabilities: | |||||||||||
| Deferred revenue, net of current portion | 3,208,904 | 3,265,886 | |||||||||
| Operating lease obligations, net of current portion | 816,410 | 1,004,488 | |||||||||
| Finance lease obligations, net of current portion | 989,519 | 992,285 | |||||||||
| Acquisition liabilities, net of current portion | 687,345 | 826,757 | |||||||||
| Unfavorable contract liability, net of current portion | 140,381 | 160,902 | |||||||||
| Total liabilities | 14,052,056 | 15,517,491 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity: | |||||||||||
| Tecogen Inc. stockholders’ equity: | |||||||||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 30,179,072 issued and outstanding at June 30, 2026 and 29,846,479 shares issued and outstanding at December 31, 2025 | 30,180 | 29,847 | |||||||||
| Additional paid-in capital | 79,804,451 | 78,216,467 | |||||||||
| Unearned compensation | (1,958,492) | (712,019) | |||||||||
| Accumulated deficit | (60,157,825) | (55,888,649) | |||||||||
| Total Tecogen Inc. stockholders’ equity | 17,718,314 | 21,645,646 | |||||||||
| Noncontrolling interest | (165,931) | (173,034) | |||||||||
| Total stockholders’ equity | 17,552,383 | 21,472,612 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 31,604,439 | $ | 36,990,103 | |||||||
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TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| Three Months Ended | |||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||
| Revenues | |||||||||||
| Products | $ | 1,134,772 | $ | 3,155,323 | |||||||
| Services | 4,375,253 | 3,965,168 | |||||||||
| Energy production | 236,111 | 174,329 | |||||||||
| Total revenues | 5,746,136 | 7,294,820 | |||||||||
| Cost of sales | |||||||||||
| Products | 584,755 | 2,232,155 | |||||||||
| Services | 2,772,569 | 2,469,737 | |||||||||
| Energy production | 214,910 | 130,436 | |||||||||
| Total cost of sales | 3,572,234 | 4,832,328 | |||||||||
| Gross profit | 2,173,902 | 2,462,492 | |||||||||
| Operating expenses: | |||||||||||
| General and administrative | 3,510,850 | 3,091,175 | |||||||||
| Selling | 490,040 | 514,735 | |||||||||
| Research and development | 320,224 | 268,724 | |||||||||
| (Gain) loss on disposition of assets | 2,950 | (280) | |||||||||
| Total operating expenses | 4,324,064 | 3,874,354 | |||||||||
| Loss from operations | (2,150,162) | (1,411,862) | |||||||||
| Other income (expense) | |||||||||||
| Other income (expense), net | 46,349 | (6,378) | |||||||||
| Interest expense | (39,244) | (38,153) | |||||||||
| Total other income (expense), net | 7,105 | (44,531) | |||||||||
| Loss before provision for state income taxes | (2,143,057) | (1,456,393) | |||||||||
| Provision for state income taxes | 361 | 16,762 | |||||||||
| Consolidated net loss | (2,143,418) | (1,473,155) | |||||||||
| (Income) loss attributable to the noncontrolling interest | (5,185) | 9,050 | |||||||||
| Loss attributable to Tecogen Inc. | $ | (2,148,603) | $ | (1,464,105) | |||||||
| Net loss per share - basic | $ | (0.07) | $ | (0.06) | |||||||
| Weighted average shares outstanding - basic | 30,000,820 | 25,250,217 | |||||||||
| Net loss per share - diluted | $ | (0.07) | $ | (0.06) | |||||||
| Weighted average shares outstanding - diluted | 30,000,820 | 25,250,217 | |||||||||
6
| Three Months Ended | |||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||
Non-GAAP financial disclosure (1) | |||||||||||
| Net loss attributable to Tecogen Inc. | $ | (2,148,603) | $ | (1,464,105) | |||||||
| Interest expense, net | 39,244 | 38,153 | |||||||||
| Income taxes | 361 | 16,762 | |||||||||
| Depreciation & amortization, net | 278,611 | 205,686 | |||||||||
| EBITDA | (1,830,387) | (1,203,504) | |||||||||
| Stock based compensation | 145,715 | 42,606 | |||||||||
| Adjusted EBITDA | $ | (1,684,672) | $ | (1,160,898) | |||||||
7
TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| Six Months Ended | |||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||
| Revenues | |||||||||||
| Products | $ | 2,310,072 | $ | 5,689,132 | |||||||
| Services | 9,011,647 | 8,210,190 | |||||||||
| Energy production | 760,186 | 673,268 | |||||||||
| Total revenues | 12,081,905 | 14,572,590 | |||||||||
| Cost of sales | |||||||||||
| Products | 1,232,103 | 3,719,905 | |||||||||
| Services | 5,472,738 | 4,728,635 | |||||||||
| Energy production | 613,500 | 440,518 | |||||||||
| Total cost of sales | 7,318,341 | 8,889,058 | |||||||||
| Gross profit | 4,763,564 | 5,683,532 | |||||||||
| Operating expenses: | |||||||||||
| General and administrative | 7,229,320 | 6,019,310 | |||||||||
| Selling | 1,130,973 | 1,109,216 | |||||||||
| Research and development | 684,047 | 561,392 | |||||||||
| (Gain) loss on disposition of assets | 5,294 | (280) | |||||||||
| Total operating expenses | 9,049,634 | 7,689,638 | |||||||||
| Loss from operations | (4,286,070) | (2,006,106) | |||||||||
| Other income (expense) | |||||||||||
| Other income (expense), net | 108,747 | (20,623) | |||||||||
| Interest expense | (73,489) | (70,479) | |||||||||
| Unrealized loss on investment securities | — | (18,749) | |||||||||
| Total other income (expense), net | 35,258 | (109,851) | |||||||||
| Loss before provision for state income taxes | (4,250,812) | (2,115,957) | |||||||||
| Provision for state income taxes | 11,261 | 17,687 | |||||||||
| Consolidated net loss | (4,262,073) | (2,133,644) | |||||||||
| (Income) loss attributable to noncontrolling interest | (7,103) | 9,617 | |||||||||
| Net loss attributable to Tecogen Inc. | $ | (4,269,176) | $ | (2,124,027) | |||||||
| Net loss per share - basic | $ | (0.14) | $ | (0.08) | |||||||
| Weighted average shares outstanding - basic | 29,930,388 | 25,108,388 | |||||||||
| Net loss per share - diluted | $ | (0.14) | $ | (0.08) | |||||||
| Weighted average shares outstanding - diluted | 29,930,388 | 25,103,388 | |||||||||
8
| Six Months Ended | |||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||
Non-GAAP financial disclosure (1) | |||||||||||
| Net loss attributable to Tecogen Inc. | $ | (4,269,176) | $ | (2,124,027) | |||||||
| Interest & other expense, net | 73,489 | 70,479 | |||||||||
| Income taxes | 11,261 | 17,687 | |||||||||
| Depreciation & amortization, net | 543,849 | 391,381 | |||||||||
| EBITDA | (3,640,577) | (1,644,480) | |||||||||
| Stock based compensation | 277,381 | 83,439 | |||||||||
| Adjusted EBITDA | $ | (3,363,196) | $ | (1,542,292) | |||||||
(1) Non-GAAP Financial Measures
In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, this news release contains information about Adjusted EBITDA (net income (loss) attributable to Tecogen Inc adjusted for interest, income taxes, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on investment securities, goodwill impairment charges and other non-cash non-recurring charges including abandonment of certain intangible assets), which is a non-GAAP measure. The Company believes Adjusted EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results. Adjusted EBITDA is not calculated through the application of GAAP. Accordingly, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.
9
TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| Six Months Ended | |||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Consolidated net loss | $ | (4,262,073) | $ | (2,133,644) | |||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 543,849 | 391,381 | |||||||||
| Provision for (recovery of) credit losses | 56,604 | (75,000) | |||||||||
| Stock-based compensation | 277,381 | 83,439 | |||||||||
| Unrealized loss on investment securities | — | 18,749 | |||||||||
| Loss (gain) on disposition of assets | 5,294 | (280) | |||||||||
| Non-cash interest expense | — | 33,538 | |||||||||
| Changes in operating assets and liabilities | |||||||||||
| (Increase) decrease in: | |||||||||||
| Accounts receivable | 24,920 | (538,938) | |||||||||
| Inventory | (1,077,960) | (45,224) | |||||||||
| Unbilled revenue | — | 272,160 | |||||||||
| Prepaid assets and other current assets | 115,219 | (268,691) | |||||||||
| Other assets | 345,894 | 186,766 | |||||||||
| Increase (decrease) in: | |||||||||||
| Accounts payable | (311,983) | 803,540 | |||||||||
| Accrued expenses and other current liabilities | (127,178) | 85,325 | |||||||||
| Deferred revenue | (620,355) | (2,193,607) | |||||||||
| Other liabilities | (431,178) | (395,134) | |||||||||
| Net cash provided by (used in) operating activities | (5,461,566) | (3,775,620) | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Purchases of property and equipment | (119,387) | (277,989) | |||||||||
| Proceeds from disposition of assets | 4,709 | 280 | |||||||||
| Proceeds from the liquidation of investment in Aivita Group | 96,464 | — | |||||||||
| Distributions to noncontrolling interest | — | (42,956) | |||||||||
| Net cash used in investing activities | (18,214) | (320,665) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Finance lease principal payments | (232,397) | (63,010) | |||||||||
| Proceeds from exercise of stock options | 64,463 | 394,926 | |||||||||
| Net cash provided (used in) by financing activities | (167,934) | 331,916 | |||||||||
| Net increase (decrease) in cash and cash equivalents | (5,647,714) | (3,764,369) | |||||||||
| Cash and cash equivalents, beginning of the period | 12,430,287 | 5,405,233 | |||||||||
| Cash and cash equivalents, end of the period | $ | 6,782,573 | $ | 1,640,864 | |||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Cash paid for interest | $ | 61,918 | $ | 36,526 | |||||||
| Cash paid for taxes | $ | 11,261 | $ | 17,687 | |||||||
| Non-cash investing activities | |||||||||||
| Right-of-use assets acquired under operating leases | $ | — | $ | 193,480 | |||||||
| Right-of-use assets acquired under finance leases | $ | 281,567 | $ | 557,893 | |||||||
| Contingent consideration | $ | — | $ | — | |||||||
| Non-cash financing activities | |||||||||||
| Related party note conversion to common stock | $ | — | $ | 514,148 | |||||||
10
Tecogen Q2 2026 NYSE American: TGEN August 13, 2026
SAFE HARBOR STATEMENT This presentation and accompanying documents contain “forward-looking statements” which may describe strategies, goals, outlooks or other non-historical matters, or projected revenues, Income, returns or other financial measures, that may include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "target," "potential," "will," "should," "could," "likely," or "may" and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. In addition to those factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under “Risk Factors”, among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth. In addition to GAAP financial measures, this presentation includes certain non-GAAP financial measures, including adjusted EBITDA which excludes certain expenses as described in the presentation. We use Adjusted EBITDA as an internal measure of business operating performance and believe that the presentation of non-GAAP financial measures provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance by eliminating items that vary from period to period without correlation to our core operating performance and highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. 2
Table of Contents Strategic Updates Q2 Results On-Site CogenerationService Company Financials
Strategic Update 4 Data center chiller demonstration at Tecogen • 12 Demonstrations • 6 in-person 6 virtual • 8+GW of operating capacity represented cumulatively by data centers who attended • Multiple GWs of projects contracted or in construction • In-person visitors included hyperscalers, developers building hyperscale campuses and partners • 4 Data Centers / End users • 2 Partners • Virtual visitors • 4 Data Centers, 2 Partners/Other
Other Segments Opportunity Update 5 Sales Pipeline • Backlog >$8m • >$2m in further projects expected to be approved in next few months Cash • $6.78m at end of Q2 and >$6m presently • More deposits expected and higher revenue in Q3 expected so cash burn likely to be lower Healthcare Industrial Other Cannabis
2Q 2026 Results 6 Service • Margin impacted by $300K of one-time costs incurred in Q2. • Cost cuts made in service, expect full impact in Q3. • Making pricing changes and operating improvements. OPEX • Continuing to spend on engineering, marketing and capacity improvement. Q2 2026 OPEX decreased $400K from Q1 2026. Product • Limited product revenue in Q2. Expect stronger product revenue Q3. QTD QTD % Change 06/30/2026 06/30/2025 2026 vs 2025 Revenues Product 1,134,772$ 3,155,323$ -64.0% Services 4,375,253 3,965,168 10.3% Energy Production 236,111 174,329 35.4% Total Revenues 5,746,136 7,294,820 -21.2% Cost of Sales Products 584,755 2,232,155 -73.8% Services 2,772,569 2,469,737 12.3% Energy Production 214,910 130,436 64.8% Total Cost of Sales 3,572,234 4,832,328 -26.1% Gross Profit 2,173,902 2,462,493 -11.7% Operating Expenses: General and Administrative 3,510,849 3,091,176 13.6% Selling 490,040 514,735 -4.8% Research & Development 320,224 268,724 19.2% Loss (Gain) on Disposition of Assets 2,950 (280) 1153.5% Total Operating Expenses 4,324,064 3,874,355 11.6% Loss from Operations (2,150,162) (1,411,862) -52.3% Other Income (Expense) 7,104 (44,531) 116.0% Consolidated Net Income (Loss) (2,148,603)$ (1,464,104)$ -46.8% Tecogen, Inc. Consolidated P&L - QTD
2Q 2026 Adjusted EBITDA Reconcilliation 7 Key Points • Adjusted EBITDA decreased due to lower Products revenue and increased costs *Adjusted EBITDA is defined as net Income (loss) attributable to Tecogen Inc, adjusted for interest, depreciation and amortization, stock-based compensation expense, unrealized loss on investment securities, non-cash abandonment of intangible assets, goodwill impairment and other non-recurring charges or gains including abandonment of certain intangible assets and extinguishment of debt QTD QTD % Change 06/30/2026 06/30/2025 2026 vs 2025 Consolidated Net Income (Loss) (2,148,603)$ (1,464,104)$ 46.8% Interest Expense, Net 39,244 38,153 2.9% Income Tax Expense 361 16,762 -97.8% Depreciation & Amortization 278,611 205,686 35.5% EBITDA (1,830,387) (1,203,504) 52.1% Stock Based Compensation 145,715 42,607 242.0% Adjusted EBITDA (1,684,672)$ (1,160,898)$ 45.1% Tecogen, Inc. Adjusted EBITDA - QTD
2Q 2026 Performance by Segment 8 Key Points • Product revenue decreased 64% • Service Revenue up 10% • Overall Revenue decreased 21% • Service margin flat QoQ – Service margin would have been 43% without one-time costs • Expect service margin to improve with recent cost reduction initiatives. • G&A, Sales and R&D costs higher due to investments as we work to break into data centers. Expenses decreased in Q2 vs Q1. QTD QTD % Change 06/30/2026 06/30/2025 2026 vs 2025 Products Segment Revenue 1,134,772$ 3,155,323$ -64.0% Cost of Sales 584,755 2,232,155 -73.8% Gross Profit 550,017 923,168 -40.4% Gross Profit Margin 48.5% 29.3% 19.2% Services Segment Revenue 4,375,253$ 3,965,168$ 10.3% Cost of Sales 2,772,569 2,469,737 12.3% Gross Profit 1,602,685 1,495,432 7.2% Gross Profit Margin 36.6% 37.7% -1.1% Energy Production Segment Revenue 236,111$ 174,329$ 35.4% Cost of Sales 214,910 130,436 64.8% Gross Profit 21,201 43,893 -51.7% Gross Profit Margin 9.0% 25.2% -16.2% Total Revenue 5,746,136$ 7,294,820$ -21.2% Cost of Sales 3,572,234 4,832,328 -26.1% Gross Profit 2,173,902 2,462,493 -11.7% Gross Profit Margin 37.8% 33.8% 4.1% Tecogen, Inc.
Summary Non-data center pipeline growing 12 Product Demonstrations with well known data centers Strong insider confidence shown by periodic share purchases by management and board