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Tecogen (TGEN) Q1 2026 sales fall 13% as net loss triples

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(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Tecogen Inc. reported weaker results for the quarter ended March 31, 2026. Revenue was $6.34 million, down from $7.28 million, as product sales fell sharply while services and energy production grew modestly. Net loss widened to $2.12 million, compared with a $0.66 million loss a year earlier, driven by lower gross profit and higher operating expenses.

Gross profit was $2.59 million with a margin of 40.9%, down from 44.3%. Operating expenses rose to $4.73 million as the company invested in its hybrid-drive chiller and data center initiatives. Adjusted EBITDA declined to negative $1.68 million from negative $0.38 million. Tecogen ended the quarter with $9.33 million in cash and cash equivalents and highlighted an expected 1 MW chiller purchase order from Vertiv and more than $8 million of customer-approved projects, including $2.3 million already under purchase order with deposits.

Positive

  • None.

Negative

  • Profitability and cash burn worsened materially: Net loss widened to $2.12M from $0.66M, adjusted EBITDA fell to -$1.68M from -$0.38M, and operating cash outflow increased to $3.11M, indicating significantly higher near-term financial pressure.

Insights

Revenue declined and losses deepened despite a growing project pipeline.

Tecogen posted Q1 2026 revenue of $6.34M, down 12.9% year over year, as product revenue fell 53.6% while services grew. Net loss expanded to $2.12M, and gross margin slipped to 40.9% from 44.3%.

Operating expenses increased to $4.73M, reflecting higher general and administrative, selling, and R&D spending tied to data center opportunities and hybrid-drive chiller development. Adjusted EBITDA deteriorated to -$1.68M from -$0.38M, and operating cash outflow was $3.11M.

Management points to an expected 1 MW chiller order with Vertiv, more than $8M of approved projects (including $2.3M already under purchase order), and cost-cut initiatives they believe will reduce cash burn after Q2 2026. Subsequent filings may clarify how these opportunities translate into revenue and margin recovery.

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.
Revenue $6.34M Quarter ended March 31, 2026; down from $7.28M in 2025
Net loss $2.12M Quarter ended March 31, 2026; vs $0.66M prior year
Adjusted EBITDA -$1.68M Quarter ended March 31, 2026; vs -$0.38M in 2025
Gross margin 40.9% Q1 2026 gross profit $2.59M on $6.34M revenue
Operating expenses $4.73M Q1 2026; up from $3.82M in Q1 2025
Cash and cash equivalents $9.33M Balance at March 31, 2026
Approved project pipeline >$8M Customer-approved projects; $2.3M with PO and deposit
Operating cash flow -$3.11M Net cash used in operating activities in Q1 2026
Adjusted EBITDA financial
"Adjusted EBITDA was negative $1.68 million for the quarter ended March 31, 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 profit margin expanded to >40% compared to the end of last year"
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.
data center opportunities financial
"we are actively advancing multiple data center opportunities"
hybrid-drive air-cooled chiller technical
"including research costs incurred to continue to improve and refine the hybrid-drive air-cooled chiller"
non-GAAP financial measures regulatory
"In addition to GAAP financial measures, this press release includes certain non-GAAP financial measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Revenue $6.34M -12.9% vs Q1 2025
Net loss $2.12M -221.3% vs Q1 2025
Adjusted EBITDA -$1.68M -340.1% vs Q1 2025
Gross margin 40.9% -3.4 percentage points vs Q1 2025
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FALSE000153743500015374352024-05-092024-05-09


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): May 12, 2026


TECOGEN INC.
(Exact Name of Registrant as Specified in Charter)

Delaware
(State or Other Jurisdiction of Incorporation)
001-36103 04-3536131
(Commission File Number) (IRS Employer Identification No.)
76 Treble Cove Road, Building 1
North Billerica, Massachusetts 01862
(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 classTrading SymbolName of exchange on which registered
Common Stock, $0.001 par value per shareTGENNYSE 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:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 May 12, 2026, Tecogen Inc. (the “Company”) issued a press release with earnings commentary and supplemental information for the three months ended March 31, 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 May 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

ExhibitDescription
99.1
Press Release, dated May 12, 2026 *
99.2
Earnings Call Presentation, dated May 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
May 12, 2026Abinand Rangesh, Chief Executive Officer




















cleanenergysolutions.jpg

Tecogen Reports
First Quarter 2026 Financial Results

NORTH BILLERICA, Mass., May 12, 2026 - Tecogen Inc. (NYSE American:TGEN), a leading manufacturer of clean energy products, reported revenues of $6.34 million and net loss of $2.12 million for the quarter ended March 31, 2026 compared to revenues of $7.28 million, and a net loss of $0.66 million in 2025. Our cash and cash equivalents balance was $9.33 million at March 31, 2026.
Abinand Rangesh, CEO of Tecogen, commented, “We delivered strong progress over the last two months, highlighted by an imminent purchase order from Vertiv for a real-world operating deployment of a 1 MW chiller system. This represents an important step that deepens our partnership and validates growing demand for our technology.”
“The chillers will be permanently deployed at one of Vertiv’s facilities where it solves power constraints. The installation will allow prospective customers to observe the system in use and support broader customer adoption discussions."
“Building on this momentum, we are actively advancing multiple data center opportunities. As part of this process, we are hosting prospective customers at our factory in the coming weeks for detailed, in-person reviews of our technology and system performance. Engagements that reach this stage of on-site customer evaluation typically represent later phases of due diligence prior to purchasing decisions.”
“Operationally, gross profit margin expanded to >40% compared to the end of last year and we are executing on cost reductions to streamline expenses, with the full impact of these cuts expected in the third quarter of this year. We also expect our cash burn to be lower in the coming quarters as a result of these cuts and expected customer deposits.”
“Beyond data centers, we are capturing demand driven by broader power constraints across the country. We have recently secured or expect to secure more than $8 million in orders. These opportunities, which are incremental to our core data center focus, have the potential to contribute to revenue and cash flow in the near-term.”
Key Takeaways
Net Loss and Earnings Per Share
•Net loss for the quarter ended March 31, 2026 was $2.12 million compared to a net loss of $0.66 million for the same period of 2025, an increase of $1.46 million, due to lower Products segment revenue and gross profit, lower Services segment gross profit and increased operating expenses. EPS for the quarter ended March 31, 2026 and 2025 was a loss of $0.07/share and $0.03/share, respectively.
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Loss from Operations
•Loss from operations for the quarter ended March 31, 2026 was $2.14 million compared to a loss from operations of $0.59 million for the same period in 2025, an increase of $1.54 million, due to lower Products segment revenue and gross profit, lower Services segment gross profit, and increased operating expenses.
Revenues
•Revenues for the quarter ended March 31, 2026 were $6.34 million compared to $7.28 million for the same period in 2025, a 12.9% increase.
◦Products revenues in the quarter ended March 31, 2026 were $1.18 million compared to $2.53 million for the same period in 2025, a decrease of 53.6%. The decrease in revenue during the quarter ended March 31, 2026 is due to decreased chiller and cogeneration revenue.
◦Services revenues in the quarter ended March 31, 2026 were $4.64 million, compared to $4.25 million for the same period in 2025, an increase of 9.2% due to increased revenues from existing contracts.
◦Energy Production revenues in the quarter ended March 31, 2026 were $0.52 million compared to $0.50 million for the same period in 2025, an increase of 5.0%. The increase in Energy Production revenue is due to increased run hours at certain energy production sites.

Gross Profit
•Gross profit for the quarter ended March 31, 2026 was $2.59 million compared to $3.22 million in the same period in 2025. Gross margin decreased to 40.9% in the quarter ended March 31, 2026 compared to 44.3% for the same period in 2025. The decrease in gross margin was driven by lower Products segment shipments and increased Services segment labor and material costs in the quarter ended March 31, 2026.

Operating Expenses

•Operating expenses increased $0.91 million, or 23.9%, to $4.73 million in the quarter ended March 31, 2026 compared to $3.82 million in the same period in 2025, due to a general increase in spending, including research costs incurred to continue to improve and refine the hybrid-drive air-cooled chiller.

Adjusted EBITDA
Adjusted EBITDA was negative $1.68 million for the quarter ended March 31, 2026 compared to negative $0.38 million for the quarter ended March 31, 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).
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Conference Call Scheduled for May 13, 2026, at 9:30 am ET
Tecogen will host a conference call on May 13, 2026 to discuss the first 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 First 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.
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.
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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)
March 31, 2026December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents$9,332,650 $12,430,287 
Accounts receivable, net of allowances for expected credit losses of $416,448 and $389,079, respectively
5,056,943 4,280,991 
Unbilled revenue138,020 138,020 
Inventories, net11,439,973 10,949,697 
Prepaid and other current assets581,756 1,086,310 
Total current assets26,549,342 28,885,305 
Long-term assets:
Property, plant and equipment, net1,558,124 1,609,321 
Right-of-use assets - operating leases1,366,435 1,490,094 
Right-of-use assets - finance leases1,606,080 1,434,080 
Intangible assets, net2,056,855 2,146,503 
Goodwill1,248,442 1,248,442 
Other assets79,480 176,358 
TOTAL ASSETS$34,464,758 $36,990,103 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$3,612,215 $3,381,545 
Accrued expenses2,641,746 2,814,150 
Deferred revenue, current portion950,867 1,530,977 
Operating lease liability, current portion527,990 538,641 
Finance lease liability, current portion349,943 280,265 
Acquisition liabilities, current portion674,019 677,162 
Unfavorable contract liability, current portion41,893 44,433 
Total current liabilities8,798,673 9,267,173 
Long-term liabilities:
Deferred revenue, net of current portion3,244,037 3,265,886 
Operating lease liability, net of current portion892,239 1,004,488 
Finance lease liability, net of current portion1,085,015 992,285 
Acquisition liabilities, net of current portion754,029 826,757 
Unfavorable contract liability, net of current portion150,642 160,902 
Total liabilities14,924,635 15,517,491 
Commitments and contingencies — — 
Stockholders’ equity:
Tecogen Inc. shareholders’ equity:
Common stock, $0.001 par value; 100,000,000 shares authorized; 29,905,229 issued and outstanding at March 31, 2026 and 29,846,479 shares issued and outstanding at December 31, 202529,906 29,847 
Additional paid-in capital78,353,394 78,216,467 
Unearned compensation(662,839)(712,019)
Accumulated deficit(58,009,222)-48299816(55,888,649)
Total Tecogen Inc. stockholders’ equity19,711,239 21,645,646 
Noncontrolling interest(171,116)(173,034)
Total stockholders’ equity19,540,123 21,472,612 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$34,464,758 $36,990,103 
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TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
March 31, 2026March 31, 2025
Revenues
Products$1,175,300 $2,533,809 
Services4,636,394 4,245,022 
Energy production524,075 498,939 
Total revenues6,335,769 7,277,770 
Cost of sales
Products647,348 1,487,750 
Services2,700,169 2,258,898 
Energy production398,590 310,082 
Total cost of sales3,746,107 4,056,730 
Gross profit2,589,662 3,221,040 
Operating expenses
General and administrative3,718,472 2,928,135 
Selling640,932 594,481 
Research and Development363,823 292,668 
Loss on disposition of assets2,344 — 
Total operating expenses4,725,571 3,815,284 
Loss from operations(2,135,909)(594,244)
Other income (expense)
Other income (expense), net62,398 (14,245)
Interest expense(34,244)(32,326)
Unrealized loss on investment securities— (18,749)
Total other income (expense), net28,154 (65,320)
Loss before income taxes(2,107,755)(659,564)
Provision for state income taxes10,900 925 
Consolidated net loss(2,118,655)(660,489)
(Income) loss attributable to the noncontrolling interest(1,918)567 
Net loss attributable to Tecogen Inc.$(2,120,573)$(659,922)
Net loss per share - basic$(0.07)$(0.03)
Weighted average shares outstanding - basic29,859,173 24,954,928 
Net loss per share - diluted$(0.07)$(0.03)
Weighted average shares outstanding - diluted29,859,173 24,954,928 

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Three Months Ended
March 31, 2026March 31, 2025
Non-GAAP financial disclosure (1)
Net loss attributable to Tecogen Inc.$(2,120,573)$(659,922)
Interest expense, net34,244 32,326 
Income taxes10,900 925 
Depreciation & amortization, net265,238 185,695 
EBITDA(1,810,191)(440,976)
Stock based compensation131,666 40,833 
Unrealized loss on investment securities— 18,749 
Adjusted EBITDA $(1,678,525)$(381,394)



(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.
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TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Three Months Ended
March 31, 2026March 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net loss$(2,118,655)$(660,489)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization265,238 185,695 
Provision for (recovery of) credit losses27,409 (75,000)
Stock-based compensation131,666 40,833 
Unrealized loss on investment securities— 18,749 
Loss on disposition of assets2,344 — 
Non-cash interest expense— 18,852 
Changes in operating assets and liabilities
(Increase) decrease in:
Accounts receivable(803,359)252,034 
Inventory(490,278)(252,745)
Unbilled revenue— 272,160 
Prepaid assets and other current assets408,090 (3,983)
Other assets220,537 71,264 
Increase (decrease) in:
Accounts payable230,669 204,237 
Accrued expenses and other current liabilities(172,403)(63,742)
Deferred revenue (601,959)(1,041,023)
Other liabilities(207,420)(140,245)
Net cash used in operating activities(3,108,121)(1,173,403)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(46,118)(132,020)
Proceeds from the liquidation of investment securities96,464 — 
Distributions to noncontrolling interest— (32,889)
Net cash provided by (used) in investing activities50,346 (164,909)
CASH FLOWS FROM FINANCING ACTIVITIES:
     Finance lease principal payments(94,362)(38,628)
Proceeds from exercise of stock options54,500 38,500 
Net cash used in financing activities(39,862)(128)
Net increase (decrease) in cash and cash equivalents(3,097,637)(1,338,440)
Cash and cash equivalents, beginning of the period12,430,2875,405,233 
Cash and cash equivalents, end of the period$9,332,650 $4,066,793 
Supplemental disclosure of cash flow information:
Cash paid for interest$33,830 $13,474 
Cash paid for taxes$10,900 $925 
Non-cash investing activities
Right-of-use assets acquired under operating leases$— $115,857 
Right-of-use assets acquired under finance leases$265,420 $226,794 
8
Tecogen Q1 2026 NYSE American: TGEN May 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 Q1 Results On-Site CogenerationService Company Financials

 

Strategic Update 4 Highlights • Financial – Gross profit >40%, cost cuts made and customer deposits expected • New data center use cases • Dynamic load shedding to jump utility interconnection queues • Increasing resiliency by providing uninterruptable cooling in outages Links • Flexible Data Center Report https://zero.lab.princeton.edu/wp-content/uploads/2025/12/Flexible-data-centers- report-dec-2025.pdf • Uninterruptable Cooling Video https://www.linkedin.com/feed/update/urn:li:activity:7449809158264041473/?actorCo mpanyId=403203 Before Chiller Operating on Grid + Engine After Grid Failure Engine Seamlessly Takes the Load

 

Strategic Update 5 Expecting PO for 1MW of cooling for permanent installation at Vertiv’s facility Customer Demonstrations • Hosting product demonstrations at Tecogen’s factory

 

Other Segments Opportunity Update 6 Sales Pipeline • >$8m of projects approved by customers • Out of this $8m, $2.3m with PO and deposit, remaining expected in 30 to 45 days Cash • $9.3m at end of Q1 and $8.5m in May • Expecting substantial customer deposits Healthcare Industrial Other Cannabis

 

1Q 2026 Results 7 Service Margin • NJ and Manhattan continues to be lower performing but both revenue and margin improved from Q4 2025. • Expect to see increases in margin and lower OPEX as we reduce costs and cash burn should decrease beginning in Q2. Product Margin • Limited product revenue in Q1 due to delayed projects. Order pipeline is improving. QTD QTD % Change 03/31/2026 03/31/2025 2026 vs 2025 Revenues Product 1,175,300$ 2,533,809$ -53.6% Services 4,636,394 4,245,021 9.2% Energy Production 524,075 498,939 5.0% Total Revenues 6,335,769 7,277,770 -12.9% Cost of Sales Products 647,348 1,487,750 -56.5% Services 2,700,169 2,258,898 19.5% Energy Production 398,590 310,082 28.5% Total Cost of Sales 3,746,107 4,056,730 -7.7% Gross Profit 2,589,662 3,221,040 -19.6% Operating Expenses: General and Administrative 3,718,472 2,928,135 27.0% Selling 640,932 594,481 7.8% Research & Development 363,823 292,668 24.3% Loss on Disposition of Assets 2,344 - Total Operating Expenses 4,725,571 3,815,284 23.9% Loss from Operations (2,135,909) (594,244) -259.4% Other Income (Expense) 28,154 (65,320) 143.1% Consolidated Net Income (Loss) (2,120,573)$ (659,922)$ -221.3% Tecogen, Inc. Consolidated P&L - QTD

 

1Q 2026 Adjusted EBITDA Reconcilliation 8 Key Points • Adjusted EBITDA decreased due to lower revenue and higher 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 03/31/2026 03/31/2025 2026 vs 2025 Consolidated Net Income (Loss) (2,120,573)$ (659,922)$ 221.3% Interest Expense, Net 34,244 32,326 5.9% Income Tax Expense 10,900 925 1078.4% Depreciation & Amortization 265,238 185,695 42.8% EBITDA (1,810,191) (440,976) 310.5% Stock Based Compensation 131,666 40,832 222.5% Unrealized Loss on Investment Securities - 18,749 100.0% Adjusted EBITDA (1,678,525)$ (381,395)$ 340.1% Tecogen, Inc. Adjusted EBITDA - QTD

 

Q1 2026 Performance by Segment 9 Key Points • Product revenue decreased 54% • Service Revenue up 9% • Overall Revenue decreased 13% • Service margin lower QoQ due to increased costs • Expect service margin to improve with recent initiatives. • G&A, Sales and R&D costs higher due to investments as we work to break into data centers. Expenses should decrease in Q2 and beyond. QTD QTD % Change 03/31/2026 03/31/2025 2026 vs 2025 Products Segment Revenue 1,175,300$ 2,533,809$ -53.6% Cost of Sales 647,348 1,487,750 -56.5% Gross Profit 527,952 1,046,059 -49.5% Gross Profit Margin 44.9% 41.3% 3.6% Services Segment Revenue 4,636,394$ 4,245,021$ 9.2% Cost of Sales 2,700,169 2,258,898 19.5% Gross Profit 1,936,224 1,986,123 -2.5% Gross Profit Margin 41.8% 46.8% -5.0% Energy Production Segment Revenue 524,075$ 498,939$ 5.0% Cost of Sales 398,590 310,082 28.5% Gross Profit 125,485 188,857 -33.6% Gross Profit Margin 23.9% 37.9% -13.9% Total Revenue 6,335,769$ 7,277,770$ -12.9% Cost of Sales 3,746,107 4,056,730 -7.7% Gross Profit 2,589,662 3,221,040 -19.6% Gross Profit Margin 40.9% 44.3% -3.4% Tecogen, Inc.

 

Summary Non-data center pipeline strong Multiple positive developments including expected first PO with Vertiv Strong insider confidence shown by share purchases by management and board in March

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Tecogen (TGEN) perform financially in Q1 2026?

Tecogen reported Q1 2026 revenue of $6.34 million, down from $7.28 million a year earlier. Net loss widened to $2.12 million from $0.66 million, reflecting weaker product sales, lower gross profit, and higher operating expenses tied to growth initiatives.

What were Tecogen (TGEN) segment results for Q1 2026?

In Q1 2026, Products revenue was $1.18 million (down 53.6%), Services revenue was $4.64 million (up 9.2%), and Energy Production revenue was $0.52 million (up 5.0%). The mix shift toward services and energy partially offset weaker product shipments.

How did Tecogen’s margins change in Q1 2026?

Gross profit was $2.59 million in Q1 2026 versus $3.22 million in 2025, and gross margin declined to 40.9% from 44.3%. The company cited lower product shipments and higher services labor and material costs as key drivers of the margin compression.

What was Tecogen’s adjusted EBITDA in Q1 2026?

Adjusted EBITDA for Q1 2026 was negative $1.68 million, compared with negative $0.38 million a year earlier. The deterioration reflects lower revenue and higher operating costs. Adjusted EBITDA excludes interest, taxes, depreciation, amortization, stock-based compensation, and certain other non-cash items.

What is Tecogen’s cash position after Q1 2026?

Tecogen ended March 31, 2026 with $9.33 million in cash and cash equivalents, down from $12.43 million at December 31, 2025. Net cash used in operating activities was $3.11 million during the quarter, reflecting the larger loss and working capital changes.

What growth initiatives did Tecogen (TGEN) highlight in its Q1 2026 update?

Tecogen highlighted an expected purchase order from Vertiv for a 1 MW chiller installation, more than $8 million of customer-approved projects (including $2.3 million already under purchase order), and ongoing efforts to serve data centers and other customers facing power constraints.

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