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olivLaw · US equity research

Tecogen Inc. TGEN

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip · SIC 3585 · Vertical: Industrial machinery and computer equipment (SIC 358x)

1.53USD−10.53% · 1 dayClose 05 Nov 2026

Tecogen Inc. (NYSE American: TGEN) designs and sells natural-gas cogeneration systems, chillers and maintenance services for commercial and industrial buildings. The company now focuses on AI data centers, where its solutions address power constraints. Net losses and lower product revenue in the first half of 2026 show that this shift has not yet translated into financial results.

At the close of 05 Nov 2026, Tecogen Inc. (TGEN) stock was 1.53 USD (−10.53% on the day), with market capitalisation 46.2 m USD, beta 2.24, 52-week range 1.53–8.31 USD. Latest reported quarter (Q2 2026): revenue of 5.7 m USD (−21.2% YoY), net income of -2.1 m USD, diluted EPS -0.07 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
46.2 m USD
shares as of 13 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.34 · TTM to 30 Jun 2026
E/P (TTM)
-22.47%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
2.24
Volatility (1y) 104%
52-week range
1.538.31

Price history

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Technical reading

RSI (14)
28.4
oversold (≤ 30)
Bollinger (20, 2)
1.64 – 2.55
below the lower band · %B -0.12 · band width 43.5%
SMA 50 / 200
2.63 / 3.75
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.26 / -0.23
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−42.9%−5.9%−37.0 pp—
3 months−59.0%−4.6%−54.4 pp—
6 months−68.3%+0.2%−68.5 pp—
Year to date−69.0%+7.4%−76.5 pp—
1 year−82.7%+8.2%−90.9 pp−4.0%
3 years+70.0%+68.4%+1.6 pp+15.3%
5 years−12.1%+56.5%−68.6 pp—
Max drawdown (1y)
−81.6%
07 Nov 2025 → 05 Nov 2026
Max drawdown (5y)
−87.3%
15 Oct 2025 → 05 Nov 2026
Compound annual growth (5y)
−2.5%
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
5.7 m USD
−21.2% YoY
Net income
-2.1 m USD
unavailable YoY
Diluted EPS
-0.07
unavailable YoY
net / operating
-37.4% / -37.4%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue5.6 m6.1 m7.3 m7.3 m7.2 m5.3 m6.3 m5.7 m
Cost of revenue3.1 m3.3 m4.1 m4.8 m5.0 m3.4 m3.7 m3.6 m
Gross profit2.5 m2.7 m3.2 m2.5 m2.2 m2.0 m2.6 m2.2 m
Research & development233.8 k226.8 k292.7 k268.7 k297.9 k307.4 k363.8 k320.2 k
Operating income-873.2 k-1.1 m-594.2 k-1.4 m-2.1 m-4.1 m-2.1 m-2.2 m
Depreciation & amortisation138.2 k ≈134.0 k185.7 k205.7 k ≈230.1 k ≈256.1 k265.2 k278.6 k ≈
Interest expense23.0 k30.8 k32.3 k38.2 k41.1 k38.7 k34.2 k39.2 k
Pre-tax income-895.9 k-1.2 m-659.6 k-1.5 m-2.1 m-4.0 m-2.1 m-2.1 m
Net income-930.4 k-1.2 m-659.9 k-1.5 m-2.1 m-4.0 m-2.1 m-2.1 m
Diluted EPS-0.04-0.05 ≈-0.03-0.06-0.07-0.13 ≈-0.07-0.07
Operating cash flow-207.3 k ≈4.2 m-1.2 m-2.6 m ≈-3.6 m ≈-2.6 m-3.1 m-2.4 m ≈
Capex282.3 k ≈130.2 k132.0 k146.0 k ≈75.3 k ≈47.5 k46.1 k73.3 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue35.9 m33.4 m28.3 m24.4 m25.0 m25.1 m22.6 m27.1 m
Revenue YoY+8.1%−6.8%−15.5%−13.6%+2.5%+0.5%−10.0%+19.7%
Net income-5.7 m-4.7 m-6.2 m3.7 m-2.4 m-4.6 m-4.8 m-8.2 m
Net income YoY−12,134.2%unavailableunavailableunavailable−166.2%unavailableunavailableunavailable
Diluted EPS-0.23unavailable-0.250.15-0.10-0.19-0.19-0.30
Diluted EPS YoYunavailableunavailableunavailableunavailable−166.7%unavailableunavailableunavailable
net %-15.9%-14.1%-21.8%15.1%-9.8%-18.3%-21.0%-30.5%
Free cash flow-4.7 m-4.6 m1.3 m373.6 k-1.7 m-864.7 k3.1 m-10.3 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
12.4 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
21.5 m USD
Total assets
37.0 m USD
Debt / equity
unavailable
Current ratio
3.12x
ROE
-52.2%
ROA
-24.2%
FCF margin
-38.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
25.1 m
2024
22.6 m
2025
27.1 m

SEC (XBRL)· 19 Mar 2026verified

Cost of revenue
2023
14.9 m
2024
12.7 m
2025
17.2 m

SEC (XBRL)· 19 Mar 2026verified

Gross profit
2023
10.2 m
2024
9.9 m
2025
9.8 m

SEC (XBRL)· 19 Mar 2026verified

Research & development
2023
840.0 k
2024
961.8 k
2025
1.2 m

SEC (XBRL)· 19 Mar 2026verified

SG&A
2023
—
2024
—
2025
—

SEC (XBRL)· 18 Mar 2021verified

Operating income
2023
-4.4 m
2024
-4.5 m
2025
-8.2 m

SEC (XBRL)· 19 Mar 2026verified

Depreciation & amortisation
2023
567.7 k
2024
553.8 k
2025
877.7 k

SEC (XBRL)· 19 Mar 2026verified

EBITDA
2023
-3.8 m ≈
2024
-4.0 m ≈
2025
-7.4 m ≈

SEC (XBRL)· 19 Mar 2026derived

Interest expense
2023
16.1 k
2024
90.3 k
2025
150.3 k

SEC (XBRL)· 19 Mar 2026verified

Pre-tax income
2023
-4.5 m
2024
-4.7 m
2025
-8.2 m

SEC (XBRL)· 19 Mar 2026verified

Income tax
2023
32.5 k
2024
22.6 k
2025
20.6 k

SEC (XBRL)· 19 Mar 2026verified

Net income
2023
-4.6 m
2024
-4.8 m
2025
-8.2 m

SEC (XBRL)· 19 Mar 2026verified

Diluted EPS
2023
-0.19
2024
-0.19
2025
-0.30

SEC (XBRL)· 19 Mar 2026verified

Weighted average diluted shares
2023
24.9 m
2024
24.9 m
2025
27.2 m

SEC (XBRL)· 19 Mar 2026verified

Balance sheet · USD

Cash
2023
1.4 m
2024
5.4 m
2025
12.4 m

SEC (XBRL)· 19 Mar 2026verified

Receivables
2023
6.7 m
2024
6.0 m
2025
4.3 m

SEC (XBRL)· 19 Mar 2026verified

Inventories
2023
10.6 m
2024
9.6 m
2025
10.9 m

SEC (XBRL)· 19 Mar 2026verified

Current assets
2023
20.3 m
2024
22.1 m
2025
28.9 m

SEC (XBRL)· 19 Mar 2026verified

Property, plant & equipment, net
2023
1.2 m
2024
1.7 m
2025
1.6 m

SEC (XBRL)· 19 Mar 2026verified

Goodwill
2023
2.7 m
2024
2.3 m
2025
1.2 m

SEC (XBRL)· 19 Mar 2026verified

Intangibles (excl. goodwill)
2023
2.4 m
2024
2.5 m
2025
2.1 m

SEC (XBRL)· 19 Mar 2026verified

Total assets
2023
27.8 m
2024
31.1 m
2025
37.0 m

SEC (XBRL)· 19 Mar 2026verified

Accounts payable
2023
4.5 m
2024
4.1 m
2025
3.4 m

SEC (XBRL)· 19 Mar 2026verified

Current liabilities
2023
10.5 m
2024
16.8 m
2025
9.3 m

SEC (XBRL)· 19 Mar 2026verified

Total liabilities
2023
13.1 m
2024
21.0 m
2025
15.5 m

SEC (XBRL)· 19 Mar 2026verified

Equity
2023
14.7 m
2024
10.1 m
2025
21.5 m

SEC (XBRL)· 19 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-817.8 k
2024
4.1 m
2025
-9.9 m

SEC (XBRL)· 19 Mar 2026verified

Capex
2023
46.9 k
2024
969.2 k
2025
400.8 k

SEC (XBRL)· 19 Mar 2026verified

Free cash flow
2023
-864.7 k ≈
2024
3.1 m ≈
2025
-10.3 m ≈

SEC (XBRL)· 19 Mar 2026derived

Investing cash flow
2023
-244.9 k
2024
-1.0 m
2025
-464.1 k

SEC (XBRL)· 19 Mar 2026verified

Financing cash flow
2023
500.0 k
2024
1.0 m
2025
17.4 m

SEC (XBRL)· 19 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
19.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
2.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-0.9%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
-433.6%
computed by olivLawFY 2025

Profitability

Gross margin
36.2%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-38.6%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-42.8%
computed by olivLawTTM to 30 Jun 2026
Net margin
-42.3%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-48.2%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-77.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-34.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-45.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-68.7x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
2.9x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
1.5x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.8x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-11.6 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
242.2 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-11.8 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
80 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
253 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
93 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
240 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
46.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-22.5%
computed by olivLawTTM to 30 Jun 2026
P/B
2.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
1.9x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-25.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
-0.41
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.53 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 46.2 m USD

Key indicators

Market capitalisation
46.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
2.6x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-77.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-42.3%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
19.7%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 13 Aug 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 2206derived 199

Score by group

33% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Industrial machinery and computer equipment (SIC 358x)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-42.3%0 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth2.7%22 (on a fixed band)25%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-68.7x0 (on a fixed band)19%
Current ratio · Balance sheet2.9x100 (on a fixed band)13%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-25.6%0 (on a fixed band)25%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partial22/100 · 1/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

TECOGEN INC. (TGEN). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 27.1 m USD in 2025; YoY growth 19.7%; net margin -42.3%; ROE -77.5%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 2.9x

What contradicts it

  • Net margin: -42.3%
  • Revenue CAGR 3Y: 2.7%
  • Interest coverage: -68.7x
  • FCF yield: -25.6%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Industrial machinery and computer equipment (SIC 358x) · same industry group (3-digit SIC) · compared with 10 companies

Multiples and returns vs the median

P/E
—
vertical median 24.8x
EV/EBITDA
—
vertical median 12.4x
P/S
1.9x
vertical median 2.4x
below median (−22.6%)
P/B
2.6x
vertical median 4.1x
below median (−37.1%)
ROE
-77.5%
vertical median 13.1%
below median (−691.0%)
Net margin
-42.3%
vertical median 9.2%
below median (−561.4%)
EBIT margin
-42.8%
vertical median 16.5%
below median (−359.1%)
Revenue YoY
19.7%
vertical median 2.9%
above median (+581.1%)
Net debt/EBITDA
—
vertical median 2.2x
Dividend yield
—
vertical median 1.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
JCIJohnson Controls International PLC80.2 bn23.524.1%14.5%+2.8%+13% / +149%
CARRCarrier Global Corporation43.5 bn—-14.3%-7.9%−3.3%−3% / +2%
LIILennox International Inc11.9 bn16.259.5%13.8%−2.7%−30% / −14%
MIDDThe Middleby Corporation5.9 bn—-16.2%-13.9%unavailable+37% / +28%
ALHAlliance Laundry Holdings Inc.4.5 bn24.8109.8%10.1%+13.3%−5% / unavailable
AAONAaon, Inc.4.5 bn28.417.3%8.2%+20.1%−42% / −13%
HAYWHayward Holdings, Inc.3.4 bn21.110.9%14.4%+6.7%−0% / +39%
SXIStandex International Corp2.8 bn24.815.3%12.5%+12.8%−5% / +74%
TNCTennant Co1.2 bn53.43.9%1.9%−6.5%−3% / −17%
TGENTecogen Inc.46.2 m—-77.5%-42.3%+19.7%−83% / +70%
LBGJLi Bang International Corporation Inc.32.4 m—-16.6%-9.1%+2.9%−100% / unavailable

1- and 3-year price returns: for TGEN from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Tecogen Inc. (NYSE American: TGEN) designs and sells natural-gas cogeneration systems, chillers and maintenance services for commercial and industrial buildings. The company now focuses on AI data centers, where its solutions address power constraints 13. Net losses and lower product revenue in the first half of 2026 show that this shift has not yet translated into financial results 3.

    SWOT

    Strengths

    • The company has an installed base of shipped units and long-term maintenance contracts that generate relatively predictable revenue 12.
    • Ultera technology and high system efficiency give an environmental and cost advantage that suits current regulation 1.
    • The NYSE American listing and the 2025 equity offering strengthened the company's financial base 1.

    Weaknesses

    • The company has repeated net losses and an accumulated deficit, which makes profitability uncertain 13.
    • Product revenue is lumpy, made of low-volume high-value projects, and a small number of customers dominate sales 1.
    • Reliance on a few large suppliers of engines and compressors could delay deliveries if they cannot supply parts 1.

    Opportunities

    • If data-center projects materialize they could significantly lift revenue and product volume 13.
    • Expanding maintenance through new contracts and portfolio acquisitions could consolidate recurring revenue 23.
    • Grid power constraints create demand for the company's on-site solutions among industrial and large commercial customers 2.

    Threats

    • Larger competitors with superior resources could develop comparable technology faster 1.
    • Regulatory changes or volatile natural gas prices could reduce the economic advantage of the products 1.
    • Tariffs and geopolitical conflict could affect component costs and supply chains 12.

    Risks

    • Persistent net losseshigh

      The company has not yet reached profitability and losses in the first half of 2026 grew from the prior year 13. If financing does not cover losses, the company could need additional capital.

    • Customer concentrationhigh

      One customer represented more than 10% of revenue in 2025, and losing one or more large customers would directly hit results 1.

    • Order volatilitymedium

      Backlog fell sharply from the end of 2024, and delivery timing can slip because of financing or permitting delays 1.

    • Supplier dependencemedium

      Engines and compressors come from a few large manufacturers, and their delays could affect deliveries 1.

    • Acquisition strategylow

      Acquisitions and partnerships can fail or dilute shareholders, and integrating them requires significant resources 1.

    Investment thesis

    What would need to be true (bull case)

    • If AI data-center projects reach completion, demand for chillers and on-site generation could grow significantly 13.
    • Maintenance services keep growing and offer more predictable revenue than product sales 23.
    • The NYSE American listing and the resources raised in the 2025 offering support the company's development 1.

    What would break the thesis

    • Net losses widened in the first half of 2026 and product revenue fell by more than half year over year 3.
    • Data-center projects are still at the demonstration stage and their conversion into firm orders is not assured 3.
    • Larger competitors with superior resources could enter the data-center market faster 1.

    What to watch

    • Conversion of data-center demonstrations into firm ordersQ3 2026
    • Trend of product revenue against the first half of 2026Q3 2026
    • Cash level and need for additional financingnext 10-Q
    • Status of the Vertiv agreement and any definitive supply contract2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Tecogen produces natural-gas-fueled cogeneration systems that supply electric or mechanical power and recover engine heat for use at the customer facility 1. The company is organized in three segments: products, services (operations and maintenance) and energy production through its subsidiary American DG Energy 1. Most customers are in regions with the highest utility rates, mainly California, the Midwest and the Northeast 1.

    Segments

    Services

    The services segment provides long-term maintenance for Tecogen products, including contracts acquired from Aegis Energy Services. Service revenue grew in the first half of 2026 and is the company's main recurring revenue source 23.

    Energy production

    Through ADGE the company installs, owns and operates energy systems at customer sites and sells electricity, hot water and cooling under long-term contracts, typically of 10 to 15 years 1. Revenue from this segment is small but rose slightly in the first half of 2026 3.

    Market context

    The core market is cogeneration and cooling for commercial buildings, where natural gas prices, local electricity tariffs and environmental regulation are key drivers 1. Data-center power demand is a newer market in which the company says its solutions can relieve power constraints 12.

    Trends

    • AI data centerstailwind

      Data-center power demand is rising and cooling needs grow with each chip generation; the company believes gas-fired chillers can free power for computing 1. If these projects materialize they could bring significant revenue, but this is not yet visible in the figures 3.

    • Grid power constraintstailwind

      As the grid takes on more load, customers face power limits, and on-site systems can avoid long lead times for electrical equipment 2. This supports demand for Tecogen's solutions.

    • Anti-fossil fuel policymixed

      In markets such as New York City, rules that eliminate fossil fuels from buildings have hurt cogeneration sales 1. The company says new scope 2 emissions rules could favor its hybrid products 1.

    • Energy pricesmixed

      High electricity prices increase the savings from the company's products, but high and volatile natural gas prices can reduce that advantage 1. The company explicitly flags this price volatility risk 1.

    Competitive position

    The company says many competitors are well established and have far greater financial, research, manufacturing and marketing resources than it does 1. Competition comes both from distributed-power and cogeneration makers and from electric chiller suppliers.

    Tecogen differentiates itself through its Ultera emissions technology, efficiency above 88% and long-term service contracts 12. The Vertiv partnership widens access to data-center buyers but depends on achieved sales levels 1.

    • Large distributed-power and cogeneration manufacturers

      The company cites larger rivals with superior manufacturing and sales capabilities that could develop cogeneration faster 1.

    • Electric chiller suppliers

      Electric chillers are the direct alternative for data-center cooling, and the company argues gas-fired cooling has lower operating costs 1.

    • Vertiv Corporation

      Distribution and sales partner for DTx chillers in data centers, which could also become a competitor in some markets 1.

    • Other cogeneration and on-site energy providers

      Energy services companies and regional manufacturers compete for the same industrial and commercial building customers 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Tecogen Inc. · 19 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Tecogen Inc. · 13 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Tecogen Inc. · 12 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.