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Tecogen (TGEN) investor relations material
Tecogen Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue increased between 27.6% and 29% year-over-year to $7.18–$7.2 million, driven by strong chiller and product sales, with significant progress in the data center market and expanded interest from major developers and AI chip manufacturers.
Net loss widened to $2.13 million from $0.93 million year-over-year, mainly due to lower service margins, higher labor and material costs, and increased operating expenses.
Adjusted EBITDA loss increased to $1.77 million from $0.75 million, reflecting margin pressures and R&D investments.
Completed an $18.1 million equity offering in July 2025, strengthening liquidity and supporting growth initiatives.
Strategic partnerships, including with Vertiv, and expanded R&D investment are expected to drive future growth in the data center cooling market.
Financial highlights
Q3 2025 revenue: $7.18–$7.2 million, up from $5.6–$5.63 million in Q3 2024, with product revenue surging and service revenue growing modestly.
Gross margin declined to 30–30.4% from 44–44.1% year-over-year, with all segments experiencing margin pressure.
Operating expenses rose nearly 28% to $4.28–$4.3 million, driven by higher payroll, insurance, and R&D.
Cash and cash equivalents at quarter-end were $14–$15.3 million, with working capital and liquidity significantly improved post-equity raise.
Backlog at quarter-end was $4 million, mainly from cannabis and convention center contracts.
Outlook and guidance
Management anticipates closing additional multifamily and cannabis projects, and expects increased chiller sales to data center customers.
Factory and supply chain improvements, including contract manufacturing, are expected to boost production throughput.
Ongoing price increases and engineering improvements are planned to offset rising costs.
Regulatory and political developments may impact demand for cogeneration products.
Strategic focus remains on converting data center opportunities into shareholder value.
Explain deferred revenue cash flow impact
Capital allocation plan for new cash
Shift in lease types: operating vs finance
Validation steps for data center adoption
Vertiv partnership's impact on scaling
When will service margin improve from engines?
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Q4 202519 Mar, 2026
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Frequently asked questions
Tecogen Inc. is a clean energy company that designs, manufactures, and installs high-efficiency, natural gas-powered cogeneration systems. These systems provide combined heat and power (CHP), as well as air conditioning and refrigeration, to commercial and industrial customers. Tecogen’s technology focuses on reducing energy costs and greenhouse gas emissions by generating both electricity and useful heat from a single fuel source. The company serves sectors such as healthcare, education, and multifamily residential buildings, providing solutions for improved energy efficiency. The company is headquartered in Waltham, Massachusetts, and its shares are listed on the NASDAQ.
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