Turbogen (TURB) Registration filing summary

Company overview and business model

• Develops combined heat and power (CHP) systems based on multifuel microturbines for local electricity and heat production, targeting urban buildings and data centers.

• Transitioning from R&D to commercial production, with first installations of TG-40 and TR3200 systems planned for late 2026.

• Offers an Energy-as-a-Service (EaaS) model with long-term agreements or direct sales with service contracts.

• Focuses on high efficiency, modularity, multi-fuel capability (natural gas, hydrogen, landfill gas, diesel), and integration with energy management systems.

• Target markets include the U.S. and EU, leveraging advanced natural gas infrastructure and regulatory incentives.

Financial performance and metrics

• No revenues generated to date; remains a development-stage company.

• Net loss for 2025 was $19.5 million, up from $3.0 million in 2024, driven by increased share-based compensation and finance expenses.

• Cash and cash equivalents as of December 31, 2025, were $3.9 million, with a working capital deficit of $3.2 million and accumulated deficit of $43.5 million.

• Operating expenses in 2025: R&D $946k, sales/marketing $1.3M, G&A $6.9M.

• Auditor’s report includes a going concern warning due to recurring losses and negative cash flows.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of shares by selling shareholders; proceeds from warrant exercises will be used for general corporate purposes and working capital.

• Operations have been funded by equity raises, convertible loans, and government grants.

• Additional funding will be required to support ongoing R&D, commercialization, and scaling production.