TGEN TECOGEN INC.

Overview and Growth

In fiscal 2025, TECOGEN INC. recorded $27.07M of revenue, net loss of $8.25M, and an operating cash outflow of $9.91M. The $27.07M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 19.7% above fiscal 2024 revenue of $22.62M, marking a year-over-year increase. Diluted earnings per share were -$0.30, translating the period’s attributable earnings into the amount reported for each diluted share. The diluted weighted-average share count was 27.23M, linking total earnings with the per-share result received by shareholders. The company employed $36.99M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.73x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $9.82M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 36.3%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was an operating loss of $8.24M, reflecting costs that exceeded gross profit. Relative to revenue, the operating deficit measured 30.5%, showing the shortfall after operating costs. After all below-operating-line items, the company recorded a net loss of $8.25M for the fiscal year. Measured against revenue, the bottom-line deficit represented 30.5% after all recognized items. Negative EBITDA totaled $7.37M, confirming that the earnings deficit remained before depreciation and amortization. Before income taxes, the company recorded a loss of $8.23M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 30.4%. The company recognized $20.61K of income tax for the period, completing the transition from pretax income to net income. The loss-to-equity relationship was 38.4%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 22.3%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit increased from $4.76M in fiscal 2024 to $8.25M.

Liquidity and Capital Structure

At period end, the $36.99M asset base was financed through $15.52M of liabilities and $21.47M of equity. The near-term balance sheet paired $28.89M of current assets with $9.27M of current liabilities at the reporting date. At 3.12x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $12.43M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 134.1%, excluding receivables and other current assets. Book equity represented 58.0% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 42.0% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 33.6% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 19.0% higher than fiscal 2024 assets of $31.09M, measuring the company’s own balance-sheet change. Against $10.13M of equity in fiscal 2024, the current book-equity balance moved 112.1% and ended higher. Compared with $5.41M in fiscal 2024, the current cash balance moved 130.0% and finished higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $9.91M, rather than cash generation from operations. Capital expenditures used $400.78K in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Operating cash flow and capital spending combined to leave a $10.31M cash deficit after capital spending. Relative to revenue, the post-investment cash deficit represented 38.1%. The cash deficit after capital spending represented 27.9% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.