TGEN · Tecogen Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $27.07M | $22.62M | $25.14M | $25.00M | $24.40M | $28.25M |
| Cost of Revenue | $17.25M | $12.75M | $14.94M | $13.94M | $12.81M | $17.43M |
| Gross Profit | $9.82M | $9.87M | $10.20M | $11.07M | $11.59M | $10.83M |
| R&D | $1.17M | $961.8K | $840.0K | $732.9K | $542.1K | $767.3K |
| SG&A | $13.52M | $11.36M | $11.88M | $10.91M | $9.80M | $16.79M |
| Total Operating Expenses | $18.07M | $14.40M | $14.62M | $13.42M | $16.79M | - |
| D&A | $877.7K | $553.8K | $567.7K | $428.3K | $469.9K | $414.1K |
| Operating Income | ($8.24M) | ($4.53M) | ($4.41M) | ($2.35M) | ($1.22M) | ($5.96M) |
| Interest Expense | $150.3K | $90.3K | $16.1K | $16.3K | $14.2K | $125.8K |
| Income Tax | $20.6K | $22.6K | $32.5K | $16.4K | $19.5K | $30.2K |
| Net Income | ($8.25M) | ($4.76M) | ($4.60M) | ($2.45M) | $3.70M | ($6.15M) |
| EPS - Basic | ($0.30) | ($0.19) | ($0.19) | ($0.10) | ($0.25) | - |
| EPS - Diluted | ($0.30) | ($0.19) | ($0.19) | ($0.10) | ($0.25) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $12.43M | $5.41M | $1.35M | $1.91M | $3.61M | $1.49M |
| Accounts Receivable | $4.28M | $6.03M | $6.74M | $6.71M | $8.48M | $8.67M |
| Inventory | $10.95M | $9.63M | $10.55M | $10.48M | $7.76M | $7.17M |
| Accounts Payable | $3.38M | $4.14M | $4.51M | $3.26M | $3.51M | $4.18M |
| Current Assets | $28.89M | $22.15M | $20.31M | $22.03M | $24.97M | $22.19M |
| Total Assets | $36.99M | $31.09M | $27.79M | $28.25M | $32.36M | $30.07M |
| Current Liabilities | $9.27M | $16.82M | $10.48M | $7.69M | $8.78M | $8.82M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $15.52M | $20.97M | $13.14M | $9.27M | $11.23M | $12.81M |
| Stockholders' Equity | $21.65M | $10.23M | $14.75M | $19.09M | $21.21M | $17.31M |
| Retained Earnings | ($55.89M) | ($47.64M) | ($42.88M) | ($38.28M) | ($35.83M) | ($39.53M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($9.91M) | $4.06M | ($823.3K) | ($1.35M) | $465.0K | $1.41M |
| Investing Cash Flow | ($464.1K) | ($1.01M) | ($244.9K) | ($348.6K) | ($215.1K) | ($217.8K) |
| Financing Cash Flow | $17.40M | $1.01M | $505.5K | $0 | $1.87M | ($576.9K) |
| CapEx | $400.8K | $969.2K | $46.9K | $314.9K | $91.5K | $60.0K |
| Free Cash Flow | ($10.31M) | $3.09M | ($870.2K) | ($1.67M) | $373.6K | $1.35M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 36.3% | 43.6% | 40.6% | 44.3% | 47.5% | 38.3% |
| Operating margin | -30.5% | -20.0% | -17.6% | -9.4% | -5.0% | -21.1% |
| EBITDA margin | -27.2% | -17.6% | -15.3% | -7.7% | -3.1% | -19.6% |
| Net margin | -30.5% | -21.0% | -18.3% | -9.8% | 15.1% | -21.8% |
| Free cash flow margin | -38.1% | 13.7% | -3.5% | -6.7% | 1.5% | 4.8% |
| FCF / Net income | 1.25 | -0.65 | 0.19 | 0.68 | 0.10 | -0.22 |
| R&D / Revenue | 4.3% | 4.3% | 3.3% | 2.9% | 2.2% | 2.7% |
| SG&A / Revenue | 49.9% | 50.2% | 47.3% | 43.6% | 40.1% | 59.4% |
| Effective tax rate | - | - | - | - | 0.5% | - |
| Return on assets | -22.3% | -15.3% | -16.5% | -8.7% | 11.4% | -20.5% |
| Return on equity | -38.1% | -46.5% | -31.2% | -12.8% | 17.4% | -35.5% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 3.12 | 1.32 | 1.94 | 2.87 | 2.84 | 2.52 |
| Quick ratio | 1.94 | 0.74 | 0.93 | 1.50 | 1.96 | 1.70 |
| Cash ratio | 1.34 | 0.32 | 0.13 | 0.25 | 0.41 | 0.17 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -54.9x | -50.2x | -275.0x | -144.5x | -85.6x | -47.4x |
| Equity multiplier | 1.71 | 3.04 | 1.88 | 1.48 | 1.53 | 1.74 |
| Liabilities / Assets | 0.42 | 0.67 | 0.47 | 0.33 | 0.35 | 0.43 |
| Efficiency | ||||||
| Asset turnover | 0.73 | 0.73 | 0.90 | 0.88 | 0.75 | 0.94 |
| Inventory turnover | 1.58 | 1.32 | 1.42 | 1.33 | 1.65 | 2.43 |
| Days sales outstanding | 58d | 97d | 98d | 98d | 127d | 112d |
| Days inventory outstanding | 232d | 276d | 258d | 275d | 221d | 150d |
| Days payable outstanding | 72d | 119d | 110d | 85d | 100d | 88d |
| Cash conversion cycle | 218d | 254d | 245d | 287d | 248d | 175d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 6.2x | 3.6x | 1.4x | 1.6x | 1.4x | - |
| P / S | 5.0x | 1.6x | 0.8x | 1.2x | 1.2x | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 19.7% | -10.0% | 0.5% | 2.5% | -13.6% | -15.5% |
| Revenue CAGR (3y) | 2.7% | -2.5% | -3.8% | -9.2% | -12.1% | -5.2% |
| Revenue CAGR (5y) | -0.9% | -7.5% | -6.9% | -5.5% | -0.1% | 5.7% |
| Gross profit growth (YoY) | -0.5% | -3.2% | -7.8% | -4.5% | 7.0% | -13.2% |
| Operating income growth (YoY) | -81.8% | -2.7% | -87.9% | -92.7% | 79.5% | -27.9% |
| Net income growth (YoY) | -73.3% | -3.5% | -87.8% | - | - | -30.6% |
| EPS growth (YoY) | -57.9% | 0.0% | -90.0% | 60.0% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | 47.8% | - | -72.3% | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 111.6% | -30.6% | -22.8% | -10.0% | 22.5% | -25.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$27.07M totalServices Segment$16.62M · 61.4%
Products Segment$9.13M · 33.7%
Energy Production$1.32M · 4.9%
Product / service
$54.15M totalInstallation Services$16.62M · 30.7%
Service$16.62M · 30.7%
Product$9.13M · 16.9%
Chiller$5.66M · 10.4%
Cogeneration$3.07M · 5.7%
Energy Production$1.32M · 2.4%
Energy Service$1.32M · 2.4%
Engineered Accessories$401.7K · 0.7%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-0.28
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
2/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✗Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip
Comparing TECOGEN INC. against the 5 most active filers in the same SIC group.