Tecogen Inc

tecogen.com

What Do They Do?

Maintains combined heat and power systems and chillers for commercial and industrial customers, and sells these systems to hospitals, schools and other facilities.

How Do They Make Money?

Customers buy built-to-order cogeneration and chiller equipment, with sales tied to shipment. Service customers buy maintenance under long-term contracts, while energy customers buy electricity, heat, hot water or cooling under long-term agreements.

revenue

Segment	Share	How money arrives
Products Sold outright	34% FY2022: 45%	Sold outright
Services Recurring	61% FY2022: 48%	Recurring
Energy production Recurring	4.9% FY2022: 7.1%	Recurring

Who Are Their Customers?

Commercial and institutional buildings, industrial sites and other facilities buy its systems and maintenance through Tecogen’s sales team and independent representatives. Chillers typically go through manufacturing representatives, while combined heat and power systems are typically sold directly to end customers.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: no customer at 10% or more of revenue

Do Revenues Turn Into Profits?

No. It lost $8.2M in FY2025.

Operating income, FY2025

−30% of revenue

▲ +82% (Loss) vs FY2024 (−$4.5M, −20%)

Net income, FY2025

−30% of revenue

▲ +73% (Loss) vs FY2024 (−$4.8M, −21%)

Free cash flow, FY2025

−38% of revenue

▼ Now a loss vs FY2024 ($3.1M, 14%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −21%; vs $7.3M in Q2 FY2025
Net income: ▲ +47% (Loss); vs −$1.5M in Q2 FY2025

Services share of revenue vs 54.4% in Q2 FY2025

Aug 12, 2026 Company expects Q3 product revenue to exceed Q1 and Q2 Management cited an approximately $8 million non-data-center backlog and expected $2 million or more in additional orders.

Growing. Revenue grew 11% in 4 years, from $24.4M in FY2021 to $27.1M in FY2025, about 3% a year.

Data-center sales channel The older report describes sales through in-house staff and independent representatives; the latest report adds Vertiv’s sales and marketing role for DTx data-center chillers, with exclusive rights outside the U.S. and nonexclusive rights inside it.

Revenue over time

Products Services Energy production

$50M$25M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Capstone Turbine

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