Tecogen Inc. (NASDAQ: TGEN) is a combined heat and power (CHP) equipment company that designs, manufactures, and services natural gas-fired cogeneration systems, chiller units, and refrigeration compressors. Revenue comes from three segments: Products (equipment sales), Services (maintenance contracts and parts), and Energy Production. Products are sold directly through an in-house marketing team and independent sales agents; service revenue is primarily annual, all-inclusive maintenance contracts priced on equipment operating hours. As of December 31, 2025, the Services segment maintained approximately 244 units under contract through eleven field service centers across California, Connecticut, Florida, Massachusetts, Michigan, New Jersey, New York, and Ontario, Canada. Tecogen has shipped over 3,200 units since inception, some operating for nearly 35 years. The company reported a net loss of $8,248,755 in FY2025 and $4,760,238 in FY2024, with an accumulated deficit of $55,888,649 as of December 31, 2025. Working capital stood at $19,618,132 as of the same date.

Revenue model

Three revenue streams: Products (equipment sales, built-to-order), Services (annual all-inclusive maintenance contracts priced on operating hours, plus parts sales and installation), and Energy Production. Service contracts provide recurring, predictable billing without variable add-ons for unscheduled repairs.

Products and services

Natural gas-fired cogeneration (CHP) systems including the InVerde unit, natural gas-driven chiller systems, industrial refrigeration compressors, and Ultera Low Emissions Technology available across CHP product lines. Services include long-term maintenance contracts, parts sales, and installation through eleven field service centers.

Customers and end markets

Hospitals and nursing homes, schools and universities, health clubs and spas, hotels and motels, office and retail buildings, food and beverage processors, multi-unit residential buildings, laundries, ice rinks, swimming pools, factories, municipal buildings, military installations, and indoor agriculture (including cannabis and leafy greens). Industrial refrigeration customers include cold storage facilities, wineries, dairies, and food processors. Customers are concentrated in high-utility-rate regions: California, the Midwest, and the Northeast.

Value-chain role

Original equipment manufacturer and aftermarket service provider. Designs modular CHP and chiller systems, sources engines, generators, compressors, and vessel sets from large multinational component suppliers, assembles and sells direct or through independent agents, then captures recurring revenue through factory-staffed field service centers.

Geographic exposure

Primarily United States, concentrated in California, Midwest, and Northeast. Service centers in California, Connecticut, Florida, Massachusetts, Michigan, New Jersey, New York, and Ontario, Canada. No operations or customers in Russia, Ukraine, or the Middle East (per FY2025 10-K).

Source: SEC 10-K, filed 2026-03-19

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