Tecogen (TGEN)
Market Price (9/20/2026): $3.15 | Market Cap: $94.5 MilSector: Industrials | Industry: Electrical Components & Equipment
Tecogen (TGEN)
Market Price (9/20/2026): $3.15Market Cap: $94.5 MilSector: IndustrialsIndustry: Electrical Components & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Distributed Energy Resources, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -9.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -38% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.5%, Rev Chg QQuarterly Revenue Change % is -21% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -48% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15% High stock price volatilityVol 12M is 109% Key risksTGEN key risks include [1] its ongoing challenge to achieve sustained profitability, Show more. |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Distributed Energy Resources, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -9.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -38% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.5%, Rev Chg QQuarterly Revenue Change % is -21% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -48% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15% |
| High stock price volatilityVol 12M is 109% |
| Key risksTGEN key risks include [1] its ongoing challenge to achieve sustained profitability, Show more. |
Qualitative Assessment
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Tecogen (TGEN) stock has lost about 50% since 5/31/2026 because of the following key factors:
1. Weak fiscal Q2 2026 Financial Results with Significant Revenue Decline and Widening Losses.
Tecogen reported a 21.2% year-over-year decrease in revenue to $5.75 million for fiscal Q2 2026, which ended June 30, 2026, compared to $7.29 million in the prior year period. This was largely driven by a substantial 64% drop in Product revenue, falling to $1.13 million from $3.16 million in fiscal Q2 2025, attributed to decreased chiller and cogeneration revenue and the end of a strong period in 2025 from tax-credit-related demand. Concurrently, the net loss for fiscal Q2 2026 widened to $2.15 million from $1.46 million in the comparable quarter of 2025, and adjusted EBITDA deteriorated to a negative $1.68 million from a negative $1.16 million. Operating expenses also increased by 11.6% to $4.3 million in fiscal Q2 2026, partly due to investments in data center market entry.
2. Delays in Securing Data Center Sales Amidst Strategic Pivot.
Despite Tecogen's strategic shift towards data center applications and significant engagement, including 12 product demonstrations for potential direct customers, the fiscal Q2 2026 earnings reports indicated a continued absence of concrete data center sales. This lack of conversion on a key growth initiative, even with a reported backlog exceeding $8 million, led to investor skepticism regarding future revenue streams from this segment. Analysts also noted that "AI Data Center Cooling Risks May Dominate Before Long Term Benefits Emerge."
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Tecogen (TGEN) stock has lost about 50% since 5/31/2026 because of the following key factors:
1. Weak fiscal Q2 2026 Financial Results with Significant Revenue Decline and Widening Losses.
Tecogen reported a 21.2% year-over-year decrease in revenue to $5.75 million for fiscal Q2 2026, which ended June 30, 2026, compared to $7.29 million in the prior year period. This was largely driven by a substantial 64% drop in Product revenue, falling to $1.13 million from $3.16 million in fiscal Q2 2025, attributed to decreased chiller and cogeneration revenue and the end of a strong period in 2025 from tax-credit-related demand. Concurrently, the net loss for fiscal Q2 2026 widened to $2.15 million from $1.46 million in the comparable quarter of 2025, and adjusted EBITDA deteriorated to a negative $1.68 million from a negative $1.16 million. Operating expenses also increased by 11.6% to $4.3 million in fiscal Q2 2026, partly due to investments in data center market entry.
2. Delays in Securing Data Center Sales Amidst Strategic Pivot.
Despite Tecogen's strategic shift towards data center applications and significant engagement, including 12 product demonstrations for potential direct customers, the fiscal Q2 2026 earnings reports indicated a continued absence of concrete data center sales. This lack of conversion on a key growth initiative, even with a reported backlog exceeding $8 million, led to investor skepticism regarding future revenue streams from this segment. Analysts also noted that "AI Data Center Cooling Risks May Dominate Before Long Term Benefits Emerge."
3. Potential Share Dilution from Registration of Millions of Shares for Resale.
On September 1, 2026, Tecogen registered 4,507,603 common shares for potential reoffer and resale by selling stockholders. Although two trusts holding 3,475,714 of these shares agreed to transfer restrictions, the overall registration for resale introduced uncertainty and the potential for increased selling pressure and dilution for existing shareholders in the market.
4. Mixed to Negative Analyst Outlook and Reduced Price Targets.
Analyst sentiment contributed to the stock's decline, with some analysts reducing their fair value estimate for Tecogen from approximately $15.00 to roughly $8.83 per share by August 19, 2026. While some maintained "Buy" ratings with price targets ranging from $5.25 to $10, there was a general expectation of continued unprofitability for Tecogen over the next three years. StockInvest.us upgraded its rating from "Strong Sell" to a "Sell Candidate" on August 28, 2026, maintaining a negative forecast for the stock.
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Stock Movement Drivers
Fundamental Drivers
The -49.8% change in TGEN stock from 5/31/2026 to 9/19/2026 was primarily driven by a -46.3% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9192026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.21 | 3.12 | -49.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 25 | -5.9% |
| P/S Multiple | 7.1 | 3.8 | -46.3% |
| Shares Outstanding (Mil) | 30 | 30 | -0.5% |
| Cumulative Contribution | -49.8% |
Market Drivers
5/31/2026 to 9/19/2026| Return | Correlation | |
|---|---|---|
| TGEN | -49.8% | |
| Market (SPY) | 0.9% | 56.4% |
| Sector (XLI) | -2.0% | 34.8% |
Fundamental Drivers
The -10.1% change in TGEN stock from 2/28/2026 to 9/19/2026 was primarily driven by a -11.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9192026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.47 | 3.12 | -10.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 28 | 25 | -11.7% |
| P/S Multiple | 3.6 | 3.8 | 6.0% |
| Shares Outstanding (Mil) | 29 | 30 | -3.9% |
| Cumulative Contribution | -10.1% |
Market Drivers
2/28/2026 to 9/19/2026| Return | Correlation | |
|---|---|---|
| TGEN | -10.1% | |
| Market (SPY) | 11.6% | 47.6% |
| Sector (XLI) | -3.9% | 38.1% |
Fundamental Drivers
The -59.2% change in TGEN stock from 8/31/2025 to 9/19/2026 was primarily driven by a -48.1% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9192026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.64 | 3.12 | -59.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 25 | -6.5% |
| P/S Multiple | 7.3 | 3.8 | -48.1% |
| Shares Outstanding (Mil) | 25 | 30 | -15.8% |
| Cumulative Contribution | -59.2% |
Market Drivers
8/31/2025 to 9/19/2026| Return | Correlation | |
|---|---|---|
| TGEN | -59.2% | |
| Market (SPY) | 19.4% | 42.2% |
| Sector (XLI) | 12.8% | 36.0% |
Fundamental Drivers
The 205.9% change in TGEN stock from 8/31/2023 to 9/19/2026 was primarily driven by a 249.7% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9192026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.02 | 3.12 | 205.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23 | 25 | 5.6% |
| P/S Multiple | 1.1 | 3.8 | 249.7% |
| Shares Outstanding (Mil) | 25 | 30 | -17.2% |
| Cumulative Contribution | 205.9% |
Market Drivers
8/31/2023 to 9/19/2026| Return | Correlation | |
|---|---|---|
| TGEN | 205.9% | |
| Market (SPY) | 75.6% | 26.1% |
| Sector (XLI) | 63.4% | 24.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TGEN Return | -2% | 4% | -35% | 81% | 237% | -37% | 155% |
| Peers Return | 36% | -21% | 60% | 54% | 39% | 33% | 391% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| TGEN Win Rate | 42% | 42% | 33% | 58% | 67% | 33% | |
| Peers Win Rate | 67% | 40% | 53% | 67% | 60% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| TGEN Max Drawdown | -54% | -47% | -41% | -25% | -61% | -64% | |
| Peers Max Drawdown | -22% | -47% | -29% | -19% | -37% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GNRC, CMI, CAT, VRT, JCI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | TGEN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.0% | -18.8% |
| % Gain to Breakeven | 42.8% | 23.1% |
| Time to Breakeven | 10 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -32.9% | -9.5% |
| % Gain to Breakeven | 49.0% | 10.5% |
| Time to Breakeven | 414 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.5% | -6.7% |
| % Gain to Breakeven | 34.2% | 7.1% |
| Time to Breakeven | 12 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.2% | -24.5% |
| % Gain to Breakeven | 28.5% | 32.4% |
| Time to Breakeven | 33 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.0% | -33.7% |
| % Gain to Breakeven | 122.2% | 50.9% |
| Time to Breakeven | 311 days | 140 days |
In The Past
Tecogen's stock fell -30.0% during the 2025 US Tariff Shock. Such a loss loss requires a 42.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | TGEN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.0% | -18.8% |
| % Gain to Breakeven | 42.8% | 23.1% |
| Time to Breakeven | 10 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -32.9% | -9.5% |
| % Gain to Breakeven | 49.0% | 10.5% |
| Time to Breakeven | 414 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.5% | -6.7% |
| % Gain to Breakeven | 34.2% | 7.1% |
| Time to Breakeven | 12 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.2% | -24.5% |
| % Gain to Breakeven | 28.5% | 32.4% |
| Time to Breakeven | 33 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.0% | -33.7% |
| % Gain to Breakeven | 122.2% | 50.9% |
| Time to Breakeven | 311 days | 140 days |
In The Past
Tecogen's stock fell -30.0% during the 2025 US Tariff Shock. Such a loss loss requires a 42.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Tecogen (TGEN)
Tecogen Inc. (TGEN) is a company that specializes in designing, manufacturing, marketing, and maintaining industrial and commercial cogeneration systems. Its core business revolves around providing distributed energy solutions that efficiently produce both electricity and hot water simultaneously. Beyond system sales, Tecogen also installs, owns, operates, and maintains these energy systems, contributing to its "Energy Production" segment.
The company offers a range of key products, including its InVerde e+ and TecoPower cogeneration units. Additionally, Tecogen provides TECOCHILL air-conditioning and refrigeration chillers, Tecofrost gas engine-driven refrigeration compressors, Ilios brand water heaters, and Ultera emissions control technology. A significant portion of its revenue comes from its "Services" segment, which includes long-term maintenance contracts, parts sales, and turnkey installation services across its extensive network of field service centers.
Tecogen serves a diverse client base across numerous industries. Its primary customers include hospitals and nursing homes, colleges, universities, health clubs, spas, hotels, motels, and various office and retail buildings. The company's solutions also cater to food and beverage processors, multi-unit residential buildings, laundries, ice rinks, swimming pools, factories, municipal buildings, military installations, and indoor growing facilities, demonstrating the broad applicability of its energy-efficient systems.
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Here are a few brief analogies for Tecogen (TGEN):
Generac for commercial and industrial combined heat and power (CHP) systems.
A specialized Johnson Controls, focused on making buildings energy self-sufficient with on-site electricity and heating systems.
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- InVerde e+ and TecoPower: Cogeneration systems that supply both electricity and hot water.
- TECOCHILL: Air-conditioning and refrigeration chillers.
- Tecofrost: Gas engine-driven refrigeration compressors.
- Ilios Water Heaters: Water heaters offered under the Ilios brand.
- Ultera: Emissions control technology.
- Long-term Maintenance Contracts: Services providing ongoing support and upkeep for their systems.
- Parts Sales: Provision of replacement components for their manufactured products.
- Turnkey Installation Services: Comprehensive services for the complete setup and deployment of their systems.
- Energy Production and Management: Services that involve installing, owning, operating, and maintaining distributed generation and other energy systems.
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Abinand Rangesh was appointed CEO of Tecogen in January 2023, having previously served as the company's CFO from 2021. He joined Tecogen in 2016 and held various roles in sales, business development, and strategy. Prior to his tenure at Tecogen, Dr. Rangesh was the CTO of Lumisolair, an off-grid solar and wind energy company, the COO of Peek You, a software company, and the CEO of Lumi Ventures, where he managed multiple startup investments for a high-net-worth investor. He holds a Ph.D. and an engineering degree from the University of Cambridge, United Kingdom.
Roger Deschenes, Chief Financial Officer, Chief Accounting Officer and TreasurerRoger Deschenes was appointed CFO and Treasurer of Tecogen in July 2025, after serving as the company's Chief Accounting Officer since September 2020. He brings over 30 years of experience leading accounting and finance functions in high-technology manufacturing, consumer products, and distribution companies. His previous roles include Division CFO at L3 Security Detection Systems, Inc., and Vice President, Finance, CFO, and Chief Accounting Officer at Implant Sciences Corporation. Mr. Deschenes also served as CAO of Saucony, Inc.
Robert A. Panora, Chief Operations Officer and PresidentRobert Panora has served as President of Tecogen since 2000. With over 41 years at Tecogen, he has held key positions including General Manager of the Product Group since 1990, and Manager of Product Development, Engineering Manager, and Operations Manager since 1984. He has been instrumental in sales and marketing, engineering, service, and manufacturing, contributing to the development of the company's first product, the CM-60 cogeneration module. Mr. Panora holds B.S. and M.S. degrees in Chemical Engineering from Tufts University.
Stephen Lafaille, Vice President of Business DevelopmentStephen Lafaille began his career at Tecogen in 2010 as a Product Development Engineer. He advanced to Director of Business Development and subsequently to Vice President of Business Development. In his current role, he is responsible for developing strategic partnerships, cultivating new markets, and reinforcing Tecogen's presence in existing key market verticals. Mr. Lafaille earned his B.S. and M.S. degrees in Mechanical Engineering from the University of New Hampshire.
John N. Hatsopoulos, Lead DirectorJohn N. Hatsopoulos is the Lead Director of Tecogen. He is a co-founder of Tecogen and served as its CEO until 2014, and then as Co-CEO until his retirement in 2018. Mr. Hatsopoulos also co-founded Thermo Electron Corporation (now Thermo Fisher Scientific), where he was President and Vice Chairman of the Board of Directors. He was the CEO and Director of American DG Energy Inc. from its inception in 2001, becoming Co-CEO until its merger with Tecogen in 2017. Additionally, he was Chairman of EuroSite Power Inc., an affiliated company, from 2009 to 2016.
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The key risks to Tecogen (TGEN) are primarily linked to its reliance on natural gas technology, ongoing financial performance challenges, and the complexities of scaling its production to meet growing demand.
- Dependence on Natural Gas and Evolving Regulatory Landscape: Tecogen's core products, including cogeneration systems and gas engine-driven chillers and refrigeration compressors, are fundamentally reliant on natural gas as a fuel source. This exposes the company to significant risks arising from the global energy transition away from fossil fuels, potential fluctuations in natural gas prices, and adverse "anti-fossil fuel regulations" in key markets. Such regulatory changes and policy shifts could substantially diminish the demand for their natural gas-fired systems, impacting their market attractiveness and economic viability for customers.
- Persistent Financial Losses, Negative Cash Flow, and Margin Pressures: Tecogen has a history of operating with net losses and negative operating cash flow, indicating ongoing challenges in translating revenue growth into sustainable profitability. The company has experienced decreased gross profit margins, attributed to rising labor and material costs, as well as operational inefficiencies within its service and energy production segments. These financial challenges could constrain internal reinvestment capabilities and necessitate external funding to sustain operations and support anticipated growth.
- Execution Risks in Scaling Production and Supply Chain Challenges: As Tecogen aims to capitalize on increasing demand, particularly within the data center market, it faces substantial risks related to scaling its manufacturing operations. The company's ability to ramp up production is contingent on its suppliers' capacity to increase output. Potential "supply chain delays, quality control issues, or production bottlenecks" could impede delivery schedules, increase costs, and negatively impact profitability, posing a significant challenge for a company transitioning from smaller-scale to potentially larger-volume production.
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The accelerating global and regional push towards decarbonization and electrification, particularly the shift away from on-site fossil fuel combustion in buildings and industrial facilities, presents a clear emerging threat. As governments implement stricter emissions regulations, introduce carbon pricing, and provide incentives for renewable energy and all-electric building solutions, demand for natural gas-fired cogeneration systems, gas engine-driven chillers, and water heaters (TGEN's core products) could significantly decline. This trend favors solutions like electric heat pumps, solar PV with battery storage, and other non-combustion technologies for heating, cooling, and power generation, directly competing with and potentially displacing TGEN's offerings.
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Tecogen Inc. (TGEN) operates in several key markets for its energy-efficient products and services.
Cogeneration Systems (Combined Heat and Power - CHP)
The global cogeneration system market was valued at USD 29.9 billion in 2024 and is projected to reach USD 69.5 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.8% from 2025 to 2034. The North America cogeneration system market was valued at USD 9.005 billion in 2024 and is expected to grow at a CAGR of 8.8% from 2024 to 2031. Specifically, the U.S. combined heat and power (CHP) system market size is expected to be valued at US$ 6.7 billion in 2026 and is projected to reach US$ 10.9 billion by 2033, with a CAGR of 7.2% between 2026 and 2033.
TECOCHILL Air-Conditioning and Refrigeration Chillers (Absorption Chillers)
The global absorption chillers market size was valued at USD 2.89 billion in 2025 and is projected to grow from USD 3.07 billion in 2026 to reach USD 4.74 billion by 2034, exhibiting a CAGR of 5.61%. The U.S. absorption chillers market reached a value of approximately USD 0.36 billion in 2025. Another report estimates the global absorption chillers market at US$850.9 million in 2024 and projected to reach US$1.0 billion by 2030, with a CAGR of 2.9% from 2024 to 2030. The U.S. market within this segment was estimated at $221.4 million in 2024.
Tecofrost Gas Engine-Driven Refrigeration Compressors
While specific market size for "gas engine-driven refrigeration compressors" was not found, the broader U.S. industrial refrigeration systems market was valued at USD 5.95 billion in 2023 and is projected to reach approximately USD 7.18 billion by 2033, growing at a CAGR of 1.9% from 2024 to 2033. Additionally, the U.S. commercial refrigeration equipment market was estimated at USD 9.77 billion in 2024 and is projected to reach approximately USD 18.54 billion by 2034, growing at a CAGR of 6.62% from 2025 to 2034.
Ilios Brand Water Heaters (Commercial Water Heaters)
The global commercial water heater market size was valued at USD 8 billion in 2024 and is anticipated to cross USD 15.8 billion by 2034, growing at a CAGR of 7.1% from 2025 to 2034. The U.S. commercial water heater market was valued at USD 554.9 million in 2024 and is projected to grow at a 5.6% CAGR from 2025 to 2034. North America holds a significant share, approximately 40%, of the global commercial water heaters market.
Ultera Emissions Control Technology
The global emission control technology market size was valued at approximately USD 159.79 billion in 2025 and is projected to reach USD 317.28 billion by 2035, growing at a CAGR of more than 7.1% from 2026 to 2035. Another report indicates the global emission control technology market was valued at approximately USD 222.55 billion in 2023 and is projected to reach USD 393.3 billion by 2032, exhibiting a CAGR of 6.53%. North America is the largest market for emission control technology, holding approximately 40% of the global share. The North America industrial emission control system market was valued at USD 6.8 billion in 2024 and is estimated to grow at a CAGR of 5.7% from 2025 to 2034.
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Expected Drivers of Future Revenue Growth for Tecogen (TGEN)
Over the next 2-3 years, Tecogen (TGEN) is expected to experience revenue growth driven by several key initiatives and market opportunities:
- Expansion into the Data Center Cooling Market: Tecogen is strategically pivoting towards the rapidly growing data center cooling market, leveraging its natural gas and hybrid chillers. The company has observed significant interest from data center developers, including larger, established players and AI chip manufacturers, who view Tecogen's solutions as vital for power-constrained data centers. This focus is anticipated to be a substantial catalyst for product sales.
- Growth in Product Sales, Particularly Chillers and Engineered Accessories: Beyond the data center market, Tecogen is seeing increased shipments of its chillers and engineered accessories, including the new hybrid-drive air-cooled chiller. This general growth in product sales has already contributed significantly to the company's revenue increases.
- Increasing Recurring Service Revenue: As more of Tecogen's systems are deployed, the company anticipates a rise in recurring service revenue from long-term maintenance contracts and parts sales. Although there have been short-term impacts on service margins due to investments in engine improvements and R&D, these investments are aimed at enhancing long-term service margins and extending service intervals, particularly for data center applications.
- Strategic Partnerships: Tecogen's collaboration with Vertiv, a global provider of critical digital infrastructure, is gaining momentum and is expected to be a crucial driver. This partnership is poised to enhance Tecogen's market position and revenue generation through joint sales and scaling up natural gas solutions for larger developers.
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Capital Allocation Decisions for Tecogen (TGEN)
Share Issuance
- Tecogen announced an underwritten public offering in July 2025, pricing 3,500,000 shares of common stock at $5.00 per share, with an expected gross proceeds of approximately $17.5 million.
- The company successfully closed this public offering, including the full exercise of the underwriter's option for an additional 485,000 shares, resulting in a total of 3,985,000 shares issued at $5.00 per share.
- This offering generated gross proceeds of approximately $19.9 million (or $19,925,000).
Outbound Investments
- In February and May 2024, Tecogen acquired service agreements for a total of 83 additional cogeneration units.
Capital Expenditures
- In the third quarter of 2025, Tecogen invested $75,000 in capital expenditures.
- For the year ended December 31, 2024, the company utilized $0.97 million in cash for property, plant, and equipment acquisitions, primarily for improvements at its North Billerica facility.
- Net proceeds from the July 2025 public offering, approximately $18.16 million, are designated partly for capital expenditures, specifically to support expansion into the data center market.
Peer Outperformance in Electrical Components & Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| TGEN | Tecogen | 2.1% | -9.0x | -64.3% | 254.5% | 73.8% | — |
| ENS | EnerSys | 0.8% | 18.4x | 62.9% | 87.3% | 148.6% | +75pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 7.0% | 102.1% | 183.7% | FIX 2314% · CDNL 2275% · STRL 2261% |
| Marine Transportation | 5 | 88.1% | 65.4% | 182.7% | HOS 44163% · MATX 212% · SFL 183% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 11.7% | 55.6% | 126.2% | CAT 362% · ALSN 258% · WAB 234% |
| Aerospace & Defense | 55 | -6.5% | 66.1% | 74.4% | ATI 1052% · FTAI 970% · HWM 653% |
| Rail Transportation | 7 | 29.3% | 56.9% | 52.8% | FSTR 147% · CSX 69% · UNP 58% |
| Trading Companies & Distributors | 19 | 4.3% | 37.5% | 50.6% | DXPE 574% · AIT 306% · URI 220% |
| Industrial Machinery & Supplies & Components | 72 | 9.1% | 49.1% | 44.9% | CRS 1270% · PSIX 1091% · EROC 652% |
| Diversified Support Services | 33 | 13.4% | 32.2% | 38.0% | LIME 3498% · TH 465% · WLFC 368% |
| Passenger Ground Transportation | 3 | -28.4% | 41.4% | 30.5% | UBER 77% · CAR 31% · LYFT -70% |
| Cargo Ground Transportation | 16 | 34.4% | -0.1% | 29.2% | R 247% · XPO 246% · CVLG 193% |
| Electrical Components & Equipment ← | 41 | 3.4% | 56.5% | 22.0% | POWL 2339% · BE 1320% · VRT 950% |
| Building Products | 33 | -14.7% | 1.5% | 19.5% | LMB 691% · GFF 386% · PPIH 296% |
| Industrial Conglomerates | 17 | 7.9% | 7.2% | 8.2% | RCMT 456% · CSW 141% · DD 74% |
| Agricultural & Farm Machinery | 17 | 6.4% | 3.2% | -2.4% | BLBD 211% · DE 115% · GENC 56% |
| Environmental & Facilities Services | 29 | -11.1% | 22.8% | -6.4% | CECO 939% · ADUR 385% · NVRI 370% |
| Research & Consulting Services | 13 | -12.7% | -24.6% | -9.9% | HURN 219% · CRAI 90% · GRNQ 69% |
| Data Processing & Outsourced Services | 6 | -33.4% | -15.8% | -25.2% | EXLS 46% · BR 9% · G -24% |
| Passenger Airlines | 11 | 3.2% | 13.1% | -28.8% | LTM 3169% · UAL 140% · SKYW 106% |
| Office Services & Supplies | 9 | 7.4% | 15.2% | -31.0% | PBI 198% · TILE 148% · HNI 50% |
| Human Resource & Employment Services | 22 | 6.5% | -18.0% | -36.6% | BBSI 88% · ADP 53% · PAYX 25% |
| Air Freight & Logistics | 12 | -18.0% | -20.7% | -37.8% | CHRW 98% · FDX 67% · EXPD 67% |
| Security & Alarm Services | 10 | -37.7% | 19.7% | -45.5% | CIX 160% · MG 123% · NL 67% |
| Airport Services | 3 | -75.1% | -78.9% | -58.8% | JOBY -33% · ASLE -59% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| 10-Day Sell-Off Sends Tecogen Stock Down 36% | 12/19/2025 | |
| Tecogen Earnings Notes | 12/16/2025 | |
| Can Tecogen Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 228.41 |
| Mkt Cap | 80.3 |
| Rev LTM | 18,237 |
| Op Inc LTM | 2,919 |
| FCF LTM | 2,292 |
| FCF 3Y Avg | 1,873 |
| CFO LTM | 2,693 |
| CFO 3Y Avg | 2,211 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.9% |
| Rev Chg 3Y Avg | 4.4% |
| Rev Chg Q | 10.0% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 8.7% |
| Op Inc Chg 3Y Avg | 15.7% |
| Op Mgn LTM | 12.8% |
| Op Mgn 3Y Avg | 11.6% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 12.9% |
| CFO/Rev 3Y Avg | 12.8% |
| FCF/Rev LTM | 9.1% |
| FCF/Rev 3Y Avg | 10.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Services | 17 | 16 | 15 | 12 | 13 |
| Products | 9 | 4 | 9 | 11 | 10 |
| Energy Production | 1 | 2 | 2 | 2 | 2 |
| Corporate | 0 | 0 | 0 | -0 | -0 |
| Total | 27 | 23 | 25 | 25 | 24 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Products | 0 | -1 | 2 |
| Energy Production | -1 | 0 | 1 |
| Services | -2 | 1 | -0 |
| Corporate | -6 | -6 | -6 |
| Total | -8 | -5 | -4 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate | 14 | 7 | 3 | 4 | 6 |
| Services | 13 | 12 | 13 | 10 | 11 |
| Products | 8 | 9 | 9 | 10 | 12 |
| Energy Production | 1 | 3 | 3 | 4 | 4 |
| Total | 37 | 31 | 28 | 28 | 32 |
Price Behavior
| Market Price | $3.12 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 10/16/2014 | |
| Distance from 52W High | -74.2% | |
| 50 Days | 200 Days | |
| DMA Price | $3.41 | $4.27 |
| DMA Trend | down | down |
| Distance from DMA | -8.6% | -27.0% |
| 3M | 1YR | |
| Volatility | 71.0% | 107.1% |
| Downside Capture | 555.12 | 476.18 |
| Upside Capture | 152.96 | 279.55 |
| Correlation (SPY) | 52.7% | 42.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.39 | 3.91 | 3.46 | 4.02 | 3.61 | 1.83 |
| Up Beta | 4.26 | 5.38 | 3.33 | 3.04 | 2.68 | 1.64 |
| Down Beta | -0.14 | 0.73 | 2.60 | 3.83 | 3.52 | 1.80 |
| Up Capture | 372% | 195% | 236% | 852% | 841% | 1605% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 16 | 26 | 57 | 115 | 330 |
| Down Capture | 710% | 535% | 381% | 279% | 197% | 111% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 26 | 38 | 70 | 136 | 351 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TGEN | |
|---|---|---|---|---|
| TGEN | -56.3% | 108.6% | -0.26 | - |
| Sector ETF (XLI) | 13.5% | 17.2% | 0.57 | 36.0% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 42.7% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 15.7% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -10.2% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 6.5% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 20.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TGEN | |
|---|---|---|---|---|
| TGEN | 23.8% | 105.5% | 0.72 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 18.9% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 18.9% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 8.4% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 2.7% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 4.8% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 10.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TGEN | |
|---|---|---|---|---|
| TGEN | 6.2% | 94.9% | 0.52 | - |
| Sector ETF (XLI) | 13.1% | 20.1% | 0.57 | 13.7% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 12.5% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 8.1% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 5.0% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 5.3% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 8.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | 4.5% | -16.2% | -23.9% |
| 5/12/2026 | 19.9% | 26.7% | 35.0% |
| 3/18/2026 | 9.0% | 44.5% | 115.0% |
| 11/12/2025 | -6.0% | -16.5% | -20.9% |
| 8/12/2025 | -2.4% | -2.9% | -19.6% |
| 5/12/2025 | 16.2% | 32.4% | 79.4% |
| 3/17/2025 | -16.3% | -4.3% | -26.8% |
| 11/14/2024 | 1.1% | -5.5% | 90.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 9 | 12 |
| # Negative | 15 | 13 | 10 |
| Median Positive | 9.0% | 8.6% | 13.3% |
| Median Negative | -4.8% | -6.1% | -16.1% |
| Max Positive | 19.9% | 44.5% | 115.0% |
| Max Negative | -24.8% | -22.1% | -26.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | 4.5% | -16.2% | -23.9% |
| 5/12/2026 | 19.9% | 26.7% | 35.0% |
| 3/18/2026 | 9.0% | 44.5% | 115.0% |
| 11/12/2025 | -6.0% | -16.5% | -20.9% |
| 8/12/2025 | -2.4% | -2.9% | -19.6% |
| 5/12/2025 | 16.2% | 32.4% | 79.4% |
| 3/17/2025 | -16.3% | -4.3% | -26.8% |
| 11/14/2024 | 1.1% | -5.5% | 90.1% |
| 8/8/2024 | 15.4% | 10.6% | 29.9% |
| 5/9/2024 | -0.7% | 5.7% | 9.5% |
| 3/14/2024 | 0.0% | 8.6% | -0.0% |
| 11/8/2023 | -3.3% | -3.1% | -0.0% |
| 8/9/2023 | -7.9% | -6.1% | -12.5% |
| 3/16/2023 | -24.8% | -17.1% | 15.2% |
| 11/10/2022 | -6.2% | 7.8% | 9.4% |
| 8/11/2022 | -4.1% | -13.1% | -11.0% |
| 3/10/2022 | -3.3% | -4.0% | 11.3% |
| 1/20/2022 | -4.3% | -10.4% | -2.6% |
| 8/12/2021 | -1.6% | 4.9% | 1.4% |
| 5/13/2021 | -4.8% | 0.6% | 3.0% |
| 3/11/2021 | -21.2% | -22.1% | -24.7% |
| 11/12/2020 | -17.6% | -3.2% | 4.0% |
| SUMMARY STATS | |||
| # Positive | 7 | 9 | 12 |
| # Negative | 15 | 13 | 10 |
| Median Positive | 9.0% | 8.6% | 13.3% |
| Median Negative | -4.8% | -6.1% | -16.1% |
| Max Positive | 19.9% | 44.5% | 115.0% |
| Max Negative | -24.8% | -22.1% | -26.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/19/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/18/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/25/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/19/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/18/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/25/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/10/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/18/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/13/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/12/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Recent Forward Guidance
Updated 9/15/2026Latest: Q2 2026 Earnings Reported 8/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Additional Orders | Reported | 2.00 Mil | ||||||
Insider Activity
Updated 9/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ghoniem, Ahmed | Direct | Buy | 4272026 | 0.79 | 12,723 | 10,000 | 10,000 | Form | |
| 2 | Hirsch, Susan B | Direct | Buy | 4142026 | 3.73 | 5,000 | 18,650 | 990,002 | Form | |
| 3 | Hirsch, Susan B | Direct | Buy | 3272026 | 2.54 | 10,000 | 25,400 | 661,457 | Form | |
| 4 | Lewis, Earl | Direct | Buy | 3272026 | 2.52 | 5,000 | 12,596 | 2,546,926 | Form | |
| 5 | Lewis, Earl | Direct | Buy | 3272026 | 2.88 | 5,000 | 14,408 | 2,899,007 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ghoniem, Ahmed | Direct | Buy | 4272026 | 0.79 | 12,723 | 10,000 | 10,000 | Form | |
| 2 | Hirsch, Susan B | Direct | Buy | 4142026 | 3.73 | 5,000 | 18,650 | 990,002 | Form | |
| 3 | Hirsch, Susan B | Direct | Buy | 3272026 | 2.54 | 10,000 | 25,400 | 661,457 | Form | |
| 4 | Lewis, Earl | Direct | Buy | 3272026 | 2.52 | 5,000 | 12,596 | 2,546,926 | Form | |
| 5 | Lewis, Earl | Direct | Buy | 3272026 | 2.88 | 5,000 | 14,408 | 2,899,007 | Form | |
| 6 | Whiting, John Kimball IV | General Counsel & Secretary | Direct | Buy | 3232026 | 2.38 | 10,000 | 23,800 | 53,817 | Form |
| 7 | Deschenes, Roger P | CAO | Direct | Buy | 3232026 | 2.23 | 10,000 | 22,300 | 118,105 | Form |
| 8 | Rangesh, Abinand | Chief Executive Officer | Direct | Buy | 3232026 | 2.30 | 3,000 | 6,894 | 154,410 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Electrical Components & Equipment Resources |
| EC&M (Electrical Construction & Maintenance) |
| Electrical Contracting News (ECN) |
| EE Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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