# Tecogen Inc. (TGEN)

> Source: Nexqual · https://nexqual.com/TGEN · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Tecogen Inc. (TGEN), nexqual.com/TGEN" · informational, not investment advice.

**Price:** USD 2.1 (+1.45% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 2.07 · day 2.01–2.53 · 52w 1.94–11.07 · market cap $63.4M · ASE

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $24.6M, net income -$10.4M (-42.3% margin), free cash flow -$11.8M (SEC filings).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $29K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (3 analysts), mean target USD 8.17 (range 7–10).
- Total return with dividends: 1Y -76.0% vs S&P 500 +13.4%; 5Y +23.5% vs S&P 500 +76.9%.
- Next earnings: 2026-11-12, EPS estimate USD -0.08, revenue estimate $6.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $24.4M | $25.0M | $25.1M | $22.6M | $27.1M | $24.6M |
| Gross profit | $11.6M | $11.1M | $10.2M | $9.9M | $9.8M | — |
| Operating income | -$1.2M | -$2.3M | -$4.4M | -$4.5M | -$8.2M | -$10.5M |
| Net income | $3.7M | -$2.4M | -$4.6M | -$4.8M | -$8.2M | -$10.4M |
| EPS (diluted) | $0.15 | -$0.10 | -$0.19 | -$0.19 | -$0.30 | — |
| Free cash flow | $374K | -$1.7M | -$865K | $3.1M | -$10.3M | -$11.8M |
| Gross margin | 47.5% | 44.3% | 40.6% | 43.6% | 36.3% | — |
| Operating margin | -5.0% | -9.4% | -17.6% | -20.0% | -30.5% | -42.8% |
| Net margin | 15.1% | -9.8% | -18.3% | -21.0% | -30.5% | -42.3% |
| Revenue growth | -13.6% | +2.5% | +0.5% | -10.0% | +19.7% | — |
| Cash + short-term investments | $3.6M | $1.9M | $1.4M | $5.4M | $12.4M | — |
| Total debt | $0K | — | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.6x · P/B 3.6x · FCF yield -18.68% · Earnings yield -16.40%

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $29K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-04-24 | Ghoniem Ahmed | Director | 12,723 | $10K | 0.79 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-13 | Hirsch Susan B | Director | 5,000 | $19K | 3.73 | Too little history (no open-market trades in 2024 or 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 3 analysts; mean target USD 8.17 (low 7, high 10).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -76.0% | +23.5% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -76.1% | +4.3% |
| Volatility (annualized) | 101.6% | 85.5% |
| Max drawdown | -80.0% (Oct 2025→Mar 2026) | -79.1% (Oct 2025→Oct 2026) |

## Peers (Electrical Equipment & Parts)
KE (Kimball Electronics, Inc.) USD 24.6 -1.62% · ENVX (Enovix Corporation) USD 2.79 +9.41% · EOSE (Eos Energy Enterprises, Inc.) USD 1.73 +1.17% · TE (T1 Energy Inc.) USD 2.29 -0.87% · ADSE (ADS-TEC ENERGY PLC) USD 9.7 +1.57% · FCEL (FuelCell Energy, Inc.) USD 11.11 -4.06%

## More
Full page: https://nexqual.com/TGEN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TGEN's own 10-K filed 2026-03-19 (https://www.sec.gov/Archives/edgar/data/1537435/000153743526000013/tgen-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Vertiv (VRT) | "On February 28, 2025, to effectively begin the marketing of our product solutions to co-location data centers, we signed a global partnership agreement with Vertiv Corporation ("Vertiv") for the sale and distribution of …" |
| Customer | Aegis Energy Services | "The First Amendment includes an undertaking by Aegis to use commercially reasonable efforts to support and assist our execution of maintenance service agreements for an additional thirty-six (36) cogeneration units sold …" |
| Customer | American DG Energy | "During the year ended December 31, 2025, we determined that certain of the ADGE customer contracts terminated due to the customers failure to perform their obligations pursuant to the contractual agreements and according…" |
| Partner | American DG New York | "In addition, we own a 51% interest in American DG New York, LLC ("ADGNY"), a joint venture." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Services | $4.4M | 76.1% | +10.3% | -$429,792 | -9.8% |
| Products | $1.1M | 19.7% | -64.0% | -$154,360 | -13.6% |
| Energy Production | $236,111 | 4.1% | +35.4% | $7,369 | 3.1% |
| Corporate costs (not allocated) | — | — | — | -$1.6M | — |
| Total revenue | $5.7M | 100% | — | -$2.2M | -37.4% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Services | $4.4M | 76.1% | +10.3% |
| Installation Services | $4.4M | 76.1% | +10.3% |
| Products | $1.1M | 19.7% | -64.0% |
| — Chiller (part of Products) | $684,239 | 11.9% | -66.1% |
| — Cogeneration (part of Products) | $249,720 | 4.3% | -76.6% |
| — Engineered Accessories (part of Products) | $200,813 | 3.5% | +176.6% |
| Energy production | $236,111 | 4.1% | +35.4% |
| Energy Production | $236,111 | 4.1% | +35.4% |
| Total revenue | $5.7M | 100% | — |
The lines above cover 180.3% of total revenue.

## Customer concentration

Period ended 2025-12-31: 15% of revenue from unnamed direct customers (10-K, filed 2026-03-19).

## Company outlook (8-K filed 2026-08-12)

- "Our non-data center backlog currently stands at approximately $8 million with $2 million or more in additional orders expected over the next few months."
- "Therefore, we expect our Q3 product revenue to be higher than Q1 and Q2, and our service revenue is currently 10% higher compared to the same period last year."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.08 | $-0.07 | +14.3% | $6.4M | 1 |
| Next quarter (ends 2026-12-31) | $-0.07 | $-0.02 | +250.0% | $7.3M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.29 | $-0.24 | +20.8% | $25.8M | 1 |
| Next fiscal year (ends 2027-12-31) | $0.15 | $0.21 | -28.6% | $59.0M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-11-12): ±59.6%; last 8 reports averaged ±10.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 143.2% | ±59.6% |
| 2027-05-21 | 210 | 127.7% | ±79.4% |