Tecogen Inc ( (TGEN) ) has released its Q4 earnings. Here is a breakdown of the information Tecogen Inc presented to its investors.
Tecogen Inc. is a manufacturer specializing in clean energy products, providing high-efficiency cogeneration systems for various sectors, including residential, commercial, and industrial markets. The company is known for its environmentally friendly solutions that significantly reduce carbon footprints.
In its latest earnings report, Tecogen Inc. announced a revenue of $6.08 million for the fourth quarter of 2024, with a net loss of $1.19 million, showing an improvement from the previous year’s net loss of $1.85 million. The company highlighted several strategic developments, including a global partnership with Vertiv and a successful project with a data center in Connecticut.
Key financial metrics revealed a 3% increase in quarterly revenues compared to the previous year, driven by a 13.7% rise in services revenues. Despite a decrease in product revenues due to manufacturing relocations, the company’s gross profit margin improved by 5 percentage points, reaching 45%. Operating expenses were reduced by 7%, contributing to a lower loss from operations.
For the full year, Tecogen reported a 10% decline in total revenues, primarily due to disruptions from relocating manufacturing operations. However, services and energy production revenues saw notable increases, and the company ended the year with a strong cash position of $5.41 million, supported by increased customer deposits and additional funding.
Looking ahead, Tecogen’s management remains optimistic about growth opportunities, particularly in the data center sector, bolstered by its partnership with Vertiv. The company aims to leverage its strong cash position and expanded backlog to drive future revenue growth and improve profitability.