# EDGAR Filing Document

**Accession Number:** 0001537435
**File Stem:** 0001537435-25-000141
**Filing Date:** 2025-11
**Character Count:** 43100
**Document Hash:** 4c4bfa02a9e46f3833f194e2ce08a8e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001537435-25-000141.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001537435-25-000141

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251112

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TECOGEN INC.
- **CENTRAL INDEX KEY:** 0001537435
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP [3585]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 043536131
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36103
- **FILM NUMBER:** 251474074

**BUSINESS ADDRESS:**
- **STREET 1:** 76 TREBLE COVE ROAD
- **STREET 2:** BLDG. 1
- **CITY:** NORTH BILLERICA
- **STATE:** MA
- **ZIP:** 01862
- **BUSINESS PHONE:** 781-466-6400

**MAIL ADDRESS:**
- **STREET 1:** 76 TREBLE COVE ROAD
- **STREET 2:** BLDG. 1
- **CITY:** NORTH BILLERICA
- **STATE:** MA
- **ZIP:** 01862

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TECOGEN INC
- **DATE OF NAME CHANGE:** 20111215

?xml version='1.0' encoding='ASCII'? tgen-20251112

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**__________________________**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of report (Date of earliest event reported): November 12, 2025

**<u>TECOGEN INC.</u>** 

*(Exact Name of Registrant as Specified in Charter)*

Delaware

*(State or Other Jurisdiction of Incorporation)*

---

| | |
|:---|:---|
| **<u>001-36103</u>** | **<u>04-3536131</u>** |
| *(Commission File Number)* | *(IRS Employer Identification No.)* |

---

---

| |
|:---|
| **76 Treble Cove Road, Building 1** |
| **North Billerica, Massachusetts 01862** |
| *(Address of Principal Executive Offices and Zip Code)* |

---

(781) 466-6400

*(Registrant's telephone number, including area code)*

Securities registered or to be registered pursuant to Section 12(b) of the Act.

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of exchange on which registered** |
| Common Stock, $0.001 par value per share | TGEN | NYSE American, LLC |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

**☐** Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

**☐** Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

**☐** Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

**☐** Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company **☐** 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Section 2 - Results of Operations and Financial Condition**

**Item 2.02. Results of Operations and Financial Condition.**

On November 12, 2025, Tecogen Inc. (the "Company") issued a press release with earnings commentary and supplemental information for the three and nine months ended September 30, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 and Exhibit 99.1 to this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.

**Section 7.01 - Regulation FD Disclosure**

**Item 7.01. Regulation FD Disclosure**

On November 13, 2025, the Company will present the attached slides online in connection with an earnings conference call. The slides are being furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information in this Item 7.01 and Exhibit 99.2 to this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.

**Section 9 - Financial Statements and Exhibits**

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| <u>Exhibit</u> | <u>Description</u> |
| 99.1 | <u>[Press Release, dated](tgenq32025earningsrelease.htm)[November](tgenq32025earningsrelease.htm)[12, 2025 \*](tgenq32025earningsrelease.htm)</u> |
| 99.2 | <u>[Earnings Call Presentation, dated November 13, 2025 \*](tgenq32025earningspresen.htm)</u> |
| \* | Filed herewith. |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | |
|:---|:---|
| | TECOGEN INC. |
|  | By: */s/ Abinand Rangesh* |
| November 12, 2025 | Abinand Rangesh, Chief Executive Officer |

---

## Exhibit 99.1

![cleanenergysolutions.jpg](cleanenergysolutions.jpg)

**Tecogen Reports** 

**Third Quarter 2025 Financial Results** 

NORTH BILLERICA, Mass., November 12, 2025 - Tecogen Inc. (NYSE American:TGEN), a leading manufacturer of clean energy products, reported revenues of $7.18 million and net loss of $2.13 million for the quarter ended September 30, 2025 compared to revenues of $5.63 million, and a net loss of $0.93 million in 2024. Our cash and cash equivalents balance was $15.25 million at September 30, 2025.

**Abinand Rangesh, CEO of Tecogen, commented that "since our last earnings call we have made tremendous progress. First, the potential data center customer we have an LOI from is now considering us for three sites and for a much larger portion of the AI load. This may result in significantly more chiller sales than the original LOI.** 

**We have also now attracted the interest of bigger, more established data center developers. Many have multiple data centers in construction. The feedback from some of the larger developers is not only validating everything we've said to date, but that the power allocated to cooling is larger than we originally anticipated. We have also become aware of other benefits of our solution as a result of our discussions with larger developers. The Vertiv relationship has also taken a positive turn and is building momentum.** 

**Last, we were able to present our solution to both of the big AI chip manufacturers and have received positive feedback.** 

**We have also increased our R&D spend to push our technical edge in natural gas cooling and increase service intervals on our engines. This will be critical in data center applications where we might have a hundred engines in one location but will also be instrumental in increasing service margins fleet wide. To test our product improvements on a larger scale and to improve service margins, especially in NYC, we invested $700k in new engines this quarter. Although this impacts service margin substantially in the short term, it will more than pay for itself in longer term benefits.** 

**During the call I will shed more light on next steps to convert our LOI with a data center developer to a PO, next steps with some of the larger developers, and recent developments in the Vertiv relationship."**

**Key Takeaways**

*Net Loss and Earnings Per Share*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Net loss for the quarter ended September 30, 2025 was $2.13 million compared to a net loss of $0.93 million for the same period of 2024, an increase of $1.20 million, due to decreased gross profit from our Services segment and an increase in operating expenses. EPS for the quarter ended September 30, 2025 and 2024 was a loss of $0.07/share and $0.04/share, respectively. The weighted average shares outstanding for the quarter ended September 30, 2025 and 2024 were 28,817,040 shares and 24,850,261 shares, respectively, reflecting shares issued in the July 2025 follow on offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Net loss for the nine months ended September 30, 2025 was $4.25 million compared to a net loss of $3.57 million for the same period of 2024, an increase of $0.68 million, due to decreased gross profit from our Services segment and an increase in operating expenses. EPS for the nine months ended September 30, 2025 and 2024 was a loss of $0.16/share and $0.14/share, respectively. The weighted average shares outstanding for the nine months ended September 30, 2025

------

and 2024 were 26,354,875 shares and 24,850,261 shares, respectively, reflecting shares issued in the July 2025 follow on offering.

*Loss from Operations*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Loss from operations for the quarter ended September 30, 2025 was $2.10 million compared to a loss from operations of $0.87 million for the same period in 2024, an increase of $1.23 million, due to decreased gross profit from our Services segment and an increase in operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Loss from operations for the nine months ended September 30, 2025 was $4.11 million compared to a loss from operations of $3.40 million for the same period in 2024, an increase of $0.71 million, due to decreased gross profit from our Services segment and an increase in operating expenses.

*Revenues*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Revenues for the quarter ended September 30, 2025 were $7.18 million compared to $5.63 million for the same period in 2024, a 27.6% increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Products revenues in the quarter ended September 30, 2025 were $2.98 million compared to $1.39 million for the same period in 2024, an increase of 114.5%. The increase in revenue during the quarter ended September 30, 2025 is due to increased sales of chillers, cogeneration products, and engineered accessories, which included deliveries of our hybrid-drive air-cooled chiller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Services revenues in the quarter ended September 30, 2025 were $3.94 million, compared to $3.85 million for the same period in 2024, an increase of 2.4% due to increased revenues from existing service contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Energy Production revenues in the quarter ended September 30, 2025 were $0.26 million compared to $0.39 million for the same period in 2024, a decrease of 34.2%. The decrease in Energy Production revenue is due to contract expirations at certain energy production sites in late 2024 and the temporary shutdown of a few energy production sites for repairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Revenues for the nine months ended September 30, 2025 were $21.76 million compared to $16.54 million for the same period in 2024, a 31.5% increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Products revenues in the nine months ended September 30, 2025 were $8.67 million compared to $3.00 million for the same period in 2024, an increase of 188.9%. The increase in revenue during the nine months ended September 30, 2025 is due to increased sales of chillers, cogeneration products, and engineered accessories, which included the initial deliveries of our hybrid-drive air-cooled chiller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Services revenues in the nine months ended September 30, 2025 were $12.15 million, compared to $11.99 million for the same period in 2024, an increase of 1.4% due to increased revenues from existing contracts, offset by decreased revenues from the acquired Aegis maintenance contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Energy Production revenues in the nine months ended September 30, 2025 were $0.93 million compared to $1.55 million for the same period in 2024, a decrease of 40.1%. The decrease in Energy Production revenues is due to contract expirations at certain energy production sites in late 2024 and the temporary shutdown of a few energy production sites for repairs.

*Gross Profit*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Gross profit for the quarter ended September 30, 2025 was $2.18 million compared to $2.48 million in the same period in 2024. Gross margin decreased to 30.4% in the quarter ended September 30, 2025 compared to 44.1% for the same period in 2024. The decrease in gross margin was due to higher material and labor costs in our Services segment in the quarter ended September 30, 2025.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Gross profit for the nine months ended September 30, 2025 was $7.87 million compared to $7.14 million in the same period in 2024. Gross margin decreased to 36.2% in the nine months ended September 30, 2025 compared to 43.1% for the same period in 2024. The decrease in gross margin was due to higher material and labor costs in our Services segment in the nine months ended September 30, 2025.

*Operating Expenses*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Operating expenses increased $0.93 million, or 27.7%, to $4.28 million in the quarter ended September 30, 2025 compared to $3.35 million in the same period in 2024, due to increased payroll, benefits, recruitment costs, and sales commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Operating expenses increased $1.44 million, or 13.7%, to $11.97 million in the nine months ended September 30, 2025 compared to $10.53 million in the same period in 2024, due to increased payroll, benefits, recruitment costs and sales commissions.

*Adjusted EBITDA*

Adjusted EBITDA was negative $1.77 million for the quarter ended September 30, 2025 compared to negative $0.75 million for the quarter ended September 30, 2024. For the nine months ended September 30, 2025, adjusted EBITDA was a negative $3.31 million compared to negative $2.94 million for the nine months ended September 30, 2024. (Adjusted EBITDA is defined as net income or loss attributable to Tecogen, adjusted for interest, income taxes, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on investment securities, goodwill impairment charges and other non-cash non-recurring charges or gains including abandonment of intangible assets and asset impairment. See the table following the Condensed Consolidated Statements of Operations for a reconciliation from net income (loss) to Adjusted EBITDA, as well as important disclosures about the Company's use of Adjusted EBITDA).

**Conference Call Scheduled for November 13, 2025, at 9:30 am ET**

Tecogen will host a conference call on November 13, 2025 to discuss the third quarter results beginning at 9:30 am eastern time. To listen to the call please dial **(877) 407-7186 within the U.S. and Canada, or +1 (201) 689-8052 from other international locations**. Participants should ask to be joined to the Tecogen Third Quarter conference call. Please begin dialing 10 minutes before the scheduled starting time. The earnings press release will be available on the Company website at www.Tecogen.com in the "News and Events" section under "About Us." The earnings conference call will be webcast live. To view the associated slides, register for and listen to the webcast, go to https://ir.tecogen.com/ir-calendar. Following the call, the recording will be archived for 14 days.

The earnings conference call will be recorded and available for playback one hour after the end of the call. To listen to the playback, dial **(877) 660-6853 within the U.S. and Canada**, or **(201) 612-7415 from other international locations and use Conference Call ID#: 13752231.**

------

**About Tecogen**

<u>Tecogen Inc.</u> designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including engine-driven combined heat and power, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company provides cost effective, environmentally friendly and reliable products for energy production that nearly eliminate criteria pollutants and significantly reduce a customer's carbon footprint. In business for over 35 years, Tecogen has shipped more than 3,200 units, supported by an established network of engineering, sales, and service personnel in key markets in North America. For more information, please visit <u>www.tecogen.com</u> or contact us for a free <u>Site Assessment</u>.

**Forward Looking Statements**

This press release contains "forward-looking statements" which may describe strategies, goals, outlooks or other non-historical matters, or projected revenues, income, returns or other financial measures, that may include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "target," "potential," "will," "should," "could," "likely," or "may" and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements except as required under the securities laws.

In addition to those factors described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and in our Current reports on Form 8-K, under "Risk Factors," and elsewhere therein, among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, the impact of tariffs, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth.

In addition to GAAP financial measures, this press release includes certain non-GAAP financial measures, including adjusted EBITDA which excludes certain expenses as described in the presentation. We use Adjusted EBITDA as an internal measure of business operating performance and believe that the presentation of non-GAAP financial measures provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance by eliminating items that vary from period to period without correlation to our core operating performance and highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures.

**Tecogen Media & Investor Relations Contact Information:** 

Abinand Rangesh

P: 781-466-6487

E: Abinand.Rangesh@tecogen.com

------

**TECOGEN INC.**

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $15253975 | $5405233 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 6220441 | 6026545 |
| &nbsp;&nbsp;&nbsp;Unbilled revenue | 126738 | 398898 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 9558084 | 9634005 |
| &nbsp;&nbsp;&nbsp;Prepaid and other current assets | 918835 | 680565 |
| Total current assets | 32078073 | 22145246 |
| Long-term assets: |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 1788248 | 1738036 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets - operating leases | 1610839 | 1730358 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets - finance leases | 1305353 | 452390 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 2236151 | 2513189 |
| &nbsp;&nbsp;&nbsp;Goodwill | 2346566 | 2346566 |
| &nbsp;&nbsp;&nbsp;Other assets | 99058 | 166474 |
| **TOTAL ASSETS** | $41464288 | $31092259 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Related party notes, current portion | $— | $1548872 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 3417293 | 4142678 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 2987784 | 2890886 |
| &nbsp;&nbsp;&nbsp;Deferred revenue, current portion | 3693732 | 6701131 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 534397 | 430382 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities, current portion | 252406 | 85646 |
| &nbsp;&nbsp;&nbsp;Acquisition liabilities, current portion | 861479 | 902552 |
| &nbsp;&nbsp;&nbsp;Unfavorable contract liability, current portion | 73368 | 113449 |
| Total current liabilities | 11820459 | 16815596 |
| Long-term liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Deferred revenue, net of current portion | 1189074 | 1165951 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, net of current portion | 1126695 | 1341789 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities, net of current portion | 934109 | 325235 |
| &nbsp;&nbsp;&nbsp;Acquisition liabilities, net of current portion | 816951 | 1008760 |
| &nbsp;&nbsp;&nbsp;Unfavorable contract liability, net of current portion | 259619 | 309390 |
| Total liabilities | 16146907 | 20966721 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| Tecogen Inc. stockholders' equity: |  |  |
| &nbsp;&nbsp;Common stock, $0.001 par value; 100,000,000 shares authorized; 29,818,979 issued and outstanding at September 30, 2025 and 24,950,261 shares issued and outstanding at December 31, 2024 | 29819 | 24950 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 78090221 | 57845289 |
| &nbsp;&nbsp;&nbsp;Unearned compensation | (762292) |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (51894868) | (47639894) |
| &nbsp;&nbsp;&nbsp;Total Tecogen Inc. stockholders' equity | 25462880 | 10230345 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | (145499) | (104807) |
| Total stockholders' equity | 25317381 | 10125538 |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $41464288 | $31092259 |

---

------

**TECOGEN INC.**

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| Revenues |  |  |
| &nbsp;&nbsp;&nbsp;Products | $2983795 | $1391016 |
| &nbsp;&nbsp;&nbsp;Services | 3943510 | 3850551 |
| &nbsp;&nbsp;&nbsp;Energy production | 255816 | 388563 |
| Total revenues | 7183121 | 5630130 |
| Cost of sales |  |  |
| &nbsp;&nbsp;&nbsp;Products | 1885377 | 797209 |
| &nbsp;&nbsp;&nbsp;Services | 2946438 | 2139042 |
| &nbsp;&nbsp;&nbsp;Energy production | 167740 | 212965 |
| Total cost of sales | 4999555 | 3149216 |
| Gross profit | 2183566 | 2480914 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 3411762 | 2681558 |
| &nbsp;&nbsp;&nbsp;Selling | 572869 | 442812 |
| &nbsp;&nbsp;&nbsp;Research and development | 297926 | 233809 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposition of assets | 1713 | (4042) |
| Total operating expenses | 4284270 | 3354137 |
| Loss from operations | (2100704) | (873223) |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | 81925 | (18453) |
| &nbsp;&nbsp;&nbsp;Interest expense | (41113) | (23003) |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on investment securities | (56246) | 18749 |
| Total other income (expense), net | (15434) | (22707) |
| Loss before provision for state income taxes | (2116138) | (895930) |
| Provision for state income taxes | 2928 |  |
| Consolidated net loss | (2119066) | (895930) |
| (Income) loss attributable to the non-controlling interest | (11881) | (34478) |
| Loss attributable to Tecogen Inc. | $(2130947) | $(930408) |
| Net loss per share - basic | $(0.07) | $(0.04) |
| Weighted average shares outstanding - basic | 28817040 | 24850261 |
| Net loss per share - diluted | $(0.07) | $(0.04) |
| Weighted average shares outstanding - diluted | 28817040 | 24850261 |

---

------

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| **<u>Non-GAAP financial disclosure</u>** <sup>(1)</sup> | | |
| Net loss attributable to Tecogen Inc. | $(2130947) | $(930408) |
| Interest expense, net | (51479) | 23003 |
| Income taxes | 2928 |  |
| Depreciation & amortization, net | 230149 | 138246 |
| EBITDA | (1949349) | (769159) |
| Stock based compensation | 126419 | 41908 |
| Unrealized loss (gain) on investment securities | 56246 | (18749) |
| Adjusted EBITDA | $(1766684) | $(746000) |

---

<sup>(1)</sup> ***Non-GAAP Financial Measures***

*In addition to reporting net income, a U.S. generally accepted accounting principle ("GAAP") measure, this news release contains information about Adjusted EBITDA (net income (loss) attributable to Tecogen Inc adjusted for interest, income taxes, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on investment securities, goodwill impairment charges and other non-cash non-recurring charges including abandonment of certain intangible assets), which is a non-GAAP measure. The Company believes Adjusted EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results. Adjusted EBITDA is not calculated through the application of GAAP. Accordingly, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.*

------

**TECOGEN INC.**

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| Revenues |  |  |
| &nbsp;&nbsp;&nbsp;Products | $8672927 | $3002087 |
| &nbsp;&nbsp;&nbsp;Services | 12153700 | 11991378 |
| &nbsp;&nbsp;&nbsp;Energy production | 929085 | 1550549 |
| Total revenues | 21755712 | 16544014 |
| Cost of sales |  |  |
| &nbsp;&nbsp;&nbsp;Products | 5605282 | 2018734 |
| &nbsp;&nbsp;&nbsp;Services | 7675073 | 6423114 |
| &nbsp;&nbsp;&nbsp;Energy production | 608258 | 966440 |
| Total cost of sales | 13888613 | 9408288 |
| Gross profit | 7867099 | 7135726 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 9431073 | 8428119 |
| &nbsp;&nbsp;&nbsp;Selling | 1682085 | 1377758 |
| &nbsp;&nbsp;&nbsp;Research and development | 859318 | 734994 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposition of assets | 1433 | (8070) |
| Total operating expenses | 11973909 | 10532801 |
| Loss from operations | (4106810) | (3397075) |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | 61302 | (15305) |
| &nbsp;&nbsp;&nbsp;Interest expense | (111592) | (59542) |
| &nbsp;&nbsp;&nbsp;Unrealized loss on investment securities | (74995) |  |
| Total other income (expense), net | (125285) | (74847) |
| Loss before provision for state income taxes | (4232095) | (3471922) |
| Provision for state income taxes | 20615 | 22100 |
| Consolidated net loss | (4252710) | (3494022) |
| (Income) loss attributable to non-controlling interest | (2264) | (80149) |
| Net loss attributable to Tecogen Inc. | $(4254974) | $(3574171) |
| Net loss per share - basic | $(0.16) | $(0.14) |
| Weighted average shares outstanding - basic | 26354875 | 24850261 |
| Net loss per share - diluted | $(0.16) | $(0.14) |
| Weighted average shares outstanding - diluted | 26354875 | 24850261 |

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| **<u>Non-GAAP financial disclosure</u>** <sup>(1)</sup> | | |
| Net loss attributable to Tecogen Inc. | $(4254974) | $(3574171) |
| Interest expense, net | 19000 | 59542 |
| Income taxes | 20615 | 22100 |
| Depreciation & amortization, net | 621530 | 419744 |
| EBITDA | (3593829) | (3072785) |
| Stock based compensation | 209858 | 131906 |
| Unrealized loss on marketable securities | 74995 |  |
| Adjusted EBITDA | $(3308976) | $(2940879) |

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<sup>(1)</sup> ***Non-GAAP Financial Measures***

*In addition to reporting net income, a U.S. generally accepted accounting principle ("GAAP") measure, this news release contains information about Adjusted EBITDA (net income (loss) attributable to Tecogen Inc adjusted for interest, income taxes, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on investment securities, goodwill impairment charges and other non-cash non-recurring charges including abandonment of certain intangible assets), which is a non-GAAP measure. The Company believes Adjusted EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results. Adjusted EBITDA is not calculated through the application of GAAP. Accordingly, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.*

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**TECOGEN INC.**

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| Consolidated net loss | $(4252710) | $(3494022) |
| *Adjustments to reconcile net loss to net cash provided by (used in) operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 621530 | 419744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (recovery of) credit losses | (50883) | 29817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 209858 | 131906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on investment securities | 74995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposition of assets | 1433 | (8070) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 43476 | 25966 |
| *Changes in operating assets and liabilities* |  |  |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (143013) | 1303300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 75921 | 658194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | 272160 | 119000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid assets and other current assets | (238270) | (42578) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 330804 | 704565 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (725386) | 323980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 96898 | 133599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (2984276) | 581485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (668956) | (1003881) |
| Net cash used in operating activities | (7336419) | (116995) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (353296) | (838932) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of assets | 1280 | 40255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to non-controlling interest | (42956) | (96975) |
| Net cash used in investing activities | (394972) | (895652) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from follow on offering, net of transaction costs | 18105100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from related party notes payable |  | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related-party note repayment | (1076956) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease principal payments | (106414) | (56385) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the exercise of stock options | 658403 |  |
| Net cash provided by financing activities | 17580133 | 943615 |
| Net increase (decrease) in cash and cash equivalents | 9848742 | (69032) |
| Cash and cash equivalents, beginning of the period | 5405233 | 1351270 |
| Cash and cash equivalents, end of the period | $15253975 | $1282238 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $145072 | $22909 |
| &nbsp;&nbsp;&nbsp;Cash paid for taxes | $20615 | $22100 |
| **Non-cash investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets acquired under operating leases | $193480 | $1547800 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets acquired under finance leases | $1013564 | $275501 |
| &nbsp;&nbsp;&nbsp;Aegis Contract and Related Asset Acquisition: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration | $— | $272901 |
| **Non-cash financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Related party note conversion to common stock | $514148 | $— |

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## Exhibit 99.2

![](tgenq32025earningspresen001.jpg)

Tecogen Q3 2025 NYSE American: TGEN November 13th 2025

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![](tgenq32025earningspresen002.jpg)

SAFE HARBOR STATEMENT This presentation and accompanying documents contain "forward-looking statements" which may describe strategies, goals, outlooks or other non-historical matters, or projected revenues, Income, returns or other financial measures, that may include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "target," "potential," "will," "should," "could," "likely," or "may" and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. In addition to those factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under "Risk Factors", among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth. In addition to GAAP financial measures, this presentation includes certain non-GAAP financial measures, including adjusted EBITDA which excludes certain expenses as described in the presentation. We use Adjusted EBITDA as an internal measure of business operating performance and believe that the presentation of non-GAAP financial measures provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance by eliminating items that vary from period to period without correlation to our core operating performance and highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. 2

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![](tgenq32025earningspresen003.jpg)

**Table of Contents** Data Center Update Factory Capacity and Use of Capital Q3 Results On-Site CogenerationService Company Financials

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![](tgenq32025earningspresen004.jpg)

Data Center Updates Significant Traction with Bigger Opportunities Potential Customer that gave LOI for 6 Stx Chillers is now specifying Tecogen for 3 projects – timing is subject to data center tenant being signed Tecogen has presented to data center cooling teams at both AI chip manufacturers and hyperscalers Multiple established data center developers have provided Tecogen with their data center drawings and cooling requirements

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![](tgenq32025earningspresen005.jpg)

Why Are Data Centers Interested in Tecogen's Cooling ? 0 5 10 15 20 25 30 35 40 45 50 30 60 90 120 MW Ambient Temperature (F) Power for Cooling vs Ambient Temperature 100MW AI Load As Ambient Temperature Increases: • Power allocated to electrical cooling is 40MW at 120F vs 25 MW at 90F • Constraining power available for IT

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![](tgenq32025earningspresen006.jpg)

0 5 10 15 20 25 30 35 40 45 0 20 40 60 80 100 120 140 160 1/1/2024 3/1/2024 5/1/2024 7/1/2024 9/1/2024 11/1/2024 A m b ie n t T e m p e ra tu re Time of Year Switch to Natural Gas Cooling as Ambient Temperature Rises Daily High Temp Daily High Power How do data centers plan to use Tecogen's chillers ? • Cap power for cooling and use it for AI loads Natural gas operation

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![](tgenq32025earningspresen007.jpg)

Updates Market Need + Manufacturing Capacity = Growth 7 Contract Manufacturing + Factory Layout Changes • Currently modifying factory layout to increase throughput, expect to be completed by year end • Working with contract manufacturers – expect first articles before year end Other Strategic Options • Working with Vertiv on supply chain and ways to increase chiller production

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![](tgenq32025earningspresen008.jpg)

Backlog & Cash 8 Cash • $14m Backlog • $4m (Including Las Vegas prepaid 10 year service and not including LOI for data center customers) • $2.5m to $3.5m of cannabis projects continue to delay (Expected late Q4) Related Party Loan • Repaid from offering proceeds

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![](tgenq32025earningspresen009.jpg)

3Q 2025 Results 9 Key Points • Revenue increased 28% • Gross Profit lower by 12% • Increased R&D and sales investments 3Q Revenues ($ thousands) 2025 2024 QoQ Change % Revenues Cogeneration 515$1,294$-60% Chiller 2,235 38 5782% Engineered accessories 234 59 297% Total Product Revenues 2,984 1,391 115% Services Revenues 3,943 3,850 2% Energy Production 256 389 -34% Total Revenues 7,183 5,630 28% Cost of Sales Products 1,885 797 137% Services 2,946 2,139 38% Energy Production 168 213 -21% Total Cost of Sales 4,999 3,149 59% Gross Profit 2,184$2,481$-12% Net loss (2,131)$(930)$ Gross Margin Products 37% 43% Services 25% 44% Energy Production 34% 45% Overall 30% 44% QTD Gross Margin 2025 2024 Target Overall 30% 44% >40%

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![](tgenq32025earningspresen010.jpg)

3Q 2025 Adjusted EBITDA Reconcilliation 10 Key Points • Reduction in margin and increased Opex drove the loss \*Adjusted EBITDA is defined as net Income (loss) attributable to Tecogen Inc, adjusted for interest, depreciation and amortization, stock-based compensation expense, unrealized loss on investment securities, non-cash abandonment of intangible assets, goodwill impairment and other non-recurring charges or gains including abandonment of certain intangible assets and extinguishment of debt Non-GAAP financial disclosure (in thousands) 2025 2024 Net loss attributable to Tecogen Inc. (2,131) (930)$ Interest expense, net (51) 23 Income tax expense 3 0 Depreciation & amortization, net 230 138 EBITDA (1,949) (769) Stock based compensation 126 42 Unrealized gain on marketable securities 56 (19) Adjusted EBITDA\* (1,767)$(746)$ Quarter Ended, September 30

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![](tgenq32025earningspresen011.jpg)

3Q 2025 Performance by Segment 11 Service Margin • NJ and Manhattan had increased costs of $700k for engine upgrades to increase service intervals and improve gross margin long term Product Margin • Product margin in line with expectations $ in thousands 3Q'25 3Q'24 QoQ Change % Revenues Products $2,984 $1,391 $1,593 Services 3,943 3,851 92 Energy Production 256 389 (133) Total Revenue 7,183 5,631 1,552 27.6% Gross Profit Products 1,099 594 505 Service 997 1,711 (714) Energy Production 88 176 (88) Total Gross Profit 2,184 2,481 (297) -12.0% Gross Margin: % Products 37% 43% -6% Service 25% 44% -19% Energy Production 34% 45% -11% Total Gross Margin 30% 44% -14% Operating Expenses General & administrative 3,412 2,681 731 Selling 573 443 130 Research and development 298 234 64 (Gain) loss on disposition of assets 2 (4) 6 Total operating expenses 4,285 3,354 931 27.8% Operating loss (2,101) (873) (1,228) 140.7% Net loss $(2,131) $(930) $(1,201) 129.1%

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![](tgenq32025earningspresen012.jpg)

Summary Capital raised to strengthen balance sheet And increase manufacturing capacity LOIs for pilot projects New leads for sizeable projects Complete data center chiller line including unique dual power source chiller

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