# EDGAR Filing Document

**Accession Number:** 0001537435
**File Stem:** 0001537435-25-000129
**Filing Date:** 2025-8
**Character Count:** 43877
**Document Hash:** 11bae22b6450235bb7e6c5d06dba21da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001537435-25-000129.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001537435-25-000129

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250812

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**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:** 251208123

**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-20250812

**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): August 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 August 12, 2025, Tecogen Inc. (the "Company") issued a press release with earnings commentary and supplemental information for the three and six months ended June 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 August 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 August 12, 2025 \*](tgenq22025earningsrelease.htm)</u> |
| 99.2 | <u>[Earnings Call Presentation, dated August 13, 2025 \*](q22025earningscallpresen.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* |
| August 12, 2025 | Abinand Rangesh, Chief Executive Officer |

---

## Exhibit 99.1

![cleanenergysolutionsa.jpg](cleanenergysolutionsa.jpg)

**Tecogen Reports** 

**Second Quarter 2025 Financial Results** 

NORTH BILLERICA, Mass., August 12, 2025 - Tecogen Inc. (NYSE American:TGEN), a leading manufacturer of clean energy products, reported revenues of $7.29 million and net loss of $1.47 million for the quarter ended June 30, 2025 compared to revenues of $4.73 million, and a net loss of $1.54 million in 2024. Our cash and cash equivalents balance was $1.64 million at June 30, 2025.

**Abinand Rangesh, CEO of Tecogen, commented that "since our last earnings call we have made tremendous progress with our data center strategy and achieved several key milestones. We received our first LOI for a great pilot project. This is for a 100+MW data center with the potential to be a 500+MW site. The customer expects to evaluate 6 STx chillers during the first phase of the project. If successful, more chillers will be used in subsequent phases. We expect the LOI to convert to a PO later this year and we hope to grow with this customer.** 

**In the last three months, our marketing has generated great leads. We have now quoted two projects for 60 to 100 chillers each. We have multiple other projects that are earlier stage but have similar potential. We've also received feedback on how customers are making purchasing decisions. During the call, I will address what these are and the steps we are taking so we can convert these leads into orders.** 

**The only setback this quarter was the reduction in the gross profit margin which drove the net loss. Product margin was lower because we started shipping the hybrid air-cooled chiller. As expected, the first few units had higher costs due to low volume material purchasing and as our team gained experience building the product. We expect the hybrid chiller margin to increase with volume production. The other products shipped this quarter had similar margins as previous quarters.** 

**Overall service margin declined because of one region - Manhattan and NJ. This was in part due to bulk oil system upgrades for our InVerde fleet. This has a short term impact on profitability but increases service intervals by 150% to 200%. We also experienced increased overtime hours. During the call, we will discuss the new protocols we have implemented to restore this territory to profitability.**

**Given the size of potential projects, the ability to manufacture and ship significant volumes of chillers is critical. We have hired talent in manufacturing and engineering. The additional staffing was a significant factor in our increased operating expenses, which increased by 9% in Q2 2025 compared to last year. To provide the necessary capital to scale our business, we also raised $18.2 million in July. The capital raised will be used to increase factory output and for marketing. I will share more details on the data center projects, Vertiv and scale up plan tomorrow." ****

------

**Key Takeaways**

*Net Loss and Earnings Per Share*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Net loss for the quarter ended June 30, 2025 was $1.46 million compared to a net loss of $1.54 million for the same period of 2024, a decrease of $0.07 million, due to increased gross profit from our Products and Services segments. EPS for the quarter ended June 30, 2025 and 2024 was a loss of $(0.06)/share, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Net loss for the six months ended June 30, 2025 was $2.12 million compared to a net loss of $2.64 million for the same period of 2024, a decrease of $0.52 million, due to increased gross profit from our Products and Services segments. EPS for the six months ended June 30, 2025 and 2024 was a loss of $(0.08)/share and $(0.11)/share, respectively.

*Loss from Operations*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Loss from operations for the quarter ended June 30, 2025 was $1.41 million compared to a loss from operations of $1.47 million for the same period in 2024, a decrease of $0.06 million, due to increased gross profit from our Products and Services segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Loss from operations for the six ended June 30, 2025 was $2.01 million compared to a loss from operations of $2.52 million for the same period in 2024, a decrease of $0.52 million, due to increased gross profit from our Products and Services segments.

*Revenues*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Revenues for the quarter ended June 30, 2025 were $7.29 million compared to $4.73 million for the same period in 2024, a 54.3% 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 June 30, 2025 were $3.16 million compared to $0.12 million for the same period in 2024, an increase of 2,536.6%. The increase in revenue during the quarter ended June 30, 2025 is due to increased chiller and cogeneration revenue, 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 quarter ended June 30, 2025 were $3.97 million, compared to $4.13 million for the same period in 2024, a decrease of 3.9% due to 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 quarter ended June 30, 2025 were $0.17 million compared to $0.48 million for the same period in 2024, a decrease of 63.8%. 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 six months ended June 30, 2025 were $14.57 million compared to $10.91 million for the same period in 2024, a 33.5% 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 six months ended June 30, 2025 were $5.69 million compared to $1.61 million for the same period in 2024, an increase of 253.1%. The increase in revenue during the six months ended June 30, 2025 is due to increased chiller and cogeneration revenue, 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 six months ended June 30, 2025 were $8.21 million, compared to $8.14 million for the same period in 2024, an increase of 0.9% due to increased revenues from existing contracts, offset by decreased revenues from the acquired Aegis maintenance contacts.

&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 six months ended June 30, 2025 were $0.67 million compared to $1.16 million for the same period in 2024, a decrease of 42.1%. 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.

*Gross Profit*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Gross profit for the quarter ended June 30, 2025 was $2.46 million compared to $2.08 million in the same period in 2024. Gross margin decreased to 33.8% in the quarter ended June 30, 2025 compared to 44.0% for the same period in 2024. The decrease in gross margin was due to higher material and labor costs in our Products and Services segments in the quarter ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Gross profit for the six months ended June 30, 2025 was $5.68 million compared to $4.65 million in the same period in 2024. Gross margin decreased to 39.0% in the six months ended June 30, 2025 compared to 42.7% for the same period in 2024. The decrease in gross margin was due to higher material and labor costs in our Products and Services segments in the the six months ended June 30, 2025.

*Operating Expenses*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Operating expenses increased $0.32 million, or 9.0%, to $3.87 million in the quarter ended June 30, 2025 compared to $3.55 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 $0.51 million, or 7.1%, to $7.69 million in six months ended June 30, 2025 compared to $7.18 million in the same period in 2024, due to increased payroll, benefits, recruitment costs and sales commissions.

*Adjusted EBITDA*

Adjusted EBITDA was negative $1.16 million for the quarter ended June 30, 2025 compared to negative $1.30 million for the quarter ended June 30, 2024. For the six months ended June 30, 2025, adjusted EBITDA was a negative $1.54 million compared to a negative $2.19 million for the six months ended June 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 August 13, 2025, at 9:30 am ET**

Tecogen will host a conference call on August 13, 2025 to discuss the second 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 Second 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)

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1640864 | $5405233 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 6640483 | 6026545 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 9679229 | 9634005 |
| &nbsp;&nbsp;&nbsp;Unbilled revenue | 126738 | 398898 |
| &nbsp;&nbsp;&nbsp;Prepaid and other current assets | 949256 | 680565 |
| Total current assets | 19036570 | 22145246 |
| Long-term assets: |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 1820059 | 1738036 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets - operating leases | 1728780 | 1730358 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets - finance leases | 933671 | 452390 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 2330959 | 2513189 |
| &nbsp;&nbsp;&nbsp;Goodwill | 2346566 | 2346566 |
| &nbsp;&nbsp;&nbsp;Other assets | 155232 | 166474 |
| **TOTAL ASSETS** | $28351837 | $31092259 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Related party notes, current portion | $— | $1548872 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 4946218 | 4142678 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 2976211 | 2890886 |
| &nbsp;&nbsp;&nbsp;Deferred revenue, current portion | 4420644 | 6701131 |
| &nbsp;&nbsp;&nbsp;Operating lease obligations, current portion | 481891 | 430382 |
| &nbsp;&nbsp;&nbsp;Finance lease obligations, current portion | 173362 | 85646 |
| &nbsp;&nbsp;&nbsp;Acquisition liabilities, current portion | 883541 | 902552 |
| &nbsp;&nbsp;&nbsp;Unfavorable contract liability, current portion | 83962 | 113449 |
| Total current liabilities | 13965829 | 16815596 |
| Long-term liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Related party notes, net of current portion | 1067848 |  |
| &nbsp;&nbsp;&nbsp;Deferred revenue, net of current portion | 1252831 | 1165951 |
| &nbsp;&nbsp;&nbsp;Operating lease obligations, net of current portion | 1295450 | 1341789 |
| &nbsp;&nbsp;&nbsp;Finance lease obligations, net of current portion | 675198 | 325235 |
| &nbsp;&nbsp;&nbsp;Acquisition liabilities, net of current portion | 878151 | 1008760 |
| &nbsp;&nbsp;&nbsp;Unfavorable contract liability, net of current portion | 275079 | 309390 |
| Total liabilities | 19410386 | 20966721 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| Tecogen Inc. stockholders' equity: |  |  |
| &nbsp;&nbsp;Common stock, $0.001 par value; 100,000,000 shares authorized; 25,571,490 issued and outstanding at June 30, 2025 and 24,950,261 shares issued and outstanding at December 31, 2024 | 25571 | 24950 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 58837181 | 57845289 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (49763921) | (47639894) |
| &nbsp;&nbsp;&nbsp;Total Tecogen Inc. stockholders' equity | 9098831 | 10230345 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | (157380) | (104807) |
| Total stockholders' equity | 8941451 | 10125538 |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $28351837 | $31092259 |

---

------

**TECOGEN INC.**

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Revenues |  |  |
| &nbsp;&nbsp;&nbsp;Products | $3155323 | $119673 |
| &nbsp;&nbsp;&nbsp;Services | 3965168 | 4126517 |
| &nbsp;&nbsp;&nbsp;Energy production | 174329 | 481597 |
| Total revenues | 7294820 | 4727787 |
| Cost of sales |  |  |
| &nbsp;&nbsp;&nbsp;Products | 2232155 | 171982 |
| &nbsp;&nbsp;&nbsp;Services | 2469737 | 2191815 |
| &nbsp;&nbsp;&nbsp;Energy production | 130436 | 284835 |
| Total cost of sales | 4832328 | 2648632 |
| Gross profit | 2462492 | 2079155 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 3091175 | 2897993 |
| &nbsp;&nbsp;&nbsp;Selling | 514735 | 405277 |
| &nbsp;&nbsp;&nbsp;Research and development | 268724 | 246489 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposition of assets | (280) | 3363 |
| Total operating expenses | 3874354 | 3553122 |
| Loss from operations | (1411862) | (1473967) |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | (6378) | 18894 |
| &nbsp;&nbsp;&nbsp;Interest expense | (38153) | (17869) |
| &nbsp;&nbsp;&nbsp;Unrealized loss on investment securities |  | (37497) |
| Total other income (expense), net | (44531) | (36472) |
| Loss before provision for state income taxes | (1456393) | (1510439) |
| Provision for state income taxes | 16762 | 37 |
| Consolidated net loss | (1473155) | (1510476) |
| (Income) loss attributable to the non-controlling interest | 9050 | (28320) |
| Loss attributable to Tecogen Inc. | $(1464105) | $(1538796) |
| Net loss per share - basic | $(0.06) | $(0.06) |
| Weighted average shares outstanding - basic | 25250217 | 24850261 |
| Net loss per share - diluted | $(0.06) | $(0.06) |
| Weighted average shares outstanding - diluted | 25250127 | 24850261 |

---

------

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| **<u>Non-GAAP financial disclosure</u>** <sup>(1)</sup> | | |
| Net loss attributable to Tecogen Inc. | $(1464105) | $(1538796) |
| Interest expense, net | 38153 | 17869 |
| Income taxes | 16762 | 37 |
| Depreciation & amortization, net | 205686 | 141361 |
| EBITDA | (1203504) | (1379529) |
| Stock based compensation | 42606 | 45463 |
| Unrealized loss on investment securities |  | 37497 |
| Adjusted EBITDA | $(1160898) | $(1296569) |

---

<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)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Revenues |  |  |
| &nbsp;&nbsp;&nbsp;Products | $5689132 | $1611071 |
| &nbsp;&nbsp;&nbsp;Services | 8210190 | 8140827 |
| &nbsp;&nbsp;&nbsp;Energy production | 673268 | 1161985 |
| Total revenues | 14572590 | 10913883 |
| Cost of sales |  |  |
| &nbsp;&nbsp;&nbsp;Products | 3719905 | 1221525 |
| &nbsp;&nbsp;&nbsp;Services | 4728635 | 4284072 |
| &nbsp;&nbsp;&nbsp;Energy production | 440518 | 753475 |
| Total cost of sales | 8889058 | 6259072 |
| Gross profit | 5683532 | 4654811 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 6019310 | 5746559 |
| &nbsp;&nbsp;&nbsp;Selling | 1109216 | 934946 |
| &nbsp;&nbsp;&nbsp;Research and development | 561392 | 501185 |
| &nbsp;&nbsp;&nbsp;Gain on sale of assets | (280) | (4028) |
| Total operating expenses | 7689638 | 7178662 |
| Loss from operations | (2006106) | (2523851) |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | (20623) | 3147 |
| &nbsp;&nbsp;&nbsp;Interest expense | (70479) | (36539) |
| &nbsp;&nbsp;&nbsp;Unrealized loss on investment securities | (18749) | (18749) |
| Total other income (expense), net | (109851) | (52141) |
| Loss before provision for state income taxes | (2115957) | (2575992) |
| Provision for state income taxes | 17687 | 22100 |
| Consolidated net loss | (2133644) | (2598092) |
| (Income) loss attributable to non-controlling interest | 9617 | (45671) |
| Net loss attributable to Tecogen Inc. | $(2124027) | $(2643763) |
| Net loss per share - basic | $(0.08) | $(0.11) |
| Weighted average shares outstanding - basic | 25103388 | 24850261 |
| Net loss per share - diluted | $(0.08) | $(0.11) |
| Weighted average shares outstanding - diluted | 25103388 | 24850261 |

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| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| **<u>Non-GAAP financial disclosure</u>** <sup>(1)</sup> | | |
| Net loss attributable to Tecogen Inc. | $(2124027) | $(2643763) |
| Interest expense, net | 70479 | 36539 |
| Income taxes | 17687 | 22100 |
| Depreciation & amortization, net | 391381 | 281498 |
| EBITDA | (1644480) | (2303626) |
| Stock based compensation | 83439 | 89998 |
| Unrealized loss on marketable securities | 18749 | 18749 |
| Adjusted EBITDA | $(1542292) | $(2194879) |

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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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| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| Consolidated net loss | $(2133644) | $(2598092) |
| *Adjustments to reconcile net loss to net cash provided by (used in) operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 391381 | 281498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (recovery of) credit losses | (75000) | 19063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 83439 | 89998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on investment securities | 18749 | 18749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition of assets | (280) | (4028) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 33538 | 12800 |
| *Changes in operating assets and liabilities* |  |  |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (538938) | 1398193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | (45224) | 439926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | 272160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid assets and other current assets | (268691) | (125784) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 186766 | 576926 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 803540 | (108646) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 85325 | 39838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (2193607) | 806266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (395134) | (756410) |
| Net cash provided by (used in) operating activities | (3775620) | 90297 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (277989) | (556636) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of assets | 280 | 36213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to non-controlling interest | (42956) | (48654) |
| Net cash used in investing activities | (320665) | (569077) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease principal payments | (63010) | (30577) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 394926 |  |
| Net cash provided (used in) by financing activities | 331916 | (30577) |
| Net increase (decrease) in cash and cash equivalents | (3764369) | (509357) |
| Cash and cash equivalents, beginning of the period | 5405233 | 1351270 |
| Cash and cash equivalents, end of the period | $1640864 | $841913 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $36526 | $22909 |
| &nbsp;&nbsp;&nbsp;Cash paid for taxes | $17687 | $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 | $557893 | $27282 |
| &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

![](q22025earningscallpresen001.jpg)

Tecogen Q2 2025 NYSE American: TGEN August 13th 2025

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![](q22025earningscallpresen002.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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![](q22025earningscallpresen003.jpg)

**Table of Contents** Data Center Update Factory Capacity and Use of Capital Q2 Results On-Site CogenerationService Company Financials

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![](q22025earningscallpresen004.jpg)

Solution - Tecogen's Advanced Natural Gas Cooling CoolingComputing 90MW Available for IT 0 10 20 30 M W Summer Cooling Power (MW) 0 10 20 30 M W Summer Cooling Power (MW) Cooling Computing 25MW70MW Available for IT 5MW Current Problem - Electrical Cooling Current Problem With A Typical AI Data Center

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![](q22025earningscallpresen005.jpg)

Market Interest • 100MW+ Data Center – Evaluating 6 Stx Chillers in Phase 1A, expect more in future phases LOIs • Giga scale data center – 60 - 100 Chillers • 100MW+ Data Center– 60 – 100 Chillers Larger Projects - Quoted • 2 Projects > 400MW • Multiple smaller projects including modular data centers Larger Projects – Preliminary Stage

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![](q22025earningscallpresen006.jpg)

Announcing - Dual Power Data Center Chiller Natural Gas or Electric or Both Self Contained Unit for Easy Installation Natural Gas = 30% more power for IT and lower Peak PUE 2 Power sources for extra resiliency and long-term fuel flexibility Uninterrupted Cooling – No loss in cooling during blackout = smaller thermal storage and smaller generator needed 300 Tons @ 70F Supply

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![](q22025earningscallpresen007.jpg)

How Does It Work? Dual Power Source Natural Gas Cooling 7 Patented and Proven Technology • Uses our inverter, PMG & power train proven over 8 million hours of operation in our InVerde power gen modules • Patented Dual Power Source Technology – US11,936,327 issued March 2024 Fast and Easy Installation for existing and new data centers • Like-for-like replacement of electric chillers with natural gas chillers • Modular design for easy future expansion Patented Emissions Control for Easy Air Permits • Ultra low NOx and CO (comparable to fuel cell) for simplified air-permits

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![](q22025earningscallpresen008.jpg)

Challenges to Scaling Up Market Need + Manufacturing Capacity = Growth 8 Existing Tecogen Factory • 40 to 60 chillers per year Contract Manufacturing + Factory Layout Changes • 80 to 100 chillers per year • Final Assembly and Testing at Tecogen Add New Capacity with Demand • 200+ chillers per year • Vertical Integration = Higher Margin Explore Other Strategic Options • Licensing • Hybrid drive can integrate with existing electric chillers

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![](q22025earningscallpresen009.jpg)

Challenges to Scaling Up Target Milestones 9 Convert LOIs to PO • Secure Pilot Project POs Vertiv Marketing • Marketing plan is finalized. Vertiv expects to start releasing in Q3 and Q4 Potential Longer Term Strategic Initiatives • Licensing and/or • Factory scale up Secure Larger Unit Order • Eliminate supply chain and capacity bottlenecks • Hope to sell manufacturing capacity to 1 or 2 projects

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![](q22025earningscallpresen010.jpg)

Backlog & Cash 10 Cash • $18.6m post capital raise Backlog • $4.7m (not including LOI for data center customer) • $2.5m to $3.5m of cannabis projects expected to close Q3/Q4 (delayed from Q2) Related Party Loan • May repay note early so company has no debt and clean balance sheet

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![](q22025earningscallpresen011.jpg)

2Q 2025 Results 11 Key Points • Revenue increased 54% • Gross Profit higher by 18% • Net Loss lower by $75k and loss per share $0.06/share both periods • Opex 9% higher due to additional hires and increased sales and R&D costs $ in thousands 2Q'25 2Q'24 QoQ Change % Revenues Products $3,155 $120 $3,035 Services 3,965 4,127 (162) Energy Production 174 482 (308) Total Revenue 7,294 4,728 2,566 54.3% Gross Profit Products 923 (52) 975 Service 1,495 1,935 (440) Energy Production 44 197 (153) Total Gross Profit 2,462 2,079 382 18.4% Gross Margin: % Products 29% -44% 73% Service 38% 47% -9% Energy Production 25% 41% -16% Total Gross Margin 34% 44% -10% Operating Expenses General & administrative 3,091 2,898 193 Selling 515 405 109 Research and development 269 246 23 (Gain) loss on disposition of assets - 3 (3) Total operating expenses 3,875 3,553 322 9.1% Operating loss (1,412) (1,474) 62 -4.2% Net loss $(1,464) $(1,539) $75 -4.9%

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![](q22025earningscallpresen012.jpg)

2Q 2025 Adjusted EBITDA Reconcilliation 12 Key Points • Adjusted EBITDA loss better than Q2 24 • Reduction in margin and increased Opex drove the loss Non-GAAP financial disclosure (in thousands) 2025 2024 Net loss attributable to Tecogen Inc. (1,464) (1,539)$ Interest expense, net 38 18 Income tax expense 17 0 Depreciation & amortization, net 206 141 EBITDA (1,203) (1,380) Stock based compensation 43 45 Unrealized gain on marketable securities - 37 Adjusted EBITDA\* (1,161)$(1,297)$ Quarter Ended, June 30 \*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

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![](q22025earningscallpresen013.jpg)

Q2 2025 Performance by Segment 13 Service Margin • NJ and Manhattan had increased costs of $400k • Engines $120k of upgrades • $130k of overtime labor • Balance from operational inefficiencies Product Margin • Hybrid chiller expected to increase to similar margin as other products with volume • We also sold prototype unit at a discount • Other products – 39% 2Q Revenues ($ thousands) 2025 2024 QoQ Change % Revenues Cogeneration 1,067$120$789% Chiller 2,016 - Engineered accessories 72 - Total Product Revenues 3,155 120 2529% Services Revenues 3,965 4,127 -4% Energy Production 174 482 -64% Total Revenues 7,295 4,728 54% Cost of Sales Products 2,232 172 1198% Services 2,470 2,192 13% Energy Production 130 285 -54% Total Cost of Sales 4,832 2,649 82% Gross Profit 2,462$2,079$18% Gross Margin Products 29% -43% Services 38% 47% Energy Production 25% 41% Overall 34% 44% QTD Gross Margin 2025 2024 Target Overall 34% 44% >40%

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![](q22025earningscallpresen014.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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