TECOGEN INC - TGEN STOCK NEWS

Tecogen (OTCQX: TGEN) announced its acquisition of service contracts for 202 cogeneration systems from Aegis Energy Services, a Dalkia subsidiary. This strategic move aims to boost Tecogen's service business revenue and create a long-term recurring cash flow, with expected additional contracts later this year. Tecogen will share revenues from these contracts with Dalkia over the next seven years. Both companies aim to enhance energy efficiency and carbon reduction for their customers, leveraging Tecogen's established service centers in the Northeast U.S.

Tecogen (OTCQX:TGEN) reported revenue of $25.0 million for FY 2022, reflecting a 2.5% increase from FY 2021. However, the company faced a net loss of $2.4 million for the year, compared to a net income of $3.7 million in 2021, driven by lower gross profit and increased operating expenses. The gross margin fell to 44.3% from 47.5% in 2021. For Q4 2022, revenue declined to $4.5 million, a 36.9% decrease year-over-year. Operating expenses rose by 13.7%, influencing an operating loss of $1.4 million for the quarter. Despite these challenges, the company launched a new hybrid air-cooled chiller product at a major trade show.

Tecogen Inc. (OTCQX: TGEN) will announce its FY 2022 financial results on March 16, 2023. The earnings press release and supplemental slides will be accessible on their website under "Investor Relations." A conference call, featuring senior management, will occur at 11:00 AM ET the same day to discuss the financial performance and strategy for FY 2023. Participants can join via telephone or webcast. The call will be recorded for playback afterwards. Tecogen specializes in high-efficiency cogeneration products, having shipped over 3,150 units and accumulated more than 5 million aggregate run hours on its systems over 35 years.

Tecogen Inc. (OTCQX:TGEN) has announced the appointment of Dr. Abinand Rangesh as CEO, succeeding Benjamin Locke. Dr. Rangesh, previously CFO and a board member, has been with the company since 2016, contributing to various divisions including sales and business development. He holds a Ph.D. from the University of Cambridge and has experience in engineering and finance. Dr. John Hatsopoulos, Lead Director, expressed confidence in Dr. Rangesh's ability to enhance company value for shareholders. Tecogen specializes in clean energy solutions, having delivered over 3,150 units in 35 years of operation.

Tecogen (OTCQX: TGEN) has launched its new Tecochill Hybrid-Drive Air-Cooled chiller at AHR 2023, designed to provide up to 50% lower operating costs compared to traditional chillers. This innovative chiller uses both natural gas and electric power, offering increased energy efficiency and the ability to generate both chilled and hot water. The Hybrid-Drive also promotes greenhouse gas reductions by optimizing energy use depending on grid conditions. It is positioned for critical applications in sectors like healthcare and agriculture, and may qualify for a 40% federal Investment Tax Credit. Tecogen aims to expand its market reach with this launch.

Tecogen (OTCQX: TGEN) has announced the appointment of Dr. John M. Albertine to its Board of Directors. Dr. Albertine brings extensive experience from his service on various public boards, including Fruit of the Loom and Thermo Electron Corporation. He is currently the CEO of Albertine Enterprises and a Managing Partner at JJ&B. Tecogen's CEO, Benjamin Locke, expressed optimism about Dr. Albertine's contributions to the company’s growth and governance, particularly in the audit committee.

Tecogen (TGEN), a clean energy company, will exhibit at MJBizCon in Las Vegas from November 16-18, 2022. The event, attended by over 35,000 industry professionals, will focus on how Tecogen's ultra-efficient equipment can save costs and reduce greenhouse gas emissions for controlled environment agriculture (CEA) facilities. With states like Maryland and Missouri legalizing recreational cannabis, Tecogen anticipates increased demand for its products. This marks their fifth participation in MJBizCon, which has historically generated significant project opportunities.

Tecogen (OTCQX:TGEN) reported revenue of $6.6 million for Q3 2022, a 31.9% increase QoQ, with year-to-date revenue of $20.5 million, up 18.9% YoY. However, the company experienced a net loss of $0.3 million this quarter, contrasting with a net profit of $1.5 million in Q3 2021. Key factors behind the losses include the impact of forgivable loans recognized in the previous year. Product revenue rose 71.4% due to increased sales in key sectors, while services revenue increased by 8.8%. Despite growth in revenue, gross margin declined due to higher material costs.

Tecogen (TGEN) announced a collaboration with GTI Energy to test its Hybrid Drive technology, funded by Utilization Technology Development. This initiative aims to validate performance metrics for the Hybrid Drive AC chiller prototype, scheduled for completion by the latter half of 2023. Tecogen's innovation is anticipated to enhance energy source flexibility and efficiency for commercial cooling systems, enabling power transitions between gas-fueled engines and the electric grid. The project aims to meet industry goals of reducing greenhouse gas emissions and operational costs.