Tecogen Announces Second Quarter 2024 Results

Tecogen Inc. (OTCQX:TGEN) reported revenues of $4.7 million and a net loss of $1.5 million for Q2 2024, compared to revenues of $6.7 million and a net loss of $0.8 million in the same period of 2023. The company's cash balance stood at $0.8 million as of June 30, 2024.

The reduction in revenue was primarily due to the relocation of their manufacturing operations. Despite this, Tecogen expects substantial product orders by the end of Q3 in both new and established markets, including data centers.

Service revenues increased by 4.4% and energy production revenues rose by 37.5%. Gross profit for the quarter declined to $2.1 million from $2.8 million in Q2 2023. Operating expenses saw a slight decrease of 1.7%, totaling $3.55 million.

Tecogen will discuss these results further in a conference call scheduled for August 8, 2024, at 9:30 am ET.