Tecogen Reports Q3 2024 Financial Results

Tecogen Inc., a leader in clean energy product manufacturing, announced its financial results for the third quarter of 2024. Revenues for the quarter were $5.63 million, down from $7.11 million the previous year. The net loss widened to $0.93 million compared to $0.48 million in Q3 2023. The revenue drop is attributed to the relocation of manufacturing operations, temporarily reducing production capacity.

The company's cash balance stood at $1.28 million, including $1.0 million in funding from related parties. Despite current losses, Tecogen has a backlog of $10.8 million and anticipates more orders by year-end. The company also highlighted progress in its data center projects, expected to close by early 2025, offering a growth opportunity as data centers demand more efficient cooling solutions.