Tecogen Reports Q4 and Year-End 2024 Results

Tecogen Inc. reported a net loss of $1.19 million for Q4 2024, an improvement from the $1.85 million loss in the same period of 2023. Revenue increased by 3% to $6.08 million, primarily driven by a 13.7% rise in services revenue. However, annual revenues fell by 10% to $22.62 million due to a significant 49.8% decline in product sales, mainly attributed to manufacturing relocation impacts.

The company's gross profit margin improved to 45% in Q4 2024 from 39.8% in 2023 due to better energy production margins. While operating expenses decreased by 7% in Q4, annual operating expenses saw a smaller reduction of 1.4% amid reduced credit loss expenses offset by goodwill impairment charges.

Tecogen closed 2024 with $5.41 million in cash, strengthening its financial position despite a slight annual increase in net loss. The company's partnership with Vertiv and ongoing projects suggest potential future growth.