Liquidity remains supported by a current ratio of 3.02, though the business model continues to consume capital with a -49.8% free cash flow margin in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -11.85M | -9.91M | 4.06M | -817.81K | -1.35M | 465.03K | 1.41M | -4.48M | -3.86M | -591.26K | -2.72M | -4.73M | -5.13M | -3.38M | -3.15M | -2.41M |
| Operating CF Margin % | - | -36.61% | 17.95% | -3.25% | -5.41% | 1.91% | 4.98% | -13.42% | -10.75% | -1.78% | -11.1% | -22.08% | -26.51% | -21.35% | -20.67% | -21.78% |
| Operating CF Growth % | -3492.11% | -344.1% | 596.51% | 39.51% | -390.72% | -66.95% | 131.38% | -16.25% | -552.4% | 78.25% | 42.59% | 7.67% | -51.5% | -7.33% | -30.84% | - |
| Net Income | -9.71M | -8.25M | -4.67M | -4.52M | -2.4M | 3.74M | -6.22M | -4.79M | -5.8M | 97.7K | -1.16M | -2.8M | -3.87M | -3.81M | -2.03M | -1.88M |
| Depreciation & Amortization | 957.22K | 877.67K | 553.78K | 567.71K | 428.35K | 469.85K | 414.13K | 437.1K | 789.12K | 587.82K | 264K | 271.73K | 278.87K | 256.46K | 203.78K | 158.29K |
| Stock-Based Compensation | 180.78K | 348.03K | 172.99K | 250.39K | 334.15K | 202.43K | 190.94K | 163.46K | 181.19K | 183.77K | 165.93K | 199.5K | 126.94K | 18.37K | 195.54K | 444.37K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.42M | 3.31K | -45.6K | -11.63K | 55.01K | 233 | -164.75K | 0 |
| Other Non-Cash Items | -6.59M | 1.31M | 466.68K | 1.27M | 130.01K | -4.89M | 4.01M | 2.72M | -92.51K | 1.49K | 49.53K | 50.2K | 50.91K | 18.37K | 195.54K | 23.9K |
| Working Capital Changes | -4.92M | -4.2M | 7.54M | 1.61M | 153.28K | 941.2K | 3.01M | -3.01M | -3.35M | -1.47M | -1.99M | -2.44M | -1.77M | 129.77K | -1.56M | -1.15M |
| Change in Receivables | 615.92K | 1.94M | 1.47M | -24.2K | 3.85M | 1.07M | 6.71M | -959.99K | -4.47M | -336.05K | -3.32M | -536.43K | -1.06M | -1.09M | -1.36M | 368.49K |
| Change in Inventory | -1.66M | -1.43M | 848.88K | -82.53K | -2.82M | -596.39K | -849.37K | -110.37K | -1.17M | -298.17K | 935.78K | -1.59M | -746.43K | 62.23K | -760.84K | -1.25M |
| Change in Payables | -734.7K | -761.13K | -371.74K | 1.16M | -246.4K | -674.75K | -1.09M | -1.88M | 1.17M | 1.34M | 55.67K | 895.5K | 78.27K | 1.19M | 338.8K | 106.81K |
| Cash from Investing | -248.88K | -464.13K | -1.01M | -244.89K | -348.56K | -215.06K | -217.76K | 4.71M | 1.28M | 1.51M | -2.26M | -185.74K | -942.84K | -916.39K | 122.34K | -748.93K |
| Capital Expenditures | -314.88K | -400.78K | -969.16K | -46.85K | -314.88K | -91.45K | -59.95K | -95.64K | -1.05M | -1.03M | -259.39K | -202.61K | -365.53K | -600.65K | -384.01K | -153.93K |
| CapEx % of Revenue | 1.2% | 1.48% | 4.28% | 0.19% | 1.26% | 0.37% | 0.21% | 0.29% | 2.94% | 3.11% | 1.06% | 0.94% | 1.89% | 3.79% | 2.52% | 1.39% |
| Acquisitions | -31.89K | 0 | 0 | -170K | 0 | 0 | 0 | 0 | 440.29K | 971.45K | -2M | 16.87K | 0 | -497.8K | 0 | 38.75K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 5.12K | -59.66K | -45.57K | -28.04K | -33.69K | -135.24K | -157.81K | 4.8M | 1.9M | 1.05M | 1.88M | 16.87K | 7.09K | -497.8K | 342.05K | -38.75K |
| Cash from Financing | 17.36M | 17.4M | 1.01M | 500K | 0 | 1.87M | -576.93K | 382.9K | 1.18M | -2.97M | 3.21M | 9.22M | -458.21K | 10.44M | 1.58M | 4.35M |
| Debt Issued (Net) | -1.46M | -1.4M | 937.15K | 500K | 0 | 1.87M | -578.13K | 349.28K | 1.25M | -3.15M | 150K | 0 | -2.95M | 4.61M | 300K | 750K |
| Equity Issued (Net) | 18.46M | 18.8M | 0 | 0 | 0 | 0 | 1.2K | 0 | 0 | 0 | 0 | 8.86M | 2.34M | 5.97M | 1.18M | 3.61M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -31.05K | 0 | 0 | -350 | -337 | 0 |
| Other Financing | 356.43K | 0 | 71K | 0 | 0 | 0 | 1.2K | 33.62K | -72.09K | 179.92K | 3.06M | 360.23K | 151.6K | -137.43K | 105K | -12.5K |
| Net Change in Cash | 5.27M | 7.03M | 4.05M | -562.7K | -1.7M | 2.12M | 612.54K | 605.12K | -1.4M | -2.05M | -1.76M | 4.3M | -6.53M | 6.14M | -1.45M | 1.19M |
| Free Cash Flow | -12.16M | -10.31M | 3.09M | -864.66K | -1.7M | 310.49K | 1.22M | -4.69M | -4.91M | -1.62M | -2.98M | -4.94M | -5.49M | -3.98M | -3.54M | -2.56M |
| FCF Margin % | -46.54% | -38.09% | 13.67% | -3.44% | -6.78% | 1.27% | 4.33% | -14.03% | -13.69% | -4.89% | -12.16% | -23.02% | -28.39% | -25.14% | -23.19% | -23.17% |
| FCF Growth % | -840.32% | -433.59% | 457.53% | 49.03% | -646.34% | -74.63% | 126.1% | 4.51% | -202.31% | 45.42% | 39.69% | 10.12% | -37.84% | -12.66% | -37.96% | - |
| FCF per Share | -0.41 | -0.38 | 0.12 | -0.03 | -0.07 | 0.01 | 0.05 | -0.19 | -0.20 | -0.07 | -0.15 | -0.29 | -0.35 | -0.25 | -0.24 | -0.17 |
| FCF Conversion (FCF/Net Income) | 1.25x | 1.20x | -0.85x | 0.18x | 0.55x | 0.13x | -0.23x | 0.95x | 0.68x | -12.46x | 2.48x | 1.74x | 1.37x | 0.98x | 1.93x | 1.53x |
| Interest Paid | 23.05K | 0 | 45.28K | 10.93K | 14.6K | 241 | 62.01K | 51.89K | 140.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 16.76K | 0 | 22.57K | 32.49K | 16.35K | 19.49K | 30.18K | 35.4K | 32.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
According to recent quarterly filings, Tecogen's operating cash flow frequently diverges from net income, with OCF/NI ratios reaching as high as 1.78 in 2025Q2, suggesting that non-cash adjustments and working capital swings are significantly distorting the company's underlying cash generation capabilities relative to reported losses.
The persistent gap between net income and operating cash flow indicates that GAAP earnings are not capturing the full extent of the company's cash burn. Investors should monitor whether these fluctuations are driven by temporary timing differences in project milestones or a more structural inability to convert revenue into realized cash.
As reported in financial statements, Tecogen's free cash flow trajectory has been consistently negative over the last five quarters, with FCF margins bottoming out at -50.6% in 2025Q3, reflecting a business model that currently consumes more capital than it generates through its core operations.
The inability to achieve positive free cash flow suggests that the company's current scale is insufficient to cover its operational and capital requirements. This trend warrants further investigation into whether the company can reach a self-sustaining cash flow profile without additional external financing or significant cost restructuring.
Based on TGEN's reported figures, working capital changes have been a primary source of cash flow instability, with a significant $1.4 million outflow in 2026Q1 following a $4.8 million inflow in 2024Q4, highlighting the sensitivity of the company's cash position to project-based billing and collection cycles.
These dramatic swings in working capital suggest that the company's cash flow is highly dependent on the timing of large project completions and customer payments. Such volatility makes it difficult to forecast short-term liquidity and may indicate challenges in managing inventory or accounts receivable effectively.
Data from recent filings indicates that Tecogen maintains a low capital intensity, with CapEx/Revenue ratios consistently below 2.1% since 2024Q4, suggesting that the company's primary cash drain is operational rather than driven by heavy investment in property, plant, or equipment.
While the low capital intensity is a positive sign for potential scalability, it also implies that the company's current cash burn is largely tied to operating expenses and R&D. This suggests that the path to profitability lies in operational efficiency and revenue growth rather than a reduction in capital spending.
Quick answers to the most common questions about buying TGEN stock.
Tecogen Inc. (TGEN) generated $-9.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tecogen Inc. (TGEN) reported negative free cash flow of $10.3M in 2025, indicating capital requirements exceeded cash from operations.
Tecogen Inc. (TGEN) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.