Revenue volatility remains a primary concern, evidenced by a 12.9% contraction in 2026Q1 alongside a concerning -33.7% operating margin.
| 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 |
|---|
| Sales/Revenue | 26.13M | 27.07M | 22.62M | 25.14M | 25M | 24.4M | 28.25M | 33.43M | 35.88M | 33.2M | 24.49M | 21.44M | 19.34M | 15.85M | 15.25M | 11.07M |
| Revenue Growth % | 10.21% | 19.69% | -10.02% | 0.55% | 2.48% | -13.65% | -15.47% | -6.85% | 8.07% | 35.57% | 14.21% | 10.86% | 22.04% | 3.91% | 37.86% | - |
| Cost of Goods Sold | 16.94M | 17.25M | 12.75M | 14.94M | 13.94M | 12.81M | 17.43M | 20.95M | 22.29M | 20.25M | 15.19M | 13.81M | 12.94M | 10.82M | 9.39M | 6.18M |
| COGS % of Revenue | - | 63.71% | 56.36% | 59.42% | 55.74% | 52.51% | 61.68% | 62.67% | 62.12% | 60.98% | 62.02% | 64.4% | 66.92% | 68.26% | 61.55% | 55.84% |
| Gross Profit | 9.19M | 9.82M | 9.87M | 10.2M | 11.07M | 11.59M | 10.83M | 12.48M | 13.59M | 12.95M | 9.3M | 7.63M | 6.4M | 5.03M | 5.87M | 4.89M |
| Gross Margin % | 35.18% | 36.29% | 43.64% | 40.58% | 44.26% | 47.49% | 38.32% | 37.33% | 37.88% | 39.02% | 37.98% | 35.6% | 33.08% | 31.74% | 38.45% | 44.16% |
| Gross Profit Growth % | - | -0.46% | -3.25% | -7.82% | -4.49% | 7.02% | -13.23% | -8.19% | 4.92% | 39.28% | 21.84% | 19.29% | 27.21% | -14.24% | 20.04% | - |
| Operating Expenses | 17.86M | 16.96M | 14.4M | 14.62M | 13.42M | 12.81M | 16.79M | 17.14M | 19.13M | 12.73M | 10.3M | 10.28M | 10.1M | 8.7M | 7.87M | 6.77M |
| OpEx % of Revenue | - | 62.63% | 63.68% | 58.14% | 53.66% | 52.49% | 59.42% | 51.27% | 53.31% | 38.34% | 42.05% | 47.93% | 52.23% | 54.89% | 51.58% | 61.17% |
| Selling, General & Admin | 16.63M | 15.79M | 13.24M | 13.81M | 12.72M | 12.27M | 12.9M | 13.07M | 13.44M | 11.79M | 9.63M | 9.68M | 9.06M | 7.35M | 7.87M | 6.77M |
| SG&A % of Revenue | - | 58.32% | 58.52% | 54.94% | 50.88% | 50.28% | 45.67% | 39.09% | 37.46% | 35.52% | 39.33% | 45.17% | 46.84% | 46.4% | 51.58% | 61.17% |
| Research & Development | 1.24M | 1.17M | 961.84K | 840.01K | 732.87K | 542.08K | 767.32K | 1.46M | 1.3M | 936.93K | 667.06K | 591.59K | 1.04M | 1.09M | 0 | 0 |
| R&D % of Revenue | - | 4.31% | 4.25% | 3.34% | 2.93% | 2.22% | 2.72% | 4.37% | 3.62% | 2.82% | 2.72% | 2.76% | 5.38% | 6.86% | - | - |
| Other Operating Expenses | 0 | 0 | 205.11K | -36.21K | -37.26K | -3.09K | 3.12M | 2.61M | 4.39M | 0 | 0 | 0 | 0 | 258.51K | 0 | 0 |
| Operating Income | -8.67M | -7.13M | -4.53M | -4.41M | -2.35M | -1.22M | -5.96M | -4.66M | -5.54M | 225.15K | -997.45K | -2.64M | -3.7M | -3.67M | -2M | -1.88M |
| Operating Margin % | -33.18% | -26.34% | -20.04% | -17.56% | -9.4% | -5% | -21.09% | -13.94% | -15.43% | 0.68% | -4.07% | -12.33% | -19.15% | -23.16% | -13.14% | -17.02% |
| Operating Income Growth % | - | -57.29% | -2.73% | -87.88% | -92.7% | 79.55% | -27.94% | 15.88% | -2559.81% | 122.57% | 62.27% | 28.62% | -0.91% | -83.17% | -6.41% | - |
| EBITDA | -7.72M | -6.25M | -3.98M | -3.85M | -1.92M | -749.24K | -5.55M | -4.22M | -4.75M | 812.97K | -733.45K | -2.37M | -3.42M | -3.41M | -1.8M | -1.72M |
| EBITDA Margin % | -29.53% | -23.1% | -17.6% | -15.3% | -7.68% | -3.07% | -19.63% | -12.63% | -13.23% | 2.45% | -2.99% | -11.06% | -17.7% | -21.54% | -11.8% | -15.59% |
| EBITDA Growth % | -121.8% | -57.12% | -3.49% | -100.22% | -156.37% | 86.49% | -31.38% | 11.11% | -684.17% | 210.84% | 69.07% | 30.74% | -0.32% | -89.66% | -4.36% | - |
| D&A (Non-Cash Add-back) | 954.35K | 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 |
| EBIT | -8.51M | -8.08M | -4.53M | -4.41M | -2.33M | 3.8M | -6.06M | -4.68M | -5.65M | 252.78K | -985.46K | -2.63M | -3.69M | -3.67M | -1.96M | -1.84M |
| Net Interest Income | -293.17K | 1.42K | -117.12K | -77.05K | -16.25K | -37.98K | -128.3K | -100.92K | -111.98K | -127.46K | -163.79K | -157.61K | -167.63K | -137.11K | -22.81K | -1.89K |
| Interest Income | 0 | 151.71K | 0 | 0 | 0 | 0 | 0 | 933 | 8.03K | 27.63K | 11.99K | 14.33K | 9.71K | 3.96K | 48.4K | 38.4K |
| Interest Expense | 293.17K | 150.29K | 117.12K | 77.05K | 16.25K | 37.98K | 128.3K | 101.85K | 120.02K | 155.08K | 175.78K | 171.94K | 177.34K | 141.06K | 71.21K | 40.29K |
| Other Income/Expense | -1.01M | -1.1M | -117.12K | -77.05K | -32.22K | 4.98M | -226.71K | -120.6K | -230.07K | -127.46K | -163.79K | -157.61K | -167.63K | -137.11K | -22.81K | -1.89K |
| Pretax Income | -9.68M | -8.23M | -4.65M | -4.49M | -2.38M | 3.76M | -6.19M | -4.78M | -5.77M | 97.7K | -1.16M | -2.8M | -3.87M | -3.81M | -2.03M | -1.88M |
| Pretax Margin % | -37.03% | -30.39% | -20.56% | -17.86% | -9.52% | 15.41% | -21.9% | -14.3% | -16.08% | 0.29% | -4.74% | -13.06% | -20.01% | -24.02% | -13.28% | -17.03% |
| Income Tax | 30.59K | 20.61K | 22.57K | 32.49K | 16.35K | 19.49K | 30.17K | 15.19K | 32.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.32% | -0.25% | -0.49% | -0.72% | -0.69% | 0.52% | -0.49% | -0.32% | -0.57% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -9.71M | -8.25M | -4.76M | -4.6M | -2.45M | 3.7M | -6.15M | -4.71M | -5.71M | 47.44K | -1.1M | -2.73M | -3.75M | -3.45M | -1.64M | -1.57M |
| Net Margin % | -37.16% | -30.47% | -21.04% | -18.29% | -9.79% | 15.15% | -21.77% | -14.09% | -15.91% | 0.14% | -4.48% | -12.72% | -19.37% | -21.76% | -10.73% | -14.23% |
| Net Income Growth % | -125.01% | -73.28% | -3.53% | -87.84% | -166.23% | 160.09% | -30.61% | 17.51% | -12134.18% | 104.33% | 59.8% | 27.19% | -8.59% | -110.73% | -3.97% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -171.12K | -173.03K | -104.81K | -94.3K | -106.56K | -79.94K | -42.32K | 85.26K | 255.12K | 455.61K | 0 | -395.81K | -325.76K | -204.05K | 168.32K | 150.16K |
| EPS (Diluted) | -0.33 | -0.30 | -0.19 | -0.18 | -0.10 | 0.15 | -0.25 | -0.19 | -0.23 | 0.00 | -0.06 | -0.16 | -0.24 | -0.22 | -0.11 | -0.11 |
| EPS Growth % | -91.58% | -57.89% | -5.56% | -82.74% | -165.67% | 160% | -31.58% | 17.39% | - | 103.52% | 64.5% | 33.33% | -9.09% | -100% | 0% | - |
| EPS (Basic) | - | -0.30 | -0.19 | -0.18 | -0.10 | 0.15 | -0.25 | -0.19 | -0.23 | 0.00 | -0.06 | -0.16 | -0.24 | -0.22 | -0.11 | -0.11 |
| Diluted Shares Outstanding | 29.86M | 27.23M | 24.86M | 24.85M | 24.85M | 25.12M | 24.85M | 24.84M | 24.82M | 23.34M | 19.3M | 16.86M | 15.61M | 15.8M | 14.8M | 14.8M |
| Basic Shares Outstanding | 29.86M | 27.23M | 24.85M | 24.85M | 24.85M | 24.85M | 24.85M | 24.84M | 24.82M | 23.17M | 19.3M | 16.86M | 15.61M | 15.8M | 14.8M | 14.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent negative operating margins
According to recent quarterly financial filings, Tecogen's revenue trajectory remains highly inconsistent, fluctuating between a 54.3% growth spike in 2025Q2 and a 12.9% contraction in 2026Q1, reflecting the inherent lumpiness of project-based equipment sales and the challenges of maintaining steady backlog conversion in a competitive industrial landscape.
The erratic revenue performance suggests that the company's reliance on large-scale turnkey installations creates significant quarter-over-quarter volatility. Investors should monitor whether the recent contraction indicates a structural slowdown in demand or merely the timing of project milestones within the Products segment.
As reported in historical income statements, Tecogen's gross margin profile has demonstrated notable instability, peaking at 45.0% in 2024Q4 before retreating to 40.9% in 2026Q1, which highlights the difficulty of maintaining pricing power amidst fluctuating input costs and the competitive pressures of the distributed generation market.
The variability in gross margins suggests that the company may be struggling to pass through rising component costs to its end-users. This trend warrants further investigation into whether the current margin profile is sustainable or if competitive pricing strategies are eroding the value-added engineering premium of the Ultera technology.
Based on the company's reported figures, Tecogen continues to struggle with negative operating leverage, as evidenced by an operating margin of -33.7% in 2026Q1, indicating that the current revenue scale is insufficient to absorb the fixed costs associated with its extensive service network and corporate overhead.
The persistent inability to scale operating income alongside revenue suggests that the company's cost structure is heavily weighted toward fixed expenses. Without a significant increase in installed base density, the company may continue to face challenges in achieving the operational efficiency required to reach a break-even point.
Financial data indicates that SG&A expenses have remained stubbornly high relative to revenue, with the company reporting $4.4 million in SG&A against $6.3 million in revenue for 2026Q1, underscoring a lack of expense discipline that continues to weigh heavily on the company's bottom-line performance.
The high ratio of SG&A to revenue suggests that the company is investing heavily in its service infrastructure and administrative support, perhaps in anticipation of future growth that has yet to materialize. This expense profile appears to be a primary driver of the company's ongoing net losses and warrants close scrutiny by stakeholders.
Quick answers to the most common questions about buying TGEN stock.
For fiscal year 2025, Tecogen Inc. (TGEN) reported total revenue of $27.1M. This represents a 144.7% increase compared to $11.1M in 2011.
Tecogen Inc. (TGEN) reported a net loss of $8.2M for the fiscal year ending 2025.
Tecogen Inc. (TGEN) reported an operating income of $-7.1M, resulting in an operating profit margin of -26.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Tecogen Inc. (TGEN) generated $9.8M in gross profit for the year, representing a gross profit margin of 36.3%. This demonstrates the company's core pricing power and production efficiency.