TECOGEN INC.
TGEN · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip · 29.9M shares · +0%/yr ↑ shares · EDGAR filings ↗
Reference price $0.79 · est. market cap ~$24M — last insider purchase, 2026-04-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D45Sub-scale CHP/chiller maker with deep operating losses, going-concern language, and negative cash generation despite a fresh equity raise.
Strengths
- Healthy liquidity post-raise — current ratio 3.1, quick ratio 1.9; ~$18M net proceeds in 2025
- Recurring service/energy-production revenue and a new Vertiv data-center cooling channel
Risks
- Deeply negative profitability — operating margin -30%, ROE -38% (22nd pct)
- Going-concern disclosure and negative FCF (-$10.3M, fcf margin -38%)
- Supply-chain and order-deferral pressure on a small revenue base
Notable findings
- Net lossNet loss (net margin -30.5%)
- Cash burnNegative free cash flow (-10.3M)
- Customer concentration~10% of revenue from one customer/distributor — Although we may, from time to time, have one or a few customers who may represent more than 10% of our product revenue for a given year, we are not dependent on the recurrence of revenue from those cu
- Insider buyingInsider buying — 8 open-market buy(s) by 6 insider(s) (cluster of 6 insiders, ~$134,049, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
36.3%
Operating margin
-30.5%
Net margin
-30.5%
Return on equity
-38.1%
Return on assets
-22.3%
Revenue growth (QoQ)
19.1%
Current ratio
3.1×
Free cash flow
-$10M
EBITDA
-$7M
Tangible book value
$18M
Cash & investments
$12M
Cash runway
5q
Stock comp / revenue
1.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-24 | Ghoniem Ahmed | Buy | 13K | $0.79 |
| 2026-04-13 | Hirsch Susan B | Buy | 5.0K | $3.73 |
| 2026-03-27 | Hirsch Susan B | Buy | 10K | $2.54 |
| 2026-03-27 | Lewis Earl | Buy | 5.0K | $2.52 |
| 2026-03-26 | Lewis Earl | Buy | 5.0K | $2.88 |
| 2026-03-23 | Whiting John Kimball IV | Buy | 10K | $2.38 |
| 2026-03-20 | Rangesh Abinand | Buy | 3.0K | $2.30 |
| 2026-03-20 | Deschenes Roger P. | Buy | 10K | $2.23 |
| 2026-03-20 | Hatsopoulos John | Option exercise | 50K | $0.88 |
| 2025-07-24 | Lafaille Stephen | Grant | 12K | — |
| 2025-07-24 | Whiting John Kimball IV | Grant | 12K | — |
| 2025-07-24 | Deschenes Roger P. | Grant | 18K | — |
| 2025-07-24 | Rangesh Abinand | Grant | 54K | — |
| 2025-06-24 | PANORA ROBERT A | Sell | 900 | $6.86 |
| 2025-06-23 | PANORA ROBERT A | Sell | 32K | $6.36 |
| 2025-06-23 | Lafaille Stephen | Option exercise | 10K | $1.10 |
| 2025-06-23 | Lafaille Stephen | Sell | 10K | $7.25 |
| 2025-06-18 | PANORA ROBERT A | Sell | 13K | $5.03 |
| 2025-06-16 | PANORA ROBERT A | Option exercise | 52K | $1.10 |
| 2025-06-16 | PANORA ROBERT A | Option exercise | 13K | $0.79 |
| 2025-06-16 | PANORA ROBERT A | Option exercise | 30K | $0.71 |
| 2025-06-16 | PANORA ROBERT A | Option exercise | 52K | $1.10 |
| 2025-06-16 | PANORA ROBERT A | Option exercise | 13K | $0.79 |
| 2025-06-16 | PANORA ROBERT A | Option exercise | 30K | $0.71 |
| 2025-06-06 | Lafaille Stephen | Option exercise | 25K | $1.10 |
| 2025-06-06 | Lafaille Stephen | Sell | 25K | $5.98 |
| 2025-06-04 | PANORA ROBERT A | Sell | 31K | $5.00 |
| 2025-06-04 | Lafaille Stephen | Option exercise | 15K | $0.71 |
| 2025-06-04 | Lafaille Stephen | Sell | 15K | $5.00 |
| 2025-06-03 | Lafaille Stephen | Sell | 10K | $4.88 |
| 2025-06-03 | PANORA ROBERT A | Sell | 26K | $4.69 |
| 2025-06-03 | Lafaille Stephen | Option exercise | 10K | $0.71 |
| 2025-05-27 | PANORA ROBERT A | Option exercise | 70K | $0.71 |
| 2025-05-06 | LEWIS EARL R | Option exercise | 15K | $1.75 |
| 2025-05-06 | LEWIS EARL R | Option exercise | 6.2K | $1.10 |
| 2025-05-06 | LEWIS EARL R | Option exercise | 12K | $1.20 |
| 2025-05-01 | LEWIS EARL R | Other | 240K | $2.14 |
| 2025-03-03 | Lafaille Stephen | Buy | 400 | $2.50 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-05 | 2026-06-05 | 0001537435-26-000040 ↗ |
| 10-Q | 2026-05-13 | 2026-03-31 | 0001537435-26-000038 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001537435-26-000036 ↗ |
| 8-K | 2026-04-08 | 2026-04-08 | 0001537435-26-000027 ↗ |
| 10-K | 2026-03-19 | 2025-12-31 | 0001537435-26-000013 ↗ |
| 8-K | 2026-03-18 | 2026-03-17 | 0001537435-26-000008 ↗ |
| 8-K | 2026-01-07 | 2026-01-06 | 0001537435-26-000003 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001537435-25-000143 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001537435-25-000141 ↗ |
| 8-K | 2025-09-17 | 2025-09-17 | 0001537435-25-000137 ↗ |
| 8-K | 2025-09-04 | 2025-09-02 | 0001537435-25-000134 ↗ |
| 10-Q | 2025-08-13 | 2025-06-30 | 0001537435-25-000131 ↗ |