The widening losses and cash burn rate of $3.1M/quarter against a $9.3M cash balance (falling to $8.5M in May) give the company less than 3 quarters of runway without additional financing or a material revenue inflection. The Vertiv PO and >$8M pipeline are critical catalysts but remain unbooked — watch for 8-K filings confirming the Vertiv order and any equity or debt offering to extend runway.
Price Chart
Executive Summary
Tecogen reported Q1 2026 revenue of $6.34M (down 12.9% YoY) and a net loss of $2.12M (loss of $0.07 per share), significantly worse than the prior year's loss of $0.66M. While the company highlighted an imminent purchase order from Vertiv for a 1MW chiller deployment and a non-data center pipeline of >$8M in orders, the core financials deteriorated sharply with product revenue down 53.6%, gross margin contracting, and cash burn accelerating to $3.1M in operating cash flow.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $6.34M, down 12.9% YoY from $7.28M
- Net loss widened to $2.12M from $0.66M YoY; EPS loss of $0.07 vs $0.03 loss
- Product revenue collapsed 53.6% to $1.18M from $2.53M
- Operating cash burn accelerated to -$3.11M from -$1.17M YoY
- Cash balance fell to $9.33M from $12.43M at year-end 2025; $8.5M in May 2026
- Adjusted EBITDA worsened to -$1.68M from -$0.38M YoY
- CEO cited imminent purchase order from Vertiv for 1MW chiller deployment
- Non-data center pipeline >$8M in orders, $2.3M with PO and deposit
- Gross margin improved to 40.9% from 36.8% in Q4 2025 but down from 44.3% YoY
- Operating expenses rose 23.9% to $4.73M due to data center investments
Financial Impact
Revenue miss of ~$1.3M vs consensus $5.0M; net loss $2.12M vs $0.66M loss YoY; cash burn $3.1M/quarter
Risk Factors
- Cash runway of ~3 quarters at current burn rate without revenue inflection
- Product revenue decline of 53.6% signals lumpy order flow and execution risk
- Vertiv PO is 'imminent' but not yet booked — delay or cancellation would be negative
- Operating expenses rising 23.9% while revenue declines creates negative operating leverage
- Potential need for dilutive financing if cash burn continues
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001537435-26-000036 |
| Document: tgen-20260512.htm | 0001537435-26-000036 |
| Document: earningspresentationq120.htm | 0001537435-26-000036 |
| Document: 0001537435-26-000036-index-headers.html | 0001537435-26-000036 |
| Document: 0001537435-26-000036-index.html | 0001537435-26-000036 |
| Document: 0001537435-26-000036.txt | 0001537435-26-000036 |
| 8-K Data (Synthetic) | 0001537435-26-000036 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 12d ago | 8-K | $2.30 | awaiting T+60 | — | $1.92 (−16.52%) |
Sep 4, 2026 7w ago | EFFECT | $3.13 | awaiting T+60 | — | $1.92 (−38.66%) |
Sep 2, 2026 7w ago | EFFECT | $2.95 | awaiting T+60 | — | $1.92 (−34.92%) |
Jul 1, 2026 16w ago | 8-K | $4.93 $3.02 | ▼ −38.74% | ▼ −41.70% | $1.92 (−61.05%) |
May 12, 2026 23w ago | 8-K | $5.07 $3.89 | ▲ +23.27% | ▲ +27.71% | $1.92 (+62.13%) |
Apr 8, 2026 28w ago | 8-K | $3.09 $4.36 | ▲ +41.10% | ▲ +30.32% | $1.92 (−37.86%) |
Mar 20, 2026 31w ago | Insider Cluster | $2.23 $5.68 | ▲ +154.71% | ▲ +140.29% | $1.92 (−13.90%) |
Mar 20, 2026 31w ago | Insider Cluster | $2.23 $5.68 | ▲ +154.71% | ▲ +140.29% | $1.92 (−13.90%) |
Mar 20, 2026 31w ago | Insider Cluster | $2.23 $5.68 | ▲ +154.71% | ▲ +140.29% | $1.92 (−13.90%) |
Mar 18, 2026 31w ago | 8-K | $2.00 $5.71 | ▼ −185.50% | ▼ −173.97% | $1.92 (+4.00%) |
US Market Status
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