8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report: May 10, 2023

TECOGEN INC. (OTCQX: TGEN)

(Exact Name of Registrant as Specified in Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

001-36103	04-3536131
(Commission File Number)	(IRS Employer Identification No.)
45 First Avenue
Waltham, Massachusetts	02451
(Address of Principal Executive Offices)	(Zip Code)

(781) 466-6400

(Registrant's telephone number, including area code)

_______________________________________________

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class Trading Symbol Name of exchange on which registered

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On May 10, 2023, the registrant issued a press release with earnings commentary and supplemental information for the three months ended March 31, 2023. The press release is furnished as Exhibit 99.01 to this Current Report on Form 8-K.

The information in this Item 2.02 and Exhibit 99.01 to this Current Report on Form 8-K shall shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

On May 11, 2023, the registrant will present the attached slides online in connection with an earnings conference call. The slides are being furnished as Exhibit 99.02 to this Current Report on Form 8-K.

The information in this Item 7.01 and Exhibit 99.02 to this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibits relating to Items 2.02 and 7.01 shall be deemed to be furnished, and not filed:

Exhibit	Description
99.01	Earnings Release dated May 10, 2023 for the three months ended March 31, 2023.
99.02	Tecogen Earnings Call Presentation dated May 11, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	TECOGEN INC.
		By: /s/ Abinand Rangesh
May 10, 2023		Abinand Rangesh, Chief Executive Officer

EX-2.02

Tecogen Announces First Quarter 2023 Results

Revenues of $5.4 million

WALTHAM, Mass., May 10, 2023 - Tecogen Inc. (OTCQX:TGEN), a leading manufacturer of clean energy products, reported revenues of $5.4 million and net loss of $1.5 million for the quarter ended March 31, 2023 compared to revenues of $7.4 million, and a net profit of $0.1 million in 2022. We used $0.3 million in cash from operations during the quarter and ended the quarter with a cash balance of $1.6 million.

“Although we saw revenue decline towards the end of 2022, in Q1 2023 we saw revenue increase 35% compared to Q4 2022. Our sales pipeline for products is expanding so we are optimistic of continued and sustained improvements to the top line. In the past month, we have added significantly to recurring service revenues as a result of the Aegis service transaction and are starting to see tremendous customer interest for the air-cooled chiller. During the conference call, I will discuss in more detail our progress against our objectives." commented Abinand Rangesh, Tecogen's Chief Executive Officer.

Key Takeaways

Net Income (Loss) and Earnings Per Share

•Net loss in Q1 2023 was $1.5 million compared to net income of $0.1 million in Q1 2022, a decrease of $1.6 million, primarily due to lower Products and Services margin and increased operating expense. EPS was $(0.06)/share and $0.00/share in Q1 2023 and Q1 2022, respectively.

Income from Operations

•Loss from operations for the three months ended March 31, 2023 was $1.4 million compared to income from operations of $81 thousand for the same period in 2022, a decrease of $1.5 million. The loss from operations in Q1 2023 was due to decreased revenues and margin combined with increased operating expenses.

Revenues

•Revenues for the quarter ended March 31, 2023 were $5.4 million compared to $7.4 million for the same period in 2021, a 27.7% decrease.

◦Product revenue was $1.7 million in Q1 2023 compared to $3.9 million in the same period in 2022, a decrease of 56.6%, primarily due to decreased sales of cogeneration and chiller units.

◦Services revenue was $3.1 million in Q1 2023 compared to $2.9 million in the same period in 2022, an increase of 7.5%.

◦Energy Production revenue was $534 thousand in Q1 2023 compared to $582 thousand in the same period in 2022, a decrease of 8.3% due to seasonality.

Gross Profit

•Gross profit for the first quarter of 2023 was $2.1 million compared to $3.1 million in the first quarter of 2022. Gross margin reduced to 38.9% in the first quarter compared to 41.6% for the same period in 2022. The decline in gross profit margin was driven by the product mix and service margins. In particular, as supply chain constraints for engines eased, we performed a significant number of engine replacements in the quarter so Service margin was lower than usual.

Operating Expenses

•Operating expenses increased by 17.7% to $3.5 million for the first quarter of 2023 compared to $3.0 million in the same period in 2022. There were significant marketing costs associated with the launch of the air-cooled chiller in Q1 2023 and the operating costs in Q1 2022 were favorably impacted by the gains on the disposal of assets and corresponding reversal of the unfavorable contract liability associated with the asset.

Adjusted EBITDA(1) was negative $1.3 million for the first quarter of 2023 compared to $154 thousand for the first quarter of 2022. (Adjusted EBITDA is defined as net income or loss attributable to Tecogen, adjusted for interest, income taxes, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on investment securities, goodwill impairment charges and other non-cash non-recurring charges or gains including abandonment of intangible assets and the extinguishment of debt. See the table following the Condensed Consolidated Statements of Operations for a reconciliation from net income (loss) to Adjusted EBITDA, as well as important disclosures about the company's use of Adjusted EBITDA).

Conference Call Scheduled for May 10, 2023, at 9:30 am ET

Tecogen will host a conference call on May 10, 2023 to discuss the first quarter results beginning at 9:30 am eastern time. To listen to the call please dial (877) 407-7186 within the U.S. and Canada, or (201) 689-8052 from other international locations. Participants should ask to be joined to the Tecogen First Quarter 2023 earnings call. Please begin dialing 10 minutes before the scheduled starting time. The earnings press release will be available on the Company website at www.Tecogen.com in the "News and Events" section under "About Us." The earnings conference call will be webcast live. To view the associated slides, register for and listen to the webcast, go to https://ir.tecogen.com/ir-calendar. Following the call, the recording will be archived for 14 days.

The earnings conference call will be recorded and available for playback one hour after the end of the call. To listen to the playback, dial (877) 660-6853 within the U.S. and Canada, or (201) 612-7415 from other international locations and use Conference Call ID#: 13672659.

About Tecogen

Tecogen Inc. designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including engine-driven combined heat and power, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company provides cost effective, environmentally friendly and reliable products for energy production that nearly eliminate criteria pollutants and significantly reduce a customer’s carbon footprint.

In business for over 35 years, Tecogen has shipped more than 3,150 units, supported by an established network of engineering, sales, and service personnel across the United States. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.

Tecogen, InVerde e+, Ilios, Tecochill, Tecopower, Tecofrost, Tecopack, Ultera and NetZero Greens are registered or pending trademarks of Tecogen Inc.

Forward Looking Statements

This press release and any accompanying documents, contain “forward-looking statements” which may describe strategies, goals, outlooks or other non-historical matters, or projected revenues, income, returns or other financial measures, that may include words such as "believe," "expect," "anticipate," "intend," "plan,"  "estimate," "project," "target," "potential," "will," "should," "could," "likely," or "may" and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements.

In addition to those factors described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and on our Form 8-K, under “Risk Factors”, among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth.

In addition to GAAP financial measures, this press release includes certain non-GAAP financial measures, including adjusted EBITDA which excludes certain expenses as described in the presentation. We use Adjusted EBITDA as an internal measure of business operating performance and believe that the presentation of non-GAAP financial measures provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance by eliminating items that vary from period to period without correlation to our core operating performance and highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures.

Tecogen Media & Investor Relations Contact Information:

Abinand Rangesh

P: 781-466-6487

E: Abinand.Rangesh@tecogen.com

TECOGEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

	March 31, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	1,629,103	$	1,913,969
Accounts receivable, net	6,758,360		6,714,122
Employee retention credit	46,148		713,269
Unbilled revenue	1,788,902		1,805,330
Inventories, net	11,862,782		10,482,729
Prepaid and other current assets	265,019		401,189
Total current assets	22,350,314		22,030,608
Long-term assets:
Property, plant and equipment, net	1,290,228		1,407,720
Right of use assets	1,084,033		1,245,549
Intangible assets, net	947,885		997,594
Goodwill	2,406,156		2,406,156
Other assets	164,815		165,230
TOTAL ASSETS	$	28,243,431	$	28,252,857
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	4,167,461		3,261,952
Accrued expenses	2,240,523		2,384,447
Deferred revenue, current	2,108,082		1,115,627
Lease obligations, current	646,805		687,589
Unfavorable contract liability, current	223,230		236,705
Total current liabilities	9,386,101		7,686,320
Long-term liabilities:
Deferred revenue, net of current portion	231,969		371,823
Lease obligations, net of current portion	496,526		623,452
Unfavorable contract liability, net of current portion	535,706		583,512
Total liabilities	10,650,302		9,265,107
Stockholders’ equity:
Tecogen Inc. shareholders’ equity:
Common stock, $0.001 par value; 100,000,000 shares authorized; 24,850,261 issued and outstanding at March 31, 2023 and December 31, 2022	24,850		24,850
Additional paid-in capital	57,428,356		57,351,008
Accumulated deficit	(39,771,577)		(38,281,548)
Total Tecogen Inc. stockholders’ equity	17,681,629		19,094,310
Non-controlling interest	(88,500)		(106,560)
Total stockholders’ equity	17,593,129		18,987,750
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	28,243,431	$	28,252,857

TECOGEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	Three Months Ended
	March 31, 2023		March 31, 2022
Revenues
Products	$	1,710,136	$	3,939,481
Services	3,136,173		2,917,280
Energy production	533,509		581,562
Total revenues	5,379,818		7,438,323
Cost of sales
Products	1,212,568		2,644,756
Services	1,737,602		1,366,752
Energy production	337,739		336,027
Total cost of sales	3,287,909		4,347,535
Gross profit	2,091,909		3,090,788
Operating expenses
General and administrative	2,792,483		2,473,903
Selling	520,070		501,091
Research and Development	229,102		140,135
Gain on disposition of assets	—		(33,945)
Gain on termination of unfavorable contract liability	—		(71,375)
Total operating expenses	3,541,655		3,009,809
Income (loss) from operations	(1,449,746)		80,979
Other income (expense)
Other income (expense), net	830		(14,150)
Interest expense	(415)		(828)
Unrealized gain on investment securities	—		37,497
Total other income (expense), net	415		22,519
Income (loss) before income taxes	(1,449,331)		103,498
Provision for state income taxes	22,638		3,930
Consolidated net income (loss)	(1,471,969)		99,568
Income attributable to the non-controlling interest	(18,060)		(10,159)
Net income (loss) attributable to Tecogen Inc.	$	(1,490,029)	$	89,409
Net income (loss) per share - basic	$	(0.06)	$	—
Net income (loss) per share - diluted	$	(0.06)	$	—
Weighted average shares outstanding - basic	24,850,261		24,850,261
Weighted average shares outstanding - diluted	24,850,261		25,028,616

	Three Months Ended
	March 31, 2023		March 31, 2022
Non-GAAP financial disclosure (1)
Net income (loss) attributable to Tecogen Inc.	$	(1,490,029)	$	89,409
Interest expense, net	415		828
Income taxes	22,638		3,930
Depreciation & amortization, net	105,920		107,061
EBITDA	(1,361,056)		201,228
Gain on disposition of assets	—		(33,945)
Gain on termination of unfavorable contract liability	—		(71,375)
Stock based compensation	77,348		95,707
Unrealized gain on investment securities	—		(37,497)
Adjusted EBITDA	$	(1,283,708)	$	154,118

(1) Non-GAAP Financial Measures

In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, this news release contains information about Adjusted EBITDA (net income (loss) attributable to Tecogen Inc adjusted for interest, income taxes, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on investment securities, goodwill impairment charges and other non-cash non-recurring charges including abandonment of certain intangible assets and extinguishment of debt), which is a non-GAAP measure.  The Company believes Adjusted EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results.  Adjusted EBITDA is not calculated through the application of GAAP.  Accordingly, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure.  The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.

TECOGEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Three Months Ended
	March 31, 2023		March 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income (loss)	$	(1,471,969)	$	99,568
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	105,920		107,061
Stock-based compensation	77,348		95,707
Gain on disposition of assets	—		(33,945)
Unrealized gain on investment securities	—		(37,497)
Gain on termination of unfavorable contract liability	—		(71,375)
Changes in operating assets and liabilities
(Increase) decrease in:
Accounts receivable	(44,238)		850,674
Employee retention credit	667,121		—
Unbilled revenue	16,428		351,259
Inventory	(1,380,052)		8,252
Prepaid assets and other current assets	136,170		2,014
Other assets	161,931		152,888
Increase (decrease) in:
Accounts payable	905,509		894,418
Accrued expenses and other current liabilities	(143,923)		134,795
Deferred revenue	852,600		(504,229)
Other liabilities	(167,711)		(155,119)
Net cash provided by (used in) operating activities	(284,866)		1,894,471
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	—		(80,873)
Purchases of intangible assets	—		(16,220)
Proceeds from disposition of assets	—		64,669
Distributions to non-controlling interest	—		(15,640)
Net cash used in investing activities	—		(48,064)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from note payable	—		—
Net cash provided by financing activities	—		—
Net increase in cash and cash equivalents	(284,866)		1,846,407
Cash and cash equivalents, beginning of the period	1,913,969		3,614,463
Cash and cash equivalents, end of the period	$	1,629,103	$	5,460,870
Supplemental disclosures of cash flows information:
Cash paid for interest	$	—	$	413
Cash paid for taxes	$	22,638	$	3,930

EX-7.01

OTCQX: TGEN Q1 2023 EARNINGS CALL MAY 11, 2023 1

MANAGEMENT Abinand Rangesh – CEO & CFO Robert Panora – COO & President Roger Deschenes – CAO Jack Whiting – General Counsel & Secretary 2

SAFE HARBOR STATEMENT This presentation and accompanying documents contain “forward-looking statements” which may describe strategies, goals, outlooks or other non- historical matters, or projected revenues, Income, returns or other financial measures, that may include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "target," "potential," "will," "should," "could," "likely," or "may" and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. In addition to those factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under “Risk Factors”, among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth. In addition to GAAP financial measures, this presentation includes certain non-GAAP financial measures, including adjusted EBITDA which excludes certain expenses as described in the presentation. We use Adjusted EBITDA as an internal measure of business operating performance and believe that the presentation of non-GAAP financial measures provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance by eliminating items that vary from period to period without correlation to our core operating performance and highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. 3

AGENDA Progress Update 1Q 2023 Results Q&A 4

PROGRESS UPDATE Q1 23 Revenue was 28% lower than Q1 22 but 35% higher than Q4 2022 Expect every subsequent quarter in 2023 to have higher revenue than the previous quarter Backlog at Q1 is $7.1m Not included in backlog are some large projects with a total of >20 engines. Optimistic about these projects shipping later in year. Cash position stable at $1.6m at quarter end and $2.1m presently Strong customer interest for hybrid chiller. Expect first PO by August No Debt Multi-Family Residential 49% Controlled Environment Agriculture 22% Other 29% Backlog by Customer Type 5

POWER GENERATION + RESILIENCY CLEAN COOLING Hybrid and Engine Driven Chillers with lower operating cost and lower greenhouse gas footprint compared to competing solutions LONG TERM MAINTENANCE & ENERGY ASSET MANAGEMENTModular microgrids for energy savings, greenhouse gas (GHG) reductions and resiliency to grid outages Helping customers achieve predictable energy savings with comprehensive maintenance services

REVENUE SEGMENTS We service most purchased Tecogen equipment in operation through long term maintenance agreements through 11 service centers in North America and perform certain equipment installation work. SERVICES CLEAN, GREEN POWER, COOLING AND HEAT Sales of combined heat and power, and clean cooling systems to building owners. Key market segments include multifamily residential, health care and indoor cultivation. PRODUCT SALES We sell electrical energy and thermal energy produced by our equipment onsite at customer facilities. ENERGY SALES 7

BUSINESS MODEL 8 Product Sale Service Year 1 Service Year 5 Service Year 10 Service Year 15 Service Year 20 Cost Operating Segment Profit Most products are sold with a long-term maintenance contract Each unit we place in service increases the long-term recurring revenue

1Q 2023 RESULTS Key Points • Net loss of $0.06/share Q1 2023 • Net Loss $1.5m • Cash and equivalents balance of $1.6 million Revenue = $5.4 million, down 25% from Q1 22 Gross Profit = $2.1 million, down 32% from Q1 22 Op Ex = $3.5 million 9 $ in thousands 1Q'23 1Q'22 QoQ Change % Revenue Products $ 1,710 $ 3,939 $ (2,229) Service 3,136 2,917 219 Energy Production 534 582 (48) Total Revenue 5,380 7,438 (2,059) -27.7% Gross Profit Products 498 1,295 (797) Service 1,399 1,551 (152) Energy Production 196 246 (50) Total Gross Profit 2,092 3,091 (999) -32.3% Gross Margin: % Products 29% 33% -4% Service 45% 53% -9% Energy Production 37% 42% -6% Total Gross Margin 39% 42% -3% Operating Expenses General & administrative 2,792 2,474 319 Selling 520 501 19 Research and development 229 140 89 Impairment and other expenses - (105) 105 Total operating expenses 3,542 3,010 532 17.7% Operating profit (loss) (1,450) 81 (1,531) -1890.3% Net Income (loss) $ (1,490) $ 89 $ (1,579) -1774.2%

1Q 2023 ADJUSTED EBITDA RECONCILIATION EBITDA: Earnings Before Interest, Taxes, Depreciation & Amortization EBITDA and adjusted EBITDA were both negative at $1.36m and $1.28m respectively EBITDA Non-cash adjustments • Stock based compensation • Unrealized and realized (gain) loss on investment securities • Other non-recurring charges or gains *Adjusted EBITDA is defined as net Income (loss) attributable to Tecogen Inc, adjusted for interest, depreciation and amortization, stock-based compensation expense, unrealized loss on investment securities, non-cash abandonment of intangible assets, goodwill impairment and other non-recurring charges or gains including abandonment of certain intangible assets and extinguishment of debt 10 Non-GAAP financial disclosure (in thousands) 2023 2022 Net income (loss) attributable to Tecogen Inc. (1,490)$ 89$ Interest expense, net - 1 Income tax expense 23 4 Depreciation & amortization, net 106 107 EBITDA (1,361) 201 Stock based compensation 77 96 Unrealized gain on marketable securities - (37) Gain on disposition of assets - (34) Gain on termination of unfavorable contract liability - (71) Adjusted EBITDA* (1,284)$ 154$ Quarter Ended, March 31

1Q 2023 PERFORMANCE BY SEGMENT Products Chiller margin has recovered to >40% Cogeneration margin caused the overall reduction in product margin due to supply contract from 2022 with existing customer. Current pricing going forward. Services Service contracts revenue increased 8% Service margin lower in Q1 23 due to timing of engine replacements in Ontario. Energy Production Revenue decreased 8% QoQ 11 1Q Revenues ($ thousands) 2023 2022 QoQ Change % Revenues Cogeneration 544$ 2,174$ -75% Chiller 1,069 1,607 -33% Engineered accessories 97 158 -39% Total Product Revenues 1,710 3,939 -57% Service Contracts 3,136 2,897 8% Installation Services - 20 -100% Total Service Revenues 3,136 2,917 8% Energy Production 534 582 -8% Total Revenues 5,380 7,438 -28% Cost of Sales Products 1,212 2,645 -54% Services 1,738 1,367 27% Energy Production 338 336 1% Total Cost of Sales 3,288 4,348 -24% Gross Profit 2,092 3,091 -32% Net income (loss) (1,490)$ 89$ Gross Margin Products 29% 33% Services 45% 53% Energy Production 37% 42% Overall 39% 42% QTD Gross Margin 2022 2022 Target Overall 39% 42% >40%

2023 Goals SUMMARY AND Q&A Company Information Tecogen Inc. 45 First Ave Waltham, MA 02451 www.Tecogen.com Contact information Abinand Rangesh, CEO 781.466.6487 Abinand.rangesh@Tecogen.com 12  Free up cash and stabilize business  Grow Service division  Make products easier to sell and install  Improve sales distribution system via owner direct sales channel partners & developers  Build up backlog for the Air-Cooled chiller

XML

Cover	May 10, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	May 10, 2023
Entity Registrant Name	TECOGEN INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36103
Entity Tax Identification Number	04-3536131
Entity Address, Address Line One	45 First Avenue
Entity Address, State or Province	MA
Entity Address, City or Town	Waltham
Entity Address, Postal Zip Code	02451
City Area Code	781
Local Phone Number	466-6400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001537435