Tecogen公司2025年季度报告

Title of Each ClassTrading Symbol Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements forthe past 90 days.YesýNo¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesýNo¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or anemerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" inRule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated fileroNon–Accelerated Filer☒Smaller reporting 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 orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨ As of May12, 2025,25,259,267shares of common stock, $0.001 par value per share, of the registrant were issued and outstanding. Note 1.Description of Business and Basis of Presentation Description of Business Tecogen Inc. (together with its subsidiaries "we", "our", "us", "Tecogen," or "Company"), a Delaware corporation, was incorporatedon September 15, 2000. We produce commercial and industrial, natural-gas-fueled engine-driven, combined heat and power (CHP) productsthat reduce energy costs, decrease greenhouse gas emissions and alleviate congestion on the national power grid. Our products supply electricpower or mechanical power for cooling, while heat from the engine is recovered and purposefully used at a facility. The majority of our Our operations are comprised ofthreebusiness segments. Our Products segment designs, manufactures and sells industrial andcommercial cogeneration systems. Our Services segment provides operation and maintenance services to customers for our products. Our Liquidity, Going Concern and Management's Plans The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles("U.S. GAAP") assuming that we will continue as a going concern, which contemplates the realization of assets and the settlement ofobligations in the normal course of business. As of March31, 2025, our cash and cash equivalents were $4,066,793, compared to $5,405,233atDecember31, 2024, a decrease of $1,338,440. For the three months ended March 31, 2025 we used $1,173,403in cash from operations and anoperating loss of $594,244, due to a decrease in Services gross margin percentage due to higher labor and material costs and an increase in As a result of the above factors, management has performed an analysis to evaluate the entity’s ability to continue as a going concernfor one year after the financial statements issuance date. Management’s analysis includes forecasting future revenues, expenditures and cashflows, taking into consideration past performance as well as key initiatives recently undertaken. Our forecasts are dependent on our ability tomaintain margins based on the Company's ability to close on new and expanded business, leverage existing working capital, and effectivelymanage expenses. New and expanded business includes the newly developed hybrid-drive air-cooled chillers, the acquisition of additionalmaintenance contracts in February 2024 and May 2024, and the expansion of markets served by our chiller products into the data center market,which is currently experiencing power constraints. Our backlog at March31, 2025 was $9,522,015. Based on management's analysis, webelieve that cash flows from operations and the proceeds from related party notes will be sufficient to fund operations over the next twelve Our common stock is listed on the NYSE American stock exchange and trades under the symbol "TGEN." See Note 14. SubsequentEvents of the Notes to Condensed Consolidated Financial Statements. Basis of Presentation The financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board, orFASB. The FASB sets generally accepted accounting principles, or GAAP, to ensure financial condition, results of operations, and cash flowsare consistently reported. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification, or The accompanying condensed consolidated financial statements include our accounts and the accounts of the entities in which we havea controlling fin