What is the market's earnings forecast for Tecogen next quarter?

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Did Tecogen beat or miss consensus estimates last quarter?

What does Tecogen do and what are its main business segments?

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What were the key takeaways from Tecogen's earnings call?

What guidance did Tecogen's management provide for the next earnings period?

What were the key takeaways from Tecogen’s earnings call?

- **Strategic Pivot Success**: Data center cooling strategy gains traction with hyperscalers, with potential for hundreds of chillers annually.
- **Manufacturing Expansion**: Contract manufacturing and factory layout changes to scale production, with dual-power chillers in testing.
- **Financial Challenges**: Q3 net loss widens to $2.13 million due to service margin decline (30.4% gross margin vs. 44.1% YoY).
- **Key Projects**: 
  - 6-unit LOI expanding to 3 projects (200+ MW IT load).
  - Las Vegas Convention Center chillers shipped, 10-year service contract to begin early 2026.
- **Partnership Momentum**: Vertiv partnership accelerates with U.S. chilled water group leading joint sales efforts.
- **Cash Position**: $14 million (pre-collection of $2.5 million), no debt post-related party note repayment.

**【CEO Summary Section】**
- **Data Center Strategy Momentum**: Significant interest from well-known colocation developers, including NVIDIA, AMD, and hyperscalers. Feedback on natural gas chillers is positive, with potential for hundreds of chillers annually.
- **Vertiv Partnership Acceleration**: Vertiv's U.S. chilled water group now leading the partnership, with joint sales efforts and validation processes underway.
- **Project Progress**: 
  - 6-unit LOI with an independent developer expanding to 3 projects (200+ MW IT load).
  - Las Vegas Convention Center chillers shipped, expected online early 2026.
  - Cannabis and multifamily projects expected to close late Q3/Q4.
- **Manufacturing Expansion**: 
  - Contract manufacturing for sheet metal assemblies expected Q4 2025.
  - Factory layout changes to increase throughput.
  - Dual-power source chiller testing underway.
- **Financial Highlights**: 
  - Backlog: $4 million (cannabis, Las Vegas Convention Center).
  - Cash position: $14 million (pre-collection of $2.5 million).
  - No debt post-related party note repayment.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q3 2025 total revenue $7.2 million (+28% YoY), driven by 115% product revenue increase.
- **Net Loss**: $2.13 million (vs. $0.93 million YoY), due to service margin decline (36.8% to 25.3%) from engine replacements and higher costs.
- **Gross Margin Decline**: 3.8% YoY to 30.4%, primarily from services segment (25.3% margin vs. 44.4% YoY).
- **Operating Expenses**: +28% QoQ to $4.28 million, driven by R&D, recruitment, and insurance costs.
- **Segment Performance**: 
  - Products: $2.98 million (+115% YoY), margin 36.8% (down 5.9% YoY).
  - Services: $3.94 million (+2.4% QoQ), margin 25.3% (down 19.1% YoY).
  - Energy: $256k (-34% YoY), margin 34.4% (down 10.8% YoY).

**【Q&A Highlights】**
- **Manufacturing & Supply Chain**: 
  - Sheet metal outsourcing with contract manufacturers for air-cooled chillers.
  - First article testing for dual-power chillers expected Q4 2025.
- **Service Margin Improvement**: 
  - $700k investment in engine replacements reducing service intervals by 50%.
  - Margins expected to stabilize as data from engine upgrades validates long-term benefits.
- **Vertiv Collaboration**: 
  - Joint sales calls and teach-ins for Vertiv salesforce.
  - Focus on value propositions like uninterrupted cooling during power outages.
- **Data Center Market Dynamics**: 
  - Hyperscalers prefer Tecogen chillers over on-site power generation (50% cost savings).
  - Retrofit opportunities limited; focus on greenfield AI data centers.
- **Timing of Orders**: 
  - Independent developer projects likely 2026-2027.
  - Hyperscaler projects dependent on validation timelines.


Tecogen Inc.(TGEN)-20251113-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TGEN

TGEN fundamentals

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