2023-03-16 14:55:02 ET
- Tecogen ( OTC:TGEN ) reported a Q4 net loss of $1.4M for the quarter ended Dec. 31, 2022 and $2.4M for the full year compared to net income of $0.1M and $3.7M, respectively, in 2021.
- Decrease in net income was due to lower gross profit and increased operating expenses in 2022.
- Gross margin decreased to 44.3% for the year ended Dec. 31, 2022 compared to 47.5% for the same period in 2021; year-end cash balance was $1.9M and no debt.
- Operating loss was $1.4M for the quarter compared to an operating profit of $0.1M during the same period in 2021.
- Revenue narrowed 36.9% to $4.5M led by product revenue drop of 72.9% and services revenue decreased 2.3%; Energy Production revenue expanded 29.4%.
- Adj. EBITDA loss was $1.1M for Q4 compared to income of $284K led by an overall increase in administrative costs, the impairment of long-lived assets, an increase in reserves for bad debt, a litigation provision and increased R&D expenses associated with the development of the air-cooled chiller.
- "We recently launched the hybrid air-cooled chiller at AHR 2023, which is the largest HVAC trade show in North America. It was well received with significant interest from a variety of parties," CEO Abinand Rangesh commented.
- The company saw a backlog increase to $7.58M from $6.6M; there is no debt.
For further details see:
Tecogen slumps on weakening Q4