Tecogen Inc. announced its financial results for the third quarter ended September 30, 2024, reporting revenues of $5.63 million. This represents a decrease compared to revenues of $7.11 million reported in the same period of 2023. The company's net loss for Q3 2024 increased to $0.93 million, up from a net loss of $0.48 million in Q3 2023.
During the nine months ended September 30, 2024, Tecogen used $117 thousand in cash from operations. Additionally, the company invested $839 thousand in property, plant, and equipment during this nine-month period. These investments were primarily for improvements at its North Billerica facility.
The reported financial figures indicate a challenging quarter for Tecogen, with both top-line revenue declining and net losses widening year-over-year. The cash usage for operations and capital expenditures highlights the ongoing investment needs of the business.
The company's backlog was reported as growing, but specific figures for Q3 2024 were not provided in the detailed earnings release. Strategic market expansions were also noted as ongoing initiatives despite the financial challenges.
Management's focus remains on navigating operational challenges while pursuing strategic growth. The financial results underscore the importance of upcoming initiatives to reverse the trend of declining revenues and increasing losses.
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