Tecogen Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, revenues increased to $6.08 million, up from $5.90 million in Q4 2023, and the net loss narrowed to $1.19 million from $1.85 million in Q4 2023. For the full year 2024, the net loss was $4.76 million, slightly higher than the $4.60 million loss in 2023.
The full-year 2024 Products revenue decreased by 50% to $4.9 million, primarily due to the disruptive factory relocation that occurred in April 2024. In contrast, the Services segment demonstrated steady growth, increasing 20% in FY 2024 to $16.1 million, bolstered by the phased acquisition of Aegis maintenance contracts.
Tecogen generated $4.06 million in cash from operations during the year ended December 31, 2024. The company also used $0.97 million in cash to acquire property, plant, and equipment, mainly for improvements at its North Billerica facility. Management expects sequential revenue increases in the coming quarters, forecasting quarterly revenue greater than $6 million in Q4 2024, greater than $7 million in Q1 2025, and higher thereafter.
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