TECOGEN INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Tecogen Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

TECOGEN INC. (TGEN) filed a Annual Report (10-K) with the SEC on March 25, 2024. Tecogen Inc. filed its 2023 10-K report on March 25, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in the Air Conditioning & Warm Air Heating Equipment sector. Tecogen Inc. is incorporated in Delaware. The company's principal executive offices are located at 45 First Avenue, Waltham, MA.

Why It Matters

For investors and stakeholders tracking TECOGEN INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Tecogen's financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. As a public company, Tecogen is required to disclose detailed financial information and business activities, offering transparency to shareholders and the market regarding its operations in the Air Conditioning & Warm Air Heating Equipment industry.

Risk Assessment

Risk Level: medium — TECOGEN INC. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, specific financial details and market conditions mentioned within the report will determine the actual risk level.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand Tecogen's performance and identify any emerging risks or opportunities.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-25 — Filing Date (FILED AS OF DATE)
• 001-36103 — SEC File Number (SEC FILE NUMBER)
• 3585 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• TECOGEN INC. (company) — COMPANY CONFORMED NAME
• 0001537435 (company) — CENTRAL INDEX KEY
• 3585 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• WALTHAM (company) — CITY
• MA (company) — STATE
• 781-466-6400 (company) — BUSINESS PHONE
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT

FAQ

Industry Context

Tecogen Inc. operates in the Air Conditioning & Warm Air Heating Equipment & Commercial & Industrial Refrigeration Equipment industry, a sector focused on manufacturing and distributing climate control and refrigeration solutions.

Regulatory Implications

As a publicly traded company, Tecogen Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze Tecogen's revenue streams and cost structures for the fiscal year 2023.
2. Examine any disclosed risks and uncertainties that could impact future performance.
3. Review management's discussion and analysis of financial condition and results of operations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-25: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Comparison to prior periods will be available in subsequent filings or by referencing previous 10-K reports.

Key Financial Figures

• $170,000 — ehicles for consideration consisting of $170,000 in cash. Also, we issued credits agains
• $300,000 — eivable due from Aegis in the amount of $300,000 for the acquisition of inventory that A

Filing Documents

• tgen-20231231.htm (10-K) — 1448KB
• walthamleaseextension312.htm (EX-10.29) — 1KB
• jnhloanrepayment.htm (EX-10.30) — 1KB
• tgn-20231231xex231.htm (EX-23.1) — 2KB
• tgn-20231231xex311.htm (EX-31.1) — 9KB
• tgn-20231231xex321.htm (EX-32.1) — 4KB
• jnhloanrepayment001.jpg (GRAPHIC) — 103KB
• tgen-20231231_g1.jpg (GRAPHIC) — 95KB
• walthamleaseextension312001.jpg (GRAPHIC) — 149KB
• 0001537435-24-000022.txt (&nbsp;) — 9059KB
• tgen-20231231.xsd (EX-101.SCH) — 71KB
• tgen-20231231_cal.xml (EX-101.CAL) — 108KB
• tgen-20231231_def.xml (EX-101.DEF) — 340KB
• tgen-20231231_lab.xml (EX-101.LAB) — 764KB
• tgen-20231231_pre.xml (EX-101.PRE) — 538KB
• tgen-20231231_htm.xml (XML) — 1197KB

Risk Factors. 13

Item 1A. Risk Factors. 13

Unresolved Staff Comments. 23

Item 1B. Unresolved Staff Comments. 23

Cybersecurity Risk Management. 23

Item 1C. Cybersecurity Risk Management. 23

Properties. 24

Item 2. Properties. 24

Legal Proceedings. 25

Item 3. Legal Proceedings. 25

Mine Safety Disclosures. 25

Item 4. Mine Safety Disclosures. 25 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 25

[Reserved]. 26

Item 6. [Reserved]. 26

Management's Discussion and Analysis of Financial Condition and Results of Operations. 26

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 26

Quantitative and Qualitative Disclosures About Market Risk. 34

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 34

Financial Statements and Supplementary Data. 35

Item 8. Financial Statements and Supplementary Data. 35

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 35

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 35

Controls and Procedures. 35

Item 9A. Controls and Procedures. 35

Other Information. 36

Item 9B. Other Information. 36

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 36

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 36 PART III

Directors, Executive Officers and Corporate Governance. 37

Item 10. Directors, Executive Officers and Corporate Governance. 37

Executive Compensation. 37

Item 11. Executive Compensation. 37

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 37

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 37

Certain Relationships and Related Transactions, and Director Independence. 37

Item 13. Certain Relationships and Related Transactions, and Director Independence. 37

Principal Accounting Fees and Services. 37

Item 14. Principal Accounting Fees and Services. 37 PART IV

Exhibits and Financial Statement Schedules. 37

Item 15. Exhibits and Financial Statement Schedules. 37

Form 10-K Summary. 37

Item 16. Form 10-K Summary. 37 SIGNATURES 40 TECOGEN INC. PART 1

Business

Item 1. Business The Company Tecogen Inc. (together with its subsidiaries, "we," "our," or "us," or "Tecogen") designs, manufactures, markets, and maintains high efficiency, ultra-clean cogeneration products. These include natural gas engine driven combined heat and power (CHP) systems and chillers for multi-family residential, commercial, recreational and industrial use. We are known for products that provide customers with substantial energy savings, resiliency from utility power outages and for significantly reducing a customer's carbon footprint. Our products are sold with our patented Ultera emissions technology which nearly eliminates all criteria pollutants such as nitrogen oxide ("NOx") and carbon monoxide ("CO"). We developed Ultera for other applications including stationary engines and forklifts. We were incorporated in the State of Delaware on September 15, 2000. We have wholly-owned subsidiaries American DG Energy, Inc. ("ADGE") and Tecogen CHP Solutions, Inc., and we own a 51% interest in American DG New York, LLC ("ADGNY"), a joint venture. ADGE and ADGNY distribute, own, and operate clean, on-site energy systems that produce electricity, hot water, heat and cooling. ADGE and ADGNY own the equipment that is installed at customers' facilities and sell the energy produced to the customer on a long-term contractual basis. Our operations are comprised of three business segments: our Products segment, which designs, manufactures and sells industrial and commercial cogeneration systems; our Services segment, which provides operations and maintenance ("O&M") services for our products under long term service contracts, and our Energy Production segment, which installs, operates and maintains distributed generation electricity systems that we own and sells energy generated by such systems in the form of electricity, heat, hot water and cooling to our customers under long-term energy sales agreements. The majority of our customers are located in regions

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View this 10-K filing on SEC EDGAR