Tecogen Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 10, 2022 at 09:26 am EST
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Tecogen Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported revenue was USD 6.62 million compared to USD 5.02 million a year ago. Net loss was USD 0.256712 million compared to net income of USD 1.47 million a year ago. Basic loss per share from continuing operations was USD 0.01 compared to basic earnings per share from continuing operations of USD 0.06 a year ago. Diluted loss per share from continuing operations was USD 0.01 compared to diluted earnings per share from continuing operations of USD 0.06 a year ago.
For the nine months, revenue was USD 20.47 million compared to USD 17.22 million a year ago. Net loss was USD 1.02 million compared to net income of USD 3.63 million a year ago. Basic loss per share from continuing operations was USD 0.04 compared to basic earnings per share from continuing operations of USD 0.15 a year ago. Diluted loss per share from continuing operations was USD 0.04 compared to diluted earnings per share from continuing operations of USD 0.14 a year ago.
Tecogen Inc. designs, manufactures, markets, and maintains ultra-clean cogeneration products. The Company includes natural gas engine-driven combined heat and power (CHP) systems, chillers, and heat pumps for multi-family residential, commercial, recreational, and industrial use. The Company operates through three segments: Products, Services, and Energy Production. The Products segment designs, manufactures and sells industrial and commercial cogeneration systems. The Services segment provides operations and maintenance services and turn-key installation for its products under long-term service contracts. The Energy Production segment, which installs, operates, and maintains distributed generation electricity systems that it owns and sells energy generated by such systems in the form of electricity, heat, hot water, and cooling to its customers under long-term energy sales agreements. The Company's products are sold with its patented Ultera emissions technology.