The following is a summary of the Tecogen Inc. (TGEN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Tecogen Inc. reported Q1 2024 revenues of $6.2 million, a 15% increase year-over-year.

• The net loss for Q1 was $1.1 million, a decrease from Q1 2023's $1.5 million due to increased revenues and improved gross profit margin.

• Net loss per share was $0.04 for Q1 2024, compared to $0.06 per share in Q1 2023.

• The Q1 EBITDA loss was $924,000, and adjusted EBITDA loss was $898,000, lower than the Q1 2023 losses.

• Product revenue decreased 13% quarter-on-quarter, but product's gross margin increased slightly by 1% to 30%.

• Services revenue increased 28% quarter-on-quarter due to newly acquired contracts, contributing an additional $758,000 to the first quarter's revenue.

• Energy production revenue also saw a 28% quarter-on-quarter increase.

• The company has a current backlog of $4.8 million and plans to close around $7 million of projects in the upcoming months.

Business Progress:

• Tecogen has transitioned to a new production facility in Billerica, project completion is anticipated by Q3 2024, which is expected to enhance production.

• They have increased their focus on service as it brings recurring cash flow and have newly acquired service contracts for 83 units.

• Online marketing strategies are being refined, and a positive response has been seen with lead generation through digital platforms.

• The company expects to further acquire 30 to 50 service agreements in the next quarter.

• Beginning Q4 2024, Tecogen anticipates shipping its hybrid air-cooled chillers post reliability testing and projects increasing sales from 2025.

• They have set a target of growing their service revenue and cash flow by 20% this year.

• They are exploring opportunities for retrofits on high-temperature buildings and utilization of heat pump technology.

• Heated activity is noticed in the Florida market with backlogs and potential closings in the coming 3-6 months.

• Expansion of the service center in the Georgia, Alabama region is being considered.

• Tecogen expects improvements in productivity and efficiency following their move to the new facility.

More details: Tecogen Inc IR

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