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Red Flags Detected

  • Material Weakness (worsened) — Material weakness in IT general controls persists from 2024 into 2025; management concluded internal controls remain ineffective due to insufficient staffing in IT security and user access.
  • Going Concern (new) — Management evaluated going concern due to $47.6M accumulated deficit and $4.8M net loss in 2024, though concluded operations will be sufficient for next twelve months.
NYSE: TGEN TECOGEN INC. 10-K

revenue $27.1M, net income -$8.2M. Tecogen raises, uplist to NYSE American, partners with Vertiv for data centers

Filed March 19, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 18, 2025 · ~2 min read

Key Changes

  • high

    Completed $18.1M public offering in July 2025 at $5.00/share and uplisted to NYSE American in May 2025, improving liquidity and institutional access after four years trading OTC.

    MD&A: Equity Financing & Uplisting verify on EDGAR →
  • high

    Signed two-year sales agreement with Vertiv for data-center cooling, granting exclusive international rights and conditional U.S. exclusivity if sales targets are met.

    MD&A: Vertiv Partnership verify on EDGAR →
  • high

    Material weakness in IT general controls persists for second consecutive year; management concluded internal controls remain ineffective as of December 31, 2025.

    MD&A: Internal Controls verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 8, 2026 · How we verify