Reporting a 14% increase in Product
Sales
Tecogen® Inc. (NASDAQ:TGEN), a leading manufacturer of clean energy
products which, through patented technology, nearly eliminate
criteria pollutants and significantly reduce a customer's carbon
footprint, reported revenues of $7,938,684 for the quarter ended
September 30, 2018 compared to $8,501,198 for the same period
in 2017, a 6.6% decline in top line revenue. Energy production
revenue from the sites of our wholly-owned subsidiary, American DG
Energy, contributed $1,459,820 in revenue to the quarterly result.
Consolidated gross profit for the third quarter of 2018 was
$2,883,098 compared to $3,258,031 in the third quarter of 2017, a
decrease of 11.5% in overall gross profit year over year.
Revenue results were highlighted by growth in
product sales of 14.0%, helped by significant progress in our
chiller sales segment. Total services related revenues for the
third quarter of 2018 declined by 17.8% over the prior year period,
primarily due to decreased installation activity.
The third quarter saw a decline in cogeneration
sales as more attention is focused on rapidly growing market
segments for our gas engine chiller products. We are currently
expanding our gas chiller line with an ammonia-based refrigeration
product called TecoFrost used for industrial cooling applications
such as cold storage and ice production. We anticipate reaching
market with TecoFrost production in early 2019.
Product gross margin improved to 38.7% for the
third quarter of 2018 compared to 36.6% for the same period in
2017. Combined products and services gross margin remained level at
35% for the third quarters of both 2018 and 2017. Overall gross
margin for the quarter was 36.3% compared to 38.3% in the third
quarter of 2017, within management's targeted 35-40% gross margin
range.
Adjusted non-GAAP EBITDA(1), excluding the
unrealized gain or loss on EuroSite Power Inc.'s shares owned by
American DG Energy, stock-compensation expense and merger related
expenses, was negative $258,655 for the third quarter of 2018
versus positive $295,755 for the third quarter of 2017, a
difference of $554,410. (Adjusted EBITDA is defined as net income
or loss attributable to Tecogen, adjusted for interest,
depreciation and amortization, stock-based compensation expense,
unrealized gain or loss on equity securities and merger related
expenses. See table following the statements of operations for a
reconciliation from net income (loss) to Adjusted EBITDA as well as
important disclosures about the company's use of Adjusted
EBITDA).
On a combined basis, operating expenses
increased to $3,445,410 for the third quarter 2018 from $3,172,492
in the third quarter of 2017. An increase in research and
development expenses of 16.3% to $281,094, and selling expenses
which rose 15.6% to $581,716, along with an increase in G&A
costs, accounted for this increase.
The increased expenses for the quarter are
partially attributable to the Company’s investment in the future
through research and development, as discussed in the "Emissions
Technology" section below and selling activities with such expenses
increasing year over year. We have also realized an increase in
general and administrative expenses of year over year.
Loss from operations was $562,312 compared to
income of $85,539 in the prior year comparable period. Similarly,
net loss attributable to the Company for the quarter was $603,037
compared to comprehensive income for the quarter ended
September 30, 2017 of $66,572, a difference of $669,609.
“While we are disappointed with the drop in
overall revenues, the third quarter saw a lot of progress in terms
of positioning the company for future growth,” commented Benjamin
Locke, CEO. “Our increase in product sales is due to our
focused sales activity around our exclusive gas engine cooling
systems, and in October we announced a plan for continued
development of our Ultera emissions system with our forklift
partner, Mitsubishi Caterpillar Forklift America Inc. We
expect product sales and overall revenues in our core business to
rebound as we execute on our plans to expand our chiller product
line, and we anticipate initiating a fleet retrofit project with
our forklift partner in 2019.”
Backlog of products and installations was $15.7
million as of the end of the third quarter of 2018 and stood at
$20.2 million as of November 9, 2018. Given the importance of
our growing chiller sales segment, we are pleased to announce our
chiller backlog was $6.3 million of product as of November 9, 2018,
all of which is expected to ship by mid-2019.
Major Highlights:
Financial
- As of the end of Q3 2018, on a trailing four quarters basis,
revenue was $37 million showing revenue growth of 23% year over
year and gross profit was $13.7 million.
- Product revenue for the third quarter increased by 14% over the
third quarter of 2017, with chiller product sales increasing by
89%, to $1,101,216 for the third quarter of 2018 compared to
$583,431 for the same period in 2017, underscoring the growing
interest in our chiller products. Revenue from services and
energy production declined by 17.8% and 6.2% respectively during
the third quarter of 2018 compared to the third quarter of
2017.
- Overall gross margin was 36.3% for the third quarter of 2018
compared to 38.3% for the third quarter of 2017, resulting from the
combination of an increase in product gross margin, and decreases
in gross margins for services and energy production.
- Product gross margin was 38.7% for the third quarter of 2018
compared to 36.6% for the third quarter of 2017. Product gross
margin was primarily helped by the materials and supplier
arrangements put in place in previous quarters.
- Service gross margin declined to 32.2% in the third quarter of
2018 compared to 34.0% for the third quarter of 2017. Service gross
margin is impacted by margins realized on installation
projects.
- Energy production gross margin for the third quarter of 2018
was 42.3% compared with the previous year's third quarter, which
was an exceptionally strong 53.5% due to a one-time incentive
payment received in the third quarter of 2017. The margin for the
third quarter of 2018 is consistent with management's
expectations.
- Net loss attributable to Tecogen for the three months ended
September 30, 2018 was $603,037 compared to income of $27,211
for the same period in 2017 and comprehensive income of $66,572 for
the same period in 2017.
- Net loss per share was $0.02 for the three months ended
September 30, 2018 and $0.00 for the comparative period in
2017.
- Current assets at quarter end of $22,925,281 were more than
twice current liabilities of $11,340,611. Current liabilities as of
September 30, 2018 included $1,708,888 of short-term debt on
the Company's revolving line of credit.
Sales & Operations
- Product revenues increased 14.0% from the same period in 2017
primarily due to a continued high demand for our gas fired
chillers.
- First nine months of 2018 chiller sales increased 77.3% over
the first nine months of 2017 and current chiller backlog increased
to $6.3 million.
- Advanced discussions with production partner to re-launch
TecoFrost to meet the growing demand for natural gas cooling using
ammonia refrigerants for cold storage and other premium chiller
applications.
- Received order to replace outdated TecoChill system at
University of Connecticut with 4-400 ton system ensuring continued
long-term service revenues with the University.
- Current sales backlog of equipment and installations as of
November 9, 2018 is $20.2 million, driven by strong traction
in both the InVerde and TecoChill product lines, as well as
installation services. As of September 30, 2018, the
backlog was $15.7 million compared to $14.5 million as of
September 30, 2017, showing a sustainable backlog at this
level.
Emissions Technology
- Presented scientific paper on forklift truck program results at
the World LPG Forum to an international audience of propane
industry executives. Presentation described successful
emissions reductions on a forklift provided by manufacturing
partner, Mitsubishi Caterpillar Forklift America Inc. (MCFA), a
leading manufacturer of forklift trucks, supplying a full line
throughout North, South and Central America.
- Developing next phase development program with MCFA that
includes incorporating alternative engine control software for
optimizing conditions for the Ultera process. The test software,
under development by MCFA in Japan, is expected to lead to
additional emission reductions on the forklift prototype at
Tecogen, after which it will be returned to MCFA in Houston
for additional testing.
- Provided a proposal to the Propane Education and Research
Council (PERC), to provide funding for next phase to support the
ongoing MCFA development tasks.
- Third party compliance testing was completed for most of the
Ultera-equipped generators located in Southern California (one
remains to be tested). All were found compliant, meeting the final
requirement for their air permits. Ultera kits we sold to this
customer for retrofit into their onsite natural gas generators to
allow the generators to be permitted for continuous operation
resulted in the first natural gas engines permitted to these levels
- which we believe to be the strictest in existence - without
hourly restriction or special exemption.
- Continuing development work for on-road mobile applications of
Ultera under company funded subcontract to a highly-respected,
independent institution that specializes in powertrain
research. The research focused on a specialized
catalyst formulation expected to promote improved removal of
the major categories of criteria pollutants (NOx, CO and
hydrocarbons). We are currently discussing the specific formulation
with a researcher having the ability to produce a test sample.
Commenting on the progress of the Ultera
technology platform, Robert Panora, President and COO noted, “The
successful implementation of our Ultera emissions technology on a
commercial forklift truck provided by the manufacturing sponsor,
MCFA, validates key components of the Ultera system.
Importantly, the results are directly translatable to our effort to
develop Ultera for automotive applications. We are excited with our
progress this quarter.”
Conference Call Scheduled for Today at
11:00 am ET
Tecogen will host a conference call today to
discuss the third quarter results beginning at 11:00 am eastern
time. To listen to the call dial (877) 407-7186
within the U.S. and Canada, or (201) 689-8052 from other
international locations. Participants should ask to
be joined to the Tecogen third quarter 2018 earnings call.
Please begin dialing 10 minutes before the scheduled starting
time. The earnings press release will be available on the
Company website at www.Tecogen.com in the "News and Events" section
under "About Us." The earnings conference call will be webcast
live. To view the associated slides, register for and listen to the
webcast, go to https://ir.tecogen.com/financial-results.
Following the call, the webcast will be archived for 30 days.
The earnings conference call will be recorded
and available for playback one hour after the end of the call
through November 27, 2018. To listen to the playback, dial
(877) 660-6853 within the U.S. and Canada, or
(201) 612-7415 from other international locations and use
Conference Call ID#: 13672659.
About Tecogen
Tecogen Inc. designs, manufactures, sells,
installs, and maintains high efficiency, ultra-clean, cogeneration
products including natural gas engine-driven combined heat and
power, air conditioning systems, and high-efficiency water heaters
for residential, commercial, recreational and industrial use. The
company is known for cost efficient, environmentally friendly and
reliable products for energy production that, through patented
technology, nearly eliminate criteria pollutants and significantly
reduce a customer’s carbon footprint.
In business for over 35 years, Tecogen has
shipped more than 3,000 units, supported by an established network
of engineering, sales, and service personnel across the United
States. For more information, please visit www.tecogen.com or
contact us for a free Site Assessment.
Tecogen, InVerde, e+, Ilios, Tecochill, and
Ultera are registered or pending trademarks of Tecogen Inc.
Forward Looking Statements
This press release and any accompanying
documents, contain “forward-looking statements” which may describe
strategies, goals, outlooks or other non-historical matters, or
projected revenues, income, returns or other financial measures,
that may include words such as "believe," "expect," "anticipate,"
"intend," "plan," "estimate," "project," "target,"
"potential," "will," "should," "could," "likely," or "may" and
similar expressions intended to identify forward-looking
statements. These statements are only predictions and involve known
and unknown risks, uncertainties, and other factors that may cause
our actual results to differ materially from those expressed or
implied by such forward-looking statements. Given these
uncertainties, you should not place undue reliance on these
forward-looking statements. Forward-looking statements speak only
as of the date on which they are made, and we undertake no
obligation to update or revise any forward-looking statements.
In addition to those factors described in our
Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q
under “Risk Factors”, among the factors that could cause actual
results to differ materially from past and projected future results
are the following: fluctuations in demand for our products and
services, competing technological developments, issues relating to
research and development, the availability of incentives, rebates,
and tax benefits relating to our products and services, changes in
the regulatory environment relating to our products and services,
integration of acquired business operations, and the ability to
obtain financing on favorable terms to fund existing operations and
anticipated growth.
In addition to GAAP financial measures, this
press release includes certain non-GAAP financial measures,
including adjusted EBITDA which excludes certain expenses as
described in the presentation. We use Adjusted EBITDA as an
internal measure of business operating performance and believe that
the presentation of non-GAAP financial measures provides a
meaningful perspective of the underlying operating performance of
our current business and enables investors to better understand and
evaluate our historical and prospective operating performance by
eliminating items that vary from period to period without
correlation to our core operating performance and highlights trends
in our business that may not otherwise be apparent when relying
solely on GAAP financial measures.
Tecogen Media & Investor Relations Contact
Information:
Benjamin LockeP: 781-466-6402E: Benjamin.Locke@tecogen.com
|
|
TECOGEN INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(unaudited) |
|
|
September 30, 2018 |
|
December 31, 2017 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash
equivalents |
$ |
136,717 |
|
|
$ |
1,673,072 |
|
Accounts
receivable, net |
11,548,663 |
|
|
9,536,673 |
|
Unbilled
revenue |
4,441,565 |
|
|
3,963,133 |
|
Inventory, net |
5,983,067 |
|
|
5,130,805 |
|
Due from
related party |
— |
|
|
585,492 |
|
Prepaid
and other current assets |
815,269 |
|
|
771,526 |
|
Total current
assets |
22,925,281 |
|
|
21,660,701 |
|
Property, plant and
equipment, net |
11,107,509 |
|
|
12,265,711 |
|
Intangible assets,
net |
2,935,279 |
|
|
2,896,458 |
|
Goodwill |
13,365,655 |
|
|
13,365,655 |
|
Other assets |
427,810 |
|
|
482,551 |
|
TOTAL
ASSETS |
$ |
50,761,534 |
|
|
$ |
50,671,076 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Revolving
line of credit, bank |
$ |
1,708,888 |
|
|
$ |
— |
|
Accounts
payable |
5,716,426 |
|
|
5,095,285 |
|
Accrued
expenses |
2,196,921 |
|
|
1,416,976 |
|
Deferred
revenue |
1,718,376 |
|
|
1,293,638 |
|
Loan due
to related party |
— |
|
|
850,000 |
|
Interest
payable, related party |
— |
|
|
52,265 |
|
Total current
liabilities |
11,340,611 |
|
|
8,708,164 |
|
Long-term
liabilities: |
|
|
|
Deferred
revenue, net of current portion |
343,031 |
|
|
538,100 |
|
Unfavorable contract liability, net |
6,534,074 |
|
|
7,729,667 |
|
Total liabilities |
18,217,716 |
|
|
16,975,931 |
|
|
|
|
|
Commitments and
contingencies (Note 10) |
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
Tecogen Inc.
stockholders’ equity: |
|
|
|
Common
stock, $0.001 par value; 100,000,000 shares authorized;24,819,646
and 24,766,892 issued and outstanding at September30, 2018 and
December 31, 2017, respectively |
24,819 |
|
|
24,767 |
|
Additional paid-in capital |
56,371,583 |
|
|
56,176,330 |
|
Accumulated other comprehensive loss-investment securities |
— |
|
|
(165,317 |
) |
Accumulated deficit |
(24,298,191 |
) |
|
(22,796,246 |
) |
Total Tecogen Inc.
stockholders’ equity |
32,098,211 |
|
|
33,239,534 |
|
Noncontrolling
interest |
445,607 |
|
|
455,611 |
|
Total stockholders’
equity |
32,543,818 |
|
|
33,695,145 |
|
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
50,761,534 |
|
|
$ |
50,671,076 |
|
|
|
TECOGEN INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(unaudited) |
|
|
Three Months Ended |
|
September 30, 2018 |
|
September 30, 2017 |
Revenues |
|
|
|
Products |
$ |
2,765,094 |
|
|
$ |
2,425,616 |
|
Services |
3,713,770 |
|
|
4,519,467 |
|
Energy
production |
1,459,820 |
|
|
1,556,115 |
|
Total revenues |
7,938,684 |
|
|
8,501,198 |
|
Cost of sales |
|
|
|
Products |
1,695,347 |
|
|
1,538,515 |
|
Services |
2,517,210 |
|
|
2,981,454 |
|
Energy
production |
843,029 |
|
|
723,198 |
|
Total cost of
sales |
5,055,586 |
|
|
5,243,167 |
|
Gross profit |
2,883,098 |
|
|
3,258,031 |
|
Operating expenses |
|
|
|
General
and administrative |
2,582,600 |
|
|
2,427,352 |
|
Selling |
581,716 |
|
|
503,415 |
|
Research
and development |
281,094 |
|
|
241,725 |
|
Total operating
expenses |
3,445,410 |
|
|
3,172,492 |
|
Income (loss) from
operations |
(562,312 |
) |
|
85,539 |
|
Other income
(expense) |
|
|
|
Interest
income and other expense, net |
4,168 |
|
|
14,849 |
|
Interest
expense |
(33,380 |
) |
|
(45,242 |
) |
Unrealized gain on investment securities |
19,681 |
|
|
— |
|
Total other expense,
net |
(9,531 |
) |
|
(30,393 |
) |
Income (loss) before
provision for state income taxes |
(571,843 |
) |
|
55,146 |
|
Provision for state
income taxes |
3,815 |
|
|
— |
|
Consolidated net income
(loss) |
(575,658 |
) |
|
55,146 |
|
Income attributable to
the noncontrolling interest |
(27,379 |
) |
|
(27,935 |
) |
Net income (loss)
attributable to Tecogen Inc. |
$ |
(603,037 |
) |
|
27,211 |
|
Other comprehensive
income - unrealized gain on securities |
|
|
39,361 |
|
Comprehensive
income |
|
|
$ |
66,572 |
|
|
|
|
|
Net loss per share -
basic and diluted |
$ |
(0.02 |
) |
|
$ |
0.00 |
|
Weighted average shares
outstanding - basic |
24,819,056 |
|
|
24,720,613 |
|
Non-GAAP
financial disclosure (1) |
|
|
|
Net loss attributable to
Tecogen Inc. |
$ |
(603,037 |
) |
|
$ |
27,211 |
|
Interest & other
expense, net |
9,531 |
|
|
30,393 |
|
Income taxes |
3,815 |
|
|
— |
|
Depreciation &
amortization, net |
199,938 |
|
|
160,061 |
|
EBITDA |
(389,753 |
) |
|
217,665 |
|
Stock based
compensation |
55,330 |
|
|
40,645 |
|
Merger related
expenses |
75,768 |
|
|
37,445 |
|
Adjusted EBITDA |
$ |
(258,655 |
) |
|
$ |
295,755 |
|
|
|
TECOGEN INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(unaudited) |
|
|
Nine Months Ended |
|
September 30, 2018 |
|
September 30, 2017 |
Revenues |
|
|
|
Products |
$ |
8,922,257 |
|
|
$ |
8,349,159 |
|
Services |
12,894,439 |
|
|
12,259,037 |
|
Energy
production |
4,750,580 |
|
|
2,330,307 |
|
Total revenues |
26,567,276 |
|
|
22,938,503 |
|
Cost of sales |
|
|
|
Products |
5,596,272 |
|
|
5,261,245 |
|
Services |
8,262,104 |
|
|
7,464,193 |
|
Energy
production |
2,828,405 |
|
|
1,053,741 |
|
Total cost of
sales |
16,686,781 |
|
|
13,779,179 |
|
Gross profit |
9,880,495 |
|
|
9,159,324 |
|
Operating expenses |
|
|
|
General
and administrative |
8,122,856 |
|
|
7,042,500 |
|
Selling |
1,892,229 |
|
|
1,558,378 |
|
Research
and development |
993,102 |
|
|
641,064 |
|
Total operating
expenses |
11,008,187 |
|
|
9,241,942 |
|
Loss from
operations |
(1,127,692 |
) |
|
(82,618 |
) |
Other income
(expense) |
|
|
|
Interest
and other income |
7,926 |
|
|
21,033 |
|
Interest
expense |
(56,195 |
) |
|
(115,026 |
) |
Unrealized loss on investment securities |
(59,042 |
) |
|
— |
|
Total other expense,
net |
(107,311 |
) |
|
(93,993 |
) |
Loss before provision
for state income taxes |
(1,235,003 |
) |
|
(176,611 |
) |
Provision for state
income taxes |
3,815 |
|
|
— |
|
Consolidated net
loss |
(1,277,682 |
) |
|
(176,611 |
) |
Income attributable to
the noncontrolling interest |
(58,946 |
) |
|
(44,933 |
) |
Net loss attributable
to Tecogen Inc. |
$ |
(1,336,628 |
) |
|
(221,544 |
) |
Other comprehensive
loss - unrealized loss on securities |
|
|
(184,998 |
) |
Comprehensive loss |
|
|
$ |
(406,542 |
) |
|
|
|
|
Net loss per share -
basic and diluted |
$ |
(0.05 |
) |
|
$ |
(0.01 |
) |
Weighted average shares
outstanding - basic and diluted |
24,813,936 |
|
|
22,643,406 |
|
Non-GAAP
financial disclosure (1) |
|
|
|
Net loss attributable to
Tecogen Inc. |
$ |
(1,336,628 |
) |
|
$ |
(221,544 |
) |
Interest & other
expense, net |
107,311 |
|
|
93,993 |
|
Depreciation &
amortization, net |
586,188 |
|
|
402,939 |
|
EBITDA |
(600,450 |
) |
|
275,388 |
|
Stock based
compensation |
133,808 |
|
|
138,329 |
|
Merger related
expenses |
181,935 |
|
|
156,298 |
|
Adjusted EBITDA |
$ |
(284,707 |
) |
|
$ |
570,015 |
|
|
|
TECOGEN INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(unaudited) |
|
|
Nine Months Ended |
|
September 30, 2018 |
|
September 30, 2017 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
Consolidated net
loss |
$ |
(1,277,682 |
) |
|
$ |
(176,611 |
) |
Adjustments to
reconcile net loss to net cash used in operating activities: |
|
|
|
Depreciation, accretion and amortization, net |
586,188 |
|
|
402,939 |
|
Gain on
contract termination |
(124,732 |
) |
|
— |
|
Provision
on inventory reserve |
1,000 |
|
|
43,609 |
|
Stock-based compensation |
133,808 |
|
|
138,329 |
|
Non-cash
interest expense |
— |
|
|
577 |
|
Loss on
sale of assets |
13,343 |
|
|
2,909 |
|
Provision
for losses on accounts receivable |
4,395 |
|
|
8,000 |
|
Changes in operating
assets and liabilities, net of effects of acquisitions |
|
|
|
(Increase) decrease in: |
|
|
|
Accounts
receivable |
(1,840,150 |
) |
|
(1,908,655 |
) |
Unbilled
revenue |
(245,892 |
) |
|
(776,365 |
) |
Inventory, net |
(853,262 |
) |
|
(1,279,847 |
) |
Due from
related party |
585,492 |
|
|
(236,971 |
) |
Prepaid
expenses and other current assets |
(43,743 |
) |
|
(18,673 |
) |
Other
non-current assets |
54,741 |
|
|
(32,251 |
) |
Increase
(decrease) in: |
|
|
|
Accounts
payable |
(262,925 |
) |
|
1,641,206 |
|
Accrued
expenses and other current liabilities |
779,945 |
|
|
(233,824 |
) |
Deferred
revenue |
185,059 |
|
|
407,379 |
|
Interest
payable, related party |
(52,265 |
) |
|
21,378 |
|
Net cash used in
operating activities |
(2,356,680 |
) |
|
(1,996,871 |
) |
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
Purchases
of property and equipment |
(273,814 |
) |
|
(315,205 |
) |
Proceeds
from sale of assets |
3,606 |
|
|
— |
|
Purchases
of intangible assets |
(203,648 |
) |
|
(34,551 |
) |
Cash
acquired in asset acquisition |
442,746 |
|
|
971,454 |
|
Expenses
associated with asset acquisition |
(900 |
) |
|
— |
|
Payment
of stock issuance costs |
(908 |
) |
|
(367,101 |
) |
Distributions to noncontrolling interest |
(68,950 |
) |
|
(31,362 |
) |
Net cash provided by
(used in) investing activities |
(101,868 |
) |
|
223,235 |
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
Proceeds
from revolving line of credit |
12,550,590 |
|
|
— |
|
Payments
on revolving line of credit |
(10,696,691 |
) |
|
— |
|
Payments
for debt issuance costs |
(145,011 |
) |
|
— |
|
Proceeds
from the exercise of stock options |
63,305 |
|
|
128,918 |
|
Payment
on loan due to related party |
(850,000 |
) |
|
— |
|
Net cash provided by
financing activities |
922,193 |
|
|
128,918 |
|
Change in cash and cash
equivalents |
(1,536,355 |
) |
|
(1,644,718 |
) |
Cash and cash
equivalents, beginning of the period |
1,673,072 |
|
|
3,721,765 |
|
Cash and cash
equivalents, end of the period |
$ |
136,717 |
|
|
$ |
2,077,047 |
|
|
|
|
|
Supplemental
disclosures of cash flows information: |
|
|
|
Cash paid for
interest |
$ |
112,460 |
|
|
$ |
95,550 |
|
Cash paid for
taxes |
$ |
44,864 |
|
|
$ |
— |
|
Issuance of stock to
acquire American DG Energy |
$ |
— |
|
|
$ |
18,745,007 |
|
Issuance of Tecogen
stock options in exchange for American DG Energy options |
$ |
— |
|
|
$ |
114,896 |
|
(1) Non-GAAP Financial
MeasuresIn addition to reporting net income, a U.S.
generally accepted accounting principle (“GAAP”) measure, this news
release contains information about EBITDA (net income (loss)
attributable to Tecogen Inc adjusted for interest, depreciation and
amortization, stock based compensation expense, unrealized gain or
loss on investment securities and merger related expenses), which
is a non-GAAP measure. The Company believes EBITDA
allows investors to view its performance in a manner similar to the
methods used by management and provides additional insight into its
operating results. EBITDA is not calculated through the
application of GAAP. Accordingly, it should not be
considered as a substitute for the GAAP measure of net income and,
therefore, should not be used in isolation of, but in conjunction
with, the GAAP measure. The use of any non-GAAP measure
may produce results that vary from the GAAP measure and may not be
comparable to a similarly defined non-GAAP measure used by other
companies.
Tecogen (NASDAQ:TGEN)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Tecogen (NASDAQ:TGEN)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024