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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American DG Energy Inc. (delisted) | AMEX:ADGE | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.317 | 0.00 | 01:00:00 |
WALTHAM, Mass., March 22, 2017 /PRNewswire/ -- Tecogen® Inc. (NASDAQ:TGEN, the "Company"), a manufacturer and installer of high efficiency, ultra-clean combined heat and power products for industrial and commercial use, reported revenues of $24,490,386 for the year ended December 31, 2016 compared to $21,442,657 for the same period in 2015, an increase of 14.2%. Gross profit increased to $9,300,678 for 2016 compared to $7,633,226 in the prior year, a 21.8% improvement. Full year 2016 net loss improved significantly to $1,096,283 from $2,727,413 in the prior year.
The fourth quarter revenues were a record $7,111,108 delivering 66.2% revenue growth when compared to the comparable prior year quarter's revenues of $4,279,350. Similarly, gross profit increased by 69.1% in the period to $2,703,622 for the quarter ended December 31, 2016 compared to $1,598,430 in the prior year period. Profitability was maintained in the quarter, delivering $4,556 in net income for the period, compared to a $826,228 net loss reported in the fourth quarter 2015.
Speaking about the results, co-CEO Benjamin Locke noted, "2016 represented a year of tremendous progress for Tecogen. The research and engineering team managed a new product launch with our InVerde e+ and made material progress in developing our Ultera emissions control technology for new market verticals. Similarly, the sales team's efforts at cultivating new markets and selling relationships began bearing fruit - ultimately pushing the company toward profitability in the last 6 months of the year. Finally, our operations and executive team executed a number of strategic transactions - including the acquisition of Ilios minority interest, launch of our TTcogen joint venture with TEDOM, and planned acquisition of American DG Energy - all of which we believe have set the stage for Tecogen's next chapter of profitable growth."
2016 Major Highlights:
Financial
Sales & Operations
Conference Call Scheduled for Today at 11:00 am ET
Tecogen will host a conference call today to discuss the fourth quarter and year end results beginning at 11:00 a.m. ET. To listen to the call dial (888) 349-0103 within the U.S., (855) 669-9657 from Canada, or (412) 902-0129 from other international locations. Participants should ask to be joined to the Tecogen Inc. call. We suggest call participants begin dialing at least 10 minutes before the scheduled starting time. The conference call will be recorded and available for playback one hour after the end of the call. Alternately, to register for and listen to the live webcast, go to http://www.tecogen.com/webcast.
The earnings press release and supplemental earnings call slides will be available on the Company website at www.Tecogen.com in the "Investor Relations" section under "Financial Results" (http://ir.tecogen.com/financial-results).
About Tecogen
Tecogen manufactures, installs, and maintains high efficiency, ultra-clean combined heat and power products including natural gas engine-driven cogeneration, 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 building's carbon footprint.
In business for over 20 years, Tecogen has shipped more than 2,500 units, supported by an established network of engineering, sales, and service personnel across the United States. For more information, please visit www.tecogen.com.
Forward Looking Statements
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and in Securities and Exchange Commission filings. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Tecogen Media & Investor Relations Contact Information:
John N. Hatsopoulos
P: 781.622.1120
E: john.hatsopoulos@tecogen.com
TECOGEN INC | |||||||
2016 |
2015 | ||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
3,721,765 |
$ |
5,486,526 |
|||
Short-term investments, restricted |
— |
294,802 |
|||||
Accounts receivable, net |
8,630,418 |
5,286,863 |
|||||
Unbilled revenue |
2,269,645 |
1,072,391 |
|||||
Inventory, net |
4,774,264 |
5,683,043 |
|||||
Due from related party |
260,988 |
1,177,261 |
|||||
Deferred financing costs |
— |
48,989 |
|||||
Prepaid and other current assets |
401,876 |
353,105 |
|||||
Total current assets |
20,058,956 |
19,402,980 |
|||||
Property, plant and equipment, net |
517,143 |
543,754 |
|||||
Intangible assets, net |
1,065,967 |
1,044,611 |
|||||
Goodwill |
40,870 |
40,870 |
|||||
Other assets |
2,058,425 |
58,425 |
|||||
TOTAL ASSETS |
$ |
23,741,361 |
$ |
21,090,640 |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
3,367,481 |
$ |
3,311,809 |
|||
Accrued expenses |
1,378,258 |
1,066,860 |
|||||
Deferred revenue |
876,765 |
996,941 |
|||||
Total current liabilities |
5,622,504 |
5,375,610 |
|||||
Long-term liabilities: |
|||||||
Deferred revenue, net of current portion |
459,275 |
273,162 |
|||||
Senior convertible promissory note, related party |
3,148,509 |
3,000,000 |
|||||
Total liabilities |
9,230,288 |
8,648,772 |
|||||
Commitments and contingencies |
|||||||
Stockholders' equity: |
|||||||
Tecogen Inc. stockholders' equity: |
|||||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 19,981,912 and 18,478,990 issued and outstanding at December 31, 2016 and 2015, respectively |
19,982 |
18,479 |
|||||
Additional paid-in capital |
37,334,773 |
34,501,640 |
|||||
Accumulated deficit |
(22,843,682) |
(21,682,437) |
|||||
Total Tecogen Inc. stockholders' equity |
14,511,073 |
12,837,682 |
|||||
Noncontrolling interest |
— |
(395,814) |
|||||
Total stockholders' equity |
14,511,073 |
12,441,868 |
|||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
23,741,361 |
$ |
21,090,640 |
TECOGEN INC. | |||||||
2016 |
2015 | ||||||
Revenues |
|||||||
Products |
$ |
3,196,376 |
$ |
1,310,931 |
|||
Services |
3,914,732 |
2,968,419 |
|||||
Total revenues |
7,111,108 |
4,279,350 |
|||||
Cost of sales |
|||||||
Products |
2,153,995 |
1,096,616 |
|||||
Services |
2,253,491 |
1,584,304 |
|||||
Total cost of sales |
4,407,486 |
2,680,920 |
|||||
Gross profit |
2,703,622 |
1,598,430 |
|||||
Operating expenses |
|||||||
General and administrative |
2,096,131 |
2,055,351 |
|||||
Selling |
419,171 |
347,497 |
|||||
Research and development |
142,368 |
(19,118) |
|||||
Total operating expenses |
2,657,670 |
2,383,730 |
|||||
Loss from operations |
45,952 |
(785,300) |
|||||
Other income (expense) |
|||||||
Interest and other income |
2,413 |
2,389 |
|||||
Interest expense |
(43,809) |
(43,318) |
|||||
Total other expense, net |
(41,396) |
(40,929) |
|||||
Loss before income taxes |
4,556 |
(826,229) |
|||||
Consolidated net loss |
4,556 |
(826,229) |
|||||
Less: Loss attributable to the noncontrolling interest |
— |
27,960 |
|||||
Net loss attributable to Tecogen Inc. |
$ |
4,556 |
$ |
(798,269) |
|||
Net loss per share - basic |
$ |
— |
$ |
(0.05) |
|||
Weighted average shares outstanding - basic |
19,964,319 |
17,704,896 |
TECOGEN INC | |||||||
2016 |
2015 | ||||||
Revenues |
|||||||
Products |
$ |
10,722,285 |
$ |
10,055,237 |
|||
Services |
13,768,101 |
11,387,420 |
|||||
Total revenues |
24,490,386 |
21,442,657 |
|||||
Cost of sales |
|||||||
Products |
7,189,225 |
7,137,149 |
|||||
Services |
8,000,483 |
6,672,282 |
|||||
Total cost of sales |
15,189,708 |
13,809,431 |
|||||
Gross profit |
9,300,678 |
7,633,226 |
|||||
Operating expenses |
|||||||
General and administrative |
7,994,361 |
7,997,512 |
|||||
Selling |
1,636,704 |
1,687,479 |
|||||
Research and development |
667,064 |
591,585 |
|||||
Total operating expenses |
10,298,129 |
10,276,576 |
|||||
Loss from operations |
(997,451) |
(2,643,350) |
|||||
Other income (expense) |
|||||||
Interest and other income |
11,988 |
14,334 |
|||||
Interest expense |
(175,782) |
(171,944) |
|||||
Total other expense, net |
(163,794) |
(157,610) |
|||||
Loss before income taxes |
(1,161,245) |
(2,800,960) |
|||||
Consolidated net loss |
(1,161,245) |
(2,800,960) |
|||||
Less: Loss attributable to the noncontrolling interest |
64,962 |
73,547 |
|||||
Net loss attributable to Tecogen Inc. |
$ |
(1,096,283) |
$ |
(2,727,413) |
|||
Net loss per share - basic and diluted |
$ |
(0.06) |
$ |
(0.16) |
|||
Weighted average shares outstanding - basic and diluted |
19,295,922 |
16,860,453 |
TECOGEN INC | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
2016 |
2015 | |||||
Net loss |
$ |
(1,161,245) |
$ |
(2,800,960) |
|||
Adjustments to reconcile net loss to net cash used in operating activities: |
|||||||
Depreciation and amortization |
264,005 |
271,727 |
|||||
Loss (gain) on disposal of asset |
640 |
(4,631) |
|||||
Provision for losses on accounts receivable |
(19,245) |
— |
|||||
(Recovery) for inventory reserve |
(27,000) |
(7,000) |
|||||
Stock-based compensation |
165,931 |
199,500 |
|||||
Non-cash interest expense |
49,532 |
50,202 |
|||||
Changes in operating assets (increase) decrease in: |
|||||||
Short-term investments, restricted |
294,802 |
290,900 |
|||||
Accounts receivable |
(3,324,310) |
(536,426) |
|||||
Inventory |
935,779 |
(1,585,822) |
|||||
Unbilled revenue |
(1,197,254) |
(375,479) |
|||||
Due from related party |
916,273 |
(577,010) |
|||||
Prepaid expenses and other current assets |
(48,771) |
(4,237) |
|||||
Other assets |
— |
(5,100) |
|||||
Changes in operating liabilities increase (decrease) in: |
|||||||
Accounts payable |
55,672 |
895,496 |
|||||
Accrued expenses |
311,398 |
58,707 |
|||||
Deferred revenue |
65,937 |
(603,626) |
|||||
Net cash used in operating activities |
(2,717,856) |
(4,733,759) |
|||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|||||||
Purchases of property and equipment |
(139,725) |
(69,582) |
|||||
Disposal of property and equipment |
— |
16,874 |
|||||
Purchases of intangible assets |
(119,665) |
(133,032) |
|||||
Investment in Ultra Emissions Technologies, Ltd. |
(2,000,000) |
— |
|||||
Net cash used in investing activities |
(2,259,390) |
(185,740) |
|||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|||||||
Payments for debt issuance costs |
(2,034) |
— |
|||||
Proceeds on notes payable |
150,000 |
— |
|||||
Payments for share issuance |
(31,053) |
— |
|||||
Proceeds from sale of common stock, net of costs |
— |
8,859,767 |
|||||
Proceeds from exercise of stock options |
395,572 |
360,225 |
|||||
Proceeds from exercise of warrants |
2,700,000 |
— |
|||||
Net cash provided by financing activities |
3,212,485 |
9,219,992 |
|||||
Net increase (decrease) in cash and cash equivalents |
(1,764,761) |
4,300,493 |
|||||
Cash and cash equivalents, beginning of the year |
5,486,526 |
1,186,033 |
|||||
Cash and cash equivalents, end of the year |
$ |
3,721,765 |
$ |
5,486,526 |
|||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest |
$ |
126,250 |
$ |
121,742 |
|||
Stock exchange for non-controlling interest in Ilios |
$ |
330,852 |
$ |
— |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tecogen-announces-fourth-quarter-and-full-year-2016-financial-results-300427604.html
SOURCE Tecogen Inc.
Copyright 2017 PR Newswire
1 Year American DG Energy Inc. (delisted) Chart |
1 Month American DG Energy Inc. (delisted) Chart |
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