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WALTHAM, Massachusetts, August 13, 2020 (GLOBE NEWSWIRE) – via NEWMEDIAWIRE – Tecogen Inc. (OTCQX: TGEN), one of the leading brands of blank energy products, reported an income of $7.44 million for the 3 months ended June 30, 2020 compared to $7.87 million for the same time in 2019, a low of 5.5%. Revenues increased 37% to $3.34 million from $2.45 million at the same time in 2019. The minimisation of cash revenue is basically due to reduced installation activity due to the COVID-19 pandemic and relief in power generation revenues due to the closure of visitor facilities. . Gross profit by the time of the 2020 quarter $2.91 million compared to $3.43 million at the time of the 2019 quarter. The net loss of $654 thousand by the time of the 2020 quarter, compared to $357 thousand for the same time in 2019.
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On April 17, 2020, the company received a loan from the $1,874,200 PayCheck Coverage (“PPP”) program under the Coronavirus Assistance, Relief and Economic Security Act (the “CARES Act”). Proceeds have been used for payroll, rent and utilities and we plan to request loan cancellation.
“The quarter of the time was marked by many demanding situations for our company and our consumers as a result of the COVID-19 pandemic, closeCurlyDoubleQuote; said Benjamin Locke, CEO of Tecogen.” We are pleased that our product sales of the quarter of those demanding situations. Installation revenues have declined as we close several primary structure projects and have experienced COVID-19 delays in other projects, and our energy revenues have declined mainly due to the closure of visitor plants. We are confident that the revenue from our products will remain solid for the rest of the year and that closed electrical assets will resume operations as COVID-19 restrictions ease. Our monetary position is now more powerful than it has been for some time. We also take this opportunity to improve power and reduce operating expenses in order to have the right resources to keep our operations in the pandemic ongoing and take advantage of expansion opportunities as they arise. CloseCurlyDoubleQuote;
Conference call scheduled for 11:00 a.m. ET
Tecogen will hold a convention today to discuss the effects of the first trimester that will begin at 11:00 a.m. EASTERN time. To pay attention to the call, call (877) 407-7186 in the U.S. And Canada, or (201) 689-8052 from other foreign destinations. Participants must apply to be included in Tecogen’s call for earnings for the 2020 quarter. Please start dialing 10 minutes before the scheduled time to begin. This effects press release will be available on the company’s online page at www.Tecogen.com in the “News and Events” segment under “About Us”. The call for the effects convention will be broadcast live on the Internet. To view related slides, sign up and pay attention to the webcast, go to https://ir.tecogen.com/ir.calendar. After the call, the recording will be archived for 14 days.
The effect convention call will be recorded and played back an hour after the call is over. To pay attention to reading, call (877) 660-6853 in the U.S. And Canada, or (201) 612-7415 from other destinations abroad and use the convention caller ID number: 13672659.
About Tecogen
Tecogen Inc. designs, manufactures, sells, installs and maintains ultra-clean, high-efficiency cogeneration products, adding a combined heat and electric power engine, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and commercial use. The company supplies cost-effective, environmentally friendly and reliable energy production products that, thanks to patented technology, are virtually key pollutants and, in particular, reduce the customer’s carbon footprint.
In the business for more than 35 years, Tecogen has shipped more than 3,000 units, backed through an established network of engineering, sales and service workers in the United States. For more information, visit www.tecogen.com or contact us for a general review of the site.
Tecogen, InVerde e, Ilios, Tecochill, Tecopower, Tecofrost and Ultera are registered or pending from Tecogen Inc.
Forward-looking statements
In addition to GAAP monetary measures, this press release includes certain non-GAAP monetary measures, adding Adjusted EBITDA that excludes certain expenses as described in the presentation. We use adjusted EBITDA as an internal measure of the company’s operational functionality and that the presentation of non-PCGA monetary measures provides a significant attitude about the underlying operational functionality of our existing business and allows investors to better perceive and compare our old and prospective. operational functionality. get rid of parts ranging from era to era without correlation with our core operational functionality and highlight trends in our business that, in a different way, might not be obvious based solely on GAAP monetary measures.
Tecogen Media – Investor Relations:
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