Earl R. Lewis (JO:LEWJ), a director at Tecogen Inc . (NASDAQ:OTC:TGEN), recently acquired 2,000 shares of the company's common stock. The shares were purchased at a price of $0.80 each, amounting to a total transaction value of $1,600. The timing appears favorable, as TGEN shares have surged approximately 88% in the past week, now trading at $1.75. Following this acquisition, Lewis now holds a total of 637,000 shares directly. This transaction was reported in a recent SEC filing, reflecting Lewis's continued investment in the company. Tecogen Inc., based in Waltham, Massachusetts, specializes in air conditioning and industrial refrigeration equipment. The company, with a market capitalization of $43.5 million and annual revenue of $22.4 million, maintains healthy liquidity with a current ratio of 1.53. InvestingPro analysis reveals 13 additional key insights about TGEN's financial health and market position.
In other recent news, Tecogen Inc. reported a significant increase in its project backlog during its third quarter 2024 earnings call. Despite a decrease in Q3 revenues to $5.6 million, down from $7.1 million in Q3 2023, and a net loss of $930,000, Tecogen has secured a major chiller installation project at the Las Vegas Convention Center. The company's backlog has grown from over $5 million to more than $10 million, with a forecast of $2 million in additional orders by year-end. Quarterly revenues are expected to exceed $6 million in Q4 2024 and $7 million in Q1 2025.
CEO Abinand Rangesh highlighted a robust growth opportunity in the data center market, driven by AI demands, and anticipates the first data center project by early 2025. He also noted the competitive edge of Tecogen's chillers, which offer lower operating costs and emissions. Despite recent financial challenges, these developments reflect Tecogen's strategic focus on the data center market and its commitment to improving operational efficiency.
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