Earl R. Lewis (JO:LEWJ), a director at Tecogen Inc . (NASDAQ:OTC:TGEN), recently acquired 100,000 shares of the company’s common stock, as disclosed in a recent SEC filing. The purchase, executed on November 22, 2024, was made at a price of $0.71 per share, amounting to a total value of $71,000. Following this transaction, Lewis now holds 737,000 shares in the company, representing a significant stake in this $43.5 million market cap firm. The acquisition was made directly and is part of an exercise under a Stock Option Agreement dated July 9, 2020. InvestingPro analysis reveals the company maintains strong liquidity, with current assets exceeding short-term obligations. Discover 12 additional key insights about TGEN with an InvestingPro subscription.
In other recent news, Tecogen Inc. has reported significant growth in its project backlog during its Third Quarter 2024 Earnings Call. Despite a decrease in Q3 revenues and a net loss, the company has secured a major chiller installation project at the Las Vegas Convention Center and is targeting the data center market due to the rising power and cooling requirements of AI. Tecogen's backlog has grown to over $10 million, and the company anticipates additional orders by year-end.
The company's Q3 2024 revenues stood at $5.6 million, down from $7.1 million in Q3 2023, with a net loss of $930,000. However, quarterly revenues are projected to exceed $6 million in Q4 2024 and $7 million in Q1 2025. CEO Abinand Rangesh predicts a strong growth opportunity in the data center market and anticipates the first data center project by early 2025.
These are among the recent developments for Tecogen, which is also planning to raise $2 million through a private placement to strengthen its balance sheet. Despite a challenging financial period, the company remains optimistic about its future, particularly with its strategic focus on the burgeoning data center market.
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