Slide 1: Earnings Call FY 2024
OTCQX: TGEN EARNINGS CALL MARCH 18, 2025 FY 2024 1
Slide 2: Management
MANAGEMENT Abinand Rangesh – CEO & CFO Robert Panora – COO & President Roger Deschenes – CAO Jack Whiting – General Counsel & Secretary 2
Slide 3: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation and 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," "expe
Slide 4: Agenda
AGENDA AI & Data Centers Why Tecogen’s unique solution Vertiv relationship Potential impact of data center sales to Tecogen About the technology Financials Q4 and FY 2024 Q&A 4
Slide 5: AI Liquid Cooling Market Opportunity
AI LIQUID COOLING MARKET OPPORTUNITY Liquid cooling of AI Chips Over next 10 years NVDIA & AMD are allows a chip to operate at >$20Bn of cooling expected to ship >5 2x computing power, but equipment needs to be million AI chips a year that heat needs to be installed to support AI removed Liquid cool
Slide 6: The Problem
THE PROBLEM Power Needs of AI Data Center Up to 30% of a data center’s available electrical power may need to be allocated to cooling This power is then not available to for computing Cooling Computing is the revenue source Computing Ancillaries for a data center 6
Slide 7: Solution – Tecogen's Advanced Natural Gas Chiller
SOLUTION – TECOGEN’S ADVANCED NATURAL GAS CHILLER Increases available power Tecogen’s unique advanced natural gas chiller (Tecochill) increases a data center’s available power Fast and Easy Installation Faster and cheaper to install than on-site power generation Ultra low NOx and CO emissions for si
Slide 8: Tecochill Compared to Alternatives
TECOCHILL COMPARED TO ALTERNATIVES Cost of Tecochill is 2x more efficient than Operation nearest other gas cooling Electric Chillers technology Gas Absorption Chillers Tecochill can save 50% or more in energy costs compared to an electric chiller Tecogen chillers are made in USA and are less suscept
Slide 9: Tecogen Chillers = Increased Available Power = Increased Data Center Profits
Tecogen Chillers = Increased Available Power = Increased Data Center Profits (2,000 Ton Chiller Plant) $2,000,000 $1,500,000 $1,000,000 $500,000 $0 -$500,000 -$1,000,000 Increased Revenue Chiller Energy Chiller Increased Data for Data Center Costs Maintenance Center Profit Per from Additional Year E
Slide 10: The Market
THE MARKET Market moving towards colocation and hyperscale data centers Favorable to larger projects Tecogen is targeting the colocation data centers 10
Slide 11: Proven Traction in Data Center Market
PROVEN TRACTION IN DATA CENTER MARKET Signed global partnership with Vertiv for data center cooling Vertiv is No.1 in Thermal management for data centers Marketing agreement signed March 2025 Data center sites (power gen) Enterprise data center in Manhattan (Installed 2023/4) Cloudsmart Data Center
Slide 12: Potential Impact
POTENTIAL IMPACT Sample AI data center site Total Data Center Power = 50MW 36 MW computing 14 MW for cooling and ancillaries Chiller plant size >11,000 refrigeration tons One chiller project of equivalent size could generate $13m to $16m in revenue for Tecogen Incremental sale from even 1 data cente
Slide 13: New Factory Ready for Growth
NEW FACTORY READY FOR GROWTH Tecogen moved to a new factory in 2024 20 Ton overhead cranes for chiller production Talented local labor pool 13
Slide 14: Backlog and Cash
BACKLOG AND CASH Backlog by Customer Type LVCC Prepaid Service Backlog is presently $12.2m. 16% Multi-Family Residential 21% Additional >$3m of projects expected to enter backlog during Q2 Controlled Cash position $5.4m at quarter end and $4m presently Environment Agriculture Due to customer deposit
Slide 15: Revenue Segments
REVENUE SEGMENTS PRODUCT SALES SERVICES Sales of combined heat and We service most purchased power, and clean cooling Tecogen equipment in operation systems to building owners. through long term maintenance Key market segments include agreements through 11 service multifamily residential, health CLE
Slide 16: 4Q 2024 Results
4Q 2024 RESULTS $ in thousands 4Q'24 4Q'23 QoQ Change % Revenue Products $ 1,442 $ 1,765 $ (323) Key Points Services 4,083 3,591 492 • Revenue = $6.1 million up 3% Energy Production 550 542 8 • Net loss of $0.05/share Q4 2024 Total Revenue 6,075 5,898 177 3.0% Gross Profit • Net loss $1.1m Products
Slide 17: YE 2024 Results
YE 2024 RESULTS $ in thousands YE 24 YE 23 YoY Change % Key Points Revenue • Revenue = $22.6 million Products $ 4,444 $ 8,860 $ (4,416) • Factory move reduced products Services 16,075 14,523 1,552 Energy Production 2,101 1,756 345 revenue Total Revenue 22,620 25,139 (2,519) -10.0% • Net loss of $0.1
Slide 18: 4Q 2024 Adjusted EBITDA Reconciliation
4Q 2024 ADJUSTED EBITDA RECONCILIATION Quarter Ended, Dec 31 Non-GAAP financial disclosure (in thousands) 2024 2023 EBITDA: Earnings Before Interest, Taxes, Net income (loss) attributable to Tecogen Inc. $ (1,186) $ (1,846) Depreciation & Amortization Interest expense, net 31 7 • EBITDA and adjusted
Slide 19: YE 2024 Adjusted EBITDA Reconciliation
YE 2024 ADJUSTED EBITDA RECONCILIATION FY Ended, Dec 31 Non-GAAP financial disclosure (in thousands) 2024 2023 EBITDA: Earnings Before Interest, Taxes, Depreciation & Amortization Net income (loss) attributable to Tecogen Inc. $ (4,760) $ (4,598) Interest expense, net 90 16 • EBITDA and adjusted EBI
Slide 20: 4Q 24 Performance by Segment
4Q 24 PERFORMANCE BY SEGMENT 4Q Revenues ($ thousands) 2024 2023 YoY Growth Revenues Cogeneration $ 490 $ 892 -45% Products revenue decreased 18% QoQ Chiller 952 612 56% • Gross margin up QoQ Engineered accessories 0 262 -100% Total Product Revenues 1,442 1,765 -18% Service Contracts 4,083 3,591 14%
Slide 21: YE 24 Performance by Segment
YE 24 PERFORMANCE BY SEGMENT YE 2024 Revenues ($ thousands) 2024 2023 YoY Growth Revenues Cogeneration 2,678 2,762 -3% Products revenue decreased 50% YoY Chiller 1,647 5,304 -69% • Due to factory move Engineered accessories 119 794 -85% • 2024 gross profit impacted by move related Total Product Reve
Slide 22: Summary and Q&A
SUMMARY AND Q&A Company Information Significant headway into data center market Signed Vertiv collaboration Tecogen, Inc Signed small data center 76 Treble Cove Road, Building 1 North Billerica MA 01862 Expect more later in year www.Tecogen.com Have $4m in cash to fund working capital Service margin