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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, DC 20549\n\n \n\nFORM 10-Q\n\n☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period __________ to __________\n\nCommission file number 001-36103\n\nTECOGEN INC.\n\n(Exact name of Registrant as specified in its charter)\n\nDelaware04-3536131\n\n(State or Other Jurisdiction of Incorporation or Organization)(IRS Employer Identification No.)\n\n76 Treble Cove Road\n\nNorth Billerica, Massachusetts 01862\n\n(Address of Principal Executive Offices and Zip Code)\n\n(781) 466-6402\n\n(Registrant's telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of Each Class        Trading Symbol        Name of Each Exchange on Which Registered\n\nCommon Stock, $0.001 par value per share     TGEN         NYSE American LLC\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No ý\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer     ☐     Accelerated filer         ☐\n\nNon–accelerated filer     ☒     Smaller reporting company     ☒\n\nEmerging growth company     ☐ \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes ☐ No ý\n\nAs of May 13, 2026, 29,917,952 shares of common stock, $0.001 par value per share, of the registrant were issued and outstanding.\n\nCAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS\n\n \n\nThis Quarterly Report on Form 10-Q (\"report\") contains forward-looking statements within the meaning of the federal securities laws that involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “target,” “potential,” “will,” “should,” “seek,” “could,” “likely” “may,” “pro-forma,” \"continue\" or other variances thereof (including their use in the negative), or by discussions of strategies, plans or intentions. All statements, other than statements of historical fact, included in this report regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects and plans and objectives of management are forward-looking statements. Such forward-looking statements include, among other things, demand for our products and services, the availability of incentives, rebates, and tax benefits relating to our products, changes in the regulatory environment relating to our products, competing technological developments, and the availability of financing to fund our operations and growth.\n\nForward-looking statements are not guarantees of future performance and our actual results may differ significantly from the results discussed in the forward-looking statements.\n\nThe outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that may cause us, our customers’ or our industry’s actual results, levels of activity, performance or achievements expressed or implied by these forward-looking statements to differ. See “Item 1A. Risk Factors” and \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our Annual Report on Form 10-K for the year ended December 31, 2025, as well as other sections in this report that discuss some of the factors that could contribute to these differences.\n\nIn addition, such forward-looking statements are necessarily dependent upon assumptions and estimates that may prove to be incorrect. Although we believe that the assumptions and estimates reflected in such forward-looking statements are reasonable, we cannot guarantee that our plans, intentions, or expectations will be achieved. The information contained in this report, including the section discussing risk factors, identifies important factors that could cause such differences.\n\nThe cautionary statements made in this report are intended to be applicable to all related forward-looking statements wherever they appear in this report. The forward-looking statements made in this report relate only to events as of the date on which the statements are made. Except as required by law, we undertake no obligation to update or release any forward-looking statements as a result of new information, future events, or otherwise, and assume no obligation to update the reasons why actual results could differ materially from those anticipated in such forward-looking statements.\n\nOur logo, trademarks and service marks are the property of Tecogen. Other trademarks or service marks appearing in this report are the property of their respective holders. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this report may appear without the TM, SM, ® or © symbols, but such references are not intended to indicate in any way that we or any third-party will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks, trade names and copyrights.\n\nThis report also contains or may contain market data related to our business and industry and any such market data may include projections that are based on certain assumptions. If these assumptions turn out to be incorrect, actual results may differ from the projections based on these assumptions. As a result, our markets may not grow at the rates projected by this data, or at all. The failure of these markets to grow at these projected rates may have a material adverse effect on our business, results of operations, financial condition, and the trading price of our common stock.\n\nReferences in this report to \"we,\" \"our,\" \"us,\" the \"Company\" and \"Tecogen\" refer to Tecogen Inc. and its consolidated subsidiaries, unless otherwise noted.\n\nTECOGEN INC.\n\nQUARTERLY REPORT ON FORM 10-Q\n\nFOR THE PERIOD ENDED MARCH 31, 2026\n\nTABLE OF CONTENTS\n\n \n\nPART I - FINANCIAL INFORMATION\n\n[Item 1.](#i544080850e4044ca822ba005a2229b01_10)\n\n[Financial Statements](#i544080850e4044ca822ba005a2229b01_10)\n\n[Condensed Consolidated Balance Sheets (Unaudited)](#i544080850e4044ca822ba005a2229b01_13)\n\n[March 31, 2026 and December 31, 2025](#i544080850e4044ca822ba005a2229b01_13)\n\n[1](#i544080850e4044ca822ba005a2229b01_13)\n\n[Condensed Consolidated Statements of Operations (Unaudited)](#i544080850e4044ca822ba005a2229b01_19)\n\n[Three Months Ended March 31, 2026 and 2025](#i544080850e4044ca822ba005a2229b01_22)\n\n[2](#i544080850e4044ca822ba005a2229b01_19)\n\n[Condensed Consolidated Statements of Stockholders' Equity (Unaudited)](#i544080850e4044ca822ba005a2229b01_25)\n\n[Three Months Ended March 31, 2026 and 2025](#i544080850e4044ca822ba005a2229b01_25)\n\n[3](#i544080850e4044ca822ba005a2229b01_25)\n\n[Condensed Consolidated Statements of Cash Flows (Unaudited)](#i544080850e4044ca822ba005a2229b01_28)\n\n[Three Months Ended March 31, 2026 and 2025](#i544080850e4044ca822ba005a2229b01_28)\n\n[4](#i544080850e4044ca822ba005a2229b01_28)\n\n[Notes to Unaudited Condensed Consolidated Financial Statements](#i544080850e4044ca822ba005a2229b01_31)\n\n[5](#i544080850e4044ca822ba005a2229b01_31)\n\n[Item 2.](#i544080850e4044ca822ba005a2229b01_85)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i544080850e4044ca822ba005a2229b01_85)\n\n[22](#i544080850e4044ca822ba005a2229b01_85)\n\n[Item 3.](#i544080850e4044ca822ba005a2229b01_100)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i544080850e4044ca822ba005a2229b01_100)\n\n[29](#i544080850e4044ca822ba005a2229b01_100)\n\n[Item 4.](#i544080850e4044ca822ba005a2229b01_103)\n\n[Controls and Procedures](#i544080850e4044ca822ba005a2229b01_103)\n\n[29](#i544080850e4044ca822ba005a2229b01_103)\n\n[PART II - OTHER INFORMATION](#i544080850e4044ca822ba005a2229b01_106)\n\n[Item 1.](#i544080850e4044ca822ba005a2229b01_109)\n\n[Legal Proceedings](#i544080850e4044ca822ba005a2229b01_109)\n\n[29](#i544080850e4044ca822ba005a2229b01_109)\n\n[Item 1A.](#i544080850e4044ca822ba005a2229b01_112)\n\n[Risk Factors](#i544080850e4044ca822ba005a2229b01_112)\n\n[30](#i544080850e4044ca822ba005a2229b01_112)\n\n[Item 2.](#i544080850e4044ca822ba005a2229b01_115)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i544080850e4044ca822ba005a2229b01_115)\n\n[30](#i544080850e4044ca822ba005a2229b01_112)\n\n[Item 3.](#i544080850e4044ca822ba005a2229b01_118)\n\n[Defaults in Senior Securities](#i544080850e4044ca822ba005a2229b01_118)\n\n[30](#i544080850e4044ca822ba005a2229b01_112)\n\n[Item 4.](#i544080850e4044ca822ba005a2229b01_121)\n\n[Mine Safety Disclosures](#i544080850e4044ca822ba005a2229b01_121)\n\n[30](#i544080850e4044ca822ba005a2229b01_112)\n\n[Item 5.](#i544080850e4044ca822ba005a2229b01_124)\n\n[Other Information](#i544080850e4044ca822ba005a2229b01_124)\n\n[30](#i544080850e4044ca822ba005a2229b01_124)\n\n[Item 6.](#i544080850e4044ca822ba005a2229b01_127)\n\n[Exhibits](#i544080850e4044ca822ba005a2229b01_127)\n\n[31](#i544080850e4044ca822ba005a2229b01_127)\n\n[Signatures](#i544080850e4044ca822ba005a2229b01_130)\n\n[Signature Page](#i544080850e4044ca822ba005a2229b01_130)\n\n[32](#i544080850e4044ca822ba005a2229b01_130)\n\nTECOGEN INC.\n\nPART I - FINANCIAL INFORMATION"}