Tecogen Hawk EV/sales valuation

Sources

1. October 8 Model Edge reference TGEN price $2.47, refreshed 2026-10-08T15:00:49.204269-06:00. Market-relative outputs use this quote; intrinsic assumptions only change on evidence. (accessed 2026-10-08)
2. October 6 Model Edge reference TGEN quote $2.68, refreshed 2026-10-06T15:02:51.632164-06:00. Price changes refresh market-relative outputs; evidence-supported valuation changes are separately described. (accessed 2026-10-06)
3. October 6: price rose 5.51% to $2.68. Latest company filing/press discovery and news searches did not establish a new order conversion or operating update. Preserve $32M revenue, 3.7x valuation multiple and existing $6.78M cash/$2.64M debt, 30.18M issued-share floor. Do not capitalize an LOI as a firm order. Existing cash-burn/runway concerns and the option/share reconciliation remain unresolved, not newly discovered today. — ir.tecogen.com (accessed 2026-10-06)
4. September 29 Modeledge reference TGEN stock price $2.95, retrieved 2026-09-29T15:15:01.940659-06:00; a post-session reference snapshot, not an asserted official close. No operating or intrinsic valuation inputs changed in this review. (accessed 2026-09-29)
5. September 29: investigated the 6.65% decline. Latest issuer news still lists the August 12 Q2 release; company filing/transcript discovery found no new purchase order or guidance update. No confirmed daily catalyst. Preserve $32M FY2026 revenue and 3.7x EV/sales; the previously identified cash-burn, unconverted data-center demonstrations and option-dilution issues remain unresolved. — ir.tecogen.com (accessed 2026-09-29)
6. September 23 price fell 5.12%; no verified new material issuer-specific catalyst found. Now-indexed August 13 Q2 call supports the existing downside reset: product demos are not purchase orders, non-data-center backlog exceeds $8M and another $2-3M is expected, not booked. Management is building inventory before orders, creating cash-conversion risk; no firm large-customer order date or achieved US-exclusive Vertiv milestone was established. Preserve $32M FY2026 revenue and 3.7x EV/sales. Q2 revenue decline, Products share and cash-burn flags remain. Transcript-availability gap resolved; 10-Q/cash and order verification still pending. — ir.tecogen.com (accessed 2026-09-23)
7. September 23 reference TGEN price $3.15; quote timestamp 2026-09-23T15:21:17.744998-06:00. Market price alone does not change operating value. (accessed 2026-09-23)
8. Tecogen Q2 2026 revenue was $5.75M, net loss was $2.15M, cash was $6.78M, gross margin was 37.8%, and adjusted EBITDA was negative $1.68M. — ir.tecogen.com (accessed 2026-08-13)
9. In Q2 2026, Products revenue declined 64.0% year over year, while Services revenue grew 10.3% and Energy Production revenue grew 35.4%. — ir.tecogen.com (accessed 2026-08-13)
10. Management said Tecogen hosted 12 data-center product demonstrations, attendees represented more than eight gigawatts of operating capacity, non-data-center backlog was about $8M, and Q3 product revenue was expected to exceed Q1 and Q2. — ir.tecogen.com (accessed 2026-08-13)
11. Tecogen's March 2025 Vertiv agreement gave Vertiv exclusive non-US marketing rights, non-exclusive US marketing rights, and potential US exclusivity if agreed sales thresholds are achieved. — sec.gov (accessed 2026-08-13)
12. Q2 2026 cash $6.782573M, finance leases and acquisition liabilities $2.642333M, H1 operating cash use $5.461566M, Products share 19.75%; management expects resources and operating cash flows to cover twelve-month working capital, but growth may require financing. June 30 options outstanding total 2.451609M; the model share input is an issued-share floor. — sec.gov (accessed 2026-09-23)
13. September 3 resale prospectus covers 4,507,603 existing selling-stockholder shares and provides no proceeds to Tecogen; registration alone is not new issuance. — sec.gov (accessed 2026-09-23)