Tecogen Hawk EV/sales valuation

Tecogen Inc. (TGEN)
By@hypertonx
Assumptions as of 2026-08-13
USD
Updated Aug 13, 2026 · Revised 1 time
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Tecogen Hawk EV/sales valuation

Hawk-compatible valuation for Tecogen using a forward EV/sales method. Tecogen remains loss-making, so an earnings or FCF multiple would overstate precision. The model anchors on 2026E revenue, applies scenario EV/sales multiples that reflect order conversion and data-center chiller optionality, adds net cash after finance leases and acquisition liabilities, then divides by diluted shares. The Q2 2026 update lowers the base case because total revenue and Products revenue declined year over year, cash moved down to $6.78 million, and the available evidence still shows product demonstrations and backlog rather than signed high-volume data-center purchase orders.

as of 2026-08-13

Fair value
$4.06
Upside/downside
28.1%
Implied enterprise value
$118.4
Net cash
$4.1

Balance sheet

$6.8$M
$2.6$M

Market

$3.17
Latest TGEN quote · updated Aug 27, 2026 2:00 PM MDT

Operating assumptions

$32.0$M

Share count

30.2M shares

Valuation assumptions

3.7

Sources

  1. 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)
  2. 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)
  3. 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)
  4. 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)

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