TGEN - Earnings call transcript Q1 2021

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Operator

Greetings, and welcome to the Tecogen’s First Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Jack Whiting, General Counsel and Secretary. you. Thank

begin. may You

Jack Whiting

website Harbor is the presentation earnings this note, General recorded this morning on our of your be This section The two press of I release website. our to press presentation. provided and and Tecogen. that archived regarding are our section Investors direct Please call Investors quarter Various in future the tecogen.com the we about Jack would morning. to attention statement for Counsel release and weeks. XXXX Whiting, first Safe Secretary may will at and our of Good is earnings the available in included expectations, like remarks the company's make Form Safe plans of and of including indicated a Harbor in Reform Securities most various the Actual the Securities XXXX. XX-Q by as the which available factors, with prospects, SEC website materially annual file Act Litigation company's Private these constitute under of recent Risk on section Exchange under forward-looking are the from of result XX-K report Commission Investors the may and important purposes provisions differ caption in filings. results under and statements and on our those discussed Factors, Form reports forward-looking statements those for quarterly the heading on being

you do as of Therefore, today. some the statements future, in views so. as statements not we any point may any date we any at While disclaim obligation to from our update to forward-looking elect rely representing specifically subsequent forward-looking should on

Benjamin section regarding our to provided is press the the Principles non-GAAP directly measures accordance Investors I earnings prepared certain XXXX to measure reconciliation to the of During with GAAP and these will financial financial call this website. refer will A in we Generally over Accounting the Accepted GAAP. not Locke. in or comparable turn our first now of release most quarter measures call, in

Benjamin Locke

Thank you, Jack.

with shown which start results our the followed additional takeaways a segments. of I'll then from to of into will then indicates, for a review I over in X for for released the will takeaways which Slide on key first I’ve to by shareholder overview, here. vision then back brief financial profitability reach more discuss the some each agenda and our this described and quarter the morning. As is operator detailed go company detail I call quarter, goals will turn revenue in of the questions. letter the I the

overview Tecogen. Turning outages. maintains grid to emissions, Slide short of X, and provide and systems reduce Tecogen that clean operational a and sells efficient provide I'd from provide energy resiliency gas like to significant savings, greenhouse

generation technical are extensive We experience. to in due a technology leader our and distributed longevity

Our system. equivalently air-conditioning and products the other any highest resized of cooling efficiency have

most ensures the California. emissions the Southern even Ultera Our emissions technology air proprietary possible, quality as cleanest stringent standards, such meaning in those

microgrids, by Our is deployed designed systems as XXXX. independent from InVerde, operation in power number Tecogen grid of to product, a power terms indefinitely to restored. Wood hundreds is until in cogeneration off-grid grid can microgrids that operations ranked flagship, providing tie has being Mackenzie these of seamlessly, of facility grid operational to X operate transition

grid the low-carbon looks country a We and are resilient towards rest our the well-positioned of as and world future.

NOx reducing allows operational during maintain our and seamless and savings, is emissions outages. high to And as recognized Smart platforms for our across a Ultera emissions power to traditional carbon hydrocarbon certified engine Our solution CO, enable sources load wide efficiencies technology to cost-effective compared grid microgrid when range and sizes. significant lastly, transition technology of Inverter

detail. for the the discuss in quarter will I X, Slide to results more Turning financial

segment in the drop our $X.X million, was a primarily The in quarter and Service of first of of Service a I portion in XX% due XXXX. but will we about XX% the XX% revenue quarter Energy each of talk quarter-over-quarter. installation a revenue a in as decreases more from increase our side are quarter-over-quarter, ease. to was seeing First our came This and down revenue production maintenance at facility product few nice of segments restrictions closures segment. however decrease contract minutes. COVID revenues showed encouraging progress

our Our mix have a improve of specific efforts gross for This across for the board. productivity the well quarter which we the the attained. a is highest quarter, margin of product result was the XX%, combination as ever is as to

the of efforts quarter our concerted first XX% of contain the operating Our XXXX. show expenses also from results to expenses down

as million, in was of PPP forgiveness $X.X our the Our net a result loan of income quarter. the

that you quarter, the quarter adjusted negative EBITDA a in while positive still we $XX,XXX EBITDA $XXX,XXX had back loss quarter, So we the in a a about adjusted to first of compared of small had of if the XXXX. out, for

extinguishment that down quarter-over-quarter, due out EBITDA revenues PPP a adjusting So revenues. our on the being EBITDA mostly still we were small detail forgiveness to and margin reductions lower OpEx where of adjusted this primarily would quarter. overcoming I XX% to more some X Slide the for the despite number the our in debt. for when our shows improvements adjusted again favorable for like product the point quarter able we is EBITDA gain adjusted calculation, to manage

more expect, profitability attainable. much our revenues this like the product makes we goal As of recover

little Turning color to give to the quarter. our for more would segments each I the a Slide like performance of X, revenue on of

flow mentioned, segment impacted slowed was see by was XXXX. second as product COVID half the order and/or most delayed I during the slowdown our revenue we typically As of

backlog. economy which when flow order We a I touch our more bit recover, are to discuss starts seeing the will I on that as return

assist margins which helped mix the included we for to the our were engineered with product components of equipment. quarter Our our installation by high

project complexities accessories on cogeneration said from the these ourselves, shifting reduce I’ve As chiller installation the are a instead, previous for calls, or providing contractor builder. away engineered installation undertaking that of large or we

in performance the installation margin the that Service segment activity, have an XX excellent is later our our online of additional to come entirely in a side reflection business XX% outlook our as expands year. quarter-over-quarter. quarter-over-quarter improvement a lower was InVerdes drop Toronto whereas portion drop the of to see of maintenance Our fleet as service healthy the revenue the XX% service when boost this we’ll showed continues reduction service This and due of

As I mentioned, our impacted several significantly by production energy shutting on with fleet good. fleet closures some COVID our was for hotels down,

QX However, past improvements seen we the quarters few the encouraging in have XXXX. point low from of over

are XX% XX% and last over we are XXXX. of down we quarter-over-quarter, Although from XX% up quarter, QX

QX see segment, this improved We in are to of XX% to to XXXX. up margin compared also XX% encouraged in

record margin of for the our to contributed quarter. XX% this gross of All

and I quarter, Turning feel X, as discuss I look the of takeaways will toward important to what are the Slide year in rest we beyond. the to

seeing are from gradual we in the First, challenges business to economic COVID due each of a recovery segments. our

revenues end, rebound is year. Our contributor our increase assets, revenues, the year fleet our segment later Toronto our production service we energy experienced. quarter-over-quarter product backlog and from the closures contract from XX% service up expected In to this our service continue to to and up of smaller were XX% we is COVID while further when start a

the this forgiveness year. were to end helped cash expect all we position our at for million. stale second meet program by balance PPP quarter our with cash We our criteria loan Next, of later $X.X is and the drawn

generated Importantly, $XXX,XXX quarter. this of operations from we cash

which shown was we reduced backlog almost to our more improvements of entirely and OpEx is Our quarter. sustainable to This the be us million, expect profitability attainable our result goal here. I almost am each $XX segments improved in of our reach much encouraged market for product that shipments corporate makes for core margins and see

Lastly, on would focused business Slide in to like XX, profitability. our provide of growth our each reach plan is segments. plan an outlay I of to core The on

expanding us. relates this to involves segment, particularly chiller our product area the network, which it growth is our for an sales For market, important as

– service becomes production We service our we active especially year. remain energy later opportunities to our to contracts, will expand to our when continue expand lastly, assets. Ontario fleet maintenance And this open service

licensing Turning as not while of arrangement a and are engines Ultera, provide on make continuing activities emissions Engine for our Origin a with mobile this applications. did on quarter, they an available to range formal we to we sale update Ultera to support stationery our

Ultera developing also our are technology could on platform. proprietary new catalyst up add to Ultera that benefits work significant for We finishing a

detailed on will our a development update Ultera more We in call. have the earnings next

we a profitability more letter letter in vision our which and put More to goal with importantly, margins I We’ve improvements sustainable attainable. morning made release link detail. of read here. investors described the expenses made our the the the of morning out shown press is also link and to download this invite believe released path this the I and to its operating profitability very and shareholders

& Events News website can for to turn that, Events. the access this our under also over on like in I’d & the to questions. You News it tab operator With

Operator

[Operator with Instructions] Wainwright. your comes Please question. Our first ‎H.C. Joshi Sameer question from state

Sameer Joshi

Thanks my Thanks. questions. for taking

Benjamin Locke

Hi, Sameer. Sure.

Sameer Joshi

are doing? How you

Benjamin Locke

Good. Good. Good.

Sameer Joshi

first issues? backlog timing forward? are time quite the going see Or terms looking of how quarter. because actually of lot product in pipeline of So, suffered that a we cogeneration that revenue, Is question, just you that this or

Benjamin Locke

Yes, much I into quarter. yes, the too that. cogen was wouldn’t this read light

next our really we that see that all we have process It was and equipment had chillers in the balanced. flow in into to pretty has The And backlog cogeneration cogeneration it. exacerbated well a for that wouldn’t course effects fact There there. to into some an to that and of what time bit the quarter. and feel had that’s that cogen ratio that order the down. about quarters the going It vice thing. with formed. COVID, and flow I I in Sameer. of we had by some in backlog that that reverse alike established pipeline, be That’s late versa. XXXX cogen really but quarter, a it. started because in And it this first going But is fair – to gets and this still stuff momentum That’s slowed XXXX, and quarter. engineered heavy in general where talking that. of It takes strong. lot a little how sort could are that of momentum as a chillers order this was We specified chillers simple we read amount number and was abnormal still going process being was got order procured is a and of But It’s

product think balance I of forward. see you’ll going a the good So, two streams

Sameer Joshi

away And used we moving understand and then, service parts like on maybe or services revenues, you it. the that in Got Understood. installation. are from the products installation the smaller, supplying

you? you this? of losing In dollars, coming for margin Or terms of out dollars some is this because net margin service gross are positive service

Benjamin Locke

so. think don’t I No,

we Sameer, kind our In big these had installation these cogeneration arc fact, take margins, parcel this construction that and to manufacturer have that think projects take of part I remember, for was do we it. of the when if and It responsibility the center helps because on. and new in you

now and and So margins it but those on hiring they larger ended start gets a mostly all to the this on low up electricians project, ended okay that. ones It’s pretty hurt. and difficult and margin being small do riggers to things,

that our our are part up installation Sameer. now. – are the always into part of So, our being doing to end we lower and want reason that I if get margins But higher to their are to Even not an we focusing are though need That be margins. stuck constructions, It’s part some jobs on margins anymore. our they be we on anchor be increase much they of revenues always because some to that at margin of going is have why less. be these is our we think going us I it just then on careful giant bigger don’t

Sameer Joshi

it. Understood. Got

the a Did on on right and that? on I couple catalysts hear finishing Just misheard you catalysts or I are new maybe the work One more. Ultera. that working

Benjamin Locke

right. That’s That’s call. didn’t right. too Yes. on this give detail And much we at

catalyst this speak this there but using and But letter, that doing needs in best the chance the systems, is technical this details very are it there the get is at is itself are I go will the Ultera some yes, – that – a to, has that the a but that. will important look don’t when and catalysts be new is this shareholder helpful, developing specific and a IP Although, proprietary won’t behind on it bit qualities I we for the we IP have are the will the process work catalyst But are a it, that, Ultera. the course, and not our best we – and look catalyst it this of the to available is, is but commercially that you to the have on catalyst if currently of existing into detail we where what be But Ultera for of. proprietary. thing

unit working are and in finished we expecting the are working we’ll been they update, summer they’ve work imagine next are it – with So, this I some it testing say, on you And on third-party surplus our and the yet. that on could to hopefully able be be Ultera we and we’ll do I to some front. that that good news give research

Sameer Joshi

Understood.

a for previous reasons. the was catalyst that shortfalls of proprietary was in But is catalyst, nothing mainly it wrong process? So, new the used there or

Robert Panora

the test approaches experts indicated small that was performance a temperatures that wider that and second hey, catalyst what who a And can that their you catalyst improve also you the means little you the This sophisticated use say, temperatures would maybe should bench can The is different could we over earlier little stage to in – with is that bit. allow they a is more we operating are super and so smaller, size I does be research what Yes, Bob miniature mean, right? range. different particular recognized Panora. much operate the – test some materials, catalyst Southwest can the on make on that some somebody that clarify

the – makes advantage. control perhaps So and that’s that the have what easier obviously other

well. of You component change as the of downsize, the can ease see

think I here. it two provided of it’s anyway, that’s because say And to why that’s are the components all doing about. reduce important, is I something could significantly. very cost it’s the want it. we So, And main But

Sameer Joshi

Thanks Yes. I that color. for that. know

happens, increase Just a these Should one at come down. we last might remain one resources front, expect and Or operating add forward? the recovery bit? need have going as these on could to you to nicely expenses levels those COVID this

Benjamin Locke

think you Yes. Right I it. now, can expect

Sameer, the Our sales more seeing is that some right once at rest the think could pretty profitability is on people example now, you then, reach for some least goal investments. I to year could of we things probably change, and for runrate predictable. make more here, happens, or But are bring the

Sameer Joshi

Got it.

Okay. Thanks, Have Bob. day. Thanks, a good Ben.

Benjamin Locke

Sameer. Of you, course. Thank

Operator

question. Harbor Asset [Operator with Management. Instructions] Our question next comes Please state Blanton your from Alex Clean

Alex Blanton

Hi.

Benjamin Locke

Good morning.

Robert Panora

Good morning, Alex.

Alex Blanton

CLEAR. clean That’s clear harbor, it’s not harbor,

Benjamin Locke

it. Got

Alex Blanton

covered with the but the Yes. I catalyst, was going to very with Caterpillar That’s ask interesting. about project lift happened What you’ve I fork has think that. Mitsubishi.

in main the had because Japanese that You fellow and he of stuck Japan, was COVID.

to there? date you could up on So, us on what’s bring going

Benjamin Locke

in it right? getting that They Crown MLNA their MCFA. then they MLNA, Ultera arrive truck that likely their in COVID Alex, Yes. is much and we – them too we arrangement much Origin of have But are likely and – for now And name because Engine. I’ll manufactures through tell, way news while. time, obviously, the more all MCFA not Origin. is Engine, though. for now, going in to not as bad that’s licensing changed it’s – indicated on for of potential – are our distracted a truck period calling They many customers are to fact, Caterpillar Mitsubishi, significantly what’s these But the that customers, more the work, developed Origin for fork Ultera fork with a answer Alex, Bob,

think, Origin by is to licensing touch the – And with me, happen. our discussing And that’s well all could MLNA partner, truck to more and practical way in hands make relationships But fort so have which manufacturer a through Engine. great very they I because now Origin the our right that the for technology is it. be get

Alex Blanton

Do currently these these truck to engines not? lift they sell actually or manufacturers

Benjamin Locke

They truck No. their the currently. engines developing are engine fork industrial They’ve supplier for market. been an

they this they queues and And are that’s but supply to engines. other design time, looking about which the of so, with - are they some manufacturers course, dealing the are now. these industry been the of I is – are going same for have there story, all with doing At think sources certification the strong for engines, the they’ve because who from through they is problems they that long the talking

they pretty think, this a to going queues have done. when I good So, are they customer they get are base that

Alex Blanton

actual going Caterpillar the is at forward all? thing Mitsubishi So, not

Benjamin Locke

just we Well, I mean, wouldn’t still with say that, I keep them. – it’s in touch

get they You still part it’s might quite done urgency program. anymore, of just remember, Research in were commercialization that directly path. this something our we were we’ve moving to too you and that with active an urgency part Council PERC now of to isn’t were them. something talk as part They a because and program It’s get of with there a accomplish directly much Origin and to us got to their we there PERC’s still partner this them know, Propane

be there I with rule wouldn’t another could out that them. So, work entirely. outcome we where Again, Alex,

point at they to the own in Just time, this path we going are thing. going their this are particular do is and

Alex Blanton

of right more engine know to have like to Is completely more arrangement MNLA an to that they certify the where was buy business about that normal a there much suit nuts engines. not is want a MCFA, actually even kit, somebody and completely than would now,

So, conventional business a this approach. cleaner and a path more is

in pro MNLA know have low as mean, not Origin seen, – interested. I that size people think, sales wouldn’t product. I very when available this may be, well, they think, very engine I still that in emissions think, why interested. seem I don’t size this Origin, be has – pro So, be in range, they Origin the because ranges, may people the system another MCFA, I

Benjamin Locke

more with certified thing is one The same. to milestone certified. projects on for – with was switch both just the milestone get this get MNLA that the – and is it’s Origin to the and And working it now Alex milestone, in essentially fact, is,

So, being can works to on shell This the that’s it what’s important sold. is and that us, that right? start shell

Alex Blanton

of goal that? administration like or things are by trucks, greenhouse Biden of a cutting half technology. possibility might XXXX. automobile to post with But more by things hybrids has recouping of Ultera whatever electric trucks… XXXX industry convert the trucks, lift looking fleets there cost you than to And new UPS that is been cars The be looking that fuel into they that, gas trucks might Have use something I like that. mean, you like emissions that. the for this to what office or

Benjamin Locke

we to this we putting and ideal in the years I think, bit have vehicle. be little as cost-effectively. an and for I got years Ultera. and is into think if are Yes, years getting an to in as and then very, difficult actually market ever And very have natural – for years get time it had calls, retrofit the previous We going Whereas convert getting that Amazon efficiency. being, envisioned OEM analogy to gotten those have just that – underneath on same said delivery they so, would I’ve is this approach the maybe there. have gas at automotive could vans Ultera delivery that Again, would they a these better things you

that work But partners and they that the is with. there path to get there involved So is, there. steps we have is

is potential Alex, that So certainly. there,

will We originate development first which step. quite in bit require and business think just more little there are the happen that not a I of yet would

Alex Blanton

are geared would the new the so me, To target, be to going Amazon new to stuff, because they technology. – is

Benjamin Locke

Yes, my yes. email. return They then thus

are So, but right. you

– this not is mobile applications, and much approach Bob tremendous trucks. Origin Origin as deep with going think, in just is us fork here engines because more again, has to these not industrial relationships just indicated, right. with but of with You industry, I are one our very And than

work Origin, to So, are the Origin I these like to we some more we think of The enable possibilities delivery the with trucks. succeed. more we closer these

Alex Blanton

Okay.

Benjamin Locke

question one behind There Alex, so. is you there,

Alex Blanton

guess, into be posted? posted to the your We transcripts get to transcripts more website? If of questions, half there it for going hour on are past Are the I I off this will got call, the listening. calls

Robert Panora

on them find can be you our will Yes. posted. They there. are website. They

Benjamin Locke

should they be An there. hour after this call

Alex Blanton

long will there? it How be

Robert Panora

Couple weeks.

Alex Blanton

couple call. the so. Like the still, can’t Only I of right? weeks, transcript a find Is that call. the last December

Benjamin Locke

it Did the you after call. downloaded

Alex Blanton

just prior transcript the looking the no. It’s call No, quarter. was your fourth of for gone? I for

Benjamin Locke

assistants Alex, you have of answer I my can here. one

Unidentified Company Representative

Hi, Yes. Alex.

regarding I So, requests. you our on are would transcripts. absolutely have They to years. upon know. website archived available actually on available and send to respond. that us We call. transcripts this but from well the just I from can you he are available email weeks, you. written if is like want can past XXXX sent the an it audio are two you transcript send request for the let as they as But The

Alex Blanton

offline. I’ll Thanks. in with you touch get Okay. Thank you.

Unidentified Company Representative

Great. Okay.

Benjamin Locke

Alex. Thanks, Appreciated. Okay.

Operator

Please question your go Thank next you. Michael with ahead [Operator Instructions] Our from comes question. Zuk.

Benjamin Locke

Hi, Mike. How are you?

Michael Zuk

and doing great on Good great the out morning points. here

Benjamin Locke

Good. Good.

Michael Zuk

you it’s larger bring on challenge since us any date in up to York a been it’s of markets. been know, City? activity one New Can I historically, but our COVID-XX,

Benjamin Locke

anywhere in still still very towards And and New spread Sure. to the is. likely move New it’s And that the York, probably – case. in might are Yes. fields I any the the are going et in all goals the strongest disappear from electrification this Yes. fossil cetera, immediately it’s despite not mean, spike country. York

problem. of of as part recognized cogeneration is the the solution, part not Our

We limits, because, be the significant going reduction goals sometimes XX% are building higher. even we become – gas And there greenhouse efficiency New buildings by their York, monitory cogen is your on if by utilities you amount. a measure. have because a there then they are We back in if don’t can carbon for penalties help deal get in reach value in efficient, real your their reach a there, to carbons to in

solar. can put You up

your bulbs. You done already might have light

the terms savings. of put in and the provides cogen to for need really for bank carbon bank buck You buck

of course, that these operational to savings see. addition In people the

in day I the am years everything New see, in can’t still I with New the York winter. building on I a from being world market. XX every now, So going about coldest to strong electric, the electricity is heating York imagine not when think

time. – You strained in grid summer the the difficult to concede. think it’s That’s

gas It’s to looking being years still reach So, I efficiency to an their of in and New I horizon. of X, them me that’s am see going City and measure is very a of front the important part goals. equipment at needed our being be XX, XX York for

Michael Zuk

issue there demand resolvable New in because gas that, happening? I been issue there been supply high. pipelines overwhelmed, what’s is Is has with the York City? a Is delivery know there for gas the that or sometimes so have an

Benjamin Locke

not seen We’ve are – but they areas back, now. we did sometime Westchester to in – and see New some seem issues York, have supply resolved of those some they

not We issues are seeing now. any supply

We as are turn and – not and go gas – east even thousand down east the $X.XX it get coast, get then, readily coast, off able every the to miles. you becomes down more for the cheap gas moving you very than

there with And where as our is center because in very why get that’s service very Florida Florida, electric high we so, as down New I being gas you York, rates cheap. to gas are affordable. said is think before, successful aren’t now, And I but

so, the is spread And favorable. very spark

Michael Zuk

country to on restrictions play and already are California some California? we that of happening our across in then, And are moving the environmental in California, marketing what’s with coming efforts the

Benjamin Locke

you communities those. doesn’t natural bit does sentiment a a me am cogen there communities as where worry have Sure. they And any Mike, more banning am know have in ways. that that Those natural gas. Yes. gas, cogeneration. for have I think California. too on some aware I focused California, have also, in – much. That’s California punitive towards of of really I tariffs little that what where don’t a

importantly, that greenhouse efficient to that even If non-bypassable by make things. hindered around, This Teco for they reintroduced XX% the gas, economically it tariff. savings the focusing of said it Same natural The am down Power. and be to remember, their just The bills the And are do just are are getting They Tecofrost But natural that grid our our replacing standby have Thank is to through difficult and for meter economics, cetera. those refrigeration you wineries great by subject gas to and the still Mike, our you, you electric helping last you those world, system way us a around is California, chiller still you system. their the because I you because I going that XXX the subject benefit the coast you get reducing are compressor thing charges, and to with gas your get get et really to you through their it Bob. fuel, Mike, not processing in it’s electric so like are up circulated using the simply is is are it’s again, trying way promising all are most not – off am are punitive emissions, chiller you really, versus a on the they for product. though really year. saving way the fossil from Tecofrost. was, on run products cut we way not using that chiller. by KW electric and them not they shame subject around tariffs. this a to you ammonia to charges, people typically with cogen, a you an industry, compressor

our our chillers. So It’s California for on really plan out focused there. that’s

the going are part is asking question, are of think more going and chat before cogen sales this to Daikin, important next you an you we But go course, local to call focus are a thing Mike, on call to they chiller I one think are I When upon done you Of find chillers good my your buy Daikin a this the chiller, is is, representatives. you you and mostly manufacturers’ through stuff. rep. don’t

same the product. with applies so, our And

chiller way that’s for they that up sell. I of reps our markets expand, a Coast I in established And am size the I even I West and So, network, as letter Canada, I as or mentioned that that in rest the where bit it. to help example, is. we have identifying our And expand do chiller shareholder the a California little pretty or think what

added We reps. some have

the I even some and think that’s coast and be and the west us adding so reps see on going more you’ll we sell to that more on some more coast. east way the

Michael Zuk

And then, one final question.

Given natural issue because what electric are down it’s in flushed generation have They pursuing opportunities a in gas. with there. Texas, we happened Texas,

Benjamin Locke

a Yes. piece. in the got there, have am that emphasizing you into was Brite there, you’ve they’ve- down there a you. have the by Sure. but market, that of a no Scotch have Right going you thing it I resiliency indeed great – spark you category not this and spread could resiliency market, because, And spread, isn’t cannot chillers for spark now falls a because – difference. down But but the got now potentially Texas, really then,

So, connections we down – we’ve there. indeed, have got

You way manufacturing that know, – the for a partner Tecofrost partner is our of our location Vilter, located there.

work folks. So, sales to have their own well. those able through reps, They as we are

feel pretty we there what’s get good So, for ground a can Texas. on the in

your been Hurricane people yes. So, kind piece answer yes did in that engrained like of of York. the all in is question Sandy Texas But is resiliency this in long to much New

to see we more I opportunity going think are there.

Michael Zuk

put of and commend to like looking you to have out comprehensive all that letter that I of on out. letter you finally, is forward think and I then, components And thrown you am the extraordinarily delivering shareholder you, challenges the the the I’d

and a it appreciate with informing huge on very much. what’s improvement going I the in think the company shareholders on this is

Benjamin Locke

in employees all accomplishing room, we bottom, the company, company just Yes. our all are enthusiastic, but we forward are this from to in in to Sure. people everyone are them. and top staff not and of our this engaged looking Thanks, Mike and goals very

Michael Zuk

it. XAppreciate Thanks

Benjamin Locke

Mike. you, Thank

Operator

be to you. closing There Thank management it I’ll no Instructions] back to additional turn appears for remarks. questions. any [Operator

Benjamin Locke

all you, and your call read time website call. and listening talk next invite I this a to go thank shareholders we’ll in Well, to to per the se, our for again our letter and give

Operator

disconnect. All a day. conclude Thank today's Have you. This good parties conference. may

Tecogen (TGEN) 14 May 212021 Q1 Earnings call transcript