Turbogen (TURB) Registration filing summary

Company overview and business model

• Develops combined heat and power (CHP) systems based on multifuel microturbines for local electricity and heat production, targeting urban buildings and data centers in the US and EU.

• Transitioning from R&D to commercial production, with the TG-40 (40KW) and TR3200 (32KW) systems as initial products; plans for additional models up to 100KW.

• Business model centers on Energy-as-a-Service (EaaS) long-term agreements and direct sales with service contracts.

• Focuses on high efficiency, modularity, multi-fuel capability (natural gas, hydrogen, landfill gas, diesel), and integration with energy management systems.

• Strategic collaborations and demonstration projects in the US and Europe to drive adoption and validate technology.

Financial performance and metrics

• No revenues generated to date; company remains in development stage.

• Net loss for 2025 was $19.5 million, up from $3.0 million in 2024, driven by increased share-based compensation and finance expenses.

• Cash and cash equivalents as of December 31, 2025 were $3.9 million, with a working capital deficit of $3.2 million and accumulated deficit of $43.5 million.

• Operating loss for 2025 was $9.1 million, with R&D expenses of $946k, sales and marketing expenses of $1.3 million, and G&A expenses of $6.9 million.

• Auditor's report includes a going concern warning due to recurring losses and negative cash flows.

Use of proceeds and capital allocation

• Company will not receive proceeds from the resale of shares by selling shareholders; proceeds from warrant exercises will be used for general corporate purposes and working capital.

• Ongoing reliance on equity raises, convertible loans, and government grants to fund operations and R&D.

• Substantial additional funding expected to be required for commercialization and scaling production.