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August 12 , 2021 Tecogen- Clean Energy Solutions Tecogen Announces Second Quarter 2021 Results Net Income of $ 2.2 million for H1 2021 and $ 0.4 million for Q2 2021 Earnings per share of $ 0.09 / share for H1 2021 and $ 0.02 / share for Q2 2021 WALTHAM , Mass . , Aug. 12 , 2021 ( GLOBE NEWSWIRE ) -- via NewMediaWire -- Tecogen Inc. ( OTCQX : TGEN ) , a leading manufacturer of clean energy products , reported net income of $ 0.4 million for the quarter ended June 30 , 2021 compared to a net loss of $ 0.7 million in 2020 , an improvement of $ 1.1 million . For the six months ended June 30 , 2021 , net income was $ 2.2 million compared to a net loss of $ 1.9 million , an improvement of $ 4.1 million . The increase in net income for both periods was primarily due to the benefit from the CARES Act payroll support programs , and to a lesser extent , from lower operating expenses and improved gross margin . Our gross margin increased to 47.5 % in the six months ended June 30 , 2021 compared to 37.0 % for the same period in 2020 . Key Takeaways Earnings Per Share • Net income ( loss ) per share , basic and diluted , was net income of $ 0.09 per share in the six months ended June 30 , 2021 compared to a loss of $ 0.07 in the six months ended June 30 , 2020 . • Net income ( loss ) per share , basic and diluted , was net income of $ 0.02 in the second quarter of 2021 compared to a loss of $ 0.03 in the second quarter of 2020 . Revenues • Revenues for the quarter ended June 30 , 2021 were $ 6.1 million compared to $ 7.4 million for the same period in 2020 , a 17.3 % decrease . 。 Product revenue was $ 2.4 million in Q2 2021 compared to $ 3.8 million in the same period in 2020 , a decline of 35.4 % , primarily due to lower cogeneration unit volume . 。 Services revenue was $ 3.3 million in Q2 2021 compared to $ 3.4 million in the same period in 2020 , a decline of 1.3 % , primarily due to reduced lower margin installation activity . Services contract revenue increased 25.6 % to $ 3.1 million compared to $ 2.5 million in the second quarter of 2020 . 。 Energy Production revenue increased by $ 95 thousand , or 34.2 % , to $ 371 thousand compared to the same period in 2020 due to the resumption of business operations at our energy production sites . • For the six months ended June 30 , 2021 revenues were $ 12.2 million compared to $ 15.4 million for the same period in 2020 , a decrease of $ 3.2 million or 20.8 % year over year .