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Tecogen = Clean Energy Solutions Tecogen Announces Third Quarter 2021 Results Net Income of $ 3.6 million YTD 2021 and $ 1.5 million for Q3 2021 Diluted earnings per share of $ 0.14 / share YTD 2021 and $ 0.06 / share for Q3 2021 WALTHAM , Mass . , November 10 , 2021 - Tecogen Inc. ( OTCQX : TGEN ) , a leading manufacturer of clean energy products , reported net income of $ 1.5 million for the quarter ended September 30 , 2021 compared to a net loss of $ 0.2 million in 2020 , an improvement of $ 1.7 million . For the nine months ended September 30 , 2021 , net income was $ 3.6 million compared to a net loss of $ 2.1 million , an improvement of $ 5.7 million . The increase in net income for both periods was due to the benefit from the CARES Act payroll support programs . Our gross margin increased to 47.3 % in the nine months ended September 30 , 2021 compared to 37.5 % for the same period in 2020 . Key Takeaways Earnings Per Share • Net income ( loss ) per share , basic and diluted , was net income of $ 0.15 and $ 0.14 per share , respectively , in nine months ended September 30 , 2021 compared to a loss of $ 0.08 and $ 0.08 per share in the nine months ended September 30 , 2020 . Net income ( loss ) per share , basic and diluted , was net income of $ 0.06 in the third quarter of 2021 compared to a loss of $ 0.01 in the third quarter of 2020 . Revenues • • Revenues for the quarter ended September 30 , 2021 were $ 5.0 million compared to $ 7.2 million for the same period in 2020 , a 30.3 % decrease . ° ° Product revenue was $ 1.9 million in Q3 2021 compared to $ 2.7 million in the same period in 2020 , a decline of 30.8 % , primarily due to lower cogeneration and chiller unit volume . Services revenue was $ 2.8 million in Q3 2021 compared to $ 4.1 million in the same period in 2020 , a decline of 31.4 % , primarily due to reduced lower margin installation activity . Services contract revenue increased 5.9 % to $ 2.8 million compared to $ 2.6 million in the third quarter of 2020 . Energy Production revenue decreased by $ 53 thousand , or 14.5 % , to $ 315 thousand in Q3 2021 compared to $ 369 thousand in the same period in 2020 . For the nine months ended September 30 , 2021 revenues were $ 17.2 million compared to $ 22.6 million for the same period in 2020 , a decrease of $ 5.4 million or 23.8 % year over year .