TurnOnGreen, Inc. (TOGI, TOGIW)
TurnOnGreen, Inc. ("TOG") is a Nevada-based power electronics and EV charging solutions company with two divisions: Digital Power (premium, custom power conversion systems for defense, aerospace, medical, telecom, and industrial markets) and TOG Technologies (Level 2 AC and DCFC hardware plus net...
TurnOnGreen (TOG) 2024 10-K Review
An in-depth analysis of TurnOnGreen’s business, financials, risks, and future prospects; your guide to our latest 10-K.
Warren.AI 💰 3.2 / 10
Table of Contents
- Power Electronics Division
- EV Charging Division
- Market & Growth Strategies
- Key Financial Highlights
- Balance Sheet & Liquidity
- Cash Flow Analysis
- Risk Factors & Internal Controls
- Corporate Governance & Management
- Outlook & Investment Considerations
Executive Summary
For the fiscal year ended December 31, 2024, TurnOnGreen, Inc. ("TOG") reported:
• Revenues: $4.912 million (up 17% vs. 2023)
• Gross profit: $2.122 million (up 137%)
• Operating loss: $3.544 million (improved 24%)
• Net loss: $3.973 million (vs. $4.834 million in 2023)
• Cash & cash equivalents: $27,000
• Working capital: –$6.5 million
The Company operates two core divisions: premium power electronics and emerging EV charging solutions. While revenue and gross margin improved in 2024, TOG remains unprofitable with substantial working capital deficits and liquidity concerns, raising going-concern questions.
Investment Score: 3.2/10
TOG’s specialized power-tech expertise and EV ambitions are promising niches. However, consistent losses, tight cash runway, supply chain constraints, and intense competition limit near-term investment upside.
Business Overview
TurnOnGreen is a Nevada corporation with two wholly owned subsidiaries:
- Digital Power Corporation (DPC):
• Designs, develops and manufactures custom power electronics for defense, aerospace, medical, telecom, and industrial markets
• Solutions include AC/DC and DC/DC power supplies, power conversion systems, laser power supplies, and modular power architectures
• Strengths: high reliability, ruggedized designs, digital firmware customization, power factor correction, compact form factors - TOG Technologies Inc. (TOGT):
• EV charging solutions: Level 2 AC chargers and DC fast chargers (CCS1, NACS, CHAdeMO), plus cloud-based network management services
• Positioning to capture residential, fleet, workplace, hospitality, healthcare, municipal, and educational charging needs
• Business models: hardware sales, subscription-based charger-as-a-service (CaaS), extended warranties, and cooperative host partnerships
Headquarters: 1421 McCarthy Blvd, Milpitas, CA 95035
Website: www.turnongreen.com
Operating Segments & Products
1. Power Electronics Division (≈92% of 2024 revenues)
Markets & Applications
- Medical & Healthcare (11% of power revenues)
- Defense & Aerospace (48%)
- Industrial & Telecommunications (41%)
Product Lines
- Custom power systems: open-frame AC/DC switchers, DC/DC converters, board-mount modules
- Industry-standard: high-efficiency PFC power supplies, multi-output modular systems
- Specialized: laser power supplies, high-voltage capacitive chargers (500–3,000 V), data-center and semiconductor fab power
Key Strengths
- Rapid custom NRE turnaround with low engineering carryover
- Rugged MIL-STD and medical certifications (ISO 9001, 13485, AS9100)
- Flexible digital firmware, high power density, global end-markets
2. EV Charging Division (≈8% of 2024 revenues)
Solution Stack
- Hardware: Level 2 AC chargers, DCFC (350 kW CCS1, NACS & CHAdeMO)
- Software: Advanced network operations (site monitoring, remote diagnostics, payment processing)
- Services: CaaS subscriptions, extended warranties, advertising, CO₂ credit sales, EV electrification consulting
Go-to-Market
- Direct sales: commercial & fleet deployments
- Channel partnerships: hospitality chains, construction firms, utilities, project developers
- Cooperative revenue-share host model: fund, build and operate charging assets for high-dwell-time locations
Opportunities & Challenges
- Pros: growing EV adoption (85% charging at home/work), federal/state rebates, proprietary togiCaaS integration
- Cons: highly fragmented charging market, price competition, infrastructure build-out delays
Market & Growth Strategies
- Innovate EV Products: scale miniature, high-efficiency hardware; expand network analytics; develop bidirectional charging support
- Strategic Partnerships: hospitality (Best Western), construction (Tesco), real estate, utilities, municipal hubs
- Cross-Sell to Existing Power Customers: leverage DPC client base in defense/telecom to add EV deployments
- Selective Acquisitions: target synergistic power or EV technology startups to gain market share and IP
- Cooperative Host Model: fund and build charging infrastructure for site hosts, recover via grants, energy sales, advertising and CO₂ credits
Key Financial Highlights
Revenues
- 2024: $4.912 M (+17% y/y)
- 2023: $4.201 M
Gross Profit & Margins
- 2024: $2.122 M (43.2% margin; +137% y/y)
- 2023: $0.895 M (21.3%)
Operating Expenses
- 2024: $5.666 M
- 2023: $5.569 M
Operating Loss
- 2024: ($3.544 M)
- 2023: ($4.674 M)
Net Loss
- 2024: ($3.973 M)
- 2023: ($4.834 M)
EPS (basic & diluted)
- 2024: ($0.02)
- 2023: ($0.04)
Warrants & Preferred Stock
- Warrants outstanding: 140.96 M (weighted avg exercise $0.10)
- Series A Redeemable Preferred: 25 K shares ($1,000 par, 125% liquidation preference)
Balance Sheet & Liquidity
• Cash & Cash Equivalents: $27,000
• Working Capital: –$6.51 M
• Total Assets: $2.745 M
• Total Liabilities: $8.48 M
• Temporary Equity—Series A: $25.0 M
Receivables & Inventory
- Trade receivables: $730,000
- Inventories: $890,000
Key Liabilities
- Lawsuit settlement: $1.122 M
- Operating leases (net ROU): $631,000
- Related party notes: $5.185 M
Going Concern
Management has substantial doubt about TOG’s ability to continue as a going concern due to continued operating losses and a negative working capital position. The Company plans equity and debt fundraises.
Cash Flow Analysis
Operating Cash Flows
- 2024: ($2.665 M)
- 2023: ($3.341 M)
Investing Cash Flows
- 2024: ($0.042 M)
- 2023: ($0.042 M)
Financing Cash Flows
- 2024: $2.713 M
- 2023: $3.309 M
Key Drivers:
- Primary uses: operating losses, working capital expansion
- Financing from Hyperscale advances, related party notes
Risk Factors & Internal Controls
Top Risks
- Going Concern: negative working capital, cash runway risk
- Dependence on Major Customers: limited customer base, order concentration
- Supply Chain Disruption: component shortages, longer lead times
- No Patents: largely unpatented trade secrets
- Competition: larger peers in power supplies & EV charging
- EV Charging Market: nascent market, dependent on EV adoption & incentives
- Internal Controls: material weaknesses in segregation of duties, revenue recognition, complex instruments, related party transactions
Management is implementing remediation plans (enhanced reviews, new staff, system upgrades, process controls) to address material weaknesses in internal control over financial reporting.
Corporate Governance & Management
Board of Directors
- Amos Kohn: CEO, CFO & Chair (Founder of Digital Power, ex Hyperscale CEO)
- Marcus Charuvastra: President & CRO (20+ years in sales, marketing, biotech IPO leadership)
- Douglas Gintz: CTO (30+ years in emerging tech, ex Hyperscale CTO)
Independence:
All three directors are executive officers or related-party designees, none qualify as independent under Nasdaq rules.
Related Party:
Hyperscale Data, Inc. controls TOG (~33.5 M Series A Preferred & 26 M Common). Hyperscale advances
$5.1 M; Hyperscale allocates corporate overhead.
Executive Compensation
- Amos Kohn: $350K salary + $10K bonus
- Marcus Charuvastra: $140K salary
- No director fees paid as of 12/31/2024
Share Incentives
- 2023 Stock Incentive Plan: 100 M shares reserved
Outlook & Investment Considerations
Pros
- Niche expertise in high-reliability power electronics
- EV charging integration leverages core power IP
- Cooperative host model aligns infrastructure economics
Cons
- Negative working capital & going-concern risk
- Concentrated revenues & customer base
- Unprofitable, high cash burn, continuing net losses
- Supply chain & component inflation headwinds
- No independent directors or audit committee yet
What to Watch
- Cash & Fundraising: equity or debt raised and cash runway extension
- EV Division Traction: network build-out, subscription uptake
- Process Improvements: remediation of internal control deficiencies
- Diversification: new customers outside defense/industrial
- Strategic Partnerships/Acquisitions: EV or power-tech targets
Verdict: Selective smaller-cap investors focused on deep-tech, disruptive EV infrastructure, and specialized power electronics may find speculative upside. However, until profitability and a stable capital structure are demonstrated, significant execution and financing risks remain.
This analysis is based solely on TurnOnGreen’s 2024 Form 10-K in accordance with GAAP. It is not an endorsement or recommendation to buy or sell securities.