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TYGO-News
TYGO-Events
Tigo Reports Q3 Revenue of $24M, Below Consensus
Reports Q3 revenue $24M, consensus $25.33M. "Third-quarter revenue of $24.0 million was within our guidance, and we delivered GAAP net income of $0.4 million. Adjusted EBITDA of $1.5 million exceeded the high end of our guidance range," said Zvi Alon, Chairman and CEO of Tigo. "Third-quarter results reflected the three dynamics we outlined last quarter: a more gradual market recovery in Europe, a slower-than-anticipated ramp of GO ESS and the shift of our U.S. optimized inverter partner's launch to the fourth quarter. In EMEA, third-quarter revenue declined 14.8% year over year as the market continues to adjust to a reduced subsidy environment. GO ESS third-quarter revenue declined 58.6% year over year to $1.3 million and 40.6% compared with the second quarter, due to lower sales volumes in the United States and Italy. In the U.S., we recognized approximately $0.8 million of revenue from shipments to our optimized inverter partner during the quarter and expect revenues to exceed that amount in the fourth quarter. However, the partner's delayed go-to-market launch may affect the timing of future orders."
Sees Q4 Adjusted EBITDA of -$1.5M to $3M
Sees Q4 adjusted EBITDA ($3M)-($1.5M).
Tigo Energy Launches Solar Upgrade Playbook, Supports 11MW Projects
Tigo Energy announced that Tigo technology has helped enable over 11MW of solar repowering projects as demand grows for upgrades, replacement components, and services across the installed base of aging residential solar systems. To help installers capture this opportunity, Tigo is also introducing a practical repowering playbook and installer resources designed to support both business development and the technical execution.
Otovo Completes 1,000 Inverter Replacements Using Tigo Technology
Otovo has completed 1,000 inverter replacements using technology from Tigo Energy. This milestone marks a new phase in Otovo's repowering business, which restores power for homeowners and businesses with aging or orphaned solar systems. Otovo has now completed 1,000 inverter replacements using Tigo technology. Nearly 400,000 U.S. residential solar systems reach the 10-year age mark every year for the next five years. More than one million systems have already passed that mark. Tigo's open architecture allows Otovo to service many types of legacy solar systems, not just one brand. Tigo Inverter Power Output Control lets Otovo match new equipment to each system's original requirements. The partnership supports Otovo's strategy of restoring service to aging and orphaned solar systems at scale.
Tigo Energy Announces Compatibility Certificate with Ingeteam
Tigo Energy announced a certificate of compatibility with Ingeteam, documenting which Ingeteam inverters and Tigo Flex MLPE products have passed compatibility testing. The certificate covers certain single-phase and three-phase Ingecon Sun products and members of the Tigo TS4 MLPE product family, when properly designed and installed.
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