Tigo Energy Inc (TYGO) News & EventsTYGOTigo Energy Inc

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.