UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-40710 Tigo Energy, Inc. (Exact name of Registrant as specified in its Charter) (State or other jurisdiction of incorporation or organ ...

Group 1 - Tigo Energy, Inc. has entered a strategic partnership with CELTEC to expand the distribution of its renewable energy products in Central America and the Caribbean [1][2] - The partnership aims to enhance safety and regulatory compliance as solar adoption increases in these regions, particularly aligning with NEC 2017 and NEC 2020 requirements [2][3] - A key product from this collaboration is the TS4-A-2F rapid shutdown solution, which complies with module-level shutdown requirements and is designed to reduce installation time and connections [3] Group 2 - Tigo Energy develops smart hardware and software for solar systems, including module-level power electronics, monitoring platforms, inverters, and battery storage products for various applications [4]

Core Insights - Tigo Energy, Inc. (NASDAQ:TYGO) is identified as one of the six cheap solar stocks to consider for investment [1] - The company has received a Buy rating from Roth MKM with a price target of $5, indicating a potential upside of 53.33% [2] - Northland analyst Gus Richard raised the price target to $5.50 and maintained an Outperform rating, reflecting positive adjustments in revenue and earnings estimates following the company's Q4 results [3] Financial Performance - Tigo Energy reported fourth-quarter revenue of $30 million, aligning closely with the consensus forecast of $30.02 million [4] - The company experienced a significant revenue increase of 73.8% compared to the same quarter last year, despite seasonal challenges in the solar installation market [4] - Tigo Energy has paid off $50 million in convertible debt due in Q3, which is a positive indicator of financial management [3] Company Overview - Tigo Energy, Inc. is based in California and specializes in solar and energy storage solutions, offering module-level power electronics and energy demand forecasting [4] - Founded in 2007, the company has positioned itself within the growing solar energy sector, which is currently facing seasonal slowdowns [4]

Group 1 - Tigo Energy Inc. has entered into a definitive agreement to sell 5 million shares at $3 each, generating $15 million in gross proceeds for general corporate and working capital purposes [1] - The company reported a 73% increase in fourth-quarter revenue to $30 million, with a net income of $11.7 million, a significant turnaround from a net loss of $26.8 million in the same quarter of the previous year [2] - Full-year revenue rose by 91.7% to $103.5 million, with a gross profit of $44.4 million, and the net loss narrowed to $1.9 million from $62.7 million in 2024 [3] Group 2 - Tigo Energy expects first-quarter revenue to be between $25 million and $27 million, with full-year revenue projected to grow by 26% to 30% [3] - The CFO noted that the first-quarter outlook considers weather-related seasonality in EMEA revenue and includes a potential $500 thousand operating expense reserve related to a slow-paying distributor [4] - Tigo Energy specializes in Module Level Power Electronics (MLPE) and provides intelligent solar energy solutions, enhancing solar energy yield and safety for residential and commercial installations [5]

Core Insights - Tigo Energy, Inc. has experienced a significant increase in its share price, rising by 294.88% year-over-year [1] Company Overview - Tigo Energy specializes in solar energy solutions and has garnered attention despite limited coverage on platforms like Seeking Alpha [1]

Core Insights - Tigo Energy showcased its new real-time active commissioning software at the KEY 2026 Expo, aimed at enhancing solar installation efficiency and installer confidence [1] - The company reported an estimated 6 to 8 GW of new solar capacity additions in Italy, driven by large-scale projects and integrated storage solutions [1] - Tigo's TS4 Flex MLPE products support high-power PV modules, with the TS4-A accommodating modules up to 725 W and providing significant energy production boosts [1] Group 1: Product Innovations - The new active commissioning software supports installers throughout the jobsite workflow, offering on-site guidance and real-time progress visibility [1] - Tigo's TS4-A MLPE devices provide over 7.6% reclaimed energy on residential solar systems between 3-12 kW, with up to 40% of those systems increasing energy production by more than 10% [1] - The software includes more than twenty core enhancements to streamline the installation and commissioning process, improving situational awareness for solar installers [1] Group 2: Installer Engagement and Market Strategy - Tigo's Installer Loyalty Program has been expanded with new eligibility tiers, enhanced data support, and upgraded co-branding opportunities [1] - The company has logged 1,500 engagements in its Green Glove service program, reinforcing its commitment to Total Quality Solar and improving installer experiences [2] - Tigo emphasizes the importance of installer feedback in driving practical improvements in its products and software, aiming to reduce delays and enhance installation confidence [1]

分组1 - Tigo Energy, Inc. reported a quarterly loss of $0.03 per share, better than the Zacks Consensus Estimate of a loss of $0.04, and a significant improvement from a loss of $0.44 per share a year ago, resulting in an earnings surprise of +18.26% [1] - The company posted revenues of $30.03 million for the quarter ended December 2025, slightly missing the Zacks Consensus Estimate by 0.32%, but showing a substantial increase from $17.27 million in the same quarter last year [2] - Tigo Energy has surpassed consensus EPS estimates in all four of the last quarters and has topped consensus revenue estimates three times during the same period [2] 分组2 - The stock has increased approximately 142.8% since the beginning of the year, contrasting with a slight decline of 0.1% in the S&P 500 [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is -$0.08 on revenues of $26.25 million, and for the current fiscal year, it is -$0.11 on revenues of $128.02 million [7] 分组3 - The Zacks Industry Rank indicates that the Solar industry is currently in the top 34% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6]

Tigo Energy (NasdaqCM:TYGO) Q4 2025 Earnings call February 24, 2026 04:30 PM ET Company ParticipantsAmit Dayal - Managing Director of Equity ResearchBill Rossi - CFOZvi Alon - CEOConference Call ParticipantsEric Stine - Senior Research AnalystGus Richard - Managing Director and Senior Research AnalystModeratorGood afternoon! Welcome to Tigo Energy's fiscal fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, t ...

Financial Data and Key Metrics Changes - Tigo Energy achieved $103.5 million in revenue for the full year 2025, representing a year-over-year growth of 91.7% [6] - For Q4 2025, total revenue was $30 million, a 73.8% increase from $17.3 million in Q4 2024 [10] - Gross profit for Q4 2025 was $13.4 million, or 44.5% of revenue, compared to a gross loss of $12.6 million in the prior year [11] - GAAP net income for Q4 was $11.7 million, compared to a net loss of $26.8 million for the prior year [13] - Adjusted EBITDA for Q4 was $2.7 million, compared to an Adjusted EBITDA loss of $22.1 million in the prior year [14] Business Line Data and Key Metrics Changes - MLPE revenue for Q4 2025 was $26.9 million, representing 89.7% of total revenues, while GO ESS contributed $2.2 million [11] - The company shipped 744,567 MW of MLPE in Q4, with total shipments for the year reaching 2.7 million units [6] Market Data and Key Metrics Changes - EMEA revenue was $18.1 million, or 60.3% of total revenues, while Americas revenue was $9.2 million, or 30.8% [10] - APAC revenue was $2.7 million, or 8.9% of total revenues, with significant growth noted in Australia [10][7] - The UK saw a sequential growth of 72.3%, while the U.S. grew by 24.4% [7] Company Strategy and Development Direction - Tigo Energy is focusing on establishing a domestic contract manufacturing operation in the U.S. to support local customers [8] - The company is excited about the introduction of the new GO Battery, which is expected to enhance upsell opportunities in the U.S. market [9] - Tigo is making investments in areas where competitors are reducing their presence, aiming to capture market share [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory of the business despite industry volatility [18] - The company anticipates revenue growth of 26% to 30% for the full year 2026, projecting revenues between $130 million and $135 million [17] - Management highlighted the importance of the EG4 partnership and the potential for significant growth from this relationship [25] Other Important Information - Tigo eliminated a $50 million convertible promissory note ahead of its maturity, strengthening its balance sheet [10] - The company announced a registered direct offering of $5 million shares at $3 per share, expected to generate approximately $15 million in gross proceeds [16] Q&A Session Summary Question: Growth opportunities in 2026 - Management confirmed that current guidance does not include potential substantial growth opportunities, but they are optimistic about the EG4 partnership and the new battery product [24][25] Question: Timing of EG4 benefits - Initial deliveries for the EG4 partnership will begin in May, with full benefits expected in Q3 [34] Question: Working capital for aggressive growth - Management stated that the balance sheet is clean and debt-free, providing flexibility for growth initiatives [35] Question: Energy efficiency of new storage system - The new storage system is expected to exceed competitors in energy efficiency and provide consistent outputs [39] Question: Impact of previously written off inventory - There was a minor impact on margins due to previously written off inventory sold during the quarter [40] Question: Future gross margins - Management aims to maintain gross margins around 40% [42]

Financial Data and Key Metrics Changes - Tigo Energy achieved $103.5 million in revenue for the full year 2025, representing a year-over-year growth of 91.7% [6] - For Q4 2025, total revenue was $30 million, a 73.8% increase from $17.3 million in Q4 2024 [6][12] - Gross profit for Q4 2025 was $13.4 million, or 44.5% of revenue, compared to a gross loss of $12.6 million in the prior year [12][13] - GAAP net income for Q4 2025 was $11.7 million, compared to a net loss of $26.8 million in the prior year [13][14] - Adjusted EBITDA for Q4 was $2.7 million, compared to an Adjusted EBITDA loss of $22.1 million in the prior year [14] Business Line Data and Key Metrics Changes - In Q4 2025, MLPE revenue represented $26.9 million, or 89.7% of total revenues, while GO ESS contributed $2.2 million [12] - The company shipped 744,567 megawatts of MLPE in Q4 2025, with a total of 2.7 million units shipped for the year [6] Market Data and Key Metrics Changes - EMEA region revenue was $18.1 million, accounting for 60.3% of total revenues, while the Americas contributed $9.2 million (30.8%) and APAC $2.7 million (8.9%) [11][12] - The UK saw a sequential growth of 72.3%, while the US grew 24.4% [7] - APAC region revenue more than doubled sequentially, particularly strong in Australia [8] Company Strategy and Development Direction - Tigo Energy is focusing on growth drivers such as establishing a domestic contract manufacturing operation in the U.S. and launching the new GO Battery [9][10] - The company is also investing in technological advancements and new product introductions across its market segments [10] - Tigo aims to capitalize on competitors reducing their market presence in EMEA and APAC [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory despite industry volatility, highlighting the strength of Tigo's platform and product portfolio [5][10] - The company anticipates revenue growth of 26% to 30% for the full year 2026, projecting revenues between $130 million and $135 million [17] Other Important Information - Tigo eliminated a $50 million convertible promissory note ahead of its maturity, strengthening its balance sheet [10] - The company announced a registered direct offering of $5 million shares at $3 per share, expected to generate approximately $15 million in gross proceeds [16] Q&A Session Summary Question: Clarification on growth opportunities and guidance - Management confirmed that substantial growth opportunities are not fully included in current guidance, with potential upside from the EG4 partnership and new battery offerings [24][25] Question: Timing of EG4 relationship benefits - Initial deliveries for the EG4 partnership are expected in May, with full benefits anticipated in Q3 [32][34] Question: Working capital for aggressive growth - Management indicated a clean, debt-free balance sheet, providing flexibility for growth initiatives [35] Question: Energy efficiency of new storage system - The new storage system is expected to exceed competitors in energy efficiency, providing consistent outputs [39] Question: Impact of previously written off inventory - There was a 3 percentage point impact on margins from previously written off inventory sold in the quarter [40]