Revenue Performance - Fourth quarter 2024 revenue reached $17.3 million, representing a 21.3% increase sequentially and an 86.8% increase year-over-year[3] - Full year 2024 revenue totaled $54.0 million, a decline of 62.8% compared to $145.2 million in 2023[7] - Net revenue for Q4 2024 was $17,274 thousand, a significant increase of 87% compared to $9,245 thousand in Q4 2023[27] - The company anticipates full year 2025 revenues to be between $85 million and $100 million[8] - For the first quarter of 2025, the company expects revenues between $17 million and $19 million[13] Net Loss and Financial Health - Net loss for the fourth quarter of 2024 was $26.8 million, an increase of 81.4% from a net loss of $14.8 million in the same period last year[7] - The total net loss for the year ended December 31, 2024, was $62,746 thousand, compared to a net loss of $984 thousand in 2023[29] - The company recorded a gross loss of $12.6 million in the fourth quarter, representing negative 72.7% of net revenue[7] - The company reported a gross loss of $12,563 thousand in Q4 2024, compared to a gross profit of $2,876 thousand in Q4 2023[27] Inventory and Charges - Inventory charges for the fourth quarter and full year 2024 were $19.5 million and $23.5 million, respectively, primarily due to excess and slow-moving inventory[3] - The company recorded a reserve for excess and obsolete inventory of $23,108 thousand for the year 2024, compared to $713 thousand in 2023[29] Adjusted EBITDA - Adjusted EBITDA loss for the fourth quarter of 2024 was $22.1 million, compared to an adjusted EBITDA loss of $11.6 million in the prior year[7] - Adjusted EBITDA loss for Q4 2024 was $22,060 thousand, compared to a loss of $11,585 thousand in Q4 2023[31] Assets and Liabilities - Cash and cash equivalents increased to $11,746 thousand at the end of 2024, up from $4,405 thousand at the end of 2023[29] - Total current assets decreased to $53,408 thousand in 2024, down from $104,710 thousand in 2023, primarily due to a reduction in inventory[27] - Total liabilities remained relatively stable at $64,526 thousand in 2024, compared to $64,953 thousand in 2023[27] Research and Development - Research and development expenses for the year were $9,860 thousand, slightly up from $9,496 thousand in 2023[27] Shipments and Agreements - Total shipments in the fourth quarter of 2024 included 480,000 MLPE units, equating to approximately 240 MWdc[3] - The number of Predict+ meters under management grew to 101,000, with 6 new agreements signed in the fourth quarter valued at $1.4 million[3] Shareholder Information - The weighted-average common shares outstanding increased to 60,760,125 in Q4 2024 from 58,749,524 in Q4 2023[27]

Financial Data and Key Metrics Changes - Revenue for Q3 2024 decreased 16.8% to $14.2 million from $17.1 million in the prior year period, but increased 12.1% sequentially [15][16] - Gross profit for Q3 2024 was $1.8 million or 12.5% of revenue, down from $4.2 million or 24.3% in the prior year period, primarily due to a $3.4 million inventory charge [16][19] - Operating loss for Q3 2024 decreased by 7.2% to $10.4 million compared to $11.2 million in the prior year period [18] - GAAP net loss for Q3 2024 was $13.1 million compared to a net income of $29.1 million in the prior year period [18] - Adjusted EBITDA loss for Q3 2024 decreased 12.7% to $8.3 million compared to $9.5 million in the prior year period [19] Business Line Data and Key Metrics Changes - The utility scale market is a key focus, with Tigo selected to deliver over 97,000 MLPE units for Brazil's largest floating system [8] - The annual recurring revenue (ARR) now stands at $1.3 million per year, with six new contracts signed during the quarter totaling $700,000 [11] Market Data and Key Metrics Changes - Positive sales growth was observed in the Czech Republic, Spain, the United Kingdom, Puerto Rico, Thailand, and Australia, while sluggish growth was noted in Germany, Italy, and the Netherlands [12][13] - Tigo's global DC optimizer market share increased from 9% in 2022 to 13% in 2023 [7] Company Strategy and Development Direction - The company aims to mitigate competitive pressure through a robust product portfolio and expects revenue and profitability to increase steadily throughout 2024 and into 2025 [26] - Expansion into new markets is a key focus area, with positive trends in various regions helping to offset sluggish growth in larger markets [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitable growth in the near future, despite ongoing industry headwinds [24][26] - The company anticipates revenues for Q4 2024 to range between $14 million and $17 million, with adjusted EBITDA loss expected between $6.5 million and $8.5 million [24] Other Important Information - The company welcomed back Anita Chang as Chief Operating Officer, which is expected to enhance operational efficiency [14] Q&A Session Summary Question: Outlook for margins and revenue cadence through 2025 - Management expects normalized margins in the mid-30s, potentially reaching high 30s or 40% as revenue grows [29][30] - Revenue growth is projected to be flat to up 20% in Q4 2024, with year-over-year growth potentially reaching 70% to 100% [32] Question: Status of channel inventory in Europe - Management indicated that channel inventory is mostly cleared, with some elevated levels remaining due to macroeconomic factors [35][36] Question: Pricing actions in response to competitors - The company has not decreased prices and maintains stable pricing for its products, with new product lines introduced at higher prices [42][43] Question: Current market share trends - Management noted continued progress in market share gains, particularly in Europe, and indicated that Tigo is among the best-selling optimizers in key markets [46][49] Question: Pipeline for licensing rapid shutdown devices - The company has been steadily adding licensees and receiving positive feedback on market performance [50][51] Question: Future inventory charges - Upcoming inventory charges are expected to be related to the GO ESS product line, not obsolescence, and are part of a year-end audit [60][62]

Tigo Energy, Inc. (TYGO) came out with a quarterly loss of $0.22 per share versus the Zacks Consensus Estimate of a loss of $0.17. This compares to loss of $0.89 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -29.41%. A quarter ago, it was expected that this company would post a loss of $0.17 per share when it actually produced a loss of $0.19, delivering a surprise of -11.76%.Over the last four quarters, the company has surp ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 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 | --- | --- | |------------------------------------|------------------------------------| | UNITED STATES WASHINGTON, DC 20549 | SECURITIES AND EXCHANGE COMMISSION | | | FORM 10-Q | Tigo ...

CAMPBELL, Calif., Aug. 15, 2024 (GLOBE NEWSWIRE) -- Tigo Energy, Inc. (NASDAQ: TYGO) ("Tigo", or the "Company"), a leading provider of intelligent solar and energy storage solutions, is confirmed to present at the 2024 Annual Gateway Conference, which is being held September 4-5, at the Four Seasons Hotel in San Francisco, CA. Tigo Energy's management team is scheduled to present on Thursday, September 5th at 8:30 a.m. Pacific Time (PT). In addition to the presentation, Tigo Energy executives will be availa ...

Financial Performance - Net revenue for the three months ended June 30, 2024, decreased by $56.1 million or 81.5% compared to the same period in 2023, primarily due to a slowdown in the solar industry in both the U.S. and European markets [111]. - Gross profit for the three months ended June 30, 2024, was $3.9 million, a decrease of $22.0 million or 85.1% from $25.9 million in the same period in 2023 [114]. - The gross margin for the three months ended June 30, 2024, was 30.4%, down from 37.6% in the same period in 2023 [114]. - The EMEA region experienced a net revenue decrease of $48.1 million or 87.3% for the three months ended June 30, 2024, compared to the same period in 2023 [113]. - The Americas region saw a net revenue decline of $8.3 million or 74.6% for the three months ended June 30, 2024, attributed to higher interest rates and changes in net metering policies [113]. - The APAC region reported a net revenue increase of $0.3 million or 11.9% for the three months ended June 30, 2024, although it decreased by $1.2 million or 22.3% for the six months ended June 30, 2024 [113]. - For the three months ended June 30, 2024, net revenues decreased by 81.5% compared to the same period in 2023, leading to a gross profit decrease of $22.0 million or 85.1% [115]. Expenses and Cost Management - Research and development expenses increased by $0.5 million or 11.6% for the six months ended June 30, 2024, with R&D expenses as a percentage of net revenue rising to 23.0% from 3.9% in the same period of 2023 [118]. - Sales and marketing expenses decreased by $1.1 million or 21.5% for the three months ended June 30, 2024, with the percentage of net revenue increasing by 24.4% due to lower net revenues [120]. - General and administrative expenses decreased by $4.1 million or 42.9% for the three months ended June 30, 2024, primarily due to reduced legal expenses related to a prior business combination [123]. - Interest expense increased by $1.3 million or 80.3% for the three months ended June 30, 2024, primarily due to the amortization of a debt discount recorded during a business combination [128]. - The change in fair value of preferred stock warrant and contingent shares liability decreased by $2.6 million or 98.4% for the three months ended June 30, 2024, compared to the same period in 2023 [126]. - Total other expenses, net decreased by $38.9 million or 93.1% for the three months ended June 30, 2024, compared to the same period in 2023 [125]. - Research and development expenses for the three months ended June 30, 2024, remained consistent at $2.7 million, but as a percentage of net revenue, it increased significantly to 21.3% from 3.5% in the same period of 2023 [117]. - Sales and marketing expenses for the six months ended June 30, 2024, decreased by $1.3 million or 12.9%, with the percentage of net revenue increasing by 30.1% due to lower revenues [121]. Cash Flow and Financing - As of June 30, 2024, the company held $20.4 million in cash, cash equivalents, restricted cash, and marketable securities, with working capital decreasing by $10.7 million to $67.6 million compared to December 31, 2023 [133]. - Cash used in operating activities increased by $7.9 million in the six months ended June 30, 2024, primarily due to an increased net loss compared to the same period in 2023 [136]. - Net cash provided by investing activities was $23.4 million for the six months ended June 30, 2024, primarily from the sale and maturities of marketable securities [138]. - Net cash provided by financing activities increased by $30.8 million in the six months ended June 30, 2024, with proceeds of $0.3 million from the exercise of stock options [139]. - The company may need to seek additional equity or debt financing to sustain operations and invest in new technologies, influenced by revenue growth and product development success [134]. - The net cash used in operating activities for the six months ended June 30, 2024, was $(12,872) thousand, compared to $(4,934) thousand for the same period in 2023 [140]. - The net increase in cash, cash equivalents, and restricted cash was $10.7 million for the six months ended June 30, 2024, compared to a decrease of $(25.99) million in the same period in 2023 [140]. - The company has not had any off-balance sheet arrangements during the periods presented [141]. Strategic Initiatives - The company reduced staffing levels by approximately 15% in December 2023 and 10% in April 2024, expecting to save about $7.3 million in cash expenditures in 2024 [103]. - The company plans to expand its presence in the U.S. residential market and invest in new market opportunities internationally to drive future revenue growth [106]. - Significant investments have been made in research and development for new products, including GO Energy Storage Systems and Predict+ product lines [107]. - The company faces challenges from elevated inventory levels and macroeconomic conditions, which may continue to adversely affect revenues in 2024 [102]. - Inventory levels were reduced by $10.1 million in the first half of 2024, with expectations for lower inventory levels and positive working capital cash conversion throughout the remainder of 2024 [133].

Tigo Energy, Inc. (NASDAQ:TYGO) Q1 2024 Earnings Conference Call May 14, 2024 4:30 PM ET Company Participants Zvi Alon - Chairman and Chief Executive Officer Bill Roeschlein - Chief Financial Officer Conference Call Participants Philip Shen - ROTH Capital Partners Eric Stine - Craig-Hallum Capital Group Gus Richard - Northland Capital Markets Sameer Joshi - HC Wainwright Operator Good afternoon. Welcome to Tigo Energy's Fiscal First Quarter 2024 Earnings Conference Call. At this time, all participants are i ...

Exhibit 99.1 Tigo Energy Reports First Quarter 2024 Financial Results CAMPBELL, Calif. – May 14, 2024 – Tigo Energy, Inc. ("Tigo", or the "Company") (NASDAQ: TYGO), a leading provider of intelligent solar and energy storage solutions, today reported unaudited financial results for the first quarter ended March 31, 2024 and financial guidance for the second quarter ending June 30, 2024. Recent Financial and Operational Highlights Management Commentary "This quarter, we started seeing meaningful progress in t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 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) Delaware 83-3583873 (State or other ju ...

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, 2023 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) Delaware 83-3583873 (State or other jurisdiction of in ...