Tigo Energy(TYGO) - 2024 Q4 - Annual Results

Revenue Performance - Fourth quarter 2024 revenue reached $17.3 million, representing a 21.3$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]