Tigo Energy(TYGO) - 2025 Q4 - Annual Results

Revenue Growth - Fourth quarter 2025 revenue reached $30.0 million, a 73.8% increase from $17.3 million in Q4 2024[5] - Full year 2025 revenue grew 91.7% year-over-year, totaling $103.5 million compared to $54.0 million in 2024[10] - Net revenue for Q4 2025 reached $30,029 thousand, a 74% increase from $17,274 thousand in Q4 2024[27] - The full year 2026 revenue growth is projected to be between 26% and 30%, resulting in revenue between $130 million and $135 million[8] Profitability - Net income for Q4 2025 was $11.7 million, a significant improvement from a net loss of $26.8 million in Q4 2024[6] - Basic earnings per share (EPS) for Q4 2025 was $0.17, compared to a loss per share of $0.44 in Q4 2024[6] - Gross profit for Q4 2025 was $13.4 million, representing 44.5% of net revenue, compared to a gross loss of $12.6 million in Q4 2024[10] - Gross profit for the twelve months ended December 31, 2025, was $44,351 thousand, compared to a loss of $4,156 thousand in the previous year[27] - Adjusted EBITDA for Q4 2025 was $2.7 million, recovering from an adjusted EBITDA loss of $22.1 million in Q4 2024[10] - Adjusted EBITDA for the twelve months ended December 31, 2025, was $4,630 thousand, compared to a loss of $43,057 thousand in 2024[31] Debt and Assets - The company repaid a $50 million convertible note in Q4 2025, eliminating outstanding debt maturities[6] - Total current assets increased to $57,999 thousand in 2025 from $53,408 thousand in 2024, driven by a rise in accounts receivable and inventory[25] - Total liabilities decreased significantly to $50,414 thousand in 2025 from $64,526 thousand in 2024, primarily due to a reduction in long-term debt[25] - Cash and cash equivalents at the end of the period were $7,670 thousand, down from $11,746 thousand at the beginning of the period[29] Operational Metrics - The company shipped 744 thousand units, or 567 MW, of Module Level Power Electronics (MLPE) in Q4 2025[6] - Research and development expenses for the twelve months ended December 31, 2025, totaled $9,244 thousand, slightly down from $9,860 thousand in 2024[27] - The company reported a significant increase in accounts payable, which rose to $29,196 thousand in 2025 from $8,077 thousand in 2024[25] Future Outlook - For Q1 2026, the company anticipates revenue between $25 million and $27 million[10] - The company plans to continue focusing on market expansion and new product development to drive future growth[27]