Tigo Energy Reports Third Quarter 2024 Financial Results

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CAMPBELL, Calif., November 06, 2024--(BUSINESS WIRE)--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 third quarter ended September 30, 2024 and financial guidance for the fourth quarter ending December 31, 2024.

Recent Financial and Operational Highlights

  • Quarterly revenue of $14.2 million

  • GAAP gross margin of 12.5%

  • GAAP operating loss of $10.4 million

  • GAAP net loss of $13.1 million

  • Adjusted EBITDA loss of $8.3 million

  • Cash, cash equivalents, and marketable securities of $19.5 million

  • Shipped 403,000 MLPE, or approximately 202 MWdc assuming an average panel size of 500W

  • Selected to deliver more than 97,000 optimizers, including TS4-X-O’s, for Brazil’s largest floating solar plant project

  • Total Predict+ meters under management grew to 62,000 and 6 new Predict+ agreements with a multi-year contract value of $0.7 million were signed during the quarter

  • Announced a partnership to deliver rapid shutdown technology to Costa Rica as mandates for solar safety technology spread across Latin America

  • Welcomed back Anita Chang as Chief Operating Officer

Management Commentary

"We experienced our third sequential quarterly increase in revenues in a row in the third quarter of 2024 and believe the fourth quarter will continue to reflect the improved momentum our business is experiencing," said Zvi Alon, Chairman and CEO of Tigo. "During the quarter, we saw revenue growth in multiple geographies, most notably in EMEA and the Americas. We are also gaining additional penetration within the utility-scale market as evidenced by our recent selection to deliver 97,200 MLPE for Brazil’s largest floating solar system, which includes our newest TS4-X-O devices. Within our EI software solutions, our Predict+ AI-based energy consumption and production platform continues to grow with 62,000 meters under management and we signed 6 new contracts during the quarter having a total multi-year contract value of $700,000. We also strengthened our leadership team with the appointment of Anita Chang as Chief Operating Officer, who I welcome back to lead our global manufacturing operations. We are confident that her deep industry expertise will play a key role in supporting Tigo’s ambitious growth plans.

"While the industry is still contending with headwinds, we believe that our robust product portfolio positions us to mitigate competitive pressures. As demand for our solutions continues to return, we expect revenues and profitability to increase steadily in the future. We are encouraged by the momentum we’ve built over the last three quarters and remain focused on advancing our mission to be a leading provider of intelligent solar and energy storage solutions."