CAMPBELL, Calif.–(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 second quarter ended June 30, 2024 and financial guidance for the third quarter ending September 30, 2024.
Recent Financial and Operational Highlights
- Quarterly revenue of $12.7 million
- GAAP gross margin of 30.4%
- GAAP operating loss of $8.4 million
- GAAP net loss of $11.3 million
- Adjusted EBITDA loss of $6.4 million
- Cash, cash equivalents, and marketable securities of $20.2 million
- Shipped 378,000 MLPE, or approximately 144MW DC assuming an average panel size of 400W
- Selected for a 142MWp Solar Installation, delivering best-in-class safety for large Commercial & Industrial solar installation in Spain
- Introduced EI Professional, offering an unlimited seat subscription that provides a portfolio-wide dashboard for solar installers to review health, performance and commissioning time data for their installations
- Welcomed Midnite Solar as a new licensee for Tigo’s rapid shutdown technology
Management Commentary
“We experienced steady sequential growth in the second quarter of 2024 as we continue to navigate the prolonged industry recovery,” said Zvi Alon, Chairman and CEO of Tigo. “Our financial results are within our previously stated guidance and we continue to build off our progress this quarter. Our newly launched TS4-X product family has been positively received by the market and we received our largest order in history for a 142 MWp installation in Spain. We believe our recent market win sets us up for future success and our TS4-X introduction has positioned us ahead of the market during this extended recovery period.
While Tigo is not immune to macroeconomic dependencies, we expect that our robust product portfolio, and recent gains within the utility sector for our MLPE products, will allow us to achieve increased revenue growth in a sluggish environment and positions us well against our competitors as we move into the second half of 2024. We believe the scalability we have built into our business model, coupled with our strategic initiatives and TS4-X product offering, give us a strong foundation to outgrow the industry. We expect our revenues and profitability to slowly continue their upward trajectory as we move closer to the end of the year, driven by the strong market reception and anticipated increased demand for our solutions. We look…
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