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, 2025, financial guidance for the second quarter ending June 30, 2025 and a full year 2025 outlook.

Recent Financial and Operational Highlights

Revenue for the first quarter of 2025 of $18.8 million, up 92.2% compared to the first quarter of 2024.
Net loss for the first quarter of 2025 of $7.0 million, compared to a net loss of $11.5 million in the first quarter of 2024.
Adjusted EBITDA loss for the first quarter of 2025 of $2.0 million compared to an Adjusted EBITDA loss of $6.3 million in the first quarter of 2024.
Cash, cash equivalents, and marketable securities of $20.3 million at March 31, 2025, a sequential increase of $0.4 million from the fourth quarter of 2024.
During the first quarter of 2025, we shipped 502,000, or 351 MW, of MLPE.
Introduced an evolution of the TS4-A family (725W 22 amp), serving higher wattage modules and bringing Multi-Factor Rapid Shutdown capability to the MLPE product line.

Management Commentary

"We are pleased to report our fifth sequential increase in quarterly revenues and a 92% revenue increase on a year over year basis," said Zvi Alon, Chairman and CEO of Tigo. "These results reflect both an expansion of our market share and an ongoing recovery in the solar market."

"During the quarter, we saw increased sequential growth in the EMEA, Americas and APAC regions, which comprised 61%, 25% and 14% of total revenues, respectively. We expect that our geographical and manufacturing diversification will mitigate a significant portion of the current tariff headwinds in the industry."

"For the first quarter, we increased our cash by $0.4 million to $20.3 million as we lowered our operating costs and further reduced our inventory," stated Bill Roeschlein, Chief Financial Officer of Tigo. "As a result of our continued improvement in financial performance, our second quarter guidance incorporates positive adjusted EBITDA at the higher end of the guided range."

First Quarter 2025 Financial Results

Results compare the 2025 fiscal first quarter ended March 31, 2025 to the 2024 fiscal first quarter ended March 31, 2024, unless otherwise indicated.

Revenues totaled $18.8 million, a 92.2% increase from $9.8 million. On a sequential quarter basis, revenues increased by 9.1% compared to the fourth quarter of 2024.
Gross profit totaled $7.2 million, or 38.1% of net revenue, compared to gross profit of $2.8 million, or 28.2% of net revenue.
Operating expenses totaled $11.2 million, a 5.9% decrease from $11.9 million.
Net loss totaled $7.0 million, a 39.3% decrease compared to a net loss of $11.5 million.
Adjusted EBITDA loss totaled $2.0 million, compared to an adjusted EBITDA loss of $6.3 million.

Second Quarter 2025 Financial Guidance and Full Year 2025 Outlook

The Company provides guidance for the second quarter ending June 30, 2025 as follows:

Revenues are expected to be within the range of $21 million to $23 million.
Adjusted EBITDA is expected to be within the range of $(1.5) million to $0.5 million.

For the full year 2025, the Company continues to anticipate revenues to be between $85 million and $100 million.

Actual results may differ materially from the Company's guidance as a result of, among other things, the factors described below under "Forward-Looking Statements."

Conference Call

Tigo management will hold a conference call today, May 6, 2025, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these results. Company CEO Zvi Alon and CFO Bill Roeschlein will host the call, followed by a question-and-answer period.

Registration Link Conference Call: Click here to register

Webcast Link: Click here to join

Please register online at least 10 minutes prior to the start time. If you have any difficulty with registration or connecting to the conference call, please contact Gateway Group at (949) 574-3860.

The conference call will also be available for replay here and via the Investor Relations section of Tigo's website.

Upcoming Investor Conference Attendance

Aegis Capital Corp. Virtual Conference 2025

Date: Tuesday, May 20, 2025

Location: Virtual

Event Details: CFO Bill Roeschlein is scheduled to present at 2:30 p.m. ET on Tuesday, May 20.

Sidoti May 2025 Conference

Date: Wednesday and Thursday, May 21-22, 2025

Location: Virtual

Event Details: CFO Bill Roeschlein is scheduled to present at 12:15 p.m. ET on Wednesday, May 21, and will be available for 1-on-1 meetings throughout the conference.

Presentation Webcast Link: Here

About Tigo Energy, Inc.

Founded in 2007, Tigo is a worldwide leader in the development and manufacture of smart hardware and software solutions that enhance safety, increase energy yield, and lower operating costs of residential, commercial, and utility-scale solar systems. Tigo combines its Flex MLPE (Module Level Power Electronics) and solar optimizer technology with intelligent, cloud-based software capabilities for advanced energy monitoring and control. Tigo MLPE products maximize performance, enable real-time energy monitoring, and provide code-required rapid shutdown at the module level. The Company also develops and manufactures products such as inverters and battery storage systems for the residential solar-plus-storage market. For more information, please visit www.tigoenergy.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our ability to increase our revenues and become profitable, our overall long-term growth prospects, expectations regarding a recovery in our industry, including the timing thereof, current and future inventory levels, charges and reserves and their impact on future financial results, inventory supply and its impact on our customer shipments, statements about our revenue and adjusted EBITDA for the second fiscal quarter 2025 and our revenue for the full fiscal year 2025, statements about demand for our products, our competitive position, the impact of tariffs, and our ability to penetrate new markets and expand our market share, including expansion in international markets, our continued expansion of and investments in our product portfolio, and future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "will allow us to" "is anticipated," "estimated," "expected", "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. These forward-looking statements are based upon the current beliefs and expectations of Tigo's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.

In addition to factors previously disclosed, or that will be disclosed in, our reports filed with the SEC, factors which may cause actual results to differ materially from current expectations include, but are not limited to, our capital requirements and our ability to meet our future liquidity requirements and continue as a going concern; our indebtedness and liabilities and our ability to pay amounts when due under our existing indebtedness; our failure to satisfy certain listing requirements of Nasdaq which may result in our common stock being delisted from Nasdaq; our ability to effectively develop and sell our product offerings and services, our ability to compete in the highly-competitive and evolving solar industry; our ability to manage risks associated with U.S. and global geopolitical and macroeconomic conditions including the potential softening of the economy, seasonal trends and the cyclical nature of the solar industry, including the current prolonged downturn; whether we continue to grow our customer base; whether we continue to develop new products and innovations to meet constantly evolving customer demands; the timing and level of demand for our solar energy solutions; changes in government subsidies and economic incentives, including tax incentives, for solar energy solutions; trade tariffs and other trade barriers that could directly affect us, our customers and the solar industry; our ability to forecast our customer demand and manufacturing requirements, and manage our inventory; our ability to acquire or make investments in other businesses, patents, technologies, products or services to grow the business and realize the anticipated benefits therefrom; our ability to respond to fluctuations in foreign currency exchange rates and political unrest and regulatory changes in the U.S. and international markets into which we expand or otherwise operate in; our failure to attract, hire retain and train highly qualified personnel in the future; and if we are unable to maintain key strategic relationships with our partners and distributors.

Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the forward-looking statements contained herein are reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of new information, future developments or otherwise occurring after the date of this communication.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measure: adjusted EBITDA. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use adjusted EBITDA for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We define adjusted EBITDA, a non-GAAP financial measure, as earnings (loss) before interest and other expenses, net, income tax expense (benefit), depreciation and amortization, as adjusted to exclude stock-based compensation and merger transaction related expenses. We believe that adjusted EBITDA provides helpful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business operating results. We believe that both management and investors benefit from referring to adjusted EBITDA in assessing our performance and when planning, forecasting, and analyzing future periods. Adjusted EBITDA also facilitates management's internal comparisons to our historical performance and comparisons to our competitors' operating results. We believe adjusted EBITDA is useful to investors both because they (i) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) are used by our institutional investors and the analyst community to help them analyze the health of our business.

The items excluded from adjusted EBITDA may have a material impact on our financial results. Certain of those items are non-recurring, while others are non-cash in nature. Accordingly, adjusted EBITDA is presented as supplemental disclosure and should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with GAAP.

There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.

We refer investors to the reconciliation adjusted EBITDA to net income (loss) included below. A reconciliation for adjusted EBITDA provided as guidance is not provided because, as a forward-looking statement, such reconciliation is not available without unreasonable effort due to the high variability, complexity, and difficulty of estimating certain items such as charges to stock-based compensation expense and currency fluctuations which could have an impact on our consolidated results.

Tigo Energy, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited)

	March 31, 2025			December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	8,501		$	11,746
Marketable securities, short-term		11,777			8,156
Accounts receivable, net		10,373			7,976
Inventory		18,906			21,997
Prepaid expenses and other current assets		2,225			3,533
Total current assets		51,782			53,408
Property and equipment, net		2,530			2,812
Operating right-of-use assets		1,275			1,576
Intangible assets, net		1,854			1,922
Other assets		989			984
Goodwill		12,209			12,209
Total assets	$	70,639		$	72,911
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	7,968		$	8,077
Accrued expenses and other current liabilities		5,875			7,361
Short-term debt, net of unamortized debt discount and issuance costs		42,746		—
Deferred revenue, current portion		687			525
Warranty liability, current portion		611			496
Operating lease liabilities, current portion		438			649
Total current liabilities		58,325			17,108
Warranty liability, net of current portion		6,713			5,302
Deferred revenue, net of current portion		691			644
Long-term debt, net of unamortized debt discount and issuance costs		—			40,511
Operating lease liabilities, net of current portion		843			961
Other long-term liabilities		292			—
Total liabilities		66,864			64,526
Stockholders' equity
Common stock		6			6
Additional paid-in capital		149,296			146,903
Accumulated deficit		(145,527	)		(138,526	)
Accumulated other comprehensive income		—			2
Total stockholders' equity		3,775			8,385
Total liabilities and stockholders' equity	$	70,639		$	72,911

Tigo Energy, Inc. Condensed Consolidated Statement of Income (in thousands, except share and per share data) (unaudited)

	Three Months Ended March 31,
	2025			2024
Net revenue	$	18,839		$	9,802
Cost of revenue		11,666			7,036
Gross profit		7,173			2,766
Operating expenses:
Research and development		2,164			2,471
Sales and marketing		3,916			4,603
General and administrative		5,070			4,780
Total operating expenses		11,150			11,854
Loss from operations		(3,977	)		(9,088	)
Other (income) expenses, net:
Change in fair value of contingent shares liability		—			(196	)
Interest expense		2,871			2,826
Other income, net		(143	)		(212	)
Total other expenses, net		2,728			2,418
Loss before income tax expense		(6,705	)		(11,506	)
Income tax expense		296			—
Net loss	$	(7,001	)	$	(11,506	)

Loss per common share
Basic	$	(0.11	)	$	(0.19	)
Diluted	$	(0.11	)	$	(0.19	)
Weighted-average common shares outstanding
Basic		61,657,718			59,374,019
Diluted		61,657,718			59,374,019

Tigo Energy, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)

	Three Months Ended March 31,
	2025			2024
Cash Flows from Operating activities:
Net loss	$	(7,001	)	$	(11,506	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		357			310
Provision to write down inventories to net realizable value		28			423
Change in fair value of contingent shares liability		—			(196	)
Non-cash interest expense		2,235			2,235
Stock-based compensation		1,576			2,505
Change in allowance for credit losses		(94	)		(990	)
Non-cash lease expense		301			300
Accretion of interest on marketable securities		(91	)		(128	)
Changes in operating assets and liabilities:
Accounts receivable		(2,303	)		1,546
Inventory		3,063			5,221
Prepaid expenses and other assets		1,303			845
Accounts payable		(116	)		(9,448	)
Accrued expenses and other liabilities		(1,486	)		(2,207	)
Deferred revenue		209			250
Warranty liability		1,526			(153	)
Operating lease liabilities		(329	)		(273	)
Other long-term liabilities		292			—
Net cash used in operating activities	$	(530	)	$	(11,266	)
Cash flows from investing activities:
Purchase of marketable securities		(7,957	)		—
Purchase of property and equipment		—			(367	)
Sales and maturities of marketable securities		4,425			16,003
Net cash (used in) provided by investing activities	$	(3,532	)	$	15,636
Cash flows from financing activities:
Proceeds from exercise of stock options		2			250
Proceeds from at-the-market offering		815			—
Net cash provided by financing activities	$	817		$	250
Net (decrease) increase in cash		(3,245	)		4,620
Cash and cash equivalents at beginning of period		11,746			4,405
Cash and cash equivalents at end of period	$	8,501		$	9,025

Tigo Energy, Inc. Reconciliation of GAAP to Non-GAAP Results (in thousands) (unaudited)

	Three Months Ended March 31,
	2025			2024
Net loss - (GAAP)	$	(7,001	)	$	(11,506	)
Adjustments:
Total other expenses, net		2,728			2,418
Income tax expense		296			—
Depreciation and amortization		357			310
Stock-based compensation		1,576			2,505
Adjusted EBITDA (loss) - (Non-GAAP)	$	(2,044	)	$	(6,273	)

We encourage investors and others to review our financial information in its entirety and not to rely on any single financial measure.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506301546/en/

Investor Relations Contacts

Ralf Esper

Gateway Group, Inc.

(949) 574-3860

TYGO@gateway-grp.com

Tigo Energy Reports First Quarter 2025 Financial Results