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Tigo Energy Announces Preliminary Financial Results and Reporting Date of February 13, 2024 for Fiscal Fourth Quarter and Full Year 2023
CAMPBELL, Calif.--(BUSINESS WIRE)-- Tigo Energy, Inc. ("Tigo") (NASDAQ: TYGO), a leading provider of intelligent solar and energy storage solutions, today
About this update from Tigo Energy, Inc.
[{"type":"text","content":" CAMPBELL, Calif.--(BUSINESS WIRE)--\nTigo Energy, Inc. (\"Tigo\") (NASDAQ: TYGO), a leading provider of intelligent solar and energy storage solutions, today announced selected unaudited preliminary financial results for its fiscal fourth quarter and full year ended December 31, 2023. All information in this press release is approximate due to the preliminary nature of the announcement and is subject to normal quarterly and year-end accounting and audit procedures.\n\n\n“During the fiscal fourth quarter of 2023, we saw some order push-outs and cancellations reflecting the ongoing general marketplace weakness that our industry has been experiencing since mid-2023,” said Zvi Alon, Chairman and CEO of Tigo. “In response, we reduced staffing levels across all geographies by approximately 15% to better align our cost structure with the current environment. As a result, we expect to reduce cash expenditures by approximately $3.8 million in 2024. Despite the current challenges, we are seeing indications of an improving demand environment as distributors reduce their channel inventories to more normalized levels.”\n\n\nFor the fiscal fourth quarter of 2023, revenue is now expected to be in the range of $9.0 to $10.0 million, compared to Tigo’s previous expectation of $15 to $20 million. Revenue for the full year of 2023 is expected to be approximately $145 million. For the fiscal fourth quarter of 2023, adjusted EBITDA loss is expected to be in the range of $11 to $12 million, in line with previous guidance. Adjusted EBITDA for the full year of 2023 is expected to be within the range of break-even to $1 million.\n\n\nThese results for the fiscal fourth quarter and full year of 2023 are preliminary based on information available to management as of the date of this release and are subject to further change upon completion of standard quarterly and year-end closing and audit procedures. These results do not present all necessary information for an understanding of Tigo’s financial condition as of the date of this release, or its results of operations for the fiscal fourth quarter or year-end of 2023. As Tigo completes its quarterly and year-end financial close process and finalizes its financial statements for the quarter and year-end of 2023, it will be required to make judgments in a number of areas. It is possible that Tigo may identi...