Business
Tigo Energy Reports First Quarter 2023 Financial Results
4X Year-over-Year Revenue Increase to Quarterly Record of $50.1 Million for First Quarter 2023 Company Achieves First GAAP Profitable Quarter with $6.9
About this update from Tigo Energy, Inc.
[{"type":"text","content":"\n4X Year-over-Year Revenue Increase to Quarterly Record of $50.1 Million for First Quarter 2023\n\n\nCompany Achieves First GAAP Profitable Quarter with $6.9 Million in Net Income\n\n\nSecond Quarter 2023 Revenue Guidance Set Between $70 Million and $74 Million, Second Quarter 2023 Adjusted EBITDA Guidance Set Between $13 Million and $16 Million\n\n\n CAMPBELL, Calif.--(BUSINESS WIRE)--\nTigo Energy, Inc. (\"Tigo\" or the \"Company\"), a leading provider of intelligent solar and energy storage solutions, today reported unaudited financial results for the first quarter ended March 31, 2023 and financial guidance for the second quarter ending June 30, 2023.\n\n\nFirst Quarter 2023 Financial and Operational Highlights\n\n\n\nRecord revenue of $50.1 million, up 406% compared to $9.9 million in the first quarter of 2022.\n\n\n\nGross profit of $18.4 million, up 581% compared to $2.7 million in the first quarter of 2022, with gross profit margin improving to 36.7% from 27.3% in the first quarter of 2022.\n\n\n\nNet income of $6.9 million, compared to a net loss of $5.7 million in the first quarter of 2022.\n\n\n\nAdjusted EBITDA, a non-GAAP measure, totaled $8.6 million, or 17.2% of revenues, compared to an Adjusted EBITDA loss of $1.4 million in the first quarter of 2022.\n\n\n\nBusiness combination agreement with Roth CH Acquisition IV Co. (Nasdaq: ROCG) (“Roth CH IV”) is expected to close on May 23, 2023.\n\n\n\nManagement Commentary\n\n\n“After exiting 2022 with significant momentum and a robust customer order backlog, we’ve hit the ground running in 2023,” said Zvi Alon, Chairman and CEO of Tigo. “Led by particularly strong growth in the Europe, the Middle East, and Africa ('EMEA') region within our MLPE and Energy Intelligence solutions, we drove record quarterly revenue of $50.1 million and achieved our first GAAP profitable quarter with net income of $6.9 million. Also, we lowered our cost of capital in the first quarter of 2023 by paying off our term debt and raising $50 million in convertible notes.\n\n\n“Looking ahead, our focus remains on providing an exceptional customer experience, including through our technology’s open architecture, easy installation, and powerful software,” Alon continued. “We anticipate that we will close our previously announced merger transaction with Roth CH IV later this month and believe that t...