Business
Tigo Energy Reports Fourth Quarter and Full Year 2024 Financial Results
CAMPBELL, Calif.--(BUSINESS WIRE)-- Tigo Energy, Inc. ("Tigo" or the "Company") (NASDAQ: TYGO), a leading provider of intelligent solar and energy storage
About this update from Tigo Energy, Inc.
[{"type":"text","content":" CAMPBELL, Calif.--(BUSINESS WIRE)--\nTigo 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 fourth quarter and full year ended December 31, 2024, financial guidance for the first quarter ending March 31, 2025, and a full year 2025 outlook.\n\n\nRecent Financial and Operational Highlights\n\n\n\nRevenue for the fourth quarter of 2024 of $17.3 million, up 21.3% compared to the third quarter of 2024 and up 86.8% on a year over year basis. Revenue for the full year 2024 of $54.0 million, down 62.8% year-over-year.\n\n\n\nInventory charges for the fourth quarter and full year 2024 of $19.5 million and $23.5 million, respectively, primarily for excess and slow-moving inventory within the GO ESS line of energy storage solutions.\n\n\n\nNet loss for the fourth quarter of 2024 totaled $26.8 million, compared to a net loss of $14.8 million in the year ago comparable period. Net loss for the full year 2024 totaled $62.7 million, compared to a net loss of $1.0 million in the prior year period. Net loss for the fourth quarter of 2024 and full year 2024 include inventory charges of $19.5 million and $23.5 million, respectively.\n\n\n\nAdjusted EBITDA loss for the fourth quarter of 2024 of $22.1 million compared to an Adjusted EBITDA loss of $11.6 in the comparable year ago period; Adjusted EBITDA loss for the full year 2024 of $43.1 million, compared to Adjusted EBITDA of $1.0 million for the full year of 2023. Adjusted EBITDA loss for the fourth quarter of 2024 and full year 2024 include inventory charges of $19.5 million and $23.5 million, respectively.\n\n\n\nCash, cash equivalents, and marketable securities of $19.9 million at December 31, 2024, a sequential increase of $0.4 million from the third quarter of 2004.\n\n\n\nDuring the fourth quarter of 2024 and full year 2024, we shipped 480,000 and 1.5 million MLPE, respectively, or approximately 240 and 717 MWdc, respectively, assuming an average panel size of 500W.\n\n\n\nTotal Predict+ meters under management grew to 101,000 and 6 new Predict+ agreements with a multi-year contract value of $1.4 million were signed during the fourth quarter of 2024.\n\n\n\nWelcomed Zerun as Latest Rapid Shutdown Technology Licensee.\n\n\n\nManagement Commentary\n\n\n“We are pl...