Business
Tigo Energy Reports Full Year 2022 Financial Results
86% Increase in Revenue to Record $81 Million for Full Year 2022 Entered Into Business Combination Agreement with Roth CH Acquisition IV Co. to Become a
About this update from Tigo Energy, Inc.
[{"type":"text","content":"\n86% Increase in Revenue to Record $81 Million for Full Year 2022\n\nEntered Into Business Combination Agreement with Roth CH Acquisition IV Co. to Become a Public Company\n\nEnded 2022 with Strong Revenue Visibility, Including $96 Million Backlog\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 year ended December 31, 2022.\n\nFull Year 2022 Financial and Operational Highlights\n\n\nRecord revenue of $81.3 million, up 86% compared to $43.6 million in 2021\n\n\nGross profit of $24.8 million, up 96% compared to $12.6 million in 2021, with gross profit margin improving to 30% from 29% in 2021\n\n\nNet loss of $7.0 million, up 45% compared to a net loss of $4.9 million in 2021\n\n\nAdjusted EBITDA, a non-GAAP measure, totaled $2.5 million, an improvement from an Adjusted EBITDA loss of $3.1 million in 2021\n\n\nEnded 2022 with backlog of $96.1 million, up from $14.5 million at the end of 2021\n\n\nEntered into business combination agreement with Roth CH Acquisition IV Co. (NASDAQ: ROCG) (“Roth CH IV” or “ROCG”) on December 5, 2022\n\n\nEntered into an agreement to acquire energy data analytics software company Foresight Energy Ltd., expanding Tigo’s ability to leverage energy consumption and production data for solar energy producers\n\n\nManagement Commentary\n\n“Tigo had an extraordinary year by many measures,” said Zvi Alon, Chairman and CEO of Tigo. “Driven by significant growth within our MLPE solution, we achieved record revenue, nearly doubled our gross profit, and built a robust customer order backlog. In addition, our Energy Intelligence solutions, introduced in late 2021 in the Americas and in the third quarter of 2022 in Europe, are showing strong sales momentum, representing 4% of our 2022 sales and 7% of our backlog at December 31, 2022. For customers searching for higher quality products in the marketplace, our solutions’ open architecture, easy installation, and powerful software clearly resonate.”\n\n“Tigo ended the year on solid financial footing,” added Bill Roeschlein, CFO of Tigo. “Additionally, the Company has already lowered its cost of capital in the first quarter of 2023, by paying off its term debt and raising $50 million in convertible notes. We...