Business
Tigo Energy Reports Record Revenues and Gross Profit For Second Quarter 2023
2023 Year-over-Year Quarterly and First Half Revenue Increased to $68.8 Million and to $118.9 Million, Respectively Gross Profit of $25.9 million, or 37.6%
About this update from Tigo Energy, Inc.
[{"type":"text","content":"\n2023 Year-over-Year Quarterly and First Half Revenue Increased to $68.8 Million and to $118.9 Million, Respectively\n\n\nGross Profit of $25.9 million, or 37.6% of Revenues\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 second quarter ended June 30, 2023 and financial guidance for the third quarter ending September 30, 2023.\n\n\nSecond Quarter 2023 Financial and Operational Highlights\n\n\n\nRecord revenue of $68.8 million, up 290% compared to $17.6 million in the second quarter of 2022.\n\n\n\nRecord gross profit of $25.9 million, up 368% compared to $5.5 million in the second quarter of 2022, with gross profit margin improving to 37.6% from 31.4% in the second quarter of 2022.\n\n\n\nNet loss of $22.2 million, compared to net income of $0.2 million in the second quarter of 2022. Net loss includes the mark-to-market impact of $38.3 million related to the conversion feature of the convertible note, partially offset by a discrete tax benefit of $10.9 million in the quarter.\n\n\n\nAdjusted EBITDA totaled $13.6 million for the second quarter 2023, compared to adjusted EBITDA of $0.8 million in the second quarter of 2022.\n\n\n\nClosed business combination agreement with Roth CH Acquisition IV Co. (“Roth CH IV”) on May 23, 2023.\n\n\n\nAnnounced licensing agreement with GoodWe Technologies Co., Ltd. (“GoodWe Technologies”) to deploy Tigo Module-Level Rapid Shutdown Technology in the GoodWe Rapid Shutdown Device.\n\n\n\nManagement Commentary\n\n\n“Tigo achieved a record-setting financial quarter with a number of significant accomplishments, including reaching the highest revenue and gross profit in Tigo’s history and completing a successful closing of our business combination as announced in May,” said Zvi Alon, Chairman and CEO of Tigo. “We drove record quarterly revenue of $68.8 million and quarterly adjusted EBITDA of $13.6 million, and our 2023 first half revenues of $118.9 million exceeded all of 2022 revenues. Notably, we saw sequential revenue growth of 37% in the EMEA region and 59% in the Americas. In addition, our EI solution represented 8% of our revenues during the quarter as it continues to gain market acceptance. We recently introduced this offering to...