Business
Tigo Energy Reports Second Quarter 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 second quarter ended June 30, 2024 and financial guidance for the third quarter ending September 30, 2024.\n\n\nRecent Financial and Operational Highlights\n\n\n\nQuarterly revenue of $12.7 million\n\n\n\nGAAP gross margin of 30.4%\n\n\n\nGAAP operating loss of $8.4 million\n\n\n\nGAAP net loss of $11.3 million\n\n\n\nAdjusted EBITDA loss of $6.4 million\n\n\n\nCash, cash equivalents, and marketable securities of $20.2 million\n\n\n\nShipped 378,000 MLPE, or approximately 144MW DC assuming an average panel size of 400W\n\n\n\nSelected for a 142MWp Solar Installation, delivering best-in-class safety for large Commercial & Industrial solar installation in Spain\n\n\n\nIntroduced EI Professional, offering an unlimited seat subscription that provides a portfolio-wide dashboard for solar installers to review health, performance and commissioning time data for their installations\n\n\n\nWelcomed Midnite Solar as a new licensee for Tigo’s rapid shutdown technology\n\n\n\nManagement Commentary\n\n\n\"We experienced steady sequential growth in the second quarter of 2024 as we continue to navigate the prolonged industry recovery,\" said Zvi Alon, Chairman and CEO of Tigo. \"Our financial results are within our previously stated guidance and we continue to build off our progress this quarter. Our newly launched TS4-X product family has been positively received by the market and we received our largest order in history for a 142 MWp installation in Spain. We believe our recent market win sets us up for future success and our TS4-X introduction has positioned us ahead of the market during this extended recovery period.\n\n\nWhile Tigo is not immune to macroeconomic dependencies, we expect that our robust product portfolio, and recent gains within the utility sector for our MLPE products, will allow us to achieve increased revenue growth in a sluggish environment and positions us well against our competitors as we move into the second half of 2024. We believe the scalability we have built into our business model, coupled with our strategic initiatives and TS4-X product offering, give us a strong foundation to outgrow the i...