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Tigo Energy reported its first quarter 2024 financial results, showing a revenue of $9.8 million, a GAAP gross margin of 28.2%, and a net loss of $11.5 million. The company experienced an 80.4% decrease in revenue compared to the same period last year but saw a sequential increase of 6.0%. Operating expenses rose by 12.4%, leading to an adjusted EBITDA loss of $6.3 million. Tigo shipped 249,000 MLPE units and introduced new products, including the TS4-X Family and the Tigo GO EV Charger for the Italian market. Looking ahead, Tigo expects second quarter revenues between $12.0 million and $16.0 million, with an adjusted EBITDA loss ranging from $5.5 million to $8.0 million.
Tigo Energy, Inc. (NASDAQ: TYGO) announced the release of the Tigo TS4-X line, offering high-power solar modules up to 800W with Multi-Factor Rapid Shutdown for critical applications. The products provide safety, monitoring, and optimization features, supporting compatibility with Pure Signalâ„¢ technology and third-party inverters. Designed for C&I and utility solar markets, the TS4-X line enhances design flexibility, reduces labor costs, and ensures global compliance with industry standards.
Tigo Energy, Inc. introduced the first Tigo EI Residential Solar Solution with whole-home backup in Puerto Rico. The system was deployed by CEnergyS Solar Solutions in Arecibo, consisting of Tigo TS4 Flex MLPE products, an EI Inverter, and a modular DC-coupled EI Battery. The installation aims to provide reliable renewable energy options on the island in alignment with Puerto Rico's goal of achieving a 100% renewable energy future by 2050.
Tigo Energy Inc. (Nasdaq: TYGO) will report its first-quarter 2024 financial results on May 14, 2024, at 4:30 p.m. ET. The company is a leading provider of intelligent solar and energy software solutions. A conference call will be held to discuss the results, followed by a Q&A session. Registration link and contact details are provided for participation.