Tigo Energy Reports Fourth Quarter and Full Year 2023 Financial Results
- Revenue for full year 2023 increased by 78.6% to $145.2 million compared to 2022.
- Gross profit for full year 2023 rose by 107.1% to $51.3 million.
- Net loss on a GAAP basis for full year 2023 was $1.0 million, an improvement from $7.0 million in 2022.
- Adjusted EBITDA for full year 2023 was $1.0 million, down from $2.5 million in 2022.
- Tigo deployed its 10 millionth TS4 device and expanded its product line and software platform.
- New licensee partnerships with GoodWe, SolaX Power, and Intercraft Solar were established.
- Tigo introduced the GO ESS product line and Predict+ software platform enhancements.
- Revenue for the fourth quarter 2023 decreased by 70.1% to $9.2 million compared to the same period in 2022.
- Net loss for the fourth quarter 2023 was $14.8 million, a significant decline from net income in the prior year.
- Adjusted EBITDA loss for the fourth quarter 2023 was $11.6 million, contrasting with positive adjusted EBITDA in the prior year.
- First quarter 2024 revenue is projected to be between $9 million and $14 million with an expected adjusted EBITDA loss of $8 million to $12 million.
- Significant decrease in revenue for the fourth quarter 2023 compared to the prior year.
- Net loss of $14.8 million in the fourth quarter 2023.
- Adjusted EBITDA loss of $11.6 million for the fourth quarter 2023.
- Total operating expenses increased by 110.2% for the fourth quarter 2023.
- Total operating expenses rose by 132.1% for the full year 2023.
- Cash, cash equivalents, and marketable securities amounted to $33.2 million at the end of December 31, 2023.
Insights
The reported full-year revenue growth of 78.6% for Tigo Energy, Inc. indicates a robust expansion in sales, which is a strong performance metric for investors. The substantial increase in gross profit, both in absolute terms and as a percentage of revenues, suggests improved operational efficiency and cost management. However, the significant net loss in Q4 2023, in contrast to the net income in the same period of the previous year, raises concerns about the company's ability to sustain profitability amidst increased operating expenses. This warrants a closer examination of the company's expense management strategies and the scalability of their business model.
The expansion of international revenues in EMEA and APAC regions could suggest a strategic diversification of markets, which may mitigate risks associated with dependence on a single market. The company's focus on recurring revenue through multi-year contracts for its Predict+ software is a positive indicator of stable future cash flows. However, the expected adjusted EBITDA loss for Q1 2024 implies that the company may still be facing challenges in achieving operational profitability in the short term.
The deployment of the 10 millionth Tigo TS4 device and the expansion of the GO ESS product line reflect Tigo Energy's commitment to innovation and meeting market demands for high-efficiency solar solutions. The launch of the Tigo GO EV Charger in the German market aligns with the global shift towards electric vehicles and renewable energy, potentially opening new revenue streams. The growth of the GO ESS product line to represent 9.2% of total revenues is a testament to the increasing importance of energy storage solutions in the solar industry.
The introduction of the Tigo Green Glove service program indicates an understanding of the importance of customer service and quality assurance in the commercial and industrial solar installation market. This program could enhance brand reputation and customer loyalty, which are critical factors for long-term success in this competitive industry.
Tigo Energy's development of the Predict+ software platform, featuring AI-based energy production and consumption prediction, positions the company at the forefront of technological innovation in the renewable energy sector. The software's ability to manage over 300 GWh of energy consumption and its multi-year contracts highlight the value proposition of advanced analytics in optimizing energy usage for customers.
The onboarding of new licensees for Tigo’s rapid shutdown technology suggests the company's intellectual property is well-regarded within the industry and could provide a competitive edge. The focus on software solutions and advanced algorithms for production and load forecasting aligns with the broader industry trend towards digitalization and smart energy management, which could be pivotal in driving future growth.
Fourth Quarter and Full Year 2023 Revenue Totaled
Recent Financial and Operational Highlights
-
Revenue for the full year 2023 of
$145.2 million 78.6% compared to$81.3 million -
Gross profit for the full year 2023 of
$51.3 million 35.3% of revenues, up107.1% compared to$24.8 million 30.5% of revenues, in the full year 2022. -
On a GAAP basis, net loss for the full year 2023 of
$1.0 million $7.0 million $1.0 million $2.5 million - Deployed our 10 millionth Tigo TS4 device. Tigo TS4 products ensure that installers have the flexibility to deploy the industry’s highest-wattage solar modules to offer the most energy production per available rooftop space.
- Expanded the GO ESS product line, formerly referred to as the Tigo EI Solution, which provides intuitive and flexible energy solutions that are optimized to work together. This includes the Tigo GO EV Charger launched in the German market in January 2024.
- Expanded the Predict+ software platform to include improved profit analysis modules, advanced algorithms for production and load forecasting, and a new billing module for IPP and virtual suppliers.
-
Announced CPV Retail Energy and EDF Renewables Israel as new Tigo Predict+ customers, increasing annual recurring revenue to
$0.8 million - Welcomed GoodWe, SolaX Power, and Intercraft Solar as new licensees for Tigo’s rapid shutdown technology.
- Unveiled the Tigo Green Glove service program for commercial and industrial solar installers. This program enhances the installer experience and drives quality across the solar value chain.
Management Commentary
“2023 was a transformational year for Tigo,” said Zvi Alon, Chairman and CEO of Tigo. “Our business grew significantly across several areas this year, even as our team managed ongoing marketplace weakness driven by order pushouts and cancellations through the second half of 2023. Notably, we drove a
“Furthermore, our GO ESS product line grew steadily last year to represent approximately
“As we stated last quarter, we believe the ongoing inventory digestion cycle will be substantially complete by the end of the current quarter and that we are solidly positioned to expand our market share as the industry upturn emerges.”
Fourth Quarter 2023 Financial Results
Results compare the 2023 fiscal fourth quarter ended December 31, 2023 to the 2022 fiscal fourth quarter ended December 31, 2022, unless otherwise indicated.
-
Revenue for the fourth quarter 2023 totaled
$9.2 million 70.1% decrease from$30.9 million -
Gross profit for the fourth quarter 2023 totaled
$2.9 million 31.1% of total revenue, a71.1% decrease from$10.0 million 32.2% of total revenue, in the prior year comparable period. -
Total operating expenses for the fourth quarter 2023 totaled
$16.4 million 110.2% increase from$7.8 million -
Net loss for the fourth quarter 2023 totaled
$14.8 million $0.9 million -
Adjusted EBITDA loss totaled
$11.6 million $2.7 million
Full Year 2023 Financial Results
Results compare the 2023 fiscal full year ended December 31, 2023 to the 2022 fiscal full year ended December 31, 2022, unless otherwise indicated.
-
Revenue totaled
$145.2 million 78.6% increase from$81.3 million -
Gross profit totaled
$51.3 million 35.3% of total revenue, a107.1% increase from$24.8 million 30.5% of total revenue, in the prior year comparable period. -
Total operating expenses totaled
$59.6 million 132.1% increase from$25.7 million -
Net loss totaled
$1.0 million $7.0 million $12.2 million -
Adjusted EBITDA totaled
$1.0 million $2.5 million -
Cash, cash equivalents, and marketable securities totaled
$33.2 million
First Quarter 2024 Outlook
The Company also provides guidance for the first quarter ending March 31, 2024 as follows:
-
Revenues are expected to be within the range of
$9 million $14 million -
Adjusted EBITDA loss is expected to be within the range of
$8 million $12 million
Actual results may differ materially from the Company’s guidance as a result of, among other things, the factors described below under “Forward-Looking Statements”.
Conference Call
Tigo management will hold a conference call today, February 13, 2024, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these results. Company CEO Zvi Alon and CFO Bill Roeschlein will host the call, followed by a question-and-answer period.
Registration Link: Click here to register
Please register online at least 10 minutes prior to the start time. If you have any difficulty with registration or connecting to the conference call, please contact Gateway Group at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the Investor Relations section of Tigo’s website.
About Tigo Energy, Inc.
Founded in 2007, Tigo is a worldwide leader in the development and manufacture of smart hardware and software solutions that enhance safety, increase energy yield, and lower operating costs of residential, commercial, and utility-scale solar systems. Tigo combines its Flex MLPE (Module Level Power Electronics) and solar optimizer technology with intelligent, cloud-based software capabilities for advanced energy monitoring and control. Tigo MLPE products maximize performance, enable real-time energy monitoring, and provide code-required rapid shutdown at the module level. The Company also develops and manufactures products such as inverters and battery storage systems for the residential solar-plus-storage market. For more information, please visit www.tigoenergy.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about current and future inventory levels and its impact on future financial results, statements about our ability to penetrate new markets and expand our market share, including expansion in international markets, our continued expansion of and investments in our product portfolio, and future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “expected”, “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements are based upon the current beliefs and expectations of Tigo’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
In addition to factors previously disclosed, or that will be disclosed in, our reports filed with the SEC, factors which may cause actual results to differ materially from current expectations include, but are not limited to, our ability to effectively develop and sell our product offerings and services, our ability to compete in the highly-competitive and evolving solar industry; our ability to manage risks associated with seasonal trends and the cyclical nature of the solar industry; whether we continue to grow our customer base; whether we continue to develop new products and innovations to meet constantly evolving customer demands; the timing and level of demand for our solar energy solutions; changes in government subsidies and economic incentives for solar energy solutions; our ability to acquire or make investments in other businesses, patents, technologies, products or services to grow the business and realize the anticipated benefits therefrom; our ability to meet future liquidity requirements; our ability to respond to fluctuations in foreign currency exchange rates and political unrest and regulatory changes in international markets into which we expand or otherwise operate in; our failure to attract, hire retain and train highly qualified personnel in the future; and if we are unable to maintain key strategic relationships with our partners and distributors.
Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the forward-looking statements contained herein are reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of new information, future developments or otherwise occurring after the date of this communication.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measure: adjusted EBITDA. The presentation of this financial measure is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use adjusted EBITDA for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We define adjusted EBITDA, a non-GAAP financial measure, as earnings (loss) before interest and other expenses, net, income tax expense (benefit), depreciation and amortization, as adjusted to exclude stock-based compensation and merger transaction related expenses. We believe that adjusted EBITDA provides helpful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to adjusted EBITDA in assessing our performance and when planning, forecasting, and analyzing future periods. Adjusted EBITDA also facilitates management’s internal comparisons to our historical performance and comparisons to our competitors’ operating results. We believe adjusted EBITDA is useful to investors both because it (i) allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) is used by our institutional investors and the analyst community to help them analyze the health of our business.
The items excluded from adjusted EBITDA may have a material impact on our financial results. Certain of those items are non-recurring, while others are non-cash in nature. Accordingly, adjusted EBITDA is presented as supplemental disclosure and should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with GAAP.
There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.
We refer investors to the reconciliation adjusted EBITDA to net income (loss) included below. A reconciliation for adjusted EBITDA provided as guidance is not provided because, as a forward-looking statement, such reconciliation is not available without unreasonable effort due to the high variability, complexity, and difficulty of estimating certain items such as charges to stock-based compensation expense and currency fluctuations which could have an impact on our consolidated results.
Tigo Energy, Inc. |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
|
December 31,
|
|
December 31,
|
||||
ASSETS |
||||||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
4,405 |
|
|
$ |
36,194 |
|
Restricted cash |
|
|
— |
|
|
|
1,523 |
|
Marketable securities, short-term |
|
|
26,806 |
|
|
|
— |
|
Accounts receivable, net |
|
|
6,862 |
|
|
|
15,816 |
|
Inventory, net |
|
|
61,401 |
|
|
|
24,915 |
|
Deferred issuance costs |
|
|
— |
|
|
|
2,221 |
|
Notes receivable |
|
|
— |
|
|
|
456 |
|
Prepaid expenses and other current assets |
|
|
5,236 |
|
|
|
3,967 |
|
Total current assets |
|
|
104,710 |
|
|
|
85,092 |
|
Property and equipment, net |
|
|
3,458 |
|
|
|
1,652 |
|
Operating right-of-use assets |
|
|
2,503 |
|
|
|
1,252 |
|
Marketable securities, long-term |
|
|
1,977 |
|
|
|
— |
|
Intangible assets, net |
|
|
2,192 |
|
|
|
— |
|
Deferred tax assets |
|
|
21 |
|
|
|
— |
|
Other assets |
|
|
707 |
|
|
|
82 |
|
Goodwill |
|
|
12,209 |
|
|
|
— |
|
Total assets |
|
$ |
127,777 |
|
|
$ |
88,078 |
|
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) |
||||||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
15,685 |
|
|
$ |
23,286 |
|
Accrued expenses and other current liabilities |
|
|
8,681 |
|
|
|
4,382 |
|
Deferred revenue, current portion |
|
|
335 |
|
|
|
950 |
|
Warranty liability, current portion |
|
|
526 |
|
|
|
392 |
|
Operating lease liabilities, current portion |
|
|
1,192 |
|
|
|
578 |
|
Current maturities of long-term debt |
|
|
— |
|
|
|
10,000 |
|
Total current liabilities |
|
|
26,419 |
|
|
|
39,588 |
|
Warranty liability, net of current portion |
|
|
5,106 |
|
|
|
3,959 |
|
Deferred revenue, net of current portion |
|
|
466 |
|
|
|
172 |
|
Long-term debt, net of current maturities and unamortized debt issuance costs |
|
|
31,570 |
|
|
|
10,642 |
|
Operating lease liabilities, net of current portion |
|
|
1,392 |
|
|
|
762 |
|
Preferred stock warrant liability |
|
|
— |
|
|
|
1,507 |
|
Total liabilities |
|
|
64,953 |
|
|
|
56,630 |
|
Convertible preferred stock |
|
|
— |
|
|
|
87,140 |
|
Stockholders’ equity (deficit): |
|
|
|
|
||||
Common stock |
|
|
6 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
138,657 |
|
|
|
6,522 |
|
Accumulated deficit |
|
|
(75,780 |
) |
|
|
(62,215 |
) |
Accumulated other comprehensive income |
|
|
(59 |
) |
|
|
— |
|
Total stockholders’ equity (deficit) |
|
|
62,824 |
|
|
|
(55,692 |
) |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) |
|
$ |
127,777 |
|
|
$ |
88,078 |
|
Tigo Energy, Inc. |
||||||||||||||||
Condensed Consolidated Statement of Operations |
||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net revenue |
|
$ |
9,245 |
|
|
$ |
30,941 |
|
|
$ |
145,233 |
|
|
$ |
81,323 |
|
Cost of revenue |
|
|
6,369 |
|
|
|
20,973 |
|
|
|
93,924 |
|
|
|
56,552 |
|
Gross profit |
|
|
2,876 |
|
|
|
9,968 |
|
|
|
51,309 |
|
|
|
24,771 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
2,433 |
|
|
|
1,206 |
|
|
|
9,496 |
|
|
|
5,682 |
|
Sales and marketing |
|
|
5,745 |
|
|
|
3,605 |
|
|
|
21,281 |
|
|
|
10,953 |
|
General and administrative |
|
|
8,240 |
|
|
|
2,998 |
|
|
|
28,807 |
|
|
|
9,032 |
|
Total operating expenses |
|
|
16,418 |
|
|
|
7,809 |
|
|
|
59,584 |
|
|
|
25,667 |
|
(Loss) income from operations |
|
|
(13,542 |
) |
|
|
2,159 |
|
|
|
(8,275 |
) |
|
|
(896 |
) |
Other (income) expenses: |
|
|
|
|
|
|
|
|
||||||||
Change in fair value of preferred stock warrant and contingent shares liability |
|
|
(1,252 |
) |
|
|
1,057 |
|
|
|
(1,109 |
) |
|
|
1,020 |
|
Change in fair value of derivative liability |
|
|
— |
|
|
|
— |
|
|
|
(12,247 |
) |
|
|
— |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
171 |
|
|
|
3,613 |
|
Interest expense |
|
|
2,875 |
|
|
|
253 |
|
|
|
8,115 |
|
|
|
1,494 |
|
Other income, net |
|
|
(500 |
) |
|
|
(125 |
) |
|
|
(2,359 |
) |
|
|
(57 |
) |
Total other expenses (income), net |
|
|
1,123 |
|
|
|
1,185 |
|
|
|
(7,429 |
) |
|
|
6,070 |
|
(Loss) income before income tax expense |
|
|
(14,665 |
) |
|
|
974 |
|
|
|
(846 |
) |
|
|
(6,966 |
) |
Income tax expense |
|
|
109 |
|
|
|
71 |
|
|
|
138 |
|
|
|
71 |
|
Net (loss) income |
|
|
(14,774 |
) |
|
|
903 |
|
|
|
(984 |
) |
|
|
(7,037 |
) |
Dividends on Series D and Series E convertible preferred stock |
|
|
— |
|
|
|
(2,102 |
) |
|
|
(3,399 |
) |
|
|
(6,344 |
) |
Net loss attributable to common stockholders |
|
$ |
(14,774 |
) |
|
$ |
(1,199 |
) |
|
$ |
(4,383 |
) |
|
$ |
(13,381 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Loss per common share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.25 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.08 |
) |
|
$ |
(2.71 |
) |
Diluted |
|
$ |
(0.25 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.14 |
) |
|
$ |
(2.71 |
) |
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
58,749,524 |
|
|
|
5,203,886 |
|
|
|
38,048,516 |
|
|
|
4,940,562 |
|
Diluted |
|
|
58,749,524 |
|
|
|
5,203,886 |
|
|
|
43,223,134 |
|
|
|
4,940,562 |
|
Tigo Energy, Inc. |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
|
Year Ended December 31, |
||||||
|
|
2023 |
|
2022 |
||||
Cash Flows from Operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(984 |
) |
|
$ |
(7,037 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
1,106 |
|
|
|
562 |
|
Reserve for inventory obsolescence |
|
|
713 |
|
|
|
123 |
|
Change in fair value of preferred stock warrant and contingent shares liability |
|
|
(1,109 |
) |
|
|
1,020 |
|
Change in fair value of derivative liability |
|
|
(12,247 |
) |
|
|
— |
|
Deferred tax benefit |
|
|
(21 |
) |
|
|
— |
|
Non-cash interest expense |
|
|
5,473 |
|
|
|
256 |
|
Stock-based compensation |
|
|
3,808 |
|
|
|
813 |
|
Allowance for credit losses |
|
|
3,870 |
|
|
|
596 |
|
Loss on debt extinguishment |
|
|
171 |
|
|
|
3,613 |
|
Non-cash lease expense |
|
|
996 |
|
|
|
535 |
|
Forgiveness of recourse promissory note and accrued interest |
|
|
— |
|
|
|
117 |
|
Accretion of interest on marketable securities |
|
|
(508 |
) |
|
|
— |
|
Loss on disposal of property and equipment |
|
|
17 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
5,201 |
|
|
|
(12,533 |
) |
Inventory |
|
|
(37,199 |
) |
|
|
(14,969 |
) |
Prepaid expenses and other assets |
|
|
(1,272 |
) |
|
|
(2,459 |
) |
Accounts payable |
|
|
(8,577 |
) |
|
|
10,890 |
|
Accrued expenses and other liabilities |
|
|
3,383 |
|
|
|
952 |
|
Deferred revenue |
|
|
(321 |
) |
|
|
673 |
|
Warranty liability |
|
|
1,281 |
|
|
|
958 |
|
Deferred rent |
|
|
— |
|
|
|
(135 |
) |
Operating lease liabilities |
|
|
(1,003 |
) |
|
|
(447 |
) |
Net cash used in operating activities |
|
$ |
(37,222 |
) |
|
$ |
(16,472 |
) |
Investing activities: |
|
|
|
|
||||
Purchase of marketable securities |
|
|
(53,483 |
) |
|
|
— |
|
Cash invested in note receivable |
|
|
— |
|
|
|
(456 |
) |
Acquisition of fSight |
|
|
(16 |
) |
|
|
— |
|
Purchase of intangible assets |
|
|
(450 |
) |
|
|
— |
|
Purchase of property and equipment |
|
|
(2,114 |
) |
|
|
(1,147 |
) |
Sales and maturities of marketable securities |
|
|
25,149 |
|
|
|
— |
|
Net cash used in investing activities |
|
$ |
(30,914 |
) |
|
$ |
(1,603 |
) |
Financing activities: |
|
|
|
|
||||
Proceeds from Convertible Promissory Note |
|
|
50,000 |
|
|
|
25,000 |
|
Repayment of Series 2022-1 Notes |
|
|
(20,833 |
) |
|
|
(4,165 |
) |
Repayment of Senior Bonds |
|
|
— |
|
|
|
(10,000 |
) |
Payment of financing costs |
|
|
(358 |
) |
|
|
(3,473 |
) |
Proceeds from sale of Series E convertible preferred stock |
|
|
— |
|
|
|
40,978 |
|
Proceeds from Business Combination |
|
|
2,238 |
|
|
|
— |
|
Proceeds from exercise of stock options |
|
|
215 |
|
|
|
325 |
|
Payment of tax withholdings on stock options |
|
|
(91 |
) |
|
|
— |
|
Payment of issuance costs |
|
|
— |
|
|
|
(139 |
) |
Payment of issuance costs related to the sale of Series E convertible preferred stock |
|
|
— |
|
|
|
(208 |
) |
Proceeds from common stock warrant redemption, net of issuance costs and payments to warrant holders of non-redeemed warrants |
|
|
3,653 |
|
|
|
— |
|
Net cash provided by financing activities |
|
$ |
34,824 |
|
|
$ |
48,318 |
|
Net (decrease) increase in cash and restricted cash |
|
|
(33,312 |
) |
|
|
30,243 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
|
37,717 |
|
|
|
7,474 |
|
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
4,405 |
|
|
$ |
37,717 |
|
Tigo Energy, Inc. |
||||||||||||||||
Non-GAAP Financial Measures |
||||||||||||||||
(in thousands) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
||||||||||||||||
Reconciliation of Net (Loss) Income (GAAP) to Adjusted EBITDA (Non-GAAP) |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net (loss) income |
|
$ |
(14,774 |
) |
|
$ |
903 |
|
$ |
(984 |
) |
|
$ |
(7,037 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Total other expenses (income), net |
|
|
1,123 |
|
|
|
1,185 |
|
|
|
(7,429 |
) |
|
|
6,070 |
|
Income tax expense |
|
|
109 |
|
|
|
71 |
|
|
|
138 |
|
|
|
71 |
|
Depreciation and amortization |
|
|
286 |
|
|
|
158 |
|
|
|
1,106 |
|
|
|
562 |
|
Stock-based compensation |
|
|
1,671 |
|
|
|
420 |
|
|
|
3,808 |
|
|
|
813 |
|
M&A transaction expenses |
|
|
— |
|
|
|
— |
|
|
|
4,399 |
|
|
|
2,000 |
|
Adjusted EBITDA |
|
$ |
(11,585 |
) |
|
$ |
2,737 |
|
|
$ |
1,038 |
|
|
$ |
2,479 |
|
We encourage investors and others to review our financial information in its entirety and not to rely on any single financial measure.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240213551311/en/
Investor Relations Contacts
Matt Glover or Tom Colton
Gateway Group, Inc.
(949) 574-3860
TYGO@gateway-grp.com
Source: Tigo
FAQ
What was Tigo Energy's revenue for the full year 2023?
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How did Tigo Energy's adjusted EBITDA change from 2022 to 2023?
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What was the total operating expenses for Tigo Energy in the full year 2023?
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