Tigo Energy Reports Third Quarter 2024 Financial Results
Tigo Energy (NASDAQ: TYGO) reported Q3 2024 financial results with revenue of $14.2 million, marking a 16.8% decrease from Q3 2023 but a 12.1% sequential increase. The company posted a GAAP gross margin of 12.5% and a net loss of $13.1 million. Key operational highlights include shipping 403,000 MLPE units and growing Predict+ meters to 62,000. The company secured a contract to deliver 97,000 optimizers for Brazil's largest floating solar plant. For Q4 2024, Tigo expects revenues between $14-17 million and adjusted EBITDA loss of $6.5-8.5 million.
Tigo Energy (NASDAQ: TYGO) ha riportato i risultati finanziari del terzo trimestre 2024 con ricavi di 14,2 milioni di dollari, registrando una diminuzione del 16,8% rispetto al terzo trimestre 2023, ma un aumento sequenziale del 12,1%. L'azienda ha registrato un margine lordo GAAP del 12,5% e una perdita netta di 13,1 milioni di dollari. Tra i principali punti salienti operativi, ci sono state spedizioni di 403.000 unità MLPE e una crescita dei misuratori Predict+ a 62.000. L'azienda ha ottenuto un contratto per fornire 97.000 ottimizzatori per la più grande centrale solare galleggiante del Brasile. Per il quarto trimestre 2024, Tigo prevede ricavi tra 14-17 milioni di dollari e una perdita EBITDA rettificata di 6,5-8,5 milioni di dollari.
Tigo Energy (NASDAQ: TYGO) reportó resultados financieros del tercer trimestre de 2024 con ingresos de 14,2 millones de dólares, lo que marca una disminución del 16,8% en comparación con el tercer trimestre de 2023, pero un aumento secuencial del 12,1%. La compañía publicó un margen bruto GAAP del 12,5% y una pérdida neta de 13,1 millones de dólares. Los aspectos destacados operativos incluyen el envío de 403.000 unidades de MLPE y el crecimiento de medidores Predict+ a 62.000. La empresa aseguró un contrato para entregar 97.000 optimizadores para la planta solar flotante más grande de Brasil. Para el cuarto trimestre de 2024, Tigo espera ingresos entre 14 y 17 millones de dólares y una pérdida de EBITDA ajustada de 6,5 a 8,5 millones de dólares.
Tigo Energy (NASDAQ: TYGO)는 2024년 3분기 재무 결과를 보고하였으며, 수익은 1420만 달러로 2023년 3분기보다 16.8% 감소했지만, 순차적으로 12.1% 증가했습니다. 이 회사는 GAAP 총 마진이 12.5%이고 순손실이 1310만 달러를 기록했습니다. 주요 운영 하이라이트로는 403,000개의 MLPE 유닛을 발송하고 Predict+ 미터를 62,000개로 늘린 것입니다. 이 회사는 브라질의 최대 부유식 태양광 발전소를 위해 97,000개의 최적화 장치를 공급하는 계약을 체결했습니다. 2024년 4분기 동안 Tigo는 수익이 1400만에서 1700만 달러 사이가 될 것으로 예상하며, 조정된 EBITDA 손실은 650만에서 850만 달러 사이로 예상합니다.
Tigo Energy (NASDAQ: TYGO) a publié ses résultats financiers pour le troisième trimestre 2024 avec des revenus de 14,2 millions de dollars, marquant une baisse de 16,8 % par rapport au troisième trimestre 2023, mais une augmentation séquentielle de 12,1 %. L’entreprise a affiché une marge brute GAAP de 12,5 % et une perte nette de 13,1 millions de dollars. Les faits saillants opérationnels incluent l'expédition de 403 000 unités MLPE et la croissance des compteurs Predict+ à 62 000. L'entreprise a sécurisé un contrat pour livrer 97 000 optimisateurs pour la plus grande centrale solaire flottante du Brésil. Pour le quatrième trimestre 2024, Tigo prévoit des revenus compris entre 14 et 17 millions de dollars et une perte d'EBITDA ajusté de 6,5 à 8,5 millions de dollars.
Tigo Energy (NASDAQ: TYGO) hat die Finanzergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von 14,2 Millionen Dollar, was einen Rückgang von 16,8% im Vergleich zum dritten Quartal 2023 bedeutet, aber einen sequenziellen Anstieg von 12,1% darstellt. Das Unternehmen verzeichnete eine GAAP-Bruttomarge von 12,5% und einen Nettoverlust von 13,1 Millionen Dollar. Die wichtigsten operativen Höhepunkte umfassen den Versand von 403.000 MLPE-Einheiten und das Wachstum der Predict+-Zähler auf 62.000. Das Unternehmen sicherte sich einen Vertrag über die Lieferung von 97.000 Optimierern für das größte schwimmende Solarprojekt in Brasilien. Für das vierte Quartal 2024 erwartet Tigo Umsätze zwischen 14 und 17 Millionen Dollar sowie einen bereinigten EBITDA-Verlust von 6,5 bis 8,5 Millionen Dollar.
- Sequential quarterly revenue growth of 12.1%
- Secured major contract for Brazil's floating solar plant (97,000 optimizers)
- Predict+ platform growth with 62,000 meters under management
- New Predict+ contracts worth $0.7 million in multi-year value
- Reduced sequential quarter cash burn to $0.7 million
- 16.8% year-over-year revenue decline to $14.2 million
- GAAP net loss of $13.1 million
- Gross margin declined to 12.5% from 24.3% year-over-year
- $3.4 million inventory charge, primarily for battery inventory
- Adjusted EBITDA loss of $8.3 million
Insights
The Q3 results reveal significant challenges at Tigo Energy. Revenue declined
The cash position of
Positive signs include growing Predict+ meters and new contracts worth
The solar industry headwinds are clearly impacting Tigo's performance, but there are some encouraging market positioning developments. The selection for Brazil's largest floating solar plant project, with 97,000 optimizers, demonstrates competitive strength in utility-scale projects. The expansion into Costa Rica with rapid shutdown technology shows strategic geographic diversification.
The growth in Predict+ platform to 62,000 meters indicates successful market penetration in the software solutions segment. However, the substantial inventory writedown suggests challenges in demand forecasting and inventory management, particularly in the battery segment. The company needs to better align its product mix with market demands to improve margins and reduce working capital constraints.
Recent Financial and Operational Highlights
-
Quarterly revenue of
$14.2 million -
GAAP gross margin of
12.5% -
GAAP operating loss of
$10.4 million -
GAAP net loss of
$13.1 million -
Adjusted EBITDA loss of
$8.3 million -
Cash, cash equivalents, and marketable securities of
$19.5 million - Shipped 403,000 MLPE, or approximately 202 MWdc assuming an average panel size of 500W
- Selected to deliver more than 97,000 optimizers, including TS4-X-O’s, for Brazil’s largest floating solar plant project
-
Total Predict+ meters under management grew to 62,000 and 6 new Predict+ agreements with a multi-year contract value of
were signed during the quarter$0.7 million -
Announced a partnership to deliver rapid shutdown technology to
Costa Rica as mandates for solar safety technology spread acrossLatin America - Welcomed back Anita Chang as Chief Operating Officer
Management Commentary
“We experienced our third sequential quarterly increase in revenues in a row in the third quarter of 2024 and believe the fourth quarter will continue to reflect the improved momentum our business is experiencing,” said Zvi Alon, Chairman and CEO of Tigo. “During the quarter, we saw revenue growth in multiple geographies, most notably in EMEA and the
“While the industry is still contending with headwinds, we believe that our robust product portfolio positions us to mitigate competitive pressures. As demand for our solutions continues to return, we expect revenues and profitability to increase steadily in the future. We are encouraged by the momentum we’ve built over the last three quarters and remain focused on advancing our mission to be a leading provider of intelligent solar and energy storage solutions.”
“On a sequential quarter basis, we reduced our cash burn rate with cash declining by
Third Quarter 2024 Financial Results
Results compare the 2024 fiscal third quarter ended September 30, 2024 to the 2023 fiscal third quarter ended September 30, 2023, unless otherwise indicated.
-
Revenues totaled
, a$14.2 million 16.8% decrease from . On a sequential quarter basis, revenues increased by$17.1 million , or$1.5 million 12.1% . -
Gross profit totaled
, or$1.8 million 12.5% of total revenue, a57.3% decrease from , or$4.2 million 24.3% of total revenue. Gross profit includes inventory charges of and$3.4 million , respectively.$1.8 million -
Total operating expenses totaled
, a$12.2 million 20.7% decrease from .$15.4 million -
Net loss totaled
, compared to a net income of$13.1 million .$29.1 million -
Adjusted EBITDA loss totaled
, compared to an adjusted EBITDA loss of$8.3 million .$9.5 million -
Cash, cash equivalents, and marketable securities totaled
at September 30, 2024. On a sequential quarter basis, cash declined by$19.5 million .$0.7 million
Fourth Quarter 2024 Outlook
The Company also provides guidance for the fourth quarter ending December 31, 2024 as follows:
-
Revenues are expected to be within the range of
to$14 million .$17 million -
Adjusted EBITDA loss is expected to be within the range of
to$6.5 million .$8.5 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, November 6, 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 our ability to increase our revenues and become profitable, our overall long-term growth prospects, expectations regarding a recovery in our industry, including the timing thereof, current and future inventory levels and reserves and its impact on future financial results, statements about demand for our products, our competitive position, and 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,” “will allow us to” “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 macroeconomic conditions, seasonal trends and the cyclical nature of the solar industry, including the current downturn; 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 the
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 (including our projected break-even point) 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) |
||||||||
|
|
September 30,
|
|
December 31,
|
||||
ASSETS |
||||||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
9,461 |
|
|
$ |
4,405 |
|
Marketable securities, short-term |
|
|
10,043 |
|
|
|
26,806 |
|
Accounts receivable, net |
|
|
8,828 |
|
|
|
6,862 |
|
Inventory |
|
|
46,789 |
|
|
|
61,401 |
|
Prepaid expenses and other current assets |
|
|
3,594 |
|
|
|
5,236 |
|
Total current assets |
|
|
78,715 |
|
|
|
104,710 |
|
Property and equipment, net |
|
|
3,044 |
|
|
|
3,458 |
|
Operating right-of-use assets |
|
|
1,842 |
|
|
|
2,503 |
|
Marketable securities, long-term |
|
|
— |
|
|
|
1,977 |
|
Intangible assets, net |
|
|
1,989 |
|
|
|
2,192 |
|
Other assets |
|
|
772 |
|
|
|
728 |
|
Goodwill |
|
|
12,209 |
|
|
|
12,209 |
|
Total assets |
|
$ |
98,571 |
|
|
$ |
127,777 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Current liabilities |
|
|
|
|
||||
Accounts payable |
|
$ |
11,841 |
|
|
$ |
15,685 |
|
Accrued expenses and other current liabilities |
|
|
6,143 |
|
|
|
8,681 |
|
Deferred revenue, current portion |
|
|
556 |
|
|
|
335 |
|
Warranty liability, current portion |
|
|
513 |
|
|
|
526 |
|
Operating lease liabilities, current portion |
|
|
849 |
|
|
|
1,192 |
|
Total current liabilities |
|
|
19,902 |
|
|
|
26,419 |
|
Warranty liability, net of current portion |
|
|
5,194 |
|
|
|
5,106 |
|
Deferred revenue, net of current portion |
|
|
674 |
|
|
|
466 |
|
Long-term debt, net of unamortized debt discount and issuance costs |
|
|
38,275 |
|
|
|
31,570 |
|
Operating lease liabilities, net of current portion |
|
|
1,057 |
|
|
|
1,392 |
|
Total liabilities |
|
|
65,102 |
|
|
|
64,953 |
|
Stockholders’ equity |
|
|
|
|
||||
Common stock |
|
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
|
145,184 |
|
|
|
138,657 |
|
Accumulated deficit |
|
|
(111,724 |
) |
|
|
(75,780 |
) |
Accumulated other comprehensive loss |
|
|
3 |
|
|
|
(59 |
) |
Total stockholders’ equity |
|
|
33,469 |
|
|
|
62,824 |
|
Total liabilities and stockholders’ equity |
|
$ |
98,571 |
|
|
$ |
127,777 |
|
Tigo Energy, Inc. Condensed Consolidated Statement of Income (in thousands, except share and per share data) (unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net revenue |
|
$ |
14,237 |
|
|
$ |
17,104 |
|
|
$ |
36,740 |
|
|
$ |
135,988 |
|
Cost of revenue |
|
|
12,463 |
|
|
|
12,946 |
|
|
|
28,333 |
|
|
|
87,555 |
|
Gross profit |
|
|
1,774 |
|
|
|
4,158 |
|
|
|
8,407 |
|
|
|
48,433 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
2,433 |
|
|
|
2,425 |
|
|
|
7,608 |
|
|
|
7,063 |
|
Sales and marketing |
|
|
4,378 |
|
|
|
5,601 |
|
|
|
13,036 |
|
|
|
15,536 |
|
General and administrative |
|
|
5,380 |
|
|
|
7,350 |
|
|
|
15,671 |
|
|
|
20,567 |
|
Total operating expenses |
|
|
12,191 |
|
|
|
15,376 |
|
|
|
36,315 |
|
|
|
43,166 |
|
(Loss) income from operations |
|
|
(10,417 |
) |
|
|
(11,218 |
) |
|
|
(27,908 |
) |
|
|
5,267 |
|
Other expenses (income): |
|
|
|
|
|
|
|
|
||||||||
Change in fair value of preferred stock warrant and contingent shares liability |
|
|
3 |
|
|
|
(2,977 |
) |
|
|
(152 |
) |
|
|
143 |
|
Change in fair value of derivative liability |
|
|
— |
|
|
|
(50,498 |
) |
|
|
— |
|
|
|
(12,247 |
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
171 |
|
Interest expense |
|
|
2,861 |
|
|
|
2,875 |
|
|
|
8,549 |
|
|
|
5,240 |
|
Other income, net |
|
|
(164 |
) |
|
|
(636 |
) |
|
|
(377 |
) |
|
|
(1,859 |
) |
Total other expenses (income), net |
|
|
2,700 |
|
|
|
(51,236 |
) |
|
|
8,020 |
|
|
|
(8,552 |
) |
(Loss) income before income tax expense |
|
|
(13,117 |
) |
|
|
40,018 |
|
|
|
(35,928 |
) |
|
|
13,819 |
|
Income tax expense |
|
|
— |
|
|
|
10,962 |
|
|
|
16 |
|
|
|
29 |
|
Net (loss) income |
|
|
(13,117 |
) |
|
|
29,056 |
|
|
|
(35,944 |
) |
|
|
13,790 |
|
Cumulative dividends on convertible preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,399 |
) |
Net (loss) income attributable to common stockholders |
|
$ |
(13,117 |
) |
|
$ |
29,056 |
|
|
$ |
(35,944 |
) |
|
$ |
10,391 |
|
|
|
|
|
|
|
|
|
|
||||||||
(Loss) earnings per common share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.22 |
) |
|
$ |
0.50 |
|
|
$ |
(0.60 |
) |
|
$ |
0.19 |
|
Diluted |
|
$ |
(0.22 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.60 |
) |
|
$ |
0.04 |
|
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
60,608,934 |
|
|
|
58,408,441 |
|
|
|
60,130,249 |
|
|
|
31,070,476 |
|
Diluted |
|
|
60,608,934 |
|
|
|
68,368,758 |
|
|
|
60,130,249 |
|
|
|
40,487,517 |
|
Tigo Energy, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
||||||||
|
|
Nine Months Ended September 30, |
||||||
|
|
2024 |
|
2023 |
||||
Cash Flows from Operating activities: |
|
|
|
|
||||
Net (loss) income |
|
$ |
(35,944 |
) |
|
$ |
13,790 |
|
Depreciation and amortization |
|
|
917 |
|
|
|
820 |
|
Reserve for inventory |
|
|
3,879 |
|
|
|
796 |
|
Change in fair value of preferred stock warrant and contingent shares liability |
|
|
(152 |
) |
|
|
143 |
|
Change in fair value of derivative liability |
|
|
— |
|
|
|
(12,247 |
) |
Deferred tax benefit |
|
|
— |
|
|
|
(12 |
) |
Non-cash interest expense |
|
|
6,705 |
|
|
|
3,237 |
|
Stock-based compensation |
|
|
5,994 |
|
|
|
2,137 |
|
Allowance for credit losses |
|
|
(1,616 |
) |
|
|
1,968 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
171 |
|
Non-cash lease expense |
|
|
820 |
|
|
|
710 |
|
Accretion of interest on marketable securities |
|
|
(260 |
) |
|
|
(333 |
) |
Loss on disposal of property and equipment |
|
|
— |
|
|
|
16 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(350 |
) |
|
|
(6,393 |
) |
Inventory |
|
|
10,733 |
|
|
|
(33,318 |
) |
Prepaid expenses and other assets |
|
|
1,598 |
|
|
|
1,183 |
|
Accounts payable |
|
|
(3,387 |
) |
|
|
(4,115 |
) |
Accrued expenses and other liabilities |
|
|
(2,011 |
) |
|
|
1,975 |
|
Deferred revenue |
|
|
429 |
|
|
|
(666 |
) |
Warranty liability |
|
|
75 |
|
|
|
1,456 |
|
Operating lease liabilities |
|
|
(837 |
) |
|
|
(697 |
) |
Net cash used in operating activities |
|
$ |
(13,407 |
) |
|
$ |
(29,379 |
) |
Investing activities: |
|
|
|
|
||||
Purchase of marketable securities |
|
|
(6,756 |
) |
|
|
(53,483 |
) |
Acquisition of fSight |
|
|
— |
|
|
|
(16 |
) |
Purchase of intangible assets |
|
|
— |
|
|
|
(450 |
) |
Purchase of property and equipment |
|
|
(757 |
) |
|
|
(1,855 |
) |
Sales and maturities of marketable securities |
|
|
25,818 |
|
|
|
14,885 |
|
Net cash provided by (used in) investing activities |
|
$ |
18,305 |
|
|
$ |
(40,919 |
) |
Financing activities: |
|
|
|
|
||||
Proceeds from Convertible Promissory Note |
|
|
— |
|
|
|
50,000 |
|
Repayment of from Series 2022-1 Notes |
|
|
— |
|
|
|
(20,833 |
) |
Payment of financing costs |
|
|
— |
|
|
|
(358 |
) |
Proceeds from Business Combination |
|
|
— |
|
|
|
2,238 |
|
Proceeds from exercise of stock options |
|
|
272 |
|
|
|
212 |
|
Payment of tax withholdings on stock options |
|
|
(114 |
) |
|
|
(91 |
) |
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 |
|
$ |
158 |
|
|
$ |
34,821 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
5,056 |
|
|
|
(35,477 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
4,405 |
|
|
|
37,717 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
9,461 |
|
|
$ |
2,240 |
|
Tigo Energy, Inc. Non-GAAP Financial Measures (in thousands) (unaudited) Reconciliation of Net Loss (GAAP) to Adjusted EBITDA (Non-GAAP) |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net (loss) income
|
|
$ |
(13,117 |
) |
|
$ |
29,056 |
|
|
$ |
(35,944 |
) |
|
$ |
13,790 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Total other expenses (income), net |
|
|
2,700 |
|
|
|
(51,236 |
) |
|
|
8,020 |
|
|
|
(8,552 |
) |
Income tax expense |
|
|
— |
|
|
|
10,962 |
|
|
|
16 |
|
|
|
29 |
|
Depreciation and amortization |
|
|
305 |
|
|
|
284 |
|
|
|
917 |
|
|
|
820 |
|
Stock-based compensation |
|
|
1,786 |
|
|
|
1,274 |
|
|
|
5,994 |
|
|
|
2,137 |
|
M&A transaction expenses |
|
|
— |
|
|
|
152 |
|
|
|
— |
|
|
|
4,399 |
|
Adjusted EBITDA
|
|
$ |
(8,326 |
) |
|
$ |
(9,508 |
) |
|
$ |
(20,997 |
) |
|
$ |
12,623 |
|
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/20241106002035/en/
Investor Relations Contacts
Matt Glover or Ralf Esper
Gateway Group, Inc.
(949) 574-3860
TYGO@gateway-grp.com
Source: Tigo
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