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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tigo Energy Inc | NASDAQ:TYGO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 1.26% | 1.61 | 1.54 | 1.76 | 1.65 | 1.55 | 1.61 | 46,935 | 23:56:11 |
Third Quarter and First Nine Months 2023 Revenue Totaled $17.1 Million and $136.0 Million, Respectively
Tigo Energy, Inc. ("Tigo", or the "Company"), a leading provider of intelligent solar and energy storage solutions, today reported unaudited financial results for the third quarter and nine months ended September 30, 2023 and financial guidance for the fourth quarter ending December 31, 2023.
Third Quarter 2023 Financial and Operational Highlights
First Nine Months 2023 Financial and Operational Highlights
Management Commentary
“As discussed last month, a significant number of customers delayed scheduled shipments in the third quarter of 2023 to the fourth quarter of 2023 or early 2024 and inventory levels remain elevated,” said Zvi Alon, Chairman and CEO of Tigo. “Despite these delays, and to a lesser extent, cancellations and returns, our quarterly MLPE (Module Level Power Electronics) monitoring registrations increased to record levels. Based on data from our European customers, we believe Tigo inventories in the EMEA channel represented approximately six months of current market demand at September 30, 2023, and that the current inventory digestion cycle will likely continue through early 2024. Despite these market headwinds, we believe we are well positioned to grow in 2024 as we continue to invest in penetrating new markets and expanding our product portfolio.”
Third Quarter 2023 Financial Results
Results compare the 2023 fiscal third quarter ended September 30, 2023 to the 2022 fiscal third quarter ended September 30, 2022, unless otherwise indicated.
First Nine Months 2023 Financial Results
Results compare the nine months ended September 30, 2023 to the nine months ended September 30, 2022, unless otherwise indicated.
Fourth Quarter 2023 Outlook
The Company also provides guidance for the fourth quarter ending December 31, 2023 as follows:
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 7, 2023, 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 penetrate new markets and expand our product portfolio, current inventory levels and its impact on future financial results, inventory supply and its impact on our customer shipments and our revenue for fiscal third quarter of 2023, 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 expense, 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)
September 30, 2023
December 31, 2022
(Unaudited)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
2,240
$
36,194
Restricted cash
—
1,523
Marketable securities, short-term
34,440
—
Accounts receivable, net
20,358
15,816
Inventory, net
57,437
24,915
Deferred issuance costs
—
2,221
Notes receivable
—
456
Prepaid expenses and other current assets
2,775
3,967
Total current assets
117,250
85,092
Property and equipment, net
2,763
1,652
Operating right-of-use assets
2,729
1,252
Marketable securities, long-term
4,335
—
Intangible assets, net
2,260
—
Other assets
725
82
Goodwill
13,079
—
Total assets
$
143,141
$
88,078
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
19,492
$
23,286
Accrued expenses and other current liabilities
8,681
4,382
Deferred revenue, current portion
268
950
Warranty liability, current portion
542
392
Operating lease liabilities, current portion
1,162
578
Current maturities of long-term debt
—
10,000
Total current liabilities
30,145
39,588
Warranty liability, net of current portion
5,265
3,959
Deferred revenue, net of current portion
188
172
Long-term debt, net of current maturities and unamortized debt issuance costs
29,334
10,642
Operating lease liabilities, net of current portion
1,668
762
Preferred stock warrant liability
—
1,507
Other long-term liabilities
714
—
Total liabilities
67,314
56,630
Convertible preferred stock
—
87,140
Stockholders’ equity (deficit):
Common stock
6
1
Additional paid-in capital
136,983
6,522
Accumulated deficit
(61,006
)
(62,215
)
Accumulated other comprehensive income
(156
)
—
Total stockholders’ equity (deficit)
75,827
(55,692
)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)
$
143,141
$
88,078
Tigo Energy, Inc.
Condensed Consolidated Statement of Income
(in thousands)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
Revenue, net
$
17,104
$
22,824
$
135,988
$
50,382
Cost of revenue
12,946
16,236
87,555
35,579
Gross profit
4,158
6,588
48,433
14,803
Operating expenses:
Research and development
2,425
1,621
7,063
4,476
Sales and marketing
5,601
3,007
15,536
7,348
General and administrative
7,350
4,053
20,567
6,034
Total operating expenses
15,376
8,681
43,166
17,858
(Loss) income from operations
(11,218
)
(2,093
)
5,267
(3,055
)
Other expenses (income):
Change in fair value of preferred stock warrant and contingent shares liability
(2,977
)
(45
)
143
(37
)
Change in fair value of derivative liability
(50,498
)
—
(12,247
)
—
Loss on debt extinguishment
—
—
171
3,613
Interest expense
2,875
392
5,240
1,241
Other (income) expense, net
(636
)
(19
)
(1,859
)
68
Total other (income) expenses, net
(51,236
)
328
(8,552
)
4,885
Income (loss) before income tax expense
40,018
(2,421
)
13,819
(7,940
)
Income tax expense
10,962
—
29
—
Net income (loss)
29,056
(2,421
)
13,790
(7,940
)
Cumulative dividends on convertible preferred stock
—
(2,102
)
(3,399
)
(4,242
)
Net income (loss) attributable to common stockholders
$
29,056
$
(4,523
)
$
10,391
$
(12,182
)
Earnings (loss) per common share
Basic
$
0.50
$
(0.92
)
$
0.19
$
(2.51
)
Diluted
$
(0.27
)
$
(0.92
)
$
0.04
$
(2.51
)
Weighted-average common shares outstanding
Basic
58,408,441
4,908,232
31,070,476
4,852,696
Diluted
68,368,758
4,908,232
40,487,517
4,852,696
Tigo Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Nine Months Ended September 30,
2023
2022
Cash Flows from Operating activities:
Net income (loss)
$
13,790
$
(7,940
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
820
404
Reserve for inventory obsolescence
796
—
Change in fair value of preferred stock warrant and contingent shares liability
143
(37
)
Change in fair value of derivative liability
(12,247
)
—
Deferred tax benefit
(12
)
—
Non-cash interest expense
3,237
206
Stock-based compensation
2,137
393
Allowance for credit losses
1,968
200
Loss on debt extinguishment
171
3,613
Non-cash lease expense
710
—
Accretion of interest on marketable securities
(333
)
—
Loss on disposal of property and equipment
16
—
Changes in operating assets and liabilities:
Accounts receivable
(6,393
)
(10,811
)
Inventory
(33,318
)
(1,965
)
Prepaid expenses and other assets
1,183
(4,573
)
Accounts payable
(4,115
)
6,333
Accrued expenses and other liabilities
1,975
555
Deferred revenue
(666
)
(15
)
Warranty liability
1,456
524
Deferred rent
—
(135
)
Operating lease liabilities
(697
)
—
Net cash used in operating activities
$
(29,379
)
$
(13,248
)
Investing activities:
Purchase of marketable securities
(53,483
)
—
Acquisition of fSight
(16
)
—
Purchase of intangible assets
(450
)
—
Purchase of property and equipment
(1,855
)
(662
)
Sales and maturities of marketable securities
14,885
—
Net cash used in investing activities
$
(40,919
)
$
(662
)
Financing activities:
Proceeds from Convertible Promissory Note
50,000
25,000
Repayment of Series 2022-1 Notes
(20,833
)
(2,500
)
Repayment of Senior Bonds
—
(10,000
)
Payment of financing costs
(358
)
(3,472
)
Proceeds from sale of Series E convertible preferred stock
—
40,978
Proceeds from Business Combination
2,238
—
Proceeds from exercise of stock options
212
119
Payment of tax withholdings on stock options
(91
)
—
Payment of issuance costs
—
(138
)
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
$
34,821
$
49,987
Net (decrease) increase in cash and restricted cash
(35,477
)
36,077
Cash, cash equivalents, and restricted cash at beginning of period
37,717
7,474
Cash, cash equivalents, and restricted cash at end of period
$
2,240
$
43,551
Tigo Energy, Inc.
Non-GAAP Financial Measures
(in thousands)
(unaudited)
Reconciliation of Net Income (Loss) (GAAP) to Adjusted EBITDA (Non-GAAP)
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
Net income (loss)
$
29,056
$
(2,421
)
$
13,790
$
(7,940
)
Adjustments:
Total other (income) expenses, net
(51,236
)
328
(8,552
)
4,885
Income tax expense
10,962
—
29
—
Depreciation and amortization
284
178
820
404
Stock-based compensation
1,274
341
2,137
393
M&A transaction expenses
152
2,000
4,399
2,000
Adjusted EBITDA (loss)
$
(9,508
)
$
426
$
12,623
$
(258
)
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/20231107641490/en/
Investor Relations Contacts Matt Glover or Tom Colton Gateway Group, Inc. (949) 574-3860 TYGO@gateway-grp.com
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