Tigo Energy Reports Fourth Quarter and Full Year 2025 Financial Results
Recent Financial and Operational Highlights
-
Revenue for the fourth quarter of 2025 of
$30.0 million , up 73.8% compared to the fourth quarter of 2024. -
Income from operations for the fourth quarter of 2025 of
$0.3 million , compared to an operating loss of$24.1 million in the fourth quarter of 2024. -
Net income for the fourth quarter of 2025 of
$11.7 million , compared to a Net loss of$26.8 million in the fourth quarter of 2024. -
Basic earnings per common share (basic EPS) for the fourth quarter of 2025 of
$0.17 , compared to a loss per common share of$0.44 in the fourth quarter of 2024. -
Adjusted EBITDA for the fourth quarter of 2025 of
$2.7 million compared to an Adjusted EBITDA loss of$22.1 million in the fourth quarter of 2024. -
Cash and cash equivalents of
$7.7 million atDecember 31, 2025 . -
During the fourth quarter of 2025, we repaid our
$50 million convertible promissory note and ended the year with no outstanding debt maturities. -
During the fourth quarter of 2025, we shipped 744 thousand units, or 567 MW, of
Module Level Power Electronics (“MLPE”).
Management Commentary
“Against the backdrop of a seasonally slower solar installation and cold weather period for our industry, we delivered strong fourth quarter results, with revenue up 73.8% compared to last year’s Q4,” said
“For the full year, our revenue grew 91.7% on a year over year basis, underscoring the renewed confidence in our sales channels. In the fourth quarter, we saw solid performance from several countries in the EMEA and
“By retiring the
Fourth Quarter 2025 Financial Results
Results compare the 2025 fiscal fourth quarter ended
-
Revenues totaled
$30.0 million , a 73.8% increase from$17.3 million . On a sequential quarter basis, revenues decreased by 1.9% compared to the third quarter of 2025. -
Gross profit totaled
$13.4 million , or 44.5% of net revenue, compared to gross loss of$12.6 million , or negative 72.7% of net revenue. -
Operating expenses totaled
$13.0 million , a 13.0% increase from$11.5 million . -
Net income totaled
$11.7 million , compared to a net loss of$26.8 million . Net income for the fourth quarter of 2025 includes a gain on sale of intangible assets of$14.6 million . -
Basic EPS of
$0.17 , compared to a loss per common share of$0.44 . -
Adjusted EBITDA totaled
$2.7 million , compared to an Adjusted EBITDA loss of$22.1 million .
Full Year 2025 Financial Results
Results compare the 2025 fiscal full year ended
-
Revenues totaled
$103.5 million , a 91.7% increase from$54.0 million . -
Gross profit totaled
$44.4 million , or 42.8% of net revenue, compared to gross loss of$4.2 million , or negative 7.7% of net revenue. -
Total operating expenses totaled
$48.9 million , a 2.1% increase from$47.8 million . -
Net loss totaled
$1.9 million , compared to a net loss of$62.7 million . Net loss for the full year of 2025 includes a gain on sale of intangible assets of$14.6 million . -
Basic loss per common share of
$0.03 , compared to a loss per common share of$1.04 . -
Adjusted EBITDA totaled
$4.6 million , compared to an Adjusted EBITDA loss of$43.1 million .
First Quarter 2026 Financial Guidance and Full Year 2026 Outlook
The Company provides guidance for the first quarter ending
-
Revenues are expected to be within the range of
$25 million to$27 million . -
Adjusted EBITDA is expected to be within the range of
$(1.0) million to$1.0 million .
For the full year 2026, the Company anticipates revenue growth of 26% to 30%, resulting in revenue between
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,
Registration Link Conference Call: Click here to register
Webcast Link: Click here to join
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
The conference call will also be available for replay here and via the Investor Relations section of Tigo’s website.
About
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 (
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 achieve and maintain profitability, our ability achieve accelerated, profitable growth in 2026, our overall long-term growth prospects, expectations regarding a continued recovery in our industry, current and future inventory levels, statements about our revenue and adjusted EBITDA for the first fiscal quarter 2026 and our revenue for the full fiscal year 2026, statements about demand for our products, our competitive position, the impact of tariffs, 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
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 condensed 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 these financial measures 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 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 they (i) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) are 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.
|
|
||||||||
|
Condensed Consolidated Balance Sheets |
||||||||
|
(in thousands) |
||||||||
|
(unaudited) |
||||||||
|
|
|
|
|
|
||||
|
ASSETS |
||||||||
|
Current assets |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
7,670 |
|
|
$ |
11,746 |
|
|
Marketable securities, short-term |
|
|
— |
|
|
|
8,156 |
|
|
Accounts receivable, net |
|
|
13,895 |
|
|
|
7,976 |
|
|
Inventory |
|
|
31,286 |
|
|
|
21,997 |
|
|
Prepaid expenses and other current assets |
|
|
5,148 |
|
|
|
3,533 |
|
|
Total current assets |
|
|
57,999 |
|
|
|
53,408 |
|
|
Property and equipment, net |
|
|
2,652 |
|
|
|
2,812 |
|
|
Operating right of use assets |
|
|
2,338 |
|
|
|
1,576 |
|
|
Intangible assets, net |
|
|
1,652 |
|
|
|
1,922 |
|
|
Other assets |
|
|
1,187 |
|
|
|
984 |
|
|
|
|
|
12,209 |
|
|
|
12,209 |
|
|
Total assets |
|
$ |
78,037 |
|
|
$ |
72,911 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
|
Current liabilities |
|
|
|
|
||||
|
Accounts payable |
|
$ |
29,196 |
|
|
$ |
8,077 |
|
|
Accrued expenses and other current liabilities |
|
|
7,129 |
|
|
|
7,361 |
|
|
Deferred revenue, current portion |
|
|
961 |
|
|
|
525 |
|
|
Warranty liability, current portion |
|
|
626 |
|
|
|
496 |
|
|
Operating lease liabilities, current portion |
|
|
856 |
|
|
|
649 |
|
|
Total current liabilities |
|
|
38,768 |
|
|
|
17,108 |
|
|
Warranty liability, net of current portion |
|
|
8,718 |
|
|
|
5,302 |
|
|
Deferred revenue, net of current portion |
|
|
860 |
|
|
|
644 |
|
|
Long-term debt, net of unamortized debt discount and issuance costs |
|
|
— |
|
|
|
40,511 |
|
|
Operating lease liabilities, net of current portion |
|
|
1,817 |
|
|
|
961 |
|
|
Other long-term liabilities |
|
|
251 |
|
|
|
— |
|
|
Total liabilities |
|
|
50,414 |
|
|
|
64,526 |
|
|
Stockholders’ equity |
|
|
|
|
||||
|
Common stock |
|
|
7 |
|
|
|
6 |
|
|
Additional paid-in capital |
|
|
168,022 |
|
|
|
146,903 |
|
|
Accumulated deficit |
|
|
(140,406 |
) |
|
|
(138,526 |
) |
|
Accumulated other comprehensive income |
|
|
— |
|
|
|
2 |
|
|
Total stockholders’ equity |
|
|
27,623 |
|
|
|
8,385 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
78,037 |
|
|
$ |
72,911 |
|
|
|
||||||||||||||||
|
Condensed Consolidated Statement of Income |
||||||||||||||||
|
(in thousands, except share and per share data) |
||||||||||||||||
|
(unaudited) |
||||||||||||||||
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
Net revenue |
|
$ |
30,029 |
|
|
$ |
17,274 |
|
|
$ |
103,536 |
|
|
$ |
54,014 |
|
|
Cost of revenue |
|
|
16,675 |
|
|
|
29,837 |
|
|
|
59,185 |
|
|
|
58,170 |
|
|
Gross profit (loss) |
|
|
13,354 |
|
|
|
(12,563 |
) |
|
|
44,351 |
|
|
|
(4,156 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
|
Research and development |
|
|
2,312 |
|
|
|
2,252 |
|
|
|
9,244 |
|
|
|
9,860 |
|
|
Sales and marketing |
|
|
4,594 |
|
|
|
3,885 |
|
|
|
17,437 |
|
|
|
16,921 |
|
|
General and administrative |
|
|
6,115 |
|
|
|
5,389 |
|
|
|
22,169 |
|
|
|
21,060 |
|
|
Total operating expenses |
|
|
13,021 |
|
|
|
11,526 |
|
|
|
48,850 |
|
|
|
47,841 |
|
|
Income (loss) from operations |
|
|
333 |
|
|
|
(24,089 |
) |
|
|
(4,499 |
) |
|
|
(51,997 |
) |
|
Other (income) expenses, net: |
|
|
|
|
|
|
|
|
||||||||
|
Change in fair value of contingent shares liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(152 |
) |
|
Gain on sale of intangible assets |
|
|
(14,637 |
) |
|
|
— |
|
|
|
(14,637 |
) |
|
|
— |
|
|
Loss on extinguishment of Convertible Note |
|
|
1,132 |
|
|
|
— |
|
|
|
1,132 |
|
|
|
— |
|
|
Interest expense |
|
|
2,410 |
|
|
|
2,871 |
|
|
|
11,010 |
|
|
|
11,420 |
|
|
Other income, net |
|
|
(208 |
) |
|
|
(245 |
) |
|
|
(727 |
) |
|
|
(622 |
) |
|
Total other (income) expenses, net |
|
|
(11,303 |
) |
|
|
2,626 |
|
|
|
(3,222 |
) |
|
|
10,646 |
|
|
Income (loss) before income tax expense |
|
|
11,636 |
|
|
|
(26,715 |
) |
|
|
(1,277 |
) |
|
|
(62,643 |
) |
|
Income tax (benefit) expense |
|
|
(81 |
) |
|
|
87 |
|
|
|
603 |
|
|
|
103 |
|
|
Net income (loss) |
|
$ |
11,717 |
|
|
$ |
(26,802 |
) |
|
$ |
(1,880 |
) |
|
$ |
(62,746 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings (loss) per common share |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
0.17 |
|
|
$ |
(0.44 |
) |
|
$ |
(0.03 |
) |
|
$ |
(1.04 |
) |
|
Diluted |
|
$ |
0.16 |
|
|
$ |
(0.44 |
) |
|
$ |
(0.03 |
) |
|
$ |
(1.04 |
) |
|
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
|
70,293,744 |
|
|
|
60,760,125 |
|
|
|
65,007,762 |
|
|
|
60,263,190 |
|
|
Diluted |
|
|
72,559,831 |
|
|
|
60,760,125 |
|
|
|
65,007,762 |
|
|
|
60,263,190 |
|
|
|
||||||||
|
Condensed Consolidated Statements of Cash Flows |
||||||||
|
(in thousands) |
||||||||
|
(unaudited) |
||||||||
|
|
|
Twelve Months Ended |
||||||
|
|
|
2025 |
|
2024 |
||||
|
Cash Flows from Operating activities: |
|
|
|
|
||||
|
Net loss |
|
$ |
(1,880 |
) |
|
$ |
(62,746 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
|
Depreciation and amortization |
|
|
1,266 |
|
|
|
1,219 |
|
|
Provision to write down inventories to net realizable value |
|
|
1,481 |
|
|
|
23,108 |
|
|
Change in fair value of contingent shares liability |
|
|
— |
|
|
|
(152 |
) |
|
Non-cash interest expense |
|
|
8,605 |
|
|
|
8,941 |
|
|
Stock-based compensation |
|
|
7,863 |
|
|
|
7,721 |
|
|
Change in allowance for credit losses |
|
|
(17 |
) |
|
|
(1,684 |
) |
|
Non-cash lease expense |
|
|
906 |
|
|
|
1,122 |
|
|
Accretion of interest on marketable securities |
|
|
(467 |
) |
|
|
(354 |
) |
|
Loss on disposal of property and equipment |
|
|
12 |
|
|
|
— |
|
|
Gain on sale of intangible assets |
|
|
(14,637 |
) |
|
|
— |
|
|
Loss on extinguishment of Convertible Note |
|
|
1,132 |
|
|
|
— |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
|
Accounts receivable |
|
|
(5,902 |
) |
|
|
570 |
|
|
Inventory |
|
|
(10,770 |
) |
|
|
16,296 |
|
|
Prepaid expenses and other assets |
|
|
(1,818 |
) |
|
|
1,658 |
|
|
Accounts payable |
|
|
20,913 |
|
|
|
(6,625 |
) |
|
Accrued expenses and other liabilities |
|
|
(232 |
) |
|
|
(793 |
) |
|
Deferred revenue |
|
|
652 |
|
|
|
368 |
|
|
Warranty liability |
|
|
3,546 |
|
|
|
166 |
|
|
Operating lease liabilities |
|
|
(605 |
) |
|
|
(1,169 |
) |
|
Other long-term liabilities |
|
|
251 |
|
|
|
— |
|
|
Net cash provided by (used in) operating activities |
|
$ |
10,299 |
|
|
$ |
(12,354 |
) |
|
Investing activities: |
|
|
|
|
||||
|
Purchase of marketable securities |
|
|
(31,319 |
) |
|
|
(10,976 |
) |
|
Purchase of property and equipment |
|
|
(642 |
) |
|
|
(1,286 |
) |
|
Sales and maturities of marketable securities |
|
|
39,940 |
|
|
|
32,018 |
|
|
Proceeds from sale of intangible assets |
|
|
14,637 |
|
|
|
— |
|
|
Net cash provided by investing activities |
|
$ |
22,616 |
|
|
$ |
19,756 |
|
|
Financing activities: |
|
|
|
|
||||
|
Proceeds from exercise of stock options |
|
|
157 |
|
|
|
272 |
|
|
Proceeds from at-the-market offering |
|
|
13,467 |
|
|
|
16 |
|
|
Payment of offering costs related to at-the-market offering |
|
|
— |
|
|
|
(227 |
) |
|
Payment of tax withholdings on restricted stock awards and stock options |
|
|
(367 |
) |
|
|
(122 |
) |
|
Repayment of Convertible Note |
|
|
(50,248 |
) |
|
|
— |
|
|
Net cash used in financing activities |
|
$ |
(36,991 |
) |
|
$ |
(61 |
) |
|
Net (decrease) increase in cash |
|
|
(4,076 |
) |
|
|
7,341 |
|
|
Cash and cash equivalents at beginning of period |
|
|
11,746 |
|
|
|
4,405 |
|
|
Cash and cash equivalents at end of period |
|
$ |
7,670 |
|
|
$ |
11,746 |
|
|
|
||||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Results |
||||||||||||||||
|
(in thousands) |
||||||||||||||||
|
(unaudited) |
||||||||||||||||
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
Net income (loss) - (GAAP) |
|
$ |
11,717 |
|
|
$ |
(26,802 |
) |
|
$ |
(1,880 |
) |
|
$ |
(62,746 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
|
Total other (income) expenses, net |
|
|
(11,303 |
) |
|
|
2,626 |
|
|
|
(3,222 |
) |
|
|
10,646 |
|
|
Income tax (benefit) expense |
|
|
(81 |
) |
|
|
87 |
|
|
|
603 |
|
|
|
103 |
|
|
Depreciation and amortization |
|
|
323 |
|
|
|
302 |
|
|
|
1,266 |
|
|
|
1,219 |
|
|
Stock-based compensation |
|
|
2,081 |
|
|
|
1,727 |
|
|
|
7,863 |
|
|
|
7,721 |
|
|
Adjusted EBITDA (loss) - (Non-GAAP) |
|
$ |
2,737 |
|
|
$ |
(22,060 |
) |
|
$ |
4,630 |
|
|
$ |
(43,057 |
) |
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/20260224320292/en/
Investor Relations Contacts
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Source: Tigo