Tigo Energy, Inc. ( (TYGO) ) has released its Q4 earnings. Here is a breakdown of the information Tigo Energy, Inc. presented to its investors.
Tigo Energy, Inc. is a leading provider of intelligent solar and energy storage solutions, specializing in maximizing solar system performance and safety through advanced hardware and software technologies. The company operates primarily in the solar energy sector, offering products like inverters and battery storage systems for residential, commercial, and utility-scale applications.
In its latest earnings report, Tigo Energy, Inc. announced a significant increase in quarterly revenue, reflecting positive momentum in its operations. The company reported a 21.3% sequential increase in fourth-quarter revenue, reaching $17.3 million, and an 86.8% year-over-year rise. However, the company’s full-year revenue for 2024 was down by 62.8% compared to the previous year.
Key financial metrics revealed a net loss of $26.8 million for the fourth quarter and $62.7 million for the full year 2024, largely impacted by inventory charges related to excess and slow-moving inventory. Despite the losses, the company managed to increase its cash reserves slightly and continued to grow its market presence with significant shipments and new agreements in the Predict+ product line.
The company also highlighted its strategic focus on expanding market share in the Americas and EMEA regions, as well as its commitment to strengthening its position in key locations. Tigo Energy’s management expressed optimism about future prospects, expecting revenue growth in 2025, with projected revenues between $85 million and $100 million for the full year.
Looking ahead, Tigo Energy aims to continue its trajectory of revenue growth while addressing inventory challenges. The company remains focused on enhancing its competitive position and exploring new markets, as indicated by its forward-looking financial guidance for the upcoming year.