Tigo Energy reports Q2 EPS (19c), consensus (16c)

Reports Q2 revenue $12.7M, consensus $13.9M. “We experienced steady sequential growth in the second quarter of 2024 as we continue to navigate the prolonged industry recovery,” said Zvi Alon, Chairman and CEO of Tigo. “Our financial results are within our previously stated guidance and we continue to build off our progress this quarter. Our newly launched TS4-X product family has been positively received by the market and we received our largest order in history for a 142 MWp installation in Spain. We believe our recent market win sets us up for future success and our TS4-X introduction has positioned us ahead of the market during this extended recovery period. While Tigo is not immune to macroeconomic dependencies, we expect that our robust product portfolio, and recent gains within the utility sector for our MLPE products, will allow us to achieve increased revenue growth in a sluggish environment and positions us well against our competitors as we move into the second half of 2024. We believe the scalability we have built into our business model, coupled with our strategic initiatives and TS4-X product offering, give us a strong foundation to outgrow the industry. We expect our revenues and profitability to slowly continue their upward trajectory as we move closer to the end of the year, driven by the strong market reception and anticipated increased demand for our solutions. We look forward to a stronger second half of 2024.”