Tigo Energy reports Q3 EPS (22c), consensus (17c)

Reports Q3 revenue $14.2M, consensus $13.9M. “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 Americas. We are also gaining additional penetration within the utility-scale market as evidenced by our recent selection to deliver 97,200 MLPE for Brazil’s largest floating solar system, which includes our newest TS4-X-O devices. Within our EI software solutions, our Predict+ AI-based energy consumption and production platform continues to grow with 62,000 meters under management and we signed 6 new contracts during the quarter having a total multi-year contract value of $700,000. We also strengthened our leadership team with the appointment of Anita Chang as Chief Operating Officer, who I welcome back to lead our global manufacturing operations. We are confident that her deep industry expertise will play a key role in supporting Tigo’s ambitious growth plans. 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.”