Tigo Energy, Inc. ( (TYGO) ) has released its Q3 earnings. Here is a breakdown of the information Tigo Energy, Inc. presented to its investors.
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Tigo Energy, Inc. is a prominent developer and manufacturer of smart solar hardware and software solutions, catering to residential, commercial, and utility-scale solar systems with a focus on enhancing safety and energy efficiency.
In its third-quarter 2024 earnings report, Tigo Energy reported a revenue of $14.2 million, marking a sequential increase but a year-over-year decline. Despite the rise in revenues, the company posted a net loss of $13.1 million, with a GAAP gross margin of 12.5%.
Key financial metrics from the quarter include a GAAP operating loss of $10.4 million and an adjusted EBITDA loss of $8.3 million. The firm also highlighted significant operational achievements, such as securing a major project in Brazil and expanding its Predict+ AI-based platform. Tigo further strengthened its leadership team with the return of Anita Chang as Chief Operating Officer.
Looking ahead, Tigo Energy anticipates continued revenue growth in the fourth quarter with an expected revenue range of $14 million to $17 million. The management remains optimistic about their product portfolio’s ability to overcome industry challenges and drive future profitability.
