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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): February 13, 2024
Tigo Energy, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-40710 |
|
83-3583873 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S.
Employer
Identification No.) |
655 Campbell Technology Parkway, Suite 150
Campbell,
California |
|
95008 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(408)
402-0802
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
☐ | Written
communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencements
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbols |
|
Name
of each exchange on which registered |
Common Stock, par value $0.0001 per share |
|
TYGO |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
Growth Company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02. Results of Operations and Financial Condition.
On
February 13, 2024, Tigo Energy, Inc. (the “Company”) reported its earnings for its fourth fiscal quarter and full year ended
December 31, 2023. A copy of the Company’s press release containing this information is furnished as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated herein by reference.
The
information contained in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities
under that section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such a filing.
The
Company is making reference to non-GAAP financial measures in the press release. A reconciliation of these non-GAAP financial measures
to the comparable GAAP financial measures is contained in the attached press release.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated:
February 13, 2024
|
TIGO ENERGY, INC. |
|
|
|
By: |
/s/
Bill Roeschlein |
|
Name: |
Bill Roeschlein |
|
Title: |
Chief Financial Officer |
2
Exhibit 99.1
Tigo
Energy Reports Fourth Quarter and Full Year 2023 Financial Results
Fourth
Quarter and Full Year 2023 Revenue Totaled $9.2 Million and $145.2 Million, Respectively
CAMPBELL,
Calif. – February 13, 2024 – Tigo Energy, Inc. ("Tigo", or the "Company")
(NASDAQ: TYGO), a leading provider of intelligent solar and energy storage solutions, today reported unaudited financial results
for the fourth quarter and full year ended December 31, 2023 and financial guidance for the first quarter ending March 31, 2024.
Recent
Financial and Operational Highlights
| ● | Revenue
for the full year 2023 of $145.2 million, up 78.6% compared to $81.3 million in the full
year 2022. |
| ● | Gross
profit for the full year 2023 of $51.3 million, or 35.3% of revenues, up 107.1% compared
to $24.8 million, or 30.5% of revenues, in the full year 2022. |
| ● | On
a GAAP basis, net loss for the full year 2023 of $1.0 million, compared to a net loss of
$7.0 million in the full year 2022. On a non-GAAP basis, adjusted EBITDA for the full year
2023 of $1.0 million, compared to adjusted EBITDA of $2.5 million in the full year 2022. |
| ● | Deployed
our 10 millionth Tigo TS4 device. Tigo TS4 products ensure that installers have the flexibility
to deploy the industry’s highest-wattage solar modules to offer the most energy production
per available rooftop space. |
| ● | Expanded
the GO ESS product line, formerly referred to as the Tigo EI Solution, which provides intuitive
and flexible energy solutions that are optimized to work together. This includes the Tigo
GO EV Charger launched in the German market in January 2024. |
| ● | Expanded
the Predict+ software platform to include improved profit analysis modules, advanced algorithms
for production and load forecasting, and a new billing module for IPP and virtual suppliers. |
| ● | Announced
CPV Retail Energy and EDF Renewables Israel as new Tigo Predict+ customers, increasing annual
recurring revenue to $0.8 million. |
| ● | Welcomed
GoodWe, SolaX Power, and Intercraft Solar as new licensees for Tigo’s rapid shutdown
technology. |
| ● | Unveiled
the Tigo Green Glove service program for commercial and industrial solar installers. This
program enhances the installer experience and drives quality across the solar value chain. |
Management
Commentary
“2023
was a transformational year for Tigo,” said Zvi Alon, Chairman and CEO of Tigo. “Our business grew significantly across several
areas this year, even as our team managed ongoing marketplace weakness driven by order pushouts and cancellations through the second
half of 2023. Notably, we drove a 78.6% total revenue increase to $145.2 million for the full year, deployed our 10 millionth Tigo TS4
device, and expanded our product portfolio. Also, our continued efforts in international markets helped us to substantially increase
our EMEA and APAC revenues, both important areas of focus moving forward as well.
“Furthermore,
our GO ESS product line grew steadily last year to represent approximately 9.2% of our total revenues and continues to show signs of
progress this year,” Alon continued. “Finally, within our EI Software Platform, as previously announced, we acquired the
Predict+ software solution in January 2023, a new and strategic addition to Tigo. Predict+ is an AI-based software solution that provides
customers with the ability to accurately predict energy production and consumption. Predict+ demonstrated significant growth in 2023
with over 300 GWh of energy consumption management and all contracts for Predict+ are multi-year.
“As
we stated last quarter, we believe the ongoing inventory digestion cycle will be substantially complete by the end of the current quarter
and that we are solidly positioned to expand our market share as the industry upturn emerges.”
Fourth
Quarter 2023 Financial Results
Results
compare the 2023 fiscal fourth quarter ended December 31, 2023 to the 2022 fiscal fourth quarter ended December 31, 2022, unless otherwise
indicated.
| ● | Revenue
for the fourth quarter 2023 totaled $9.2 million, a 70.1% decrease from $30.9 million in
the prior year comparable period. |
| ● | Gross
profit for the fourth quarter 2023 totaled $2.9 million, or 31.1% of total revenue, a 71.1%
decrease from $10.0 million, or 32.2% of total revenue, in the prior year comparable period. |
| ● | Total
operating expenses for the fourth quarter 2023 totaled $16.4 million, a 110.2% increase from
$7.8 million in the prior year comparable period. |
| ● | Net
loss for the fourth quarter 2023 totaled $14.8 million, compared to net income of $0.9 million
for the prior year comparable period. |
| ● | Adjusted
EBITDA loss totaled $11.6 million for the fourth quarter 2023, compared to adjusted EBITDA
of $2.7 million for the prior year comparable period. |
Full
Year 2023 Financial Results
Results
compare the 2023 fiscal full year ended December 31, 2023 to the 2022 fiscal full year ended December 31, 2022, unless otherwise indicated.
| ● | Revenue
totaled $145.2 million, a 78.6% increase from $81.3 million in the prior year comparable
period. |
| ● | Gross
profit totaled $51.3 million, or 35.3% of total revenue, a 107.1% increase from $24.8 million,
or 30.5% of total revenue, in the prior year comparable period. |
| ● | Total
operating expenses totaled $59.6 million, a 132.1% increase from $25.7 million in the prior
year comparable period. |
| ● | Net
loss totaled $1.0 million, compared to a net loss of $7.0 million for the prior year comparable
period. Net
loss includes the mark-to-market benefit of $12.2 million related to the conversion feature
of the convertible note. |
| ● | Adjusted
EBITDA totaled $1.0 million, compared to an adjusted EBITDA of $2.5 million for the prior
year comparable period. |
| ● | Cash,
cash equivalents, and marketable securities totaled $33.2 million at December 31, 2023. |
First
Quarter 2024 Outlook
The
Company also provides guidance for the first quarter ending March 31, 2024 as follows:
| ● | Revenues
are expected to be within the range of $9 million to $14 million. |
| ● | Adjusted
EBITDA loss is expected to be within the range of $8 million to $12 million. |
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, February 13, 2024, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these
results. Company CEO Zvi Alon and CFO Bill Roeschlein will host the call, followed by a question-and-answer period.
Registration
Link: Click here to register
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 Gateway Group at (949) 574-3860.
The
conference call will be broadcast live and available for replay here and via the Investor Relations section of Tigo’s website.
About
Tigo Energy, Inc.
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 (Module Level Power Electronics) and solar optimizer technology with intelligent, cloud-based software capabilities for advanced
energy monitoring and control. Tigo MLPE products maximize performance, enable real-time energy monitoring, and provide code-required
rapid shutdown at the module level. The Company also develops and manufactures products such as inverters and battery storage systems
for the residential solar-plus-storage market. For more information, please visit www.tigoenergy.com.
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 current and future inventory levels and its impact on future
financial results, statements about 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,” “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 SEC, factors which may cause actual
results to differ materially from current expectations include, but are not limited to, our ability to effectively develop and sell our
product offerings and services, our ability to compete in the highly-competitive and evolving solar industry; our ability
to manage risks associated with seasonal trends and the cyclical nature of the solar industry; whether we continue to grow our customer
base; whether we continue to develop new products and innovations to meet constantly evolving customer demands; the timing and level
of demand for our solar energy solutions; changes in government subsidies and economic incentives for solar energy solutions; our ability
to acquire or make investments in other businesses, patents, technologies, products or services to grow the business and realize the
anticipated benefits therefrom; our ability to meet future liquidity requirements; our ability to respond to fluctuations in foreign
currency exchange rates and political unrest and regulatory changes in international markets into which we expand or otherwise operate
in; our failure to attract, hire retain and train highly qualified personnel in the future; and if we are unable to maintain key strategic
relationships with our partners and distributors.
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 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 this financial measure 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 recurring 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 it (i) allows for greater transparency with respect to key metrics used by management in its financial
and operational decision-making and (ii) is 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.
Investor
Relations Contacts
Matt Glover or Tom Colton
Gateway Group, Inc.
(949) 574-3860
TYGO@gateway-grp.com
Tigo
Energy, Inc.
Condensed
Consolidated Balance Sheets
(in
thousands)
(unaudited)
| |
December 31, 2023 | | |
December 31, 2022 | |
ASSETS |
Current assets: | |
| | |
| |
Cash and cash equivalents | |
$ | 4,405 | | |
$ | 36,194 | |
Restricted cash | |
| — | | |
| 1,523 | |
Marketable securities, short-term | |
| 26,806 | | |
| — | |
Accounts receivable, net | |
| 6,862 | | |
| 15,816 | |
Inventory, net | |
| 61,401 | | |
| 24,915 | |
Deferred issuance costs | |
| — | | |
| 2,221 | |
Notes receivable | |
| — | | |
| 456 | |
Prepaid expenses and other current assets | |
| 5,236 | | |
| 3,967 | |
Total current assets | |
| 104,710 | | |
| 85,092 | |
Property and equipment, net | |
| 3,458 | | |
| 1,652 | |
Operating right-of-use assets | |
| 2,503 | | |
| 1,252 | |
Marketable securities, long-term | |
| 1,977 | | |
| — | |
Intangible assets, net | |
| 2,192 | | |
| — | |
Deferred tax assets | |
| 21 | | |
| — | |
Other assets | |
| 707 | | |
| 82 | |
Goodwill | |
| 12,209 | | |
| — | |
Total assets | |
$ | 127,777 | | |
$ | 88,078 | |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 15,685 | | |
$ | 23,286 | |
Accrued expenses and other current liabilities | |
| 8,681 | | |
| 4,382 | |
Deferred revenue, current portion | |
| 335 | | |
| 950 | |
Warranty liability, current portion | |
| 526 | | |
| 392 | |
Operating lease liabilities, current portion | |
| 1,192 | | |
| 578 | |
Current maturities of long-term debt | |
| — | | |
| 10,000 | |
Total current liabilities | |
| 26,419 | | |
| 39,588 | |
Warranty liability, net of current portion | |
| 5,106 | | |
| 3,959 | |
Deferred revenue, net of current portion | |
| 466 | | |
| 172 | |
Long-term debt, net of current maturities and unamortized debt issuance costs | |
| 31,570 | | |
| 10,642 | |
Operating lease liabilities, net of current portion | |
| 1,392 | | |
| 762 | |
Preferred stock warrant liability | |
| — | | |
| 1,507 | |
Total liabilities | |
| 64,953 | | |
| 56,630 | |
Convertible preferred stock | |
| — | | |
| 87,140 | |
Stockholders’ equity (deficit): | |
| | | |
| | |
Common stock | |
| 6 | | |
| 1 | |
Additional paid-in capital | |
| 138,657 | | |
| 6,522 | |
Accumulated deficit | |
| (75,780 | ) | |
| (62,215 | ) |
Accumulated other comprehensive income | |
| (59 | ) | |
| — | |
Total stockholders’ equity (deficit) | |
| 62,824 | | |
| (55,692 | ) |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | |
$ | 127,777 | | |
$ | 88,078 | |
Tigo
Energy, Inc.
Condensed
Consolidated Statement of Operations
(in
thousands, except per share data)
(unaudited)
| |
Three Months Ended
December 31, | | |
Year Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net revenue | |
$ | 9,245 | | |
$ | 30,941 | | |
$ | 145,233 | | |
$ | 81,323 | |
Cost of revenue | |
| 6,369 | | |
| 20,973 | | |
| 93,924 | | |
| 56,552 | |
Gross profit | |
| 2,876 | | |
| 9,968 | | |
| 51,309 | | |
| 24,771 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development | |
| 2,433 | | |
| 1,206 | | |
| 9,496 | | |
| 5,682 | |
Sales and marketing | |
| 5,745 | | |
| 3,605 | | |
| 21,281 | | |
| 10,953 | |
General and administrative | |
| 8,240 | | |
| 2,998 | | |
| 28,807 | | |
| 9,032 | |
Total operating expenses | |
| 16,418 | | |
| 7,809 | | |
| 59,584 | | |
| 25,667 | |
(Loss) income from operations | |
| (13,542 | ) | |
| 2,159 | | |
| (8,275 | ) | |
| (896 | ) |
Other (income) expenses: | |
| | | |
| | | |
| | | |
| | |
Change in fair value of preferred stock warrant and contingent shares liability | |
| (1,252 | ) | |
| 1,057 | | |
| (1,109 | ) | |
| 1,020 | |
Change in fair value of derivative liability | |
| — | | |
| — | | |
| (12,247 | ) | |
| — | |
Loss on debt extinguishment | |
| — | | |
| — | | |
| 171 | | |
| 3,613 | |
Interest expense | |
| 2,875 | | |
| 253 | | |
| 8,115 | | |
| 1,494 | |
Other income, net | |
| (500 | ) | |
| (125 | ) | |
| (2,359 | ) | |
| (57 | ) |
Total other expenses (income), net | |
| 1,123 | | |
| 1,185 | | |
| (7,429 | ) | |
| 6,070 | |
(Loss) income before income tax expense | |
| (14,665 | ) | |
| 974 | | |
| (846 | ) | |
| (6,966 | ) |
Income tax expense | |
| 109 | | |
| 71 | | |
| 138 | | |
| 71 | |
Net (loss) income | |
| (14,774 | ) | |
| 903 | | |
| (984 | ) | |
| (7,037 | ) |
Dividends on Series D and Series E convertible preferred stock | |
| — | | |
| (2,102 | ) | |
| (3,399 | ) | |
| (6,344 | ) |
Net loss attributable to common stockholders | |
$ | (14,774 | ) | |
$ | (1,199 | ) | |
$ | (4,383 | ) | |
$ | (13,381 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss per common share | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.25 | ) | |
$ | (0.23 | ) | |
$ | (0.08 | ) | |
$ | (2.71 | ) |
Diluted | |
$ | (0.25 | ) | |
$ | (0.23 | ) | |
$ | (0.14 | ) | |
$ | (2.71 | ) |
Weighted-average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 58,749,524 | | |
| 5,203,886 | | |
| 38,048,516 | | |
| 4,940,562 | |
Diluted | |
| 58,749,524 | | |
| 5,203,886 | | |
| 43,223,134 | | |
| 4,940,562 | |
Tigo
Energy, Inc.
Condensed
Consolidated Statements of Cash Flows
(in
thousands)
(unaudited)
| |
Year Ended December 31, | |
| |
2023 | | |
2022 | |
Cash Flows from Operating activities: | |
| | |
| |
Net loss | |
$ | (984 | ) | |
$ | (7,037 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 1,106 | | |
| 562 | |
Reserve for inventory obsolescence | |
| 713 | | |
| 123 | |
Change in fair value of preferred stock warrant and contingent shares liability | |
| (1,109 | ) | |
| 1,020 | |
Change in fair value of derivative liability | |
| (12,247 | ) | |
| — | |
Deferred tax benefit | |
| (21 | ) | |
| — | |
Non-cash interest expense | |
| 5,473 | | |
| 256 | |
Stock-based compensation | |
| 3,808 | | |
| 813 | |
Allowance for credit losses | |
| 3,870 | | |
| 596 | |
Loss on debt extinguishment | |
| 171 | | |
| 3,613 | |
Non-cash lease expense | |
| 996 | | |
| 535 | |
Forgiveness of recourse promissory note and accrued interest | |
| — | | |
| 117 | |
Accretion of interest on marketable securities | |
| (508 | ) | |
| — | |
Loss on disposal of property and equipment | |
| 17 | | |
| — | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 5,201 | | |
| (12,533 | ) |
Inventory | |
| (37,199 | ) | |
| (14,969 | ) |
Prepaid expenses and other assets | |
| (1,272 | ) | |
| (2,459 | ) |
Accounts payable | |
| (8,577 | ) | |
| 10,890 | |
Accrued expenses and other liabilities | |
| 3,383 | | |
| 952 | |
Deferred revenue | |
| (321 | ) | |
| 673 | |
Warranty liability | |
| 1,281 | | |
| 958 | |
Deferred rent | |
| — | | |
| (135 | ) |
Operating lease liabilities | |
| (1,003 | ) | |
| (447 | ) |
Net cash used in operating activities | |
$ | (37,222 | ) | |
$ | (16,472 | ) |
Investing activities: | |
| | | |
| | |
Purchase of marketable securities | |
| (53,483 | ) | |
| — | |
Cash invested in note receivable | |
| — | | |
| (456 | ) |
Acquisition of fSight | |
| (16 | ) | |
| — | |
Purchase of intangible assets | |
| (450 | ) | |
| — | |
Purchase of property and equipment | |
| (2,114 | ) | |
| (1,147 | ) |
Sales and maturities of marketable securities | |
| 25,149 | | |
| — | |
Net cash used in investing activities | |
$ | (30,914 | ) | |
$ | (1,603 | ) |
Financing activities: | |
| | | |
| | |
Proceeds from Convertible Promissory Note | |
| 50,000 | | |
| 25,000 | |
Repayment of Series 2022-1 Notes | |
| (20,833 | ) | |
| (4,165 | ) |
Repayment of Senior Bonds | |
| — | | |
| (10,000 | ) |
Payment of financing costs | |
| (358 | ) | |
| (3,473 | ) |
Proceeds from sale of Series E convertible preferred stock | |
| — | | |
| 40,978 | |
Proceeds from Business Combination | |
| 2,238 | | |
| — | |
Proceeds from exercise of stock options | |
| 215 | | |
| 325 | |
Payment of tax withholdings on stock options | |
| (91 | ) | |
| — | |
Payment of issuance costs | |
| — | | |
| (139 | ) |
Payment of issuance costs related to the sale of Series E convertible preferred stock | |
| — | | |
| (208 | ) |
Proceeds from common stock warrant redemption, net of issuance costs and payments to warrant holders of non-redeemed warrants | |
| 3,653 | | |
| — | |
Net cash provided by financing activities | |
$ | 34,824 | | |
$ | 48,318 | |
Net (decrease) increase in cash and restricted cash | |
| (33,312 | ) | |
| 30,243 | |
Cash, cash equivalents, and restricted cash at beginning of period | |
| 37,717 | | |
| 7,474 | |
Cash, cash equivalents, and restricted cash at end of period | |
$ | 4,405 | | |
$ | 37,717 | |
Tigo
Energy, Inc.
Non-GAAP
Financial Measures
(in
thousands)
(unaudited)
Reconciliation
of Net (Loss) Income (GAAP) to Adjusted EBITDA (Non-GAAP)
| |
Three Months Ended
December 31, | | |
Year Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net (loss) income | |
$ | (14,774 | ) | |
$ | 903 | | |
$ | (984 | ) | |
$ | (7,037 | ) |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Total other expenses (income), net | |
| 1,123 | | |
| 1,185 | | |
| (7,429 | ) | |
| 6,070 | |
Income tax expense | |
| 109 | | |
| 71 | | |
| 138 | | |
| 71 | |
Depreciation and amortization | |
| 286 | | |
| 158 | | |
| 1,106 | | |
| 562 | |
Stock-based compensation | |
| 1,671 | | |
| 420 | | |
| 3,808 | | |
| 813 | |
M&A transaction expenses | |
| — | | |
| — | | |
| 4,399 | | |
| 2,000 | |
Adjusted EBITDA | |
$ | (11,585 | ) | |
$ | 2,737 | | |
$ | 1,038 | | |
$ | 2,479 | |
We
encourage investors and others to review our financial information in its entirety and not to rely on any single financial measure.
9
v3.24.0.1
Cover
|
Feb. 13, 2024 |
Cover [Abstract] |
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8-K
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Feb. 13, 2024
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Entity File Number |
001-40710
|
Entity Registrant Name |
Tigo Energy, Inc.
|
Entity Central Index Key |
0001855447
|
Entity Tax Identification Number |
83-3583873
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
655 Campbell Technology Parkway
|
Entity Address, Address Line Two |
Suite 150
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Campbell
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CA
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95008
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Common Stock, par value $0.0001 per share
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TYGO
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NASDAQ
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Grafico Azioni Tigo Energy (NASDAQ:TYGO)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Tigo Energy (NASDAQ:TYGO)
Storico
Da Set 2023 a Set 2024