Tigo Energy (TYGO) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $25.2 million, up 33.7% year-over-year, driven by strong demand for MLPE and GO ESS products, especially in EMEA, with sequential softness in the Americas due to tax credit timing.

• Gross profit improved to $10.8 million (42.8% margin), up from $7.2 million (38.1%) year-over-year, mainly due to absence of warranty charges.

• GAAP net loss narrowed to $1.8 million from $7.0 million year-over-year; non-GAAP net loss was $0.1 million, down from $5.4 million.

• Completed a $15 million registered direct offering and entered a $10 million revolving credit facility, enhancing liquidity and retiring $50 million convertible notes in December 2025.

• No outstanding debt as of March 31, 2026.

Financial highlights

• MLPE products accounted for 82.4% of Q1 revenue; GO ESS batteries 15.8%; Predict+ 1.8%.

• Operating expenses rose to $13.2 million, mainly due to $1 million bad debt from a European distributor bankruptcy.

• Cash and equivalents totaled $11.6 million at quarter-end, up $3.9 million sequentially after a $15 million direct offering.

• Working capital was $32.7 million as of March 31, 2026.

• Inventory decreased by $6.5 million sequentially to $24.8 million as part of working capital optimization.

Outlook and guidance

• Q2 2026 revenue expected between $30 million and $32 million; adjusted EBITDA between $1 million and $3 million.

• Full-year 2026 revenue guidance maintained at $130 million to $135 million.

• Operating expenses expected to remain in the $12.5 million–$13.5 million range per quarter for the rest of 2026.

• Liquidity is expected to be sufficient for at least the next 12 months, supported by recent capital raises and credit facility.

• Management expects ongoing macroeconomic and regulatory uncertainty, including tariffs and changes to U.S. clean energy tax credits, to impact demand and margins.