Tigo Energy (TYGO) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $24.0M, down 21.5% YoY; GAAP net income was $0.36M versus a $2.2M loss, and Adjusted EBITDA was $1.5M versus $2.9M.

• Results reflected softer Americas and EMEA demand, a gradual GO ESS ramp, and a delayed U.S. optimized-inverter partner launch.

• FY26 revenue guidance was reduced to $95M-$97M from $100M-$110M; 2027 top-line growth is expected, but no 2027 guidance was issued.

Financial highlights

• Q3 gross profit was $11.1M versus $13.1M YoY; operating expenses were $11.2M, down 10% YoY, and operating loss was $0.077M versus $0.649M operating income.

• Non-GAAP net income was $1.6M versus a $0.26M loss YoY; Adjusted EBITDA was $1.5M versus $2.9M YoY and $0.052M in Q2.

• 9M revenue rose 1.5% to $74.6M; GAAP net income was $0.8M versus a $13.6M loss, and operating loss narrowed to $4.2M from $4.8M.

• 9M operating cash use was $8.3M versus $8.7M provided in 9M 2025.

Outlook and guidance

• Q4 revenue guidance is $20M-$22M; Adjusted EBITDA is expected to be a loss of $3M-$1.5M.

• FY26 revenue guidance is $95M-$97M, down from the prior $100M-$110M range, reflecting continued market and timing dynamics.

• Management expects 2027 top-line growth, citing market-share gains, a partner launch and large projects, including one in Japan expected in Q1 or early Q2; no 2027 guidance was issued.

• 2027 investment priorities include Eastern Europe, Australia and GO ESS, with a scalable cost structure; existing cash, expected operating cash flows and available credit were expected to fund operations and investments for at least 12 months.