Tigo Energy (TYGO) Q4 2024 earnings summary

Executive summary

• Achieved four consecutive quarters of sequential revenue growth in 2024, with Q4 revenue reaching $17.3M, up 21.3% sequentially and 86.8% year-over-year; full year 2024 revenue was $54.0M, down 62.8% from 2023.

• Expanded sales footprint, especially in Malaysia and Hawaii, and saw momentum in TS4X product line and utility-scale wins.

• Predict+ AI-based platform grew from 15,000 to 140,000 meters under management, with ARR surpassing $1 million; shipped 1.5M MLPE units in 2024, representing 717 MWdc.

• Q4 net loss was $26.8M, up from $14.8M in Q4 2023; full year net loss was $62.7M, compared to $1.0M in 2023.

• Inventory charges of $19.5M in Q4 and $23.5M for the year, mainly for excess and slow-moving GO ESS inventory.

Financial highlights

• Q4 2024 revenue rose 86.8% year-over-year to $17.3 million; sequential growth was 21.3%.

• Q4 gross loss was $12.6 million (negative 72.7% margin) due to a $19.5 million inventory charge.

• Operating expenses in Q4 were $11.5M, down 29.8% year-over-year; full year operating expenses were $47.8M, down 19.7%.

• Q4 GAAP net loss was $26.8 million; adjusted EBITDA loss was $22.1 million.

• Inventory net decreased by $24.8 million to $22 million; cash and equivalents totaled $19.9 million at year-end, a $0.4 million increase from Q3 2024.

Outlook and guidance

• Q1 2025 revenue expected between $17 million and $19 million; adjusted EBITDA loss between $2.5 million and $4.5 million.

• Full-year 2025 revenue guidance is $85 million to $100 million.

• Anticipates sequential quarterly revenue growth and adjusted EBITDA profitability in the second half of 2025.

• Expects EMEA to remain around 65%+ of revenue, Americas near 30%.