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, led by strong performance in EMEA and Americas.

• Expanded sales footprint, especially in Malaysia and Hawaii, and saw momentum in TS4X product line and utility-scale wins; shipped 1.5M MLPE units in 2024, representing 717 MWdc.

• Predict+ AI-based platform grew from 15,000 to 140,000 meters under management, covering 600 GWh of energy; signed 6 new Predict+ agreements in Q4 with a multi-year contract value of $1.4M.

• Green Glove program reached 1,000 site engagements globally, including over 700 C&I and 300 residential installations.

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

Financial highlights

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

• EMEA contributed 65% of Q4 revenue, Americas 27%, and APAC 9%.

• Q4 gross loss was $12.6M (negative 72.7% margin), driven by a $19.5M inventory charge; operating loss increased to $24.1M.

• GAAP net loss for Q4 was $26.8M; full-year net loss was $62.7M; adjusted EBITDA loss for Q4 was $22.1M, and for the year was $43.1M.

• Inventory net decreased by $24.8M to $21.9M; cash and equivalents totaled $19.9M at year-end, a $0.4M increase from Q3.

Outlook and guidance

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

• Full-year 2025 revenue guidance is $85M to $100M, with sequential growth of 8.5%-15.5%.

• Anticipates second-half 2025 profitability on an adjusted EBITDA basis, with break-even at $25-$28M quarterly revenue and mid-30% gross margins.

• Expects EMEA to remain at 65%+ of revenue, Americas around 30%, with Germany, UK, and Italy as top EMEA markets.