Tigo Energy (TYGO) Q4 2025 earnings summary

Executive summary

• Achieved $103.5 million in revenue for 2025, a 91.7% year-over-year increase, with Q4 revenue of $30 million, up 73.8% from Q4 2024.

• Q4 net income was $11.7 million, compared to a $26.8 million loss in Q4 2024; full year 2025 net loss was $1.9 million, a significant improvement from a $62.7 million loss in 2024.

• Shipped 2.7 million MLPE units in 2025, with optimizer unit volume outpacing the main competitor, indicating market share gains.

• Strong performance in EMEA and Americas regions, with EMEA contributing 60.3% and Americas 30.8% of Q4 revenue.

• Eliminated $50 million convertible promissory note ahead of maturity, strengthening the balance sheet and removing $2.5 million in annual interest payments.

Financial highlights

• Q4 2025 gross profit was $13.4 million (44.5% margin), compared to a gross loss of $12.6 million (-72.7% margin) in Q4 2024, mainly due to a prior year inventory charge.

• Q4 operating income was $0.3 million, up from a $24.1 million loss in Q4 2024; GAAP net income was $11.7 million, compared to a $26.8 million loss.

• Adjusted EBITDA for Q4 was $2.7 million, versus a $22.1 million loss in the prior year.

• Full year 2025 adjusted EBITDA was $4.6 million, compared to a loss of $43.1 million in 2024.

• Diluted EPS for Q4 was $0.16, basic EPS $0.17, compared to a loss of $0.44 per share in Q4 2024.

Outlook and guidance

• Q1 2026 revenue expected between $25 million and $27 million; Adjusted EBITDA between -$1 million and +$1 million.

• Full year 2026 revenue guidance of $130 million to $135 million, representing 26%-30% growth.

• Guidance reflects weather-related seasonality in EMEA and a potential $500,000 reserve for a slow-paying distributor.