Tigo Energy Inc

NASDAQ:TYGOUnited States

Nov 6, 2024

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• -- Earnings Flash (TYGO) TIGO Reports Q3 Revenue $14.2M, from 4:06PM ET on Wednesday Nov 06, 2024 by MT Newswires

  4:06PM ET on Wednesday Nov 06, 2024 by MT Newswires
  Companies Mentioned: TYGO
  04:06 PM EST, 11/06/2024 (MT Newswires) -- ...

• Tigo Energy Reports Third Quarter 2024 Financial Results, from 4:05PM ET on Wednesday Nov 06, 2024 by Dow Jones

  4:05PM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: TYGO
  Income tax expense -- 10,962 16 29 ---------- ---------- ---------- ---------- Net (loss) income (13,117) 29,056 (35,944) 13,790 ---------- ---------- ---------- ---------- Cumulative dividends on convertible preferred stock -- -- -- (3,399) ---------- ---------- ---------- ---------- Net (loss) income attributable to common stockholders $ (13,117) $ 29,056 $ (35,944) $ 10,391 ========== ========== ========== ========== (Loss) earnings per common share Basic $ (0.22) $ 0.50 $ (0.60) $ 0.19 Diluted $ (0.22) $ (0.27) $ (0.60) $ 0.04 Weighted-average common shares outstanding Basic 60,608,934 58,408,441 60,130,249 31,070,476 Diluted 60,608,934 68,368,758 60,130,249 40,487,517 Tigo Energy, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Nine Months Ended September 30, --------------------------------------- 2024 2023 ------------------------------ --------------------- ---------------- Cash Flows from Operating activities: Net (loss) income $ (35,944) $ 13,790 Depreciation and amortization 917 820 Reserve for inventory 3,879 796 Change in fair value of preferred stock warrant and contingent shares liability (152) 143 Change in fair value of derivative liability -- (12,247) Deferred tax benefit -- (12) Non-cash interest expense 6,705 3,237 Stock-based compensation 5,994 2,137 Allowance for credit losses (1,616) 1,968 Loss on debt extinguishment -- 171 Non-cash lease expense 820 710 Accretion of interest on marketable securities (260) (333) Loss on disposal of property and equipment -- 16 Changes in operating assets and liabilities: Accounts receivable (350) (6,393) Inventory 10,733 (33,318) Prepaid expenses and other assets 1,598 1,183 Accounts payable (3,387) (4,115) Accrued expenses and other liabilities (2,011) 1,975 Deferred revenue 429 (666) Warranty liability 75 1,456 Operating lease liabilities (837) (697) ------------- ------------ Net cash used in operating activities $ (13,407) $ (29,379) ------------- ------------ Investing activities: Purchase of marketable securities (6,756) (53,483) Acquisition of fSight -- (16) Purchase of intangible assets -- (450) Purchase of property and equipment (757) (1,855) Sales and maturities of marketable securities 25,818 14,885 ------------- ------------ Net cash provided by (used in) investing activities $ 18,305 $ (40,919) ------------- ------------ Financing activities: Proceeds from Convertible Promissory Note -- 50,000 Repayment of from Series 2022-1 Notes -- (20,833) Payment of financing costs -- (358) Proceeds from Business Combination -- 2,238 Proceeds from exercise of stock options 272 212 Payment of tax withholdings on stock options (114) (91) Proceeds from common stock warrant redemption, net of issuance costs and payments to warrant holders of non-redeemed warrants -- 3,653 ------------- ------------ Net cash provided by financing activities $ 158 $ 34,821 ------------- ------------ Net increase (decrease) in cash, cash equivalents and restricted cash 5,056 (35,477) Cash, cash equivalents and restricted cash at beginning of period 4,405 37,717 ------------- ------------ Cash, cash equivalents and restricted cash at end of period $ 9,461 $ 2,240 ============= ============ Tigo Energy, Inc. Non-GAAP Financial Measures (in thousands) (unaudited) Reconciliation of Net Loss (GAAP) to Adjusted EBITDA (Non-GAAP) Three Months Ended Nine Months Ended September 30, September 30, ----------------------- ------------------------ 2024 2023 2024 2023 ---------------- ------------ --------- ------------ ---------- Net (loss) income (GAAP) $(13,117) $ 29,056 $(35,944) $13,790 Adjustments: Total other expenses (income), net 2,700 (51,236) 8,020 (8,552) Income tax expense -- 10,962 16 29 Depreciation and amortization 305 284 917 820 Stock-based compensation 1,786 1,274 5,994 2,137 M&A transaction expenses -- 152 -- 4,399 ------- ------- ------- ------ Adjusted EBITDA (Non-GAAP) $ (8,326) $ (9,508) $(20,997) $12,623 ======= ======= ======= ======
  

• Press Release: Tigo Energy Reports Third Quarter 2024 Financial Results, from 4:05PM ET on Wednesday Nov 06, 2024 by Dow Jones

  4:05PM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: TYGO
  Income tax expense -- 10,962 16 29 ---------- ---------- ---------- ---------- Net (loss) income (13,117) 29,056 (35,944) 13,790 ---------- ---------- ---------- ---------- Cumulative dividends on convertible preferred stock -- -- -- (3,399) ---------- ---------- ---------- ---------- Net (loss) income attributable to common stockholders $ (13,117) $ 29,056 $ (35,944) $ 10,391 ========== ========== ========== ========== (Loss) earnings per common share Basic $ (0.22) $ 0.50 $ (0.60) $ 0.19 Diluted $ (0.22) $ (0.27) $ (0.60) $ 0.04 Weighted-average common shares outstanding Basic 60,608,934 58,408,441 60,130,249 31,070,476 Diluted 60,608,934 68,368,758 60,130,249 40,487,517 Tigo Energy, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Nine Months Ended September 30, --------------------------------------- 2024 2023 ------------------------------ --------------------- ---------------- Cash Flows from Operating activities: Net (loss) income $ (35,944) $ 13,790 Depreciation and amortization 917 820 Reserve for inventory 3,879 796 Change in fair value of preferred stock warrant and contingent shares liability (152) 143 Change in fair value of derivative liability -- (12,247) Deferred tax benefit -- (12) Non-cash interest expense 6,705 3,237 Stock-based compensation 5,994 2,137 Allowance for credit losses (1,616) 1,968 Loss on debt extinguishment -- 171 Non-cash lease expense 820 710 Accretion of interest on marketable securities (260) (333) Loss on disposal of property and equipment -- 16 Changes in operating assets and liabilities: Accounts receivable (350) (6,393) Inventory 10,733 (33,318) Prepaid expenses and other assets 1,598 1,183 Accounts payable (3,387) (4,115) Accrued expenses and other liabilities (2,011) 1,975 Deferred revenue 429 (666) Warranty liability 75 1,456 Operating lease liabilities (837) (697) ------------- ------------ Net cash used in operating activities $ (13,407) $ (29,379) ------------- ------------ Investing activities: Purchase of marketable securities (6,756) (53,483) Acquisition of fSight -- (16) Purchase of intangible assets -- (450) Purchase of property and equipment (757) (1,855) Sales and maturities of marketable securities 25,818 14,885 ------------- ------------ Net cash provided by (used in) investing activities $ 18,305 $ (40,919) ------------- ------------ Financing activities: Proceeds from Convertible Promissory Note -- 50,000 Repayment of from Series 2022-1 Notes -- (20,833) Payment of financing costs -- (358) Proceeds from Business Combination -- 2,238 Proceeds from exercise of stock options 272 212 Payment of tax withholdings on stock options (114) (91) Proceeds from common stock warrant redemption, net of issuance costs and payments to warrant holders of non-redeemed warrants -- 3,653 ------------- ------------ Net cash provided by financing activities $ 158 $ 34,821 ------------- ------------ Net increase (decrease) in cash, cash equivalents and restricted cash 5,056 (35,477) Cash, cash equivalents and restricted cash at beginning of period 4,405 37,717 ------------- ------------ Cash, cash equivalents and restricted cash at end of period $ 9,461 $ 2,240 ============= ============ Tigo Energy, Inc. Non-GAAP Financial Measures (in thousands) (unaudited) Reconciliation of Net Loss (GAAP) to Adjusted EBITDA (Non-GAAP) Three Months Ended Nine Months Ended September 30, September 30, ----------------------- ------------------------ 2024 2023 2024 2023 ---------------- ------------ --------- ------------ ---------- Net (loss) income (GAAP) $(13,117) $ 29,056 $(35,944) $13,790 Adjustments: Total other expenses (income), net 2,700 (51,236) 8,020 (8,552) Income tax expense -- 10,962 16 29 Depreciation and amortization 305 284 917 820 Stock-based compensation 1,786 1,274 5,994 2,137 M&A transaction expenses -- 152 -- 4,399 ------- ------- ------- ------ Adjusted EBITDA (Non-GAAP) $ (8,326) $ (9,508) $(20,997) $12,623 ======= ======= ======= ======