Tigo Energy Announces Preliminary Financial Results and Reporting Date of February 13, 2024 for Fiscal Fourth Quarter and Full Year 2023
17 Janeiro 2024 - 11:00AM
Business Wire
Tigo Energy, Inc. ("Tigo") (NASDAQ: TYGO), a
leading provider of intelligent solar and energy storage solutions,
today announced selected unaudited preliminary financial results
for its fiscal fourth quarter and full year ended December 31,
2023. All information in this press release is approximate due to
the preliminary nature of the announcement and is subject to normal
quarterly and year-end accounting and audit procedures.
“During the fiscal fourth quarter of 2023, we saw some order
push-outs and cancellations reflecting the ongoing general
marketplace weakness that our industry has been experiencing since
mid-2023,” said Zvi Alon, Chairman and CEO of Tigo. “In response,
we reduced staffing levels across all geographies by approximately
15% to better align our cost structure with the current
environment. As a result, we expect to reduce cash expenditures by
approximately $3.8 million in 2024. Despite the current challenges,
we are seeing indications of an improving demand environment as
distributors reduce their channel inventories to more normalized
levels.”
For the fiscal fourth quarter of 2023, revenue is now expected
to be in the range of $9.0 to $10.0 million, compared to Tigo’s
previous expectation of $15 to $20 million. Revenue for the full
year of 2023 is expected to be approximately $145 million. For the
fiscal fourth quarter of 2023, adjusted EBITDA loss is expected to
be in the range of $11 to $12 million, in line with previous
guidance. Adjusted EBITDA for the full year of 2023 is expected to
be within the range of break-even to $1 million.
These results for the fiscal fourth quarter and full year of
2023 are preliminary based on information available to management
as of the date of this release and are subject to further change
upon completion of standard quarterly and year-end closing and
audit procedures. These results do not present all necessary
information for an understanding of Tigo’s financial condition as
of the date of this release, or its results of operations for the
fiscal fourth quarter or year-end of 2023. As Tigo completes its
quarterly and year-end financial close process and finalizes its
financial statements for the quarter and year-end of 2023, it will
be required to make judgments in a number of areas. It is possible
that Tigo may identify items that require it to adjust the
preliminary financial information set forth above, and those
adjustments could be material. Tigo does not intend to update any
financial information prior to the release of its final fiscal
fourth quarter and year-end financial statement information.
Conference Call
Tigo will hold a conference call on Tuesday, February 13, 2024
at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its
financial results for the fiscal fourth quarter and full year ended
December 31, 2023. Financial results will be issued in a press
release prior to the call.
Tigo management will host the presentation, followed by a
question-and-answer period.
Date: Tuesday, February 13, 2024 Time: 4:30 p.m.
Eastern Time (1:30 p.m. Pacific Time) Registration Link:
Click here to register
Please register online at least 10 minutes prior to the start
time. If you have any difficulty with registration or connecting to
the conference call, please contact Gateway Group at (949)
574-3860.
The conference call will be broadcast live and available for
replay here and via the Investor Relations section of Tigo’s
website.
About Tigo Energy, Inc.
Founded in 2007, Tigo is a worldwide leader in the development
and manufacture of smart hardware and software solutions that
enhance safety, increase energy yield, and lower operating costs of
residential, commercial, and utility-scale solar systems. Tigo
combines its Flex MLPE (Module Level Power Electronics) and solar
optimizer technology with intelligent, cloud-based software
capabilities for advanced energy monitoring and control. Tigo MLPE
products maximize performance, enable real-time energy monitoring,
and provide code-required rapid shutdown at the module level. The
Company also develops and manufactures products such as inverters
and battery storage systems for the residential solar-plus-storage
market. For more information, please visit www.tigoenergy.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about future cost savings associated with our reduction in staffing
levels, statements about future financial and operating results,
channel inventories, our plans, objectives, expectations and
intentions with respect to future operations, products and
services; and other statements identified by words such as “will
likely result,” “are expected to,” “will continue,” “is
anticipated,” “estimated,” “expected,” “believe,” “intend,” “plan,”
“projection,” “outlook” , “indications” or words of similar
meaning. These forward-looking statements are based upon the
current beliefs and expectations of Tigo’s management and are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
difficult to predict and generally beyond our control. Actual
results and the timing of events may differ materially from the
results anticipated in these forward-looking statements.
In addition to factors previously disclosed, or that will be
disclosed in, our reports filed with the SEC, factors which may
cause actual results to differ materially from current expectations
include, but are not limited to, our ability to effectively develop
and sell our product offerings and services, our ability to compete
in the highly-competitive and evolving solar industry; our ability
to manage risks associated with seasonal trends and the cyclical
nature of the solar industry; whether we continue to grow our
customer base; whether we continue to develop new products and
innovations to meet constantly evolving customer demands; our
ability to acquire or make investments in other businesses,
patents, technologies, products or services to grow the business
and realize the anticipated benefits therefrom; our ability to meet
future liquidity requirements; our ability to respond to
fluctuations in foreign currency exchange rates and political
unrest and regulatory changes in international markets into which
we expand or otherwise operate in; our failure to attract, hire,
retain and train highly qualified personnel in the future; and if
we are unable to maintain key strategic relationships with our
partners and distributors.
Actual results, performance or achievements may differ
materially, and potentially adversely, from any projections and
forward-looking statements and the assumptions on which those
forward-looking statements are based. There can be no assurance
that the forward-looking statements contained herein are reflective
of future performance to any degree. You are cautioned not to place
undue reliance on forward-looking statements as a predictor of
future performance as projected financial information and other
information are based on estimates and assumptions that are
inherently subject to various significant risks, uncertainties and
other factors, many of which are beyond our control. All
information set forth herein speaks only as of the date hereof, and
we disclaim any intention or obligation to update any
forward-looking statements as a result of new information, future
developments or otherwise occurring after the date of this
communication.
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version on businesswire.com: https://www.businesswire.com/news/home/20240117903132/en/
Investor Relations Contacts Matt Glover or Tom Colton
Gateway Group, Inc. (949) 574-3860 TYGO@gateway-grp.com
Tigo Energy (NASDAQ:TYGO)
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