8-K
Tigo Energy, Inc. (TYGO)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 11, 2025
Tigo Energy, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-40710 | 83-3583873 |
|---|---|---|
| (State or other jurisdiction<br><br>of incorporation) | (Commission File Number) | (I.R.S. Employer<br><br>Identification No.) |
| 655 Campbell Technology Parkway, Suite 150<br><br> <br>Campbell, California | 95008 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
(408) 402-0802
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communication pursuant to Rule 425 under the Securities<br>Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange<br>Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b)<br>under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencements communications pursuant to Rule 13e-4(c)<br>under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbols | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.0001 per share | TYGO | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On February 11, 2025, Tigo Energy, Inc. (the “Company”) reported its earnings for its fourth fiscal quarter and full year ended December 31, 2024. A copy of the Company’s press release containing this information is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
The Company is making reference to non-GAAP financial measures in the press release. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description |
|---|---|
| 99.1 | Press Release of Tigo Energy, Inc., dated February 11, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 11, 2025
| TIGO ENERGY, INC. | |
|---|---|
| By: | /s/ Bill Roeschlein |
| Name: | Bill Roeschlein |
| Title: | Chief Financial Officer |
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Exhibit99.1
Tigo Energy Reports Fourth Quarter and Full Year 2024 Financial Results
CAMPBELL,Calif. – February 11, 2025 – Tigo Energy, Inc. (“Tigo”, or the “Company”)(NASDAQ: TYGO), a leading provider of intelligent solar and energy storage solutions, today reported unaudited financial results for the fourth quarter and full year ended December 31, 2024, financial guidance for the first quarter ending March 31, 2025, and a full year 2025 outlook.
RecentFinancial and Operational Highlights
| ● | Revenue<br> for the fourth quarter of 2024 of $17.3 million, up 21.3% compared to the third quarter of<br> 2024 and up 86.8% on a year over year basis. Revenue for the full year 2024 of $54.0 million,<br> down 62.8% year-over-year. |
|---|---|
| ● | Inventory<br> charges for the fourth quarter and full year 2024 of $19.5 million and $23.5 million, respectively,<br> primarily for excess and slow-moving inventory within the GO ESS line of energy storage solutions. |
| --- | --- |
| ● | Net<br> loss for the fourth quarter of 2024 totaled $26.8 million, compared to a net loss of $14.8<br> million in the year ago comparable period. Net loss for the full year 2024 totaled $62.7<br> million, compared to a net loss of $1.0 million in the prior year period. Net loss for the<br> fourth quarter of 2024 and full year 2024 include inventory charges of $19.5 million and<br> $23.5 million, respectively. |
| --- | --- |
| ● | Adjusted<br> EBITDA loss for the fourth quarter of 2024 of $22.1 million compared to an Adjusted EBITDA<br> loss of $11.6 in the comparable year ago period; Adjusted EBITDA loss for the full year 2024<br> of $43.1 million, compared to Adjusted EBITDA of<br> $1.0 million for the full year of 2023. Adjusted EBITDA loss for the fourth quarter of 2024<br> and full year 2024 include inventory charges of $19.5 million and $23.5 million, respectively. |
| --- | --- |
| ● | Cash,<br> cash equivalents, and marketable securities of $19.9 million at December 31, 2024, a sequential<br> increase of $0.4 million from the third quarter of 2004. |
| --- | --- |
| ● | During<br> the fourth quarter of 2024 and full year 2024, we shipped 480,000 and 1.5 million MLPE, respectively,<br> or approximately 240 and 717 MWdc, respectively, assuming an average panel size of 500W. |
| --- | --- |
| ● | Total<br> Predict+ meters under management grew to 101,000 and 6 new Predict+ agreements with a multi-year<br> contract value of $1.4 million were signed during the fourth quarter of 2024. |
| --- | --- |
| ● | Welcomed<br> Zerun as Latest Rapid Shutdown Technology Licensee. |
| --- | --- |
Management Commentary
“We are pleased to report a 21.3% sequential increase in our fourth quarter revenues and an 86.8% increase in quarterly revenues on a year over year basis” said Zvi Alon, Chairman and CEOof Tigo. “These results reflect the continuation of the trend of sequential revenue increases that we have experienced in the last four quarters.”
“We saw revenue growth most notably in the Americas and EMEA regions. Additionally, we continue to gain market share against our competitors while we invest our efforts into strengthening our position in key locations, as emphasized by the events we’ve hosted in Malaysia and Hawaii.”
“For the fourth quarter, we increased our cash by $0.4 million to $19.9 million as we further reduced our inventory and lowered our operating costs. During the quarter, we recorded an inventory charge of $19.5 million, primarily for excess and slow-moving inventory within our GO ESS product line of energy storage solutions, which represented 6% of sales in 2024,” stated Bill Roeschlein, Chief Financial Officer of Tigo. “We recorded a higher net loss on a GAAP basis for the fourth quarter and full year 2024 compared to the comparable prior periods and absent the charge, our results reflect progress toward profitability on a non-GAAP basis.”
Fourth Quarter 2024 Financial Results
Results compare the 2024 fiscal fourth quarter ended December 31,2024 to the 2023 fiscal fourth quarter ended December 31, 2023, unless otherwise indicated.
| ● | Revenues totaled $17.3 million, an 86.8% increase from $9.2 million. On a sequential quarter basis, revenues increased by 21.3% compared to the third quarter of 2024. |
|---|---|
| ● | Gross loss totaled $12.6 million, or negative 72.7% of net revenue, compared to gross profit of $2.9 million, or 31.1% of net revenue. |
| --- | --- |
| ● | Operating expenses totaled $11.5 million, a 29.8% decrease from $16.4 million. |
| --- | --- |
| ● | Net loss totaled $26.8 million, an 81.4% increase compared to a net loss of $14.8 million. |
| --- | --- |
| ● | Adjusted EBITDA loss totaled $22.1 million, compared to an adjusted EBITDA loss of $11.6 million. |
| --- | --- |
| ● | Gross loss, net loss and adjusted EBITDA for the fourth quarter include inventory charges of $19.5 million, primarily for excess and slow-moving inventory within the GO ESS line of energy storage solutions. |
| --- | --- |
FullYear 2024 Financial Results
Resultscompare the 2024 fiscal full year ended December 31, 2024 to the 2023 fiscal full year ended December 31, 2023, unless otherwise indicated.
| ● | Revenues<br> totaled $54.0 million, a 62.8% decrease from $145.2 million. |
|---|---|
| ● | Gross<br> loss totaled $4.2 million, or negative 7.7% of net revenue, compared to gross profit of $51.3<br> million, or 35.3% of net revenue. |
| --- | --- |
| ● | Total<br> operating expenses totaled $47.8 million, a 19.7% decrease from $59.6 million. |
| --- | --- |
| ● | Net<br> loss totaled $62.7 million, compared to a net loss of $1.0 million. |
| --- | --- |
| ● | Adjusted<br> EBITDA<br> loss totaled<br> $43.1 million, compared to an adjusted EBITDA of $1.0 million. |
| --- | --- |
| ● | Gross<br> loss, net loss and adjusted EBITDA for the full year 2024 include inventory charges of $23.5<br> million, primarily for excess and slow-moving inventory within the GO ESS line of energy<br> storage solutions. |
| --- | --- |
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FirstQuarter 2025 Financial Guidance and Full Year 2025 Outlook
The Company provides guidance for the first quarter ending March 31, 2025 as follows:
| ● | Revenues<br> are expected to be within the range of $17 million to $19 million. |
|---|---|
| ● | Adjusted<br> EBITDA loss is expected to be within the range of $2.5 million to $4.5 million. |
| --- | --- |
For the full year 2025, the Company anticipates revenues to be between $85 million and $100 million.
Actual results may differ materially from the Company’s guidance as a result of, among other things, the factors described below under “Forward-Looking Statements”.
ConferenceCall
Tigo management will hold a conference call today, February 11, 2025, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these results. Company CEO Zvi Alon and CFO Bill Roeschlein will host the call, followed by a question-and-answer period.
RegistrationLink Conference Call: Click here to register
WebcastLink: Click here to join
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 also be available for replay here and via the Investor Relations section of Tigo’s website.
AboutTigo 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.
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Forward-LookingStatements
Thispress release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of1995. Such statements include, but are not limited to, statements about our ability to increase our revenues and become profitable, ouroverall long-term growth prospects, expectations regarding a recovery in our industry, including the timing thereof, current and futureinventory levels, charges and reserves and their impact on future financial results, inventory supply and its impact on our customershipments and our revenue and adjusted EBITDA for the first fiscal quarter 2025 and our revenue for the first fiscal quarter and fullfiscal year 2025, statements about demand for our products, our competitive position, and our ability to penetrate new markets and expandour market share, including expansion in international markets, our continued expansion of and investments in our product portfolio,and future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, productsand services; and other statements identified by words such as “will likely result,” “are expected to,” “willcontinue,” “will allow us to” “is anticipated,” “estimated,” “expected”, “believe,”“intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-lookingstatements 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. Actualresults and the timing of events may differ materially from the results anticipated in these forward-looking statements.
*Inaddition to factors previously disclosed, or that will be disclosed in, our reports filed with the SEC, factors which may cause actualresults to differ materially from current expectations include, but are not limited to, our ability to effectively develop and sell ourproduct offerings and services,*our ability to compete in the highly-competitive and evolving solar industry; our abilityto manage risks associated with U.S. and global geopolitical and macroeconomic conditions, seasonal trends and the cyclical nature ofthe solar industry, including the current prolonged downturn; whether we continue to grow our customer base; whether we continue to developnew products and innovations to meet constantly evolving customer demands; the timing and level of demand for our solar energy solutions;changes in government subsidies and economic incentives, including tax incentives, for solar energy solutions; potential tariffs thatcould directly affect the solar industry; our ability to forecast our customer demand and manufacturing requirements, and manage ourinventory; our ability to acquire or make investments in other businesses, patents, technologies, products or services to grow the businessand realize the anticipated benefits therefrom; our capital requirements and our ability to meet our future liquidity requirements; ourindebtedness and liabilities and our ability to pay amounts when due under our existing indebtedness, our ability to respond to fluctuationsin foreign currency exchange rates and political unrest and regulatory changes in the U.S. and international markets into which we expandor otherwise operate in; our failure to attract, hire retain and train highly qualified personnel in the future; and if we are unableto maintain key strategic relationships with our partners and distributors.
Actualresults, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statementsand the assumptions on which those forward-looking statements are based. There can be no assurance that the forward-looking statementscontained herein are reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-lookingstatements as a predictor of future performance as projected financial information and other information are based on estimates and assumptionsthat are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. Allinformation set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-lookingstatements as a result of new information, future developments or otherwise occurring after the date of this communication.
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Non-GAAPFinancial Measures
Tosupplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAPfinancial measure: adjusted EBITDA. The presentation of these financial measures is not intended to be considered in isolation or asa substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
Weuse adjusted EBITDA for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We defineadjusted EBITDA, a non-GAAP financial measure, as earnings (loss) before interest and other expenses, net, income tax expense (benefit),depreciation and amortization, as adjusted to exclude stock-based compensation and merger transaction related expenses. We believe thatadjusted EBITDA provides helpful supplemental information regarding our performance by excluding certain items that may not be indicativeof our core business operating results. We believe that both management and investors benefit from referring to adjusted EBITDA in assessingour performance and when planning, forecasting, and analyzing future periods. Adjusted EBITDA also facilitates management’s internalcomparisons to our historical performance and comparisons to our competitors’ operating results. We believe adjusted EBITDA isuseful to investors both because they (i) allow for greater transparency with respect to key metrics used by management in its financialand operational decision-making and (ii) are used by our institutional investors and the analyst community to help them analyze the healthof our business.
Theitems excluded from adjusted EBITDA may have a material impact on our financial results. Certain of those items are non-recurring, whileothers are non-cash in nature. Accordingly, adjusted EBITDA is presented as supplemental disclosure and should not be considered in isolationof, as a substitute for, or superior to, the financial information prepared in accordance with GAAP.
Thereare a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specificinformation regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measurestogether with their relevant financial measures in accordance with GAAP.
Werefer investors to the reconciliation adjusted EBITDA to net income (loss) included below. A reconciliation for adjusted EBITDA providedas guidance is not provided because, as a forward-looking statement, such reconciliation is not available without unreasonable effortdue to the high variability, complexity, and difficulty of estimating certain items such as charges to stock-based compensation expenseand currency fluctuations which could have an impact on our consolidated results.
InvestorRelations Contacts
Ralf Esper
Gateway Group, Inc.
(949) 574-3860
TYGO@gateway-grp.com
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TigoEnergy, Inc.
CondensedConsolidated Balance Sheets
(inthousands)
(unaudited)
| December 31,<br> 2024 | December 31,<br> 2023 | |||||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 11,746 | $ | 4,405 | ||
| Marketable securities, short-term | 8,156 | 26,806 | ||||
| Accounts receivable, net | 7,976 | 6,862 | ||||
| Inventory | 21,997 | 61,401 | ||||
| Prepaid expenses and other current assets | 3,533 | 5,236 | ||||
| Total current assets | 53,408 | 104,710 | ||||
| Property and equipment, net | 2,812 | 3,458 | ||||
| Operating right-of-use assets | 1,576 | 2,503 | ||||
| Marketable securities, long-term | — | 1,977 | ||||
| Intangible assets, net | 1,922 | 2,192 | ||||
| Other assets | 984 | 728 | ||||
| Goodwill | 12,209 | 12,209 | ||||
| Total assets | $ | 72,911 | $ | 127,777 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 8,077 | $ | 15,685 | ||
| Accrued expenses and other current liabilities | 7,361 | 8,681 | ||||
| Deferred revenue, current portion | 525 | 335 | ||||
| Warranty liability, current portion | 496 | 526 | ||||
| Operating lease liabilities, current portion | 649 | 1,192 | ||||
| Total current liabilities | 17,108 | 26,419 | ||||
| Warranty liability, net of current portion | 5,302 | 5,106 | ||||
| Deferred revenue, net of current portion | 644 | 466 | ||||
| Long-term debt, net of unamortized debt discount and issuance costs | 40,511 | 31,570 | ||||
| Operating lease liabilities, net of current portion | 961 | 1,392 | ||||
| Total liabilities | 64,526 | 64,953 | ||||
| Stockholders’ equity | ||||||
| Common stock | 6 | 6 | ||||
| Additional paid-in capital | 146,903 | 138,657 | ||||
| Accumulated deficit | (138,526 | ) | (75,780 | ) | ||
| Accumulated other comprehensive income (loss) | 2 | (59 | ) | |||
| Total stockholders’ equity | 8,385 | 62,824 | ||||
| Total liabilities and stockholders’ equity | $ | 72,911 | $ | 127,777 |
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TigoEnergy, Inc.
CondensedConsolidated Statement of Income
(inthousands, except share and per share data)
(unaudited)
| Three Months Ended<br><br> December 31, | Year Ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net revenue | $ | 17,274 | $ | 9,245 | $ | 54,014 | $ | 145,233 | ||||
| Cost of revenue | 29,837 | 6,369 | 58,170 | 93,924 | ||||||||
| Gross (loss) profit | (12,563 | ) | 2,876 | (4,156 | ) | 51,309 | ||||||
| Operating expenses: | ||||||||||||
| Research and development | 2,252 | 2,433 | 9,860 | 9,496 | ||||||||
| Sales and marketing | 3,885 | 5,745 | 16,921 | 21,281 | ||||||||
| General and administrative | 5,389 | 8,240 | 21,060 | 28,807 | ||||||||
| Total operating expenses | 11,526 | 16,418 | 47,841 | 59,584 | ||||||||
| Loss from operations | (24,089 | ) | (13,542 | ) | (51,997 | ) | (8,275 | ) | ||||
| Other expenses (income): | ||||||||||||
| Change in fair value of preferred stock warrant and contingent shares liability | — | (1,252 | ) | (152 | ) | (1,109 | ) | |||||
| Change in fair value of derivative liability | — | — | — | (12,247 | ) | |||||||
| Loss on debt extinguishment | — | — | — | 171 | ||||||||
| Interest expense | 2,871 | 2,875 | 11,420 | 8,115 | ||||||||
| Other income, net | (245 | ) | (500 | ) | (622 | ) | (2,359 | ) | ||||
| Total other expenses (income), net | 2,626 | 1,123 | 10,646 | (7,429 | ) | |||||||
| Loss before income tax expense | (26,715 | ) | (14,665 | ) | (62,643 | ) | (846 | ) | ||||
| Income tax expense | 87 | 109 | 103 | 138 | ||||||||
| Net loss | (26,802 | ) | (14,774 | ) | (62,746 | ) | (984 | ) | ||||
| Cumulative dividends on convertible preferred stock | — | — | — | (3,399 | ) | |||||||
| Net loss attributable to common stockholders | $ | (26,802 | ) | $ | (14,774 | ) | $ | (62,746 | ) | $ | (4,383 | ) |
| Loss per common share | ||||||||||||
| Basic | $ | (0.44 | ) | $ | (0.25 | ) | $ | (1.04 | ) | $ | (0.08 | ) |
| Diluted | $ | (0.44 | ) | $ | (0.25 | ) | $ | (1.04 | ) | $ | (0.14 | ) |
| Weighted-average common shares outstanding | ||||||||||||
| Basic | 60,760,125 | 58,749,524 | 60,263,190 | 38,048,516 | ||||||||
| Diluted | 60,760,125 | 58,749,524 | 60,263,190 | 43,223,134 |
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TigoEnergy, Inc.
CondensedConsolidated Statements of Cash Flows
(inthousands)
(unaudited)
| Year Ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| Cash Flows from Operating activities: | ||||||
| Net loss | $ | (62,746 | ) | $ | (984 | ) |
| Depreciation and amortization | 1,219 | 1,106 | ||||
| Reserve for excess and obsolete inventory | 23,108 | 713 | ||||
| Change in fair value of preferred stock warrant and contingent shares liability | (152 | ) | (1,109 | ) | ||
| Change in fair value of derivative liability | — | (12,247 | ) | |||
| Deferred tax benefit | — | (21 | ) | |||
| Non-cash interest expense | 8,941 | 5,473 | ||||
| Stock-based compensation | 7,721 | 3,808 | ||||
| Change in allowance for credit losses | (1,684 | ) | 3,870 | |||
| Loss on debt extinguishment | — | 171 | ||||
| Non-cash lease expense | 1,122 | 996 | ||||
| Accretion of interest on marketable securities | (354 | ) | (508 | ) | ||
| Loss on disposal of property and equipment | — | 17 | ||||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable | 570 | 5,201 | ||||
| Inventory | 16,296 | (37,199 | ) | |||
| Prepaid expenses and other assets | 1,658 | (1,272 | ) | |||
| Accounts payable | (6,625 | ) | (8,577 | ) | ||
| Accrued expenses and other liabilities | (793 | ) | 3,383 | |||
| Deferred revenue | 368 | (321 | ) | |||
| Warranty liability | 166 | 1,281 | ||||
| Operating lease liabilities | (1,169 | ) | (1,003 | ) | ||
| Net cash used in operating activities | $ | (12,354 | ) | $ | (37,222 | ) |
| Investing activities: | ||||||
| Purchase of marketable securities | (10,976 | ) | (53,483 | ) | ||
| Acquisition of fSight | — | (16 | ) | |||
| Purchase of intangible assets | — | (450 | ) | |||
| Purchase of property and equipment | (1,286 | ) | (2,114 | ) | ||
| Sales and maturities of marketable securities | 32,018 | 25,149 | ||||
| Net cash provided by (used in) investing activities | $ | 19,756 | $ | (30,914 | ) | |
| 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 | 215 | ||||
| Payment of tax withholdings on stock options | (122 | ) | (91 | ) | ||
| Payment of offering costs related to at-the-market offering | (227 | ) | — | |||
| Proceeds from at the-the-market offering | 16 | — | ||||
| Proceeds from common stock warrant redemption, net of issuance costs and payments to warrant holders of non-redeemed warrants | — | 3,653 | ||||
| Net cash (used in) provided by financing activities | $ | (61 | ) | $ | 34,824 | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 7,341 | (33,312 | ) | |||
| Cash, cash equivalents and restricted cash at beginning of period | 4,405 | 37,717 | ||||
| Cash, cash equivalents and restricted cash at end of period | $ | 11,746 | $ | 4,405 |
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TigoEnergy, Inc.
Reconciliationof GAAP to Non-GAAP Results
(inthousands)
(unaudited)
| Three Months Ended<br><br> December 31, | Year Ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net loss - (GAAP) | $ | (26,802 | ) | $ | (14,774 | ) | $ | (62,746 | ) | $ | (984 | ) |
| Adjustments: | ||||||||||||
| Total other expenses (income), net | 2,626 | 1,123 | 10,646 | (7,429 | ) | |||||||
| Income tax expense | 87 | 109 | 103 | 138 | ||||||||
| Depreciation and amortization | 302 | 286 | 1,219 | 1,106 | ||||||||
| Stock-based compensation | 1,727 | 1,671 | 7,721 | 3,808 | ||||||||
| M&A transaction expenses | — | — | — | 4,399 | ||||||||
| Adjusted EBITDA (loss) - (Non-GAAP) | $ | (22,060 | ) | $ | (11,585 | ) | $ | (43,057 | ) | $ | 1,038 |
We encourage investors and others to review our financial information in its entirety and not to rely on any single financial measure.
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