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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):
November 7, 2023
Tigo Energy, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-40710 |
|
83-3583873 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
655 Campbell Technology Parkway, Suite 150
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 Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencements communications pursuant to Rule 13e-4(c) 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 November 7, 2023,
Tigo Energy, Inc. (the “Company”) reported its earnings for its third fiscal quarter ended September 30, 2023. 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.
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.
|
TIGO ENERGY, INC. |
|
|
|
Dated: November 7, 2023 |
By: |
/s/ Bill Roeschlein |
|
Name: |
Bill Roeschlein |
|
Title: |
Chief Financial Officer |
2
Exhibit 99.1
Tigo
Energy Reports Third Quarter and First Nine Months 2023 Financial Results
Third
Quarter and First Nine Months 2023 Revenue Totaled $17.1 Million and $136.0 Million, Respectively
CAMPBELL,
Calif. – November 7, 2023 – Tigo Energy, Inc. (“Tigo”, or the “Company”), a leading provider of intelligent
solar and energy storage solutions, today reported unaudited financial results for the third quarter and nine months ended September
30, 2023 and financial guidance for the fourth quarter ending December 31, 2023.
Third
Quarter 2023 Financial and Operational Highlights
| ● | Revenue
of $17.1 million, down 25.1% compared to $22.8 million in the third quarter of 2022. |
| ● | Gross
profit of $4.2 million, or 24.3% of revenues, down 36.9% compared to $6.6 million, or 28.9%
of revenues, in the third quarter of 2022. |
| ● | Adjusted
EBITDA loss of $9.5 million, compared to adjusted EBITDA $0.4 million in the third quarter
of 2022. |
| ● | Launched
the Green Glove service program to provide a premium support experience for first-time residential
and new or existing commercial installers of Tigo systems. To compliment Green Glove, Tigo
also introduced Tigo Academy, a video platform that includes training material to help solar
professionals efficiently design and install reliable installations with Tigo equipment. |
| ● | Expanded
geographic footprint through deployments of rapid shutdown technology in Brazil with SolaX
Power and in Australia with SCE Energy Solutions. |
First
Nine Months 2023 Financial and Operational Highlights
| ● | Revenue
for the first nine months of 2023 of $136.0 million, up 169.9% compared to $50.4 million
in the same period a year ago. |
| ● | Gross
profit for the first nine months of 2023 of $48.4 million, or 35.6% of revenues, compared
to $14.8 million, or 29.4% of revenues, in the same period a year ago. |
| ● | Adjusted
EBITDA for the first nine months of 2023 of $12.6 million, compared to an adjusted EBITDA
loss of $0.3 million in the same period a year ago. |
Management
Commentary
“As
discussed last month, a significant number of customers delayed scheduled shipments in the third quarter of 2023 to the fourth quarter
of 2023 or early 2024 and inventory levels remain elevated,” said Zvi Alon, Chairman and CEO of Tigo. “Despite these delays,
and to a lesser extent, cancellations and returns, our quarterly MLPE (Module Level Power Electronics) monitoring registrations increased
to record levels. Based on data from our European customers, we believe Tigo inventories in the EMEA channel represented approximately
six months of current market demand at September 30, 2023, and that the current inventory digestion cycle will likely continue through
early 2024. Despite these market headwinds, we believe we are well positioned to grow in 2024 as we continue to invest in penetrating
new markets and expanding our product portfolio.”
Third
Quarter 2023 Financial Results
Results
compare the 2023 fiscal third quarter ended September 30, 2023 to the 2022 fiscal third quarter ended September 30, 2022, unless otherwise
indicated.
| ● | Revenue
for the third quarter 2023 totaled $17.1 million, a 25.1% decrease from $22.8 million in
the prior year period. |
| ● | Gross
profit for the third quarter 2023 totaled $4.2 million, or 24.3% of total revenue, a 36.9%
decrease from $6.6 million, or 28.9% of total revenue, in the prior year period. |
| ● | Total
operating expenses for the third quarter 2023 totaled $15.4 million, a 77.1% increase from
$8.7 million in the prior year period. |
| ● | Net
income for the third quarter 2023 totaled $29.1 million, compared to a net loss of $2.4 million
for the prior year period. Net
income includes the mark-to-market benefit of $50.5 million related to the conversion feature
of the convertible note, partially offset by an income tax expense of $11.0 million, primarily
related to a valuation allowance for the Company’s deferred tax assets. During the quarter,
the Company amended its convertible note agreement, and this eliminated the requirement to
revalue the conversion feature in future quarters. |
| ● | Adjusted
EBITDA loss totaled $9.5 million for the third quarter 2023, compared to adjusted EBITDA
of $0.4 million for the prior year period. |
| ● | Cash,
cash equivalents, and marketable securities totaled $41.0 million at September 30, 2023.
|
First
Nine Months 2023 Financial Results
Results
compare the nine months ended September 30, 2023 to the nine months ended September 30, 2022, unless otherwise indicated.
| ● | Revenue
totaled $136.0 million, a 169.9% increase from $50.4 million in the prior year period. |
| ● | Gross
profit totaled $48.4 million, or 35.6% of total revenue, a 227.2% increase from $14.8 million,
or 29.4% of total revenue, in the prior year period. |
| ● | Total
operating expenses totaled $43.2 million, a 141.7% increase from $17.9 million in the prior
year period. |
| ● | Net
income totaled $13.8 million, compared to a net loss of $7.9 million for the prior year period.
Net income
includes the mark-to-market benefit of $12.2 million related to the conversion feature of
the convertible note. |
| ● | Adjusted
EBITDA totaled $12.6 million, compared to an adjusted EBITDA loss of $0.3 million for the
prior year period. |
Fourth
Quarter 2023 Outlook
The
Company also provides guidance for the fourth quarter ending December 31, 2023 as follows:
| ● | Revenues
are expected to be within the range of $15 million to $20 million. |
| ● | Adjusted
EBITDA loss is expected to be within the range of $(8) million to $(12) 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”.
Conference
Call
Tigo
management will hold a conference call today, November 7, 2023, 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.
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 our ability to penetrate new markets and expand our product portfolio,
current inventory levels and its impact on future financial results, inventory supply and its impact on our customer shipments and our
revenue for fiscal third quarter of 2023, and future financial and operating results, 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” 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; the timing and level
of demand for our solar energy solutions; changes in government subsidies and economic incentives for solar energy solutions; 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.
Non-GAAP
Financial Measures
To
supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP
financial measure: Adjusted EBITDA. The presentation of this financial measure is not intended to be considered in isolation or as a
substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We
use Adjusted EBITDA for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We define
Adjusted EBITDA, a non-GAAP financial measure, as earnings (loss) before interest expense, income tax expense (benefit), depreciation
and amortization, as adjusted to exclude stock-based compensation and merger transaction related expenses. We believe that Adjusted EBITDA
provides helpful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring
core business operating results. We believe that both management and investors benefit from referring to Adjusted EBITDA in assessing
our performance and when planning, forecasting, and analyzing future periods. Adjusted EBITDA also facilitates management’s internal
comparisons to our historical performance and comparisons to our competitors’ operating results. We believe Adjusted EBITDA is
useful to investors both because it (i) allows for greater transparency with respect to key metrics used by management in its financial
and operational decision-making and (ii) is used by our institutional investors and the analyst community to help them analyze the health
of our business.
The
items excluded from Adjusted EBITDA may have a material impact on our financial results. Certain of those items are non-recurring, while
others are non-cash in nature. Accordingly, Adjusted EBITDA is presented as supplemental disclosure and should not be considered in isolation
of, as a substitute for, or superior to, the financial information prepared in accordance with GAAP.
There
are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific
information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures
together with their relevant financial measures in accordance with GAAP.
We
refer investors to the reconciliation Adjusted EBITDA to net income (loss) included below. A reconciliation for Adjusted EBITDA provided
as guidance is not provided because, as a forward-looking statement, such reconciliation is not available without unreasonable effort
due to the high variability, complexity, and difficulty of estimating certain items such as charges to stock-based compensation expense
and currency fluctuations which could have an impact on our consolidated results.
Investor
Relations Contacts
Matt Glover or Tom Colton
Gateway Group, Inc.
(949) 574-3860
TYGO@gateway-grp.com
Tigo
Energy, Inc.
Condensed
Consolidated Balance Sheets
(in
thousands)
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
ASSETS |
Current assets: | |
| | |
| |
Cash and cash equivalents | |
$ | 2,240 | | |
$ | 36,194 | |
Restricted cash | |
| — | | |
| 1,523 | |
Marketable securities, short-term | |
| 34,440 | | |
| — | |
Accounts receivable, net | |
| 20,358 | | |
| 15,816 | |
Inventory, net | |
| 57,437 | | |
| 24,915 | |
Deferred issuance costs | |
| — | | |
| 2,221 | |
Notes receivable | |
| — | | |
| 456 | |
Prepaid expenses and other current assets | |
| 2,775 | | |
| 3,967 | |
Total current assets | |
| 117,250 | | |
| 85,092 | |
Property and equipment, net | |
| 2,763 | | |
| 1,652 | |
Operating right-of-use assets | |
| 2,729 | | |
| 1,252 | |
Marketable securities, long-term | |
| 4,335 | | |
| — | |
Intangible assets, net | |
| 2,260 | | |
| — | |
Other assets | |
| 725 | | |
| 82 | |
Goodwill | |
| 13,079 | | |
| — | |
Total assets | |
$ | 143,141 | | |
$ | 88,078 | |
| |
| | | |
| | |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 19,492 | | |
$ | 23,286 | |
Accrued expenses and other current liabilities | |
| 8,681 | | |
| 4,382 | |
Deferred revenue, current portion | |
| 268 | | |
| 950 | |
Warranty liability, current portion | |
| 542 | | |
| 392 | |
Operating lease liabilities, current portion | |
| 1,162 | | |
| 578 | |
Current maturities of long-term debt | |
| — | | |
| 10,000 | |
Total current liabilities | |
| 30,145 | | |
| 39,588 | |
Warranty liability, net of current portion | |
| 5,265 | | |
| 3,959 | |
Deferred revenue, net of current portion | |
| 188 | | |
| 172 | |
Long-term debt, net of current maturities and unamortized debt issuance costs | |
| 29,334 | | |
| 10,642 | |
Operating lease liabilities, net of current portion | |
| 1,668 | | |
| 762 | |
Preferred stock warrant liability | |
| — | | |
| 1,507 | |
Other long-term liabilities | |
| 714 | | |
| — | |
Total liabilities | |
| 67,314 | | |
| 56,630 | |
Convertible preferred stock | |
| — | | |
| 87,140 | |
Stockholders’ equity (deficit): | |
| | | |
| | |
Common stock | |
| 6 | | |
| 1 | |
Additional paid-in capital | |
| 136,983 | | |
| 6,522 | |
Accumulated deficit | |
| (61,006 | ) | |
| (62,215 | ) |
Accumulated other comprehensive income | |
| (156 | ) | |
| — | |
Total stockholders’ equity (deficit) | |
| 75,827 | | |
| (55,692 | ) |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | |
$ | 143,141 | | |
$ | 88,078 | |
Tigo
Energy, Inc.
Condensed
Consolidated Statement of Income
(in
thousands)
(unaudited)
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue, net | |
$ | 17,104 | | |
$ | 22,824 | | |
$ | 135,988 | | |
$ | 50,382 | |
Cost of revenue | |
| 12,946 | | |
| 16,236 | | |
| 87,555 | | |
| 35,579 | |
Gross profit | |
| 4,158 | | |
| 6,588 | | |
| 48,433 | | |
| 14,803 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development | |
| 2,425 | | |
| 1,621 | | |
| 7,063 | | |
| 4,476 | |
Sales and marketing | |
| 5,601 | | |
| 3,007 | | |
| 15,536 | | |
| 7,348 | |
General and administrative | |
| 7,350 | | |
| 4,053 | | |
| 20,567 | | |
| 6,034 | |
Total operating expenses | |
| 15,376 | | |
| 8,681 | | |
| 43,166 | | |
| 17,858 | |
(Loss) income from operations | |
| (11,218 | ) | |
| (2,093 | ) | |
| 5,267 | | |
| (3,055 | ) |
Other expenses (income): | |
| | | |
| | | |
| | | |
| | |
Change in fair value of preferred stock warrant and contingent shares liability | |
| (2,977 | ) | |
| (45 | ) | |
| 143 | | |
| (37 | ) |
Change in fair value of derivative liability | |
| (50,498 | ) | |
| — | | |
| (12,247 | ) | |
| — | |
Loss on debt extinguishment | |
| — | | |
| — | | |
| 171 | | |
| 3,613 | |
Interest expense | |
| 2,875 | | |
| 392 | | |
| 5,240 | | |
| 1,241 | |
Other (income) expense, net | |
| (636 | ) | |
| (19 | ) | |
| (1,859 | ) | |
| 68 | |
Total other (income) expenses, net | |
| (51,236 | ) | |
| 328 | | |
| (8,552 | ) | |
| 4,885 | |
Income (loss) before income tax expense | |
| 40,018 | | |
| (2,421 | ) | |
| 13,819 | | |
| (7,940 | ) |
Income tax expense | |
| 10,962 | | |
| — | | |
| 29 | | |
| — | |
Net income (loss) | |
| 29,056 | | |
| (2,421 | ) | |
| 13,790 | | |
| (7,940 | ) |
Cumulative dividends on convertible preferred stock | |
| — | | |
| (2,102 | ) | |
| (3,399 | ) | |
| (4,242 | ) |
Net income (loss) attributable to common stockholders | |
$ | 29,056 | | |
$ | (4,523 | ) | |
$ | 10,391 | | |
$ | (12,182 | ) |
| |
| | | |
| | | |
| | | |
| | |
Earnings (loss) per common share | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.50 | | |
$ | (0.92 | ) | |
$ | 0.19 | | |
$ | (2.51 | ) |
Diluted | |
$ | (0.27 | ) | |
$ | (0.92 | ) | |
$ | 0.04 | | |
$ | (2.51 | ) |
Weighted-average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 58,408,441 | | |
| 4,908,232 | | |
| 31,070,476 | | |
| 4,852,696 | |
Diluted | |
| 68,368,758 | | |
| 4,908,232 | | |
| 40,487,517 | | |
| 4,852,696 | |
Tigo
Energy, Inc.
Condensed
Consolidated Statements of Cash Flows
(in
thousands)
(unaudited)
| |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | |
Cash Flows from Operating activities: | |
| | |
| |
Net income (loss) | |
$ | 13,790 | | |
$ | (7,940 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 820 | | |
| 404 | |
Reserve for inventory obsolescence | |
| 796 | | |
| — | |
Change in fair value of preferred stock warrant and contingent shares liability | |
| 143 | | |
| (37 | ) |
Change in fair value of derivative liability | |
| (12,247 | ) | |
| — | |
Deferred tax benefit | |
| (12 | ) | |
| — | |
Non-cash interest expense | |
| 3,237 | | |
| 206 | |
Stock-based compensation | |
| 2,137 | | |
| 393 | |
Allowance for credit losses | |
| 1,968 | | |
| 200 | |
Loss on debt extinguishment | |
| 171 | | |
| 3,613 | |
Non-cash lease expense | |
| 710 | | |
| — | |
Accretion of interest on marketable securities | |
| (333 | ) | |
| — | |
Loss on disposal of property and equipment | |
| 16 | | |
| — | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (6,393 | ) | |
| (10,811 | ) |
Inventory | |
| (33,318 | ) | |
| (1,965 | ) |
Prepaid expenses and other assets | |
| 1,183 | | |
| (4,573 | ) |
Accounts payable | |
| (4,115 | ) | |
| 6,333 | |
Accrued expenses and other liabilities | |
| 1,975 | | |
| 555 | |
Deferred revenue | |
| (666 | ) | |
| (15 | ) |
Warranty liability | |
| 1,456 | | |
| 524 | |
Deferred rent | |
| — | | |
| (135 | ) |
Operating lease liabilities | |
| (697 | ) | |
| — | |
Net cash used in operating activities | |
$ | (29,379 | ) | |
$ | (13,248 | ) |
Investing activities: | |
| | | |
| | |
Purchase of marketable securities | |
| (53,483 | ) | |
| — | |
Acquisition of fSight | |
| (16 | ) | |
| — | |
Purchase of intangible assets | |
| (450 | ) | |
| — | |
Purchase of property and equipment | |
| (1,855 | ) | |
| (662 | ) |
Sales and maturities of marketable securities | |
| 14,885 | | |
| — | |
Net cash used in investing activities | |
$ | (40,919 | ) | |
$ | (662 | ) |
Financing activities: | |
| | | |
| | |
Proceeds from Convertible Promissory Note | |
| 50,000 | | |
| 25,000 | |
Repayment of Series 2022-1 Notes | |
| (20,833 | ) | |
| (2,500 | ) |
Repayment of Senior Bonds | |
| — | | |
| (10,000 | ) |
Payment of financing costs | |
| (358 | ) | |
| (3,472 | ) |
Proceeds from sale of Series E convertible preferred stock | |
| — | | |
| 40,978 | |
Proceeds from Business Combination | |
| 2,238 | | |
| — | |
Proceeds from exercise of stock options | |
| 212 | | |
| 119 | |
Payment of tax withholdings on stock options | |
| (91 | ) | |
| — | |
Payment of issuance costs | |
| — | | |
| (138 | ) |
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 | |
$ | 34,821 | | |
$ | 49,987 | |
Net (decrease) increase in cash and restricted cash | |
| (35,477 | ) | |
| 36,077 | |
Cash, cash equivalents, and restricted cash at beginning of period | |
| 37,717 | | |
| 7,474 | |
Cash, cash equivalents, and restricted cash at end of period | |
$ | 2,240 | | |
$ | 43,551 | |
Tigo
Energy, Inc.
Non-GAAP
Financial Measures
(in
thousands)
(unaudited)
Reconciliation
of Net Income (Loss) (GAAP) to Adjusted EBITDA (Non-GAAP)
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net income (loss) | |
$ | 29,056 | | |
$ | (2,421 | ) | |
$ | 13,790 | | |
$ | (7,940 | ) |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Total other (income) expenses, net | |
| (51,236 | ) | |
| 328 | | |
| (8,552 | ) | |
| 4,885 | |
Income tax expense | |
| 10,962 | | |
| — | | |
| 29 | | |
| — | |
Depreciation and amortization | |
| 284 | | |
| 178 | | |
| 820 | | |
| 404 | |
Stock-based compensation | |
| 1,274 | | |
| 341 | | |
| 2,137 | | |
| 393 | |
M&A transaction expenses | |
| 152 | | |
| 2,000 | | |
| 4,399 | | |
| 2,000 | |
Adjusted EBITDA (loss) | |
$ | (9,508 | ) | |
$ | 426 | | |
$ | 12,623 | | |
$ | (258 | ) |
We
encourage investors and others to review our financial information in its entirety and not to rely on any single financial measure.
9
v3.23.3
Cover
|
Nov. 07, 2023 |
Cover [Abstract] |
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Document Type |
8-K
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Amendment Flag |
false
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Document Period End Date |
Nov. 07, 2023
|
Entity File Number |
001-40710
|
Entity Registrant Name |
Tigo Energy, Inc.
|
Entity Central Index Key |
0001855447
|
Entity Tax Identification Number |
83-3583873
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
655 Campbell Technology Parkway
|
Entity Address, Address Line Two |
Suite 150
|
Entity Address, City or Town |
Campbell
|
Entity Address, State or Province |
CA
|
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95008
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408
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402-0802
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Pre-commencement Tender Offer |
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Common Stock, par value $0.0001 per share
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TYGO
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NASDAQ
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