Tigo Energy Reports 92.2% Revenue Growth to $18.8 Million in Latest Quarter

Tigo Energy, Inc. reported significant financial performance improvements in its latest quarterly filing, with net revenue reaching $18.8 million for the three months ended March 31, 2025, a 92.2% increase from $9.8 million in the same period last year. The company's gross profit also saw a substantial rise, climbing to $7.2 million, compared to $2.8 million in the prior year, resulting in a gross margin of 38.1%, up from 28.2%. Despite these gains, Tigo Energy recorded a net loss of $7.0 million, an improvement from the $11.5 million loss reported in the first quarter of 2024.

The increase in revenue was primarily driven by a 101.2% rise in sales from the company's module-level power electronics (MLPE) product line, alongside a 49.3% increase in revenue from its GO Energy Storage Systems (GO ESS). The EMEA region contributed significantly to this growth, with revenues nearly doubling to $11.6 million, while the Americas and APAC regions also reported increases of 72.4% and 101.4%, respectively. The company attributed these results to a recovery in sales following a broader industry slowdown that began in late 2023.

Operationally, Tigo Energy has made strategic adjustments, including a reduction in workforce by approximately 15% in December 2023 and an additional 10% in April 2024, in response to market conditions. The company also reported a decrease in research and development expenses, which fell to $2.2 million from $2.5 million, reflecting a lower headcount. As of March 31, 2025, Tigo Energy had 62,016,316 shares of common stock outstanding, with a total stockholders' equity of $3.8 million, down from $8.4 million at the end of 2024.

Looking ahead, Tigo Energy faces challenges related to its liquidity and the upcoming maturity of a $50 million Convertible Promissory Note due in January 2026. The company has expressed substantial doubt about its ability to continue as a going concern without raising additional capital or refinancing its debt. Management is exploring options for equity financing and other strategies to enhance liquidity. The company also noted potential impacts from trade tariffs and macroeconomic conditions, which could affect its supply chain and customer demand.

In summary, while Tigo Energy has demonstrated strong revenue growth and improved profitability metrics, it must navigate significant financial and operational challenges in the coming months. The company's ability to secure necessary funding and manage market conditions will be critical to its future performance.