Tigo Energy Announces Preliminary Financial Results and Reporting Date of November 7, 2023 for Fiscal Third Quarter 2023
09 Octobre 2023 - 2:30PM
Business Wire
Tigo Energy, Inc. ("Tigo"), a leading provider of
intelligent solar and energy storage solutions, today announced
selected unaudited preliminary financial results for its fiscal
third quarter ended September 30, 2023. All information in this
press release is approximate due to the preliminary nature of the
announcement and is subject to normal quarter-end accounting
review.
“During the third quarter of fiscal 2023, a significant number
of customers requested that Tigo delay purchase order deliveries to
the fourth quarter of 2023 or early 2024,” said Zvi Alon, Chairman
and CEO of Tigo. “We believe the inventory supply in the channel
that we previously discussed remains elevated and that these order
pushouts reflect the ongoing inventory digestion that our customers
are experiencing, along with a general market slowdown affecting
our customers in the quarter. Tigo also experienced a smaller
number of unanticipated purchase order cancellations and returns,
which negatively impacted the quarter’s revenue to a lesser extent.
As a result, our third quarter revenue will be below the low end of
our prior guidance range.”
For the fiscal third quarter of 2023, revenue is now expected to
be in the range of $17 to $18 million, compared to Tigo’s previous
expectation of $41 to $45 million. Backlog, which reflects
contracted orders expected to be filled within the next twelve
months, is expected to be within the range of $66 to $68 million as
of the end of the third quarter of 2023. Tigo expects to report an
adjusted EBITDA loss for the fiscal third quarter of 2023 but is
unable to estimate such an amount until it completes its
quarter-end financial close process.
These preliminary results for the fiscal third quarter 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 quarter-end closing 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 third quarter of
2023. As Tigo completes its quarter-end financial close process and
finalizes its financial statements for the quarter, 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 third
quarter financial statement information.
Conference Call
Tigo will hold a conference call on Tuesday, November 7, 2023 at
4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its
financial results for the third quarter ended September 30, 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, November 7, 2023 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 inventory supply and its impact on our customer shipments and
our revenue for the fiscal third quarter of 2023, statements about
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; 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/20231009882096/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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