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Tigo Energy Inc Com (TYGO-3.65%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net revenue of $54,014,000 for the year, a decrease of 62.8% compared to $145,233,000 in 2023. This decline is attributed to a slowdown in the solar industry and elevated inventory levels with distributors.
Cost of revenue was $58,170,000, down from $93,924,000 in 2023. However, the company recorded inventory charges of $23.5 million due to excess and slow-moving inventory within its GO ESS line.
The company reported a gross loss of $4,156,000 compared to a gross profit of $51,309,000 in the previous year, with the gross margin decreasing to -7.7% from 35.3% in 2023.
Operating expenses totaled $47,841,000, including $9,860,000 in research and development, $16,921,000 in sales and marketing, and $21,060,000 in general and administrative expenses.
The company reported an operating loss of $51,997,000, compared to $8,275,000 in 2023.
Net loss for the year was $62,746,000, compared to $984,000 in the previous year. The increase in net loss is due to decreased revenue and increased inventory charges.
Cash and cash equivalents at the end of the year were $11,746,000, with total working capital of $36,300,000.
The company has identified substantial doubt about its ability to continue as a going concern due to the maturity of its $50 million Convertible Promissory Note in January 2026.
Tigo Energy plans to explore options for raising additional capital through equity financing or refinancing of its Convertible Promissory Note to address its liquidity concerns.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tigo Energy Inc Com annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.