Tigo Energy Reports Third Quarter 2026 Financial Results

Zvi Alon, Chairman and CEO of Tigo

“Third-quarter revenue of $24.0 million was within our guidance, and we delivered GAAP net income of $0.4 million. Adjusted EBITDA of $1.5 million exceeded the high end of our guidance range.”

Zvi Alon, Chairman and CEO of Tigo

“Third-quarter results reflected the three dynamics we outlined last quarter: a more gradual market recovery in Europe, a slower-than-anticipated ramp of GO ESS and the shift of our U.S. optimized inverter partner’s launch to the fourth quarter.”

Zvi Alon, Chairman and CEO of Tigo

“In EMEA, third-quarter revenue declined 14.8% year over year as the market continues to adjust to a reduced subsidy environment.”

Zvi Alon, Chairman and CEO of Tigo

“GO ESS third-quarter revenue declined 58.6% year over year to $1.3 million and 40.6% compared with the second quarter, due to lower sales volumes in the United States and Italy.”

Zvi Alon, Chairman and CEO of Tigo

“In the U.S., we recognized approximately $0.8 million of revenue from shipments to our optimized inverter partner during the quarter and expect revenues to exceed that amount in the fourth quarter. However, the partner’s delayed go-to-market launch may affect the timing of future orders.”

Zvi Alon, Chairman and CEO of Tigo

“EMEA represented 76.5% of third-quarter revenue, with the Czech Republic and Germany, our two largest markets, representing 19.6% and 19.3% of revenue, respectively. Poland and Spain grew 41.2% and 103.2% year over year, respectively, while revenue declined most significantly in Italy and the United Kingdom. The Americas and LATAM accounted for a combined 16.5% of revenue, with U.S. revenue down 51.4% year over year as the U.S. market adjusts to the expiration of the IRS Section 25D tax credit at the end of 2025. APAC contributed 7.0% of revenue, and APAC revenue grew 56.3% year over year, led by 121.1% growth in Australia. MLPE represented $22.1 million, or 92.0% of quarterly revenue, and GO ESS represented 5.4%. In 2027, we plan to invest in growing markets where we are already succeeding, such as Eastern Europe and Australia, to expand our market share.”

Bill Roeschlein, CFO of Tigo

“Gross margin was 46.2%, compared with 42.7% in the third quarter of 2025, and operating expenses declined 10.0% year over year to $11.2 million.”

Bill Roeschlein, CFO of Tigo

“We reduced inventory by $13.2 million to $18.1 million since year-end 2025. Our 2027 growth plan includes investments in key growth markets while maintaining a disciplined cost structure that can scale with revenue.”

Bill Roeschlein, CFO of Tigo

“Our fourth-quarter outlook reflects a continuation of the dynamics that affected the third quarter.”

Bill Roeschlein, CFO of Tigo

“With concentrated investments in growing regions where Tigo is seeing success, coupled with a scalable cost structure, we believe we are well positioned to deliver profitable growth as volumes recover.”