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- **Revenue Surge**: Q3 2025 revenue up 115% YoY to $30.6 million, driven by U.S. repowering (68% sequential growth) and EMEA expansion.
- **Profitability Return**: GAAP operating profit ($0.6 million) and positive adjusted EBITDA ($2.9 million) reflect operational turnaround.
- **Strategic Wins**: EG4 partnership to launch U.S.-optimized inverters in Q1 2026, targeting 2026 growth despite market challenges.
- **Repowering Dominance**: Open-architecture MLPE solutions capture aging system upgrades, with global scalability.
- **2026 Confidence**: Management expects continued growth, citing EG4 shipments and repowering as key drivers.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $30.6 million, up 115% YoY and 27% sequentially, driven by U.S. repowering and EMEA expansion.
- **Operational Milestones**: Returned to GAAP operating profitability ($0.6 million) and reported positive adjusted EBITDA ($2.9 million) for the second consecutive quarter.
- **Market Performance**: U.S. sales grew 68% sequentially, becoming the largest regional contributor. EMEA and Americas regions accounted for 70% and 26% of revenue, respectively.
- **Strategic Initiatives**: Announced EG4 partnership for U.S.-optimized inverters with domestic content compliance, targeting 2026 shipments. Repowering initiative achieved significant traction in aging solar systems.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: MLPE ($26.8 million, 87.5%), GO ESS ($3.1 million, 10.3%), and Predict+ ($0.7 million, 2.2%).
- **Profitability**: Gross margin improved to 42.7% (vs. 12.5% YoY), driven by cost management and GO ESS sales.
- **Liquidity**: $40.3 million in cash and equivalents. Issued 6.5 million shares via ATM for $10.9 million, with refinancing of $50 million convertible debt underway.
- **Guidance**: Q4 2025 revenue $29-31 million, adjusted EBITDA $2-4 million. Full-year 2025 revenue $102.5-104.5 million.

**【Q&A Key Highlights】**
- **EG4 Partnership**: Expected Q1 2026 shipments of optimized inverters for U.S. and global markets, with capacity to expand beyond EG4.
- **Repowering Strategy**: Open-architecture MLPE solutions address aging systems, with no regulatory dependency. Global repowering opportunity seen as a stable growth driver.
- **2026 Outlook**: CEO confident in continued growth despite U.S. market headwinds, citing EG4 partnership and repowering momentum.
- **Margins**: CFO reaffirmed 40%+ gross margin sustainability for 2026.


Tigo Energy, Inc. (TYGO) Q3 2025 Earnings Call Transcript

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