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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TYGO

TYGO fundamentals

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