Tigo Energy Q3 revenue guidance slashed to $17-18M from $41-45M; adjusted EBITDA loss expected

TIGO ENERGY, INC.

2023-Q3 EPS reported $0.04 revenue$135,988,000

Revenue expected $17-18M, far below prior guidance of $41-45M due to customer order delays and inventory digestion.
Backlog as of Q3-end estimated at $66-68M; customers requested pushouts to Q4 2023 or early 2024.
Company expects an adjusted EBITDA loss for Q3 2023; final results to be reported Nov 7.
CEO cites elevated channel inventory and general market slowdown as key headwinds.
Also experienced unanticipated purchase order cancellations and returns, further impacting revenue.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TIGO ENERGY, INC. reported fiscal third quarter ended September 30, 2023 results: revenue in the range of $17 to $18 million. Guidance lowered.

Period: fiscal third quarter ended September 30, 2023
Revenue: in the range of $17 to $18 million
Guidance: lowered
Result: preliminary results

Exact text from the filing

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

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Source: SEC EDGAR

accession 0001213900-23-081298

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