Tigo Energy cuts Q4 revenue guidance to $9-10M from $15-20M; lays off 15% staff

TIGO ENERGY, INC.

2023-FY EPS reported -$0.14 revenue$145,233,000

Q4 2023 revenue expected $9-10M, well below prior guidance of $15-20M; FY 2023 revenue ~$145M.
Adjusted EBITDA loss for Q4 expected $11-12M; full-year adjusted EBITDA break-even to $1M.
Reduced staffing by ~15% globally to cut cash expenditures by ~$3.8M in 2024.
Conference call for final results scheduled for February 13, 2024.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

TIGO ENERGY, INC. reported fiscal fourth quarter and full year ended December 31, 2023 results: revenue in the range of $9.0 to $10.0 million. Guidance lowered.

Period: fiscal fourth quarter and full year ended December 31, 2023
Revenue: in the range of $9.0 to $10.0 million
Guidance: lowered
Result: preliminary results

Exact text from the filing

environment as distributors reduce their channel inventories to more normalized levels.” For the fiscal fourth quarter of 2023, revenue is now expected to be in the range of $9.0 to $10.0 million, compared to Tigo’s previous expectation of $15 to $20 million. Revenue for the full year of 2023 is expected to be approximately $145 million. For the fiscal

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Source: SEC EDGAR

accession 0001213900-24-003906

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