The following is a summary of the Tigo Energy, Inc. (TYGO) Q2 2024 Earnings Call Transcript:
Financial Performance:
Tigo Energy reported Q2 2024 revenues of $12.7 million, a decrease of 81.5% from the prior year period's $68.8 million.
Gross profit for the quarter stood at $3.9 million or 30.4% of revenue, compared to $25.9 million or 37.6% in the same quarter last year, affected by lower revenue and competitive pricing in the GO ESS product line.
Operating loss for Q2 2024 was $8.4 million, compared to an operating profit of $8.7 million in the prior year period. Adjusted EBITDA for the quarter showed a loss of $6.4 million, compared to a gain of $13.6 million year over year.
Business Progress:
Tigo Energy shipped 378,000 MLPE devices this quarter, translating to about 151 megawatts DC.
They were selected as the rapid shutdown technology provider for a 142-megawatt power solar installation in Spain, representing their largest order and utility project globally.
Introduced the TS4-X MLPE product line and launched the Tigo Solar Loyalty Program and EI Professional software for enhanced monitoring and management capabilities.
Opportunities:
Tigo Energy sees growth prospects in Germany, Italy, and the UK with increasing demand and repeat orders, particularly in utility-scale and C&I segments despite a slow market.
Risks:
The recovery of the solar market industry is more sluggish than expected, possibly delaying EBITDA profitability into early 2025
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