Tigo Energy to lower inventory by Q1 2024, poses decreased FY 2023 results

Facebook
Twitter
LinkedIn
Reddit
Email
Module-level power electronics solutions from Tigo. Image: Tigo Energy.

Module-level power electronics supplier Tigo Energy expects its losses will continue in the first quarter of 2024, according to its latest financial result announcement.

The company said revenue in Q1 2024 is expected to range between US$9 million and US$14 million, while the adjusted EBITDA loss will be between $8 million and $12 million, close to the adjusted EBITDA loss of US$11.6 million in Q4 2023.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Commenting on the financial guidance, Zvi Alon, chairman and CEO of Tigo, said: “Our business faced order push-outs and cancellations that ramped more significantly than expected through the second half of last year, largely driven by elevated inventory levels in the channel.”

He added that these headwinds had created significant uncertainties and limited the company’s performance, resulting in significant losses of adjusted EBITDA. In response to the situation, Tigo Energy reduced workforce by 15% in Q4 2023.

Alon commented: “As we turn to 2024, we believe the ongoing inventory digestion cycle will be substantially complete by the end of the current quarter and that we are solidly positioned to expand our market share as the industry upturn emerges.”

In addition to the Q1 outlook, the company also announced the financial results of Q4 2023 and FY 2023. Revenue in 2023 totalled US$145.2 million, a 78.6% increase from US$81.3 million in 2022. Adjusted EBITDA in 2023 decreased to US$1 million, down from US$2.5 million in 2022.

In Q4, revenue totalled US$9.2 million, decreasing by 70.1% from US$30.9 million in Q4 2022. Adjusted EBITDA loss totalled US$11.6 million for Q4 2023, compared to adjusted EBITDA of US$2.7 million for Q4 2022.

The company also explained the business of its products. For example, it deployed 10 million Tigo TS4 devices, as its revenue grew by 69% to US$119 million compared to US$70 million in 2022.

“Furthermore, our GO ESS product line grew steadily last year to represent approximately 9.2% of our total revenues and continues to show signs of progress this year,” said Alon.

Conference call transcript from Seeking Alpha.

Read Next

June 30, 2025
Heliene has completed the sale of Section 45X Advanced Manufacturing Production Tax Credits in association with Minnesota-based U.S. Bank.
June 26, 2025
Adapture Renewables and Meta have signed two EAPAs that will see the latter acquire power from a 360MW Texas solar portfolio.
June 25, 2025
First Solar has sold US$311.8 million in tax credits to “a leading financial institution” under the rules set out in the IRA.
June 16, 2025
Yaskawa America has unveiled plans to move its headquarters to Wisconsin, and invest US$180 million in expanding its operations in the state.
June 13, 2025
As our annual PV ModuleTech USA event kicks off in Napa, California next week, “uncertainty” is the watchword for the US solar industry.
Premium
June 12, 2025
Equipment-driven underperformance in PV power plants has tripled over the past five years, according to Raptor Maps.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico