Tigo Energy (TYGO) investor relations material

Executive summary

• Q2 2026 revenue increased 5.6% year-over-year to $25.4 million, but missed expectations due to market contractions and delayed product launches, especially in the U.S.

• Net income for Q2 2026 was $2.2 million, reversing a $4.4 million net loss in Q2 2025, aided by a $3.2 million tax benefit.

• Adjusted EBITDA was $52,000, down from $1.1 million prior year.

• Inventory declined by over $10 million since year-end 2025, ending Q2 with $16.9 million in cash and $4.1 million in borrowings.

• Shipped 702,000 units (527 MW) of MLPE in Q2 2026.

Financial highlights

• Q2 2026 revenue: $25.4 million (up 5.6% YoY); six months: $50.6 million (up 18.0% YoY).

• Gross profit: $10 million (39.3% margin), down from $10.8 million (44.7%) year-over-year; excluding GO ESS, gross margin was 42.1%.

• Operating loss: $1.7 million, slightly higher than $1.5 million loss last year.

• GAAP net income: $2.2 million (includes $3.2 million tax benefit), versus a $4.4 million net loss prior year.

• Adjusted EBITDA: $52,000, down from $1.1 million prior year.

Outlook and guidance

• Q3 2026 revenue expected between $24 million and $26 million; adjusted EBITDA between a $1 million loss and $500,000 gain.

• Full-year 2026 revenue outlook revised to $100 million–$110 million, reflecting delayed product launches and slower European recovery.

• Anticipates stronger Q4 2026 due to U.S. manufacturing strategy and regulatory tailwinds.

• Management expects ongoing macroeconomic and regulatory uncertainty, including tariffs and changes to U.S. clean energy tax credits, to impact demand and margins.

• Plans to expand residential market presence in the U.S. and EMEA, and invest in new product development.