Q4 2025 Tigo Energy Inc Earnings Call

February 24, 2026

All participants are in a listen-only mode.

After the speaker's presentation, there will be a question and answer session.

Joining us today from Tigo RSV Elan CEO and Bill roeschlein CFO as a reminder this call is being recorded. I will now turn the call over to Bill. Roeschlein Chief Financial Officer, please go ahead.

Good afternoon, welcome to Tigo energy. Fiscal fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session, joining us today are from Tigo or zilon CEO and myself the Roseline. CFO. As a, reminder, this call is being recorded.

um,

Our ability to penetrate new markets, expand our market share including expansion in international markets and investments in our product portfolio, our forward-looking and as such their subject to known and unknown risks and uncertainties, including but not limited to those factors. Described in today's press release and discussed in the risk, factors section of our most recent annual report on form 10K. And other reports we may have filed or may file with the SEC from time to time.

These risks and uncertainties could cause actual results to different materials. From those expressed on this call, these forward-looking statements are made only as of the date. When made during a call today we will reference certain non-gaap Financial measures. We include non-gaap to gaap, reconciliations, in our press release furnished as an exhibit, to our form 108k.

The non-gaap financial measures should not be considered as a substitute for or superior to the measure of the financial performance prepared in accordance with gaap.

Finally, I would like to remind everyone that this conference call is being webcast. And a recording will be made available for replay on tigo's, investor relations website at investors Tigo energy.com.

With that. I'd like to now turn the call over to Tigo CEOs via on Z.

Thank you, Bill.

To begin today's discussion, I will uh, highlight curious. You know, listen financial and operational performance

before turning the call over to the to our CFO bill was like

Bill Roeschlein: Tigo Energy's fiscal Q4 and full year 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. Joining us today are, from Tigo, are Zvi Alon, CEO, and myself, Bill Roeschlein, CFO. As a reminder, this call is being recorded.

he will discuss our financial results for the first quarter.

in more depth, as well as provide, our guidance for the first quarter of 2026,

And fully of 2026.

After that, I will share some closing remarks tell you about our Outlook. And then open the call for questions, uh, from the analyst.

Bill Roeschlein: We'd like to remind everybody that some of the matters that we discuss on this call, included in, include our expected business outlook, our ability to increase our revenues, achieve, and maintain profitability, and our overall long-term growth prospects, expectations regarding a recovery in our industry, including the timing thereof, statements about demand for our products, our competitive position and market share, the impact of tariffs, our current and future inventory levels, charges, and reserves, and their impact on future financial results, inventory supply and its impact on our customer shipments, statements about our revenue and Adjusted EBITDA for the first fiscal Q1 of 2026, and our revenue for the full year fiscal 2026, as well as our ability to penetrate new markets, expand our market share, including expansion in international markets and investments in our product portfolio, are forward-looking.

I'm pleased to report that we ended 2025 with yet another strong quarter and that against the backdrop of seasonally slow periods for industry.

During the year, we continuously build on our 2024 results. And I'm exceptionally proud of what our team here at Tigo. Has accomplished in 2025.

Beginning with achieving 103 million 5 million dollars, in Revenue representing annual of year-over-year, growth of 91.7%.

moving to the fourth quarter of 2025, we reported total revenue of 30 million

Bill Roeschlein: As such, they're subject to known and unknown risks and uncertainties, including but not limited to, those factors described in today's press release and discussed in the risk factors section of our most recent annual report on Form 10-K, and other reports we may have filed or may file with the SEC from time to time. These risks and uncertainties could cause actual results to differ materially from those expressed on this call. These forward-looking statements are made only as of the date when made. During our call today, we will reference certain non-GAAP financial measures. We include non-GAAP to GAAP reconciliations in our press release, furnished as an exhibit to our Form 8-K. The non-GAAP financial measures should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP.

A 73.8% increase over the 17.3% of 2024.

we'd like to remind everybody that some of the matters that we discussed on this call included in. Uh include our expected business Outlook, our ability to increase our revenues and achieve and maintain profitability. And our overall long-term growth prospects, expectations regarding a recovery in our industry, including the timing thereof statements about demand for our products, our competitive position, and market, share the impact of tariffs, our current and future inventory levels, charges and reserves and their impact on future Financial results, inventory Supply and its impact. On our customer shipments, statements about our revenue and adjusted EBA for the first fiscal quarter of 2026 and our revenue for the full year uh fiscal 2026. As well as our ability to penetrate new markets, expand our market share including expansion in international markets and investments in our product portfolio, our forward-looking and as such the subject to known and unknown risks and uncertainties, including but not limited to those factors. Described in today's press release and discussed in the risk, factors section of our

During the quarter, we shipped 744,000 of 567 megawatt of MLP.

Most recent annual report on form 10K, and other reports we may have filed or may file with the SEC from time to time.

During the total MLP, the total uh shift.

Uh, to customers is 2.7 million units for the year.

I will also note.

In this space.

These risks and uncertainties could cause actual results to differ materially from those expressed on this call. These forward-looking statements are made only as of the date when made. During the call today, we will reference certain non-GAAP financial measures. We include non-GAAP to GAAP reconciliations in our press release, furnished as an exhibit to our Form 10-K.

Indicative of the market, share gains. We achieved in 2025,

Bill Roeschlein: Finally, I would like to remind everyone that this conference call is being webcast, and a recording will be made available for replay on Tigo's Investor Relations website at investors.tigoenergy.com. With that, I'd like to now turn the call over to Tigo's CEO, Zvi Alon. Zvi?

Turning now to our geographical results.

The non-GAAP financial measures should not be considered as a substitute for, or superior to, the measure of financial performance prepared in accordance with GAAP.

We saw continued sequential growth in several countries.

with India and America's region during the fourth quarter,

Which complies 60.3% and 30.8% respectively?

With that. I'd like to now turn the call over to Tigo CEO. Zeon Z.

Zvi Alon: Thank you, Bill. To begin today's discussion, I will highlight key areas in our recent financial and operational performance before turning the call over to our CFO, Bill Roeschlein. He will discuss our financial results for Q4 in more depth, as well as provide our guidance for Q1 2026 and full year 2026. After that, I will share some closing remarks, tell you about our outlook, and then open the call for questions from the analysts. I'm pleased to report that we ended 2025 with yet another strong quarter, and that against the backdrop of seasonally slower periods for our industry. During the year, we continuously built on our 2024 results, and I'm exceptionally proud of what our team here at Tigo has accomplished in 2025.

Thank you, Bill.

To begin today's discussion, I will uh highlight here. You know, listen to financial and operational fulfillment.

Of our quarterly Revenue by country. We performed exceptionally. Well, again in the UK, which goes 72.3%, sequentially, and in the US which grew 24.4% sequentially,

Results. Don't need to go over to the to our CFO B bus line.

This results were offset by.

He will discuss our financial results for the first quarter.

Seasonal softness in Germany, and Italy and lower revenue from Eastern Europe.

In more depth, as well as provide our guidance for the first quarter of 2026,

Specifically, the Czech Republic and Poland.

And fully of 2026.

To an unusual recalled weather patterns this year has significantly impacted the solo installation.

After that, I will share some closing remarks tell you about our Outlook. And then open the call for questions, uh, from the analyst.

While the environment has improved lately, we do expect some lingering effects to stem into our first quarter of 2026 Revenue expectations.

I'm pleased to report that we ended 2025 with yet another strong quarter and that against the backdrop of seasonally slow periods for industry.

Within the APAC region. We saw new goats as Revenue, more than doubling.

Sequentially with particularly strong results in Australia.

Zvi Alon: Beginning with achieving $103.5 million in revenue, representing annual of year-over-year growth of 91.7%. Moving to Q4 of 2025, we reported total revenue of $30 million, a 73.8% increase over the $17.3 million in revenue was reported in Q4 of 2024. During the quarter, we shipped 744,567 megawatts of MLPE. During the total MLP the total shipped to customers is 2.7 million units for the year. I will also note that our optimizer unit volume outgrew that of our main competitor in this space, indicative of the market share gains we achieved in 2025. Turning now to our geographical results.

During the year, we continuously built on our 2024 results, and I'm exceptionally proud of what our team here at Tigo has accomplished in 2025.

Looking ahead. We're excited about the number of growth drivers that we believe will Propel continue goals in 2026 and Beyond.

In the US market, we have a number of initiatives in play.

Beginning with achieving 103 million 5 million dollars, in Revenue, ra representing annual of year-over-year. Growth of 91.7%.

We have now established a domestic contract manufacturing operation in the US.

Moving to the fourth quarter of 2025, we reported total revenue of 30 million dollars.

That allows us to provide to produce 45x qualified, domestic content and FOC compliance MLP to support our us customers and our eg4 partnership.

A 73.8% increase over the 17.3 million in Revenue was reported in Q4 of 2024.

Initial deliveries are scheduled for May and we believe that our combined optimized inverter product will be well received by the market.

During the quarter, we shipped 744,000 of 567 megawatt of MLP.

During the total MLP, the total uh, shift.

In addition, we also see continued growth in our rep power initiatives.

Uh, to customers is 2.7 million units for the year.

And expect further growth in this area in 2026.

I will also note.

That our Optimizer unit volume, how good that of our main competitor in this space.

Indicative of the market share gains we achieved in 2025.

Zvi Alon: We saw continued sequential growth in several countries within the EMEA and Americas region during the Q4, which comprised 60.3% and 13.8% respectively. Of our quarterly revenue, by country, we performed exceptionally well, again in the UK, which grew 72.3% sequentially, and in the US, which grew 24.4 sequentially. These results were offset by seasonal softness in Germany and Italy, and lower revenue from Eastern Europe, specifically the Czech Republic and Poland, where an unusually cold weather pattern this year has significantly impacted the solar installations. While the environment has improved lately, we do expect some lingering effects to spill into our Q1 of 2026 revenue expectations. Within the APAC region, we saw a huge growth as revenue more than doubling sequentially with particularly strong results in Australia....

Finally we recently announced our new go battery for the US market featuring 5 to 30 kilowatt hour capacity in 5 kilowatt hour modules and 11.4 kilowatt hour, optimized output continuous output.

Turning now to our geographical results, we saw continued sequential growth in several countries.

with India and America's region during the fourth quarter,

We expect this new battery to F further enhance upsell opportunities and produce additional growth for us in the US market.

50.3 percent and 30.8% respectively.

Of our quarterly Revenue.

In a Mia and APAC regions, we have witnessed some competitors, reducing the physical footprint in the market.

By country. We performed exceptionally. Well, again in the UK, which goes 72.3% sequentially.

We expect to benefit from this dynamic as the year progresses and we are currently making investments in this area.

and in the US which grew 24.4% sequentially,

This results were offset by.

Seasonal softness in Germany, and Italy and lower revenue from Eastern Europe.

Finally we continue to push the envelope technologically and as a robust pipeline of new product, introductions in the 3 uh market segments.

We sell.

Specifically, the Czech Republic and Poland.

When unusually cold weather patterns this year, has significantly impacted the solar installations.

Mainly MLP, energy storage solutions, and AI driven software solutions that we look forward to updating investors as the year progresses.

I would like to close by stating that we achieved an important Milestone during the fourth quarter of 2025.

While the environment has improved lately, we do expect some lingering effects to stem into our first quarter of 2026 Revenue expectations.

by eliminating our 15 million dollar convertible promissory note,

Within the APAC region, we saw a new growth as Revenue more than doubling.

Ahead of its January 2026 maturity.

Sequentially with particularly strong results in Australia.

Zvi Alon: Looking ahead, we're excited about a number of growth drivers that we believe will propel continued growth in 2026 and beyond. In the US market, we have a number of initiatives in play. We have now established a domestic contract manufacturing operation in the US, that allows us to produce 45X qualified domestic content and CEOC compliant MLPE to support our US customers and our EG4 partnership. Initial deliveries are scheduled for May, and we believe that our combined optimized inverter product will be well received by the market. In addition, we also see continued growth in our repower initiative and expect further growth in this area in 2026. Finally, we recently announced our new GO Battery for the US market, featuring 5 to 30 kWh capacity in 5 kWh modules and 11.4 kWh optimized output, continuous output.

This allowed us to end the year with no outstanding debts maturities.

Removed 2 and a half million dollars in annual interest payments obligations.

Strengthen our balance sheet.

Looking ahead. We're excited about the number of growth drivers that we believe will Propel continued growth in 2026 and Beyond.

In the US market, we have a number of initiatives in play.

And capital structure and set us up to success in 2026.

We have now established a domestic contact manufacturing operation in the US.

And with that, I will turn it over to Bill Bill.

Thanks V.

That allows us to provide, to produce 45x qualified domestic content and FIO-compliant MLP to support our US customers and our EG4 partnerships.

Before I start reviewing the results for the fourth quarter of 2025, I would like to remind investors of inventory Reserve charges that we that a significantly impacted certain line items. During the year ago quarter

Initial deliveries are scheduled for May, and we believe that our combined optimized inverter products will be well received by the market.

Revenue for the fourth quarter of 2025, increased 73.8% to 30 million dollars from 17.3 million in the prior year period.

In addition, we also see continued growth in our repower initiatives.

And expect further growth in this area in 2026.

By region, Amia Revenue was 18.1 million or 60.3% of total revenues. America's Revenue was 9.2 million or 30.8% of total revenues and APAC Revenue was 2.7 million or 8.9% of total revenue.

Zvi Alon: We expect this new battery to further enhance upsell opportunities and produce additional growth for us in the US market. In EMEA and APAC regions, we have witnessed some competitors reducing their physical footprint in the market. We expect to benefit from this dynamic as the year progresses, and we are currently making investments in this area. Finally, we continue to push the envelope technologically and have a robust pipeline of new product introductions in the three market segments we serve. Mainly MLPE, energy storage solutions, and AI-driven software solutions that we look forward to updating investors as the year progresses. I would like to close by stating that we achieved an important milestone during Q4 2025, by eliminating our $50 million convertible promissory note ahead of its January 2026 maturity.

Finally, we recently announced our new go battery for the US market featuring 5 to 30 kilowatt hour capacity in 5 kilowatt hour modules and 11.4 kilowatt hour optimized out to continuous outputs.

We expect this new battery to further enhance ABSIL opportunities and produce additional growth for us in the U.S. market.

In the INA and APAC regions, we have witnessed some competitors reducing their physical footprint in the market.

By product family for the fourth quarter of 2025 MLP Revenue, represented 26.9 million of Revenue or AB 9.7% of total revenues while go ESF represented 2.2 million or 7.4% of total revenues and predict plus and Licensing, Revenue represented, 0.9 million or 2.9% of total revenues during the quarter.

As Z mentioned, we expect the introduction of the goess battery, to be a positive contributor to growth in Q2 and Beyond.

We expect to benefit from this dynamic as the year progresses, and we are currently making investments in this area.

Finally, we continue to push the envelope technologically and have a robust pipeline of new product. Introductions in the 3 uh market segments.

Gross profit in the fourth quarter of 2025 was 13.4 million or 444.5% of Revenue, compared to a growth loss of 12.6 million or negative, -72.7 of Revenue in the comparable year ago, period.

The year-over-year increase was primarily due to the previously mentioned inventory, charge of 19.5 million in the prior year period.

We sell mainly MLPE, energy storage solutions, and AI-driven software solutions that we look forward to updating investors on as the year progresses.

I would like to close by stating that we achieved an important Milestone during the fourth quarter of 2025.

We also continue to see USD Euro FX rates benefiting Us in the marketplace as most of our revenue and expenses are denominated in US dollars.

by eliminating our 50 million dollar convertible promissory note,

Ahead of its January 2026 maturity.

Zvi Alon: This allowed us to end the year with no outstanding debt maturities, remove two and a half million dollars in annual interest payment obligations, strengthen our balance sheet and capital structure, and set us up to success in 2026. With that, I will turn it over to Bill. Bill?

This allowed us to end the year with no outstanding debt maturities.

Operating expenses for the fourth quarter, increased 13% to 13 million, compared to 11.5 million in the prior year period. The increase was driven primarily by increased sales and marketing in general and administrative expenses.

Remove 2 and a half million dollars in annual interest payments obligations.

Strengthen our balance sheet.

And capital structure and sets us up to success in 2026.

Operating income for the fourth quarter increased by 101.4% to 3 million dollars compared to an operating loss of 24.1 million in the prior year period.

Bill Roeschlein: Thanks, Zvi. Before I start reviewing the results for Q4 2025, I would like to remind investors of inventory reserve charges that have significantly impacted certain line items during the year-ago quarter. Turning now to our financial results for Q4 ended 31 December 2025. Revenue for Q4 2025 increased 73.8% to $30 million from $17.3 million in the prior year period. By region, EMEA revenue was $18.1 million, or 60.3% of total revenues. Americas revenue was $9.2 million, or 30.8% of total revenues, and APAC revenue was $2.7 million, or 8.9% of total revenues.

And with that, I will turn it over to Bill. Bill?

Thanks V.

Gaap net income for the fourth. Quarter was 11.7 Million compared to a net loss of 26.8 million for the prior year period.

Before I start reviewing the results for the fourth quarter of 2025, I would like to remind investors of inventory Reserve charges that we that have significantly impacted certain line items. During the year ago quarter,

Net income for the fourth quarter of 2025, includes the net gain on the sale of intangible assets of 14.6 million.

Diluted earnings per share.

Turning now to our financial results for the fourth quarter ended December 31, 2025.

for the fourth quarter of 2025 with 16 cents compared to a loss per common, share of 44 cents in the fourth quarter of 2024

Revenue for the fourth quarter of 2025 increased 73.8% to $30 million from $17.3 million in the prior year period.

Adjusted divida in the fourth quarter was 2.7 million compared to an adjusted e with all loss of 22.1 million in the prior year, period.

Of total revenues and APAC Revenue was 2.7 million or 8.9% of total revenues.

Bill Roeschlein: By product family, for Q4 2025, MLPE revenue represented $26.9 million of revenue or 89.7% of total revenues, while GOESS represented $2.2 million or 7.4% of total revenues, and Predict+ and licensing revenue represented $0.9 million or 2.9% of total revenues during the quarter. As Zvi mentioned, we expect the introduction of the GOESS battery to be a positive contributor to growth in Q2 and beyond. Gross profit in Q4 2025 was $13.4 million, or 44.5% of revenue, compared to a gross loss of $12.6 million, or -72.7% of revenue in the comparable year-ago period.

As a reminder adjusted Eva de is a non-gaap measure that represents net loss after adjusted for interest and other expenses income tax expense appreciation amortization stock based compensation and m&a transaction expenses.

Shares outstanding at December 31st, 2025 or 70.4 million for the fourth at the end of the year, period.

Turning to the balance sheet accounts, receivable net decreased this quarter to 13.9 million, compared to 15.8 Million, last quarter, and increased from 8 million in the year ago comparable period.

By product family, for the fourth quarter of 2025, MLP revenue represented $26.9 million of revenue, or about 9.7% of total revenues, while GO, essentially, was $2.2 million, or 7.4% of total revenues. Predict Plus and licensing revenue represented $0.9 million, or 2.9% of total revenues during the quarter. As Zvi mentioned, we expect the introduction of the GO ESS battery to be a positive contributor to growth in Q2 and beyond.

Inventories net increased by 2.8 million or 9.6% to 31.3 million compared to 28.5 million in the last quarter and 22 million in the year ago comparable period.

Cash Cash equivalents and short and long-term marketable, Securities totaled, 7.7 million at December 31st 2025.

Bill Roeschlein: The year-over-year increase was primarily due to the previously mentioned inventory charge of $19.5 million in the prior year period. We also continued to see USD, EUR, FX rates benefiting us in the marketplace, as most of our revenue and expenses are denominated in US dollars. Operating expenses for Q4 increased 13% to $13 million, compared to $11.5 million in the prior year period. The increase was driven primarily by increased sales and marketing in general and administrative expenses. Operating income for Q4 increased by 101.4% to $0.3 million, compared to an operating loss of $24.1 million in the prior year period. GAAP net income for Q4 was $11.7 million, compared to a net loss of $26.8 million for the prior year period.

Growth profit in the fourth quarter of 2025 was 13.4 million or 444.5% of Revenue, compared to a growth loss of 12.6 million or negative 72.7% of Revenue in the comparable year ago, period.

on a sequential basis Cash Cash equivalents and marketable securities decreased by 32.6 million as we repaid, a fionn dollar convertible promise, 3 Note as the had mentioned

The year-over-year increase was primarily due to the previously mentioned inventory charge of $19.5 million in the prior year period.

We also continue to see USD Euro FX rates benefiting Us in the marketplace as most of our revenue and expenses are denominated in US dollars.

In addition, we just announced that we have entered a definitive agreement with certain institutional investors for a registered direct offering of 5 million, shares of common stock at a price of 3 dollars per share. The transaction is expected to generate growth proceeds of approximately 15 million 15 million before placement agencies. And other offering expenses, we believe this financing further strengthens our balance sheet and enhances our financial flexibility as we execute on. Our growth trajectory, the offering is expected to close on or about February 26th 2026 subject to customary closing conditions.

Of 2026.

Operating income for the fourth quarter, increased by 101.4% to 3 million compared to an operating loss of 24.1 million. In the prior year period.

GAAP net income for the fourth quarter was $11.7 million compared to a net loss of

Bill Roeschlein: Net income for Q4 2025 includes a net gain on the sale of intangible assets of $14.6 million. Diluted earnings per share for Q4 2025 was $0.16, compared to a loss per common share of $0.44 in Q4 2024. Adjusted EBITDA in Q4 was $2.7 million, compared to an Adjusted EBITDA loss of $22.1 million in the prior year period. As a reminder, Adjusted EBITDA is a non-GAAP measure that represents net loss after adjusted for interest and other expenses, income tax expense, depreciation, amortization, stock-based compensation, and M&A transaction expenses. Shares outstanding at 31 December 2025 were 70.4 million at the end of the year period.

As a reminder taigo provides quarterly guidance for Revenue as well as adjusted IBA. As we believe that these metrics are key indicators for the overall performance of our business.

26.8 million for the prior year period.

For the first quarter of 2026, we expect revenues and adjusted ibida to be in the following range.

Net income for the fourth quarter of 2025 includes the net gain on the sale of intangible assets of $14.6 million.

Diluted earnings per share.

We expect revenues in the first quarter ending March, 31st 2026 to range between 25 million and 27 million.

For the fourth quarter of 2025, with $0.16 compared to a loss per common share of $0.44 in the fourth quarter of 2024.

We expect adjusted, Evita to range between negative 1 million and positive 1 million dollars.

Adjusted EBITDA in the fourth quarter was $2.7 million compared to an adjusted EBITDA loss of $22.1 million in the prior year period.

the quarterly guidance reflects whether related seasonality in Amia for revenue and a potential $500,000 Reserve with an operating expenses, for a slow-paying distributor issue that we are working to resolve

As a reminder adjusted Eva de is a non-gaap measure that represents net loss after adjusted for interest and other expenses income tax expense depreciation. Amortization stock-based compensation and m&a transaction expenses.

Bill Roeschlein: Turning to the balance sheet, accounts receivable net decreased Q4 to $13.9 million, compared to $15.8 million Q3, and increased from $8 million in the year-ago comparable period. Inventories net increased by $2.8 million, or 9.6% to $31.3 million, compared to $28.5 million in Q3, and $22 million in the year-ago comparable period. Cash, cash equivalents, and short and long-term marketable securities totaled $7.7 million at 31 December 2025. On a sequential basis, cash equivalents, and marketable securities decreased by $32.6 million, as we repaid a $50 million convertible promissory note, as Zvi had mentioned.

Shares outstanding at December 31st, 2025, are 70.4 million for the fourth quarter at the end of the year, period.

based on the midpoint of our guidance and our annual guidance for 2026. Our first quarter Revenue expectations, this year represent, approximately 19.6% of our expected 2026 revenues compared to the first quarter of the prior year, which represented 18.1% of 2025 actual results.

For the full year of 2026, we expect revenues to grow between 26% and 30% and to range between 130 million and 135 million.

Turning to the balance sheet accounts, receivable net decreased this quarter to 13.9 million, compared to 15.8 Million, last quarter, and increased from 8 million in the year ago comparable period.

Our annual guidance reflects another year of strong growth for our company and we expect to outgrow our competition again this year.

That completes my summary and I'd like to now turn the call back over to V for final remarks V.

Thank you, Bill.

Inventories net increased by 2.8 million or 9.6% to 31.3 million compared to 28.5 million in the last quarter and 22 million in the year ago comparable period.

As we close out 2025, we are encouraged by the progress. We have made in the market that continues to evolve

Cash, cash equivalents, and short- and long-term marketable securities totaled $7.7 million at December 31, 2025. On a sequential basis, cash, cash equivalents, and marketable securities decreased by $32.6 million, as we repaid a $50 million convertible, as we had mentioned.

Bill Roeschlein: We just announced that we have entered a definitive agreement with certain institutional investors for a registered direct offering of 5 million shares of common stock at a price of $3 per share. The transaction is expected to generate gross proceeds of approximately $15 million before placement agent fees and other offering expenses. We believe this financing further strengthens our balance sheet and enhances our financial flexibility as we execute on our growth trajectory. The offering is expected to close on or about 26 February 2026, subject to customary closing conditions. Turning now to our financial guidance for Q1 2026 and outlook for the full year of 2026. As a reminder, Tigo provides quarterly guidance for revenue as well as Adjusted EBITDA, as we believe that these metrics are key indicators for the overall performance of our business.

While the broader industry has faced periods of volatility. Our performance. This year Lian processes our confidence in the strength of Tiger's platform.

the resilience of our business model and the value of our differentiated product portfolio,

We remain confident in the long term growth trajectory for our business and look forward to providing additional updates in the coming quarters.

With that operator, please open the call for Q&A.

Thank you. At this time. We will conduct the question and answer session. And as a reminder to ask a question, you will need to press star 1, 1 on your telephone and wait for your name to be announced.

In addition, we just announced that we have entered a definitive agreement with certain institutional investors for a registered direct offering of 5 million, shares of common stock at a price of 3 dollars per share. The transaction is expected to generate growth proceeds of approximately 15 million before placement agencies. And other offering expenses, we believe this financing further strengthens our balance sheet and enhances our financial flexibility. As we execute on. Our growth trajectory the offering is expected to close on or about February 26th 2026 subject to customary closing conditions.

To withdraw your question. Please press star 1 1 again.

Please stand by. We will compile the Q&A roster.

Turning now to our financial guidance for the first quarter of 2026 and outlook for the full year of 2026.

Our first question comes from the line of Eric Stein of Craig Hallam Capital group, your line is now open.

As V bill.

Hello. Hi, Eric.

Bill Roeschlein: For Q1 2026, we expect revenues and Adjusted EBITDA to be in the following range. We expect revenues in Q1, ending 31 March 2026, to range between $25 million and $27 million. We expect Adjusted EBITDA to range between negative $1 million and positive $1 million. The quarterly guidance reflects weather-related seasonality in EMEA for revenue and a potential $500,000 reserve within operating expenses for a slow-paying distributor issue that we are working to resolve. Based on the midpoint of our guidance and our annual guidance for 2026, our Q1 revenue expectations this year represent approximately 19.6% of our expected 2026 revenues, compared to Q1 of the prior year, which represented 18.1% of 2025 actual results.

As a reminder, Tigo provides quarterly guidance for revenue as well as adjusted EBITDA, as we believe that these metrics are key indicators for the overall performance of our business.

Hello. Um, so first question here, I know, obviously you're getting the strong growth in 2026. Um, I on the last call.

For the first quarter of 2026, we expect revenues and adjusted ibida to be in the following range.

First quarter, ending March, 31st 2026 to range between 25 million and 27 million.

We expect adjusted EBITDA to range between negative $1 million and positive $1 million.

I recall you referring to or talking about potentially substantial growth, um, opportunities that you see out there. So I'm curious. I mean it seems to me that you're not really including those potential substantial opportunities in your current guidance. So do want to uh, confirm that

Uh but then also, you know, as you think about some of those things that could drive upside, um, you know, maybe how you rank them based on the list of of things that you expected to be positive drivers here in 26.

Bill Roeschlein: For the full year of 2026, we expect revenues to grow between 26% and 30% and to range between $130 million and $135 million. Our annual guidance reflects another year of strong growth for our company. We expect to outgrow our competition again this year. That completes my summary. I'd like to now turn the call back over to Zvi for final remarks. Zvi?

The quarterly guidance reflects whether related seasonality in Amia for revenue and a potential dollar Reserve with an operating expenses or a slow, paying distributor issue that we are working to resolve based on the midpoint of our guidance and our annual guidance for 2026. Our first quarter Revenue expectations, this year represent, approximately 19.6% of our expected 2026 revenues compared to the first quarter of the prior year, which represented 18.1% of 2025 actual results.

Sure, so, uh, the the eg4 relationship the partnership but we think it's going to be very successful. Um, that that said, uh, we're we we just baked in the, uh, minimum order quantities per the, uh, for the contract that we signed as opposed to, uh,

Uh, assuming more, I think that there's potential.

For the full year of 2026, we expect Revenue to grow between 26% and 30% and to range between 130 million and 135 million.

Our annual guidance reflects another year of strong growth for our company, and we expect to outgrow our competitors again this year.

That completes my summary and I'd like to now turn the call back over to Z for final remarks. V,

Zvi Alon: Thank you, Bill. As we close out 2025, we are encouraged by the progress we have made in the market that continues to evolve. While the broader industry has faced periods of volatility, our performance this year reinforces our confidence in the strength of Tigo's platform, the resilience of our business model, and the value of our differentiated product portfolio. We remain confident in the long-term growth trajectory for our business and look forward to providing additional updates in the coming quarters. With that, operator, please open the call for Q&A.

Thank you, Bill.

Potentially large upside to the, to the amount of business that can be generated there. Um, but, we'll, we'll have to update you, you know, as the year goes, goes along. Uh, as it relates to, that particular partnership, uh, the battery. Uh, we introduced the go battery. Uh, and, uh, we, we, we believe that it's, it's going to, um, positively impact, uh, revenues on that product line, uh, we anticipate, uh,

As we close out 2025, we are encouraged by the progress. We have made in the market that continues to evolve

While the broader industry has faced periods of volatility, our performance this year reinforces our confidence in the strength of Tigo's platform.

the resilience of our business model and the value of our differentiated product portfolio,

We remain confident in the long-term growth trajectory for our business and look forward to providing additional updates in the coming quarters.

With that, operator, please open the call for Q&A.

Operator: Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by. We will compile the Q&A roster. Our first question comes from the line of Eric Stein of Craig-Hallum Capital Group. Your line is now open.

To the customers who are, uh, purchasing the uh, uh, repowered in inverters from us. So we think that could slipstream quite nicely in 2026 as well. Um, so there's a number of New Growth drivers for 26.

Thank you. At this time. We will conduct the question and answer session. And as a reminder to ask a question, you will need to press star 1 1 1 on your telephone, and wait, for your name to be announced.

That uh, that that could layer on.

Additional growth for the year.

To withdraw your question. Please press star 1 to 1 again.

Please stand by. We will compile the Q&A roster.

Got it and maybe a follow-up there. Just thinking about

2026. And in the US, I mean, is it? I maybe it's too early to call kind of the

Eric Stein: Hi, Zvi. Hi, Bill.

Our first question comes from the line of Eric Stein of Craig Howland. Capital group, your line is now open.

Zvi Alon: Hello.

Bill Roeschlein: Hi, Eric.

Hi Bill.

Eric Stein: Hello. First question here. I know, obviously you're guiding the strong growth in 2026. On the last call, I recall you referring to or talking about potentially substantial growth opportunities that you see out there. I'm curious, I mean, it seems to me that you're not really including those potential substantial opportunities in your current guidance, do you want to confirm that? Also, you know, as you think about some of those things that could drive upside, you know, maybe how you rank them based on the list of things that you expected to be positive drivers here in 2026.

Hello. Hi, Eric.

the makeup of repowering versus eg4 versus the battery offering. Um,

Hello. Um, so first question here: I know, obviously, you're getting strong growth in 2026, um, on the last call.

You know, any Clarity there would be helpful and then just curious. Um, you know, in terms of repowering I mean I would assume it's still

Very early days, but just, um, you know, any details or thoughts around? That would be helpful. Thank you.

Hey, look. Um

Gotten into the differentiation between those 3 and we are excited about all of them.

I recall you referring to or talking about potentially substantial growth, um, opportunities that you see out there. So I'm curious, uh, I mean it seems to me that you're not really including those potential substantial opportunities in your current guidance. So do want to uh, confirm that

And the just an additional insights.

Um, we are very excited to develop the eg4.

Uh, but then also, you know, as you think about some of those things that could drive upside, um, you know, maybe how you rank them based on the list of things that you expected to be positive drivers here in '26.

Bill Roeschlein: Sure. The EG4 relationship, the partnership that we think is going to be very successful. That said, we just baked in the minimum order quantities per the contract that we signed, as opposed to assuming more. I think that there's potentially large upside to the amount of business that can be generated there. We'll have to update you know, as the year goes along, as it relates to that particular partnership. The battery, we introduced the GO Battery, and we believe that it's going to positively impact revenues on that product line.

And to the extent that they increase the market share by a small number, it can represent a very significant growth for us.

But uh, as we said we are trying to be conservative about it, but we're very excited about that.

Thank you. Thank you.

Our next question comes from the line of a meat dial of HC Wayne Wright. Your line is now open.

Uh, assuming more, I think that there's potential.

Thank you, I'll grab everyone, congrats on the strong results and Outlook with respect to this eg4 commentary, you know, is eg4.

Upside, you know, more likely to come through in the second half of the year or just trying to see, you know what, we should look at you know, from a indicator perspective to see um you know, the traction from this relationship.

Bill Roeschlein: We anticipate doing something similar in Europe, that'll be, that'll constitute a full refresh of the battery product line since we introduced it a few years ago. Very excited about that is another growth opportunity that, you know, Zvi also alluded to. We continue to be excited about the repower opportunities, we think that the, in fact, the repower opportunity plays well into the battery opportunity, which provides an upsell to the customers who are purchasing the repowered inverters from us. We think that could slipstream quite nicely in 2026 as well. There's a number of new growth drivers for 26, that could layer on additional growth for the year.

so, initial

Script the initial deliveries will begin in in May and so, uh, you will start to see some benefit in the second quarter, and then you'll see a full benefit beginning in Q3 and just, you know, uh, to, by way of background, you know, this is, uh, uh, an optimized inverter us domestic content, qualified at ITC qualified product for the US market, um, that it would be uh, the only other serious competition.

Doing something similar in Europe. And that'll be, that'll constitute a full refresh of the battery product line. Since we introduced it a few years ago, very excited about that. Uh, and that is another growth opportunity that that the, you know, Z also alluded to. Um, we're, we continue to be excited about the repower opportunities. And we think that the, in fact, the repower opportunities plays well into the battery opportunity, which provides an upsell to the customers who are, uh, purchasing the uh, uh, repowered in inverters from us. So we think that could slipstream quite nicely in 2026 as well. Um, so there's a number of New Growth drivers for 26.

That uh, that that could later on.

To the main player in, in the US market here, who has demonstrated success in a large amount of the business. So there's a large opportunity here for taigo ng4 to uh, capture quite a bit of share here. And um and and so we're very optimistic about it.

Additional growth for the year.

Eric Stein: Got it. Maybe a follow-up there, just thinking about 2026 and in the US, I mean, is it, maybe it's too early to call, kind of the makeup of repowering versus EG4 versus the battery offering? You know, any clarity there would be helpful. Then just curious, you know, in terms of repowering, I mean, I would assume it's still very early days, but just, you know, any details or thoughts around that would be helpful. Thank you.

I'm just saying thank you but just in relation to that, you know and

Maybe a follow-up there, just thinking about.

To pursue even more aggressive growth say in 2027, then the growth that you are, you know um highlighting for 2026.

the makeup of repowering versus eg4 versus the battery offering. Um, you know, any Clarity there would be helpful and then just curious. Um, you know, in terms of repowering, I mean, I would assume it's still

Zvi Alon: Hi, Eric. Look, we have not gotten into the differentiation between those three, and we are excited about all of them. To just provide an additional insight, we are very excited about the EG4, and to the extent that they increase the market share by a small number, it can represent a very significant growth for us. As we said, we are trying to be conservative about it, but we're very excited about that.

Very early days, but just, um, you know, any details or thoughts around? That would be helpful. Thank you.

look, um,

Gotten into the differentiation between those 3 and we are excited about all of them.

And just an additional insights.

Um, we are very excited about the eg4.

Uh, we we, we do we think we're in good shape. Um, here on our balance sheet. It's, it's very clean, debt free. And, uh, uh, we we have the flexibility to, um, be able to, uh, follow the initiative that we want. Um, there's, uh, you know, we're excited about the US manufacturing, uh, Endeavor, that has that again, ITC domestic content qualified products, uh, for us customers who want that. Um, and uh, we, we think we've got the growth Capital that we need to further expand our growth.

That's all I have for now guys. Thank you so much.

Thank you.

And to the extent that they increase the market share by a small number, it can represent the very significant growth for us.

Thank you.

But uh, as we said we are trying to be conservative about it, but we're very excited about that.

I am showing no further questions at this time. I would now like to turn the call back over to Mr alone. Oh sorry. It looks like someone entered the queue.

Eric Stein: Thank you.

1 moment, please.

Bill Roeschlein: Thank you.

Operator: Our next question comes from the line of Amit Dayal of HC Wainwright. Your line is now open.

Thank you. Thank you. Thank you.

Amit Dayal: Thank you. Good afternoon, everyone. Congrats on the strong results and outlook. With respect to this EG4 commentary, you know, is EG4 upside, you know, more likely to come through in the second half of the year? Just trying to see, you know, what we should look at, you know, from a indicator perspective to see, you know, the traction from this relationship.

Our next question comes from the line of Amit Dayal of HC Wainwright. Your line is now open.

Our next question comes from the line of Gus. Richard of Northland, Capital markets, your line is now open.

Thank you. I'll drop them to everyone. Congrats on the strong results and Outlook with respect to this eg4 commentary, you know, is eg4.

Yes. Uh thanks for taking the question. Um, just on your new storage system, can you talk about um you know, the Energy Efficiency of it and what the parasitic loss will be.

Um, relative to competition.

Upside, you know, more likely to come through in the second half of the year. Just trying to see, you know what we should look at.

So it's uh, definitely is providing a very interesting. Uh,

You know, from a indicator perspective to see um you know, the traction from this relationship.

Bill Roeschlein: Initial, we mentioned in the script, the initial deliveries will begin in May. You will start to see some benefit in Q2, and then you'll see a full benefit beginning in Q3. Just, you know, to by way of background, you know, this is an optimized inverter, US domestic content, qualified, ITC qualified product for the US market, that would be the only other serious competition to the main player who in the US market here, who has demonstrated success in a large amount of the business. There's a large opportunity here for Tigo and EG4 to capture quite a bit of share here. We're very optimistic about it.

Modern technology, uh, platform.

So init.

Script. The

We're actually exceeding the competitors right now, uh, including the fact that we are going to be able to provide consistent or constant 11.4 kilowatt hour um outputs from the battery here in the US.

Okay. Um, and then, just a housekeeping. Question, was there any previously written off? Inventory, sold in the quarter.

delivery will begin in in May and so uh, you will start to see some benefit in the second quarter and then you'll see a full benefit beginning in Q3 and just, you know, uh, to by way of background, you know, this is uh uh an optimized inverter us domestic, contents qualified at ITC qualified product for the US market, um, that it would be, uh, the only other

Uh, yes, there was and um, it had about a 3 percentage Point impact on the margins. So margins in the quarter,

Amit Dayal: Understood. Thank you, Bill. Just in relation to that, you know, and in the context of the financing, do you now have sort of the working capital to pursue even more aggressive growth, say, in 2027, than the growth that you are, you know, highlighting for 2026?

Serious competition to the main player in in the US market here, who, uh, has demonstrated success in a large amount of the business. So, there's a large opportunity here for Tigo ng4 to, uh, capture quite a bit of share here. And um, and and so we're very optimistic about it.

Okay. And and thinking about margins, going forward, you know, given the new product coming out in the second quarter should should we think about, you know, gross margins high in there around 40% or maybe high 30s

our Target Model is 40% and uh I think we're running above that uh and I think or I would expect our goal is to to maintain that 40%

I'm just, uh, taking this in relation to that, you know, and in the context of the financing. Do you now have sort of the working capital to pursue even more aggressive growth, say in 2027, than the growth rate you are, you know, um, highlighting for 2026?

Got it. All right, thank you so much.

Bill Roeschlein: We do. We think we're in good shape here on our balance sheet. It's very clean, it's debt-free, and we have the flexibility to be able to follow the initiatives that we want. There's, you know, we're excited about the US manufacturing endeavor that has, again, ITC domestic content qualified products for US customers who want that. We think we've got the growth capital that we need to further expand our growth.

Thank you.

As a reminder to ask a question, you'll need to press star 1, 1 1. We'll give it a couple seconds here before we move to closing.

Uh, we we, we do we think we're in good shape. Um, here on our balance sheet. It's, it's very clean, debt-free and uh, uh, we we have the flexibility to, um, be able to, uh, follow the initiative that we want. Um, there's, uh,

Okay, seeing none. I'd now like to turn the call back over to Mr. Alone for his closing remarks.

Thank you. Um,

You know, we're excited about the US manufacturing, uh, Endeavor that has the again ITC domestic content qualified products, uh, for us customers, if you want that. Um, and, uh, we think we've got the growth Capital that we need to further expand our growth.

Amit Dayal: That's all I have for now, guys. Thank you so much.

Zvi Alon: Thank you.

Because that's all I have for an organization. Thank you so much.

Thank you.

Operator: Thank you. I am showing no further questions at this time. I would now like to turn the call back over to Mr. Alon. Oops, sorry, it looks like someone entered the queue. One moment, please. Our next question comes from the line of Gus Richard of Northland Capital Markets. Your line is now open.

thanks again, everyone for joining us today. I especially want to thank our dedicated employees for their ongoing, contribute contributions, as well as our customers and partners for them continued, hard work. I also want to uh, thank the our investors for their continued support.

Thank you.

Operator.

Thank you for joining us today. For Tigers, fourth quarter, 2025 earnings conference call. You may now disconnect

I am showing no further questions at this time. I would now like to turn the call back over to Mr. Hello. Oh, sorry. It looks like someone entered the queue.

1 moment, please.

Gus Richard: Yes, thanks for taking the question. Just on your new storage system, can you talk about, you know, the energy efficiency of it and what the parasitic loss will be relative to competition?

Our next question comes from the line of Gus. Richard of Northland, Capital markets, your line is now open.

Yes. Uh thanks for taking the question. Um, just on your new storage system, can you talk about um you know, the Energy Efficiency of it and what the parasitic loss will be.

Um, relative to competition.

Zvi Alon: It definitely is providing a very interesting, modern, technology platform. I believe that on all parameters, we're actually exceeding the competitors right now. Including the fact that we are going to be able to provide consistent or constant 11.4 kWh output from the battery here in the US.

So it uh, definitely is providing a very interesting. Uh,

Modern technology, uh, platform.

And, uh, I believe that on all parameters, we're actually exceeding the competitors right now, uh, including the fact that we are going to be able to provide consistent or constant 11.4 kilowatt hour um outputs from the battery here in the US.

[Analyst]: Okay, then just a housekeeping question. Was there any previously written off inventory sold in the quarter?

Gus Richard: Okay, then just a housekeeping question. Was there any previously written off inventory sold in the quarter?

Written-off inventory, sold in the quarter.

Bill Roeschlein: Yes, there was. It had about a three percentage point impact on the margins, so margins in the quarter.

[Analyst]: Okay. Thinking about margins going forward, you know, given the new product coming out in Q2, should we think about, you know, gross margins hanging in there around 40% or maybe high thirties?

Gus Richard: Okay. Thinking about margins going forward, you know, given the new product coming out in Q2, should we think about, you know, gross margins hanging in there around 40% or maybe high thirties?

Uh, yes, there was, and um, it had about a 3 percentage point impact on the margins. So, margins in the quarter,

Bill Roeschlein: Our target model is 40%, and I think we're running above that. I think, or I would expect, our goal is to maintain that 40%.

okay, and and the thinking about margins going forward, you know, given the new product coming out in the second quarter should should we think about, you know, gross margins high in there around 40% or maybe high 30s

Bill Roeschlein: Our target model is 40%, and I think we're running above that. I think, or I would expect, our goal is to maintain that 40%.

our Target Model is 40% and uh I think we're running above that um and I think I would expect our goal is to to maintain that 40%

[Analyst]: Got it. All right. Thank you so much.

Gus Richard: Got it. All right. Thank you so much.

Got it. All right, thank you so much.

Operator: Thank you. As a reminder, to ask a question, you'll need to press star one. We'll give it a couple seconds here before we move to closing. Okay, seeing none, I'd now like to turn the call back over to Mr. Alon for his closing remarks.

Thank you.

As a reminder to ask a question, you'll need to press star 1, 1 1. We'll give you a couple seconds here before we move to closing.

Okay, seeing none, I'd now like to turn the call back over to Mr. Alon for his closing remarks.

Zvi Alon: Thank you. Thanks again, everyone, for joining us today. I especially want to thank our dedicated employees for their ongoing contributions, as well as our customers and partners for their continued hard work. I also want to thank our investors for their continued support. Operator?

Thank you. Um, thanks again, everyone, for joining us today. I especially want to thank our dedicated employees for their ongoing contributions, as well as our customers and followers for their continued support. I also want to thank our investors for their continued support.

Operator.

Operator: Thank you for joining us today for Tigo's Q4 2025 earnings conference call. You may now disconnect.

Thank you for joining us today for tigo's, fourth quarter 2025 earnings conference call. You may now disconnect

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