Tigo Energy, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 07, 2023 at 04:06 pm EST
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Tigo Energy, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 17.1 million compared to USD 22.82 million a year ago. Net income was USD 29.06 million compared to net loss of USD 2.42 million a year ago. Basic earnings per share from continuing operations was USD 0.5 compared to basic loss per share from continuing operations of USD 0.92 a year ago. Diluted loss per share from continuing operations was USD 0.27 compared to USD 0.92 a year ago.
For the nine months, sales was USD 135.99 million compared to USD 50.38 million a year ago. Net income was USD 13.79 million compared to net loss of USD 7.94 million a year ago. Basic earnings per share from continuing operations was USD 0.19 compared to basic loss per share from continuing operations of USD 2.51 a year ago. Diluted earnings per share from continuing operations was USD 0.04 compared to diluted loss per share from continuing operations of USD 2.51 a year ago.
Tigo Energy, Inc. is engaged in the development and manufacture of smart hardware and software solutions. The Company designs solar power conversion and storage products. It also develops and manufactures products such as inverters and battery storage systems for the residential solar-plus-storage market. The Company combines its Flex MLPE (Module Level Power Electronics) and solar optimizer technology with intelligent, cloud-based software capabilities for advanced energy monitoring and control. Its MLPE products enable real-time energy monitoring and provide code-required rapid shutdown at the module level. It provides additional products, such as RSS Transmitter, Tigo Access Point (TAP), and Cloud Connect Advanced (CCA). The Company also provides energy intelligence (EI) residential solution, and a Tigo EI monitoring demo. The Company serves various customers, such as equipment manufacturers, installation professionals, commercial businesses, and homeowners.