TIGO ENERGY, INC. Q4 FY2024 earnings call

• Ended 2024 with sequential quarterly revenue growth for four consecutive quarters.
• Saw positive sales growth in EMEA and Americas regions.
• Shipped 480,000 MLP units in Q4 2024, totaling 1.5 million units for 2024.
• Predict Plus AI platform grew from 15,000 to 140,000 meters under management with 600 GWh energy at year-end.
• GreenGlobe reached 1,000 site engagements globally.
• Operating expenses declined 29.8% in Q4 2024 due to cost-cutting efforts.

In 2024, the Go ESS storage and solutions business represented 6% of total sales compared to 9% in the prior year. By region, EMEA revenue was $11.2 million (65% of total revenues) with a 29.3% sequential increase, Americas revenue was $4.6 million (27% of total revenues) with a 57.2% sequential increase, and APAC revenue was $1.5 million (9% of total revenues) with a 44% sequential decline.

• For Q1 2025, expected revenues to range between $17 million and $19 million, and adjusted EBITDA loss to range between $2.5 million and $4.5 million.
• For full year 2025, expected revenues to range between $85 million and $100 million.
• Anticipate quarterly revenues to continue improving throughout 2025.

• Known and unknown risks including market competition, battery price declines, inventory valuation, and factors described in SEC filings.

Q: On adjusted EBITDA, asked about the charge ex a loss of $2.6 million and prior guidance.

A: Bill responded that the inventory reserve ended up higher than initially anticipated but the reserve taken is adequate.

Q: About gross margins in Q4, asked if that level would continue.

A: Bill said between 35 and 40% is where they're tracking, with product cost improvements and TS4 family contributing to margins.

Q: About impact of tariffs on margins.

A: Bill stated most production is moved to Thailand and no indication of products being targeted by tariffs at this point.