Tigo Energy achieves 406 percent year-on-year revenue growth and confirms Nasdaq listing
Post date: 11/05/2023 - 14:34
U.S.-based photovoltaic systems technology and battery storage provider Tigo Energy, Inc. has reported revenue of $50.1 million and gross profit of $18.4 million for the first quarter of this year, according to currently unaudited figures. Compared to the same period last year, when revenues were $9.9 million and gross profit was $2.7 million, this represents an increase of 406 and 581 percent, respectively. As earnings before interest, taxes, depreciation and amortization (EBITDA), Tigo reported $8.6 million, or 17.2 percent of revenue. In the first quarter of 2022, the company had reported an EBITDA minus of $1.4 million.
The figures are a continuation of last year’s very strong growth. Tigo expects further increases in the second quarter, forecasting revenues of $70 million to $74 million and EBITDA of $13 million to $16 million. The company plans to merge with blank check company Roth CH IV on May 23, as announced last December, and to be listed on the Nasdaq Capital Market of the New York Stock Exchange (under the symbol TYGO) beginning the following day. Roth CH IV is jointly managed by the investment companies Roth Capital Partners and Craig-Hallum Capital Group.