10-Q · May 5, 2026
Tigo Energy's Q1 2026 results show substantial growth in net revenue and gross profit, indicating increased market demand, particularly for MLPE and GO ESS products. The net loss significantly decreased, reflecting…
Earnings analysis · 10-Q
TYGO earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Tigo delivered $25.406 million of Q2 revenue, up 5.6% year over year, led by MLPE demand and strong APAC growth, but gross margin contracted to 39.3% from 44.7%. The operating loss widened slightly year over year to…
Read full summary
Tigo delivered $25.406 million of Q2 revenue, up 5.6% year over year, led by MLPE demand and strong APAC growth, but gross margin contracted to 39.3% from 44.7%. The operating loss widened slightly year over year to $1.680 million, although it improved sequentially versus Q1's -9.6% operating margin; Q2 net income of $2.174 million was principally supported by a $3.194 million tax benefit. Liquidity improved through a $15.0 million gross equity offering and a new credit facility, but first-half operating cash flow was negative $10.292 million and tariff costs rose sharply.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
-
Revenue returned to year-over-year growth
Q2 revenue was $25.406 million, up $1.351 million (5.6%) from $24.055 million a year earlier and modestly above the implied Q1 2026 revenue of $25.197 million from the reported six-month total of $50.603 million. MLPE revenue rose $2.0 million (9.9%) year over year on increased product acceptance.
-
APAC growth offsets softer Americas
APAC revenue more than doubled to $2.560 million, up $1.359 million (113.2%), driven principally by stronger MLPE demand in Australia. EMEA remained the largest region at $18.566 million and grew $0.307 million (1.7%).
-
Operating margin improved sequentially
Operating loss was $1.680 million, equal to a 6.6% operating margin, versus a $1.504 million loss and a 6.3% operating margin a year ago. This is an improvement from Q1's -9.6% operating margin, despite remaining loss-making.
-
Below-operating-line items drove net income
Net income was $2.174 million despite the operating loss, aided by a $3.194 million income-tax benefit and $0.355 million gain on sale of intangible assets. Interest expense fell $2.842 million year over year to $0.026 million following extinguishment of the convertible note.
-
Equity raise and revolver bolster liquidity
Liquidity included $16.9 million of cash and cash equivalents and $36.6 million of working capital at June 30. The new Wells Fargo facility provides up to $10.0 million, with $4.1 million outstanding at quarter-end.
What to watch
-
Gross-margin compression outpaced revenue growth
Gross margin fell 5.4 percentage points year over year to 39.3% as cost of revenue rose $2.118 million (15.9%) versus revenue growth of 5.6%. Management cites a $2.9 million reduction in favorable excess-and-obsolete inventory adjustments and a $0.7 million increase in customs and freight expense.
-
Operating cash flow materially deteriorated
Six-month operating cash flow reversed to an outflow of $10.292 million from an inflow of $7.242 million a year earlier, a $17.5 million deterioration. The company funded liquidity partly through approximately $14.0 million of net registered-direct-offering proceeds and revolver borrowings.
-
Tariff exposure increased materially
The updated trade-tariff risk factor is material: tariff-related costs were $0.8 million in Q2 2026 versus $0.2 million in Q2 2025, and $1.5 million for the first half versus $0.3 million. MLPE products represented 71.6% of U.S. revenue for the first half and are substantially manufactured in Thailand.
-
Americas softness and customer credit risk
Americas revenue declined $0.315 million (6.9%) to $4.280 million in Q2, including a $0.8 million decline in royalty revenue due to its accounting reclassification to other income. The filing also recorded $1.2 million of bad-debt expense in the first half related to a customer bankruptcy.
-
Profitability benefited from non-core tax item
Reported Q2 net income of $2.174 million benefited from a $3.194 million tax benefit tied to a valuation-allowance release. The underlying operating result remained a $1.680 million loss, making the quarter's profitability less reflective of core operations.
Management's outlook
The 10-Q contains no explicit quantitative revenue or EPS outlook; management states it believes $16.9 million of cash, expected operating cash flows, registered-direct-offering proceeds, and credit-facility availability will provide liquidity for at least the next 12 months.
Earlier filings 4
10-K · March 19, 2026
Tigo Energy positions itself as a leader in MLPE hardware, residential storage (GO ESS) and the EI software platform, emphasizing an open architecture and selective optimization. The 10-K highlights product traction…
10-Q · August 5, 2025
Tigo Energy reported strong quarter-to-quarter improvement: net revenue of $24,055,000 (Q2 2025) versus $12,701,000 (Q2 2024) and diluted loss per share narrowed to $(0.07) from $(0.19). Gross profit rose to $10,763,000…
10-Q · May 6, 2025
Tigo Energy reported strong top-line and margin improvement in Q1 2025 with net revenue of $18,839,000 (up from $9,802,000 a year ago) and gross margin expanding to 38.1% from ~28.2% in Q1 2024, driving a smaller net…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.