# EDGAR Filing Document

**Accession Number:** 0001855447
**File Stem:** 0001213900-25-068713
**Filing Date:** 2025-7
**Character Count:** 27640
**Document Hash:** 0bb575d77148c1157420ed284c829797
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-068713.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001213900-25-068713

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250729

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIGO ENERGY, INC.
- **CENTRAL INDEX KEY:** 0001855447
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40710
- **FILM NUMBER:** 251161983

**BUSINESS ADDRESS:**
- **STREET 1:** 655 CAMPBELL TECHNOLOGY PARKWAY
- **STREET 2:** SUITE 150
- **CITY:** CAMPBELL
- **STATE:** CA
- **ZIP:** 95008
- **BUSINESS PHONE:** (408) 402-0802

**MAIL ADDRESS:**
- **STREET 1:** 655 CAMPBELL TECHNOLOGY PARKWAY
- **STREET 2:** SUITE 150
- **CITY:** CAMPBELL
- **STATE:** CA
- **ZIP:** 95008

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Roth CH Acquisition IV Co.
- **DATE OF NAME CHANGE:** 20210406

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D) OF THE** 

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **July 29, 2025**

**Tigo Energy, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40710** | **83-3583873** |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **983 University Avenue, Suite B,**<br> **Los Gatos, California**  | **95032** |
| (Address of principal executive offices) | (Zip Code) |

---

**(408) 402-0802**

(Registrant's telephone number, including area code)

**655 Campbell Technology Parkway, Suite 150**

**Campbell, California 95008**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbols** | **Name of each exchange on which registered** |
| **Common Stock, par value $0.0001 per share** | **TYGO** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On July 29, 2025, Tigo Energy, Inc. (the "Company") reported its earnings for its second fiscal quarter ended June 30, 2025. A copy of the Company's press release containing this information is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information contained in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The Company is making reference to non-GAAP financial measures in the press release. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

**Item 9.01. Financial Statements and Exhibits.** 

**(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | [Press Release of Tigo Energy, Inc., dated July 29, 2025.](ea025050201ex99-1_tigo.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 29, 2025

---

| | |
|:---|:---|
| **TIGO ENERGY, INC.** | **TIGO ENERGY, INC.** |
| By: | /s/ Bill Roeschlein |
| Name: | Bill Roeschlein |
| Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

Tigo Energy Reports Second Quarter 2025 <br> Financial Results

 

**CAMPBELL, Calif. – July 29, 2025 – Tigo Energy, Inc. (NASDAQ: TYGO) ("Tigo", or the "Company"),** a leading provider of intelligent solar and energy software solutions, today reported unaudited financial results for the second quarter ended June 30, 2025, financial guidance for the third quarter ending September 30, 2025 and increased financial guidance for a full year 2025 outlook.

**Recent Financial and Operational Highlights**

● Revenue for the second quarter of 2025 of $24.1 million, up 89.4% compared to the second quarter of 2024.

● Net loss for the second quarter of 2025 of $4.4 million, compared to a net loss of $11.3 million in the second quarter of 2024.

● Adjusted EBITDA for the second quarter of 2025 of $1.1 million compared to an Adjusted EBITDA loss of $6.4 million in the second quarter of 2024.

● Cash, cash equivalents, and marketable securities of $28.0 million at June 30, 2025, a sequential increase of $7.7 million from the first quarter of 2025.

● During the second quarter of 2025, we shipped 646 thousand units, or 477 MW, of MLPE.

**Management Commentary**

"We are pleased to report a 27.7% sequential increase in quarterly revenues, our sixth in a row, which exceeded the high-end of our guidance," **said Zvi Alon, Chairman and CEO of Tigo**. "This performance underscores our ability to gain market share in this challenging environment, driven by strong demand for our innovative MLPE products. Looking ahead, the existing backlog and bookings that are expected to ship in the third quarter currently exceeds our revenue results for the second quarter and we are actively working to restock inventories and ramp capacity in response to increased demand."

"During the second quarter, we saw strong sequential growth in the EMEA region, which comprised 76% of our total revenue in the quarter, along with flat but stable results from the US, which comprised 17% of our total revenue in the quarter. We expect that our geographical and manufacturing diversification will continue to minimize our exposure to current tariff headwinds in the industry, while continuing to perform at a competitive level in the U.S. market."

"During the second quarter, our cash balance grew by $7.7 million, and we outperformed our guidance range for the second quarter, culminating in a return to adjusted EBITDA profitability," **stated Bill Roeschlein, Chief Financial Officer of Tigo**. "Based on our current demand forecast, we are raising our 2025 financial outlook for full year revenue to be between $100 million and $105 million dollars."

**Second Quarter 2025 Financial Results**

*Results compare the 2025 fiscal second quarter ended June 30, 2025 to the 2024 fiscal second quarter ended June 30, 2024, unless otherwise indicated.*

● Revenues totaled $24.1 million, an 89.4% increase from $12.7 million. On a sequential quarter basis, revenues increased by 27.7% compared to the first quarter of 2025.

● Gross profit totaled $10.8 million, or 44.7% of net revenue, compared to gross profit of $3.9 million, or 30.4% of net revenue.

![](ex99-1_001.jpg)

● Operating expenses totaled $12.3 million, flat compared to the prior year comparable period.

● Net loss totaled $4.4 million, a 60.9% decrease compared to a net loss of $11.3 million.

● Adjusted EBITDA totaled $1.1 million, compared to an adjusted EBITDA loss of $6.4 million.

**Third Quarter 2025 Financial Guidance and Full Year 2025 Outlook**

The Company provides guidance for the third quarter ending September 30, 2025 as follows:

● Revenues are expected to be within the range of $29 million to $31 million.

● Adjusted EBITDA is expected to be within the range of $2.0 million to $4.0 million.

● GAAP operating profit at the high end of the Adjusted EBITDA guidance range.

For the full year 2025, the Company anticipates revenues to be between $100 million and $105 million.

Actual results may differ materially from the Company's guidance as a result of, among other things, the factors described below under "Forward-Looking Statements".

**Conference Call**

Tigo management will hold a conference call today, July 29, 2025, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these results. Company CEO Zvi Alon and CFO Bill Roeschlein will host the call, followed by a question-and-answer period.

**Registration Link Conference Call:** Click here to register

**Webcast Link:** Click here to join

Please register online at least 10 minutes prior to the start time. If you have any difficulty with registration or connecting to the conference call, please contact Gateway Group at (949) 574-3860.

The conference call will also be available for replay here and via the Investor Relations section of Tigo's website.

**Upcoming Investor Conference Attendance**

**Gateway Conference 2025**

Date: September 3-4, 2025

Location: Four Seasons Hotel San Francisco, CA

**H.C. Wainwright 27th Annual Global Investment Conference**

Date: September 8-10, 2025

Location: Lotte New York Palace Hotel, NY

**About Tigo Energy, Inc.**

Founded in 2007, Tigo is a worldwide leader in the development and manufacture of smart hardware and software solutions that enhance safety, increase energy yield, and lower operating costs of residential, commercial, and utility-scale solar systems. Tigo combines its Flex MLPE (Module Level Power Electronics) and solar optimizer technology with intelligent, cloud-based software capabilities for advanced energy monitoring and control. Tigo MLPE products maximize performance, enable real-time energy monitoring, and provide code-required rapid shutdown at the module level. The Company also develops and manufactures products such as inverters and battery storage systems for the residential solar-plus-storage market. For more information, please visit www.tigoenergy.com.

 

 

 

***Forward-Looking Statements***

*This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our ability to increase our revenues and achieve and maintain profitability, our overall long-term growth prospects, expectations regarding a continued recovery in our industry, current and future inventory levels, inventory supply and its impact on our customer shipments, statements about our revenue, adjusted EBITDA and GAAP operating results for the third fiscal quarter 2025 and our revenue and adjusted EBITDA for the full fiscal year 2025, statements about our existing backlog and bookings, statements about our ability to restock inventories and increase our capacity in response to increased demand, statements about demand for our products, our competitive position, the impact of tariffs, and our ability to penetrate new markets and expand our market share, including expansion in international markets, our continued expansion of and investments in our product portfolio, and future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "will allow us to" "is anticipated," "estimated," "expected", "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. These forward-looking statements are based upon the current beliefs and expectations of Tigo's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.*

*In addition to factors previously disclosed, or that will be disclosed in, our reports filed with the SEC, factors which may cause actual results to differ materially from current expectations include, but are not limited to, our capital requirements and our ability to meet our future liquidity requirements and continue as a going concern; our indebtedness and liabilities and our ability to pay amounts when due under our existing indebtedness; our ability to effectively develop and sell our product offerings and services,* our ability to *compete in the highly-competitive and evolving solar industry; our failure to meet the continued listing requirements of Nasdaq which could result in a delisting of our securities; our ability to manage risks associated with U.S. and global geopolitical and macroeconomic conditions including the potential softening of the economy, seasonal trends and the cyclical nature of the solar industry, including any periods of prolonged downturn; whether we continue to grow our customer base and expand our market share; whether we continue to develop new products and innovations to meet constantly evolving customer demands; the timing and level of demand for our solar energy solutions; changes in government subsidies and economic incentives, including tax incentives, for solar energy solutions; trade tariffs and other trade barriers that could directly affect us, our customers and the solar industry; our ability to forecast our customer demand and manufacturing requirements, and manage our inventory; our ability to acquire or make investments in other businesses, patents, technologies, products or services to grow the business and realize the anticipated benefits therefrom; our ability to respond to fluctuations in foreign currency exchange rates and political unrest and regulatory changes in the U.S. and international markets into which we expand or otherwise operate in; our failure to attract, hire retain and train highly qualified personnel in the future; and if we are unable to maintain key strategic relationships with our partners and distributors.* 

*Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the forward-looking statements contained herein are reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of new information, future developments or otherwise occurring after the date of this communication.*

 

 

 

***Non-GAAP Financial Measures***

 ****

*To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measure: adjusted EBITDA. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.*

 

*We use adjusted EBITDA for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We define adjusted EBITDA, a non-GAAP financial measure, as earnings (loss) before interest and other expenses, net, income tax expense (benefit), depreciation and amortization, as adjusted to exclude stock-based compensation and merger transaction related expenses. We believe that adjusted EBITDA provides helpful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business operating results. We believe that both management and investors benefit from referring to adjusted EBITDA in assessing our performance and when planning, forecasting, and analyzing future periods. Adjusted EBITDA also facilitates management's internal comparisons to our historical performance and comparisons to our competitors' operating results. We believe adjusted EBITDA is useful to investors both because they (i) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) are used by our institutional investors and the analyst community to help them analyze the health of our business.*

 

*The items excluded from adjusted EBITDA may have a material impact on our financial results. Certain of those items are non-recurring, while others are non-cash in nature. Accordingly, adjusted EBITDA is presented as supplemental disclosure and should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with GAAP.* 

 

*There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.*

 

*We refer investors to the reconciliation adjusted EBITDA to net income (loss) included below. A reconciliation for adjusted EBITDA provided as guidance is not provided because, as a forward-looking statement, such reconciliation is not available without unreasonable effort due to the high variability, complexity, and difficulty of estimating certain items such as charges to stock-based compensation expense and currency fluctuations which could have an impact on our consolidated results.*

**Investor Relations Contacts**

<br> Ralf Esper

Gateway Group, Inc.<br> (949) 574-3860<br> TYGO@gateway-grp.com

**Tigo Energy, Inc.**

**Condensed Consolidated Balance Sheets**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| **ASSETS** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $10212 | $11746 |
| &nbsp;&nbsp;&nbsp;Marketable securities, short-term | 17804 | 8156 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 10395 | 7976 |
| &nbsp;&nbsp;&nbsp;Inventory | 18927 | 21997 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 3014 | 3533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 60352 | 53408 |
| Property and equipment, net | 2537 | 2812 |
| Operating right of use assets | 2701 | 1576 |
| Intangible assets, net | 1787 | 1922 |
| Other assets | 1059 | 984 |
| Goodwill | 12209 | 12209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $80645 | $72911 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $14226 | $8077 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 6823 | 7361 |
| &nbsp;&nbsp;&nbsp;Short-term debt, net of unamortized debt discount and issuance costs | 44981 |  |
| &nbsp;&nbsp;&nbsp;Deferred revenue, current portion | 724 | 525 |
| &nbsp;&nbsp;&nbsp;Warranty liability, current portion | 556 | 496 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 692 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 68002 | 17108 |
| Warranty liability, net of current portion | 7571 | 5302 |
| Deferred revenue, net of current portion | 898 | 644 |
| Long-term debt, net of unamortized debt discount and issuance costs |  | 40511 |
| Operating lease liabilities, net of current portion | 2210 | 961 |
| Other long-term liabilities | 272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 78953 | 64526 |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 6 | 6 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 151646 | 146903 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (149957) | (138526) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (3) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1692 | 8385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $80645 | $72911 |

---

**Tigo Energy, Inc.**

**Condensed Consolidated Statement of Income**

**(in thousands, except share and per share data)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br> June 30,** | **Three Months Ended <br> June 30,** | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net revenue | $24055 | $12701 | $42894 | $22503 |
| Cost of revenue | 13292 | 8834 | 24958 | 15870 |
| &nbsp;&nbsp;&nbsp;Gross profit | 10763 | 3867 | 17936 | 6633 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 2267 | 2704 | 4431 | 5175 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 4412 | 4055 | 8328 | 8658 |
| &nbsp;&nbsp;&nbsp;General and administrative | 5588 | 5511 | 10658 | 10291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 12267 | 12270 | 23417 | 24124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (1504) | (8403) | (5481) | (17491) |
| Other expenses (income), net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent shares liability |  | 41 |  | (155) |
| &nbsp;&nbsp;&nbsp;Interest expense | 2868 | 2862 | 5739 | 5688 |
| &nbsp;&nbsp;&nbsp;Other income, net | (100) | (1) | (243) | (213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses, net | 2768 | 2902 | 5496 | 5320 |
| Loss before income tax expense | (4272) | (11305) | (10977) | (22811) |
| Income tax expense | 158 | 16 | 454 | 16 |
| Net loss | $(4430) | $(11321) | $(11431) | $(22827) |
| Loss per common share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.07) | $(0.19) | $(0.18) | $(0.38) |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.07) | $(0.19) | $(0.18) | $(0.38) |
| Weighted-average common shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 62290411 | 60363680 | 61977574 | 59874991 |
| &nbsp;&nbsp;&nbsp;Diluted | 62290411 | 60363680 | 61977574 | 59874991 |

---

**Tigo Energy, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> June 30,** | **Six Months Ended <br> June 30,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating activities:** |  |  |
| Net loss | $(11431) | $(22827) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 642 | 612 |
| &nbsp;&nbsp;&nbsp;Provision to write down inventories to net realizable value | 98 | 458 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent shares liability |  | (155) |
| &nbsp;&nbsp;&nbsp;Non-cash interest expense | 4470 | 4470 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 3876 | 4208 |
| &nbsp;&nbsp;&nbsp;Change in allowance for credit losses | (125) | (1434) |
| &nbsp;&nbsp;&nbsp;Non-cash lease expense | 508 | 619 |
| &nbsp;&nbsp;&nbsp;Accretion of interest on marketable securities | (253) | (163) |
| &nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | 11 |  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (2294) | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 2972 | 9632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 444 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 6149 | (8392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (538) | (1648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 453 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warranty liability | 2329 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (341) | (641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | $7242 | $(12872) |
| **Investing activities:** |  |  |
| Purchase of marketable securities | (19025) |  |
| Purchase of property and equipment | (243) | (418) |
| Sales and maturities of marketable securities | 9625 | 23768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | $(9643) | $23350 |
| **Financing activities:** |  |  |
| Proceeds from exercise of stock options | 97 | 260 |
| Proceeds from at-the-market offering | 773 |  |
| Payment of tax withholdings on restricted stock awards | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | $867 | $260 |
| Net (decrease) increase in cash | (1534) | 10738 |
| Cash and cash equivalents at beginning of period | 11746 | 4405 |
| Cash and cash equivalents at end of period | $10212 | $15143 |

---

![](ex99-1_001.jpg)

**Tigo Energy, Inc.**

**Reconciliation of GAAP to Non-GAAP Results**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br> June 30,** | **Three Months Ended <br> June 30,** | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net loss - (GAAP)** | $(4430) | $(11321) | $(11431) | $(22827) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total other expenses, net | 2768 | 2902 | 5496 | 5320 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 158 | 16 | 454 | 16 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 285 | 302 | 642 | 612 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 2300 | 1703 | 3876 | 4208 |
| **Adjusted EBITDA (loss) - (Non-GAAP)** | $1081 | $(6398) | $(963) | $(12671) |

---

We encourage investors and others to review our financial information in its entirety and not to rely on any single financial measure.