Tigo Energy, Inc.

Revenue in Q2 2026 increased 5.6% year over year to $25.4 million from $24.1 million, and was up 0.8% sequentially from $25.2 million in Q1. Gross profit was $10 million, or 39.3% of revenue, versus $10.8 million, or 44.7%, in the prior-year period; excluding GO ESS, gross margin was 42.1%. Operating loss was $1.7 million versus $1.5 million a year ago; GAAP net income was $2.2 million, helped by a $3.2 million income tax benefit; non-GAAP net income was $3.6 million; adjusted EBITDA was $52,000. For Q3 2026, management expects revenue of $24 million to $26 million and adjusted EBITDA of a loss of $1 million to a positive $500,000. Full-year 2026 revenue guidance was reduced to $100 million to $110 million, reflecting the delayed inverter launch, slower GO battery ramp, and a more gradual European recovery.

Zvi Alon framed the quarter as one where Tigo still grew year over year despite residential solar weakness in several markets, including the U.S., Italy, and the Czech Republic. He emphasized that policy changes in the U.S. and Europe could favor Tigo’s domestically produced inverter strategy and trusted-vendor positioning, and he pointed to growth in Germany, Italy, Spain, and Australia as evidence of geographic diversification. His tone was candid and cautious: he said the company is disappointed by the guidance cut, but believes it is managing operations and cash discipline well and expects a return to more normal growth over time.

Bill Roeschlein highlighted that revenue rose to $25.4 million, gross profit was $10 million, and operating expenses fell 4.8% year over year to $11.7 million and 11.6% sequentially. He noted that inventory declined to $20.6 million from $24.8 million in Q1, cash and equivalents rose to $16.9 million, and borrowings under the revolver were $4.1 million at quarter end. On guidance, he tied the full-year revenue cut to the inverter launch slipping into Q4, the slower GO battery ramp, and a more gradual European recovery, while also reiterating a gross margin target of 40%.

Analysts focused heavily on the EG4 delay, asking why a launch initially expected earlier in the year is now targeted for Q4 and how confident management is in that timing. Zvi Alon said the products are already with EG4, the issue is operational timing rather than a change in plan, and he described his confidence as close to 100% while noting the customer has already paid for the product. Questions also probed whether the guidance cut reflected broader demand weakness, the timing of utility-scale pipeline deals, and exposure to the FCC inverter restrictions; management said some projects are delayed but still active, and that the FCC actions should help rather than hurt because Tigo is moving manufacturing to the U.S. and controls the communications portion of the inverter.