Tigo Energy (TYGO) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $25.2 million, up 33.7% year-over-year, but down 16.1% sequentially from Q4 2025, with strong EMEA performance and sequential softness in the Americas due to tax credit timing.

• GAAP net loss narrowed to $1.8 million from $7 million year-over-year; non-GAAP net loss was $0.1 million, down from $5.4 million.

• Adjusted EBITDA loss decreased 76.8% to $0.5 million year-over-year.

• 615,000 MLPE units shipped (468 MW); launched scalable GO battery for Europe.

Financial highlights

• Gross profit improved to $10.8 million (42.8% margin), up from $7.2 million (38.1%) year-over-year, mainly due to absence of warranty charges.

• MLPE products accounted for 82.4% of Q1 revenue; GO ESS batteries 15.8%; Predict+ 1.8%.

• Operating expenses rose 18.4% to $13.2 million, mainly due to $1 million bad debt from a European distributor bankruptcy.

• Cash and equivalents totaled $11.6 million at quarter-end, up $3.9 million sequentially after a $15 million direct offering.

• Inventory decreased by $6.5 million sequentially to $24.8 million as part of working capital optimization.

Outlook and guidance

• Q2 2026 revenue expected between $30 million and $32 million; adjusted EBITDA between $1 million and $3 million.

• Full-year 2026 revenue guidance maintained at $130 million to $135 million.

• Operating expenses expected to remain in the $12.5 million–$13.5 million range per quarter for the rest of 2026.