current portion 768 578
Current maturities of long-term
debt -- 10,000
-------- ---------
Total current liabilities 49,025 39,588
Warranty liability, net of current
portion 4,188 3,959
Deferred revenue, net of current
portion 174 172
Long-term debt, net of current
maturities and unamortized debt
issuance costs 49,670 10,642
Operating lease liabilities, net of
current portion 1,689 762
Preferred stock warrant liability 1,814 1,507
Other long-term liabilities 1,443 --
-------- ---------
Total liabilities 108,003 56,630
-------- ---------
Convertible preferred stock 87,140 87,140
-------- ---------
Stockholders' deficit:
Common stock 3 2
Additional paid-in capital 17,055 6,521
Accumulated deficit (55,305) (62,215)
Accumulated other comprehensive
income 14 --
-------- ---------
Total stockholders' deficit (38,233) (55,692)
-------- ---------
Total liabilities, convertible
preferred stock and
stockholders' deficit $ 156,910 $ 88,078
======== =========
Tigo Energy, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations
(in thousands)
(unaudited)
Three Months Ended March 31,
--------------------------------------
2023 2022
--------------------------------- ------------------- -----------------
Revenue, net $ 50,058 $ 9,919
Cost of revenue 31,689 7,236
----------- ----------
Gross profit 18,369 2,683
Operating expenses:
Research and development 2,214 1,436
Sales and marketing 4,772 2,069
General and administrative 3,563 750
----------- ----------
Total operating expenses 10,549 4,255
----------- ----------
Income (loss) from
operations 7,820 (1,572)
Other expenses (income):
Change in fair value of
preferred stock warrant and
contingent shares liability 512 --
Loss on debt extinguishment 171 3,613
Interest expense 778 449
Other (income) expense, net (551) 63
----------- ----------
Total other expenses, net 910 4,125
----------- ----------
Net income (loss) $ 6,910 $ (5,697)
=========== ==========
Tigo Energy, Inc. and Subsidiaries
Non-GAAP Financial Measures
(in thousands)
(unaudited)
Reconciliation of Net Income (Loss) (GAAP) to
(Non-GAAP)
Three Months Ended March 31
2023 2022
---------------------------------- -------------- -------------------
Net income (loss) $ 6,910 $ (5,697)
Total other expenses, net 910 4,125
Depreciation and amortization 239 112
Stock-based compensation 366 26
M&A transaction expenses 133 --
---------- ------------
Adjusted EBITDA $ 8,558 $ (1,434)
========== ============
We encourage investors and others to review our condensed consolidated financial information contained within this press release in its entirety and not to rely on any single financial measure.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230510005385/en/
CONTACT: Investor Relations Contacts
Matt Glover or Tom Colton
Gateway Group, Inc.
(949) 574-3860
TYGO@gatewayir.com
(END) Dow Jones Newswires
May 10, 2023 08:30 ET (12:30 GMT)