2024 Q1 Form 10-K Financial Statement

#000095017024034765 Filed on March 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $9.802M $9.245M $145.2M
YoY Change
Cost Of Revenue $7.036M $6.369M $93.92M
YoY Change -77.8% 66.08%
Gross Profit $2.766M $2.876M $51.31M
YoY Change -84.94% 107.13%
Gross Profit Margin 28.22% 31.11% 35.33%
Selling, General & Admin $9.383M $13.99M $50.09M
YoY Change 12.57% 150.63%
% of Gross Profit 339.23% 486.27% 97.62%
Research & Development $2.471M $2.433M $9.496M
YoY Change 11.61% 67.12%
% of Gross Profit 89.33% 84.6% 18.51%
Depreciation & Amortization $310.0K $286.0K $1.106M
YoY Change 28.1% 96.8%
% of Gross Profit 11.21% 9.94% 2.16%
Operating Expenses $11.85M $16.42M $59.58M
YoY Change 1896.36% 1802.87% 4069.31%
Operating Profit -$9.088M -$13.54M -$8.275M
YoY Change 1430.54% 479.03%
Interest Expense $2.826M -$2.875M $4.132M
YoY Change 1052.53% -407.35% 151.05%
% of Operating Profit
Other Income/Expense, Net -$2.418M $1.752M $3.468M
YoY Change -1086.13% 110.7%
Pretax Income -$11.51M -$14.67M -$846.0K
YoY Change 3200.87% -20291.38% -490.22%
Income Tax $0.00 $109.0K $138.0K
% Of Pretax Income
Net Earnings -$11.51M -$14.77M -$4.383M
YoY Change 2698.95% 6341.12% 2359.35%
Net Earnings / Revenue -117.38% -159.81% -3.02%
Basic Earnings Per Share -$0.19 -$0.08
Diluted Earnings Per Share -$0.19 -$0.25 -$0.12
COMMON SHARES
Basic Shares Outstanding 59.69M 58.74M 38.05M
Diluted Shares Outstanding 59.37M 43.22M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.95M $6.382M $31.21M
YoY Change 17631.9% 7143.22% 35322.77%
Cash & Equivalents $9.025M $4.405M $4.405M
Short-Term Investments $12.92M $1.977M $26.81M
Other Short-Term Assets $4.388M $5.236M $5.236M
YoY Change 3085.25% 1733.91% 1733.91%
Inventory $55.76M $61.40M $61.40M
Prepaid Expenses
Receivables $6.306M $6.862M $6.862M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $88.40M $104.7M $104.7M
YoY Change 33700.6% 27926.1% 27925.8%
LONG-TERM ASSETS
Property, Plant & Equipment $3.375M $3.458M $5.961M
YoY Change 109.32%
Goodwill $12.21M $12.21M
YoY Change
Intangibles $2.125M $2.192M
YoY Change
Long-Term Investments $0.00 $1.977M $1.977M
YoY Change -100.0% -91.99% -91.99%
Other Assets $731.0K $707.0K $728.0K
YoY Change
Total Long-Term Assets $20.73M $23.07M $23.07M
YoY Change -15.76% -6.53% -6.53%
TOTAL ASSETS
Total Short-Term Assets $88.40M $104.7M $104.7M
Total Long-Term Assets $20.73M $23.07M $23.07M
Total Assets $109.1M $127.8M $127.8M
YoY Change 338.88% 410.05% 410.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.030M $15.69M $15.69M
YoY Change 535.73% 2252.17% 2252.17%
Accrued Expenses $5.478M $7.194M $9.873M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $14.16M $26.42M $26.42M
YoY Change 1002.3% 2388.02% 2388.02%
LONG-TERM LIABILITIES
Long-Term Debt $33.81M $31.57M $31.57M
YoY Change
Other Long-Term Liabilities $6.833M $6.964M $6.964M
YoY Change
Total Long-Term Liabilities $33.81M $31.57M $38.53M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $14.16M $26.42M $26.42M
Total Long-Term Liabilities $33.81M $31.57M $38.53M
Total Liabilities $54.80M $64.95M $64.95M
YoY Change 4166.01% 6016.96% 6016.97%
SHAREHOLDERS EQUITY
Retained Earnings -$87.29M -$75.78M
YoY Change 8672.18% 12877.14%
Common Stock $6.000K $6.000K
YoY Change 1696.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $54.32M $62.82M $62.82M
YoY Change
Total Liabilities & Shareholders Equity $109.1M $127.8M $127.8M
YoY Change 338.88% 410.05% 410.05%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$11.51M -$14.77M -$4.383M
YoY Change 2698.95% 6341.12% 2359.35%
Depreciation, Depletion And Amortization $310.0K $286.0K $1.106M
YoY Change 28.1% 96.8%
Cash From Operating Activities -$11.27M -$7.843M -$36.58M
YoY Change 1713.22% 2280.06% 4125.63%
INVESTING ACTIVITIES
Capital Expenditures $367.0K $259.0K $2.564M
YoY Change 91.15% 123.54%
Acquisitions
YoY Change
Other Investing Activities $16.00M $10.26M -$28.35M
YoY Change 4876.99% -89.05% -130.25%
Cash From Investing Activities $15.64M $10.00M -$30.91M
YoY Change 4762.86% -89.32% -132.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.777M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 250.0K 3.000K 34.82M
YoY Change -25.47% -100.0% -137.22%
NET CHANGE
Cash From Operating Activities -11.27M -7.843M -36.58M
Cash From Investing Activities 15.64M 10.00M -30.91M
Cash From Financing Activities 250.0K 3.000K 34.82M
Net Change In Cash 4.620M 2.165M -32.67M
YoY Change 12858.6% -1313.84% 4472.43%
FREE CASH FLOW
Cash From Operating Activities -$11.27M -$7.843M -$36.58M
Capital Expenditures $367.0K $259.0K $2.564M
Free Cash Flow -$11.63M -$8.102M -$39.14M
YoY Change 1330.3% 1844.88%

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CY2023 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-59000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-984000
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
62824000
CY2023 tygo Business Acquisition Shares Exchange Ratio
BusinessAcquisitionSharesExchangeRatio
0.00233335
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-984000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-7037000
CY2023 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1106000
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
562000
CY2023 us-gaap Inventory Write Down
InventoryWriteDown
713000
CY2022 us-gaap Inventory Write Down
InventoryWriteDown
123000
CY2023 tygo Changes In Fair Value Of Preferred Stock Warrant And Contingent Shares Liability
ChangesInFairValueOfPreferredStockWarrantAndContingentSharesLiability
-1109000
CY2022 tygo Changes In Fair Value Of Preferred Stock Warrant And Contingent Shares Liability
ChangesInFairValueOfPreferredStockWarrantAndContingentSharesLiability
1020000
CY2023 tygo Change In Fair Value Of Derivative Liability
ChangeInFairValueOfDerivativeLiability
-12247000
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-21000
CY2023 us-gaap Other Noncash Expense
OtherNoncashExpense
5473000
CY2022 us-gaap Other Noncash Expense
OtherNoncashExpense
256000
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
3808000
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
813000
CY2023 us-gaap Provision For Other Losses
ProvisionForOtherLosses
3870000
CY2022 us-gaap Provision For Other Losses
ProvisionForOtherLosses
596000
CY2023 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-171000
CY2022 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-3613000
CY2023 tygo Non Cash Lease Expense
NonCashLeaseExpense
996000
CY2022 tygo Non Cash Lease Expense
NonCashLeaseExpense
535000
CY2022 tygo Forgiveness Of Recourse Promissory Note And Accrued Interest
ForgivenessOfRecoursePromissoryNoteAndAccruedInterest
117000
CY2023 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
508000
CY2023 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-17000
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5201000
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
12533000
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
37199000
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
14969000
CY2023 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
1272000
CY2022 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
2459000
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-8577000
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
10890000
CY2023 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
3383000
CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
952000
CY2023 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-321000
CY2022 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
673000
CY2023 tygo Increase Decrease In Warranty Liability
IncreaseDecreaseInWarrantyLiability
1281000
CY2022 tygo Increase Decrease In Warranty Liability
IncreaseDecreaseInWarrantyLiability
958000
CY2022 us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
135000
CY2023 tygo Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1003000
CY2022 tygo Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-447000
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-37222000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16472000
CY2023 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
53483000
CY2022 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
456000
CY2023 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
16000
CY2023 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
450000
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2114000
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1147000
CY2023 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
25149000
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-30914000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1603000
CY2023 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
50000000
CY2022 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
25000000
CY2023 us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
-20833000
CY2022 us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
-4165000
CY2022 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
10000000
CY2023 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
358000
CY2022 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
3473000
CY2022 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
40978000
CY2023 tygo Proceeds From Business Combination Financing Activities
ProceedsFromBusinessCombinationFinancingActivities
2238000
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
215000
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
325000
CY2023 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
91000
CY2022 us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
139000
CY2022 us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
208000
CY2023 tygo Proceeds From Common Stock Warrant Redemption Net Of Issuance Costs And Payments To Warrant Holders Of Non Redeemed Warrants
ProceedsFromCommonStockWarrantRedemptionNetOfIssuanceCostsAndPaymentsToWarrantHoldersOfNonRedeemedWarrants
3653000
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
34824000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
48318000
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-33312000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
30243000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
37717000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7474000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4405000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
37717000
CY2023 us-gaap Interest Paid
InterestPaid
1418000
CY2022 us-gaap Interest Paid
InterestPaid
1238000
CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
95000
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
109000
CY2022 tygo Financing Costs In Accounts Payable And Accrued Expenses
FinancingCostsInAccountsPayableAndAccruedExpenses
2082000
CY2023 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
573000
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
2247000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
1787000
CY2023 tygo Property Plant And Equipment In Accounts Payable
PropertyPlantAndEquipmentInAccountsPayable
693000
CY2022 tygo Property Plant And Equipment In Accounts Payable
PropertyPlantAndEquipmentInAccountsPayable
135000
CY2023 tygo Non Cash Consideration Paid For Acquisition
NonCashConsiderationPaidForAcquisition
10974000
CY2023 tygo Contingent Shares Liability From Acquisition
ContingentSharesLiabilityFromAcquisition
2167000
CY2023 tygo Fair Value Of Derivative Note Liability At Issuance
FairValueOfDerivativeNoteLiabilityAtIssuance
23525000
CY2023 tygo Convertible Preferred Stock Dividends Of Non Cash Investing And Financing Activities
ConvertiblePreferredStockDividendsOfNonCashInvestingAndFinancingActivities
12581000
CY2023 tygo Reclassification Of Deferred Issuance Costs To Additional Paid In Capital
ReclassificationOfDeferredIssuanceCostsToAdditionalPaidInCapital
2221000
CY2023 tygo Conversion Of Convertible Preferred Stock Into Common Stock In Connection With Business Combination
ConversionOfConvertiblePreferredStockIntoCommonStockInConnectionWithBusinessCombination
87140000
CY2023 tygo Issuance Of Preferred Stock Upon Exercise Of Preferred Warrants
IssuanceOfPreferredStockUponExerciseOfPreferredWarrants
2008000
CY2023 tygo Unrealized Gain Resulting From Change In Fair Value Of Marketable Securities
UnrealizedGainResultingFromChangeInFairValueOfMarketableSecurities
-59000
CY2023 tygo Reclassification Of Convertible Note Derivative Liability To Equity
ReclassificationOfConvertibleNoteDerivativeLiabilityToEquity
11278000
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<div style="display:flex;margin-top:18pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:4.537%;display:inline-flex;justify-content:flex-start;">1.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Nature of Operations</span></div></div><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Tigo Energy, Inc. (f/k/a Roth CH Acquisition IV Co.) and subsidiaries (together, the “Company”) consists of Tigo Energy, Inc. (“Tigo”), its wholly-owned direct subsidiary: Tigo Energy MergeCo, Inc. (f/k/a Tigo Energy, Inc.) (“Legacy Tigo”), and its wholly-owned indirect subsidiaries: Tigo Energy Israel Ltd., Foresight Energy, Ltd. (“fSight”), Tigo Energy Italy SRL, Tigo Energy Systems Trading (Suzhou) and Tigo Energy Australia Pty Ltd. Prior to the consummation of the Business Combination (as defined below), the operations of the Company were conducted through Legacy Tigo. Legacy Tigo was incorporated in Delaware in 2007 and commenced operations in 2010.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company provides solar and energy storage solutions, including module level power electronics (“MLPE”) designed to maximize the energy output of individual solar modules, delivering more energy, active management, and enhanced safety for utility, commercial, and residential solar arrays. The Company is headquartered in Campbell, California with offices in Europe, Asia and the Middle East.</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Entry into a Material Definitive Agreement</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On December 5, 2022, Roth CH Acquisition IV Co., a Delaware corporation (“ROCG”), Roth IV Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of ROCG (“Merger Sub”), and Legacy Tigo, entered into an Agreement and Plan of Merger, as amended on April 6, 2023 (the “Merger Agreement”), pursuant to which, among other transactions, on May 23, 2023 (the “Closing Date”), Merger Sub merged with and into Legacy Tigo (the “Merger”), with Legacy Tigo surviving the Merger as a wholly-owned subsidiary of ROCG (the Merger, together with the other transactions described in the Merger Agreement, the “Business Combination”). In connection with the closing of the Business Combination, ROCG changed its name to “Tigo Energy, Inc.”</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Please refer to Note 3 “Merger with ROTH CH Acquisition IV Co.” for additional details regarding the Business Combination.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Basis of Presentation</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The accompanying audited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”).</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Pursuant to the Business Combination, the merger between ROCG and Legacy Tigo was accounted for as a reverse recapitalization in accordance with U.S. GAAP (the “Reverse Recapitalization”). Under this method of accounting, ROCG was treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Reverse Recapitalization was treated as the equivalent of Legacy Tigo issuing stock for the net assets of ROCG, accompanied by a recapitalization. The net assets of ROCG are stated at historical cost, with no goodwill or other intangible assets recorded. The consolidated assets, liabilities and results of operations prior to the Reverse Recapitalization are those of Legacy Tigo. The shares and corresponding capital amounts and earnings per share available for common stockholders, prior to the Business Combination, have been retroactively recasted as shares reflecting the exchange ratio established in the Business Combination.</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Please refer to Note 3 “Merger with ROTH CH Acquisition IV Co.” for additional details regarding the Business Combination.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Company has determined the functional currency of the subsidiaries to be the U.S. dollar. The Company remeasures monetary assets and liabilities of its foreign operations at exchange rates in effect at the balance sheet date and nonmonetary assets and liabilities at their historical exchange rates. Expenses are remeasured at the</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">weighted-average </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">exchange rates during the relevant reporting period. These remeasurement gains and losses are recorded in other (income) expense, net in the consolidated statements of operations and comprehensive loss and were not material for the years ended December 31, 2023 and 2022.</span></p>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the consolidated financial statements, in conformity with GAAP, requires management to </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Key estimates in the consolidated financial statements include revenue recognition, fair value of investments, allowance for credit allowances, inventory valuation, impairment of long-lived assets, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, product warrant liabilities, incremental borrowing rate for right-of-use assets and lease liability, and the valuation of the derivative liability, valuation allowance, income tax benefit (provision), preferred stock warrant liabi</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">lities and stock-based compensation, including the underlying fair value of the preferred and common stock. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from those estimates due to risks and uncertainties.</span></p>
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Reclassification, Change in Presentation and Prior Year Omitted Disclosures</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation as follows. Customer deposits in previous periods were recorded in other accrued liabilities within the consolidated balance sheet. Customer deposits are now recorded in deferred revenue, current portion and deferred revenue, net of current portion within the consolidated balance sheet. The amount of customer deposits that was reclassified to deferred revenue, current portion on the Company's consolidated balance sheet as of December 31, 2022 was $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Disclosures including the roll-forward related to allowance for credit losses (refer to “</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Accounts Receivable and Allowance for Credit Losses</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">” in this Note) and long-lived assets by geographic region (refer to “</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Long-lived assets</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">” in Note 16) were omitted from our prior year financials for the year ended December 31, 2022. The disclosures have been included for the year ended December 31, 2023 and include the comparative period for the year ended December 31, 2022. Additionally, there was a change in presentation related to the disclosure for supplementary balance sheet information related to Inventory (refer to </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">“Inventory, net”</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> in Note 8) for the year-ended December 31, 2022 to net the inventory reserve against the individual inventory classes instead of separately disclosing the reserve balance. These adjustments had no impact on the consolidated balance sheets, statements of operations and comprehensive loss, or cash flows as there was no change in the amounts recorded. The Company has determined that these adjustments were immaterial both individually and in the aggregate.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2022Q4 tygo Customer Deposits Reclassified To Deferred Revenue
CustomerDepositsReclassifiedToDeferredRevenue
900000
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash, marketable securities and accounts receivable. The Company maintains deposits in federally insured financial institutions, which, at times, may exceed federally insured limits. The Company believes it is not exposed to significant credit risk beyond the normal</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">credit risk associated with commercial banking relationships as the Company’s cash and</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">restricted cash are deposited with major financial institutions in the U.S., Europe, the Middle East and Asia. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company does not believe it is exposed to any significant credit risk due to the high credit quality of the financial instruments in which the money is held.</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> At December 31, 2023 and 2022, the Company held insignificant cash in foreign bank accounts. To date, the Company has not experienced any losses on its deposits of cash.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">During the year ended December 31, 2023, there were </span><span style="font-size:10pt;font-family:Times New Roman;color:#231f20;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> individual customers that exceeded 10% of the Company’s annual net revenue.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">During the year ended December 31, 2022, there was </span><span style="font-size:10pt;font-family:Times New Roman;color:#231f20;white-space:pre-wrap;min-width:fit-content;">one</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> individual customer that exceeded 10% of the Company’s annual net revenue. This customer accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#231f20;white-space:pre-wrap;min-width:fit-content;">10.6</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of annual net revenue. Accounts receivable from this customer represented </span><span style="font-size:10pt;font-family:Times New Roman;color:#231f20;white-space:pre-wrap;min-width:fit-content;">13.0</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of the Company's total accounts receivable balance.</span></p>
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4405000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
36194000
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
1523000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4405000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
37717000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
76000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
109000
CY2023 tygo Accounts Receivable Allowance For Credit Loss Net Charges To Expense Or Revenue
AccountsReceivableAllowanceForCreditLossNetChargesToExpenseOrRevenue
3960000
CY2022 tygo Accounts Receivable Allowance For Credit Loss Net Charges To Expense Or Revenue
AccountsReceivableAllowanceForCreditLossNetChargesToExpenseOrRevenue
596000
CY2023 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
25000
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
629000
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4011000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
76000
CY2023 tygo Deferred Issuance Costs
DeferredIssuanceCosts
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#221f1f;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Deferred Issuance Costs</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company capitalizes costs that are directly associated with in-process equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds from the applicable financing. If a financing is abandoned, deferred financing costs are expensed immediately. The Company incurred $</span><span style="font-size:10pt;font-family:Times New Roman;color:#231f20;white-space:pre-wrap;min-width:fit-content;">2.2</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in fees associated with the Merger, which are recognized as deferred issuance costs in the accompanying balance sheet at December 31, 2022. Deferred issuance costs associated with our debt financing are recorded as contra-liabilities within long-term debt, net of current maturities and unamortized debt issuance costs in the consolidated balance sheet. All amortization of deferred issuance costs is presented within the interest expense line in the consolidated statement of operations.</span></p>
CY2022Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
2200000
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
4351000
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3393000
CY2023 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1702000
CY2022 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1149000
CY2023 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
421000
CY2022 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
191000
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5632000
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
4351000
CY2023 tygo Convertible Promissory Note Policytext Block
ConvertiblePromissoryNotePolicytextBlock
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#221f1f;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Convertible Promissory Note</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On January 9, 2023, the Company entered into a convertible promissory note purchase agreement (the “Note Purchase Agreement”) with L1 Energy Capital Management S.a.r.l (“L1 Energy”) pursuant to which the Company issued a convertible promissory note in an aggregate principal amount of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#231f20;white-space:pre-wrap;min-width:fit-content;">50.0</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million (the “Convertible Promissory Note”).</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company analyzes its convertible debt instruments for embedded attributes that may require bifurcation from the host and accounted for as derivatives. At the inception of each instrument, in the event of a modification of a debt agreement, and at each reporting date, the Company performs an analysis of the embedded features requiring bifurcation and may elect, if eligible, to account for the entire debt instrument at fair value. If the fair value option were to be elected, any changes in fair value would be recognized in the accompanying statements of operations until the instrument is settled. Under the terms of the Note Purchase Agreement, the Convertible Promissory Note may be converted at the option of the noteholder into shares of Common Stock or an equivalent equity instrument resulting from a public company event. As a result of the Business Combination, the conversion options were bifurcated and accounted for as derivatives. The derivative instrument was recorded at fair value upon recognition and was subject to remeasurement to fair value at each balance sheet date, with any changes in estimated fair value recognized in the accompanying consolidated statements of operations and comprehensive income (loss).</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On September 24, 2023, the Company and L1 Energy entered into an Amendment to Note Purchase Agreement and Convertible Promissory Note (the “Convertible Note Amendment”) which amended the conversion terms and, as a result of such amendment, the conversion options no longer met the requirements to be bifurcated in accordance with </span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">ASC Topic 815, “Derivatives and Hedging”</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. The carrying value of the convertible note derivative liability was remeasured to fair value immediately prior to the execution of the Convertible Note Amendment and the change in fair value was recorded to the Company</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">’</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">s consolidated statements of operations and comprehensive loss. The carrying value of the convertible note derivative liability was reclassified to equity and was recorded into additional paid-in capital on the Company’s consolidated balance sheet.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Please refer to Note 6 “Fair Value of Financial Instruments” for further details regarding the fair value of the derivative instrument. In addition, please refer Note 9 “Long-Term Debt” for additional details regarding the Convertible Promissory Note and derivative instrument.</span></p>
CY2023Q1 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
50000000
CY2023 tygo Total Revenues Percentage
TotalRevenuesPercentage
0.01
CY2022 tygo Total Revenues Percentage
TotalRevenuesPercentage
0.01
CY2023 us-gaap Advertising Expense
AdvertisingExpense
800000
CY2022 us-gaap Advertising Expense
AdvertisingExpense
400000
CY2023Q1 tygo Business Combination Consideration Transferred Excluding Consideration On Loan
BusinessCombinationConsiderationTransferredExcludingConsiderationOnLoan
13200000
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
5598751
CY2023Q1 us-gaap Fair Value Hedge Assets At Fair Value
FairValueHedgeAssetsAtFairValue
11000000
CY2022Q4 us-gaap Fair Value Hedge Assets At Fair Value
FairValueHedgeAssetsAtFairValue
1400000
CY2023Q4 us-gaap Fair Value Hedge Assets At Fair Value
FairValueHedgeAssetsAtFairValue
700000
CY2023Q1 tygo Increase Decrease On Contingent Shares Issuable
IncreaseDecreaseOnContingentSharesIssuable
5745
CY2023 tygo Increase Decrease On Contingent Shares Issuable
IncreaseDecreaseOnContingentSharesIssuable
252288
CY2023Q4 tygo Liability Fair Value
LiabilityFairValue
2100000
CY2023Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
500000
CY2023 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
1600000
CY2023 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
200000
CY2023 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
600000
CY2022 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
1400000
CY2023 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-4383000
CY2022 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-13381000
CY2023 us-gaap Undistributed Earnings Loss From Continuing Operations Available To Common Shareholders Basic
UndistributedEarningsLossFromContinuingOperationsAvailableToCommonShareholdersBasic
1418000
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2965000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13381000
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38048516
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4940562
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.71
CY2023 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-4383000
CY2022 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-13381000
CY2023 tygo Interest Expense And Change In Fair Value On Derivative Liability
InterestExpenseAndChangeInFairValueOnDerivativeLiability
-4322000
CY2023 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-8705000
CY2022 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-13381000
CY2023 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
2817000
CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-5888000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-13381000
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38048516
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4940562
CY2023 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
5174618
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43223134
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4940562
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.71
CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3470172
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4263243
CY2023 tygo Convertible Preferred Stock Warrant
ConvertiblePreferredStockWarrant
580729
CY2022 tygo Convertible Preferred Stock Warrant
ConvertiblePreferredStockWarrant
248372
CY2023 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
75305
CY2022 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1915372
CY2022 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
46467565
CY2023 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4126206
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
52894552
CY2023Q4 tygo Total Current Assets
TotalCurrentAssets
26806000
CY2023Q4 tygo Total Longterm Assets Marketable Securities
TotalLongtermAssetsMarketableSecurities
1977000
CY2023Q4 tygo Total Available For Sale Marketable Securities
TotalAvailableForSaleMarketableSecurities
28783000
CY2021Q4 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
487000
CY2022 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
1020000
CY2022Q4 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
1507000
CY2023 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
501000
CY2023 tygo Issuance Of Preferred Stock Upon Exercise Of Preferred Warrants Value
IssuanceOfPreferredStockUponExerciseOfPreferredWarrantsValue
2008000
CY2023Q4 us-gaap Advances Fair Value Disclosure
AdvancesFairValueDisclosure
58100000
CY2023Q4 us-gaap Fair Value Option Ineligible Items Aggregate Carrying Amount
FairValueOptionIneligibleItemsAggregateCarryingAmount
31600000
CY2022Q4 us-gaap Advances Fair Value Disclosure
AdvancesFairValueDisclosure
21000000
CY2022Q4 us-gaap Fair Value Option Ineligible Items Aggregate Carrying Amount
FairValueOptionIneligibleItemsAggregateCarryingAmount
20600000
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
145233000000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
81323000000
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
1122000
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
232000
CY2023 tygo Contract With Customer Liability Deferral Of Revenue
ContractWithCustomerLiabilityDeferralOfRevenue
30370000
CY2022 tygo Contract With Customer Liability Deferral Of Revenue
ContractWithCustomerLiabilityDeferralOfRevenue
20327000
CY2023 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
30691000
CY2022 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
19437000
CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
801000
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
1122000
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
800000
CY2023Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P3Y4M24D
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
668000
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
1739000
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
31000
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
60733000
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
23145000
CY2023Q4 us-gaap Inventory Net
InventoryNet
61401000
CY2022Q4 us-gaap Inventory Net
InventoryNet
24915000
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1000000
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
300000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7280000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4844000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3822000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3192000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3458000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1652000
CY2023 us-gaap Depreciation
Depreciation
900000
CY2022 us-gaap Depreciation
Depreciation
600000
CY2023Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
856000
CY2022Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
829000
CY2023Q4 us-gaap Compensated Absences Liability
CompensatedAbsencesLiability
2514000
CY2022Q4 us-gaap Compensated Absences Liability
CompensatedAbsencesLiability
624000
CY2023Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
1222000
CY2022Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
9000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
409000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2502000
CY2023Q4 tygo Accrued Warehouse And Freight
AccruedWarehouseAndFreight
1001000
CY2022Q4 tygo Accrued Warehouse And Freight
AccruedWarehouseAndFreight
143000
CY2023Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
1974000
CY2022Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
275000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
705000
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
8681000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
4382000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
700000
CY2023Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
50000000
CY2022 tygo Series Covertible Promissory Note
SeriesCovertiblePromissoryNote
20833000
CY2023Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
50000000
CY2022Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
20833000
CY2023Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
18430000
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
191000
CY2022Q4 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
10000000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
31570000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
10642000
CY2023Q1 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
50000000
CY2023Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.05
CY2023 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2026-01-09
CY2023 us-gaap Debt Instrument Frequency Of Periodic Payment
DebtInstrumentFrequencyOfPeriodicPayment
interest is payable semiannually beginning July 2023.
CY2023 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
1200000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3938000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2780985
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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