2024 Q2 Form 10-Q Financial Statement

#000095017024059479 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $12.70M $9.802M $0.00
YoY Change -81.55%
Cost Of Revenue $8.834M $7.036M $31.69M
YoY Change -79.42% -77.8%
Gross Profit $3.867M $2.766M $18.37M
YoY Change -85.07% -84.94%
Gross Profit Margin 30.45% 28.22%
Selling, General & Admin $9.566M $9.383M $8.335M
YoY Change -35.44% 12.57%
% of Gross Profit 247.38% 339.23% 45.38%
Research & Development $2.704M $2.471M $2.214M
YoY Change 11.55% 11.61%
% of Gross Profit 69.93% 89.33% 12.05%
Depreciation & Amortization $300.0K $310.0K $242.0K
YoY Change 50.0% 28.1%
% of Gross Profit 7.76% 11.21% 1.32%
Operating Expenses $12.27M $11.85M $593.8K
YoY Change -28.83% 1896.36% 282.07%
Operating Profit -$8.403M -$9.088M -$593.8K
YoY Change -196.98% 1430.54% 282.08%
Interest Expense $2.862M $2.826M $245.2K
YoY Change -280.34% 1052.53% 625.87%
% of Operating Profit
Other Income/Expense, Net -$2.902M -$2.418M $245.2K
YoY Change -106.95% -1086.13% 625.88%
Pretax Income -$11.31M -$11.51M -$348.6K
YoY Change -65.86% 3200.87% 186.59%
Income Tax $16.00K $0.00 $62.51K
% Of Pretax Income
Net Earnings -$11.32M -$11.51M -$411.1K
YoY Change -48.95% 2698.95% 237.99%
Net Earnings / Revenue -89.13% -117.38%
Basic Earnings Per Share -$0.19 -$0.19 $0.09
Diluted Earnings Per Share -$0.19 -$0.19 -$0.07
COMMON SHARES
Basic Shares Outstanding 60.36M 59.69M 5.715M
Diluted Shares Outstanding 60.36M 59.37M 11.01M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.16M $21.95M $123.8K
YoY Change 11.61% 17631.9% -76.78%
Cash & Equivalents $14.94M $9.025M $123.8K
Short-Term Investments $5.214M $12.92M
Other Short-Term Assets $4.709M $4.388M $137.8K
YoY Change 24.51% 3085.25% -38.57%
Inventory $51.31M $55.76M
Prepaid Expenses $137.8K
Receivables $6.917M $6.306M
Other Receivables $0.00 $0.00
Total Short-Term Assets $83.09M $88.40M $261.5K
YoY Change -46.69% 33700.6% -65.47%
LONG-TERM ASSETS
Property, Plant & Equipment $3.191M $3.375M
YoY Change 12.48%
Goodwill $12.21M $12.21M
YoY Change -6.65%
Intangibles $2.057M $2.125M
YoY Change -11.6%
Long-Term Investments $0.00 $0.00 $24.60M
YoY Change -100.0% -100.0% -78.93%
Other Assets $768.0K $731.0K
YoY Change 6.37%
Total Long-Term Assets $20.24M $20.73M $24.60M
YoY Change -48.46% -15.76% -78.94%
TOTAL ASSETS
Total Short-Term Assets $83.09M $88.40M $261.5K
Total Long-Term Assets $20.24M $20.73M $24.60M
Total Assets $103.3M $109.1M $24.86M
YoY Change -47.05% 338.88% -78.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.085M $6.030M $948.5K
YoY Change -86.91% 535.73% 676.26%
Accrued Expenses $5.688M $5.478M
YoY Change -13.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $200.0K
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.47M $14.16M $1.285M
YoY Change -76.74% 1002.3% 951.23%
LONG-TERM LIABILITIES
Long-Term Debt $36.04M $33.81M $0.00
YoY Change 33.07%
Other Long-Term Liabilities $7.075M $6.833M
YoY Change 203.39%
Total Long-Term Liabilities $36.04M $33.81M $0.00
YoY Change 22.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.47M $14.16M $1.285M
Total Long-Term Liabilities $36.04M $33.81M $0.00
Total Liabilities $58.59M $54.80M $1.285M
YoY Change -64.43% 4166.01% 951.21%
SHAREHOLDERS EQUITY
Retained Earnings -$98.61M -$87.29M -$995.0K
YoY Change 9.49% 8672.18% 88.68%
Common Stock $6.000K $6.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $44.74M $54.32M -$906.6K
YoY Change
Total Liabilities & Shareholders Equity $103.3M $109.1M $24.86M
YoY Change -47.05% 338.88% -78.86%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$11.32M -$11.51M -$411.1K
YoY Change -48.95% 2698.95% 237.99%
Depreciation, Depletion And Amortization $300.0K $310.0K $242.0K
YoY Change 50.0% 28.1%
Cash From Operating Activities -$1.606M -$11.27M -$621.3K
YoY Change -62.77% 1713.22% 130.48%
INVESTING ACTIVITIES
Capital Expenditures $51.00K $367.0K $192.0K
YoY Change -97.4% 91.15%
Acquisitions
YoY Change
Other Investing Activities $7.765M $16.00M $321.5K
YoY Change -115.38% 4876.99%
Cash From Investing Activities $7.714M $15.64M $321.5K
YoY Change -114.71% 4762.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 250.0K 335.4K
YoY Change -99.97% -25.47%
NET CHANGE
Cash From Operating Activities -1.606M -11.27M -621.3K
Cash From Investing Activities 7.714M 15.64M 321.5K
Cash From Financing Activities 10.00K 250.0K 335.4K
Net Change In Cash 6.118M 4.620M 35.65K
YoY Change -123.5% 12858.6% -113.22%
FREE CASH FLOW
Cash From Operating Activities -$1.606M -$11.27M -$621.3K
Capital Expenditures $51.00K $367.0K $192.0K
Free Cash Flow -$1.657M -$11.63M -$813.3K
YoY Change -73.59% 1330.3%

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CY2023Q1 tygo Increase Decrease In Warranty Liability
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 tygo Property And Equipment In Accounts Payable
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CY2024Q1 us-gaap Nature Of Operations
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<div style="display:flex;margin-top:6pt;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:18pt;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:18pt;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 unaudited condensed 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”). The condensed 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;">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 Closing Date, 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 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 weighted-average exchange rates during the relevant reporting period. These remeasurement gains and losses are recorded in other income, net in the condensed consolidated statements of operations and comprehensive loss and were not material for the three months ended March 31, 2024 and 2023.</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;">In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the unaudited condensed consolidated financial statements) considered necessary to present fairly Tigo’s condensed consolidated balance sheet as of March 31, 2024 and its condensed consolidated statements of operations and comprehensive (loss) income, cash flows, and convertible preferred stock and changes stockholders’ equity (deficit) for the three months ended March 31, 2024 and 2023. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024.</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;">The unaudited condensed consolidated financial statements, presented herein, do not contain all of the required disclosures under GAAP for annual consolidated financial statements. The condensed consolidated balance sheet as of December 31, 2023, has been derived from the audited consolidated balance sheet as of that date. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes thereto for the year ended December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p>
CY2024Q1 us-gaap Business Combination Acquisition Related Costs
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CY2024Q1 us-gaap Revenues Net Of Interest Expense
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CY2024Q1 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;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:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical information and various other assumptions that are believed to be reasonable under the circumstances. Examples of such estimates include, among other things, the valuation of share-based awards, the recoverability of long-lived assets, the assessment of intangible assets and goodwill for impairment, provisions for warranty and expected credit losses, inventory obsolescence, sales returns, future price concessions, valuation allowances and the estimated useful lives of plant and equipment and acquired intangible assets. Actual results may materially differ from these estimates. On an ongoing basis, the Company reviews its estimates to ensure that these estimates appropriately reflect changes in its business or new information as it becomes available.</span></p>
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CY2023 tygo Increase Decrease On Contingent Shares Issuable
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CY2024Q1 tygo Total Available For Sale Marketable Securities
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203000
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0

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