Tigo Energy Reverses Growth, Updates 2026 Revenue Outlook

The Tip Desk · November 11, 2026 · 4 min read

Third-quarter revenue was $24.0 million, down 21.5% from a year earlier, and the company now sees full-year 2026 sales of $95 million to $97 million.

Tigo Energy, Inc. (TYGO), a provider of intelligent solar and energy solutions, reported third-quarter revenue of $24.0 million, down 21.5% from a year earlier, reversing a 5.6% year-over-year increase in the second quarter.

The company said the drop reflected three dynamics it had outlined the prior quarter: a more gradual market recovery in Europe, a slower-than-anticipated ramp of GO ESS, and the shift of its U.S. optimized inverter partner’s launch to the fourth quarter.

GAAP net income was $0.4 million, compared with a GAAP net loss of $2.2 million in the third quarter of 2025. Adjusted EBITDA was $1.5 million, versus $2.9 million a year earlier. Chairman and CEO Zvi Alon said third-quarter revenue was within guidance and that adjusted EBITDA exceeded the high end of the company’s guidance range.

Gross margin expanded to 46.2% from 42.7% a year earlier, reversing a sequential compression to 39.3% in the second quarter. Operating expenses declined 10.0% year over year to $11.2 million. Loss from operations was $0.1 million, compared with income from operations of $0.6 million a year earlier. Third-quarter results included a $0.8 million tariff refund related to prior periods and $0.4 million of bad debt expense, including a charge related to a single European customer.

EMEA represented 76.5% of third-quarter revenue, up from 73.1% of second-quarter revenue. EMEA revenue declined 14.8% year over year as the market continued to adjust to a reduced subsidy environment, the company said. The Czech Republic and Germany, its two largest markets, represented 19.6% and 19.3% of revenue, respectively. Poland and Spain grew 41.2% and 103.2% year over year, while revenue declined most significantly in Italy and the United Kingdom.

GO ESS third-quarter revenue declined 58.6% year over year to $1.3 million and 40.6% compared with the second quarter, due to lower sales volumes in the United States and Italy, the company said. GO ESS had contributed $2.2 million, or 8.6% of quarterly revenue, in the second quarter. MLPE represented $22.1 million, or 92.0% of quarterly revenue.

The Americas and LATAM accounted for a combined 16.5% of revenue. U.S. revenue declined 51.4% year over year as the market adjusted to the expiration of the IRS Section 25D tax credit at the end of 2025. Tigo recognized approximately $0.8 million of revenue from shipments to its optimized inverter partner during the quarter and said it expects revenues to exceed that amount in the fourth quarter. The company said the partner’s delayed go-to-market launch may affect the timing of future orders.

APAC contributed 7.0% of revenue and grew 56.3% year over year, led by 121.1% growth in Australia.

The company shipped 698 thousand units, or 517 MW, of module-level power electronics in the third quarter, versus 702 thousand units, or 527 MW, in the second quarter.

Cash and cash equivalents were $16.8 million as of September 30, 2026, compared with $7.7 million as of December 31, 2025. Long-term debt was $2.5 million, versus no debt at year-end 2025. Inventory was reduced by $13.2 million to $18.1 million since year-end 2025.

For the fourth quarter ending December 31, 2026, Tigo expects revenue of $20 million to $22 million and adjusted EBITDA (loss) of $(3.0) million to $(1.5) million. It is updating its full-year 2026 revenue outlook to $95 million to $97 million. CFO Bill Roeschlein said the fourth-quarter outlook reflects a continuation of the dynamics that affected the third quarter.

The company said that in 2027 it plans to invest in growing markets where it is already succeeding, such as Eastern Europe and Australia, to expand market share. Roeschlein said the 2027 growth plan includes investments in key growth markets while maintaining a disciplined cost structure that can scale with revenue.