The following is a summary of the Tigo Energy, Inc. (TYGO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Tigo Energy reported Q1 2024 revenue of $9.8 million, down 80% from previous year due to lower sales volumes and a change in product mix.

• Gross profit was $2.8 million, representing 28.2% of revenue, down from 36.7% in the same period last year.

• Operating expenses for Q1 were $11.9 million, leading to an operating loss of $9.1 million.

• Adjusted EBITDA loss in Q1 was $6.3 million and cash and equivalents totaled $21.9 million at the end of Q1.

• The company is implementing cost reduction efforts and business realignment, aiming to reach a cash breakeven point at a quarterly revenue level of approximately $17 million to $19 million.

Business Progress:

• Tigo shipped 249,000 MLPEs in Q1, introduced a new line of MLPE, and expanded their product offerings with the Go EV charger and the Tigo EI residential solution in certain markets.

• Despite uneven results in the APAC region, the company is expecting growth in Americas and EMEA regions, and an upward trend in APAC in the second half of the year.

• With continued progress in AI software services and a growth strategy focused on product promotion, market penetration, and product range expansion, they anticipate a positive outlook for the future.

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