Tigo Energy falls as forecast below expectations, Q2 earnings miss

Tigo Energy

09/08/2023 13:17

** Shares of solar firm Tigo Energy  TYGO.O  slump 35%
premarket to $13.80 
    ** Co sees Q3 revenue between $41 mln-$45 mln, lower than
analysts' expectation of $75 mln - Refinitiv
    ** Reports Q2 earnings of $0.14/shr, missing analysts'
estimate of $0.24/shr
    ** Quarterly revenue of $69 mln also misses estimates of $72
mln
    ** “We recently started seeing some demand softening in the
channel as supply constraints that defined 2022 began to improve
in 2023. We believe these supply constraints led to some
across-the-board over-ordering that the industry is now facing,"
said CEO Zvi Alon
    ** Up to Tuesday's close, stock had risen 109% YTD

 (Reporting by Arshreet Singh)
 ((Twitter: https://twitter.com/Arshreets))