Tigo Energy falls on lower preliminary estimates for Q3 revenue

Tigo Energy

09/10/2023 15:32

** Shares of solar company Tigo Energy  TYGO.O  down 7.3% at
$6.91
    ** Company cuts preliminary Q3 revenue estimates to $17-$18
mln from prior forecast of $41-$45 mln; mid-point well
below LSEG estimates of $43.30 mln
    ** Says during Q3, significant number of customers requested
to delay purchase order deliveries to Q4 or early 2024
    ** However, company adds that it experienced a smaller
number of unanticipated purchase order cancellations and returns
in Q3
    ** Sees order backlog in the range of $66 to $68 mln at the
end of Q3
    ** Including session losses, TYGO stock down 34.31% YTD

 (Reporting by Unnamalai L in Bengaluru)
 ((Unnamalai.L@thomsonreuters.com))