Tigo Energy slips on downbeat preliminary estimates for Q4 revenue

Tigo Energy

17/01/2024 15:52

** Shares of solar company Tigo Energy  TYGO.O  slump 5.8%
to $1.45
    ** Co cuts preliminary Q4 revenue est to the range of $9 mln
to $10 mln, down from prior forecast of $15 mln to $20 mln
    ** Expects FY23 revenue to be about $145 mln, while analysts
had estimated $153.8 mln - LSEG data
    ** Says it expects Q4 adj. EBITDA loss in the range of $11
mln to $12 mln; adj. EBITDA for FY23 to be within the range of
break-even to $1 mln
    ** "(In Q4)we saw some order push-outs and cancellations
reflecting the ongoing general marketplace weakness that our
industry has been experiencing since mid-2023" - TYGO CEO Zvi
Alon
    ** "In response, we reduced staffing levels across all
geographies by approximately 15% to better align our cost
structure with the current environment"    
    ** TYGO expects to reduce cash expenditures by ~$3.8 mln in
2024
    ** Stock fell ~80% in 2023

 (Reporting by Vallari Srivastava)
 ((Srivastava.Vallari@thomsonreuters.com;))