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Midas Edge

TIGO ENERGY INC

For the period ended Mar 31, 2024. Filed May 14, 2024.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 14, 2024

TYGO$0.74+1.8%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

Condensed Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023

CONDENSED CONSOLI DATED BALANCE SHEETS

(In thousands, except per share data)

March 31,2024December 31,2023
ASSETS
Current assets
Cash and cash equivalents$9,025$4,405
Marketable securities, short-term12,92026,806
Accounts receivable, net of allowances for credit losses of $3,159 and $4,011 at March 31, 2024 and December 31, 2023, respectively6,3066,862
Inventory, net55,75761,401
Prepaid expenses and other current assets4,3885,236
Total current assets88,396104,710
Property and equipment, net3,3753,458
Operating right-of-use assets2,2852,503
Marketable securities, long-term—1,977
Intangible assets, net2,1252,192
Other assets731728
Goodwill12,20912,209
Total assets$109,121$127,777
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$6,030$15,685
Accrued expenses and other current liabilities6,0398,681
Deferred revenue, current portion444335
Warranty liability, current portion522526
Operating lease liabilities, current portion1,1241,192
Total current liabilities14,15926,419
Warranty liability, net of current portion4,9575,106
Deferred revenue, net of current portion607466
Long-term debt, net of unamortized debt discount and issuance costs33,80531,570
Operating lease liabilities, net of current portion1,2691,392
Total liabilities54,79764,953
Commitments and Contingencies (see Note 10)
Stockholders’ equity
Common stock, $0.0001 par value: 150,000,000 authorized; 60,358,166 and 58,751,666 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively66
Additional paid-in capital141,651138,657
Accumulated deficit(87,286)(75,780)
Accumulated other comprehensive loss(47)(59)
Total stockholders’ equity54,32462,824
Total liabilities and stockholders’ equity$109,121$127,777

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

(In thousands, except share and per share data)

Three Months Ended March 31,
20242023
Net revenue$9,802$50,058
Cost of revenue7,03631,689
Gross profit2,76618,369
Operating expenses:
Research and development2,4712,214
Sales and marketing4,6034,772
General and administrative4,7803,563
Total operating expenses11,85410,549
(Loss) income from operations(9,088)7,820
Other expenses, net:
Change in fair value of preferred stock warrant and contingent shares liability(196)512
Loss on debt extinguishment—171
Interest expense2,826778
Other income, net(212)(551)
Total other expenses, net2,418910
Net (loss) income(11,506)6,910
Unrealized gain resulting from change in fair value of marketable securities$12$14
Comprehensive (loss) income$(11,494)$6,924
Net (loss) income$(11,506)$6,910
Cumulative dividends on convertible preferred stock—(2,152)
Net (loss) income attributable to common stockholders$(11,506)$4,758
(Loss) earnings per common share
Basic$(0.19)$0.09
Diluted$(0.19)$0.05
Weighted-average shares of common stock outstanding
Basic59,374,0196,481,862
Diluted59,374,01911,005,136

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(In thousands, except share data) (Unaudited)

Stockholders’ equity
Common stock
SharesAmountAdditionalpaid-incapitalAccumulateddeficitAccumulated comprehensive (loss) incomeTotal stockholders’ equity
Balance at December 31, 202358,751,666$6$138,657$(75,780)$(59)$62,824
Issuance of common stock upon exercise of stock options755,016—250——250
Stock-based compensation expense——2,505——2,505
Issuance of common stock in connection with the acquisition of fSight (see Note 4)166,271—239——239
Issuance of common stock in connection with employee incentive stock awards685,213—————
Unrealized gain resulting from change in fair value of marketable securities————1212
Net loss———(11,506)—(11,506)
Balance at March 31, 202460,358,166$6$141,651$(87,286)$(47)$54,324
Stockholders’ deficit
Convertible preferred stock · Common stock
Shares (1)AmountShares (1)AmountAdditionalpaid-incapitalAccumulateddeficitAccumulated comprehensive incomeTotal stockholders’ deficit
Balance at December 31, 2022199,145,285$87,14023,442,353$2$6,521$(62,215)$—$(55,692)
Retroactive application (Note 3)(152,677,720)—(17,972,432)(1)1———
Balance at December 31, 2022, as converted46,467,56587,1405,469,92116,522(62,215)—(55,692)
Issuance of common stock upon exercise of stock options——140,545—92——92
Stock-based compensation expense————366——366
Issuance of common stock in connection with the acquisition of fSight——1,306,385—10,077——10,077
Unrealized gain resulting from change in fair value of marketable securities——————1414
Net income—————6,910—6,910
Balance at March 31, 2023, as converted46,467,565$87,1406,916,851$1$17,057$(55,305)$14$(38,233)

(1)

The shares of the Company’s common and redeemable convertible preferred stock prior to the Business Combination (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 0.233335 established in the Business Combination as described in Note 3.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.