TIGO ENERGY INC
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
View on SEC.govAbout 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.
Sep 30, 2024 · Filed Nov 6, 2024
TYGO$0.74+1.8%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of September 30, 2024, and December 31, 2023
CONDENSED CONSOLI DATED BALANCE SHEETS
(In thousands, except per share data)
| September 30,2024 | December 31,2023 | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $9,461 | $4,405 |
| Marketable securities, short-term | 10,043 | 26,806 |
| Accounts receivable, net of allowances for credit losses of $2,334 and $4,011 at September 30, 2024, and December 31, 2023, respectively | 8,828 | 6,862 |
| Inventory | 46,789 | 61,401 |
| Prepaid expenses and other current assets | 3,594 | 5,236 |
| Total current assets | 78,715 | 104,710 |
| Property and equipment, net | 3,044 | 3,458 |
| Operating right-of-use assets | 1,842 | 2,503 |
| Marketable securities, long-term | — | 1,977 |
| Intangible assets, net | 1,989 | 2,192 |
| Other assets | 772 | 728 |
| Goodwill | 12,209 | 12,209 |
| Total assets | $98,571 | $127,777 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities | ||
| Accounts payable | $11,841 | $15,685 |
| Accrued expenses and other current liabilities | 6,143 | 8,681 |
| Deferred revenue, current portion | 556 | 335 |
| Warranty liability, current portion | 513 | 526 |
| Operating lease liabilities, current portion | 849 | 1,192 |
| Total current liabilities | 19,902 | 26,419 |
| Warranty liability, net of current portion | 5,194 | 5,106 |
| Deferred revenue, net of current portion | 674 | 466 |
| Long-term debt, net of unamortized debt discount and issuance costs | 38,275 | 31,570 |
| Operating lease liabilities, net of current portion | 1,057 | 1,392 |
| Total liabilities | 65,102 | 64,953 |
| Commitments and Contingencies (see Note 10) | ||
| Stockholders’ equity | ||
| Common stock, $0.0001 par value: 150,000,000 authorized; 60,743,061 and 58,751,666 shares issued and outstanding at September 30, 2024, and December 31, 2023, respectively | 6 | 6 |
| Additional paid-in capital | 145,184 | 138,657 |
| Accumulated deficit | (111,724) | (75,780) |
| Accumulated other comprehensive loss | 3 | (59) |
| Total stockholders’ equity | 33,469 | 62,824 |
| Total liabilities and stockholders’ equity | $98,571 | $127,777 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(In thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net revenue | $14,237 | $17,104 | $36,740 | $135,988 |
| Cost of revenue | 12,463 | 12,946 | 28,333 | 87,555 |
| Gross profit | 1,774 | 4,158 | 8,407 | 48,433 |
| Operating expenses: | ||||
| Research and development | 2,433 | 2,425 | 7,608 | 7,063 |
| Sales and marketing | 4,378 | 5,601 | 13,036 | 15,536 |
| General and administrative | 5,380 | 7,350 | 15,671 | 20,567 |
| Total operating expenses | 12,191 | 15,376 | 36,315 | 43,166 |
| (Loss) income from operations | (10,417) | (11,218) | (27,908) | 5,267 |
| Other expenses (income): | ||||
| Change in fair value of preferred stock warrant and contingent shares liability | 3 | (2,977) | (152) | 143 |
| Change in fair value of derivative liability | — | (50,498) | — | (12,247) |
| Loss on debt extinguishment | — | — | — | 171 |
| Interest expense | 2,861 | 2,875 | 8,549 | 5,240 |
| Other income, net | (164) | (636) | (377) | (1,859) |
| Total other expenses (income), net | 2,700 | (51,236) | 8,020 | (8,552) |
| (Loss) income before income tax expense | (13,117) | 40,018 | (35,928) | 13,819 |
| Income tax expense | — | 10,962 | 16 | 29 |
| Net (loss) income | $(13,117) | $29,056 | $(35,944) | $13,790 |
| Unrealized gain (loss) resulting from change in fair value of marketable securities | $26 | $22 | $62 | $(159) |
| Comprehensive (loss) income | $(13,091) | $29,078 | $(35,882) | $13,631 |
| Net (loss) income | $(13,117) | $29,056 | $(35,944) | $13,790 |
| Cumulative dividends on convertible preferred stock | — | — | — | (3,399) |
| Net (loss) income attributable to common stockholders | $(13,117) | $29,056 | $(35,944) | $10,391 |
| (Loss) earnings per common share | ||||
| Basic | $(0.22) | $0.50 | $(0.60) | $0.19 |
| Diluted | $(0.22) | $(0.27) | $(0.60) | $0.04 |
| Weighted-average shares of common stock outstanding | ||||
| Basic | 60,608,934 | 58,408,441 | 60,130,249 | 31,070,476 |
| Diluted | 60,608,934 | 68,368,758 | 60,130,249 | 40,487,517 |
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
(In thousands, except share data)
| Stockholders’ equity | ||||||
|---|---|---|---|---|---|---|
| Common stock | ||||||
| Shares | Amount | Additionalpaid-incapital | Accumulateddeficit | Accumulated other comprehensive (loss) income | Total stockholders’ equity | |
| Balance at December 31, 2023 | 58,751,666 | $6 | $138,657 | $(75,780) | $(59) | $62,824 |
| Issuance of common stock upon exercise of stock options | 755,016 | — | 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 restricted stock awards | 685,213 | — | — | — | — | — |
| Unrealized gain resulting from change in fair value of marketable securities | — | — | — | — | 12 | 12 |
| Net loss | — | — | — | (11,506) | — | (11,506) |
| Balance at March 31, 2024 | 60,358,166 | $6 | $141,651 | $(87,286) | $(47) | $54,324 |
| Issuance of common stock upon exercise of stock options | 13,821 | — | 10 | — | — | 10 |
| Stock-based compensation expense | — | — | 1,703 | — | — | 1,703 |
| Unrealized gain resulting from change in fair value of marketable securities | — | — | — | — | 24 | 24 |
| Net loss | — | — | — | (11,321) | — | (11,321) |
| Balance at June 30, 2024 | 60,371,987 | $6 | $143,364 | $(98,607) | $(23) | $44,740 |
| Issuance of common stock upon exercise of stock options | 20,062 | — | 12 | — | — | 12 |
| Stock-based compensation expense | — | — | 1,786 | — | — | 1,786 |
| Issuance of common stock in connection with the acquisition of fSight (see Note 4) | 86,017 | — | 136 | — | — | 136 |
| Issuance of common stock in connection with employee incentive restricted stock awards | 362,458 | — | — | — | — | — |
| Shares withheld for taxes upon restricted stock awards vesting | (97,463) | — | (114) | — | — | (114) |
| Unrealized gain resulting from change in fair value of marketable securities | — | — | — | — | 26 | 26 |
| Net loss | — | — | — | (13,117) | — | (13,117) |
| Balance at September 30, 2024 | 60,743,061 | $6 | $145,184 | $(111,724) | $3 | $33,469 |
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
(In thousands, except share data)
| Stockholders’ (deficit) equity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Convertible preferred stock · Common stock | |||||||||
| Shares (1) · Amount · Shares (1) · Amount · Additionalpaid-incapital · Accumulateddeficit · Accumulated other comprehensive income (loss) · Total stockholders’ (deficit) equity | |||||||||
| Balance at December 31, 2022 | 199,145,285 | $87,140 | 23,442,353 | $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 converted | 46,467,565 | 87,140 | 5,469,921 | 1 | 6,522 | (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 | — | — | — | — | — | — | 14 | 14 | |
| Net income | — | — | — | — | — | 6,910 | — | 6,910 | |
| Balance at March 31, 2023, as converted | 46,467,565 | 87,140 | 6,916,851 | 1 | 17,057 | (55,305) | 14 | (38,233) | |
| Issuance of common stock upon exercise of stock options | — | — | 10,784 | — | 14 | — | — | 14 | |
| Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes | — | — | (11,832) | — | (91) | — | — | (91) | |
| Stock-based compensation expense | — | — | — | — | 497 | — | — | 497 | |
| Unrealized loss resulting from change in fair value of marketable securities | — | — | — | — | — | — | (195) | (195) | |
| Convertible preferred stock dividends | 1,258,055 | — | — | — | 12,581 | (12,581) | — | — | |
| Issuance of preferred stock upon exercise of preferred warrants | 193,372 | — | — | — | 2,008 | — | — | 2,008 | |
| Conversion of convertible preferred stock into common stock in connection with the Business Combination (Note 3) | (47,918,992) | (87,140) | 47,918,992 | 5 | 87,135 | — | — | 87,140 | |
| Issuance of common stock upon exercise of common warrants | — | — | 1,491,229 | — | — | — | — | — | |
| Purchase price adjustment in connection with the fSight acquisition | — | — | — | — | 897 | 897 | |||
| Issuance of common stock upon Business Combination | — | — | 1,818,519 | — | 573 | — | — | 573 | |
| Net loss | — | — | — | — | — | (22,176) | — | (22,176) | |
| Balance at June 30, 2023, as converted | — | — | 58,144,543 | 6 | 120,671 | (90,062) | (181) | 30,434 | |
| Issuance of common stock upon exercise of stock options | — | — | 264,277 | — | 106 | — | — | 106 | |
| Issuance of common stock upon exercise of common stock warrants, net of issuance costs and payments to warrant holders of non-redeemed warrants | — | — | 324,546 | — | 3,653 | — | — | 3,653 | |
| Reclassification of convertible note derivative liability to equity | — | — | — | — | 11,279 | — | — | 11,279 | |
| Unrealized gain resulting from change in fair value of marketable securities | — | — | — | — | — | — | 25 | 25 | |
| Stock-based compensation expense | — | — | — | — | 1,274 | — | — | 1,274 | |
| Net income | — | — | — | — | — | 29,056 | — | 29,056 | |
| Balance at September 30, 2023, as converted | — | $— | 58,733,366 | $6 | $136,983 | $(61,006) | $(156) | $75,827 | |
(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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