TIGO ENERGY, INC.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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, 2025 · Filed Nov 4, 2025
TYGO$0.74+1.8%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of September 30, 2025, and December 31, 2024
CONDENSED CONSOLI DATED BALANCE SHEETS
(In thousands, except per share data)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $24,468 | $11,746 |
| Marketable securities, short-term | 15,816 | 8,156 |
| Accounts receivable, net of allowance for credit losses of $262 and $2,239 at September 30, 2025, and December 31, 2024, respectively | 15,782 | 7,976 |
| Inventory | 28,536 | 21,997 |
| Prepaid expenses and other current assets | 3,154 | 3,533 |
| Total current assets | 87,756 | 53,408 |
| Property and equipment, net | 2,544 | 2,812 |
| Operating right of use assets | 2,537 | 1,576 |
| Intangible assets, net | 1,719 | 1,922 |
| Other assets | 1,074 | 984 |
| Goodwill | 12,209 | 12,209 |
| Total assets | $107,839 | $72,911 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities | ||
| Accounts payable | $28,357 | $8,077 |
| Accrued expenses and other current liabilities | 6,901 | 7,361 |
| Short-term debt, net of unamortized debt discount and issuance costs | 47,217 | — |
| Deferred revenue, current portion | 1,015 | 525 |
| Warranty liability, current portion | 560 | 496 |
| Operating lease liabilities, current portion | 820 | 649 |
| Total current liabilities | 84,870 | 17,108 |
| Warranty liability, net of current portion | 7,774 | 5,302 |
| Deferred revenue, net of current portion | 882 | 644 |
| Long-term debt, net of unamortized debt discount and issuance costs | — | 40,511 |
| Operating lease liabilities, net of current portion | 2,007 | 961 |
| Other long-term liabilities | 251 | — |
| Total liabilities | 95,784 | 64,526 |
| Commitments and Contingencies (Note 8) | ||
| Stockholders’ equity | ||
| Common stock, $0.0001 par value: 150,000,000 shares authorized; 69,484,663 and 60,800,130 shares issued and outstanding at September 30, 2025, and December 31, 2024, respectively | 7 | 6 |
| Additional paid-in capital | 164,166 | 146,903 |
| Accumulated deficit | (152,123) | (138,526) |
| Accumulated other comprehensive income | 5 | 2 |
| Total stockholders’ equity | 12,055 | 8,385 |
| Total liabilities and stockholders’ equity | $107,839 | $72,911 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net revenue | $30,613 | $14,237 | $73,507 | $36,740 |
| Cost of revenue | 17,552 | 12,463 | 42,510 | 28,333 |
| Gross profit | 13,061 | 1,774 | 30,997 | 8,407 |
| Operating expenses: | ||||
| Research and development | 2,501 | 2,433 | 6,932 | 7,608 |
| Sales and marketing | 4,515 | 4,378 | 12,843 | 13,036 |
| General and administrative | 5,396 | 5,380 | 16,054 | 15,671 |
| Total operating expenses | 12,412 | 12,191 | 35,829 | 36,315 |
| Income (loss) from operations | 649 | (10,417) | (4,832) | (27,908) |
| Other expenses (income), net: | ||||
| Change in fair value of contingent shares liability | — | 3 | — | (152) |
| Interest expense | 2,861 | 2,861 | 8,600 | 8,549 |
| Other income, net | (276) | (164) | (519) | (377) |
| Total other expenses, net | 2,585 | 2,700 | 8,081 | 8,020 |
| Loss before income tax expense | (1,936) | (13,117) | (12,913) | (35,928) |
| Income tax expense | 230 | — | 684 | 16 |
| Net loss | $(2,166) | $(13,117) | $(13,597) | $(35,944) |
| Other comprehensive loss: | ||||
| Unrealized gain resulting from change in fair value of marketable securities | $8 | $26 | $3 | $62 |
| Total comprehensive loss | $(2,158) | $(13,091) | $(13,594) | $(35,882) |
| Loss per common share | ||||
| Basic | $(0.03) | $(0.22) | $(0.22) | $(0.60) |
| Diluted | $(0.03) | $(0.22) | $(0.22) | $(0.60) |
| Weighted-average common shares outstanding | ||||
| Basic | 65,683,332 | 60,608,934 | 63,226,401 | 60,130,249 |
| Diluted | 65,683,332 | 60,608,934 | 63,226,401 | 60,130,249 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data)
| Stockholders’ equity | ||||||
|---|---|---|---|---|---|---|
| Common stock | ||||||
| Shares | Amount | Additionalpaid-incapital | Accumulateddeficit | Accumulated other comprehensive gain (loss) | Total stockholders’ equity | |
| Balance at December 31, 2024 | 60,800,130 | $6 | $146,903 | $(138,526) | $2 | $8,385 |
| Issuance of common stock upon exercise of stock options | 2,334 | — | 2 | — | — | 2 |
| Stock-based compensation expense | — | — | 1,576 | — | — | 1,576 |
| Issuance of common stock in connection with employee incentive restricted stock awards | 127,500 | — | — | — | — | — |
| Issuance of common stock in connection with at-the-market offering, net of offering costs | 984,966 | — | 815 | — | — | 815 |
| Shares withheld for taxes upon restricted stock awards vesting | (411) | — | — | — | — | — |
| Unrealized loss resulting from change in fair value of marketable securities | — | — | — | — | (2) | (2) |
| Net loss | — | — | — | (7,001) | — | (7,001) |
| Balance at March 31, 2025 | 61,914,519 | $6 | $149,296 | $(145,527) | $— | $3,775 |
| Issuance of common stock upon exercise of stock options | 160,019 | — | 95 | — | — | 95 |
| Stock-based compensation expense | — | — | 2,300 | — | — | 2,300 |
| Issuance of common stock in connection with employee incentive restricted stock awards | 554,938 | — | — | — | — | — |
| Issuance of common stock in connection with at-the-market offering, net of offering costs | 2,243 | — | (42) | — | — | (42) |
| Shares withheld for taxes upon restricted stock awards vesting | (2,929) | — | (3) | — | — | (3) |
| Unrealized loss resulting from change in fair value of marketable securities | — | — | — | — | (3) | (3) |
| Net loss | — | — | — | (4,430) | — | (4,430) |
| Balance at June 30, 2025 | 62,628,790 | $6 | $151,646 | $(149,957) | $(3) | $1,692 |
| Issuance of common stock upon exercise of stock options | 130,454 | — | 24 | — | — | 24 |
| Stock-based compensation expense | — | — | 1,906 | — | — | 1,906 |
| Issuance of common stock in connection with employee incentive restricted stock awards | 494,627 | — | 1 | — | — | 1 |
| Issuance of common stock in connection with at-the-market offering, net of offering costs | 6,485,219 | 1 | 10,591 | — | — | 10,592 |
| Shares withheld for taxes upon restricted stock awards vesting | (211,350) | — | (2) | — | — | (2) |
| Shares withheld for taxes upon options exercised | (43,077) | — | — | — | — | — |
| Unrealized gain resulting from change in fair value of marketable securities | — | — | — | — | 8 | 8 |
| Net loss | — | — | — | (2,166) | — | (2,166) |
| Balance at September 30, 2025 | 69,484,663 | $7 | $164,166 | $(152,123) | $5 | $12,055 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data)
| Stockholders’ equity | ||||||
|---|---|---|---|---|---|---|
| Common stock | ||||||
| Shares | Amount | Additionalpaid-incapital | Accumulateddeficit | Accumulated other comprehensive (loss) gain | 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 | 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 | 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 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.